HCC Insurance Holdings Inc. announced the acquisition of G.B. Kenrick & Associates Inc. yesterday for an undisclosed cash sum.
Kenrick, formed in 1985, is a municipal insurance underwriting agency located in Auburn Hills, Mich., that currently writes business in Michigan, Ohio and Indiana, and is expected to write more than $50 million in premium this year.
Founders David P. Kensler and Boderick J. Donaldson will remain with the company following the closing.
Stephen L. Way, chairman and chief executive officer of HCC, said the purchase will start a new line for the Houston-based carrier.
He said Mr. Kensler and Mr. Broderick “helped write the book on municipal insurance, and we could not have a better introduction to this new line of business for HCC,” he said.
Following the acquisition, Kenrick will operate independently and report to the HCC underwriting agency, PIA, in Mt. Kisco, New York.
“Kenrick will immediately become an important part of PIA's expanding agency operations. Further acquisitions are anticipated,” Mr. Way said.
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