Friday 13 December 2013

Insurance Mergers & Moves: Friday, December 13, 2013

Insurance Mergers & Moves
December 13, 2013
Business Moves & Mergers of Special Note

USI Completes Acquisition of Van Gilder in Colorado

Dec 10, 2013 -- USI Insurance Services officially closed its previously announced acquisition of Van Gilder Insurance Corp. Terms of the deal were not ...

AmWINS to Acquire Bliss & Glennon and eReinsure from Fortegra

Dec 3, 2013 -- North Carolina-based insurance wholesaler AmWINS Group Inc. has agreed to a deal with Fortegra Financial Corp. to acquire both Bliss & ...

Applied Systems Acquired by Hellman & Friedman from Bain Capital for $1.8B

Nov 26, 2013 -- Applied Systems Inc., a leading insurance software provider, said it has agreed to be acquired by investment funds advised by private ...
Business Moves & Mergers

AIG to Open $5.5M Tech Center, Bring 230 New Jobs to Charlotte, N.C.

Dec 11, 2013 -- North Carolina officials announced American International Group will invest more than $5.5 million to establish a technology center in ...

Former Marsh CEO Duperreault in Group Buying SAC Capital Reinsurance Unit

Dec 10, 2013 -- Steven A. Cohen, the billionaire founder of SAC Capital Advisors LP, agreed to sell a reinsurer he formed in 2012 after the hedge fund firm ...

Title Insurer Fidelity National Weighs Selling Assets

Dec 10, 2013 -- Fidelity National Financial Inc., the title insurer that also has restaurant businesses and an auto parts company, hired JPMorgan Chase ...

SAC Capital's Reinsurer to Be Sold to Investor Group Headed by Duperreault

Dec 10, 2013 -- Steven A. Cohen, the billionaire founder of SAC Capital Advisors LP, agreed to sell a reinsurer he formed in 2012 after the hedge fund firm ...

ANV, Ryan Specialty Complete Managing Agency Combination

Dec 9, 2013 -- ANV Holdings BV, the Dutch-headquartered specialty insurance business founded by CEO R. Matthew Fairfield, and Ryan Specialty Group, LLC ...

IAG Said to Consider Bidding for Wesfarmers Insurance Unit

Dec 6, 2013 -- Insurance Australia Group Ltd., the nation's biggest car and home insurer, is studying a bid for Wesfarmers Ltd.'s insurance unit, ...

Imperial Management Corp. Completes National Automotive Insurance Co. Acquisition

Dec 4, 2013 -- Louisiana-based, Imperial Management Corp. (IMC), and Southport Lane LP announced that IMC has obtained all required regulatory approvals ...

JLT Towner Acquires Charter Risk Management Services in Connecticut

Dec 3, 2013 -- JLT Towner Insurance Management (USA), LLC, announced its acquisition of Charter Risk Management Services, LLC, a Connecticut captive ...

USI Insurance Acquires Van Gilder in Colorado

Dec 3, 2013 -- Valhalla, N.Y.-based USI Insurance Services has entered into an agreement to acquire Van Gilder Insurance Corp. in Denver, Colo. This deal ...

TWFG Acquires Ward Business Insurance

Dec 3, 2013 -- The Woodlands, Texas-based TWFG has acquired Ward Business Insurance, located in the Kingwood/Humble, Texas area. TWFG's proprietary ...

IBTX Risk Services, Insphere Global Partners and HR Benefits to Merge

Dec 3, 2013 -- IBTX Risk Services, Insphere Global Partners and HR Benefits (formerly member companies of Independent Insurance Group), all based in ...

Marsh & McLennan Agency Acquires Michigan's Cambridge Property & Casualty

Dec 3, 2013 -- Marsh & McLennan Agency LLC (MMA), a subsidiary of insurance broker Marsh Inc., announced the acquisition of Cambridge Property & ...

