Business Moves

RSS, Keystone

Chattanooga, Tenn.-based RSS Insurance has joined Keystone Insurance Group. RSS is now Keystone’s 14th franchise partner in the state. Founded in 1973, RSS is one of Chattanooga’s largest locally owned independent agencies. The agency is equally owned by six partners: Thomas Rowland, John Slaten, Charles Rowland, Daniel Fulghum, Charles Terrell and William Neal.

Digital, Kellogg Smith

Digital Insurance has acquired Kellogg Smith, its eleventh addition in 2011. Kellogg Smith serves south Florida, including the greater Miami area and Fort Lauderdale. Atlanta-based Digital Insurance specializes in employee benefits programs. The company will now operate under the auspices of Digital Benefit Advisors. Katy Kellogg and Mike Smith will continue to oversee the firm’s day-to-day operations.

QBE, Optima

The QBE Insurance Group has agreed to acquire Optima Insurance Group, an underwriting group in Puerto Rico that posted an estimated $100 million in gross written premium in 2011. The transaction includes Colonial Insurance Agency, a managing general agent; Optima Insurance Co., a property and casualty insurer, and New Century Financial Corp., which provides premium financing for Optima and Colonial clients.

Completion of this transaction is expected in March 2012 and is subject to approval by the insurance commissioner of Puerto Rico.

Optima Insurance Group focuses on small and mid-size selected property/ casualty commercial risks and personal lines. Insurance is distributed through independent brokers and agents, along with local financial entities.

Antonio Ortiz, Optima Insurance Group’s CEO and founder, will retain his CEO position as QBE«s top executive in Puerto Rico.

Fidelity National Financial, WT

Fidelity National Financial Inc. is selling an 85 percent interest in its personal lines business to WT Holdings Inc. of Memphis for approximately $119 million. WT Holdings will acquire Fidelity National Insurance Co., Fidelity National Property and Casualty Insurance Co. and FNIS Insurance Services while FNF will retain a 15 percent minority ownership position in the personal lines business. FNIC, FNPAC and FNIS Insurance Services will continue offering the same products and services under the new ownership. They now offer insurance for homes, condominiums, dwellings and autos along with personal umbrellas.

Jacksonville, Fla.-based FNF said the personal lines business sale to WT Holdings is expected to result in a $15 million pre-tax loss. FNF sold its flood insurance operations to WRM America Holdings LLC in July for $210 million.