Business Moves

PEMCO Insurance

PEMCO Insurance is offering home and automobile insurance coverage in Oregon. The Northwest company said it initially will focus its marketing efforts on the greater Portland area, but other Oregon residents can receive home and auto insurance quotes and buy policies through a range of purchase channels. The company said it would like to expand its network of Portland-area agents to offer coverage. PEMCO is a Seattle-based provider of auto, home, boat, life, and umbrella insurance. Its products are sold by community agents throughout the region and through PEMCO offices.

Beecher Carlson, DW Harper

Atlanta-based insurance broker Beecher Carlson has acquired Santa Ana, Calif.-based DW Harper Group, a medical malpractice broker. DW Harper Group, which writes $20 million in business a year, was founded in 2006 by David Harper, who will remain with Beecher Carlson.

United Valley

United Valley Insurance Services Inc. formed a new operating division named United Valley Risk Management Solutions to provide risk management services for large accounts. The managing director of the new unit will be Mark Smith. United Valley Insurance Services Inc. is a diversified insurance distributor with locations and affiliated insurance agencies throughout California.

R.J. Kiln, WNC Holdings

Lloyd’s insurer R.J. Kiln, a member of the Tokio Marine Group, bought a 49 percent share in California-based WNC Holdings. Kiln said it was the largest investment it has made since it was founded nearly 50 years ago,” but it did not release figures for the acquisition.

WNC, a managing general agent, provides flood, wind, hazard and auto insurance as well as policies for portfolios of second mortgages, home equity and condominium loans to financial institutions. It reported a net written premium in excess of $100 million in 2010. Kiln said it has worked in partnership with WNC since 1986. The companies said WNC would retain its existing brand and management structure. WNC management will retain the remaining 51 percent majority share of the business.

McKenna Insurance, BasePoint

Bonita, Calif.-based McKenna Insurance Services changed its name to BasePoint Insurance Services. BasePoint Insurance Services is an independent agency headquartered in San Diego County and specializes in auto, home and SR-22 insurance products.

Fidelity National

Title insurer Fidelity National Financial Inc. has sold its flood insurance operations to WRM America Holdings LLC. Under the agreement, WRM America of Uniondale, N.Y., will acquire 100 percent of the equity interests of Fidelity National Indemnity Insurance Co. and Fidelity National Insurance Services for $210 million.

The closing of the transaction is subject to customary closing conditions and is expected during the fourth quarter of 2011. The sale is expected to result in approximately a $154 million pre-tax gain for FNF.

FNF Chairman William P. Foley II said the company has been the nation’s largest flood insurance provider and the business has been “very profitable and consistent” for nearly 10 years but the sale represented an opportunity to realize the value of the business and redeploy the capital into other uses.

WRM Holdings was formed in 2008 by Wright Risk Management, and Aquiline Capital Partners to serve the education market, with plans to grow into the not-for-profit and municipal markets nationally.

Aon, Ward Financial

Aon Corp. has acquired Westfield Financial Corp. and its subsidiary, the Ward Financial Group, from Ohio Farmers Insurance Co. Aon said that Ward would be integrated with Aon’s McLagan Partners, its own consulting and benchmarking firm for the financial services industry. Terms of the deal were not disclosed.

Ward provides benchmarking and best practices research studies for insurance companies in North America. It is known for its Ward’s 50, for which it identifies the top performing insurers in various industry segments. Jeff Rieder, current president of Ward, will continue to lead the group, reporting to Michael Burke, president of McLagan Partners and Ward’s employees will join McLagan and remain in Cincinnati, Ohio, Ward’s current headquarters.

Direct-Link Acquires Coachella Valley Insurance Services

Direct-Link Holding Group LLC has acquired Coachella Valley Insurance Services Inc. (CVIS) of La Quinta, Calif. The transaction marks the 41st acquisition for Direct-Link Holding Group. CVIS has been a joint venture between Cumbre Inc. and the Molina family, and will now be 100 percent owned by Direct-Link Holding Group. Coachella Valley Insurance Services will continue to operate under its existing name, and President Bill Molina and his team of agents and account managers will continue to serve CVIS customers. Founded in 1999, Direct-Link Holding Group specializes in acquiring insurance portfolios and stand-alone insurance agencies.

Topics Aon