Business Moves

National

James River Group Holdings, Amynta Group

James River Group Holdings Ltd. said some of its subsidiaries have entered into an agreement to sell the renewal rights to their individual risk workers’ compensation (IRWC) business to Amynta Group.

The transaction includes the full operations of the business, including underwriting, loss control and claims, as well as transfer of the employees supporting the business.

The IRWC business will operate under Amynta Work Comp Solutions.

James River said it will not sell any insurance company entities as part of the transaction, which is subject to customary closing conditions and is expected to close at the end of the third quarter of 2023.

East

Arthur J. Gallagher, Eastern Insurance Group

Arthur J. Gallagher & Co., the global insurance brokerage, has agreed to acquire Massachusetts-based Eastern Insurance Group, a subsidiary of Eastern Bank, Gallagher announced.

The move is subject to regulatory approval.

The purchase transaction should close in the fourth quarter of this year.

Eastern Insurance, based in Natick, offers commercial property/casualty insurance and personal lines products and employee benefits consulting.

Gallagher said that under the agreement, it will acquire the Eastern Insurance assets for consideration of $510 million net of agreed seller-funded expenses.

Eastern’s pro-forma revenues for the 12 months that ended in June were $104 million.

Eastern President and CEO Tim Lodge and his team will remain at their current offices, and will report to Patrick Kennedy, head of Gallagher’s Northeast retail property/casualty brokerage operations.

Midwest

Origami Risk, Dais Technology

Origami Risk has acquired Chicago, Illinois-based Dais Technology, a provider of no-code insurance technology.

The acquisition increases Dais’ market reach and client support capabilities and expands Origami’s suite of property/casualty insurance solutions for managing general agents (MGAs), insurers and reinsurers.

Terms of the transaction were not disclosed.

Dais will operate as a subsidiary of Origami and will continue to be led by its co-founders Jason Kolb, Aaron Larson and Milos Dedovic.

Founded in 2016, Dais Technology offers a SaaS insurance platform with API connectivity for streamlined policy handling, product management and sales. The open platform enables superior speed-to-value with minimal upfront implementation and the ability to create new insurance products in weeks.

The Hilb Group

The Hilb Group has acquired an Illinois-based property/casualty business, building on the company’s growing presence in the Midwest region and broadening its offerings to include specialized services for fast food franchises and student housing industries.

The Hilb Group did not share the name of the acquired company. The acquisition adds Illinois as a new state to the company’s growing portfolio.

The Hilb Group is headquartered in Richmond, Virginia.

South Central

Risk Strategies, orchestrateHR, Ebenconcepts

Risk Strategies has acquired human resources and employee benefits specialist orchestrateHR Inc. and its affiliate, Ebenconcepts Co., and its affiliate (doing business as eBen Benefits).

Also included in the transaction were the company’s specialty operating subsidiaries, Employers Direct Health and Employers Direct Administrative Solutions.

Terms of the deal were not disclosed.

Based in Dallas, Texas, with offices in nine states and a family-owned history tracing back over 50 years, orchestrateHR is a provider of holistic employee benefits solutions.

In conjunction with its associated operating groups, it offers a broad range of services, including human resources and technology consulting, third-party administration (TPA) and payroll and associated administrative outsourcing services.

Established in 1999 as an orchestrateHR affiliate, Ebenconcepts Company is an HR consulting and custom employee benefits brokerage firm with offices throughout the United States. One of the largest independent benefits agencies in the Southeast, eBen works with employers of all sizes and supports a robust Medicare and ACA marketplace. eBen is also a managing general agent (MGA) able to provide preferred access to a comprehensive suite of employer-funded and voluntary insurance products for clients of all sizes.

Southeast

Oakbridge Insurance Agency, Audax Private Equity

Atlanta-based Oakbridge Insurance Agency, known for its rapid growth and acquisition of agencies across the Southeast in recent years, has itself been purchased by the private equity firm, Audax Private Equity.

Terms of the deal were not disclosed but according to the acquisition announcement, the transaction includes the sale of Corsair Capital’s investment in Oakbridge.

Corsair invested in Oakbridge when it was founded in 2020 by Robbie Smith through the combination of four insurance agencies.

Smith, CEO of Oakbridge, is an insurance agency and acquisition specialist who once worked with the broker Hamilton Dorsey Alston Co. and with Reagan Consulting. He and his management team will continue to maintain a significant ownership stake in Oakbridge.

