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Safeco Corp. says it wants to add 1,000 agents to sell its auto and home insurance and an additional 300 to 500 agents to sell coverage to businesses in the next year. To recruit that many agents, Safeco is increasing the commissions it pays to the independent agents who represent it. Safeco has about 9,000… Continue reading Safeco Luring Agents with Commissions Insurance Firm Plans to Pay More, Hopes to Expand Coverage

Aon Corp. (NYSE:AOC) said it has signed a letter of intent to sell its Construction Program Group to Chicago-based Old Republic Insurance Co. for $85 million in cash, furthering Aon’s exit from the property and casualty business. Aon said the sale would boost the company’s specialty property and casualty reserves by about $100 million. Aon… Continue reading Aon to Sell Construction Group, Continuing Exit of P&C Business

USI Holdings Corp. reported that it has received an inquiry from a private equity firm interested in acquiring all of the outstanding common stock of the company. In response, the company’s board of directors has formed a special committee consisting of outside directors to review the proposal and consider all of the company’s options. Lazard… Continue reading USI Holdings Reports Buyout Inquiry

A.M. Best Co. has placed the financial strength rating (FSR) of B+ (Very Good) and the issuer credit ratings (ICR) of “bbb-” of Affirmative Insurance Group (Affirmative), as well as the ICR of “bb-” of Affirmative’s parent company, Affirmative Insurance Holdings, Inc. (Affirmative Holdings) (NASDAQ: AFFM) under review with negative implications. All companies are located… Continue reading A.M. Best Places Ratings of Affirmative Insurance Group Under Review with Negative Implications

SAN FRANCISCO (MarketWatch) – Willis Group, the third-largest insurance broker in the world, offered to acquire bigger rival Marsh & McLennan three months ago, but the bid was rejected, a person familiar with the situation said on Monday. Although Willis WSH is smaller than Marsh, the company planned to make the acquisition with help from… Continue reading Willis Offered To Buy Rival Marsh

The Swiss reinsurer Converium has agreed to sell its US operations to Berkshire Hathaway for $295mn, paving the way for a possible upgrade of the company. Converium – which confirmed earlier this year that it was looking to sell its run-off units – said it would sell its operations to Berkshire Hathaway’s National Indemnity for… Continue reading Converium sells US operations

The Securities and Exchange Commission charged three former RenaissanceRe executives with securities fraud charges for their alleged involvement in a finite reinsurance scam that the SEC claims the executives concocted to smooth RenRe’s earnings. James N. Stanard and Martin J. Merritt, the former CEO and former controller, respectively, of RenaissanceRe Holdings Ltd. (RenRe) and Michael… Continue reading SEC Charges Three Former RenaissanceRe Execs with Fraud

The St. Paul Travelers Companies, Inc. reaffirmed today that media reports of it being in discussions regarding the possibility of a merger with Zurich Financial Services Group are not true. While the company also reaffirmed that its policy is to avoid any comment on, or response to, market rumors or speculation, it said that the… Continue reading St. Paul Travelers Denies Zurich Merger Talks…Again

Global insurance broker Willis Group Holdings has signed an agreement with the New York Attorney General and the Insurance Department of New York amending the previous agreement banning receipt of all contingent payments. The change clears the way for Willis to accept contingency payments from insurers but only when it is performing functions as a… Continue reading Willis Joins Marsh in Getting OK for Contingency Pay for MGA Services

A.M. Best Co. has downgraded the financial strength rating to A- (Excellent) from A (Excellent) of Sirius America Insurance Co. (Sirius America) (New York). The rating has been removed from under review and assigned a stable outlook. This rating action follows the Aug. 3, 2006, completion of the acquisition by Lightyear Capital of a majority… Continue reading A.M. Best Downgrades Ratings of Sirius America Insurance Co., Removes Ratings From Under Review