Insurance M&A

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Selected Transactions

The Barnstable County Mutual Insurance Company, Inc  acquired Provincetown, Massachusetts-based Benson Young & Downs Insurance Agency, Inc (“BY&D”).  The transaction became effective September 1, 2020. BY&D is a property & casualty insurance agency primarily providing personal lines insurance to real estate owners throughout Cape Cod. BY&D has been serving the insurance needs of Cape Codders since 1902 and is proud to continue their “client first” tradition going forward with The Barnstable. BY&D will remain an independent agency and continue to be led by current President, Paul Silva.  | Benson Young & Downs Insurance Agency Inc, The Barnstable County Mutual Insurance Company Inc, 1 Sep 2020, Massachusetts ,  Insurance & Financial Services
The Hilb Group, LLC acquired Massachusetts-based Gould & Naimoli Partners, LLC/G&N Insurance (“G&N”). The transaction became effective November 1, 2019. G&N is a property & casualty insurance agency primarily providing personal lines insurance to real estate owners in the New England area. Founded in 2010 by agency leaders, Zack Gould and Matt Naimoli, G&N was recognized as one of the fastest growing private companies by Inc. Magazine for the past three years. G&N will continue to operate out of its Southborough, Massachusetts location under the leadership of Gould and Naimoli. | G&N Insurance, The Hilb Group, 1 Nov 2019, Massachusetts, Insurance & Financial Services
Bedrick-Kaitz Agency Inc. (BKA) is a New York City-based firm focused on helping high-net-worth individuals and businesses throughout the country protect their assets. BKA is run by CEO Michael Rosenberg, who acquired the firm from one of its original founders, Donald Kaitz, shortly after joining the company in the 1980’s. The firm specializes in placing coverage for extremely high value and specialty vehicles including; Ferrari’s, Lamborghini’s, Koenigsegg’s, and Bugatti’s. | Bedrick-Kaitz Agency Inc., Risk Strategies Corp., 1 Aug 2019, New York, Insurance & Financial Services
Krauter & Company LLC is a leading specialty firm focused on the risk and insurance needs of private equity firms and their portfolio companies nationwide. Founded in 2004 and headquartered in New York City, Krauter & Company counts more than 185 private equity firms and thousands of portfolio companies among its client base. The company’s staff, numbering over 70 nationally and averaging over 25 years in the insurance business, is well known for its experience, depth, and proficiency in working with private equity firms. Beyond its New York City headquarters, Krauter & Company maintains eight additional offices throughout the United States, including Chicago, San Francisco, Los Angeles, Houston, and Boston. | Krauter & Company LLC, Risk Strategies Corp., 15 Feb 2019, New York, Insurance & Financial Services
Hub International Limited has acquired The TAMRAC Group (TAMRAC). Headquartered in Hunt Valley, Maryland, TAMRAC specializes in personal insurance and commercial insurance. TAMRAC provides insurance solutions for businesses in the automobile service and repair, cannabis, food and hospitality industries. This was one of several follow on acquisitions in Maryland after MidCap assisted in the sale of Rossman Hurt & Hoffman to Hub in 2017. | Tamrac, HUB International, 1 Nov 2018, Maryland,  Insurance & Financial Services
| Southern Maryland Insurance Inc., The Hilb Group, 1 July 2018, Maryland,  Insurance & Financial Services
| Zenith Marketing Group, Ash Brokerage, 30 Mar 2018, New Jersey, Insurance & Financial Services
NFP, a leading insurance broker and consultant that provides employee benefits, property & casualty (P&C), retirement and individual private client solutions, has acquired Insurance Management Group, Inc. (IMG). The transaction closed on February 1, 2018. Based in Ocean City, Maryland, IMG specializes in both commercial and personal lines P&C and offers coastal condominium risk expertise to clients. Principal of the firm, Reese Cropper, III, will join the NFP P&C division as a senior vice president, reporting to Denny Mears, a managing director in NFP's P&C division.|Insurance Management Group	, NFP Corp., 1 Feb 2018, Maryland, Insurance & Financial Services
Maritime Insurance International, Inc (MII), a rapidly growing marine specialist insurance broker and consultant has acquired Maritime Insurance Services, Inc. (MIS). David Morrow of MIS will deepen the existing expertise while benefiting from the additional resources and solutions available through MII. The transaction closed on December, 21, 2017. Principal of the firm, David Morrow, will continue with MII as a Marine Producer. | Maritime Insurance Services, Maritime Insurance International, 21 Dec 2017, Maryland, Insurance & Financial Services
