A thank you to the OPTIS Partners for letting us know about these three agency acquisitions which occurred during the second quarter of 2017. In reporting on Q2 and comparing notes, we realized these three agency acquisitions had occurred. As such, we thought we would include them to make sure our list is as complete as possible.
The McGowan companies purchases Assets of Framingham’s NAPLIA
The McGowan Companies, an Ohio-based family-controlled, conglomerate of insurance and financial service companies, has announced the purchase of the assets of North American Professional Liability Insurance Agency, LLC (“NAPLIA”). The effective date of the asset-purchase was 4/1/2017. According to the terms of the transaction, NAPLIA will be re-branded as part of the McGowan Program Administrators brand. It will function as an official division of McGowan & Company, Inc.) with all service staff and commission structures for brokers continuing on in the newly rebranded division.
In commenting on the sale of the company, Gary B. Sutherland, president of NAPLIA, said: “We are very excited to become part of McGowan. McGowan has remarkable distribution and technological capabilities. Both will enhance the high-quality service NAPLIA has always provided its clients. Further, McGowan has a goal of being the largest underwriter of Professional Liability in the United States, and we look forward to being a meaningful contributor to that goal.”
Founded in Framingham in 1999, NAPLIA is a leading Program Administrators of Professional Liability insurance for accountants, bookkeepers, and investment advisors. “NAPLIA fits exceptionally-well with McGowan’s growth strategy in the Professional Liability space, particularly with regards to its expertise in Accountants E&O,” said Thomas B. McGowan, IV, CEO of The McGowan Companies. “It’s great to have these well-respected insurance veterans become part of the McGowan team.”
Earlier this year, Liberty Mutual Insurance announced that it had acquired the assets of TRU Services, LLC. Based in Beverly, TRU Services is a managing general agent (MGA) specializing in providing Medical Stop Loss products to mid- and large-size medical plan sponsors. Underwriting both specific and aggregate stop loss coverage, the company administered approximately $65 million in premium in 2016.
Jerry Trupiano, co-founder of TRU, said upon the sale of the company, “Liberty Mutual provides a terrific platform for the TRU team to continue to grow and develop the business we’ve built up over the past two decades. Anne and I are thrilled to become part of the Liberty Mutual family.”
According to the terms of the transaction, which will officially closed in the second quarter of 2017, the founders of TRU, Jerry and Anne Trupiano, along with their entire 38-member team, will join Liberty Mutual’s Specialty Lines-focused business unit Liberty International Underwriters (LIU) as employees.
Once TRU becomes an official part of LIU, it will continue operating as an MGA throughout 2017 and will transition to directly writing Medical Stop Loss for LIU by January 1, 2018.
“As we look to expand our product offerings, medical stop loss offers an exciting opportunity for LIU, and the acquisition of an industry leader like TRU gives us a strong foothold in the market,” said Jim Hinchley, President of LIU Americas.