MAINsheet Mergers & Acquisitions in Insurance News43 M&A events here: Advisen’s MAINsheet details Mergers & Acquisitions in Insurance News including transactions and “book of business” purchases. This edition contains details from Advisen; Ageas UK; Appalachian Underwriters; Arthur J. Gallagher; Ascension; Bowen, Miclette & Britt; Brasil; Bridle; Brown & Brown; Canopius; CGM Gallagher; Covea; Crawford & Co.; Doodson; Engle Martin; First Niagara; Fortegra; Hanover; Higos; HomeWise; Houston International Insurance Group; Hub International; INSURICA; Intercare Specialty + PRM; Kane; Marsh; MDS; RCM&D; Sandridge; Stackhouse Poland; Tower Hill; United Fire & Casualty; USI; Wesfarmers; and Willis.

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Advisen 2000 Index Lists Brokerages & Agencies: Advisen is assembling the industry’s most complete listing of US Brokerages & Agencies. Our focus is on industries served, lines of business, services provided, and carrier partners. A listing on the Advisen 2000 Index is open to ALL Commercial Insurance Brokerages & Agencies in the US. There is no charge to be included in the Index. View the current list of the Advisen 2000 Index or make sure that someone at your firm has already received the profile questionnaire via http://corner.advisen.com/advisen2000_request.html

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43 MAIN events

Advisen Acquires Web Connectivity (March 22, 2011): Advisen Ltd., a global insurance data and analytics provider based in New York, has acquired UK-based Web Connectivity Limited, a leading provider of messaging products and services for the commercial (re)insurance markets in London and Bermuda. Terms of the transaction were not disclosed. The collaboration will allow both companies to further develop technologies and solutions for offering increasing amounts of structured data to suppliers, buyers and brokers of commercial (re)insurance. The growing use of structured data among (re)insurance companies is enhancing communication and providing deeper and more actionable business analytics to the industry, facilitating Straight Through Processing and reduced frictional costs in the (re)insurance process. Web Connectivity is widely known for its high standard of customer care, evidenced by a consistently high level of satisfaction from its client base. The company emphasized that this standard, which has helped to firmly establish their position as an industry leader, is expected to further improve with the expanded support services resulting from the acquisition. The existing management teams at both Advisen and Web Connectivity will remain intact, the companies said. "We are confident that this acquisition provides Web Connectivity an even greater foundation for our operations and product development initiatives," said James Willison, managing director of Web Connectivity. "We are gaining an infrastructure to support our growing customer service efforts, as well as an opportunity to add to our growth momentum by establishing a strong footprint in the U.S." Advisen has been at the forefront in the US of creating more structured, digitized data in the commercial insurance industry with their business intelligence (BI) product, data services, data management, and business process outsourcing (BPO) offering. Web Connectivity's gateway and middleware offer the London and Bermudian (re)insurance markets innovative methods of receiving, reviewing and responding to structured data, be that in relation to Placing, Accounting and Settlement, or Claims. "The aspect of Web Connectivity's business that has most impressed us is their technology competency," said Advisen CEO Tom Ruggieri. "We feel that this will further Advisen's efforts to encourage greater use of structured data in our industry. Our greatest achievements come when our clients gain financial success, and that success comes from greater connectivity." Contact Pat Ward at 104 West Partners at 415.595.3145 or patrick.ward@104west.com

Ageas UK (formerly Fortis) Acquires Castle Cover (March 24, 2011): Ageas UK (formerly Fortis) acquired Castle Cover Limited for a sum of GBP 52.8 million. The purchase is part of Ageas UK’s multi-distribution strategy and will increase its customer numbers to

around 8 million. Within Ageas UK’s Retail operation, the acquisition will create a combined retail customer base of 2 million and builds on the significant presence it already has in this growing market through over 50s specialist RIAS. The acquisition further consolidates Ageas UK’s position as the fourth largest Personal lines broker in the UK. With around 280,000 customer policies, the reported revenue of Castle Cover in 2010 was GBP 22 million and would bring Ageas’s total Retail revenues to around GBP 200 million. Ageas UK Chief Executive Barry Smith said: “The acquisition of Castle Cover gives Ageas an even stronger over 50s market presence, adding an established brand to our Retail operation and enhancing our proven knowledge in this growing insurance market. This purchase supports our multi-distribution strategy and will build on our existing expertise which is focused on meeting the needs of this customer group.” Andy Watson, Managing Director UK Retail said: “We are delighted that Castle Cover will be joining Ageas UK’s Retail operation. Castle Cover has shown an impressive growth record in the short time that they have been in the market. The combined expertise with RIAS provides a great opportunity for future growth.” Castle Cover will continue to operate under its brand name and will become a subsidiary company of Ageas UK which will now employ over 4,500 people in the UK. Janet Connor will be Managing Director of both RIAS and Castle Cover.

Appalachian Underwriters Completes Merger with Reliance Administrators (April 8, 2011): Appalachian Underwriters has obtained the assets of Reliance Administrators, Inc., a Rock Hill, SC wholesaler that specialized in workers’ compensation, commercial lines, and niche program opportunities for independent insurance agents nationwide. The acquisition is effective April 6, 2011. “Over the past eighteen months, Reliance has been part of our overall enterprise. It’s a natural progression to now merge its operations into those of our Appalachian Underwriters, Inc. wholesale business. We are looking forward to assimilating the many synergies between these two brands” said Robert Arowood, President, Appalachian Underwriters, Inc. With the acquisition, AUI strengthens its operations by adding a number of experienced underwriters and customer service representatives. Adding an office to the Carolinas will also increase the availability and efficiency for agents directly appointed with AUI. “We’re excited for the Reliance team to officially become an Appalachian Underwriters, Inc. satellite office and look forward to providing more accessible coverage for Southeastern agents,” said Jon Beckham, President, Reliance Administrators. “This strategic move will allow agents to have better access to the exclusive markets, services, and technologies that AUI has developed over the years.”

