National
Nearmap, itel
Thoma Bravo-backed Nearmap, headquartered in Lehi, Utah, agreed to buy insurance technology provider itel, based in Jacksonville, Florida, from private equity firm GTCR. The deal values itel at over $1.3 billion, including deb. GTCR declined a comment on the deal value. The deal highlights the revived deployment of dry powder by buyout firms as the industry’s recovery from high interest rates was disrupted by tariff-driven turbulence. The exchange of private assets in the secondaries market has also come to the forefront, with the freeze in IPO market, the traditional liquidity source for private equity, forcing many managers to sell their holdings at a discount.
itel provides its services to all of the top 100 insurance carriers in North America. Founded in 1993, itel uses its proprietary database and technology to reduce costs for insurance companies in the property and casualty segment.
The company also assists policyholders with damage assessments through its mobile platform. Raymond James and Bank of America acted as the financial advisers to itel, while Latham & Watkins served as its legal counsel.
GTCR bought itel in August 2021 from PNC Riverarch Capital. The firm said that the insurance tech firm had doubled its revenue over the past three years.
Motion Specialty, Lloyds of London
Motion Specialty has been approved as a Lloyd’s of London coverholder, founded by former Hiscox executives Dan Alpay and Alex Kickham.
The business writes on behalf of Lloyd’s Syndicate 1301, managed by Inigo Ltd., and is supported by Johnson and Johnson, the Charleston, South Carolina-based independent wholesale US broker.
Motion Specialty initially focuses on high value homes (HVH) and standalone flood insurance, targeting the wholesale-to-wholesale distribution channel.
Founders Alpay and Kickham have more than 25 years’ experience and bring extensive knowledge across HVH and flood underwriting, in addition to the wider property catastrophe space. Motion Specialty has nationwide appetite in addition to underwriting in key catastrophe prone states.
Novel Financial Holdings LLC, Forza Insurance Holdings
The former chief executives of Partner Re and Howden Tiger are joining two other industry veterans to form Novel Financial Holdings LLC (Novel). Novel will manage policyholder-owned reciprocal exchanges through ownership of attorney-in-facts (AIFs) and manage traditional stock insurance companies through direct ownership and service contracts, according to a media statement.
Key executives include:
- Jacques Bonneau, former CEO and president of Partner Re, will serve as Novel’s chairman.
- Rob Bredahl, who currently serves and will continue to serve as vice chairman of Howden Re, is Novel’s CEO. Bredahl is also executive chairman of Howden Capital Markets and Advisory.
- Chris Coleman, most recently the group chief financial officer for Aspen Insurance Group, will be Novel’s CFO.
- David Drury, who was previously executive vice president of underwriting at SiriusPoint, will be head of analytics and risk.
Novel recently acquired Forza Insurance Holdings, which owns the attorney-in-facts of SureChoice Underwriters Reciprocal Exchange and Elevate Reciprocal Exchange.
These policyholder-owned insurance companies are managed by Novel and write business through a strategic partnership with SageSure, an MGU focused on catastrophe-exposed property markets in the United States.
East
Davis & Towle Insurance Group, Tobey and Merrill Insurance
Insurance agency Davis & Towle Insurance Group, headquartered in Concord, New Hampshire, announced its acquisition of Tobey & Merrill Insurance in Hampton.
While the agency will operate under Davis & Towle’s ownership, it will keep the Tobey & Merrill name and staff.
In addition, Davis & Towle said it will also merge its own affiliate in North Hampton, D.B Warlick & Co, with Tobey & Merrill. Davis & Towle acquired D.B Warlick in 2024. Davis & Towle has 13 locations across the state.
Midwest
First MainStreet Insurance, Rentz Agency and Midwest Health Benefits, Ruffcorn
First MainStreet Insurance (FMSI), a division of TrueNorth Companies headquartered in Cedar Rapids, Iowa, has partnered with Rentz Agency and Midwest Health Benefits, based in Morris, Minnesota. The agency has long served the Morris community with property/casualty and health insurance solutions.
FMSI also finalized a merger with Ruffcorn Insurance, headquartered in Keokuk, Iowa, which includes Capps Insurance (West Burlington) and Muntz Insurance (Farmington), strengthening FMSI’s presence in southeastern Iowa.
Ruffcorn Insurance is led by Ryan Ruffcorn.
Coterie Moves to Appleton, Wisconsin
Coterie, a small business MGA, is relocating its headquarters from Cincinnati, Ohio, to Appleton, Wisconsin.
Relocating the company’s headquarters to Appleton provides a reduction in operational costs and improved efficiencies for the firm, while also supporting the company’s planned growth and expansion.
Last year Coterie raised $27 million in new capital investment. In total, Coterie raised more than $100 million by last March.
South Central
COVU Inc., Uno Insurance Services
COVU Inc., an AI-native customer servicing platform for the insurance industry headquartered in Redwood City, California, acquired Uno Insurance Services, a fast-growing Texas-based agency with a strong prescence in Houston’s Spanish-speaking communities.
This marks COVU’s second acquisition and the company’s first major acquisition in the Texas market.
Uno Insurance Services has grown revenues an average of 26% over the past three years by acquiring and integrating small local agencies throughout the Houston area.
The agency has a primarily Spanish-speaking customer base, and strong carrier relationships including Progressive, Southern Vanguard, and Allstate.
Southeast
World Insurance Associates, Owens Insurance Agency, Stokes Farnham Insurance Agency
New Jersey-based World Insurance Associates acquired two agencies in South Carolina, Owens Insurance Agency, in Greer, and Stokes Farnham Insurance Agency, in Travelers Rest.
Terms have not been disclosed.
Owens, providing commercial, personal, life and health, and bond insurance products, has had a presence in the area since 1952. Christopher Crist was the owner.
Shane Lynn was the CEO of Stokes Farnham agency, which also has served clients in the state since the 1950s.
Both agencies are now divisions of World Insurance Associates.
Skyla Insurance Services, Policyline Insurance
Skyla Insurance Services, a subsidiary of Skyla Credit Union headquartered in Charlotte, North Carolina, acquired Policyline Insurance, an employee benefits and insurance brokerage in the Carolinas.
Policyline owner Geoff Ricks was named president of Skyla Insurance Services. ‘
Ricks is one of the founders of Policyline, which began in 2003 and was formerly known as Piedmont Benefits Group, based in Cornelius, North Carolina.
In 2015, the firm expanded to offer insurance options for clients.
International
Helvetia Holding Ltd, Baloise Holding Ltd.
The shareholders of the Swiss insurers Helvetia Holding Ltd. and Baloise Holding Ltd. have approved the merger to form Helvetia Baloise Holding Ltd..
Upon the closing of the merger, Helvetia Baloise will become the second-largest insurance group in Switzerland and one of the top 10 listed European insurers by market capitalization, with a business volume of 20 billion Swiss francs (US$24.2 billion) and locations across eight countries as well as a global specialty business.
The two companies describe the deal, which is expected to close during the fourth quarter of 2025, as a merger of equals.
Thomas von Planta has been elected as future chairman of the Board of Directors of Helvetia Baloise Holding Ltd., together with all proposed further new members.
The registered office and headquarters of the group will be in Basel, with a major office maintained in St. Gallen.
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