Leading insurers in Florida today announced the formation of the Personal Insurance Federation of Florida (PIFF), which will advocate for strengthening the personal lines insurance environment through competitive market principles. PIFF is a trade association whose goal is to help create a dynamic, efficient, and competitive marketplace for personal insurance products for the benefit [...]
Size matters, according to a new report on the insurance brokerage market by Advisen Ltd. As a result, the frenetic pace of consolidation in the brokerage sector will be only temporarily slowed by the global economic recession.
“Large brokers enjoy certain advantages of scope and scale,” said John Molka III, the author of the report. “At [...]
United America Indemnity Group Goes Live With Duck Creek Technologies’ Policy Administration Solution
Duck Creek Technologies, Inc. a leading provider of software and service solutions for the insurance industry, today announced that United America Indemnity Group, Inc. (”United America”) has implemented Duck Creek’s Policy Administration solution for a number of its Commercial ISO lines products. The PA-based carrier went live within six months with a custom Vacant Property [...]
Hughes Insurance, the largest independent broker for car insurance in Northern Ireland, has recorded a number of incidents where motorists have had their insurance policy renewal declined by their existing provider. The incidents indicate that certain insurance providers are ‘redlining’ specific areas in Northern Ireland – including Newry.
‘Redlining’ is the practice of denying services, such [...]
AssuranceAmerica Corporation announced that John M. Mongelli has joined AssuranceAmerica Corporation as its Senior Vice President of Finance. John will also assume the role of Chief Financial Officer on August 16, following the filing of the company’s June 30, 2009 Quarterly Report. John was formerly the Vice President and Corporate Treasurer of ChoicePoint, Inc.
Allied World Assurance Company Holdings, Ltd announced through its U.S.-based Darwin subsidiary, a new program with Jardine Lloyd Thompson (JLT) Facilities, Inc. in conjunction with the rollout of Darwin’s nationwide standard market Lawyers Professional Liability (LPL) product. JLT will be underwriting on behalf of Darwin on an admitted basis in New York, New Jersey, Illinois, [...]
PartnerRe announced that it has entered into definitive agreements to acquire PARIS RE a French-listed, Swiss-based diversified reinsurer. PartnerRe will exchange 0.30 of its common shares for each PARIS RE common share outstanding in a stock-for-stock transaction.
This acquisition is expected to add $1.7 billion in new shareholders’ equity to PartnerRe. Separately, PARIS RE is expected [...]
Despite the downturn in the economy, the multibillion dollar global insurance brokerage business held steady, for the most part, in terms of brokerage revenues in 2008. Best’s Review’s annual Top Global Insurance Broker ranking reports Aon Corp. as the No. 1 global broker with $6.2 billion in brokerage revenues. No. 2 is Marsh Inc. with [...]
new economic reality means consumers can no longer rely on what’s worked for them in the past. And the ever-changing life insurance marketplace means financial professionals must find even more creative solutions to their clients’ needs.
To meet those needs, Nationwide Financial Services, Inc. launched the newest version of its YourLife® suite of life insurance products [...]
Aquiline Capital Partners LLC (“Aquiline”), a New York-based private equity firm investing in the financial services sector, today announced it has acquired Conning & Company (“Conning”), a leading global provider of expert solutions and services to the insurance market. The sale by Swiss Reinsurance Company Ltd. (“Swiss Re”), under undisclosed terms, will include Conning’s U.S. [...]