Sarasota health insurance agency sold

HeraldTribune.com

By JOHN HIELSCHER



SARASOTA -- A Michigan insurance provider has acquired Insurance & Benefit Consultants, a Sarasota agency that specializes in health insurance products.



Meadowbrook Insurance Group Inc. closed the deal Tuesday for IBC, one of the oldest Blue Cross Blue Shield general agencies in the state.



Meadowbrook already is in Sarasota with its Florida Preferred Administrators Inc. and Ameritrust Insurance Corp., which provide workers' compensation products.



The Southfield, Mich.-based company paid an undisclosed price to buy IBC's business from Michael R. Hays, who will maintain a consulting relationship.



Michael A. Moran, who previously worked for Meadowbrook in Michigan, was named president of IBC.



"This is a way to supplement their fee-based and commission revenue in the state," he said.



Moran will integrate his Blue Water Insurance Group, a local agency and payroll services company, into IBC.



The 27-year-old IBC sells group and individual health insurance and personal financial planning services through about 20 independently contracted producers, Moran said. They and five internal staffers will remain with the group.



"Consistent with Meadowbrook's goal to increase and diversify its fee and commission revenue, the acquisition of IBC geographically expands our agency operations and broadens our product offerings in the health and benefits field," President and Chief Executive Robert S. Cubbin said in a statement.



The 50-year-old Meadowbrook ranks among the top 25 insurance brokers in the country with more than $500 million in premiums under management.



It posted nine-month net income of $13 million, or 44 cents per share, up from $11.3 million, or 38 cents per share, one year earlier.



Shares of the company, which trades under the symbol "MIG," were selling for $5.67 at the close of trading Wednesday, up 18 cents on the New York Stock Exchange.