WILKES-BARRE, PA – Berkshire Hathaway GUARD Insurance Companies recently began offering Commercial Auto coverage in New York. The product can be written on a stand-alone basis or together with other complementary lines. The policy is aimed at accommodating the needs of a broad audience, including artisan contractors, repair and service operations, delivery and distributor classes, […]
It’s still a buyer’s market, according to a Marsh webcast titled “The New Reality of Risk.” Featuring experts from Marsh’s Property, Casualty, FINPRO practices, as well as its Market Information Group, the July 22 webcast confirms alternative capital and limited catastrophes are still keeping the property market competitive. Furthermore, casualty remains generally favorable for buyers […]
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, 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 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 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 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 […]
Tokio Marine Holdings, Inc. has agreed to acquire Houston-based specialty insurer HCC Insurance Holdings for $7.5 billion, or $78 per share. Tokyo-based Tokio Marine says the acquisition “significantly enhances [its] operations in the United States, the largest insurance market in the world, and internationally.” A Bloomberg report notes the transaction represents the biggest acquisition by […]
U.S. property and casualty insurers posted their second-highest yearly profit since the recession in 2014, but results deteriorated some compared to 2013 due in part to higher losses. Net income after taxes in 2014 was $55.5 billion, down from $63.4 billion in 2013, according to an ISO and Property Casualty Insurers Association of America analysis. […]
Insurance-industry employment was up across most sub-sectors in April compared to March, according to an analysis of the latest U.S. Labor Department’s Bureau of Labor Statistics (BLS) figures. Health/medical direct insurers, life insurers and agents and brokers showed the strongest monthly gains. For life insurers, employment over the last year has at last reversed a […]
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