Arthur J. Gallagher Acquires Blue Water Benefits (April 7, 2011): Established in 1980 in Mt. Pleasant, SC, Blue Water Benefits, Inc.(BWB) offers employee benefit consulting and insurance brokerage services, including life insurance and group benefits, for their middle-market clients in the Eastern US. They specialize in the design, implementation and administration of employee benefit programs. Brandon Guest, Mark Combs and their associates will continue to operate in their current location under the direction of David Ziegler, Eastern Regional Executive Vice President of Gallagher's employee benefit consulting and brokerage operations. "With over three decades of consulting and insurance industry experience, BWB is well-known for providing their clients with innovative, cost-effective benefit solutions and quality service," said J. Patrick Gallagher, Jr., Chairman, President and CEO. "Our newest acquisition partner will help increase our sales and service capabilities and expand our geographic presence in the Southeast. They will be a wonderful complement to our employee benefits operation, and we are very pleased to welcome Brandon, Mark and their team to our growing Gallagher family of professionals." Terms of the transaction were not disclosed.

Arthur J. Gallagher Acquires Risk Planners (March 7, 2011): AJG announced the acquisition of Risk Planners, Inc., a wholly owned subsidiary of SUPERVALU INC., in Eden Prairie, MN. Terms of the transaction were not disclosed. Formed in 1969, Risk Planners, Inc. (RPI) is a retail insurance agency offering all forms of risk management and property/casualty insurance products and services to their independent business clients throughout the United States. They specialize in commercial insurance coverage for the retail grocery industry. RPI will continue to operate under the direction of Thomas J. Gallagher, Midwest Regional Manager of Gallagher's retail property/casualty brokerage operation. "With over 40 years of experience, RPI is well known for its high quality service and strong carrier relationships," said J. Patrick Gallagher, Jr., Chairman, President and CEO. "Their solid expertise in the retail grocery industry and sales-based culture will be an excellent addition to our niche product and service capabilities. We are extremely pleased to welcome the RPI team to our growing Gallagher family of professionals."

Arthur J. Gallagher & Co. Completes Acquisition of Woodbrook Underwriting Agencies (March 2, 2011): AJG completed the previously disclosed acquisition of all of the business and certain assets of Woodbrook Underwriting Agencies, Ltd. of London, England. Woodbrook is a Financial Services Authority authorized underwriting

agency representing a number of major insurance companies and Lloyd's Syndicates, acting directly or through a local intermediary. They specialize in the real estate, distribution, leisure, education and community service industries. Woodbrook will merge with OIM Underwriting, Gallagher's current managing general agency (MGA) platform in London, and the combined companies will trade as AJG Underwriting Group. Chris Blackwell and his associates will continue to operate out of their current offices in Essex and at Lloyd's of London ultimately under the direction of David Ross, CEO of Arthur J. Gallagher (UK) Limited, Gallagher's Lloyd's of London broker. "Woodbrook is well known in the underwriting community for its depth of experience, market expertise and quality client service," said J. Patrick Gallagher, Jr., Chairman, President and CEO. "With their solid underwriting capabilities and team focus, Woodbrook will be an outstanding complement to our London underwriting operations. We are extremely pleased to welcome Chris and his associates to our growing Gallagher family of professionals." Contact Marsha Akin at 630.285.3501 or marsha_akin@ajg.com

Ascension Insurance Acquires Walter L. Clark & Associates (March 31, 2011): Walter L. Clark & Associates in Fresno, CA was founded in 1959 and offers commercial insurance for a wide range of commercial businesses, with a specific emphasis in the agribusiness industry. The firm maintains offices in Fresno, Porterville and Visalia. Ascension CEO Len Kline commented, “We are very pleased that Steve Lindstrom and his team at Walter L. Clark will be joining Ascension. We share a commitment that brings informed advice and robust resources to our clients. We look forward to assisting agribusinesses in California and throughout the region to expand their business options, provide value added services, lower their risk and support their employees.” Steve Lindstrom, President of Walter L. Clark & Associates, Inc., commented, “We are looking forward to the new opportunities that our shared expertise can bring to agribusinesses throughout the West. Joining Ascension allows us to preserve the highly responsive and the consultative relationships our clients expect, while expanding our portfolio of new products, carrier relationships and specialized solutions.”

Ascension Insurance Acquires Netherton & Boles (March 24, 2011): Ascension announced the acquisition of Netherton & Boles in Atlanta, GA effective January 31, 2011. Founded in 1986, Netherton & Boles specializes in employee benefits consulting and brokerage to colleges and universities as well as commercial businesses. The acquisition is part of Ascension's strategy to build a national platform of risk management, insurance and employee benefits firms featuring specialized market expertise. Ascension's CEO Len Kline commented,

“We are pleased that Netherton & Boles has selected Ascension as a partner. We share the belief that a consultative approach combined with customized resources delivers the greatest return on our clients' investment in employee benefits. We are looking forward to leveraging Netherton & Boles' demonstrated expertise in the college and university market to expand our Ascension Collegiate Solutions practice.” Lloyd D. Netherton, President of Netherton & Boles, commented, “We are very excited about the opportunity to collaborate with our new Ascension partners. Our alliance with Ascension brings us the resources we need to compete with national consultants and brokers while retaining the consultative approach and responsive service our clients rely on.”

