insurance
Search

Private Equity Professional

Private Equity's News Leader

There is a right and a wrong in the universe, and that distinction is not hard to make.
Superman

You are here: Home / Archives for insurance

insurance

ABRY and NSM Insurance Team Again

by

NSM nf1ABRY Partners has entered into a joint venture agreement with NSM Insurance Group and AIG whereby AIG will contribute its controlling equity ownership of NSM into the new joint venture, which will be majority owned by ABRY. This is the second go-around for ABRY and NSM. ABRY Partners sold its controlling equity interest in NSM Insurance to AIG in April 2015 after acquiring the company in January 2012.

nsm nf44NSM Insurance Group develops, markets, and underwrites industry-specific insurance programs. The company’s insurance programs include social services and behavioral health; catastrophic driven property; collector cars; workers’ compensation; aviation; sports and fitness; microbreweries; and professional liability for lawyers, dentists, architects and engineers. Premiums for the company in the latest fiscal year were $500 million. NSM Insurance Group is based outside of Philadelphia in Conshohocken, PA (www.nsminc.com).

brent stone nf1“We are excited to be partnering with NSM and AIG to build the world’s leading specialty managing general agent platform,” said Brent Stone, a Partner at ABRY. “The combination of NSM’s expertise driving consistently profitable premium, ABRY’s proven ability to grow businesses both organically and through acquisition and AIG’s underwriting capabilities creates and opportunity to drive significant and sustained value for all parties involved.”

ABRY and NSM are actively seeking add-on acquisitions of in the US and the UK of niche insurance programs, existing books of business, managing general agents, and agencies. “ABRY Partners enhances our ability to seek out new opportunities for growth through acquisition, organic program development and other direct and risk-bearing businesses,” said Geof McKernan, CEO, NSM Insurance Group. “We have grown our operations for 26 years and in the last 10 years we have completed over 16 acquisitions and launched 8 new insurance programs.”

abry nf7ABRY invests in the media, communications, and business and information sectors. The firm is currently managing $4.3 billion of total capital and investing out of a $1.9 billion private equity fund, a $950 million senior equity fund and a $1.5 billion senior debt fund. ABRY was founded in 1989 and is headquartered in Boston (www.abry.com).

© 2016 Private Equity Professional • 8-10-16

ABRY Adds Three Buffalo Brokerages to Insurance Platform

by

confi seguros nf1Confie Seguros, a provider of personal lines insurance and a portfolio company of ABRY Partners, has acquired three insurance brokerages in Buffalo, NY to continue the build of the company’s geographic footprint.  ABRY Partners acquired Confie Seguros in November 2012 from Genstar Capital.

The three agencies acquired in Buffalo, which all sell auto insurance, include Able Insurance Agency, which has been serving the Buffalo community for over a decade; Linda’s Able Insurance, established in 1980; and Becker-Able Agency, which has been serving all of Western New York since 1993.  All three former owners of the agencies will continue with Confie.  With these acquisitions now closed, Confie has 55 locations in New York and has completed 15 acquisitions in the Buffalo metropolitan area alone. It is ABRY’s intention for Confie to continue as an active consolidator in Buffalo.

Valeria Rico nf1“These agencies have long-standing ties in the Buffalo community and as part of Confie they will have additional resources and management expertise to continue their growth,” said Valeria Rico, Chief Executive Officer of Confie.  “We’re very bullish about our pipeline of potential acquisitions which includes many quality businesses.  We are in active discussions with those companies, while at the same time working to successfully integrate these new businesses into the Confie organization.” Ms. Rico has been with Confie Seguros since Janaury 2011.

Confie Seguros is a national insurance distribution company primarily focused on the insurance needs of Hispanic consumers.  The company has acquired and integrated over 80 businesses since its inception in 2008 and has annual revenue approaching $350 million and over 660 retail locations.  Confie Seguros has sizable market positions in California, Arizona, Texas, Florida, Washington, Oregon, New York, New Jersey,  Nevada, Illinois, Alabama, Kansas, Wisconsin, South Carolina, Missouri, Louisiana,  and Indiana and expects to continue its expansion in those and other states, including  Georgia, Virginia and North Carolina. The company is headquartered in New York (www.confie.com).

2015 PEPD • Private Equity’s Leading News Magazine • 5-15-15

GTCR Acquires Colonial Insurance Agency

by

colonial nf1Assured Partners, an independent insurance agent and a portfolio company of GTCR, has acquired the Colonial Insurance Agency.

