Business Moves

MEMIC, Granite Manufacturers Mutual

Workers’ compensation insurer The MEMIC Group in Maine acquired Vermont-based Granite Manufacturers Mutual Insurance Company. The acquired business will be renamed MEMIC Casualty Company. Additionally, The MEMIC Group said it will open new offices in New Jersey and Pennsylvania this year.

Northern United Agents Alliance

Four independent agencies in New Hampshire announced the formation of a new partnership called Northern United Agents Alliance (NUAA). The agencies said the move will help combine their resources to meet the needs of a changing marketplace. The four agencies are: Clark-Mortenson Agency; Davis & Towle Insurance Group; Eaton & Berube Insurance Agency; and The Melcher & Prescott Insurance Agency.

The Hartford, Philadelphia Financial

Hartford Financial Services Group is selling all assets of its Hartford Life Private Placement unit to Philadelphia Financial Group for $117.5 million. The unit provides insurance and wealth management services. It also administers corporate and bank owned life insurance and institutionally owned group annuity contracts. It has a $35 billion insurance portfolio, which will be managed by Philadelphia Financial.

USI Insurance Services, Bluff Head Enterprises

USI Insurance Services in New York completed its acquisition of Bluff Head Enterprises, an employee benefit consulting and brokerage firm in Rhode Island. Samuel Slade, who had been serving as president of Bluff Head, became president of the employee benefits unit of USI of Rhode Island.

Risk Strategies Co., Global Insurance

Risk Strategies Company, a brokerage firm in Boston, acquired Global Insurance Network, an independent agency in Needham, Mass. Global Insurance Network’s co-founder and president Bernard Gitlin joined Risk Strategies Company as executive vice president.

AssuredPartners, SKCG Group

AssuredPartners, a portfolio company of private equity firm GTCR, acquired SKCG Group, a White Plains, N.Y.-based agency with $18 million in revenues and 80 employees. The insurance agency will maintain autonomy over its day-to-day operations.

KMRD Partners, General InsurCorp

KMRD Partners, a risk management consulting firm and P/C insurance broker in Warrington, Penn., acquired assets of General InsurCorp, an independent agency in West Chester, Penn. The business will operate under the KMRD Partners name.