Monarch E&S Insurance Services has taken over the assets of California-based Anderson & Murison (A&M), a surplus lines broker as well as underwriter of specialty commercial and personal lines insurance risks.
The deal value was not made public.
A&M CEO Jim McCarthy said: “Monarch is an organisation known for its superior service to retail brokers. This strong sense of customer service is shared by A&M.”
Monarch E&S is part of Specialty Program Group, which operates as SPG Insurance Solutions in California.
The company’s CEO Derek Borisoff called the two companies being a ‘great fit’ culturally.
Borisoff noted: “A&M has a great reputation in our industry and deep specialisation in the personal umbrella space. A&M’s operation will compliment Monarch’s current offering and allow us to provide for a more robust personal lines solution with digital capabilities.
“We are excited for the opportunity to offer A&M’s retail broker clients more products in both personal and commercial lines.”
Other M&A activities in US insurance space
Consolidation activities in the US insurance market has been rampant off late.
Last month, BRP Group agreed to purchase substantially all assets of California’s Wood Gutmann & Bogart Insurance Brokers.
Also, recently, Alera Group snapped up Bagwell & Bagwell Insurance and Blue Communications to strengthen its property and casualty insurance and employee benefits offerings.
This October, Heffernan Insurance bought California-based twentytwenty Insurance Services, which specialises in employee benefits and managed care stop loss.