Colonial Insurance Agency sells traditional property, casualty and workers’ compensation products, along with a number of niche and specialty insurance programs. The agency serves the emergency medical services, real estate, hospitality, medical professional, social services and construction industries.  According to GTCR, the agency has approximately $4.5 million in annual revenues.  Colonial Insurance Agency was founded in 1956 and is based in Montgomery, AL (www.colonial-insurance.com).

Assured Partners acquires and invests in insurance brokerage businesses (property and casualty, employee benefits, surety, managing general agencies, and wholesalers) across the United States and in the UK. Since founding in 2011, Assured Partners has acquired more than 90 insurance firms and today has approximately $475 million in annual revenue with more than 120 offices in 30 states as well as two London offices.  The company is led by Jim Henderson (CEO) and Tom Riley (COO) and is headquartered north of Orlando in Lake Mary, FL (www.assuredptr.com).

The buy of Colonial advances Assured Partners’ goal of increasing its presence in Alabama and the Southeast region of the US.  “We welcome Colonial’s 31 employees and are excited about the industry specialization they bring and our quickly growing footprint in Alabama,” said Mr. Riley.

© 2015 PEPD • Private Equity’s Leading News Magazine • 4-29-15

ABRY Adds Three Brokerages to Insurance Platform

by

confi seguros nf1Confie Seguros, a provider of personal lines insurance and a portfolio company of ABRY Partners, has acquired three insurance brokerages in New York and Washington that will build on the company’s existing geographic footprint. ABRY Partners acquired Confie Seguros in November 2012 from Genstar Capital.

Confie Seguros is a national insurance distribution company primarily focused on the insurance needs of Hispanic consumers.  Confie Seguros has acquired and integrated over 70 businesses since its inception and has annual revenue approaching $350 million and over 560 retail locations.  The company has leading market positions in California, Arizona, Texas, Florida, Washington, Oregon, New York, New Jersey,  Nevada, Illinois, Alabama, Kansas, Wisconsin, South Carolina, Missouri, Louisiana,  and Indiana and expects to continue its expansion in those and other states, including  Georgia, Virginia and North Carolina. The company was founded in 2008 and is based in New York (www.confieseguros.com).

The three new acquisitions completed by ABRY for Confie Seguros are as follows:  AA Insurance Services, founded in 1995 and based in Lockport, NY, is a standard personal lines agency specializing in auto and homeowners insurance; Parietti & McGuire Insurance is a second generation family-owned business founded 50 years ago that is based today in Monroe, NY and specializes in providing auto, home and small commercial insurance; and Insurance Now, headquartered in Bellingham, WA was founded in 1997 and specializes in auto insurance.

joe waked nf1“We are pleased that family-owned businesses see value in entrusting their companies with us as we build on the legacies established in their communities.  Our investment pipeline remains robust in all of our key markets, and we look forward to completing additional acquisitions in the fourth quarter,” said Joe Waked, Chairman of Confie Seguros.

ABRY Partners invests in the media, communications, and business and information sectors. ABRY is currently investing ABRY Partners VII (a $1.6 billion private equity fund), ABRY Senior Equity III (a $750 million senior equity/mezzanine fund) and ABRY Advanced Securities Fund II (a $1.2 billion senior debt fund). The firm is headquartered in Boston (www.abry.com).

2014 PEPD • Private Equity’s Leading News Magazine • 10-3-14

Palladium Acquires Pronto Insurance

by

pronto insurance nf1Palladium Equity Partners has made an investment in Pronto General Agency and its affiliates (Pronto Insurance), a provider of auto and home insurance.  Palladium has a majority ownership interest in Pronto Insurance while the company’s management team, comprised of members of the Varela family and other executives, has retained a significant minority ownership interest.

Pronto Insurance is a managing general agency providing sales & distribution, underwriting, and claims administration services focused primarily on the non-standard auto insurance market in Texas.  The company, founded in 1997 and headquartered in Brownsville, TX, has approximately 100 locations statewide in Corpus Christi, the Rio Grande Valley, Laredo, San Antonio, El Paso, Houston and Austin (www.prontoinsurance.com).

