Business Moves

Unisource Program, U.S. Risk

Specialty lines underwriting manager and wholesale broker U.S. Risk Insurance Group Inc. has taken over Florida-located Unisource Program Administrators, a wholesaler of workers’ compensation, for an undisclosed sum.

The deal will enable the Dallas-based U.S. Risk to double its workers’ compensation written premium and to add four A-rated national carriers to its markets line-up, the company said in a statement.

The takeover is also expected to enable U.S. Risk to offer monoline workers’ compensation on a national scale.

According to CEO Randall Goss, the transaction is a “strategic acquisition to enhance our product offerings and expand the production footprint.”

The specialty workers’ compensation office in Sarasota will continue to operate as Unisource Program Administrators. U.S. Risk will gain the ability to offer additional workers’ compensation markets to its network of 4,000 retail producers.

Unisource’s existing distribution network of 1,900 retail producers will be able to access to the U.S. Risk product portfolio that offers all forms of property, casualty, automobile, umbrella, professional, and risk management products and services.

Houk Insurance, Mountain Valley Insurance, Keystone

Keystone Insurers Group announced the addition of two more franchisees to its growing list of partner agencies. Both are in Kentucky.

Houk Insurance Agency of Horse Cave and Mountain Valley Insurance in Barbourville bring the Kentucky franchise total to 21. They join KIG’s network of more than 210 independent agencies in six states.

Houk Insurance Agency, Inc., located in Horse Cave, Ky., is currently owned by David Houk. and individual and group medical insurance.

Mountain Valley Insurance in Barbourville, Ky., has four other locations throughout the central and southeast corner of the state. It is under the management of Diana Hunt and offers all lines of coverage.

McFadden Insurance, Florida Federal, Hub International

Hub International Limited (Hub) has acquired insurance agencies in the Nevada and Florida.

Hub acquired the assets of McFadden Insurance Agency Inc. (McFadden), a Las Vegas-based firm. Terms of the acquisition were not disclosed. The McFadden team will become part of Hub International Insurance Services, Southwest Region.

Bernie Trujillo and Greg Pike, the owners of McFadden, and the McFadden employees joining Hub will remain in their current office location. Pike will lead the new Hub Las Vegas operations.

This acquisition represents the first location for Hub in the Las Vegas region, an area in which Hub is focused on strategic growth.

Hub also acquired the assets of Florida Federal Insurance Company (FFIC), a Boynton Beach, Fla.-based personal and commercial insurance brokerage firm. Terms of the acquisition were not disclosed. As part of the transaction, the FFIC operations will become a part of Hub International Northeast Limited.

Makram (Mike) Kamel, owner and founder of FFIC, will transition his accounts to Hub and work with the firm moving forward as a referral source of new business opportunities. The FFIC team will continue to maintain a presence at its current location in Boynton Beach, Fla., while its customer service will be integrated into Hub’s existing office in Plantation, Fla.

FFIC focuses on primarily homeowners’ and automobile insurance, for customers throughout the South Florida region. It also arranges commercial insurance programs. FFIC specializes in providing coverage alternatives for difficult to place risks such as properties located along the Florida coast.

The addition is in line with Hub’s efforts to further expand its presence in the Southeastern U.S.

Topics Florida USA