AmWINS to Acquire Bliss & Glennon in California from Fortegra

Dec 3, 2013 -- AmWINS Group Inc. has reached a definitive agreement with Fortegra Financial Corp. to acquire Bliss & Glennon, an excess and surplus ...

Safe Harbor Benefits Navigates to Higginbotham

Nov 27, 2013 -- Independent insurance broker Safe Harbor Benefits, located in Arlington, Texas, has merged with Fort Worth-based Higginbotham, the ...

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Thursday 12 December 2013

Breaking News: Treasury's Federal Insurance Office Releases Long-Awaited Modernization Report

Insurance Journal Breaking News
December 12, 2013

Breaking News Alert

Treasury's Federal Insurance Office Releases Long-Awaited Modernization Report

Read the full story

After nearly two years of waiting, the U.S. Department of the Treasury's Federal Insurance Office (FIO) today released its long-awaited report on how to modernize and improve the system of insurance regulation in the United States.

In its report, the FIO has concluded that in some circumstances, policy goals of uniformity, efficiency, and consumer protection make continued federal involvement necessary to improve insurance regulation. However, insurance regulation in the United States is best left to a hybrid model, where both state and federal regulatory bodies play complementary roles.

Read the full story

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Tuesday 10 December 2013

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Monday 9 December 2013

Weekly Reader Picks: Monday, December 9, 2013

Sponsored by: GMI Insurance. GMI Partnership Race. Win: Kindle Fire HD, Movie Tickets, White Paper! Click here for more information.
Insurance Journal Weekly Reader Picks
December 9, 2013

Top 10 for the Past Week

1.Zurich Insurance Lowers Profit Target; Signals Business Sale
Dec 5, 2013 -- Zurich Insurance Group AG, Switzerland's largest insurer, lowered its profit goal as Chief Executive Officer Martin Senn signaled he's ready to sell some businesses to bolster earnings growth. Zurich Insurance said ...
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2.Illinois Roofing Company Fined $158K for Safety Hazards
Nov 25, 2013 -- Affordable Roofing and Exteriors Inc. in Trenton, Ill., has been cited by the U.S. Department of Labor's Occupational Safety and Health Administration for five safety violations, carrying proposed penalties of $158,015. ...
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3.Homebuilder Lennar Says Florida Jury Awards It $1 Billion Against Developer
Dec 4, 2013 -- Lennar Corp. said a Florida jury awarded it $1 billion in damages against a California developer, Nicolas Marsch III, who the homebuilder accused of defamation and conspiring with Barry Minkow to extort money from the ...
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4.Let College Player Keep Half-Court Shot Prize Money: Athletic Board
Dec 3, 2013 -- The Kansas Collegiate Athletic Conference recommended that the college basketball player who hit a half-court shot for $20,000 at an Oklahoma City Thunder game be allowed to use the money toward his tuition. Cameron ...
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5.Obamacare's Small Business Exchange Site Delayed 1 Year
Dec 1, 2013 -- Small businesses won't be able to use the federal government's health insurance website until November 2014 in most U.S. states, the latest delay for the Obama administration's health-care system overhaul. ...
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6.AmWINS to Acquire Bliss & Glennon and eReinsure from Fortegra
Dec 3, 2013 -- North Carolina-based insurance wholesaler AmWINS Group Inc. has agreed to a deal with Fortegra Financial Corp. to acquire both Bliss & Glennon, an excess and surplus lines wholesale insurance broker and managing ...
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7.Sea-Level Rise Too Fast for Current Forecast Tools, Study Says
Dec 4, 2013 -- By the time climate change reduces crop yields or frequently floods New York City subways, it will be too late to avert damage without better forecasting tools, a panel of scientists said in a report released today. ...
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8.California Woman Ticketed For Driving With Google Glasses
Dec 5, 2013 -- A California woman has pleaded not guilty to what is believed to be the first traffic citation alleging a motorist was using Google's computer-in-an-eyeglass. The device known as Google Glass, not yet widely available ...
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9.Travelers Sues British Insurance Company Over Umbrella-Shaped Logo
Dec 5, 2013 -- The Travelers Companies recently sued London, U.K.-headquartered financial services and insurance company Legal & General Group PLC (L&G Group) and its affiliates over the British company's use of an ...
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10.Flood of Regulations Coming from Obama Administration
Dec 5, 2013 -- Over the next 12 months, the Obama administration is due to issue regulations governing everything from e-cigarettes to smoke-stack emissions in what experts predict will be a second-term rush to put rules in place ...
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This Week's Most Popular: Monday, December 9, 2013

