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At a Standard & Poor’s Conference on Monday, three insurance executives spoke of a softening of the P/C insurance market, both in personal and commercial lines. Ramani Ayer, chairman and CEO of the Hartford Financial Services, Stephen Lilienthal, chairman and CEO of CAN Financial Group, and Charles Kavitsky, president of Allianz America agreed that premiums… Continue reading Top Carrier Execs Predict Even Softer Market Turn

Dutch financial services company SNS Reaal Groep NV has agreed to buy AXA SA’s insurance businesses for $2.35 billion ($1.7 billion euros. The AXA deal will make SNS the fifth-largest carrier in the Netherlands in terms of market share. AXA is Europe’s second largest insurer.

Private equity firm Carlyle Group, partnered by Prudential Financial, has struck a deal with China Pacific Insurance Company (CPIC), the country’s third largest insurer, with a $US1 billion float. An agreement between the US companies last week to convert their 25% holding in CPIC’s subsidiary life insurance arm back into a stake in the parent… Continue reading US Firm Strikes a Deal with Chinese Insurer, Leaving IAG Out

Private equity firm The Blackstone Group announced yesterday that it will purchase Newport, CA-based Alliant Insurance Services for a purported amount of $1.2 billion. Alliant is a specialty insurance broker and ranks among the 15 largest insurance firms in the U.S. It has more than 20,000 commercial clients, is owned by the New York-based investment… Continue reading Alliant Insurance Services to be Acquired by The Blackstone Group

A.M. Best Co. has affirmed the issuer credit rating (ICR) of “bbb+” of Beazley Group plc (Beazley) (United Kingdom), the non-operating holding company of the Beazley group of companies, and the debt ratings of “bbb-” on the GBP 150 million (USD 296 million) junior subordinated notes due 2026 and the USD 18 million junior subordinated… Continue reading A.M. Best Affirms Ratings of Beazley Group plc; Revises Outlook to Positive

Zenith National Insurance Corp. (NYSE:ZNT – News) today declared a regular quarterly cash dividend of $0.42 per share on its outstanding shares. The dividend is payable August 14, 2007 to stockholders of record at the close of business on July 31, 2007. Contact: Zenith National Insurance Corp. Stanley R. Zax, Chairman & President, 818-713-1000

In their latest attempt to rid Michigan motorcycle riders of their helmets, special interest groups in Lansing have proposed an ‘opt-out’ solution. For a $100 fee, motorcyclists would have the chance to buy their way out of a helmet.    American Bikers Aiming Toward Education (ABATE) conceived the bill, which would require riders to be… Continue reading AAA Opposes HB 4749, Which Provides ‘Opt-Out’ Option for State’s Helmet Law

Governor Eliot Spitzer and State Insurance Superintendent Eric R. Dinallo announced today that Silverstein Properties and seven insurance companies have reached a $2 billion settlement of all outstanding insurance claims arising from the destruction of the World Trade Center. The agreement, the largest in regulatory history, ends almost six years of legal battling and removes… Continue reading State Acheives $2 Billion Settlement of Outstanding World Trade Center Insurance Claims

A.M. Best Co. has commented that the issuer credit rating (ICR) of “bb+” of North Pointe Holdings Corporation (NPHC) (NASDAQ: NPTE – News) will remain unchanged as a result of the announcement that NPHC has entered into a definitive purchase agreement to acquire Capital City Holding Company, Inc. Additionally, the financial strength rating (FSR) of… Continue reading A.M. Best Co. has commented that the issuer credit rating (ICR) of bb+ of North Pointe Holdings Corporation

Commercial Insurance is focus of Banc of America Corporate Insurance Agency, LLC Bank of America today announced it has retained Banc of America Securities LLC to act as its financial advisor to explore strategic alternatives for its commercial insurance brokerage business, Banc of America Corporate Insurance Agency, LLC. Banc of America Corporate Insurance Agency, headquartered… Continue reading Bank of America to Explore Strategic Alternatives for Insurance Brokerage