NU Online News Service, Jan. 11, 1:32 p.m. EST
Five major property and casualty insurance brokers announced acquisitions recently, continuing the busy pace set at the beginning of the year.
Insurance brokers Brown & Brown, Arthur J. Gallagher, JLT Group, Bollinger and Wells Fargo Insurance Services announced their latest acquisitions recently.
Daytona Beach, Fla.-based insurance broker Brown & Brown said it has acquired Associated Insurance Service Inc. and Associated Insurance Service Benefit Concepts and completed its announced acquisition of Comcover Insurance Group.
With annualized revenues of approximately $4.9 million, Associated Insurance Service (AIS) and AIS Benefit Concepts, based in Louisville, Ky., provide insurance products and services to businesses and individuals throughout the greater Louisville metropolitan area.
Brown & Brown said the employees and operations of AIS and AIS Benefit Concepts will remain at their current location in Louisville. Brown & Brown of Kentucky's existing Louisville office, currently under the leadership of Kelly Hagan, will move into and combine with the operations of AIS and AIS Benefit Concepts.
David Walker, a director and shareholder of AIS, will serve as the profit center leader of the combined operations.
Brown & Brown said it has also completed its previously announced acquisition of Comcover Insurance Group Inc. of Dania, Fla.
Comcover, with $1.6 million in revenue, specializes in products and services tailored to clients in the wholesale, distribution, manufacturing, lumber and building materials, transportation, and commercial property ownership and development industries, among other industries.
Anthony Johnson and his staff will join Brown & Brown of Florida's existing Fort Lauderdale and Miami Lakes, Fla., profit centers under the leadership of Michael Keeby and Colin Lowe, respectively.
Itasca, Ill.-based Arthur J. Gallagher & Co. said it has acquired The Gleason Agency Inc. and its affiliate, Gleason Financial, Ltd., both headquartered in Johnstown, Pa.
The acquisition does not include Gleason Technology Inc., which will run independently.
With roots dating back to 1910, Gleason is a retail insurance broker providing commercial property and casualty, employee benefits, and risk management consulting services to its clients throughout the United States. The firm specializes in insurance services for the food, retail, education, public entity, defense and real estate industries.
Robert A. Gleason Jr., Christopher K. Gleason, the principals, and their associates—a total of about 60 employees—will continue to operate in their Johnstown, Pittsburgh and Philadelphia locations under the direction of Douglas B. Brown, Northeast regional manager of Gallagher's retail p&c brokerage operation.
London-based insurance broker Jardine Lloyd Thompson (JLT) said it has acquired Tripol AS, an Oslo, Norway-based insurance broker specializing in the real estate and construction business.
JLT said the business was acquired from Tripol's seven employee shareholders. They will all remain with the business.
The operation will be merged with JLT's existing operation in Norway and led by Ola Haalien, the current managing director of Tripol, reporting to Henrik Rydén, chief executive officer of JLT's Nordic region business.
Short Hills, N.J.-based Bollinger Inc. said it has acquired The Woodland Group of Sparta, N.J., making it the firm's 6th New Jersey location.
The Woodland Group insurance agency employs 14 insurance professionals and is ranked among the top agencies in the state, Bollinger said. The firm's health care division is a leading player in the New Jersey medial malpractice area, according to Bollinger.
Chicago-based Wells Fargo Insurance Services, a subsidiary of the San Francisco-based bank, said today that it acquired JFK Consulting Group, LLC, an employee benefits brokerage and consulting firm located in Overland Park, Kan. Wells Fargo said the acquisition closed on Nov. 29.
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