East
Truist Insurance, Kensington Vanguard
Charlotte, North Carolina-based Insurance broker Truist Insurance Holdings Inc. agreed to acquire the national title insurance agency Kensington Vanguard National Land Services. The transaction expands Truist’s presence in the title insurance market. Truist’s existing title operation, BridgeTrust Title, will be integrated into the Kensington Vanguard platform.
Kensington, headquartered in New York City, has offices in Arizona, Florida, New Jersey, Virginia and Texas. Founded in 2002, Kensington Vanguard provides commercial and residential title insurance, settlement, escrow and 1031 exchange services.
The transaction is expected to close later in the first quarter.
Truist Insurance Holdings, a subsidiary of Truist Financial Corp., operates more than 240 offices through its subsidiaries: McGriff Insurance Services; CRC Insurance Services; Crump Life Insurance Services; AmRisc; and its premium finance companies AFCO Credit, Prime Rate Premium Finance and CAFO.
World Insurance, J.K. Olivieri Agency
Broker World Insurance Associates has acquired J.K. Olivieri Insurance Agency Inc. of Middleboro, Massachusetts.
J.K. Olivieri Insurance Agency was founded in 1979 in Brockton by John K. Olivieri. In 1986 the agency opened an office in Lakeville, which was moved to Middleboro in 2004 as the agency expanded. In 2003, John Olivieri Jr. and Ken Olivieri were named partners in the agency. Their father, J.K. Olivieri, serves in an advisory role.
The agency provides auto and home insurance to individuals, as well as commercial insurance. Ken Olivieri said that as part of World, the agency will offer its clients additional products and services.
Hilb, Malvaso Agency
The Hilb Group acquired the Mark E. Malvaso Agency, building upon the company’s presence throughout New York state.
Based in Elbridge, New York, the Mark E. Malvaso Agency specializes in full personal, business and agriculture services.
Agency principal Mark Malvaso will join the Hilb Group’s Tri-State regional operations as a producer.
The Hilb Group is a property/casualty and employee benefits insurance brokerage and advisory firm headquartered in Richmond, Virginia.
Midwest
XPT Specialty, Insurance Brokers Incorporated
XPT Specialty acquired Insurance Brokers Incorporated, headquartered in Indianapolis, Indiana, in a move that continues a series of acquisitions for the company.
IBI is a wholesale insurance broker and general agency that offers agents a broad range of personal, commercial, and E&S insurance products. IBI provides market access and growth opportunities for insurance agencies and is licensed in Indiana, Illinois, Ohio, Michigan, Pennsylvania, Tennessee, Missouri, Iowa, and Colorado.
The company was founded in 1974 and is now led by Glen Pomeroy offering specialty insurance throughout the Midwest and surrounding states. IBI will become part of the XPT Specialty’s Binding and Small Commercial Brokerage division headed by Kyle Stevens.
South Central
Texan Insurance, Texans Insurance & Financial Group
Texan Insurance acquired Texans Insurance & Financial Group Inc. in an all-cash transaction effective Dec. 30, 2021.
Founded in 1991 in Sugarland, Texas, Texans Insurance & Financial Group (TIFG) is an independent, full-service insurance agency that specializes in personal and commercial insurance needs.
TIFG staff will join the Texan Insurance team at their headquarters in Houston, bringing the total number of employees to over 70.
Texan Insurance is a full-service, family-owned and operated insurance agency serving the greater Houston area since 1985.
Jencap, Delta General Agency
Jencap Group LLC acquired the assets of Delta General Agency Corp., a full-service specialty wholesale brokerage and managing general agency based in Houston. Delta will operate under the auspices of the Jencap Insurance Services division.
Delta General Agency Corp. was formed in 1959 to provide Texas retail producers access to specialized insurance facilities. Delta is a wholesale intermediary for approximately 50 admitted and non-admitted special risk carriers.
Southeast
Marine N-Surance, First Light
Marine N-Surance Brokers, a wholesaler and managing general agency in Longwood, Florida, has been acquired by First Light Program Managers.
Marine was founded in 2002 by Paul Greenaway and specializes in wholesale marine liability, marine packages, hull and property coverage throughout the country.
First Light Program Managers is a managing general agency that offers specialty insurance products for various industries, through its network of insurance agencies around the United States.
Relation, Hodge Ethridge
Relation Insurance Services has purchased South Carolina-based Hodge Ethridge Insurance and Financial Services.
