Itasca, Ill.-based insurance broker Arthur J. Gallagher says it is expanding its excess and surplus-lines business into Louisiana with the acquisition of First Premium Insurance Group Inc.
Established in 1973, First Premium, a Covington, La.-based managing general agency (MGA) and wholesale broker, provides insurance products for independent agents and brokers throughout the southern United States. First Premium specializes in manufactured homes, personal lines and commercial P&C business.
Jay Pellegrini Jr., Greg Pellegrini, First Premium's principals, and their associates, numbering about 65 employees, will continue to operate from their current location. They will be under the direction of Joel Cavaness, president of Risk Placement Services Inc., a subsidiary of AJG.
“First Premium will be our first true wholesale/MGA presence in Louisiana, which will enable us to expand our sales and services capabilities in that region,” Chairman, President and CEO J. Patrick Gallagher Jr. says in a statement.
Two other insurance brokers also announced acquisitions.
Briarcliff Manor, N.Y.-based USI Insurance Services says it acquired The Pinnacle Group based in Virginia Beach, Va.
A full-service benefits-consulting firm specializing in middle-market business, Pinnacle is expected to contribute approximately $3.3 million in annual revenues to USI.
Steven C. Deal, USI's mid-Atlantic regional CEO, says in a statement that the transaction will strengthen its existing organizations in the region along with its expanding employee benefit practice.
Daytona Beach, Fla.-based insurance broker Brown & Brown says its subsidiary Brown & Brown of Connecticut Inc. has acquired Kane Partners Inc. of Mamaroneck, N.Y.
Founded in 2003, Kane Partners has combined annual revenue of $1.2 million, says Brown & Brown. The firm provides a wide range of employee-benefits-related services including brokerage and consulting services to clients in the Northeast United States and Florida.
Robert F. Fitzpatrick, Fred V. Leone, the principals of Kane Partners, and the staff, will join Brown & Brown of Connecticut offices in Rocky Hill, Conn.
Terms of all three transactions were not released.
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