Hub International Limited, a leading global insurance brokerage, through its subsidiary Hub International Mid-Atlantic, Inc. has acquired the assets of Contractor’s Services, Inc. (CSI) and Surety Services, LLC (SS), both Maryland based insurance brokerages. CSI and SS are leading providers of surety bond services to contractor’s in the Mid-Atlantic region. CSI and SS join several other agencies who were recently acquired by Hub in the region and will report to Norman Breitenbach, President of Hub Mid-Atlantic. MidCap has served as advisor to four of the agencies Hub has acquired in the area.| CSI Bonds, HUB International, 1 Dec 2017, Maryland, Insurance & Financial Services
Hub International Limited, a leading global insurance brokerage, through its subsidiary Hub International Mid-Atlantic, Inc. has acquired the assets of Contractor’s Services, Inc. (CSI) and Surety Services, LLC (SS), both Maryland based insurance brokerages. CSI and SS are leading providers of surety bond services to contractor’s in the Mid-Atlantic region. CSI and SS join several other agencies who were recently acquired by Hub in the region and will report to Norman Breitenbach, President of Hub Mid-Atlantic. MidCap has served as advisor to four of the agencies Hub has acquired in the area.| CSI Bonds, HUB International, 1 Dec 2017, Maryland, Insurance & Financial Services
BeneFix is a leading software provider for health benefits insurance brokers.  It maintains a platform that simplifies the process for brokers to find and gather quotes from insurance providers. | Benefix, MidCap Equity Partners, 14 Nov 2017, Pennsylvania, Insurance & Financial Services
Hub International Limited, a leading global insurance brokerage, through its subsidiary Hub International Mid-Atlantic, Inc. has acquired the assets of Henry M. Murray, Inc. (HMM), a Maryland based insurance brokerage. HMM is a leading provider of marine property and casualty insurance in the Mid-Atlantic region. HMM joins the team at Rossmann-Hurt-Hoffman who was also recently acquired by Hub. MidCap served as advisor to both HMM and RHH.| Henry M. Murray Agency Inc., HUB International, 1 Jun 2017, Maryland, Insurance & Financial Services
Acrisure, LLC. has acquired substantially all of the assets of Insurance Management and Consulting, LLC (IMAC), an independent agency based in Belleville, NJ. IMAC, led by Joseph Maurillo, specializes in providing group benefit insurance for public sector clients throughout New Jersey. Joe and his team are excited to partner with Acrisure and leverage their property and casualty expertise for IMAC's clients. MidCap served as advisor to IMAC.| Insurance Management and Consulting LLC, Acrisure, 1 Jun 2017, New Jersey, Insurance & Financial Services
Hub International Limited, a leading global insurance brokerage, through its subsidiary Hub International Northeast Limited has acquired the stock of Rossmann-Hurt-Hoffman, Inc. (RHH), a Maryland based insurance brokerage. RHH is a leading provider of Professional Liability insurance in the Mid-Atlantic region and is a full service broker offering both P&C and Employee Benefits expertise to its clients. RHH will become the Mid-Atlantic platform for Hub and expects to complete additional acqusitions in the near term. MidCap served as advisor to RHH. | Rossmann-Hurt-Hoffman Inc., HUB International, 1 May 2017, Maryland, Insurance & Financial Services
| POMCO, United Healthcare, 3 Apr 2017, New York, Insurance & Financial Services
UGP was founded in 1968 and is both a Third-Party Administrator (TPA) and Managing General Agent (MGA) of healthcare benefits. The Company offers specialty products and services that are sold through an extensive broker network to small and mid-sized businesses. The primary insurance products offered by the Company include gap, limited medical, minimum essential coverage and self-funded major medical. UGP maintains operations in Newtown, PA, and Boca Raton, FL. Gemspring Capital, LLC, is a Westport, Connecticut-based private equity firm with $350 million under management that focuses on making control equity investments and structured equity investments in lower middle market companies. MidCap advised United Group Programs, Inc. | United Group Programs Inc, Gemspring Capital Partners, 16 Dec 2016, Florida, Insurance & Financial Services
