Key Insurance Industry Acquisitions Expand U.S. Market Footprint in 2024
Several notable acquisitions and agreements have taken place within the U.S. insurance industry, reflecting ongoing consolidation and expansion efforts by various firms. ReSource Pro, based in New York City, acquired Propellint, a technology services firm specializing in insurance platforms like Insurity. This acquisition enhances ReSource Pro's capabilities in complex data migrations and core system implementations, complementing their existing expertise in workflow optimization and transformation services. Propellint's clients will benefit from this expanded resource base.
Global insurance broker World Insurance Associates LLC expanded its footprint by acquiring Healey & Associates, an employee benefits agency serving New England nonprofits since 1982. This marks World Insurance's first employee benefits acquisition in Maine, supporting its broader strategy to enhance regional service capabilities. In another acquisition, World Insurance also acquired five Louisiana-based insurance agencies, collectively broadening its offerings in property, casualty, and employee benefits insurance across multiple industries.
COVU Inc., headquartered in San Francisco, acquired the family-owned Ford Insurance Agency in Eliot, Maine. Ford Insurance has been providing commercial and personal lines coverage for over a century. The acquisition includes a three-year non-compete agreement and allows COVU to strengthen its market presence in the Northeast.
In a significant financial services transaction, First Financial agreed to acquire Westfield Bancorp, the banking subsidiary of Ohio Farmers Insurance Company, in a $325 million cash and stock deal. This acquisition will integrate retail banking, commercial banking, insurance agency, and private banking services, enhancing First Financial's credit capacity and expanding its service offerings. The transaction is expected to close by the fourth quarter of 2025, pending regulatory and customary approvals.
Bishop Street Underwriters entered the aviation insurance market by acquiring Aerospace Insurance Managers (AIM) from Hallmark Financial. AIM specializes in general aviation coverage, including aircraft hull and liability for small aircraft, hangar owners, FBO operators, and airports. Operating across 47 states, AIM's team will continue under existing leadership, enabling Bishop Street to diversify into new insurance sectors.
Lastly, Inszone Insurance Services expanded in Texas by acquiring Osterts and Associates LLC, a Plano-based agency specializing in personal insurance, life and financial services, and commercial insurance. Osterts and Associates has been operating since 1992 and brings a broad product portfolio to Inszone, enhancing its service capabilities in the region.
These transactions illustrate ongoing strategic consolidations and diversification efforts among insurance brokers and service providers, aiming to expand geographic reach, deepen service offerings, and strengthen competitive positioning within the U.S. insurance market.