October 14
AUW founder, Steve Menzies, Acquires Insurance Companies from Berkshire Hathaway in $920MM Transaction
Applied Underwriters, Inc. and its subsidiary North American Casualty Co. (“A” rated, A.M. Best), a group of diversified, national financial services companies, has been acquired by Applied’s founder, Steve Menzies, joined by the Quasha Group led by Quadrant Management. The transaction, valued at $920MM, included the buyout of all other shareholders including the 81% of the 25 year old Company’s stock held by Berkshire Hathaway Inc.
“The combination of strengths that our experience and our enterprises bring to Applied will foster robust organic growth, as has long been Steve Menzies’ approach in making Applied a national leader…”
Vaping: A look at the health effects and insurance implications of Vaping
A look at the health effects and insurance implications of Vaping
The rise in vaping-related deaths and illnesses has ushered in a new awareness of the negative effects of electronic cigarettes or “e-cigarettes.”
Entering the market in the early 2000s, e-cigarettes gained global traction in 2014 and have steadily risen in popularity. Earlier this year, several people were hospitalized with a mysterious lung illness attributed to vaping and e-cigarettes. Since then, the numbers have risen steadily with the CDC reporting 805 confirmed cases of lung injury related to vaping. At the time of this article, 17 people have died due to vape-related illness. As a result of this, President Trump has pushed for a ban on certain flavored e-cigarette pods and cartridges. States have followed suit, calling for a temporary ban on these products. Although commonly viewed as a safer alternative to traditional cigarettes, we are now seeing some of the health consequences, and as more is understood about e-cigarettes, vaping, and Juul-ing”, we can expect changes in the health and life insurance industry.
Letter from the Publisher
Dear Colleagues, Friends, As the new owners of Business Insurance (BI), we are pleased to communicate Beacon International Group Inc.’s commitment to sustain BI’s uncompromising standards in journalism and service to its readers. Our commitment is born of a deep respect for this critical business sector, one in which I have been involved personally for […]
In Memoriam: Art Marchiselli
It is with great sadness that we mourn the loss of a great friend and insurance advocate, Art Marchiselli (1935-2019). Artie was one of the founding members of NYACT and without his leadership NYACT would not be the organization it is today. His unwavering pursuit of uncovering insurance fraud and addressing auto theft has been […]
The Top Five Don’ts of Employee Handbooks
Haven’t updated that employee handbook in a while? Need to review it to make sure it is accurate? What policies actually need to be in a handbook? These are some of the questions that insurance industry executives regularly face – or at least should face – concerning their handbooks. In this day and age of […]
PIRP Online Programs’ Effectiveness is Disputed; Remedy Urged
Aspiring drivers who have never climbed behind the wheel no longer have to endure a classroom-based class before taking to the roads in New York because of a new pilot program signed into law Friday by Gov. Andrew Cuomo. But critics question the effectiveness of on-line substitutions for drivers education and point reduction programs, and […]
Weddings and Insurance
By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE – Assistant Vice President/Media Editor Engagements and weddings mark significant changes in someone’s life, making it an ideal time for a review of your client’s insurance coverage. Approximately two million weddings occur in the United States each year. The average cost in 2018 was $24,723. Wedding […]
Despite Underwriting Loss, RRGs Report Financially Stable Results in Second Quarter 2019
A review of the reported financial results of risk retention groups (RRGs) reveals insurers that continue to collectively provide specialized coverage to their insureds while remaining financially stable. Based on reported financial information, RRGs have a great deal of financial stability and remain committed to maintaining adequate capital to handle losses. It is important to […]
PIANY Names Tomassi President
GLENMONT, N.Y.—John R. Tomassi, CPCU, of Clifton Park, N.Y., was named president of the Professional Insurance Agents of New York, at a meeting of the association’s board of directors today, at PIANY headquarters in Glenmont, N.Y. Tomassi is a partner in CLG Insurance in Clifton Park, N.Y. An active member of PIANY, Tomassi served as […]