AssuredPartners, Inc. acquired substantially all of the assets of Suydam Insurance, an independent agency based in Somerset, NJ. Suydam Insurance has provided business and personal insurance to clients in the greater New Jersey area since its founding 1879. MidCap served as advisor to Suydam. | Suydam Insurance, AssuredPartners, 12 Jan 2016, New Jersey, Insurance & Financial Services
Brown & Brown of Connecticut Inc. acquired substantially all of the assets of Smith Insurance, an independent agency based in Niantic, CT. Smith Insurance has provided personal lines and commercial insurance services in Connecticut and Rhode Island for over 75 years. MidCap served as advisor to Smith Insurance.| Smith Insurance, Brown & Brown Insurance, 11 Dec 2015, Connecticut, Insurance & Financial Services
AssuredPartners of New Jersey, a subsidiary of AssuredPartners, Inc. acquired Moscker Insurance Agency, Inc. (Moscker), an independent agency based in Severna Park, MD and founded in 1992. Moscker is a full service agency specializing in coverage for individuals, businesses, and life and health insurance products. MidCap served as advisor to Moscker.| Moscker Insurance, AssuredPartners, 23 Sep 2015, Maryland Insurance & Financial Services
AssuredPartners, Inc. acquired Platinum Planning, Inc., dba Walsh Benefits. Walsh Benefits is a full service employee benefits broker specializing in group and voluntary benefit product offerings. Walsh Benefits operates in the New Jersey cities of Fair Haven and Cranford under the leadership of Paul Walsh, president and Maryellen Walsh, co-founder and vice president. MidCap served as advisor to Walsh Benefits. | Walsh Benefits , AssuredPartners, 26 Mar 2015, New Jersey, Insurance & Financial Services
AssuredPartners Inc. has acquired Amtech Insurance Brokers in Latham, New York. Amtech has been providing commercial insurance and risk management services for business for more than 20 years. The company has expertise in providing insurance solutions for the construction, welding supply, and compressed gas industries. MidCap served as advisor to Amtech.| Amtech Insurance Brokers, AssuredPartners, 9 Feb 2015, New York, Insurance & Financial Services
Hub International Limited, a leading global insurance brokerage, through its subsidiary Hub International Northeast Limited has acquired the assets of MMZ Associates, Inc. (MMZ), a Westchester County, NY based brokerage. MMZ is a multi-line property and casualty insurance and risk management firm providing services to clients on a national scope. MidCap served as advisor to MMZ. | MMZ Associates, Hub International, 2 Jan 2015, New York, Insurance & Financial Services
Hub International Limited, a leading global insurance brokerage, through its subsidiary Hub International Northeast Limited has acquired the stock of Fotek Insurance Agency, Inc. (Fotek), a New Jersey based employee benefits brokerage. Fotek is a full service employee benefits broker with expertise in strategic benefits planning, population health management, and healthcare reform guidance. MidCap served as advisor to Fotek. | Fotek Insurance Agency, Hub International, 6 Nov 2014, New Jersey, Insurance & Financial Services
AssuredPartners, Inc. acquired substantially all of the assets of Lucantha Marine Insurance, an independent retail and wholesale agency based in New Gloucester, ME. Formerly the Maine Division of International Special Risks, Inc., Lucantha Marine Insurance specializes in placing marine and yacht insurance lines with the best marine insurance companies nationally. MidCap served as advisor to Lucantha. | Lucantha (ISR Yacht),	AssuredPartners, 8 Aug 2014, Maine, Insurance & Financial Services
Hub International Limited, a leading global insurance brokerage, through its subsidiary FNA Insurance Services, Inc. has acquired the assets of the First National Administrators group of companies (FNA), a New Hyde Park, NY based employee benefits general insurance agency. Founded in 1974, FNA is a full service general agent and employee benefit consultant, currently providing a network of over 5,000 retail agents and brokers with comprehensive employer group insurance consulting, compliance, and billing/administrative services. MidCap served as advisor to FNA.| First National Administrators, Hub International, 4 Mar 2014, New Jersey, Insurance & Financial Services
Hub International Limited, a leading global insurance brokerage,  through its subsidiary Hub International New England acquired the majority assets of International Special Risks, Inc. (ISR), a Massachusetts & Virginia based brokerage. ISR is the largest marine insurance intermediary on the East Coast and has been serving agents across the country for more than 25 years. MidCap served as advisor to ISR. Subsequently, MidCap advised on the sale of the remaining assets of ISR, namely, Lucantha Marine Insurance. | International Special Risks, Hub International, 26 Nov 2013, Massachusetts, Insurance & Financial Services
