Business Moves – East

BB&T Corp., Crump Group

BB&T Corp., a major regional bank and insurance broker based in Winston-Salem, N.C., completed its previously announced acquisition of insurance businesses from Crump Group, a Roseland, N.J.- based insurance wholesaler.

BB&T said the deal creates the largest independent wholesale distributor of life insurance and one of the largest providers of wholesale commercial insurance brokerage and specialty programs in the country.

The deal was first announced on Feb. 3, 2012. BB&T paid $570 million in cash to complete the transaction, which included Crump Property/Casualty Insurance Services and Crump Life Insurance Services, along with the rights to the Crump brand name.

Marsh, Cosmos Services Inc.

Marsh, a wholly-owned subsidiary of New York-based Marsh & McLennan Companies, acquired Cosmos Services (America) Inc., the U.S. insurance brokerage subsidiary of Itochu Corporation in Japan.

With offices in New York, Los Angeles, and Chicago, Cosmos provides commercial P/C, personal lines, and employee benefits brokerage services to U.S. subsidiaries of Japanese companies. It has annual revenues of $8 million.

Ryan Specialty Group, WKFC

Chicago-based Ryan Specialty Group said its subsidiary RSG Underwriting Managers is acquiring WKFC Underwriting Managers in New York.

Ryan Specialty Group is a global holding company which includes specialized underwriting companies, a Lloyd’s insurer and other specialty services. Its chairman and CEO is Patrick G. Ryan, the founder and retired chairman and CEO of Aon Corp.

WKFC is a managing general agency in the excess and surplus lines arena.

American International Group

AIG is considering launching the initial public offering of airplane leasing business International Lease Finance (ILFC) in the second quarter, according to financial television network CNBC. The network said the IPO would potentially value ILFC Holdings at $6 billion to $8 billion. ILFC first filed for an IPO last September.

Gill & Roeser

Two senior Gill & Roeser executives acquired reinsurance intermediary Gill & Roeser Inc. and Gill & Roeser Holdings Inc., a registered broker/dealer, financial advisory and investment banking firm.

The two executives, Steven Bolland and Dale Myer, purchased the business from the estate of the firm’s late co-founder Kirk Roeser, who died late last year.

Liberty Mutual

Liberty Mutual said it would enter the Russian market with a deal to acquire KIT Finance Insurance, which primarily writes auto coverage in St. Petersburg and Moscow.

Liberty Mutual is buying KIT from a holding company controlled by the state transport monopoly Russian Railways and its pension fund.

BrickStreet, PennCommonwealth

Brickstreet Insurance, a Charleston, W.Va.-based workers’ comp carrier, acquired PennCommonwealth Casualty of America Corp, a workers’ comp company in Canonsburg, Penn.

The West Virginia Legislature created Bricksteet in 2005 to replace a state-run workers’ comp system. BrickStreet spun off as private company the following year. It was West Virginia’s only private workers’ comp carrier until 2010 when the market was opened to competitors.

Bollinger, Creative Agency Group

Short Hills, N.J.-based insurance broker Bollinger acquired Creative Agency Group in Holmdel, N.J.

Creative Agency Group specializes in program business — specifically golf and country clubs, health and fitness clubs, small animal hospitals (veterinarians) and auto dealers.

Brown & Brown, Kane Partners Inc.

Florida-headquartered insurance agency Brown & Brown Inc. said its Brown & Brown of Connecticut Inc. unit purchased assets of Mamaroneck, N.Y.-based Kane Partners Inc.

Kane Partners offers employee benefits-related services, including brokerage and consulting services. It has annual revenues of $1.2 million.

Topics New York Agencies Workers' Compensation Excess Surplus