June 2, 2013 - March 22, 2013
September 4, 2013 - April 12, 2013
September 10, 2013 - February 22, 2013
M & A, Alliances
Marsh & McLennan Acquires Midwestern Agency
December 5, 2012
Continuing its strategy for expansion, Marsh & McLennan Agency LLC (MMA), a subsidiary of insurance broker Marsh Inc., today announced the acquisition of Brower Insurance Agency, one of the largest independent agencies in Ohio. Terms of the transaction were not disclosed.
Headquartered in Dayton, Ohio, Brower has annual revenues of approximately $24 million and 164 employees in four Ohio offices: Dayton, Cincinnati, Columbus and Springfield. Brower provides property/casualty insurance, employee benefits services and consulting services to midsize businesses and individuals. The firm has specialty practices in surety, construction, health care, transportation, and schools and municipalities.
According to MMA, Brower will serve as the agency’s Midwest hub as it seeks to expand its footprint in the region through further spoke and fold-in acquisitions. All of Brower’s leadership and employees, including Managing Principal Chris McAtee, will join MMA.
AIG Buys Retirement Firm from The Hartford
December 4, 2012
The life and retirement business of American International Group Inc., AIG Life and Retirement, has acquired Woodbury Financial Services Inc. from The Hartford. The companies signed a definitive agreement for the acquisition on July 31, 2012.
AIG says Woodbury Financial Services now is part of its Life and Retirement’s Advisor Group, a network of independent broker-dealers. Woodbury Financial brings about 1,400 advisors and $25 billion in assets under management to the Advisor Group’s network, which includes FSC Securities Corp., Royal Alliance Associates and SagePoint Financial. With the addition of Woodbury Financial, Advisor Group consists of more than 6,000 independent financial advisors, more than 800 home office employees and more than $125 billion in assets under management.
MphasiS Picks Up Mortgage Market Tech Provider
December 4, 2012
MphasiS will acquire Digital Risk LLC, a provider of risk, compliance and transaction management solutions to the mortgage market. The acquisition is an all-cash deal valued at $175 million, with an additional earn-out component.
MphasiS says Digital Risk provides specialized risk, compliance and transaction management solutions for the mortgage industry. Digital Risk’s proprietary Making Mortgages Safe solutions suite is deployed by more than 15 originators, insurers, issuers and investors.
The transaction currently is expected to close by Jan. 31, 2013, says MphasiS, subject to regulatory approvals and other customary closing conditions. Upon completion of the transaction, Digital Risk will operate as a standalone business unit, retaining its brand identity. Its founders will continue to lead the company, with Peter Kassabov reporting to Ganesh Ayyar, CEO of MphasiS.
MphasiS says Digital Risk’s management team and employees will remain with the company. The acquisition is expected to enhance MphasiS’ onshore presence in the United States, and the company has plans to expand its footprint there, creating up to 500 new jobs in the near future.
Willis North America to Acquire Actuarial Firm
November 30, 2012
Willis North America, a unit of Willis Group Holdings, an insurance broker, has entered into a definitive agreement to acquire the assets of Avalon Actuarial Inc., a Canadian employee benefits brokerage and actuarial consulting services firm. The transaction is expected to close in the fourth quarter, and terms are not disclosed.
Willis says Avalon Actuarial provides products and services focused on group insurance, retirement and pension plans, and other risk management services for corporations and public entities. Avalon Actuarial’s 45 employees and leadership team will join Willis North America’s Canadian operations and continue to serve clients from its existing offices in Montreal and Toronto. Willis Canada includes offices in Toronto, Vancouver and Calgary and is supported by more than 200 employees.
Following the transaction, Avalon’s Jean-Robert Elie will serve as EVP and Canadian human capital practice leader; Christine Panet-Raymond will serve as EVP, non-traditional covers; and Claude Emond will serve as a consultant to Willis. They will all report to Rick Hynes.
Northwest to Acquire The Bert Insurance Group
November 26, 2012
Northwest Savings Bank will acquire The Bert Co., doing business as The Bert Insurance Group, an employee benefits and P&C insurance firm. The Bert Insurance Group specializes in commercial and personal insurance planning as well as retirement benefit plans.
Northwest says The Bert Insurance Group serves all of northwestern Pennsylvania from its location in Erie, Pa., and has an extensive list of manufacturing, nonprofit, education, municipality, service industry, construction and professional clients.
The Bert Insurance Group will operate as a subsidiary of Northwest Savings Bank, Northwest says. The former owner, Douglas H. Bert, will remain with the company and assume corporate management responsibilities as president of Northwest's insurance operations.