Hodge Ethridge was previously part of the Nationwide Mutual Insurance exclusive distribution model.
Headquartered in Florence, South Carolina, Hodge Ethridge provides personal and commercial lines for clients around the state.
Relation has been ranked by the Insurance Journal in the top 30 largest agencies in the U.S., and has some 1,100 employees.
Alera, Cate-Russell
Alera Group acquired Cate-Russell Insurance, an independent insurance agency in Maryville, Tennessee.
Cates-Russell, which offers business, personal and benefits products, is an affiliate of Alera Group’s Propel Insurance.
Alera Group is an independent, national insurance and wealth services firm offering employee benefits, property/casualty, retirement plan services and wealth services.
J.M. Insurance, Higganbotham
Higginbotham Insurance has added J.M. Insurance Agency to its group of agencies in Tennessee.
J.M. is an independent broker of commercial and personal P/C insurance, bonds and employee benefits. The broker, which has grown significantly with acquisitions in the last decade, is headed by President Beau Massengille. Higginbotham named Massengille a managing director. He will continue overseeing J.M.’s team and Lebanon, Tennessee, operations.
Higginbotham, which provides business, personal and captive insurance services, along with benefits plans, entered the Tennessee market in 2020 when it joined forces with Lipscomb & Pitts Insurance, based in Memphis.
Oakbridge, Jenkins
Oakbridge Insurance Agency, a large regional independent agency, has acquired Jenkins, Skipworth & Associates in Alpharetta, Georgia.
JSA, an independent insurance agency in the Atlanta suburbs, will now have access to Oakbridge training and proprietary risk management programs.
Oakbridge was founded in 2020 and has grown rapidly through the acquisition of several agencies in the Southeast.
National Security Group
A holding company formed by the owner of the Sacramento Kings basketball team has agreed to purchase National Security Group Inc. an Alabama-based specialty underwriter of property, casualty and life insurance, for $41 million.
VR Insurance Holdings Inc., said in a news release it had agreed to acquire outstanding common shares of NSG for $16.35 a share, a 77% premium over the Jan. 25 closing price. VR Holdings is a recently formed holding company founded by Vivek Ranadive, a founder of Bow Capital Management and owner of the Kings NBA team since 2013.
The agreement requires approval by holders of the majority of NSG’s outstanding common shares, but is expected to close by the end of the second quarter of 2022.
National Security, founded in Elba, Alabama, in 1947, operates National Security Insurance Co. and National Security Fire & Casualty Co.
NSG Chief Financial Officer Brian McLeod will serve as chief operating officer of the insurance subsidiaries, as well as VR Holdings’ CFO. NSG will now be a private company.
Ranadive, who also was vice president of the Golden State Warriors basketball team, made his mark in the 1980s when he developed software for financial trading floors. He then spun out TibCo, a widely used software system.
NFP, East Coast, Blue Ridge
NFP, a global insurance broker and consultant, acquired East Coast Underwriters and Blue Ridge Captive Solutions.
East Coast Underwriters is a managing general agent based in Spartanburg, South Carolina, and provides medical stop-loss to mid-sized self insured employers. Blue Ridge is a captive program underwritten by East Coast. Aaron Wilkie is president of both companies. Wilkie will join NFP as a managing director.
NFP provides specialized property and casualty products, corporate benefits, retirement, and individual coverage through licensed subsidiaries and affiliates. It has some 6,600 employees around the world.
West
Hub, AVI Commercial Insurance
Hub International Ltd. acquired the assets of AVI Commercial Insurance Marketing Inc. in San Clemente, California.
Doug Krumpols, president, and the AVI team will join Hub’s Los Angeles and Orange County operations.
AVI provides insurance services for the hospitality industry, including sports bars, nightclubs, taverns and restaurants.
Chicago, Illinois-based Hub is an insurance broker and financial services firm providing risk management, insurance, employee benefits, retirement and wealth management products and services.
Hub, Kornerstone
HUB International Ltd. acquired the assets of Kornerstone Inc. in Chico, California.
Eric Blofsky, pesident, and the Kornerstone team will join Hub Central & Northern California.
Kornerstone provides individuals and corporations with financial plans and investment advisory services. Kornerstone has 150 clients with assets of more than $560 million, as of Dec. 31, 2021.
Hub is a global insurance broker and financial services firm based in Chicago services.
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