Relation Insurance Services | November 17, 2022
Relation Insurance Services, Inc. (“Relation”) acquired the assets of Garrity Insurance (“Garrity”). The transaction went into effect on November 1, 2022; terms of the transaction were not disclosed.
“We joined Relation knowing that this partnership would enable us to better serve our customers, Partnering with Relation will allow us to tap into great resources of specialized expertise and a broad network of carrier relationships to truly offer our customers the very best coverage.”
-Bill Garrity, President of Garrity Insurance
Serving Massachusetts individuals and businesses for more than 100 years, Garrity has five office locations including Cambridge (headquarters,) Dedham, Marblehead, Salem and Belmont. Bill Garrity, President, will continue running the day-to-day operations at the Garrity offices as part of the Relation family of brands.
Tim Hall, Executive Vice President and Head of M&A for Relation said, By partnering with such a reputable and experienced company as Garrity, Relation has greatly enhanced its footprint in the East, Garrity brings tremendous experience in risk management solutions to Relation, and we are excited to welcome their team to ours.
About Relation’s Mergers & Acquisitions
Relation Insurance Services is actively seeking partnerships to expand its offerings, industry expertise, and geographic footprint. Relation offers a seat at the table to insurance entrepreneurs with equity ownership opportunities and a people-first approach that optimizes outcomes for employees and clients.
About Relation Insurance Services, Inc.
Relation Insurance Services is an insurance brokerage that offers superior risk management and benefits consulting services across the United States. It is ranked by Insurance Journal within the top 25 largest agencies in the country by revenue and has approximately 1,350 employees across more than 137 locations nationwide. Relation is a privately held corporation backed by Aquiline Capital Partners, a private equity firm based in New York and London investing in businesses globally across financial services and technology.
OneAmerica | September 21, 2022
The companies of OneAmerica announce the expansion of their product portfolio to offer OneAmerica® Variable Universal Life (VUL) insurance. Distributed through the Individual Life and Financial Services (ILFS) line of business, this new product provides customers with a strong vehicle for protection, while also offering them the opportunity to invest in the financial markets. VUL customers have the flexibility to use the policy for life insurance protection, cash value accumulation or other financial needs.
"We're excited to bring our unique VUL product to today's marketplace, The product's guarantees and transparency make it an attractive, new option for people to help protect their loved ones and create an opportunity for potential financial growth."
-Dennis Martin, president of ILFS
The OneAmerica VUL life insurance policy includes a guaranteed death benefit provision and fully guaranteed policy charges, which are first-of-its-kind in the VUL space. These guarantees offer customers confidence that their policy charge structure won't change in the future. They also add an additional layer of protection against policy lapse and loss of the death benefit.
In addition, the OneAmerica VUL offers two investment-related differentiators to the marketplace. The product offers a low-cost, transparent fund lineup of well-known industry asset managers, and it includes two defined outcome funds — again, a first in the industry for a VUL product. The investment lineup offers customers more than 50 diverse investment options, customizable to their portfolios and goals. These innovations reflect the client-centered approach that OneAmerica brings to the marketplace.
VUL will give our distribution channels a strong product to match the needs of new and existing customers, Ultimately, our VUL is a robust product built on our strong foundation and commitment to deliver on our promises when customers need us most,said Mark Scalercio, senior vice president and head of distribution for ILFS.
The new product also includes extra protection and added benefits through optional riders.
OneAmerica VUL is currently available through the OneAmerica career agency distribution channel in all states except California, Florida, New York, North Dakota and South Dakota.
A national provider of insurance and financial services for more than 140 years, the companies of OneAmerica help customers build and protect their financial futures. OneAmerica offers a variety of products and services to serve the financial needs of their policyholders and customers. These products include retirement plan products and recordkeeping services, individual life insurance, annuities, asset-based long-term care solutions and employee benefit plan products. Products are issued and underwritten by the companies of OneAmerica and distributed through a nationwide network of employees, agents, brokers and other sources who are committed to providing value to our customers.
World Insurance Associates LLC | September 28, 2022
World Insurance Associates LLC (WIA), a Top 50 Insurance Brokerage, announced today that it acquired Cotten Coverage Insurance Agency (“Cotten Coverage”) of Farmingville, NY on September 1, 2022. Terms of the transaction were not disclosed.
Cotten Coverage provides property & casualty personal lines products and services, as well as commercial lines products and services to customers on Long Island. The agency was founded in 1991 by Bob Cotten and his wife Karen. Bob started in the business as an associate actuary with Allstate on Long Island in 1984.
“We know our clients and we know insurance, so our clients have the peace of mind that comes with knowing their insurance agency can help them regardless of how big, small, unique, or specific their insurance needs are, We take great pride in the quality of service we provide for our customers, and we look forward to continuing to do so as part of WIA.”
-Bob Cotten, Owner, Cotten Coverage insurance Agency
On behalf of everyone at WIA, I’d like to welcome Cotten Coverage to the World family, Cotten Coverage is a successful agency—voted “Best Insurance Agency on Long Island" for 10 years—and I know they will continue providing their clients the excellent service they have come to expect,says Rich Eknoian, CEO and Co-Founder of WIA.
Giordano, Halleran & Ciesla provided legal counsel to WIA, and Fortrust Diligence advised them on the transaction. APEX Consulting, Inc. provided legal counsel to Cotten Coverage, and Agency Brokerage Consultants advised them on the transaction. No other advisors, diligence firms or legal counsel were disclosed.
About World Insurance Associates LLC
World Insurance Associates LLC (World) is headquartered in Iselin, N.J., and is a nationally ranked, full-service insurance organization providing individuals and businesses with top products and services across personal and commercial insurance, employee and executive benefits, retirement and financial services and human capital management solutions. Since its founding in 2011, World has completed 160 acquisitions and serves its customers from more than 250 offices across the United States. World is ranked #34 on the 100 Largest Brokers of U.S. Business list by Business Insurance, ranked #2 on the Fastest Growing Brokers list by Business Insurance and is a Top-50 ranked personal lines agency by Insurance Journal.