Business Moves

National

Specialty, Socius Insurance Services

Ryan Specialty has signed a definitive agreement to buy national wholesale broker Socius Insurance Services from Abry Partners, employees, and other shareholders.

Socius will become a part of RT Specialty, Ryan Specialty’s wholesale distribution specialty.

Terms of the transaction were not disclosed. It is expected to close in July.

Socius generated approximately $40 million in revenue for the 12 months ended April 30, 2023. The Northern California-based wholesaler has deep expertise in complex lines of business such as management, professional and cyber liability, as well as property/casualty insurance. Socius also has significant concentrations of top tier local talent in key hubs such as San Francisco, Miami, and Tampa, which will provide complementary scale and distribution capabilities to RT Specialty, according to Chicago-based Ryan Specialty.

W. R. Berkley Corp., Berkley Specialty Excess

W. R. Berkley Corporation has formed Berkley Specialty Excess to offer excess liability coverages in specialized markets, with an initial focus on the environmental and energy industries.

John Termini was named president of the new business.

Termini has nearly 30 years of experience in the property/casualty insurance market, with a focus in the environmental and energy sectors. He has held various executive and leadership positions, and most recently served as the head of the environmental and energy division of a global specialty (re)insurer.

Midwest

Ohio Mutual Insurance Group, United Mutual Insurance

Ohio Mutual Insurance Group plans to merge Medford, Wisconsin-based United Mutual Insurance Co. as a subsidiary under Ohio Mutual’s mutual holding company structure.

The boards of directors for both organizations voted on May 17 to approve the transaction, subject to regulatory approval and a vote of United Mutual policyholders.

The transaction is expected to be completed in the third quarter of 2023.

Founded in 1878, United Mutual currently serves nearly 6,000 policyholders in North Central and Western Wisconsin through a network of nearly 40 independent agencies.

Ohio Mutual Insurance Group, founded in 1901 and based in Bucyrus, Ohio, partners with nearly 400 independent agencies to distribute property/casualty insurance products throughout Connecticut, Indiana, Maine, New Hampshire, Ohio, Rhode Island and Vermont.

Southeast

Risk Strategies, Combined Underwriters of Miami

Risk Strategies, a specialty insurance brokerage with national reach, has acquired Combined Underwriters of Miami, an independent agency that offers commercial and personal insurance and benefits products in south Florida.

Combined Underwriters of Miami has been around for 30 years, specializing in a range of commercial insurance for apartments, hotels, restaurants, shopping centers, warehouses, freight forwarding operations and more. Susana Sanchez-Armengol is president.

Risk Strategies has more than 100 offices across North America.

Terms of the acquisition deal were not disclosed.

Maury, Donnelly & Parr, CANUSA Insurance Services

Maury, Donnelly & Parr, a Maryland-based broker and risk consultant that’s almost 150 years old, has acquired CANUSA Insurance Services in Sarasota, Florida.

The merger marks a continued expansion by MDP, which acquired Connecticut-based Northeastern Underwriters in 2021.

CANUSA is headed by Charles Hosie, who has 35 years’ experience in personal lines insurance. The office’s name and branding will remain the same.

MDP was founded in 1875 as a marine insurer for businesses using the Port of Baltimore.

Arthur J. Gallagher & Co., Insurance by Ken Brown

Arthur J. Gallagher & Co., the global insurance brokerage and consulting firm, acquired Florida-based Insurance by Ken Brown Inc., a retail broker specializing in coverage for construction and swimming pool companies in the Southeastern United States.

Ken Brown, Derek Brown and the team will remain in their Altamonte Springs headquarters, under the direction of Peter Doyle, head of Gallagher’s Southeast retail property/casualty brokerage operations.

Gallagher, headquartered in Rolling Meadows, Illinois, operates in 130 countries.

Terms of the acquisition deal were not disclosed.

Arthur J. Gallagher & Co., Bernard Benefits

Arthur J. Gallagher & Co. also acquired Nashville-based Bernard Benefits, an employee benefits brokerage serving clients in Tennessee, Indiana and Texas.

Bernard, which focuses on small businesses, is a subsidiary of Bernard Health.

Bernard’s Brian Tolbert, Matt Kleymeyer and the team will remain in Nashville and will report to Robby White, head of Gallagher’s South Central region employee benefits consulting and brokerage operations.