Hub, Burnham & Co.
Chicago-based broker Hub International has acquired Burnham and Company Inc., of New Jersey. Terms of the deal were not disclosed.
Burnham, based in Englewood Cliffs, has approximately $4 million in annual revenue. It will become part of Hub International Northeast Ltd.; Agency Principal Jeff Burnham will join the Hub team as well.
Originally founded in 1957 by Ronald Burnham, Burnham serves both commercial and personal insurance clients.
In 1972, it developed a national specialty in insurance for the elevator industry and has since been serving elevator clients directly and through their brokers on all lines of business.
Burnham will combine with Hub’s existing elevator group, JM Associates, operating as one unit serving the elevator industry.
Markel, Aspen, FirstComp
Insurer Markel Corp. has completed its acquisition of Aspen Holdings Inc. Aspen is a privately held insurance group that provides workers compensation insurance and related services, principally to small businesses, in 31 states.
Aspen, which is headquartered in Omaha, Nebraska, operates primarily through FirstComp Insurance Co., a Nebraska-domiciled insurance company, and FirstComp Underwriters Group Inc. and FirstComp Insurance Agency Inc., which act as managing general agents.
Aspen will continue to operate as a separate unit, with Luke Yeransian, Aspen’s current chief executive officer, as president. The unit will report to Mike Crowley, Markel’s president and co-chief operating officer, as part of Markel’s specialty admitted segment.
Ironshore, Distinguished Programs Group
Bermuda-based specialty insurer Ironshore Inc. and New York-based program administrator Distinguished Programs Group have formed a joint venture acquisition vehicle targeting the managing general underwriter and program manager segments of the insurance distribution business.
The business plan for the new unit, IDP Holdings, contemplates multiple acquisitions of small to mid-sized program managers as well as the development of start-up operations built around key underwriting teams, according to the firms.
IDP Holdings is targeting acquisitions of companies with $5 to $25 million in premium, experienced management and solid underwriting results. Distinguished will provide strategic and financial management and Ironshore will provide insurance capacity to acquired companies. Financial terms will vary from acquisition to acquisition.
Cincinnati, Rose & Kiernan
The Cincinnati Insurance Co., the lead property/casualty subsidiary of Cincinnati Financial Corp., will begin writing business in Connecticut through Rose & Kiernan Inc., an independent insurance agency serving Danbury, Conn. The agency is a branch of Rose & Kiernan Inc. in East Greenbush, N.Y., which has represented Cincinnati since 2001.
Connecticut is 38th state of operation for Cincinnati Insurance Co.
QCSA, Salvage Recovery
Pennsylvania-based QCSA Holdings, a national vehicle re-marketing and total loss claims management company, has acquired Insurance Salvage Recovery, a salvage auction facility based in Ham Lake, Minnesota.
QCSA, which operates under its subsidiary brands SalvageDirect.com and CrashedToys.com, provides national re-marketing solutions to auto insurers, banks, fleets and auto donation programs.
ISR’s Minnesota facility will become part of the QCSA’s salvage vehicle re-marketing network of 80 locations.
Brown & Brown, Greystone Benefits
Insurance broker Brown & Brown has acquired part of the business of Berwyn, Pa.-based Greystone Benefits Inc.
The company said that the acquired book of business, with annual revenues of approximately $1.2 million, consists primarily of employee benefits products and services offered throughout eastern Pennsylvania and the greater Philadelphia area. The accounts were serviced by Daniel C. McCormick, a principal in the Pennsylvania firm, who will relocate with his team to Brown & Brown’s existing operation in Plymouth Meeting, under the leadership of Rob Heller. Greystone will continue doing business under the direction of Joseph Vogt.