Oakbridge, one of the largest privately owned agencies in the U.S., has been ranked as a Top 100 brokerage by Insurance Journal. It has acquired multiple agencies in the South in the last three years, following a partnership model that provides capital, resources and accelerated growth plans to the agencies.

Audax Private Equity, based in Boston and San Francisco, calls itself a capital partner for middle-market companies. The company said it has some $18 billion in assets under management. It was founded in 1999 and has invested in more than 1,200 acquisitions, according to the announcement.

Piper Sandler investment bank served as financial advisor to Oakbridge Insurance Agency on the sale.

Titan Flood, K2 Insurance Services

Titan Flood Inc., a new managing general agent focused on the private flood insurance market, is starting up in Florida.

Titan Flood, based in Tampa, is being launched by Stephanie Lee, the co-founder and chief operating officer of Neptune Flood, a private flood insurer that started in 2017.

K2 Insurance Services, an insurance holding company headquartered in San Diego, has agreed to invest an undisclosed amount into Titan and will oversee its long-term strategy with a presence on the board of directors, the companies said.

Titan will utilize artificial intelligence and a Solstice Innovations technology platform to determine risk and eligibility. Homeowners will be able to quickly assess their flood risk, select coverage and purchase flood insurance online or through an agent, the company said.

The Titan website indicates it will be up and running by spring 2024. The coverage will initially be available as a surplus lines product in 15 states.

West

Insurance Navy Auto Insurance

Insurance Navy Auto Insurance is expanding into Las Vegas, Nevada, with its car insurance offerings.

Insurance Navy Brokers opened its first location in Las Vegas, at 3266 Las Vegas Blvd N STE 12.

The new branch in Las Vegas, will offer minimum liability car insurance, full coverage car insurance, and other related services tailored to meet the needs of drivers in North Las Vegas.

Arthur J. Gallagher & Co., Ace Commercial Insurance Center

Arthur J. Gallagher & Co. acquired Corona, California-based Ace Commercial Insurance Center.

Ace is a specialist insurance broker serving the trucking industry primarily in Southern California. Jackie Hoang, Anhdy Nguyen and their team will remain in their current location under the direction of Scott Firestone, head of Gallagher’s Southwest region retail property/casualty brokerage operations.

Arthur J. Gallagher is a global insurance brokerage, risk management and consulting services firm headquartered in Rolling Meadows, Illinois.

World Insurance Associates, Cindy Elbert Insurance Services

World Insurance Associates LLC has acquired Cindy Elbert Insurance Services Inc. of Peoria, Arizona.

Cindy Elbert Insurance Services was founded in 1982 to offer professional services designed to assist ambulance providers with their insurance needs.

World Insurance Associates is headquartered in Iselin, New Jersey. It provides individuals and businesses with products and services across personal and commercial insurance, employee and executive benefits, retirement and financial services and human capital management services.

Arthur J. Gallagher, Hartley Cylke Pacific Insurance Services

Arthur J. Gallagher & Co. acquired Hartley Cylke Pacific Insurance Services Inc. in San Diego, California.

Michael Hartley, John Cylke, James Hawes and their team will remain in their current location under the direction of Scott Firestone, head of Gallagher’s Southwest region retail property/casualty brokerage operations.

Hartley Cylke Pacific Insurance is a retail insurance broker specializing in transportation for clients throughout California and Arizona.

ALKEME, F&I Agency

ALKEME acquired the F&I Agency in Thousand Oaks, California.

The F&I Agency serves the western U.S.

Based in Ladera Ranch, California, and backed by GCP Capital Partners, ALKEME provides property/casualty, benefits, surety, risk and wealth management services.

Inszone, Sanfilippo & Sons Insurance Services

Inszone Insurance Services has acquired LLC in San Jose, California.

Sanfilippo & Sons was founded in 1960 by Roy Sanfilippo.

Founded in 2002 and headquartered in Sacramento, California, Inszone is an insurance brokerage firm that provides property/casualty insurance, along with employee benefits solutions. The firm has 40 locations across California, Arizona, Colorado, Illinois, Michigan, Missouri, Nevada, New Mexico, Oregon, Texas and Utah.

Topics California Illinois Arizona