Northbridge, Scanlon Guerra Burke
Two independent insurance brokers are joining forces to become one of the largest insurance brokerages in Los Angeles and Ventura counties. The agreement combines Northridge Insurance Agency (NIA) in the San Fernando Valley with the Scanlon Guerra Burke (SGB) operation in Woodland Hills. NIA brings its office locations in Ventura and more than 70 employees. The combined agency will offer all lines of insurance for businesses and individuals.
SGB was started by Scanlon’s father in 1964 and has developed a niche serving the manufacturing and tool industry in Los Angeles County, the San Fernando Valley and Ventura County areas. In 2009, SGB became the master broker for the Household Industries Self-Insured Group, a single pool of self-insured retailers.
NIA was started in 1931 in the San Fernando Valley and expanded to three locations. Partners Stuart Lorch, Paul Newman, Paul Roth, Tom Leman and Steve Ruehlen purchased the company in June 2006. NIA offers all lines of personal insurance, business insurance, life and health insurance, and employee benefits.
Vertafore, Kaplan Compliance
Insurance agency technology vendor Vertafore said that its subsidiary Sircon will acquire Indianapolis, Indiana-based Kaplan Compliance Solutions (KCS), which sells insurance and securities software and services. Terms of the transaction were not disclosed.
KCS, an operating unit of Kaplan University’s School of Professional and Continuing Education (KU PACE), offers services for producer contracting, securities registration, insurance licensing and appointing, education tracking, renewal and data management. Kaplan Inc. is a subsidiary of The Washington Post Co. and its largest division.
The acquisition is expected to close late third or early fourth quarter 2011, subject to customary closing conditions.
Vertafore is based in Bothell, Wash. Vertafore has 17,000 customers and 500,000 users.
Tokio Marine, Hawaii’s First
Tokio Marine Holdings Inc. is to become the sole shareholder of the largest Hawaii-based property/casualty insurer. The Japanese insurer reached an agreement to acquire the remaining 50 percent ownership interest of First Insurance Co. of Hawaii.
Chicago-based CNA Financial Corp. has agreed to sell its half of First Insurance to Tokio, which became 50 percent owner in 1999.
Tokio Marine said the acquisition price is $165 million, and will be financed through cash on hand.
First Insurance President and CEO Allen Uyeda said the company would retain its name, brand, service and products.
The transaction is pending regulatory approval.
AIG, U.S. Treasury
American International Group Inc. has reduced the remaining liquidation preference of preferred interests that the U.S. Department of the Treasury holds in AIA Aurora LLC to approximately $9.3 billion by applying the proceeds of approximately $2 billion from the sale of Nan Shan Life Insurance Co. Ltd. AIG closed the sale of Nan Shan, its Taiwan-based life insurance company, to Ruen Chen Investment Holding Co. Ltd., a company owned 80 percent by the Ruentex Group and 20 percent by Pou Chen Corp., for $2.16 billion in cash.
“We continue to make progress in helping the Treasury and taxpayers recoup their investment in AIG,” said AIG President and CEO Robert H. Benmosche.
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