Bowen, Miclette & Britt Acquired Huckleberry Sibley & Harvey Insurance & Bonds (March 22, 2011): Orlando-based $8 Million Revenue HRH serves a client base in personal lines and commercial lines with offices in Maitland, Cocoa, West Palm Beach, Santa Rosa Beach and Sarasota. Included in the transaction is Merrimac Marine Insurance LLC, an affiliated broker serving the specialized marine industry on a national basis. "BMB continues its geographic expansion and revenue growth by entering the diverse and large Florida insurance marketplace," said BMB CEO Edward G. Britt, Jr. "We have built a track record of strong organic growth since our formation in 1993," Britt said. "In line with our strategic plan, we also are growing through selective geographic expansion. Following BMB's successful development into Louisiana in 2006, this expansion into Florida will widen our capabilities and market presence, allowing us to bring our risk management, insurance coverage and benefits services to a broader client base."

Brasil Insurance Group Acquires Classic Corretora de Seguros (March 28, 2011): Brasil Insurance Participações e Administração S.A. announced that it signed an agreement on March 28, 2011 acquiring the control of Classic Corretora de Seguros, the 29th brokerage of the Brasil Insurance Group. Classic Corretora, headquartered in São Paulo and with extensive presence throughout Brazil, is an insurance brokerage specializing in bulk insurance, with a client portfolio of 6 million individuals, acquired through alliances with retail and financial chains. In 2010, it had insurance premiums of nearly R$80 million. Brasil Insurance will hold 99.99% of the capital of Classic Corretora. The acquisition price is R$9.2 million plus three variable annual installments, calculated based on an earn-out structure that considers the future results of Classic Corretora. The total acquisition price is estimated at R$19.4 million, of which 50% will be paid in cash and 50% as Brasil Insurance stock. When approved, Brasil Insurance will have 29 brokerage firms, each founded by brokers with

significant experience and an average of 19 years of activity in the insurance or insurance brokerage markets. Brasil’s brokerage companies sell a broad range of insurance products, including health, auto and high risks insurance, among others, and have 34 offices located in nine states in Brazil, serving customers across the country.

Bridle has Purchased Harrington Adams Insurance Associates (March 2011): Bridle Insurance announced the purchase of City of London insurance broker Harrington Adams who specialise in insuring the cars and homes of London City employees as well as all types of general and small commercial business. Darren Nangle, head of Bridle personal lines, explains “Harrington Adams is a perfect fit for us and is the type of business we have been trying to secure for some time. As ever, finding the right business mix was key to the purchase and the hard work and enthusiasm the original owners had committed to the company for the past 14 years was clear from the initial meeting. They very much share our ethics and passion and this acquisition further demonstrates Bridle’s commitment to the personal lines arena." The purchase of Harrington Adams is hopefully the start of another exciting year for Bridle with more acquisition announcements to follow. Darren explains “Whilst we don’t want to get ahead of ourselves, we have interesting purchase plans for 2011 to complement our separate and exciting organic growth." The departing Neil Adams from Harrington Adams comments, “Having set up HA in 1997, Steve and I have taken a huge amount of pride in our business, but after much thought we have decided the time is now right for both of us to do something different. Once the decision was made we had a number of attractive offers to consider and Bridle were our perfect fit."

Brown & Brown to Buy First Horizon Insurance Group (March 31, 2011): C. Roy Bridges, Regional President of Brown & Brown, Inc. announced that Brown & Brown has entered into an agreement to acquire from First Tennessee Bank all of the outstanding stock of the parent company of First Horizon Insurance Group, Inc. First Tennessee Bank is a subsidiary of First Horizon National Corp. The acquisition is expected to close in late April. With annualized revenues of approximately $14.8 million, First Horizon provides commercial and personal lines property and casualty insurance, bonds, employee benefits and risk management services to individuals and businesses in Tennessee and throughout the US. As part of this transaction, First Horizon Insurance Group's Nashville office will combine with Brown & Brown's existing Nashville operation into a new Nashville location, under the leadership of First Horizon's Daniel D. "Dan" Hite and William H. "Willo" Taylor, and Brown & Brown's Danny Simmerman.

The agency will continue to operate from its existing Memphis and Chattanooga locations. Brown & Brown has Acquired the Assets of Robert Ellis & Associates (March 10, 2011): C. Roy Bridges, Regional President of Brown & Brown, Inc., Thomas K. "Tommy" Huval, Regional Vice President of Brown & Brown, Inc. and W. Robert Ellis, President of Robert Ellis & Associates, Inc., located in Mandeville, LA, announced that Brown & Brown of Louisiana, Inc., a subsidiary of Brown & Brown, Inc., has acquired substantially all of the insurance agency assets of Robert Ellis & Associates, Inc. With annualized revenues of approximately $1.3 million, Robert Ellis & Associates specializes in providing programs of insurance products and services to members of professional associations in Louisiana and Mississippi, including dentists and lawyers. Robert Ellis and his team will continue to operate from their current location in Mandeville, under the leadership of Mark Romero, Executive Vice President of Brown & Brown of Louisiana, Inc. Mr. Bridges, who is responsible for Brown & Brown's retail operations throughout Louisiana, commented, "Robert Ellis is a recognized leader in providing tailored insurance products and services to professional groups and associations. We are honored to welcome Bob and his team to Brown & Brown and look forward to their continued growth and success." Mr. Ellis stated, "We are excited about joining Brown & Brown and the opportunities afforded by our new affiliation. Not only will our association with Brown & Brown offer our agency the ability to expand into additional areas in the insurance marketplace; but also, and more importantly, it will provide us with a broader array of member benefits to offer our professional association clients for their endorsement consideration."

Canopius Acquires K Drewe, Look Insurance: Insurance underwriting firm Canopius Group has acquired the businesses of K Drewe Insurance Brokers (K Drewe) and Look Insurance Services. K Drewe is a wholesale broker in the UK leisure industry and is a specialist in caravan, holiday home, park home, .CGM Gallagher Acquires Atria Brokers (February 25, 2011): Caribbean insurance broker CGM Gallagher has acquired Barbados-based Atria Insurance Brokers. CGM Gallagher Group CEO Matthew Pragnell told Caribbean Business Report that the acquisition continues the expansion plans of the already largest insurance broker in the region. CGM manages premiums in excess of US$120 million regionally. The Group operates in Jamaica, Barbados, St Vincent, St Lucia and Grenada, and is licensed to operate in Antigua, Anguilla and Dominica, among other countries in the region.

