Kaye Acquires Laub, Expands Alternative Risk Transfer Business

Kaye Insurance Associates says it has bought the assets of Laub Group of Florida, Inc. Laub will operate as a Kaye Insurance Associates division and will relocate to the Hollywood offices of Kaye affiliates Kaye-Southeast Insurance Associates, Inc. and Program Brokerage Corp. of Florida.

The newly acquired firm specializes in Alternative Risk Transfer (ART) business, giving commercial and personal clients access to non-traditional methods of risk management and insurance services. Recently Laub has been developing "de-population" programs for Florida policyholders insured by the Florida Joint Underwriting Association (JUA) and the Florida Wind Underwriting Association. The process involves taking policies out of the state-run agencies and procuring coverage with admitted carriers willing to re-enter the Florida markets.

Robert W. Virtue, recently vice president of the Laub Group, will continue to direct its operations as division manager. Virtue, a 35-year insurance and financial services veteran, is a graduate of the University of Wisconsin and also holds an advanced MBA degree from Stanford University-INSEAD in France. Virtue has more than 20 years of international experience and was recruited by Laub from Bermuda, where he specialized in catastrophe reinsurance and alternative risk transfer. Virtue commented, "Our association with a large group such as Kaye creates enormous synergy. Our clients can now expect even better service and a wider range of products. We've already managed to secure a small part of Florida's catastrophe exposure. This new association will enable us to serve a greater number of accounts and attract more admitted companies back to the Florida property market."

Also joining the new division will be Omar Cordial. Cordial, who will report to Virtue, is a 30-year insurance career professional with experience in offshore captive insurance company management. His most recent position was president of Meadowbrook Risk Management, a subsidiary of Meadowbrook Insurance Group. Cordial is a Chartered Property and Casualty Underwriter (CPCU) and an Associate in Reinsurance (ARe).

Commenting on the transaction, Bruce D. Guthart, Kaye Group chairman, president and chief executive officer, said, "This is our second recent Florida acquisition. We continue to focus our strategy on expanding regional facilities, offering special services, such as ART capabilities, to middle-market clients, and finding talented people. Laub Group and its staff fit all those criteria." In July Kaye acquired the assets of Florida Insurance Associates, Inc.