LoanLogics raised $11.2 million in funding from Boston-based growth equity firm Volition Capital and existing investors. The Fort Washington, PA -based mortgage technology company plans to use the funds to grow its customer base and improve its enterprise loan quality and performance analytics software. LoanLogics was formed by the merger of NYLX, Inc. and Aklero Risk Analytics, Inc. MidCap arranged the merger and served as advisor on the subsequent capital raise.  | Loan Logics, Volition Capital, 3 Jun 2013, Pennsylvania, Insurance & Financial Services
Scottish American Capital, an investment fund focused on insurance distribution businesses, acquired Buckingham Badler Associates (BBA), a New York City-based full service general insurance agency. Founded in 1973, BBA is a full service managing general agency offering commercial and personal insurance as well as other financial services. MidCap served as advisor to BBA. | Buckingham Badler Associates General Agents, Scottish American, 27 Dec 2012, New York, Insurance & Financial Services
Dawson Companies, one of the largest insurance brokers in Ohio, acquired Quality Benefits Agency, Inc. (QBA).  QBA, based in Cleveland, strengthens the benefits division at Dawson, one of the Company's fastest growing divisions.  MidCap served as advisor to Dawson in the transaction. | Dawson Companies, Quality Benefits Agency, 1 Dec 2011, Ohio, Insurance & Financial Services
Hub International Limited, a leading global insurance brokerage,  through its subsidiary Hub International New England, acquired the assets of William Palumbo Insurance Agency (Palumbo), a Massachusetts-based insurance brokerage firm. Founded in 1932, Palumbo is a full service brokerage offering property and casualty, personal lines, employee benefits, life insurance and other financial services throughout Massachusetts and Rhode Island. The company operated out of six offices in Eastern and Central Massachusetts. MidCap served as advisor to Palumbo. | William Palumbo Insurance Agency,	Hub International, 1 Sep 2011, Massachusetts, Insurance & Financial Services
MidCap served as advisor to D.H. Evans Associates, Inc. (DHE), a Pennsylvania-based third party administrator, in their strategic sale to Commerce Benefits Group, a Ohio-based administrator.  | D.H. Evans Associates Inc., Commerce Benefits Group Inc., 24 Mar 2011, Pennsylvania, Insurance & Financial Services
Modern Holdings, Inc. a diversified holding company, acquired a majority stake in Specialty Claims Management (SCM), a third party administrator. Based in Secaucus, NJ SCM  is a leading national provider of risk and claims management services for insurers, reinsurers and self-insureds in the property and casualty sector. MidCap served as advisor to SCM. | Specialty Claims Management, Modern Holdings Inc, 19 Jul 2010, New Jersey, Insurance & Financial Services
Dawson Companies, one of the largest independent insurance brokers in Ohio, acquired Quality Benefits Agency, Inc. (QBA). QBA, based in Cleveland, strengthens the benefits division at Dawson as they look to take their full service agency to the next level. MidCap served as advisor to Dawson Companies. | Quality Benefits Agency Inc, Dawson Companies, 1 Dec 2009, Ohio, Insurance & Financial Services
| YS Liedman & Associates, Arthur J. Gallagher & Co., 12 May 2006, Florida, Insurance & Financial Services
York Insurance Services Group, a leading property and casualty thrid party administrator and program manager, was sold to Odyssey Invesment Partners and management.  MidCap advised York in the sale transaction. | York Insurance Services Group, Odyssey Investment Partners LLC, 1 Apr 2006, New Jersey, Insurance & Financial Services
 | Accurate Agency, DCAP, 1 Feb 2006, New York, Insurance & Financial Services
|IPA LLC, Affirmative Insurance Services, 20 June 2005, Michigan, Insurance & Financial Services
| The McDuffee Insurance Agency, Brown & Brown Insurance, 1 Jan 2004, Massachusetts, Insurance & Financial Services
| GRI, Brown & Brown Insurance, 1 Jan 2000, - , Insurance & Financial Services
| The Mechanic Group, -, 1 Jan 2000, New York, Healthcare Services
| Acushnet Insurance Agency Inc., Kaplansky Insurance, 1 Jan 2000, Massachusetts, Insurance & Financial Services
| Acushnet Insurance Agency Inc., Kaplansky Insurance, 1 Jan 2000, Massachusetts, Insurance & Financial Services
| Martin Insurance Agency Inc, Brooke Insurance, 1 Jan 2000, , Insurance & Financial Services