Acted as the exclusive consultant to Professional Risk Placements, LLC (PRP), in the sale of assets to The McGowan Companies (McGowan). PRP was established in 1996 and has become one of the pre-eminent writers of Professional & Management Liability on the East Coast. Under the McGowan name, PRP will be responsible for writing Professional & Management Liability in Connecticut, New Jersey, New York and Pennsylvania.
Acted as the exclusive consultant to Strickland Insurance Brokers, Inc. (SIB), a wholly owned subsidiary of the Strickland Insurance Group, Inc., in its acquisition of Tower Transportation Underwriters, Inc. (Tower Underwriters). Tower Underwriters is a Managing General Agency that has been servicing the needs of agents in Virginia and Delaware since 1963. The company, which has specialized in commercial and public transportation risks since its founding, will become part of Strickland Insurance Brokers, Inc., and continue to provide its agents with high quality service and products.
Acted as the exclusive financial advisor to Utica Mutual Insurance Company in the sale of its brokerage division, Special Risk Solutions, Inc. (SRS), to W.N. Tuscano Agency. SRS is a wholesale insurance broker that offers a wide range of commercial and personal lines coverages. SRS will begin doing business under the Tuscano brand on December 3, 2012 and will operate under Tuscano’s management. Utica agents will have immediate access to the many specialty products and markets that Tuscano offers.
Acted as the exclusive financial advisor to Electric Insurance Company in the renewal rights acquisition of the preferred personal lines business of Millers First Insurance Company and Millers Classified Insurance Company (collectively “Millers First Group”). This transaction will allow Electric Insurance to provide renewal quotes for preferred direct response personal automobile, homeowners, and related insurance policies in Wisconsin, Illinois, and Missouri. This transaction will also provide potential policyholders with the ability to access one of the most highly acclaimed customer service departments in the insurance industry.
Acted as the exclusive financial advisor to Texas Security General Insurance Agency, Inc. in the sale of certain assets to Brown & Brown, Inc. Texas Security General, a wholesale brokerage with annual revenues of approximately $5.8 million, serves a wide base of independent insurance agents offering personal and commercial lines coverage’s throughout Texas. The company also offers claims management services. Through this acquisition, Brown & Brown sees Texas Security General serving as a platform to expand in the Texas personal and commercial wholesale insurance market while Texas Security General sees the acquisition as an opportunity to enhance its ability to serve its agent partners throughout Texas.
Acted as the exclusive financial advisor to AmeriLife Group, LLC in its acquisition of Vertical Vision Financial Marketing, LLC, a Woodstock, GA insurance marketing organization specializing in annuity sales. This acquisition is expected to substantially increase AmeriLife’s annuity business. One of the nation’s largest life and health insurance marketing organizations, since 1971 AmeriLife has provided for the insurance and financial needs of America’s expanding senior population through insurance-related products such as Health and Medicare Plans, together with services such as Licensed Third-Party Administration, Product Development, Financial Services, Long-Term Care Insurance, and Property and Casualty Insurance.
Acted as the exclusive financial advisor to Western National Mutual Insurance Company of Edina, MN in its purchase of 100 percent of the stock of Arlington Heights, IL-based Dynamic Insurance Group, parent holding company of American Freedom Insurance Company. American Freedom Insurance Company will operate independently as a separate entity writing non-standard automobile coverage in Illinois, Indiana and Pennsylvania, under the ultimate management and control of Western National and with its full financial support.
Acted as the exclusive financial advisor to PEMCO Life Insurance Company, a wholly-owned subsidiary of PEMCO Mutual Insurance Company, in the sale to Sagicor Life Insurance Company. PEMCO has decided to exit the life business to concentrate on its core business of personal lines property and casualty insurance and has chosen Sagicor specifically because of its focus on customer service, its commitment to community and corporate citizenship, and its financial strength. Through this acquisition, Sagicor will acquire approximately 10,000 term and whole life policies and 7,500 new clients.
Acted as the exclusive financial advisor to Pennsylvania National Mutual Casualty Insurance Company in its affiliation with Partners Mutual Insurance Company. Penn National, founded in 1919, sells personal and commercial property and casualty insurance through a network of more than 750 independent agencies in nine states and is rated A- by A.M. Best. Partners Mutual, which is headquartered in Waukesha, WI, sells personal and commercial property and casualty insurance in Iowa and Wisconsin through a network of 120 independent agencies. In 2010, the Company wrote approximately $39 million of premium.
Acted as the exclusive financial advisor to Strickland Insurance Brokers, Inc. (SIB), a wholly owned subsidiary of the Strickland Insurance Group, Inc., in its acquisition of Winston-Salem, NC-based Carolina Insurance Service, Inc. (CIS). Carolina Insurance Service is a managing general agency that has been servicing the needs of independent agents in North Carolina, South Carolina and Virginia since 1952. The company, which has specialized in commercial and public transportation risks since its founding, will remain based in Winston-Salem.
