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W.R. Berkley Corp. unit Breckenridge IS Inc. said late Thursday it has sold its insurance services division to Accretive Insurance Solutions, a wholesale and program management unit of AssuredPartners Inc.
In a statement, W.R. Berkley said it will recognize an estimated pre-tax net realized gain on investment of $86 million on the sale in the second quarter. Other financial details were not disclosed.
The division specializes in property/casualty wholesale brokerage, contract binding and program administration, and includes Breckenridge Insurance Services LLC and Breckenridge Insurance Group Inc., which does business as Breckenridge General Agency, a Breckenridge statement said.
All of the division’s staff will join Accretive, including Trever Pierce, who will continue to lead the team, the statement said.
Atlanta-based Breckenridge will continue to operate OSC Insurance Services, Southeastern Underwriters, Target Markets Program Administrators Association and Insurance Networks Alliance, the statement said.
AssuredPartners launched Accretive last year.