AssuredPartners, Neace Lukens
Florida-based AssuredPartners Inc. has acquired the Neace Lukens, a Kentucky-based insurance agency, as part of a plan to build a national insurance brokerage firm.
AssuredPartners is a member company of GTCR, a Chicago private equity firm that invests in companies in the financial services, technology, healthcare and information sectors. The deal with Neace Lukens is the first for the Lake Mary, Florida-based AssuredPartners, which is also seeking other similar acquisitions.
Neace Lukens has $88 million in annual revenue, 150 licensed agents and more than 500 employees. The Louisville, Kentucky-based firm sells property/ casualty insurance, employee benefits and risk management servicess. The agency has 22 offices in Kentucky, Ohio, Indiana, Illinois, Michigan, Tennessee, Arizona, Georgia, Arkansas, Florida and South Carolina.
Under the deal, the firm will continue to operate under the Neace Lukens name.
Jim Henderson, chairman and chief executive officer of AssuredPartners, said this inaugural deal in Kentucky sets the course for AssuredPartners’ long-term effort to acquire property/casualty and employee benefits brokerage firms across the U.S.
Selective Insurance, Montpelier Re
Selective Insurance Group is acquiring Montpelier U.S. Insurance Co. (MUSIC), an excess-and-surplus lines unit from Montpelier Re U.S. Holdings Ltd., for $55 million. Selective said the deal should be completed before the end of the year.
In 2010, MUSIC generated $48 million in gross written premiums from its commercial lines contract binding authority E&S business. Montpelier Reinsurance Ltd. will retain all unearned premium reserves and all loss and loss expense reserve risk for any business written through closing.
The acquisition follows Selective’s earlier deal with Alterra Capital Holdings units to write commercial lines contract binding authority E&S policies, which was completed on Aug. 1. The Alterra commercial lines contract binding authority E&S business generated gross premiums written of $77 million in 2010.
This latest acquisition of Montpelier U.S. Insurance Co.’s E&S lines unit will give Selective a new platform to grow its contract binding authority business.
USI, de la Parte & Associates
Insurance broker USI Insurance Services has acquired de la Parte & Associates, a Tampa, Florida, employee benefits and insurance consulting firm. Terms of the transaction were not disclosed.
Kim M. de la Parte, CEO and founder of de la Parte & Associates, and her employees will join USI.
USI is headquartered in Briarcliff Manor, N.Y., and operates out of 80 offices in 23 states.
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