The Insurance Agency Mergers and Acquisitions Insider

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Insurance Agency Mergers and Acquisitions News October 2014

Arthur J. Gallagher & Co. Acquires Insurance Associates, Inc.

ITASCA, Ill., Oct. 31, 2014 /PRNewswire/ — Arthur J. Gallagher & Co. (NYSE: AJG) today announced the acquisition of Insurance Associates, Inc. located in Boulder and Estes Park, Colorado.  Terms of the transaction were not disclosed.

Founded in 1919, Insurance Associates is an insurance broker providing retail property/casualty and risk management insurance services for commercial and personal lines clients throughout the Western United States.  They specialize in placing coverage for farms, ranches and water and sanitation operations, as well as nonprofit organizations and public entities. Shelley Doggett, Charles Hix III and their associates will continue to operate in their current locations under the direction of James G. McFarlane, head of Gallagher’s western retail property/casualty brokerage operations.

AssuredPartners Announces Asset Acquisition of Turner & Hamrick, LLC

LAKE MARY, Fla. – Oct. 23, 2014 AssuredPartners Inc., through a subsidiary, has purchased the assets of Turner & Hamrick, LLC, headquartered in Troy, Alabama. The agency specializes in insurance for the trucking industry, in addition to coverage for businesses, individuals, and professional liability. Turner & Hamrick reports revenues of approximately $3.7 million.

BOLT Insurance Agency Acquires Ludwig-Walpole Co.

October 23, 2014, SARASOTA — Bolt Insurance, a technology-focused insurance firm from Connecticut with a concentration on small business clients, acquired Ludwig-Walpole Co., one of the oldest and largest insurance firms in the Sarasota-Bradenton market.

Terms of the deal weren’t disclosed. Ludwig-Walpole, founded in 1933, has about 15 employees. The firm’s employees will stay with the company after the merger, says a Bolt executive. Ludwig-Walpole President Robert Ludwig, in a statement, says the “combination matches our experienced and talented employees with Bolt’s industry-leading technology.”

Marsh to Acquire Torrent Technologies, Inc.

NEW YORK–(BUSINESS WIRE)–Oct. 20, 2014– Marsh, a global leader in insurance broking and risk management, today announced that it has signed a definitive agreement to acquire Torrent Technologies, Inc., a leading service provider to Write Your Own (WYO) insurers participating in the National Flood Insurance Program (NFIP). The transaction is subject to customary closing conditions. Terms were not disclosed.

Torrent’s approximately 100 employees will combine with Marsh’s existing flood insurance specialists and remain headquartered in Kalispell, Montana, to create a Flood Center of Excellence, offering the industry’s most comprehensive suite of flood insurance products and services.

Heffernan Insurance Brokers Acquires Pilot Employee Benefits LLC, Expanding its Employee Benefits offerings in the Tri-State Area

NEW YORK, Oct. 20, 2014 /PRNewswire/ — Heffernan Insurance Brokers, one of the largest full-service, independent insurance brokerage firms in the United States, acquires Pilot Employee Benefits. The firm has purchased the assets of Pilot Employee Benefits of Melville, NY effective October 20, 2014. The Pilot leadership personnel, consisting of Managing Senior Vice President Joshua Senders, and Managing Senior Vice President Benjamin Senders, will oversee Heffernan’s newest office, located in Long Island.

AssuredPartners Acquires Casualty Assurance of Chaska, LLC

LAKE MARY, Fla. – Oct. 15, 2014 AssuredPartners Inc., through its subsidiary AssuredPartners of Minnesota, LLC, has acquired Casualty Assurance of Chaska, LLC, located in Chaska, Minnesota. The agency specializes in commercial insurance, employee benefits, and personal insurance, and serves clients throughout Minnesota. Casualty Assurance of Chaska reports revenues of approximately $1.5 million.

