Liberty Mutual Insurance | March 02, 2022
Liberty Mutual Insurance has completed the acquisition of State Auto Group, a super-regional property and casualty insurance holding company headquartered in Columbus, Ohio that distributes personal and small commercial coverages in 33 states through approximately 3,400 independent agents. More than 2,000 State Auto employees will join Liberty Mutual's Global Retail Markets US business unit.
Through the mutual transaction and merger, originally announced in July, Liberty Mutual adds $2.3 billion in premium and becomes the second-largest carrier in the independent agent channel.
Under the terms of the agreement – which received all required regulatory approvals – State Automobile Mutual Insurance Company members became mutual members of Liberty Mutual Holding Company Inc. and Liberty Mutual acquired all of the publicly held shares of common stock of State Auto Financial Corp. (NASDAQ: STFC) for $52 per share in an all-cash-deal of approximately $1 billion. The companies will continue to operate as separate businesses throughout most of 2022.
"Across Liberty Mutual and State Auto, we have a shared commitment to the Independent Agency channel and being the carrier of choice for independent agents, We are closely aligned in how we put people first, strive to make things better, and behave with integrity every day. Together, we'll be a leader in both the personal lines and small commercial insurance markets, helping policyholders when they need it most and giving our people more opportunities to grow and thrive."
-Liberty Mutual President & COO, Global Retail Markets US, Hamid Mirza.
With the completion of the acquisition, Liberty Mutual also confirms the immediate appointment of Kim Garland as president of State Auto. Garland was most recently the company's senior vice president of personal and commercial lines and managing director of State Auto Labs. He added, "We bring together two organizations of passionate, driven, and talented individuals. Our combined strength allows us to significantly expand our relationships with independent agents and brokers, and make more strategic investments in the independent agent channel to continue driving profitable growth."
Waller Helms Advisors LLC and Goldman Sachs & Co. LLC acted as financial advisors and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to Liberty Mutual in the transaction.
Houlihan Lokey Capital, Inc. acted as financial advisor and Kirkland & Ellis LLP acted as legal advisor to the Special Committee of Independent Directors of State Auto Financial Corp. in the transaction.
Keefe, Bruyette & Woods, a Stifel Company, and BofA Securities, Inc. acted as financial advisors and Squire Patton Boggs (US) LLP acted as legal advisor to the Special Committee of Independent Directors of State Auto Mutual in the transaction.
About Liberty Mutual Insurance
At Liberty Mutual, we believe progress happens when people feel secure. By providing protection for the unexpected and delivering it with care, we help people embrace today and confidently pursue tomorrow. In business since 1912, and headquartered in Boston, today we are the sixth largest global property and casualty insurer based on 2020 gross written premium. We also rank 71 on the Fortune 100 list of largest corporations in the U.S. based on 2020 revenue. As of December 31, 2021, we had $48.2 billion in annual consolidated revenue. We employ over 45,000 people in 29 countries and economies around the world. We offer a wide range of insurance products and services, including personal automobile, homeowners, specialty lines, reinsurance, commercial multiple-peril, workers compensation, commercial automobile, general liability, surety, and commercial property.
Save The Bay | January 27, 2022
Advocacy of clean waterways is top priority for Safe Harbor Pollution Insurance, which is why a partnership with Save The Bay is a natural fit.
Safe Harbor offers the largest spill response network in the vessel pollution industry, which allows for the opportune response in the crucial first moments of marine oil spills. Additionally, most of its staff are based in North Kingstown, RI – where the office overlooks Narragansett Bay – the very body of water Save The Bay actively works to clean and protect every day.
Much of Save The Bay's mission-based work seeks to address the ongoing threats to Narragansett Bay including: "polluted runoff, excessive nutrients, accumulating toxins, overfishing, declining biodiversity, warming sea temperatures, and coastal inundation—all of which represent urgent perils that demand our attention."
Safe Harbor and the extended Falvey Insurance Group staff plan to support Save The Bay through local beach cleanups, volunteer hours dedicated to removing garbage and debris from the Bay's coastline. Safe Harbor is also proud to support Save The Bay by hosting and serving as the presenting sponsor of "Fore the Bay" – a charity golf tournament planned for Monday, July 25, 2022. The tournament will be hosted at Wanumetonomy Golf & Country Club in Middletown, RI, which overlooks the same body of water the event will support – Narragansett Bay. All proceeds will be donated to Save The Bay. Golf registration and sponsorship opportunities are available at safeharborpollutioninsurance.com/save-the-bay.