Covéa Acquires Provident Insurance (April 7, 2011): Covéa is reinforcing its position in the UK through the acquisition of specialist motor insurer, Provident Insurance, from Car Care Plan (Holdings) Limited, a subsidiary of the US financial services company, Ally Financial (formerly GMAC). Completion of the acquisition is subject to FSA approval.

Crawford & Company Acquires ClaimHub (March 11, 2011): Crawford & Company has acquired the assets of ClaimHub Inc., a leading provider of claims workflow solutions for the property and casualty insurance market. "The acquisition of ClaimHub demonstrates our continuing commitment to providing a market-leading product," said Jeffrey T. Bowman, Crawford president and chief executive officer. "We believe ClaimHub's technology will allow us to expand our product offering and further enhance our ability to interface with clients." ClaimHub's current staff has been offered positions at Crawford and will continue to develop advanced claim technology and service existing ClaimHub clients, said Kevin Frawley, chief executive officer, Property & Casualty - Americas. "The ClaimHub team brings many years of development experience to Crawford and will be an exceptional addition as we seek to grow Vehicle Services," Frawley said. ClaimHub, established in 2000 and based in Overland Park, KS, provides a web-based, centralized claims platform for dispatching, tracking and managing all assignments and work product involved in the auto claims process. "Joining the Crawford network of products and services will greatly benefit ClaimHub clients who are seeking comprehensive services and a technology product," said Sabrina Hightower, president and chief operating officer of ClaimHub. "We look forward to extending ClaimHub's technology as a component of Crawford's services." Doodson Broking Group has Acquired CSI Entertainment Insurance: Doodson, an entertainment insurance specialist based in the UK has acquired Dallas-based CSI Entertainment Insurance to form Doodson Entertainment. The partnership creates an insurance broker for music and special events capable of placing coverage for more than 10,000 concerts, 600 music festivals and 300 touring artists, according to the announcement released by Doodson Broking Group. CSI Entertainment Insurance Chief Executive James Chippendale, who founded the firm in 2001, will serve as president of Doodson Entertainment. Doodson Broking Group was established originally in Manchester, England, as Arthur Doodson Brokers Ltd in 1964. The US division of Doodson Entertainment is led by chief executive Roger Sandau. Doodson Insurance Brokerage currently maintains offices in Baltimore, Dallas and Los Angeles, in addition to

the Doodson Broking Group locations in the UK in London, Manchester and Blackburn.

Engle Martin & Associates has Partnered with Forsyth Capital (April 4, 2011): Engle Martin & Associates has announced that its existing management team has partnered with Forsyth Capital Investors, LLC to recapitalize the company and better position itself for acquisition and continued organic growth. “We are very excited about the partnership with Forsyth Capital Investors, as it enables us to seamlessly transfer the company to the leadership team that has been running the business over the past few years,” said Kevin Engle, founder of EMA. “Forsyth Capital’s long-term investment approach, insurance-services operating experience and deep acquisition capabilities align perfectly with our vision for the business and the interests of our employees and customers.” Engle will remain actively engaged in the business in addition to serving on the board of directors. John Quinn, president and newly appointed CEO of EMA, stated, “This transaction solidifies our ability to continue attracting the top talent in the industry and providing the highest quality service to our customers, while also accelerating our growth strategy through further office expansion and targeted acquisitions. We are excited about the continued development of our national platform and the broadening of service offerings for our trusted client partners.” Kyle Chapman, managing director and co-founder of Forsyth Capital, added, “Engle Martin’s national footprint, quality management team and dedication to customer service make it one of the most attractive specialized loss adjusting and claims handling platforms in the country. We are pleased with the opportunity to help facilitate the full transition of the company to John Quinn and his senior management team and look forward to leveraging our collective operating and acquisition resources to build upon this already strong and high-quality platform.” StoneRidge Advisors, LLC acted as financial advisors to Engle Martin in this transaction.

First Niagara Acquires Pierson & Smith (April 14, 2011): First Niagara Financial Group’s insurance subsidiary has acquired Norwalk, CT insurance brokerage, consulting and third party administration firm, Pierson & Smith (P&S). This transaction is part of the company’s plans for enhancing its operations, workforce and products and services to benefit customers in New England. The multi-state bank and financial services company is entering the Connecticut and Massachusetts markets with its pending NewAlliance Bancshares, Inc. merger, which is expected to close on April 15. Its insurance subsidiary, First Niagara Risk Management (FNRM), serves customers throughout its expanding geographic footprint in New York, Pennsylvania and New England. First Niagara’s insurance and

benefits consulting revenues in 2010 exceeded $51 million. “This transaction clearly demonstrates First Niagara’s commitment to its newest region and building upon its successful foundation to serve the communities of Connecticut and Massachusetts,” New England Regional President David Ring said. “My team looks forward to working in collaboration with our newest insurance partners to provide our customers with tailored products and services to meet their personal and business needs.” Bruce Rogers, President of Pierson & Smith and Executive Vice Presidents Fred Butler and Matt Fair will remain with the firm and will serve as First Niagara Risk Management Regional Directors of Insurance. Kim McGillicuddy, who is currently Chief Operating Officer, will stay on and Michael Watts, Chairman and Chief Executive Officer will continue to work with clients and the firm in a senior advisory role. P&S and its staff will remain in its current location at 40 Richards Avenue as part of First Niagara.