Claims Journal This Week's Most Popular
December 9, 2013

Top 10 for the Past Week

1.When is A Vehicle Considered a Total Loss?
Dec 5, 2013 -- When and whether a vehicle involved in a collision is considered to be "totaled" for first-party insurance purposes is an issue of great angst and confusion for most consumers. We hear horror stories about older, functioning automobiles being ...
2.State by State Look at Driving Rules for Older Drivers
Sep 19, 2012 -- A 50-state look at the varying rules across the nation governing drivers' licenses for older adults. ALABAMA: Licenses are renewed every four years for all drivers, with no additional requirements for older drivers. A legislative committee ...
3.Wal-Mart Steps Up Security as Fight Breaks Out Over TV
Dec 2, 2013 -- With an estimated 140 million Americans predicted to shop this past weekend, retailers bolstered security, deployed Segway patrols and put on live music to distract shoppers and avoid the deal-hunting scrums that can foster Black Friday tramplings. ...
4.Plans to Raze Flawed Vegas Hotel Tower on Hold While Claim Investigated
Nov 26, 2013 -- Plans for owners of the CityCenter development to demolish a flawed, half-built hotel tower on the Las Vegas Strip have been placed on hold. Clark County District Judge Elizabeth Gonzalez, at a Friday hearing, withdrew her Aug. 23 approval of plans ...
5.Water-Based Asset Marking Technology Hits the U.S.
Dec 3, 2013 -- A new, water-based forensic marking technology promises to reduce property crimes by 50-60 percent, according to Logan Pierson, president of SmartWater CSI, LLC. The company, in existence for 17 years in the UK, recently established a presence in ...
6.Understanding Comparative Fault, Contributory Negligence and Joint & Several Liability
Sep 5, 2013 -- Effective subrogation requires a thorough understanding of some of the more confusing legal terms we must all work with. Matthiesen, Wickert & Lehrer, S.C. has compiled a list of the various laws in every state dealing with whether the state is ...
7.Recent Decisions Limit Recovery From State Guaranty Funds
Dec 4, 2013 -- Two recent decisions have clarified the applicability and limitations of coverage available from state insurance guaranty funds. Guaranty funds are designed to protect insureds when an insurer becomes insolvent and is unable to pay claims, but the ...
8.The Difference Between a Hurricane, Cyclone and Typhoon
Nov 11, 2013 -- A powerful typhoon hit the Philippines on Friday and moved out to the South China Sea: HURRICANE? CYCLONE? TYPHOON? They're all the same, officially tropical cyclones. But they just use distinctive terms for a storm in different parts of the world. ...
9.$15 Million Awarded in Childbirth Death Lawsuit
Nov 25, 2013 -- Jurors have awarded a $15 million settlement to the husband of a suburban Chicago high school teacher who died while giving birth. The Chicago Sun-Times reports that the wrongful death lawsuit accused two doctors and hospitals of failing to diagnose ...
10.Study Finds Little Evidence to Support a Link Between Sport Concussions and CTE
Dec 3, 2013 -- It's been widely reported that football and other contact sports increase the risk of a debilitating neurological condition called chronic traumatic encephalopathy (CTE). But in the journal Neuropsychology Review, researchers are reporting only ...

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