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Brokers

American International Group (AIG) in September 2018 acquired Glatfelter Insurance Group, a Pennsylvania-based full-service broker and insurance company that provides services for specialty programs and retail operations. Headquartered in York, Pennsylvania, Glatfelter “brings high-quality program underwriting capabilities that will accelerate the strategic positioning of AIG’s general insurance business,” AIG said in a statement. Glatfelter is a large privately owned U.S. insurance broker and has more than 500 employees. Its

Gallagher in September 2018 acquired Australian brokers Super-Advice Corporate Services and Personal Advice Services, based in Perth, Western Australia and Sydney, New South Wales, Australia. Super-Advice is an employee benefit consultants and corporate advisory group, expanding Gallagher’s superannuation (employer-funded occupational pension programs) and employee benefit consulting service capabilities across Australia. Robert O’Shea, Dean Lawson and their associates will continue to work from their current locations in Perth and Sydney

Risk Strategies, a privately held U.S. brokerage and risk management firm, in July 2018 acquired Oxford Risk Management Group, a Sparks, Maryland-based provider of alternative risk and captive insurance and consulting. Terms of the deal were not disclosed. Established in 2010, Oxford Risk Management Group specializes in conducting captive feasibility analysis, coordination and management of turn-key captive insurance company arrangements, both domestically and internationally. The company is led by

Privately held broker Lockton in July 2018 announced posted record revenue of $1.57 billion in its recently completed fiscal 2018, a 9.9 percent increase above fiscal 2017. This is the 52nd consecutive year of revenue growth for Lockton. The company posted organic growth in the U.S. of $84 million, or 7.7%, with the employee benefits business leading the way with 14.1% year-over-year revenue growth. Lockton’s international operations grew 10.9

Aon is reported to have made an offer to acquire French broker SIACI Saint Honoré (SSH). SSH caters to the needs of corporations and SMBs. Since 2015, SSH is controlled by venture capital firm Ardian which owns 57% of the firm. Managers control a further 23% and Edmond de Rothschild 20%. SSH chairman Pierre Donnersberg in late April 2018 denied any plans to sell. Instead, SSH is looking to

Alera Group, a U.S. employee benefits, property/casualty, risk management and wealth management firm, in February 2018 announced that they have acquired Spring Consulting Group, located in Boston, Massachusetts. This acquisition expands the national presence of Alera Group to 17 U.S. states. Spring Consulting Group is a multidisciplinary employee benefits and risk management consulting firm that is well known in the employee benefits captive market. Their expertise covers the full

Abelica Global, an international network of financially and legally independent actuarial consulting firms, in December 2017 announced that it was joined by Portuguese firm Actuariado. Actuariado advises Portuguese clients on a range of actuarial and related consulting issues for both employee benefits and insurance. They also provide services to a number of clients in the Portuguese speaking African countries of Angola, Cabo Verde, and Mozambique. ‘We are happy to

Zenefits, the embattled San Francisco-based HR software company, has jettisoned its Broker-of-Record (BOR) business after Washington Insurance Commissioner Mike Kreidler ordered the company to cease free distribution of its HR software, and has partnered with OneDigital Health and Benefits as first benefits brokerage partner. Zenefits, founded in 2014 by Parker Conrad, offered software that promised to streamline HR tasks for small businesses. While this was lauded at the time

Global insurance brokerage Hub International in October 2017 announced it had acquired the assets of employee benefits specialist Graffam Insurance Group. Terms of the acquisition were not disclosed. Based in the state of Maine, USA, Graffam services businesses in Maine and New Hampshire.

Zenefits in October 2017 announced a major change in its strategy. It now intends to become the technology backbone for the employee benefits industry by linking carriers, brokers, companies, and employees with its Zenefits Certified Broker Partner Program and Zenefits Ben Connect. This will allow Zenefits to cooperate with brokers rather than compete against them. The Zenefits Broker Partner Program was launched with the announcement of a partnership with

Amber Kennelly in July 2017 joined global insurance brokerage Hub International as Chief Human Resources Officer, in charge of talent acquisition and management, learning and development, employee relations, compensation, employee benefits and payroll. Kennelly reports to Martin Hughes, Chairman of the Board and Chief Executive Officer and is a member of the Hub Executive Management Team. Most recently she was Vice President of compensation and benefits for Allstate Insurance

Just days after hiring Jay Fulcher as CEO to replace David Sacks, the interim CEO who took over after former CEO Parker Conrad was ousted over a fraud investigation, Zenefits in February 2017 announced a third and largest round of layoffs in a year that saw the embattled company fined $7 million as part of a settlement with the state of California. The layoffs are part of a plan

Zenefits, designers of all-in-one HR solutions for small businesses, has appointed Jay Fulcher as executive officer and chairman of the board effective in February, 2017. Fulcher, who formerly served as president and CEO of Ooyala, as well as executive vice president of Peoplesoft, brings more than 20 years of senior management experience to Zenefits at a key time in its evolution. The announcement comes days after the company’s second

Marsh & McLennan Agency LLC (MMA) has acquired J. Smith Lanier (JSL), a group of middle market insurance agencies. JSL will operate as MMA’s Southeast Region hub with D. Gaines Lanier, JSL’s chief executive, and Gary Ivey of MMA at the helm. MMA will absorb all of JSL’s over 600 employees. JSL, founded in 1868 and which has annual revenues of approximately $130 million, is a provider of insurance,

