Category: Show on Homepage

Willis Group Holdings Ltd., the world’s third-largest insurance broker, will not accept new incentive payments unless the insurers offering them make changes or explain them better, Chief Executive Joseph Plumeri said.      The payments could create conflicts of interest and disrupt relationships with the company’s customers, Plumeri said Monday at an industry conference.      Willis… Continue reading Big Insurance Broker Rejects New Payments

A.M. Best Co. has affirmed the financial strength rating of A- (Excellent) and the issuer credit rating (ICR) of “a-” of Validus Reinsurance Ltd. (Validus) (Bermuda). Concurrently, A.M. Best has assigned an ICR of “bbb-” to Validus Holdings, Ltd. (Bermuda). The outlook for all ratings is stable.        The rating affirmations reflect the solid capitalization… Continue reading A.M. Best Co. has affirmed the financial strength rating of A- of Validus Reinsurance Ltd.

Arrowpoint Capital Corp. has completed the acquisition of all Royal & SunAlliance USA businesses formerly owned by Royal & Sun Alliance Insurance Group plc of London. Arrowpoint Capital Corp. was formed in June 2006 by the senior management and outside directors of Royal & SunAlliance USA.     Under the terms of the transaction approved… Continue reading Royal & Sun Management Team Completes Buyout of U.S. Businesses

The Board of Directors of Bermuda-based ACE Limited has elected the CEO of the Company, Evan G. Greenberg, to the position of Chairman of the Board of Directors, effective at the time of the Annual General Meeting in May 2007. He will succeed ACE founder Brian Duperreault, who will remain on the ACE Board, at… Continue reading Greenberg to Succeed Duperreault as ACE Board Chairman

Hub International Limited, which got its start in 1998 when 11 Canadian brokers merged and has since grown through acquisitions into one of the largest insurance brokers in North America, is being acquired by funds advised by Apax Partners together with Morgan Stanley Principal Investments in a transaction worth $1.8 billion. Hub shareholders will receive… Continue reading Hub International Being Bought for $1.8 Billion; $40 per Share

The Independent Insurance Agents & Brokers of America (the Big “I”) supports a recently reintroduced surplus lines bill, H.R. 1065 sponsored today by Rep. Dennis Moore (D-Kan.) and Rep. Ginny Brown Waite (R-Fla.), as a crucial first step for uniformity in producer licensing. “The Big “I” supports this legislation, which is an excellent example of… Continue reading Big “I” Supports Surplus Lines Bill

Acordia, Inc. — the nation’s fifth-largest insurance brokerage and part of Wells Fargo & Co. — and its affiliated companies have changed their name to Wells Fargo Insurance Services. Wells Fargo acquired Acordia, Inc. in May 2001. “The new name of our business — Wells Fargo Insurance Services — signals to current and potential customers… Continue reading Acordia Changes Name to Wells Fargo Insurance

Jan. 26 (Bloomberg) — State Farm Mutual Automobile Insurance Co.’s offer to reconsider thousands of Hurricane Katrina damage claims in Mississippi was rejected by a federal judge because so few policyholders would be guaranteed funds. U.S. District Judge L.T. Senter in Gulfport, Mississippi, said the language of a proposed class-action settlement didn’t spell out how… Continue reading Judge Refuses to Approve State Farm Katrina Agreement (Update3)

NEW ORLEANS – Thousands of Mississippi policyholders whose homes were destroyed or damaged by Hurricane Katrina must wait a bit longer before reaping their share of a proposed settlement with State Farm Fire & Casualty Co., a judge ruled.    U.S. District Judge L.T. Senter Jr. of Mississippi on Friday refused to endorse part of… Continue reading Judge Balks at State Farm Katrina Deal

Arthur J. Gallagher & Co. announced today that it has agreed to resolve all claims in the Federal Multi-District (MDL) class action pending in the New Jersey Federal District Court against commercial insurers and brokers relating to industry-wide contingent commission matters. In its written statement, Gallagher admitted no wrongdoing, but said it chose to conclude… Continue reading Ill. Gallagher & Co. Reach Settlement in Federal Class Action Case