Pronto Insurance has experienced significant growth since launching its managing general agency in 2005, expanding its business model from retail insurance distribution to multiple channels of distribution, including captive locations, franchisees, and independent agents.

erik scott nf1“Pronto Insurance has established a terrific position in the non-standard auto insurance space, with a strong brand focused on the Hispanic market, multiple channels of distribution, and an attractive Southwest footprint,” said Erik Scott, a Managing Director of Palladium.  “We look forward to working with the Pronto Insurance leadership team to continue to grow the company organically by delivering a compelling mix of innovative services to its clients, as well as by pursuing acquisitions that make strategic sense both within and outside of Texas.”

Palladium invests from $50 million to $150 million of equity in companies operating in the financial services, business services, food, healthcare, industrial and media sectors.  Palladium has a focus on companies that operate in the rapidly growing US Hispanic market – a market segment where the firm has expertise, a broad network and an extensive track record of investing.  Since its founding in 1997, the firm has invested over $1 billion of capital in more than 20 platform investments and over 50 add-on acquisitions.  In April 2014, Palladium held a final closing of Palladium Equity Partners IV, LP with $1.1 billion of capital commitments, significantly exceeding the fund’s target.  Palladium is based in New York (www.palladiumequity.com).

Pronto Insurance was advised by Sica | Fletcher (www.sicafletcher.com), a financial advisory firm focused exclusively on the insurance industry.  The firm was founded by Michael Fletcher and Al Sica, two of the insurance industry’s leading dealmakers who have advised on over $1 billion in insurance agency and brokerage transactions.

“We are excited that Pronto Insurance has joined the Palladium family of companies, and we look forward to partnering with a firm that has significant experience in growing Hispanic-focused businesses,” said Rafael Varela, founding partner of Pronto Insurance.  “We share a vision for Pronto Insurance’s great potential and we intend to pursue a course of strategic growth and focused investment in the months and years ahead.”

2014 PEPD • Private Equity’s Leading News Magazine • 10-1-14

GTCR Acquires AirSure

by

airsure nfAssuredPartners, a portfolio company of GTCR, has acquired AirSure Limited, a provider of insurance services to the aviation industry. This acquisition marks AssuredPartners entrance into the Colorado and Texas insurance markets. Since being formed in March 2011 by GTCR, AssuredPartners has acquired more than 50 insurance firms.

AirSure Limited specializes in insurance coverage, employee benefits and risk management services for businesses in the aviation industry, including commercial operations, corporate aircraft services and helicopters. AirSure has revenues of approximately $13 million. The company was founded in 1984 and is headquartered in Golden, CO with additional operations in Plano, TX (www.airsure.com).

As part of the acquisition, 35 AirSure employees will join AssuredPartners. Operations will continue out of the Golden and Plano office locations, under the local leadership of Bill Behan, CEO of AirSure.

AssuredPartners acquires and invests in insurance brokerage businesses (property and casualty, employee benefits, surety, managing general agencies, and wholesalers) across the United States and in London. From its founding in 2011, AssuredPartners has grown to approximately $310 million in annual revenue and has more than 80 offices in 26 states and a London office. The company is led by Jim Henderson (CEO) and Tom Riley (COO) and is headquartered north of Orlando in Lake Mary, FL (www.assuredptr.com).

AirSure will become the eighth AssuredPartners platform entity, joining Neace Lukens (Louisville, KY); SKCG (White Plains, NY); Jamison (West Orange, NJ); Dawson Companies (Cleveland, OH); SRA (Kansas City, KS); AHM (St. Louis, MO); and Commercial Insurance Services (Charleston, WV).

GTCR pioneered the investment strategy of identifying and partnering with executives to acquire and build companies through a combination of acquisitions and internal growth. The firm currently has nearly $11 billion in assets under management. Since its inception in 1980, GTCR has invested more than $10 billion in over 200 companies. The firm is based in Chicago (www.gtcr.com).

© 2014 PEPD • Private Equity’s Leading News Magazine • 2-6-14

H.I.G. Capital Exits MagnaCare

by

magnacare nfH.I.G. Capital has completed the sale of its portfolio company MagnaCare Holdings to Goldman Sachs, Pamplona Capital Management, and members of the company’s management team.

MagnaCare is a provider of third party administrator (TPA) health plan services to companies in the New York and New Jersey region. The company maintains a provider network of approximately 95,000 contracted physicians, hospitals and other healthcare providers. MagnaCare provides services to approximately 850,000 members and manages approximately $1.5 billion of annual health care expenses. The company is based in New York (www.magnacare.com).

After acquiring MagnaCare in 2010, H.I.G. invested resources in the company to augment its infrastructure and expand its service offering into the workers compensation and commercial markets. These efforts resulted in significant revenue and EBITDA growth during H.I.G.’s ownership.