Fortegra Financial to Acquire eReinsure (March 3, 2011): Fortegra Financial Corporation has agreed to acquire eReinsure.com, Inc., a web-based technology firm for reinsurance process control, information management and compliance functions, for a cash purchase price of $37 million. The acquisition of eReinsure will enable Fortegra to offer eReinsure's unique reinsurance negotiation platform to insurers, reinsurers and brokers. eReinsure was founded 11 years ago and developed a web based platform to support placing reinsurance risks.

Hanover Insurance Group Announces Offer to Acquire Chaucer Holdings (April 20, 2011): Chaucer is a leading specialist Lloyd’s insurance group. Through its in-house syndicates 1084 and 1176, Chaucer underwrites business in all the major insurance classes, encompassing global marine, energy, non-marine and aviation, as well as UK motor and nuclear. In 2010, Chaucer reported gross written premium of £849 million ($1,333 million), net earned premium of £589 million ($925 million) and total assets of £2.3 billion ($3.7 billion). Subject to satisfaction of the conditions set forth in its offer, The Hanover will acquire 100% of Chaucer. Chaucer shareholders would receive 56 pence per share in cash, including the 2.7 pence per share dividend announced by Chaucer on March 7, 2011, for an aggregate transaction value of approximately £313 million ($510 million). The offer values Chaucer at approximately 1.26 times estimated tangible book value per share as of December 31, 2010, after adjusting for the effects of Chaucer’s recently announced estimated catastrophe activity. The Hanover plans to fund the acquisition with a combination of cash on hand, as well as $250 million of new senior debt, expected to be issued prior to closing. The

transaction is subject to customary conditions, including approval by Chaucer's shareholders and regulatory approvals in the UK, U.S. and other jurisdictions, and certain court approvals in the UK. It is expected that the transaction will close during the third quarter of this year.

Higos Acquires Plymstock Insurance Centre (April 6, 2011): Higos Insurance Services Ltd in the UK announces the purchase of Plymstock Insurance Centre, near Plymouth. The branch, which will now trade as Plymstock Insurance Services, becomes Higos’ 16th office in the South West and the second in Devon, following the acquisition of Ravensdale Insurance Services in Braunton in 2009. Ian Gosden, founder and Managing Director of Higos, said “Higos is committed to delivering a first class service and expert insurance advice on the local high street. We are delighted to acquire a thriving brokerage in Plymstock and look forward to serving both existing and new clients. We continue to expand our South West branch network and Plymstock Insurance Services is a successful local broker with a loyal customer base." Ian Gosden confirmed that all existing staff will remain in place including the previous owner Mike Anderson who will head up a new Marine department. A new manager for the branch, Neil Harmson, joined in April 2011.

HomeWise Insurance Company and First Home Insurance Company to Merge (March 22, 2011): The combined entity will be known as HomeWise Insurance Company (HWIC). The proposed merger is subject to state regulatory approval. The companies will be working with the Florida Office of Insurance Regulation to expedite their review of the proposed merger, which is planned to finalize in the second quarter. The new HomeWise Insurance Company will offer the following products: Homeowners (Florida and Louisiana); Tenant and Condominiums (Florida); Dwelling Fire (Florida); and Flood Small Commercial Property (Florida).

Houston International Insurance Group to Acquires Casualty & Surety, Inc. (February 15, 2011): Houston International Insurance Group (HIIG) reached an agreement to acquire Casualty & Surety, Inc. (CSI), a managing general underwriter in Birmingham, AL with offices in various other locations. CSI specializes in underwriting small and medium size mining and energy risks, particularly coal and natural gas operations. CSI will be merged into the Engineered Risk Division (ERD) of Bunker Hill Underwriters (BHU), the underwriting agency subsidiary of HIIG. Specializing in all forms of heavy equipment operators and contractors, ERD has offices in Atlanta, Chicago and now Birmingham. HIIG CEO Stephen Way said, "The acquisition of CSI will further expand BHU's Engineered Risk Division

and senior executives Jimmy Godfrey and Rob Roberts are a welcome addition to the growing number of entrepreneurs in our management team.” Bunker Hill Underwriters is an underwriting agency, based in Houston, TX. HIIG is an insurance holding company headquartered in Houston, TX with more than $1 billion in total assets; $625 million in investment assets; and almost $250 million in shareholders’ equity.

Hub International Acquires Las Cruces Operations of Western States Insurance Group (March 29, 2011): Hub International has acquired the Las Cruces, NM-based insurance brokerage operations of Western States Insurance Group (Western States Las Cruces). Terms of the acquisition were not disclosed. In connection with this acquisition, the Western States Las Cruces employees will join the New Mexico division of Hub International Insurance Services. These employees will be relocating to Hub’s existing office in Las Cruces, reporting to Randy Perkins, President, New Mexico Operations, Hub International Insurance Services. The Western States Las Cruces team that is joining Hub offers a broad array of property and casualty, employee benefits, life, and personal insurance programs. They work with a wide range of industries on general and specialized insurance and risk management programs. Specifically, they have niche expertise in working on the coverage needs of the construction and trucking industries. “The addition of the Western States Las Cruces team strengthens Hub International’s presence as a leading full-service insurance brokerage in New Mexico,” said Randy Perkins. “By joining forces, we look forward to serving the existing customers of Western States Las Cruces and offering them the value-added resources that Hub provides as a large, international insurance brokerage firm. Their extensive knowledge in building comprehensive insurance and risk management programs for the construction and trucking industries will nicely compliment Hub’s current client base in this territory.” Contact Clark Wormer at 312.279.4848 or clark.wormer@hubinternational.com

Hub International Acquires Redcliffe Financial Group (April 5, 2011): Hub International has acquired Redcliffe Financial Group, a Vancouver, BC-based employee benefits and life insurance brokerage firm. Terms of the acquisition were not disclosed. Redcliffe will become part of the Hub International Insurance Brokers (Hub TOS) operation, and the employees of Redcliffe will move into Hub’s existing offices in Burnaby, British Columbia. Norman Redcliffe, President, and Christopher Redcliffe, Account Manager, will join Hub as part of the transaction. Redcliffe primarily offers group benefits, pension plans, life insurance and living benefits, amongst other products and services. Founded in 1976, Redcliffe has focused on implementing comprehensive risk management, life, health and

retirement planning strategies for businesses and individuals throughout the Vancouver area for over four decades. The Redcliffe team serves commercial clients across many industries, with a specific expertise in programs for educational institutions. Tina Osen, President and Chief Executive Officer of Hub International Insurance Brokers, commented that “Hub International is committed to building our employee benefits operations in Western Canada. Redcliffe is an exceptional firm that has superior client and insurance carrier relationships, and a talented technical team. We welcome Norman, Chris and the rest of the Redcliffe team and their clients to Hub and are confident that they will be a wonderful complement to our existing operations."