This partnership is a continuation of Falvey Insurance Group's, parent company of Safe Harbor Pollution Insurance, effort to directly align its 2021 philanthropy with causes related to its business operations.
About Safe Harbor Pollution Insurance
At Safe Harbor, we are more than paper, we are a partner. With roughly 50 cumulative years of experience, Safe Harbor offers the strongest and longest track record of continuous applied expertise in the vessel pollution industry. Safe Harbor supports clients with the industry's leading infrastructure and institutional knowledge available in the market today. Offering the broadest coverage, largest spill response network and most transparent claims process in the industry, Safe Harbor is more than paper, we are a partner and vessel pollution expert you can trust. Learn more about Safe Harbor at: safeharborpollutioninsurance.com
About Falvey Insurance Group
Falvey Insurance Group began as a single division, Falvey Cargo Underwriting, opening its first office in 1995 in Wakefield, RI by the company's founder: Mike Falvey. After 25 years, the company has evolved into Falvey Insurance Group, comprised of four divisions: Falvey Cargo Underwriting, Falvey Shippers Insurance, Safe Harbor Pollution Insurance, and Falvey Insurance Services. "The Specialized Insurance Experts" underwrite on behalf of Lloyd's of London, C.V. Starr, Nationwide, Beazley Insurance Company, Hiscox, Ascot Group and State National. The flexibility, World-Class customer service, claims processing excellence, and comprehensive knowledge and expertise that Falvey companies are known for is unparalleled in the insurance industry. Falvey was also named Insurance Insider's MGA of the Year in 2020.
About Save The Bay
Founded in 1970, the Rhode Island-based nonprofit Save The Bay seeks to protect and improve Narragansett Bay and its 1,705-square-mile watershed. The organization works to achieve its vision of a fully swimmable, fishable Narragansett Bay, accessible to all, through its advocacy, education, and habitat restoration and adaptation work.
Stampede Insurance | April 23, 2022
Stampede Insurance Services, an independent insurance agency based in Pasadena, CA, is happy to announce its new partnership with Bliss Drive. Bliss Drive is a well-known digital marketing company specializing in B2B inbound lead generation solutions. One of the key products offered by Stampede Insurance in Pasadena is general liability insurance. They want to point out that every business is exposed to the risk of accidents and injuries happening on the business premises. General liability insurance coverage can provide the protection needed by California businesses in case unexpected events happen where the business is forced to spend on legal fees.
California general liability insurance, along with your property and work comp policies, protects your business if you're sued for personal injury or property damage. A typical policy will cover those accidents or damages that occur on-site or as a result of using goods or services sold by the company. In addition, coverages can be designed to cover additional costs like attorney fees or court costs.”
Rene Rebollo, a spokesperson for Stampede Insurance Services.
Stampede Insurance agents can help clients in taking into account all aspects of the general liability insurance package in order for the client to have the most relevant policy available. These agents will help in customizing a particular plan that works for businesses in Pasadena, including the Long Beach, Los Angeles, Anaheim, San Bernardino, and Riverside areas. The company is also licensed to offer its services in Alabama, Arizona, California (#0H18184), Florida, Kansas, Kentucky, Louisiana, Mississippi, New Mexico, Nevada, Oklahoma, and Texas.
They can also provide contractors general liability insurance and other coverages that are essential for contractors, such as commercial auto coverage, business risk insurance, and insurance for tools and equipment. California contractors' insurance can be quite confusing at times, which is why their agents are always ready to assist clients during the process of choosing the proper coverage for a particular company.
Meanwhile, Bliss Drive believes that search engine optimization (SEO) is a key component of any successful online marketing strategy. If done correctly, SEO can help in significantly improving a website’s visibility when a potential customer searches for a particular keyword or phrase. And it is vital to maintain high rankings on the major search engines, or else the competition will eventually catch up and surpass the company’s position on the search engine pages. Bliss Drive crafts full-spectrum SEO campaigns after in-depth planning and research, and these are supported by real-world data. They combine proven methodologies and cutting-edge technology with their proprietary approaches for coming up with custom-fitted solutions that are based on the requirements of a particular company.
Pasadena’s population is just over 140,000, which means that businesses can take advantage of the diverse economy mixed with Pasadena’s small-city environment. Doing business in a smaller city means that your reputation is more important than ever. Word-of-mouth travels fast, and the key to securing loyal customers in the area is to establish yourself as a leader in your industry. This is why digital marketing is so important, as it helps spread the word about your business while allowing you to interact directly with your customers.”
Richard Fong, founder, and CEO of Bliss Drive, LLC.