“H.I.G. has been an outstanding and committed partner to the MagnaCare management team. Together, we established a clear strategic vision and made significant investments to build out and strengthen our provider network, enhance our corporate infrastructure, and introduce a wide range of new products and services to develop a comprehensive solution for the self-insured market,” said Joseph Berardo Jr., CEO and President of MagnaCare.

H.I.G. Capital specializes in providing capital to small and medium-sized companies and invests in management-led buyouts and recapitalizations of manufacturing or service businesses. H.I.G. Capital has more than $13 billion of capital under management. The firm was founded in 1993 and is based in Miami with additional offices in Atlanta, Boston, Chicago, Dallas, New York, San Francisco, London, Hamburg, Madrid, Paris, and Rio de Janeiro (www.higcapital.com).

“We have been very fortunate to be able to partner with Joe Berardo and the executive team at MagnaCare. They have successfully executed on a number of strategic initiatives and significantly grown the business over the course of our ownership,” said Tenno Tsai, Managing Director of H.I.G. “MagnaCare has been a successful investment for management, H.I.G. and our investors.”

Goldman Sachs is an investment banking, securities and investment management firm. The firm is headquartered in New York (www.gs.com).

Pamplona Capital Management is an investment manager that provides an alternative investment platform across private equity, fund of hedge funds and single manager hedge fund investments. Pamplona manages over $6 billion in assets for a variety of clients including public pension funds, international wealth managers, multinational corporations, family offices and funds of hedge funds. Pamplona is currently managing its third private equity fund, Pamplona Capital Partners III, which was raised in 2011 and has committed capital of $2.7 billion. The firm was founded in 2005 and is based in London and New York (www.pamplonafunds.com).

© 2014 PEPD • Private Equity’s Leading News Magazine • 1-21-14

Southport Lane Acquires National Automotive Insurance

by

naic nfImperial Management Corporation, a portfolio company of Southport Lane, has completed its previously announced acquisition of National Automotive Insurance Company.

National Automotive Insurance Company (NAIC) specializes in providing personal auto insurance exclusively in Louisiana and predominantly within the New Orleans and Baton Rouge metropolitan areas. The company is headquartered near New Orleans in Metairie, LA (www.nationalautomotiveinsurance.net).

The acquisition of NAIC complements IMC’s strategy for organic growth and expansion throughout the Southern United States. The acquisition of NAIC will nearly double Imperial’s auto premium writings in Louisiana. At closing, National Automotive Insurance Company will operate as a subsidiary of IMC, joining Imperial Fire & Casualty Insurance Company, ABC Insurance Agencies and RAC Insurance Partners.

Imperial Management Corporation is organized as a holding company with almost all of its operations being conducted by subsidiaries. Imperial Management’s largest subsidiary, Imperial Fire and Casualty, is rated B+ by A.M. Best and is a provider of insurance products including personal auto, personal property, and flood policies. The company writes policies in Arkansas, Florida, Louisiana, Oklahoma and Texas, and is licensed in the states of Alabama, Georgia, Indiana, Kansas, Kentucky, Mississippi, Missouri, Nevada, South Carolina, and West Virginia. Imperial Management Corporation is also parent to wholly owned subsidiaries ABC Insurance Agencies and RAC Insurance Partners. Imperial Management is headquartered in Opelousas, LA (www.imperialfire.com).

Southport Lane is a private equity firm founded in 2010 with investments in insurance and reinsurance. Among the firm’s portfolio investments is Southport Re, its platform for Alternative Risk Transfer activities. The firm is headquartered in New York and has total capital commitments in excess of $1 billion (www.southportlane.com).

© 2013 PEPD • Private Equity’s Leading News Magazine • 12-3-13

ABRY Partners Adds to Insurance Platform

by

confie NFConfie Seguros, a portfolio company of ABRY Partners and a national insurance broker, has acquired three insurance brokerages with the purchases of James S. Sullivan Agency, Advanced Auto Insurance, and Family Insurance. The addition of these three agencies is part of Confie’s continued strategy to build out its geographic footprint throughout New York and Texas and solidify its position as a leading national insurance broker.

James S. Sullivan Agency was founded in 1977 and is an independently owned agency operating 16 retail locations in numerous towns across the Buffalo, Rochester and Syracuse Regions with 41 employees (www.jamessullivanagency.com).

