Broker acquires tower construction specialty coverage firm
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Hunt Valley, Maryland-based wholesale broker All Risks Ltd. has acquired Austin, Texas-based Tower Program Insurance Services Inc.
Terms of the transaction were not disclosed.
Tower Program Insurance Services is a national program administrator and has developed a national program for the tower construction industry. Program coverage includes customized workers’ compensation, general liability, auto, and installation floaters. The minimum premium is $50,000, All Risks said Saturday in a statement.
Tower Program Insurance Services founders Scott Hermesmeyer and Patrick Shea have joined the national specialty programs unit of All Risks as directors of the national tower construction program. They will remain in their Austin location. Messrs. Shea and Hermesmeyer are responsible for marketing and underwriting this program, according to the statement.
“We could not be happier to have Patrick and Scott joining the All Risks Programs team. Their expertise of the tower construction industry distinguishes them in the marketplace and allows them to run a profitable program in a very underserved and difficult-to-place class of business,” said Chris McGovern, senior vice president of All Risks’ national specialty programs.
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