Business Moves

SUNZ

SUNZ Insurance Co. of St. Petersburg, Fla., has gained the rights to provide workers’ compensation in four more states. The added states are Louisiana, Mississippi, Texas and Arizona.

SUNZ, which is five years old, began by providing workers’ compensation programs to various professional employer organizations and staffing companies within the state of Florida. In mid 2009, the executive management team decided to implement a strategic growth plan to take the company to a regional next level. In April of this year, SUNZ announced the addition of Kentucky, Tennessee, Arkansas, Alabama and Georgia.

Synergy Benefits, Brown & Brown

Florida-based Brown & Brown has acquired Virginia-based benefits firm Synergy Benefits Inc. for an undisclosed sum. Synergy, which has annual revenue of $1.2 million, will merge with Manassas office of Brown & Brown Insurance Agency of Virginia – including Synergy principals Bernie Dombrowski and Robert Hayward as well Synergy’s staff.

Hallmark Financial, State Auto National

Hallmark Financial Services Inc., headquartered in Fort Worth, Texas, said that its subsidiary, Hallmark Insurance Co., will acquire State Auto National Insurance Co. from Ohio-based State Auto Financial Corp. (STFC).

State Auto National (SAN) writes approximately $37 million in non-standard automobile insurance coverage through independent agents in 21 states, around 80 percent (or $30 million) of which is retained by STFC under its intercompany reinsurance pooling agreement with its parent, State Automobile Mutual Insurance Co.

The purchase price will be $14 million cash at closing plus an earn-out of up to $2 million

STFC recently reported $26.2 million in losses for the second quarter of 2010, with approximately 60 percent of the them due to storms in Indiana, Minnesota, Ohio and Tennessee.

Frost Specialty, Integro

Insurance broker Integro completed a merger with Frost Specialty, LLC, a third generation agency specializing in the music industry and located on historic Music Row in Nashville. Financial terms of the transaction were not disclosed.

From its founding in 1980 as a trailblazer in the country and Christian music industries, Frost Specialty grew and evolved into an agency insuring some of the most successful touring artists in the world. Clients and services include the Country & Christian touring artists program, a group copyright Infringement program and a musical instrument program. The Frost agency also handles the personal insurance needs of clients in the entertainment and sports industries.