Bermuda Broker Enters U.S. With Acquisition
NU Online News Service, Aug. 19, 3:00 p.m. EDT?A Hamilton, Bermuda-based insurance broker has purchased Benchmark Management Group as the first of what it said would be a number of U.S. acquisitions.[@@]
The announcement was made by Primary Group Inc., the Annapolis, Md.-based holding company of Bermuda insurance broker Primary Group. Terms were not disclosed.
New York City-based Benchmark Management Group is a managing general underwriter and program administrator specializing in commercial package business in New York, New Jersey, Pennsylvania and Connecticut.
Benchmark Management?encompassing Benchmark LLC, Benchmark Management Group LTD., and The Log Home Agency LLC?also conducts personal lines business in 40 states.
Founded in 1994, Benchmark Management wrote in excess of $40 million in premium in 2003. Doris Ng, a principal in the firm, will assume the position of president and chief executive officer of Benchmark.
Primary said the transaction marks the first of several U.S. acquisitions the firm plans to announce in the coming months.
"With a license to issue homeowners insurance in 40 states and authorization to transact commercial insurance business in states that contain 40 percent of the U.S. population, Benchmark is a significant addition in support of our U.S. growth strategy," said Charles Norton-Smith, president and CEO of Primary Group Incorporated.
Established in 1997, Primary Group is an international insurance brokerage with operations in seven countries. The firm, with 450 employees, said it has annual insurance premiums in excess of $1 billion. Additional information on Primary Group is available at www.primarygroup.bm.
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