Posted on 24 Nov 2010
Breckenridge Insurance Services, a Breckenridge IS, Inc. company, has acquired the assets of International Placement Services, LC, a wholesale insurance brokerage firm founded by Richard J. Eichhorn in 1981. IPSICO’s expertise is in hard-to-place, standard and excess/surplus lines risk.
Breckenridge IS, Inc. is a specialty insurance underwriting manager, program administrator, managing general agent, wholesale broker and insurance services company. Complementing its primary focus on specialty insurance markets, Breckenridge IS offers a full-range of commercial property-casualty insurance products and insurance services.
New York-based Arsenal Capital Partners is the primary investor in Breckenridge IS, Inc.?Tracey Carragher, CEO of Breckenridge IS, said the acquisition of IPSICO is a major milestone coming at the anniversary of the company’s first year of operations. She said that “with IPSICO now a part of the Breckenridge organization, we will accelerate the growth of our wholesale brokerage operations throughout the Midwest and the United States.” Ms. Carragher said “I am thrilled Dick joined our organization. We will benefit from his exceptional knowledge, experience and expertise in the insurance brokerage business.”
Mr. Eichhorn, well known in the insurance brokerage industry, started the company 25 years ago after he left the national insurance brokerage firm Arthur J. Gallagher where he was area president. Breckenridge Insurance Services, LLC is the insurance brokerage operations of Breckenridge IS. Breckenridge Insurance Services is a program administrator, managing general agent and wholesale broker. All of its services are available through the Breckenridge network of 14 offices throughout the United States. Its programs range from a public entity practice to programs which focus on specific specialties ranging, for example, from contractors to landscapers.
With IPSICO, Breckenridge IS, Inc. now has completed four major acquisitions or strategic investments. During the coming year, Breckenridge plans to complete acquisitions of additional specialty insurance operations in strategic markets that will be layered into the corporate infrastructure of brokerage, alternative risk, reinsurance, program administration and underwriting.
IPSICO brings a full-line of property-casualty placement and consulting services. It is the program administrator for a number of exclusive distribution agreements with major international insurance carriers.
“After growing a successful brokerage into a leading Midwestern wholesaler, it was time for me to pass the baton on to my son Michael, who will manage the operation as a part of Breckenridge, the fast growing national organization,” Mr. Eichhorn said. He will continue to work as a consultant for IPSICO and his initial assignment is to combine the public entity practices at the two companies.
In June, Breckenridge IS completed its acquisition of the Overby-Seawell Company, a specialist in lender-placed insurance and financial risk management. Overby-Seawell is based in Kennesaw, GA and will offer IPSICO products and services to its market of banks, credit unions, consumer finance and other financial services institutions. Last year, Breckenridge made a strategic investment in the Target Markets Program Administrators Assn. in Wilmington Del. and also acquired Western Pinnacle Insurance Services in Fresno, Calif. which is now part of Breckenridge Insurance Services.
IPSICO operations will continue to be based in St. Louis. The company offers primary and excess casualty coverage, executive liability and workers compensation products including primary and excess workers compensation. It also offers inland marine coverage, commercial auto and other related casualty products. Its property coverage includes earthquake, wind and flood coverage. IPSICO’s industry specialties include a construction unit and a large public entity portfolio.
IPSICO also offers alternative risk services which will become a part of Breckenridge Enterprise Alternative Risk Services (BEARS). IPSICO also owns a premium financing company.