USI Insurance Services Acquires Wallace/Scott Insurance Services

VALHALLA, N.Y. & ANCHORAGE, October 14, 2014 – USI Insurance Services (“USI”) announced the closing on the acquisition of Wallace Insurance Inc. / Scott Insurance Services (“Wallace / Scott”) headquartered in Anchorage, Alaska. This employee benefits practice and all of its employees will join USI’s Anchorage, Alaska, office. By acquiring Wallace / Scott, USI’s footprint in the Northwest has been further extended and strengthens USI’s vision of becoming the nation’s number one brand in the middle-market insurance brokerage industry. Terms of the transaction were not disclosed.

Arthur J. Gallagher & Co. Acquires Bennett & Shade Co.

ITASCA, Ill., Oct. 13, 2014 /PRNewswire/ — Arthur J. Gallagher & Co. (NYSE: AJG) today announced the acquisition of Bennett & Shade Co. in Decatur, Illinois. Terms of the transaction were not disclosed.

Founded in 1906, Bennett & Shade is a retail insurance broker providing commercial property/casualty, employee benefits, risk management consulting and personal lines insurance services to clients in the Midwest.  Jeffrey Shade and his associates will continue to operate in Decatur under the direction of Michael Pesch, head of Gallagher’s Midwest region retail property/casualty brokerage operation.

AssuredPartners Acquires Hukill Hazlett Harrington Agency

LAKE MARY, Fla. – Oct. 13, 2014 AssuredPartners Inc., through its platform company Assured Neace Lukens, has acquired Hukill Hazlett Harrington Agency, located in greater Cincinnati. The agency specializes in coverage for businesses, including workers’ compensation, commercial liability insurance and employee benefits; and coverage for individuals, including homeowners’, auto, and health insurance.

First Commonwealth Acquires Thompson/McLay Insurance Associates

INDIANA, Pa., Oct. 10, 2014 /PRNewswire/ — First Commonwealth Insurance Agency, a subsidiary of First Commonwealth Financial Corporation (FCF), today announced its acquisition of Thompson/McLay Insurance Associates in Indiana, PA.  Thompson/McLay has been in business for 29 years and serves thousands of regional clients through home, auto, commercial and specialty insurance lines.  Following the acquisition, Thompson/McLay will retain its name and operate as a division of First Commonwealth Insurance Agency.

HUB INTERNATIONAL ACQUIRES ASSETS OF MASSACHUSETTS-BASED FIELDEDDY INSURANCE

Chicago October 7, 2014 – Hub International Limited (Hub), a leading global insurance brokerage, announced today that it has acquired the assets of Field Eddy, Inc. and Your Choice Insurance Agency, Inc. (together, FieldEddy), servicing the Central and Western Massachusetts area. Terms of the acquisition were not disclosed. FieldEddy’s operations will become part of Hub International New England (Hub New England) and strategically broadens its current network of offices located primarily in the Eastern/Boston region.

HUB INTERNATIONAL ACQUIRES CALIFORNIA-BASED MARRS MADDOCKS & ASSOCIATES

Chicago October 6, 2014 – Hub International Limited (Hub), a leading global insurance brokerage, announced today that it has acquired the assets of Marrs Maddocks & Associates Insurance Services, Inc. (MM&A), servicing the San Diego area.  Terms of the acquisition were not disclosed.  MM&A will become part of the California operations of Hub International Insurance Services (Hub California).

HUB ANNOUNCES CENTRAL FLORIDA ACQUISITION

Chicago October 2, 2014 – Hub International Limited (Hub), a leading global insurance brokerage, announced today that it has acquired the assets of Kuykendall Gardner (Kuykendall Gardner), a Central Florida-based insurance brokerage. Terms of the acquisition were not disclosed. Kuykendall Gardner will become part of Hub International Southeast (Hub Southeast) operations. The acquisition establishes a new location for Hub in Central Florida to service the local market needs and provide expertise for middle market customers.

NSM Insurance Group Acquires Texas-Based Specialty Aviation Underwriters

October 2, 2014 – NSM Insurance Group announced the acquisition of Specialty Aviation Underwriters (SAU), located in Addison, Texas. Founded over 20 years ago, SAU specializes in aviation products.

About Michael Mensch

Michael is a managing partner and client advisor for Agency Brokerage Consultants, a national mergers and acquisitions firm serving independent insurance brokerages.

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