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In the News
Governor Cuomo Announces Appointments to the NYSDFS
Governor Andrew M. Cuomo today announced three appointments to the New York State Department of Financial Services. These appointments follow the Governor’s recent nomination of Maria Vullo to serve as the Superintendent of DFS. The Department of Financial Services is charged with protecting consumers and markets in New York State from fraud and financial crises, […]
Cuomo Names NYDFS New Acting Superintendent
New York State Governor Andrew Cuomo has named Shirin Emami as Acting Superintendent of the New York State Department of Financial Services (NYDFS). She is the second acting superintendent since the resignation of Benjamin Lawsky, who left NYDFS in June 2015. Ms. Emami replaces Anthony Albanese. Prior to her appointment, Ms. Emami served as both […]
Capitalizing on a Changing Market: Sava Insurance
By Kelly Donahue-PiroChange is a challenge for many agency owners but not for Donna Yother from Sava Insurance. In fact when you meet her one of the first things she generally tells people is that she loves change. Donna has not sat still in her 30 years in the insurance business. Located in New London, […]
Alliant Insurance Services Acquires Preferred Concepts
Specialty brokerage firm Alliant Insurance Services has acquired program underwriter and wholesale broker Preferred Concepts, its fourth MGA acquisition in 2015. Terms of the acquisition were not disclosed. Preferred Concepts, with offices in New York, New Jersey and Connecticut, provides insurance solutions to the real estate industry, offering coverages through three operating units. “As the […]
InVEST Awards 88 Scholarship to Students Interested in Insurance Careers
InVEST, the Independent Insurance Agents and Brokers of America’s classroom-to-career education program, awarded $77,000 in scholarships to 88 students pursuing insurance-related degrees. “InVEST congratulates the 88 students representing 32 high schools, colleges and universities in 14 states and Washington, D.C., who earned scholarships this year,” says Robert G. Slocum, InVEST board chair, and president of […]
Willis, Towers Watson to Join in $18B Merger
Willis Group Holdings and Towers Watson plan to merge in an all-stock deal creating a firm with an equity value of about $18 billion. As part of the transaction, Willis shareholders will own 50.1% of the combined company, while Towers Watson will own 49.9%. Towers Watson shareholders will receive a one-time cash dividend of $4.87 […]
ACE to Purchase Chubb for $28.3B; Expects Revenue to Outweigh Cost
ACE Limited will acquire rival The Chubb Corporation for $28.3 billion, or $62.93 per share in cash and 0.6019 shares of ACE stock, the companies announced July 1. ACE used the term “complimentary” a number of times to describe the two companies in the statement announcing the planned acquisition. ACE Chairman and CEO Evan Greenberg […]
Commercial Lines Rates Increase in Q1, but at Slower Pace
Commercial lines rate increases continued, but slowed in Q1 2015, according to Towers Watson’s latest Commercial Lines Insurance Pricing Survey (CLIPS). Rates overall were up 2% in the quarter compared to the same period a year ago, the survey notes, with increases in most individual lines in the low single digits. Commercial auto and employment […]
