Business Moves

NetComp

NetComp Insurance, a newly-formed program manager based in Columbia, S.C., has opened its online program (www.netcompinsurance.com) for small to-mid size workers’ compensation business to all independent agents in Arkansas, Georgia, North Carolina, South Carolina and Texas.

NetComp said it will make monoline workers compensation coverage available to low-severity, “Main Street” businesses. The policies, which can be issued online, are being written on the paper of Dallas National Insurance Co. The minimum premium is $500; premiums are typically below $5,000.

Agents may access NetComp’s program through its Internet portal, where they are informed they can quote, bind and also issue a policy in about 15 minutes.

John F. Seibert, president and CEO of the new firm, said that the ability to actually issue the policy should give NetComp an advantage in the marketplace. The 10 percent commission that NetComp is paying should also help win over business. “We think this is very attractive for independent agents,” Seibert said, citing typical commissions of seven and eight percent.

Seibert is the former CEO of Capital City Insurance Co., a multiline property/ casualty insurer operating in 18 southeastern states. Prior to that, he was a senior vice president with General Reinsurance.

Brown & Brown, Commonwealth, Eberhard, Meridian

Florida-based insurance agency Brown & Brown Inc. has acquired Commonwealth Insurance Inc. of Charleston, South Carolina.

Founded in 1996 by Todd R. Tyler, Commonwealth Insurance Group, with annual revenues of approximately $2.6 million, provides commercial property/casualty, group employee benefits, and workplace safety and wellness products and services to businesses and organizations in South Carolina and throughout the country.

In coordination with Brown & Brown of South Carolina’s Vice President, Richard K. Hawkins, Brown & Brown of South Carolina’s existing Charleston office will move into and combine with Commonwealth Insurance Group’s existing office in North Charleston, under the leadership of Tyler.

Brown & Brown has also acquired Eberhart & Company Insurors, Inc. of Roswell, Georgia, an agency with revenues of approximately $1 million that serves the Atlanta metropolitan area. Eberhart principals Ralph Eberhart and Wanda Eberhart and their staff will join Brown & Brown Insurance of Georgia’s existing office in Duluth, Georgia, under the leadership of Clayton L. “Clay” Collins, Jr.

In another transaction, Brown & Brown acquired Meridian Group of New York, Inc. Meridian Group has annual revenues of approximately $1.3 million. Meridian Group principals Ross Kraft and Andrew Biernat and their staff will combine their operations into Brown & Brown of New York’s Rome, New York office, under the leadership of David Carello.

Tower Group, OneBeacon

Tower Group Inc. has completed its acquisition of the personal lines business of OneBeacon Insurance Group for $167 million.

The completed transaction includes the acquisition by Towers of Massachusetts Homeland Insurance Co., York Insurance Co. of Maine and two management companies. The management companies are the attorneys-in-fact for Adirondack Insurance Exchange, a New York reciprocal insurer, and New Jersey Skylands Insurance Association, a New Jersey reciprocal insurer, which in turn owns a New Jersey domiciled stock insurance subsidiary, New Jersey Skylands Insurance Co. Tower has also purchased the surplus notes issued by the two reciprocal insurers.

OneBeacon’s Personal Lines Division writes and manages private passenger automobile, homeowners and personal package business in the northeastern United States. It has offices in Canton, Mass., South Portland, Me. and Williamsville, N.Y.

The transaction was originally announced on Feb. 2.

Topics New York Georgia New Jersey South Carolina