Business Moves

National

Travelers, Corvus Insurance Holdings

The Travelers Companies said it has agreed to buy cyber managing general underwriter Corvus Insurance Holdings Inc. for about $435 million for its middle-market excess and surplus lines presence.

The move comes following a September announcement that Travelers would serve as a capacity provider for Corvus products in the U.S. starting Oct. 1. The companies reached a similar agreement in 2022 for the European market.

Travelers said the deal is expected to close in the first quarter 2024.

Corvus’ artificial intelligence-driven platform identifies vulnerabilities throughout the policy period to reduce customers’ exposure to cyber events. In late October, Corvus released a report that found ransomware attacks are up globally more than 95%.

Patriot, Douce James Agency

Patriot Growth Insurance Services LLC (Patriot) expanded its presence in Ohio and Pennsylvania with its partnership with the Douce James Agency. This partnership adds additional property/casualty expertise to Patriot’s ever-growing platform.

Caleb Douce and Jeff James lead the Douce James Agency. Both previously owned separate agencies before joining forces in 2020. Douce James is full service P/C agency with a farm and agriculture risk management niche.

Founded in 2019, Patriot is a national insurance services firm that partners with employee benefits and property/casualty agencies across the United States.

East

Evertree Insurance Services, Prosper Insurance

Connecticut-based independent insurance broker Evertree Insurance Services LLC finalized its acquisition of Virginia Beach-based Prosper Insurance on Nov. 1, bolstering its presence in the Mid-Atlantic region.

Prosper has more than 100 employees and serves Virginia, Tennessee, North Carolina, District of Columbia, South Carolina, Maryland, Georgia and Kentucky. Prosper was started in 2007 by Drew Monroe and Rohan Shetty.

Evertree was founded in 2022 as a technology-driven personal lines platform by Alex Tuff. It now has 210 employees and serves Midwest, Mountain, and Mid-Atlantic states. It has grown through acquisitions with funding from insurance industry investor Integrum Holdings.

Liberty Company Insurance Brokers, Massabni Insurance & Financial

The Liberty Company Insurance Brokers continues its growth with the acquisition of Massabni Insurance & Financial, a veteran and family-owned agency in Hyattsville, Maryland.

The deal was made in partnership with Liberty Boudreau Insurance Services of Owings, Maryland.

Massabni Insurance & Financial serves clients across Maryland, District of Columbia, Virginia, Pennsylvania, and Delaware. It is also licensed in Arizona.

Liberty Company Insurance Brokers is based in Florida.

Arthur J. Gallagher, The Evans Agency

Western New York’s Evans Bancorp Inc. has agreed to sell its insurance agency operation, The Evans Agency, to global insurance broker Arthur J. Gallagher & Co. for $40 million.

The net gain on the sale, on an after-tax basis, is expected to be approximately $15.1 million.

The Evans Agency is a retail insurance agency offering life insurance, employee benefits, and property/casualty insurance throughout New York and the Northeast. Current leadership, including Aaron Whitehouse, president, and direct employees of the agency are expected to join Gallagher.

The transaction is subject to customary closing conditions and is anticipated to be completed in the fourth quarter of 2023.

Evans Bancorp Inc., headquartered in Williamsville, has been in the insurance business for 23 years during which it has acquired 15 agencies. It has insurance operations in Williamsville, Angola, Hamburg, Depew, Lockport, Wellsville and West Seneca.

Evans Bancorp is the parent company of Evans Bank, a commercial bank.

Midwest

Hub, Overmyer Hall Associates

Hub International Limited announced the acquisition of the assets of OH-INS LLC, d/b/a Overmyer Hall Associates.

Headquartered in Columbus, Ohio, Overmyer Hall Associates is one of the largest property/casualty insurance agencies in Central Ohio and specializes in commercial insurance, risk management, surety and personal lines. Their heavy emphasis in the construction and real estate industries supports Hub’s Specialty practices by complementing and strengthening its existing capabilities.

Overmyer Hall Associates will be referred to as Overmyer Hall Associates, a Hub International company.

Warner Pacific, BeneUSA

Warner Pacific has expanded into Minnesota by completing its acquisition of BeneUSA LLC, an Excelsior-based employee benefits general agency specializing in ancillary group insurance products and services that cater to insurance brokers, agents, and their organizations.

Founded in 2002, BeneUSA provides ancillary group insurance products and services, including life, disability, dental, and vision insurance, to insurance brokers, agents, and their organizations.

Warner Pacific, founded in 1982, provides insurance brokers and agents with strategic sales support and consultation, innovative technology, and back-office support.

The acquisition further grows Warner Pacific’s offerings and partnerships, establishes its presence in the Midwest, and adds to its operational and sales expertise in ancillary products.

South Central

Alliant, 3000 Insurance Group, The Arrow Group

Alliant Insurance Services has acquired 3000 Insurance Group (3IG), a retail property/casualty insurance and employee benefits firm based in Oklahoma City, Oklahoma.

Joining the Alliant Americas division, 3IG provides commercial risk management and personal lines insurance coverages. 3IG will operate as Alliant Insurance Services in Oklahoma City.

Alliant has also acquired The Arrow Group within its Alliant Americas division. The Arrow Group is a retail P/C insurance agency serving the risk management needs of a local and regional client base.

Based in Broken Arrow, Oklahoma, The Arrow Group provides custom insurance programs for business, commercial and personal risk. As an independent insurance agency with deep roots in the community, The Arrow Group serves as the risk manager for clients that include oil and gas contractors, retail businesses, wholesale operations, manufacturers, contractors and professional offices.

Hotchkiss, InCore Group

Hotchkiss Insurance has acquired InCore Group, an independent insurance consulting agency serving Texas, Oklahoma, and New Mexico.

This move expands Hotchkiss’ footprint for commercial insurance and employee benefits into West Texas and surrounding states.

Lubbock, Texas-based InCore Group is known for its innovative strategies and client transparency, which aligns with Hotchkiss Insurance’s ethos.

The InCore Group team will remain under the operational leadership of principal and founder, Riley Dearing.

Founded in 1975, Texas-based Hotchkiss Insurance specializes in tailored insurance solutions for businesses in the construction, green industries, and hospitality sectors.

West

Risk Strategies, North Bay

Risk Strategies acquired North Bay, an InterWest Insurance Services LLC business unit, adding specialty expertise to its Wineries Practice.

With offices in Petaluma and Santa Rosa, California, the North Bay business unit purchase from InterWest includes its Wine Industry Focus Group led by wine and insurance industry veterans Mike Ryan and Sama Hershey Davis.

The transaction brings other lines of business and industry specializations including property and development, contracting, recreation and clubs and engineering.

Risk Strategies is a privately held US brokerage firm offering risk management advice, insurance and reinsurance placement for property/casualty, employee benefits, private client services, as well as consulting services and financial and wealth services.

Topics Texas Ohio Virginia Maryland Oklahoma