Hub International Acquires Additional Operations of Phoenix Insurance Group (April 5, 2011): Hub International has acquired the assets of four additional middle market agencies that operate as part of the Phoenix Insurance Group Inc. (Phoenix), a cluster partnership of various Alberta-based brokerages. Terms of the acquisitions were not disclosed. The recently announced acquisitions include the operations of Phoenix located in Edmonton, Red Deer, Hinton and Drayton Valley and follow Hub’s purchase of the Grande Prairie operations of Phoenix in December 2010. All four acquired operations will become part of Hub International Barton (Hub Barton) within the Hub International Canada West region. Phoenix Group Risk Management Inc. is not included in these acquisitions and will continue to operate independently. The following principals will be joining Hub Barton as part of the acquisitions: Terry Stewart (Edmonton), Drew Adams (Edmonton), Doug Davis (Edmonton), Al Bean (Red Deer), Rosalie Cederstrandt (Hinton), and Laureen Bida (Drayton Valley). They will all report to Richard Burley, Vice President, Hub Barton. These acquisitions advance Hub’s initiative to further expand its footprint in Western Canada. These brokerages, which are recognized as some of the top brokerages in the Alberta region, offer Commercial Lines, Employee Benefits, Life, Personal Insurance and Surety programs for a wide array of customers in the communities they serve. They work closely with clients in a range of industries including the construction, petroleum, forest products, manufacturing, property management, retailing, finance, transportation and recreation sectors. “The finalization of the acquisitions of the Edmonton, Red Deer, Hinton and Drayton Valley operations of Phoenix, combined with the previous acquisition of the Grande Prairie operation, gives us a solid footing in the Alberta marketplace,” said Chad Robertson, President, Hub Barton. “We are pleased that the existing management teams will continue on with Hub and look forward to leveraging their bench strength to further our acquisition strategy in the Canadian prairies and far north.”

Hub International Acquires Assets of Hale Insurance Brokerage (April 11, 2011): Hub International acquired the assets of Hale Insurance Brokerage, LLC (Hale), a Cranford, NJ-based insurance brokerage firm. Terms of the acquisition were not disclosed. Employees of Hale will become part of the Hub International Northeast Limited (Hub Northeast) operations in Berkeley Heights, New Jersey. Scott Readlinger, Hale’s President and Chief Executive Officer, will join Hub Northeast as part of the acquisition, reporting to Damian Testa, President of New Jersey and Pennsylvania Operations. Founded in 2003 by several insurance industry veterans, Hale currently offers property and casualty and employee benefits insurance, as well as risk management programs, to a wide range of small to middle market commercial clients, with significant expertise in public entities. Hale also works with thousands of individuals to advise and procure personal insurance programs for all lines of coverage, including auto, homeowners’, and life insurance. “The Hale team has built a very impressive organization in less than a decade and we are proud to welcome them to Hub,” said Damian Testa. “We are excited to expand our current New Jersey operations by adding very talented staff, and new expertise in the public entities arena. We look forward to providing the Hale clientele with the many value-added services we offer as one of the nation’s largest brokerages.” Contact Clark Wormer at 312.279.4848 or clark.wormer@hubinternational.com

INSURICA Acquires Guaranty Insurance Services (April 12, 2011): INSURICA CEO Mike Ross said the deal made strategic sense. "We'll nearly double our revenue to over $75 million, our colleague count will go from 245 to 465 and our locations will more than double from 12 to 27 offices, giving us increased presence in Texas and California while maintaining our locations in Oklahoma, Arkansas, Arizona, Oregon and Kansas," Ross said. The expansion comes two years after the company was re-branded from North American Group to INSURICA Insurance Management Network, Ross said. INSURICA Chairman Bill Durrett said the two companies share a common culture. Both firms specialize in construction, education, energy, hospitality, ministries, municipalities and technology. "Guaranty and INSURICA both specialize in key industries so that we can provide customized solutions to clients," Durrett said.

Integro Acquires Windward International (March 15, 2011): Windward International, Inc. is a marine insurance broker based in Highlands, NJ. Financial terms of the transaction were not disclosed. In addition to its broad marine offerings, Windward International Inc. has developed a significant subspecialty in Brown Water coverage

(inland and coastal marine operations - mainly tug & barge, ship repair, marine construction, etc.) over the past 25 years. Windward International’s Joseph Cacici and Jenna Brown join Integro's Marine practice in New York City. "Windward International built its business on dedicated client service, competitive premiums and proper coverages,” Windward Executive Vice President Cacici said. “We welcome joining forces with Integro as it offers our existing clients an even broader spectrum of service with our two operations providing complementary expertise." Integro's Marine practice offers clients all lines of marine insurance coverage as well as considerable claims expertise, including the handling of a major pollution spill. Contact Betsy Van Alstyne at 212.295.5445 or betsy.vanalstyne@integrogroup.com

