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On Monday, Brown & Brown, Inc. announced the purchase of the property and casualty insurance brokerage business of JPMorgan Insurance Agency, Inc., located in Newark, Delaware, by a subsidiary of Brown & Brown, Inc.    The acquired business, with annualized revenues of approximately $4.0 million, consists primarily of high-end clientele personal lines property and casualty… Continue reading Brown & Brown to Buy JPMorgan Insurance Agency

Crawford & Co. announced its promotion of Jeffrey T. Bowman, instrumental in the company’s international expansion, as president and chief executive officer, effective Jan. 1, 2008. Previously chief operating officer of Crawford’s Global Property & Casualty unit, Mr. Bowman succeeds Thomas W. Crawford, who was named CEO in September 2004 and will assume the role… Continue reading Crawford Appoints Bowman to President, CEO

James J. McNasby has been named to general counsel of Marsh Inc., Marsh & McLennan Cos. Inc.’s (MMC) insurance brokerage and risk advisory unit. Most recently the senior vice president of North America Legal for Northfield, Illinois-based Kraft Foods Inc. and chief lawyer for Kraft’s North American business, Mr.McNasby succeeds Richard J. Sullivan, who left… Continue reading Marsh Names General Counsel

The largest U.S. bank, Citigroup Inc., announced that it will buy the remaining interest of Nikko Cordial Corp. for 530 billion yen ($4.6 billion), making the Japanese brokerage a wholly owned subsidiary.     At a briefing in Tokyo today, Citigroup Japan Holdings Ltd. Chief Executive Officer Douglas Peterson said that the bank will use… Continue reading Citigroup to Acquire Rest of Nikko Cordial’s Shares

American International Group Inc. and AIG shareholders have combined a lawsuit complaint against former chairman Maurice R. Greenberg and former chief financial officer Howard Smith, charging them with breaching fiduciary duties.    The joint complaint, which was filed in Delaware Chancery Court on Friday, was previously issued as two separate complaints AIG and the shareholders.… Continue reading AIG and its Shareholders Consolidate Lawsuits

On Monday, the states of Arizona, California, Illinois, Maryland, New Hampshire, New Jersey, New York and Washington announced that they would challenge the Bush administration in federal court over its new rules that block the expansion of a health insurance program for children from low-income families.       Accusing the administration of overstepping the federal… Continue reading States Face Off with President over SCHIP

On Friday, a New Jersey federal judge threw out the remaining racketeering claims pending against several dozen insurers and brokers in a class action lawsuit stemming from industry-wide investigations into bid-rigging and client-steering allegations. The decision, which follows a recent ruling dismissing antitrust claims against the brokers and insurers, resolves the major claims in the… Continue reading NJ Judge Throws Out RICO Case

The National Association of Insurance Commissioners (NAIC) is drafting a proposal to comprehensively modernize reinsurance regulation in the United States. The proposal — developed by a subgroup of the NAIC’s Reinsurance Task Force — calls for amending the existing regulatory framework to allow for single-state licensing of U.S. reinsurers, and encourages the NAIC to develop… Continue reading NAIC Proposes Modernizing Reinsurance Regulation

Due to “dislocations in the mortgage-backed securities and credit markets, and deterioration in the consumer-credit environment, Citigroup expects to see a slump of about 60% in third-quarter net income from a year earlier.    In 2006, third-quarter earnings were $5.51 billion, or $1.10 a share. The mean estimate of analysts surveyed by Thomson Financial was… Continue reading Citigroup Expects Significant Downturn in Third-Quarter Income

The world’s largest wealth manager, Swiss-based UBS A.G., reported $3.4 billion in losses and its plan to cut 1,500 jobs in its investment bank. This is one the largest worldwide casualties from the credit crunch that began this summer in the United States. The company announced on Monday that it would write down 4 billion… Continue reading UBS Reports $3.4 Billion in Write-downs, Effect of Credit Crunch