According to a December 2016 Reuters report, Aon is in the process of selling its employee benefits TPA business unit for $5 billion. Aon had in 2010 acquired most of this unit as Hewitt Associates for $4.9 billion. The negotiations with potential buyers, who are understood to include several private-equity firms, are expected to take more time. The unit’s EBITDA is estimated at close to $500 million, implying a

Arthur J. Gallagher & Co., an international insurance brokerage and risk management services firm headquartered in Itasca, Illinois, in November 2016 announced the acquisition of Argentis, a financial planning and employee benefits firm based in London, England. Founded in 2005, Argentis is a financial planning and employee benefits consultant, specializing in corporate employee benefits consulting and individual wealth management services to private and corporate clients throughout the United Kingdom. Their

Hub International Limited (HUB), a global insurance brokerage, in October 2016 announced the appointment of Tina Osen as President of HUB Canada, reporting to Marc Cohen, recently appointed President of HUB International. Osen is to drive “organic growth and continued expansion through mergers and acquisitions” in Canada. Currently President of HUB TOS in British Columbia, Canada, Osen replaces newly appointed Executive Vice President of HUB International Larry Lineker. She

Hub International Limited (HUB), a global insurance brokerage, in October 2016 announced the appointment of Chad Robertson as Executive Vice President of International Business and Growth Initiatives, reporting to Marc Cohen, recently appointed President of HUB International. Robertson’s objective is to build a broader spectrum of offerings for HUB clients throughout North America and coordinate Hub’s relationships and business at Lloyds. Currently Regional President, Canada West, Robertson is a

Hub International Limited (HUB), a global insurance brokerage, in September 2016 announced the appointment of Marc Cohen as President of HUB International, replacing Richard (Rick) Gulliver who becomes Vice Chairman. Both will report to Chairman and CEO Martin P. Hughes. Cohen, currently Regional President of HUB East Region, will be responsible for driving continued growth and productivity improvements across the firm and Gulliver will continue to lead HUB’s external

Tokio Marine Life Insurance Singapore (TMLS) and Henner Group in June 2016 announced that they have joined forces to launch an international medical coverage solution for globally mobile employees based in Singapore. Henner is a French firm specialized in employee benefits and one of the largest and best-known TPAs in the international private medical insurance market where it was previously known as GMC. The partnership allows TMLS and Henner

Zenefits in June 2016 announced it will cut 106 jobs, or about 9% of its workforce, and close an Arizona sales operation as it addresses licensing and governance issues. GBV in February 2016 had published another report on Zenefits, Zenefits hits more turbulence. In total, Zenefits has now announced about 350 layoffs or approximately one quarter of its workforce, mostly in sales; including resignations, there remain fewer than 1,100

AJG (Arthur J. Gallagher & Co.), global brokerage for commercial insurance, employee benefits and risk management solutions, in June 2016 acquired The Buchholz Planning Corp. for undisclosed terms. Buchholz Planning, a Madison, Wisconsin-based provider of employee benefits consulting and brokerage services for middle market and large health care businesses in the US, has over 10,000 physicians, staff, clinics, and hospitals as clients, and has been in business since 1968.

Worldwide Broker Network (WBN) in May 2016 announced today the appointment of LeAnne Stefl as Director of Employee Benefits, reporting to Francie Starnes, WBN’s President and Chief Operating Officer. Founded in 1989, WBN today includes more than 100 firms on six continents. WBN members’ combined annual property & casualty and employee benefits premiums exceed $50 billion. LeAnne joins WBN from WBN member and broker HUB International, where she was

Medha Rishi in March 2016 was appointed Head of Global Benefits and Global Mobility at San Francisco, California-based payment solutions provider Square. Mehda previously was Vice President and Global Benefits/HR Practice Leader at insurance broker Woodruff-Sawyer, global consultant at Aon Hewitt, senior analyst at Mercer and began her career in the sales and marketing department of pharmaceutical devices manufacturer Cardinal Health. During her tenure at Woodruff-Sawyer, Medha was also

Melissa Ruchhoeft in March 2016 joined the Global Benefits Practice of Lockton Benefit as a Senior Consultant. Melissa comes to Lockton from Gallagher Benefit Services, where she served as the Area Vice President of the company’s Multinational Technical Consulting Unit. Before that, she was the Vice President of Technical Services at IBIS, which was acquired by AJ Gallagher in 2014. She graduated with a Bachelor’s degree in philosophy from Wellesley

Zenefits, a San Francisco-based software startup recently valued at a whopping USD 4.5 billion, then revalued down to USD 2.3 billion, said in February 2016 it had replaced founder and CEO Parker Conrad with its former chief operating officer David Sacks, previously an executive at Yammer and PayPal. The company provides software for small and medium-sized businesses that automates some of their human resources services, including healthcare benefits, stock

According to traditional financial theory, a firm’s value is a function of its existing net worth and of its future profits. The way in which stock markets value large, traditional, listed brokers appears to be consistent with this. The table below includes some of the largest brokerages / consulting firms in the world and was compiled on November 23, 2015. As of late November 2015, the five firms exhibit