Having started its operation in 2010, Stampede Insurance Services is capable of servicing clients throughout the nation and are licensed in many of the states. Each one of their clients is provided with a dedicated team of experts that work together to expertly all of the client’s concerns. They specialize in general liability, business owners policy, builders risk, bonds, contractors, commercial auto, commercial property, commercial umbrella, and workers compensation insurance and allow clients to save money on their business insurance. They also offer all kinds of personal insurance coverages to clients in all of their licensed states, including homeowners insurance, boat & watercraft insurance, auto insurance, motorcycle insurance, and flood insurance. They also provide condo insurance, earthquake insurance, landlord insurance, renters insurance, and manufactured / mobile home insurance.
Orchid Insurance | March 01, 2022
Orchid Underwriters Agency, LLC (“Orchid”), a specialty underwriter of catastrophe-exposed property insurance, announced that its financial sponsors, led by TowerBrook Capital Partners L.P. (“TowerBrook”), an international investment management firm, have entered into a definitive agreement to sell the company to Brown & Brown, Inc. (“Brown & Brown”), an insurance brokerage firm. The sale comprises all of Orchid’s Managing General Underwriter (MGU) and wholesaling business, along with its High-Net-Worth segment and CrossCover Insurance Services, LLC (“CrossCover”). Financial terms of the transaction were not disclosed.
Established in 1998, Orchid is a leading administrator that represents insurance and reinsurance providers and partners with qualified independent retail brokers and select wholesale brokers. Orchid delivers proprietary and customized insurance solutions for homeowners in coastal zones and for high-net-worth customers. The Orchid management team partnered with industry veteran Scott Hanson to establish CrossCover, which provides Excess and Surplus (E&S) commercial property solutions for customers across the United States.
Orchid and CrossCover will be joining Brown & Brown’s National Programs segment. Orchid and CrossCover will continue to operate as independent entities within National Programs, including maintaining principal operations in Vero Beach and Tampa, Florida and Cypress, Texas.
“We are proud of what we have achieved at Orchid and the carrier support and confidence we earned in doing so. Brown & Brown recognized our continuing success and the value we have built. It is especially gratifying to know that our leadership group that made this possible will have the opportunity to continue growing Orchid and CrossCover as part of the Brown & Brown National Program segment.”
-John Lumelleau, Chairman of Orchid
Today’s announcement will help to further advance the company’s strategic growth initiatives that have been developed under the leadership of Chief Executive Officer Steve Carlsen, President & Chief Operating Officer Kathy Cody, Chief Financial Officer Michael Garamoni, Chief Underwriting Officer Ross Bowie, Chief Information Officer Carey Smith and in partnership with Scott Hanson, President of CrossCover.
Steve Carlsen added, “The announcement today is a function of the incredible work done by the Orchid team and its sponsors. We are grateful for the financial support and guidance from our partners at TowerBrook and for John Lumelleau’s counsel and mentorship. Orchid and CrossCover have ambitious plans, and we’re eager to join the team at Brown & Brown.”
“On behalf of TowerBrook, I would like to thank the entire leadership team at Orchid for their partnership over the past several years. It has been a pleasure working with them and we are grateful for the significant contributions made by Steve Carlsen and the rest of the management team in developing a number of initiatives that have grown Orchid’s business under our ownership, We believe Brown & Brown provides the right platform to foster Orchid’s continued success.”
-Jonathan Bilzin, Co-Chief Executive Officer of TowerBrook Capital Partners.
The transaction is anticipated to close by April 2022 and is subject to standard closing conditions.
About Orchid Insurance
Orchid is the largest personal lines E&S managing general underwriter, providing specialty homeowners insurance for coastal risks in the Gulf, Southeast, and Mid-Atlantic states. In partnership with CrossCover Insurance Services, Orchid also offers specialty commercial coverages to middle-market insureds. Orchid was founded in 1998 and is based in Vero Beach, FL.
TowerBrook Capital Partners
TowerBrook Capital Partners is a purpose-driven, transatlantic investment firm that works to grow and improve large and middle-market businesses by partnering with management teams and employees to build excellent companies that make a positive impact on society. Since inception in 2001, TowerBrook has raised a total of $18.7 billion and invested in more than 85 companies on both sides of the Atlantic. TowerBrook operates as a single, unified team of experienced investment professionals focused on unlocking value in complex situations. The firm’s highly synergistic family of funds make control and non-control investments across the capital structure, providing capital and resources to transform the capabilities and prospects of its portfolio companies.