Business Moves

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National

Acrisure, TEn Insurance Services Ltd., Eleven Network

Acrisure, a financial technology and insurance company headquartered in Grand Rapids, Michigan, has acquired the UK-based insurance broker network TEn Insurance Services Ltd.

As part of the acquisition, TEn will go to market as Eleven Network.

The deal is expected to close in the near term, pending FCA regulatory approvals. Terms were not disclosed.

Since 2005, TEn has been providing services for industry professionals operating as appointed representatives (ARs). Initially, TEn was formed as a commercial insurance network, according to information contained on its website. It has since expanded to include private client and personal lines business as well.

The existing TEn management team, led by Dawn Derbyshire and Paul Sykes, will remain leaders within the Eleven Network.

Acrisure also has made senior hires and appointments to augment the management team and support them with execution of strategic plans.

These include: Andy Fairchild, former CEO of Broker Network, as chair of Eleven Network; David Bruce, former Marsh Commercial CEO and COO, as CEO of Acrisure Networks and COO of Acrisure UK; Simon Cooter, most recently Commercial Lines and High-Net-Worth director at Covea, who will be a non-executive director of Eleven Network; and Shahram Shayesteh, former Head of Compliance at The Standard P&I Club, as chief risk officer for Acrisure UK Retail, including Eleven Network.

East

CBIZ, Pivot Point Security

Cleveland, Ohio-based insurance and financial advisory firm CBIZ Inc. acquired information security consulting firm, Pivot Point Security, of Hamilton, New Jersey.

Founded in 2001, PPS serves small and middle market businesses with certification and compliance preparation work for U.S. and international regulatory requirements, vulnerability assessments, penetration testing, and vendor risk management. It also provides consulting services such as outsourced virtual chief information security officers.

PPS has 30 employees and recorded $6.6 million in revenue in 2022, according to the announcement.

Terms of the transaction were not disclosed.

CBIZ provides accounting, tax, government health care consulting, transaction advisory, risk advisory, and valuation services as well as employee benefits consulting, retirement plan consulting, property/casualty insurance, payroll, and human capital consulting. It has more than 120 company offices in 33 states.

Midwest

Hub, E-Insurance Services

Hub International Limited, a global insurance brokerage and financial services firm, acquired the assets of E-Insure Services Inc. (EINSURANCE).

EINSURANCE is a web-based, direct-to-consumer lead generation platform leveraging its data-driven marketing techniques to power insurance sales.

According to Hub International, the acquisition bolsters Hub’s in-house capabilities to enhance its seamless omni-channel experience for the personal insurance brokerage platform VIU by HUB LLC (VIU), the company said.

Terms of the transaction were not disclosed.

Headquartered in Chicago, the EINSURANCE team, including president and COO Dale Williams, will join VIU platform.

Hub, HORAN Associates

Hub International Limited has acquired the employee benefits assets of HORAN Associates Inc. and HORAN Smart Business LLC (collectively HORAN Health).

Terms of the transaction were not disclosed.

With HORAN Health, Hub creates a new regional hub to be called Hub Heartland.

HORAN is one of the largest privately held insurance and financial services organizations in the Cincinnati Tri-State area.

HORAN Health’s nearly 120 employees in Ohio and Northern Kentucky will join Hub.

HORAN Health provides employee benefits solutions to more than 650 small and mid-size companies, covering thousands of lives. HORAN Health serves both corporate and individual clients in 48 states.

FMSI, Lauer & Lauer Insurance, Dubuque Insurance Services, Lillis Insurance Agency

First MainStreet Insurance L.C. (FMSI), an affiliate of TrueNorth Companies L.C., has added four new agencies.

Lauer & Lauer Insurance, based in West Union, Iowa, was FMSI’s first acquisition of 2023.

Established in 1954 and led by fourth-generation insurance agent, Michael Lauer, Lauer & Lauer comes to FMSI with a great client base, strong reputation in their marketplace and a fine list of carrier partners.

The second acquisition of 2023 was a private fold-in to one of FMSI’s longstanding southern Iowa locations. The acquisition was completed privately.

FMSI also added Dubuque Insurance Services in Dubuque, Iowa.

A start-up agency dating back to the mid-1990s, Phil and Debbie Meyer have been a constant in the insurance landscape of this northeastern Iowa town.

Joining FMSI in ownership in this new venture is Thad Meyer, nephew to Phil and Debbie. Along with Phil and Debbie Meyer, Thad Meyer will continue to build on the legacy that was established 28 years ago.

Lillis Insurance Agency in Williamsburg, Iowa, also joined FMSI.

Since its founding in 1937, Lillis Insurance has been a constant presence in this quintessential Iowan town. Joining FMSI in ownership is partner, Dan Lillis.

South Central

Ryan Specialty, Point6

Ryan Specialty announced it has signed a definitive agreement to acquire certain assets of Point6 Healthcare LLC (Point6), a distributor of medical stop-loss insurance, pharmacy solutions, and complex claims management on behalf of retail brokers and third-party administrators.

Point6 is based in Plano, Texas.

Terms of the transaction were not disclosed. The acquisition is expected to close in July.

Chicago-based Ryan Specialty is a service provider of specialty products and solutions for insurance brokers, agents and carriers.

Core Specialty Insurance Holdings, ANAT MGU/Stop-Loss

Core Specialty Insurance Holdings Inc., headquartered in Cincinnati, Ohio, and its subsidiaries will form a medical stop-loss division through the acquisition of the MGU/Stop-Loss business of American National Group.

Jim Stelling will join Core Specialty as the president of the newly formed medical stop-loss division. Stelling was most recently the executive vice president, Health Insurance and Specialty Markets Group Operations at American National Insurance Co. and brings with him more than 20 years of experience in the industry.

The medical stop-loss division will maintain its presence in League City, Texas, after the closing.

The ANAT MGU/Stop-Loss business produced over $300 million of gross premium income in 2022, according to the announcement.

The transaction is expected to close in the fourth quarter of 2023.

ALKEME, Daugherty Insurance Group

ALKEME has acquired the Daugherty Insurance Group, a Sugar Land, Texas-based full-service insurance agency.

For over three decades, Daugherty Insurance Group has been focused on serving their loyal customers throughout Sugar Land and surrounding areas with a wide variety of business — home, auto, life and health insurance solutions to individuals, families and businesses.

Based in Ladera Ranch, California, ALKEME helps insurance brokerages realize sustainable growth and success through the creative use of innovation, shared services, consultation and marketing.