Intercare Specialty Risk Insurance Merges with PRM Insurance (March 9, 2011): Rocklin, CA-based Intercare Specialty Risk Insurance Services Inc. and PRM Insurance Services Inc. have inked a contractual agreement for the companies to work together under the management of newly formed Phoenix Risk Management Insurance Services. Founded in 1988, ISRIS is a full-service wholesale insurance brokerage operation specializing in workers’ compensation. PRM Insurance Services is a wholesale insurance broker, managing general agent, program manager, and managing general underwriter, which offers niche market specialty insurance products and risk management tools to appointed retail brokers. The combined in-force premium is in excess of $85 million. The objective, mutually agreed by the principals of both Intercare and PRM, is a consolidation of all programs, contracts and personnel of the two companies into Phoenix Risk Management Insurance Services, which will be wholly owned by Intercare Specialty Risk Insurance Services. The merger brings together 35 years of combined workers’ compensation experience to underwriting, marketing, claims management, loss control and program development. After 17 years of dedicated service to PRM, CEO Gene Marsh has retired. ISRIS CEO Kevin Hamm will lead the combined company as chairman and CEO. Renee Leslie Iaia, executive vice president of ISRIS, has been promoted to president of Phoenix Risk Management. The programs formerly administrated by PRM have been combined with those of Intercare Specialty Risk, but the underwriting staff and employees will remain the same under Phoenix.

Kane to Acquire HSBC’s insurance management operations (March 11, 2011): Under the agreement, which has been signed with HSBC Bank Bermuda Ltd, HSBC Bank Cayman Ltd and HSBC Insurance Agency (USA) Inc, Kane will acquire HSBC Insurance Holdings (Bermuda) Ltd, HSBC Insurance SPC Ltd, the insurance

management business and assets of HSBC Bank (Cayman) Ltd, and HSBC Insurance Agency (USA) Inc for a total amount of USD27.5m. The acquisition will be backed by private equity firm CBPE Capital. HSBC Insurance Management (HIM) is the world’s fourth largest insurance manager and a recognised leader in the field of Insurance Linked Securities (ILS). HIM has an extensive and diverse customer base, which it serves from a global network of offices in Bermuda, Cayman, Guernsey, Malta, New York, South Carolina, Washington DC and Vermont, in addition to being approved to provide insurance management services in six other US States. The Company provides management, administration and structuring support services for: Captives; Cell Companies; Insurance Linked Securities; Insurance and Reinsurance Companies; and Life, Pensions and Investment (LPI) Companies. Stephen May, CEO of Kane, said: “This agreement is a major step forward in the overall growth strategy for Kane. The acquisition will position us as the world’s largest independent insurance manager and clearly supports our aim of creating a global, domicile-neutral platform from which to offer our independent, expert advice. We welcome the new employees and customers of HIM into our Group and look forward to building and developing long-term successful relationships.” Completion of the acquisition is expected to take place on 30 April 2011, subject to regulatory approvals.

Marsh Buys into Czech Insia: Marsh has taken a 15% stake in Czech brokerage Insia in a bid to jointly grow their main markets.

MDS Holdings has Acquired a 50% stake in Coral: MDS Holdings, the Iberian and Latin American insurance broking group, announced that it has acquired a 50% stake in Coral, the former Portuguese in-house broker of Salvador Caetano Group, the largest automotive business in the Iberian market. Following the completion of the transaction Coral has been rebranded as MDS Auto. It is the “first broker in Spain and Portugal dedicated to providing cover for the automobile sector and related industries,” said the bulletin.

RCM&D Acquires Division of TRION, Inc. (March 9, 2011): RCM&D has acquired the Commercial Property and Casualty Insurance division of TRION, Inc. “We continue to act on our strategic plan of attracting highly talented professionals who share our vision that a client’s interests are best served by an independent resource-based professional services firm” said Robert T. Cawley, President of RCM&D. “RCM&D has built a strong reputation as an industry leader in serving the complex risk and employee benefit needs of clients in select industries” added Cawley. “In addition to gaining a terrific senior team, we are fortunate to welcome as clients some of the most

prestigious businesses and institutions in the greater Philadelphia area, all of whom align under one of our focused industry segments.”

Sandridge Ltd to Acquire CLICO International General Insurance Ltd.: Sandridge Ltd, owned and chaired by Bernie Weatherhead, has signed the purchase agreement with CLICO Holdings (Barbados) to acquire CLICO International General Insurance Ltd. Subject to regulatory approval, the name of the company would be changed to Sun General Insurance Inc. CLICO General Insurance operates in Antigua and Barbuda, Anguilla, Barbados, Dominica, Grenada, St. Kitts and Nevis, St. Lucia, St. Maarten and St. Vincent and the Grenadines.

Stackhouse Poland Buys Allison & Partners: Allison & Partners, based in Maldon, Essex, was founded in 1978 and is a specialist professional indemnity broker focusing on recruitment, IT and surveyors. All staff have been retained. The acquisition takes Stackhouse Poland through the £50m gross written premium barrier and means it has five locations in London and the South East. In addition the company has two specialist joint venture companies, Green Park Insurance Services and HFM Columbus Insurance Services, specialising in the provision of insurance to wealthy private clients and commercial property owners. Jim Allison, the founder of Allison & Partners who is remaining with the company, said: "It was important that we found a successor firm with a similar cultural service ethic that would look after our clients with the same level of personal service and advice that they have enjoyed in the past. "Stackhouse Poland has a fantastic reputation for high service standards and so it is a perfect fit for the business moving forward." Stackhouse Poland's managing director, Jeremy Cary, commented, "Our strategy continues to be focused on strong organic growth in our chosen sectors and additionally via acquisition of like-minded companies. Allison & Partners relationship and advice driven approach to their Clients in the ‘White Collar' professional sectors that we also operate in will fit perfectly with Stackhouse Poland. We are really looking forward to working with their team and continuing to build our specialist business."