Advanced Auto Insurance, established in 2001, is a full-service independent agency with locations in downtown Rochester, NY and Greece, NY (www.advancedinsuranceagency.net).

Family Insurance was established in 1990 and serves the Corpus Christi, TX area through two retail locations (www.familyautoinsurance.com).

“New York and Texas are key growth markets for Confie Seguros.  By adding James S. Sullivan Agency and Advanced Auto Insurance to our existing New York operations, we now have over 47 locations and 140 employees in New York to service customers and place business with our insurance carrier partners,” said Joe Waked, CEO of Confie Seguros. “Family Insurance builds on our acquisition in Texas earlier this year and we look forward to leveraging our robust pipeline of deals to continue our expansion in New York and Texas with the goal to be one of the largest providers of personal lines and small commercial insurance.”

Confie Seguros is a national insurance distribution company primarily focused on the insurance needs of Hispanic consumers. Confie Seguros has annual revenue approaching $300 million with over 540 retail locations. The company has leading market positions in California, Arizona, Texas, Florida, Washington, Oregon, New York, New Jersey,  Nevada, Illinois, Alabama, Kansas, Wisconsin, South Carolina, Missouri, Louisiana,  and Indiana and expects to continue its expansion in those and other states, including  Georgia, Virginia and North Carolina.  The company was founded in 2008 and is based in New York (www.confieseguros.com).

ABRY Partners invests in the media, communications and information sectors. ABRY is currently investing ABRY Partners VII (a $1.6 billion fully-capitalized traditional private equity fund), ABRY Senior Equity III (a $750 million fully-capitalized senior equity/mezzanine fund) and ABRY Advanced Securities Fund II (a $1.2 billion fully-capitalized senior debt fund). The firm is headquartered in Boston (www.abry.com).

© 2013 PEPD • Private Equity’s Leading News Magazine • 10-4-13

Hellman & Friedman Acquires Hub International

by

hub nfHub International Limited, a global insurance brokerage, has entered into an agreement to be acquired by funds advised by Hellman & Friedman for $4.4 billion. Hub International has been a portfolio company of Apax Partners since 2007. The transaction is expected to be completed before the end of 2013.

Under the terms of the agreement, Hellman & Friedman will hold a majority interest in the company, while members of Hub’s senior management will continue to have a significant equity position.

Hub International is a global insurance brokerage providing property and casualty, life and health, employee benefits, investment and risk management products and services through offices located in the United States (including Puerto Rico), Canada and Brazil. With more than 6,500 employees, Hub is expected to achieve adjusted 2013 revenue of approximately $1.2 billion. The company is headquartered in Chicago (www.hubinternational.com).

“Partnering with Hellman & Friedman will enable us to build upon our current strategy of enhancing our product and service capabilities and expanding our geographic footprint. We are excited that our new partners share our commitment to investing in our people and are dedicated to working with us to deliver even greater value to our clients,” said Martin Hughes, Hub Chairman and CEO. “By aligning our company with Hellman & Friedman, we are positioning Hub International for continued growth and success within our industry.”

“We have long admired Hub and are delighted to partner with Marty and the entire Hub team,” said David Tunnell, Managing Director of Hellman & Friedman. “Over 15 years, Hub has established itself as a market-leading insurance broker with a clear focus on customer success and growth. Its growing market footprint and capabilities will allow it to capitalize on significant opportunities going forward. Our firm has a longstanding history of investing in insurance businesses and we look forward to working with the Company to support its next phase of growth.”

The company’s existing debt arrangements will be replaced at closing with new debt financing that has been committed to by BofA Merrill Lynch, Morgan Stanley Senior Funding, Inc. and RBC Capital Markets.

Hellman & Friedman invests from $200 million to $750 million in companies across a range of industries including energy & industrials, software, business & marketing services, internet & digital media, financial services, insurance, media, and healthcare. Founded in 1984, the firm has raised and managed over $25 billion of committed capital and invested in over 60 companies. The firm is currently investing its sixth fund, with $8.4 billion of capital commitments. Hellman & Friedman is based in San Francisco with additional offices in London and New York (www.hf.com).

Apax Partners invests in the technology & telecom; retail & consumer; media; healthcare; and financial & business services sectors. The firm recently closed on its 8th fund with $7.5 billion of capital commitments. Apax is based in London and New York (www.apax.com).

© 2013 PEPD • Private Equity’s Leading News Magazine • 8-6-13

To search in site, type your keyword and hit enter