Business Moves

AssuredPartners, Platinum Planning

AssuredPartners Inc. has completed the acquisition of Platinum Planning (doing business as Walsh Benefits). Terms of the transaction were not disclosed.

Walsh Benefits operates in the New Jersey cities of Fair Haven and Cranford under the leadership of Paul Walsh, president, and Maryellen Walsh, co-founder and vice president.

The agency is an employee benefits broker specializing in group and voluntary benefit product offerings, including medical, dental and 401(k). Walsh Benefits also provides HR workplace services, such as HR consulting and payroll management. The insurance broker reports revenues of approximately $4.6 million.

Headquartered in Lake Mary, Fla., AssuredPartners acquires and invests in insurance brokerage businesses across the U.S. and in London.

MTM, Minichiello Insurance

MTM Insurance Associates, an independent insurance agency based in North Andover, Mass., announced its acquisition of Minichiello Insurance Agency, an independent agency in Bradford, Mass. Terms of the transaction were not disclosed.

Following the transaction, Minichiello Insurance Agency will operate as MTM Insurance of Greater Haverhill Inc. This marks the third location for MTM Insurance.

Founded in 2007, MTM Insurance Associates offers personal and business insurance as well as life, disability and long term care insurance. The firm now has offices in North Andover, Billerica and Bradford, Mass., and 27 employees.

Bryn Mawr, Robert J. McAllister

Bryn Mawr Bank Corp. in Bryn Mawr, Pa., announced its acquisition of Robert J. McAllister Agency Inc., an independent insurance agency in Rosemont, Pa. Terms of the transaction were not disclosed.

Founded in 1962, Robert J. McAllister Agency provides insurance and risk management services for individuals and businesses in the Philadelphia region. The agency will be merged into Bryn Mawr Bank Corp.’s insurance subsidiary, Powers, Craft, Parker and Beard Inc.

Patriot National, HSS

Fort Lauderdale, Fla.-based workers’ compensation services provider Patriot National Inc. has acquired the assets of Hospitality Supportive Systems (HSS), a Springfield, Pa.-based managing general agent and insurance program administrator to the hospitality industry, and the assets of its claims service affiliate Selective Risk Management.

The estimated maximum total purchase price is approximately $13.5 million, or approximately 5.0 times the calendar year 2014 EBITDA of each entity, Patriot National said.

Hospitality Supportive Systems (HSS) designs and produces preferred insurance programs for the restaurant, bar and tavern industry nationwide. HSS will become part of TriGen Insurance Solutions, a multi-line specialty brokerage in Boca Raton, Fla. Patriot National said HSS would further expand Patriot’s reach into a broader base of commercial lines.

HSS’s affiliate Selective Risk Management will join Contego Services Group, an affiliate of Patriot National that provides insurance and risk management services.

Patriot National CEO Steven M. Mariano said the acquisitions of HSS and Selective Risk Management are consistent with the company’s growth strategy to expand its fee-based product offerings beyond workers’ comp.

Patriot National, headquartered in Fort Lauderdale, Fla., is a national provider of outsourcing services within the workers’ comp marketplace for insurance companies, employers, local governments and reinsurance captives.

Safety National Casualty, Safety National Re

St. Louis, Mo.-based Safety National Casualty Corp. has rebranded its reinsurance platform as Safety National Re.

Safety National Re will continue to offer its existing products and solid financial security, which includes over $1.25 billion in surplus as well as Safety National Casualty Corp.’s A+ rating from A.M. Best and Standard & Poor’s.

Safety National Casualty Corp. provides alternative risk funding products.

Higginbotham

A group of five commercial property/casualty insurance professionals led by broker Mark Conner has joined Higginbotham in Houston. The group specializes in homeowners association (HOA) insurance and loss control, serving hundreds of single family community associations in Texas.

The group came from the Houston office of Willis of Texas Inc., where Conner served as vice president for 29 years for both Willis and certain predecessor organizations. In 1987, he created the Texas HOA program for Ace American Insurance Co. His group maintains exclusive access to that coverage.

Higginbotham is ranked as one of the largest independent insurance brokers of U.S. business providing property and liability insurance, risk management and employee benefit services to businesses and individuals.

Topics Texas