Category: Show on Homepage

GlobalOptions Group, Inc. a leading provider of domestic and international risk management services, today announced that its Fraud & SIU unit has signed a two-year, $750,000 annual contract with one of the West Coast’s largest property and casualty insurance carriers. GlobalOptions’ Fraud & SIU unit will serve as a preferred provider of investigative services for… Continue reading GlobalOptions Signs Deal with Major West Coast P/C Carrier to Investigate Claims, Fraud

The following article appeared in American Banker:    As mortgage lenders struggle to contend with the double-barreled threat of rising defaults and lower origination volume, a third, less discussed source of risk is now starting to emerge.    Lenders’ loss-sharing arrangements with mortgage insurance companies, a source of revenue that in recent years seemed barely… Continue reading Reinsurance Loss-Share Pacts: Next Pain Point

Arthur J. Gallagher & Co. announced on Monday the acquisition of Robert A. Schneider Agency, Inc. headquartered in Minnetonka, Minnesota. Founded in 1974, Robert A. Schneider Agency, Inc. (RAS) is a managing general agent and wholesale insurance broker which provide excess and surplus, property/casualty, professional business liability and other specialty insurance products and services for… Continue reading Arthur J. Gallagher Acquires Minnesota-based MGA, Wholesale Broker

MBIA Inc. the holding company for MBIA Insurance Corporation, today announced that it has entered into a definitive agreement with Warburg Pincus, the global private equity firm, which will commit to invest up to $1 billion in MBIA through a direct purchase of MBIA common stock and a backstop for a shareholder rights offering.  … Continue reading MBIA Increases Capital with $1B from Warbus Pincus Commitment

Insurer American Financial Group is extending its reach into the workers’ compensation market with the acquisition of a Louisiana firm. The company said late Friday that it will acquire Strategic Comp Holdings, a Metairie, La.-based provider of workers’ compensation programs. Terms of the deal weren’t disclosed. Strategic Comp’s services include loss control, claims management and… Continue reading American Financial Group Acquires Workers Comp Company

A bill designed to keep tabs on convicted arsonists has passed the House. H.R.1759, the Managing Arson Through Criminal History (MATCH) Act of 2007 will require states and jurisdictions to establish and maintain arsonist registries and make the registries available on the Internet.    The bill, introduced in March, was sponsored by California Representatives. Mary… Continue reading House Passes Bill to Track Convicted Arsonists via Registry

The Department of Atmospheric Science at Colorado State University issued an early forecast of the 2008 Atlantic hurrican season, which runs from June 1 through November 30, predicting 13 named storms, seven of which will become hurricanes. The forecasters further predicted that three of those seven hurricanes will become “major” storms packing sustained winds of… Continue reading Early Predictions Issued for 2008 Hurricane Season

UBS AG, based in Zurich, announced today that that two strategic foreign investors committed to inject capital worth 13 billion Swiss francs ($11.5 billion) as part of a broader move to strengthen capital as the Swiss bank announced a further $10 billion in write-downs on subprime holdings. Additionally, UBS revised its outlook, saying it now… Continue reading UBS to Get Capital Injection from Investors Amid Additional $10B in Subprime Losses

AmTrust Financial Services, Inc. (Nasdaq:AFSI) announced today that it had entered into an agreement to acquire the Unitrin Business Insurance (UBI) unit of Unitrin, Inc. UBI conducts business in 30 states with a geographic emphasis in the South, Northwest and Midwest, and had total premium revenues of approximately $165 million in 2006. UBI writes commercial… Continue reading AmTrust to Acquire Unitrin Unit

The world’s second-biggest reinsurer, Munich Re, agreed to buy 65 percent of Daum Direct Auto Insurance Co. to enter the South Korean market. Munich Re subsidiary Ergo Versicherungsgruppe AG will buy control of the South Korean online auto insurer by acquiring existing and new shares, Seoul-based Daum said in an e-mailed statement today. Ergo will… Continue reading Munich Re to Buy Korean Daum Direct Auto