Primary Group has acquired commercial underwriter and wholesaler Benchmark Management Group through its US holding company Primary Group Incorporated.
Primary said the deal marked the first in a series of forthcoming US acquisitions over the next few months.
Benchmark Management Group, encompassing Benchmark LLC, Benchmark Management Group, and The Log Home Agency, is a managing general underwriter and programme administrator that specialises in commercial package business in New York, New Jersey, Pennsylvania and Connecticut, and in personal lines business within 40 US states.
In 2003 the group wrote in excess of $40m in premium, said Primary.
Following the acquisition, Doris Ng, who remains a significant shareholder in the business, assumes the position of president and chief executive of Benchmark.
Primary Group Inc president and chief executive Charles Norton–Smith said: “With a licence to issue homeowners insurance in 40 states and authorisation to transact commercial insurance business in states that contain 40% of the US population, Benchmark is a significant addition in support of our US growth strategy.
“We are confident that Doris Ng and her seasoned team of underwriters will build on the successful platform they have created, while benefiting from the wealth of relationships and trading partners that Primary Group will bring to their business.
“Primary excels in creating new relationships across a wide scope of markets, and we look forward to bringing this value to additional US businesses in the near future.”