Tower Hill Insurance Group Completes Purchase of Royal Palm Insurance Company (February 25, 2011): The sale of Royal Palm Insurance Company to an affiliate of Tower Hill Insurance Group, LLC has been finalized. With the purchase of Royal Palm, the market share and surplus of Tower Hill Insurance Group increase significantly. The following combined results below include all domestic Personal Lines carriers in the Tower Hill Family of Companies, as of December 31, 2010: Surplus $123 million; Written premium $566.8 million; and

Policies in-force 348,000. Founded in 1972, Tower Hill has grown into one of Florida’s largest writers of residential property insurance. The company’s corporate headquarters is located in Gainesville, Florida. Contact Veronique Kaiser at 352.333.1259 or vkaiser@thig.com

United Fire & Casualty Company Completes Acquisition of Mercer Insurance Group (March 28, 2011): With this acquisition, initially announced on November 30, 2010, there is no overlap between the agency networks of United Fire and Mercer, as Mercer primarily markets in six Western and Mid-Atlantic states in which United Fire has no appointed property and casualty agencies. United Fire will now market through over 1,000 independent agencies, diversifying exposure to weather and other catastrophe risks across our geographic markets. Also with the completion of the acquisition, the combined company will be able to build on common conservative underwriting and investment cultures. "The completion of this transaction marks an important milestone for United Fire," said Randy A. Ramlo, president and chief executive officer of United Fire. "Today, we significantly expanded our resources to better serve our policyholders and agents by offering additional products and services. With Mercer Insurance, we know that our shared focus on underwriting profitability will achieve the continued strong, consistent results our United Fire stockholders expect." Under the terms of the merger agreement, Mercer Insurance stockholders will receive $28.25 per share in cash, representing an aggregate transaction value of approximately $191 million. As previously reported, United Fire anticipates the acquisition will contribute to its net income and return on equity no later than 2012. USI Insurance Services Acquires The Amerisc Corp. (March 3, 2011): USI announced the closing of the acquisition of The Amerisc Corp., Atlynx Surety Brokers, LLC, and its principal affiliates (collectively "Amerisc"). Amerisc, based in Garden City, NY, with an office in Nanuet, NY, specializes in commercial property & casualty, surety, and employee benefits insurance for middle-market businesses and is expected to contribute approximately $11 million in revenues to USI on an annual basis. Terms of the transaction were not disclosed. USI CEO Michael Sicard said, "Amerisc is a great addition and complement to our existing organization. By combining USI's Woodbury office and Amerisc's Garden City office under Phil Samuels and Frank Abbatiello's leadership, we will become one of the largest middle-market insurance brokerage firms in Long Island. In addition, the Nanuet office provides for expansion into the growing area of New York's Rockland County, Hudson Valley, and Northern New Jersey. I am pleased to officially welcome Phil, Frank, and the rest of the exceptional insurance professionals from Amerisc to the USI team."

Philip G. Samuels, Co-Founder and President of Amerisc, said: "By joining the USI team, Amerisc continues its tradition to enable our insurance professionals to provide the level of service and attention to help our clients manage their insurance risk.”

Wesfarmers Insurance to Buy Fraser Macandrew Ryan: (March 28, 2011): The combination of Crombie Lockwood and FMR Risk creates a leading insurance broking and risk consulting business in New Zealand. “This transaction confirms our commitment to the New Zealand market and further strengthens our broking operations across Australia, New Zealand and the UK now with a combined 1400 employees and in excess of A$220 million of revenue. The acquisition will also enhance our Return on Capital from the first year,” said Rob Scott, Managing Director of Wesfarmers Insurance. “Crombie Lockwood and FMR Risk are a great fit. This acquisition is consistent with our strategy to accelerate growth with a focus on delivering customer value. FMR Risk has extensive relationships and specialist services that build on our current capabilities and propels us into a market leading position,” said Carl O’Shea, the CEO of Crombie Lockwood. “For customers, it reaffirms our focus on serving the needs of our local market. Crombie Lockwood is committed to combining the two operations into a prestigious, scalable business that enhances our delivery and innovative offerings to new and existing clients. We look forward to forging a powerful partnership with the FMR Risk team.” Paul Meehan, CEO of FMR, has been invited to join the Board of Crombie Lockwood. The transaction is expected to complete in April 2011.

Willis to Acquire 22.5% of Amabubesi Consulting Services (April 6, 2011): Willis South Africa has acquired 22.5% of the equity in Amabubesi Consulting Services (ACS), a specialist employee benefits consulting business. ACS belongs to the Amabubesi Group, a South African investment company. The latest transaction, which will enhance Willis’ employee benefits business and further strengthen the broker’s position in terms of South African equity legislation, coincides with the 10th anniversary of the insurance broker’s return to South Africa in November 1990. As part of the new deal, Peter Moyo, Executive Director of Amabubesi, and Ndivhuwo Ravele, former CEO of ACS, have joined the board of Willis South Africa as Non-Executive Directors; and Ryck Genis, CEO of Willis South Africa, has joined the board of ACS, creating synergies between the two groups. Commenting on the transactions, Genis said, “We are committed to providing the very best service to our clients, and to developing our business in South Africa – a key market with excellent long-term growth potential for us. Amabubesi, a dynamic firm with a reputation for investing in strong businesses, will help us achieve our

objectives. We can think of no better partner as we seek to develop new growth opportunities to meet the insurance and risk management needs of our broad client base in South Africa.” Moyo said, “Our vision is to partner with first league players and management teams with a credible track record. As South Africa continues to grow and become an increasingly important player in the global economy, local and international companies will need world-class risk management to take advantage of significant opportunities here in sectors like construction, mining, manufacturing and aviation. For this reason, they will look to partner with a broker like Willis, which has strong local roots and expertise, backed by extensive global resources. We look forward to working with Willis to build on their success in South Africa.”

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