Best's Review articles from July 2007

Best's Review archives from July 2007

Forget something?(Editor's Prologue)(Editorial)
July 1, 2007... According to the old saying, the shoemaker's children go barefoot. Our cover story, "Undercovered Agents" on page 30, reveals how many U.S. insurance agents, whose jobs are to ensure their clients are well protected, often overlook protecting...

Allianz's side of the story.(Allianz Life Insurance Company of North America)(Viewpoint essay)
July 1, 2007... The analysis of the Minnesota Attorney General's lawsuit against Allianz Life (see June 2007 Best's Review "Suitability Scrutiny") accurately described the lack of specificity provided by the suitability statutes and the allegations made by the...

Quote/unquote.(Comment)(Quotation)
July 1, 2007... Excerpted from BESTWEEK U.S./Canada and BESTWEEK Europe "Customers see us as a safe haven in a stormy sea.... What's clear is the risks faced by our clients as they go about their business are growing." Martin J. Sullivan, President...

Clarification.(Comment)(Correction notice)
July 1, 2007... A caption that ran with the story "New Deal" on page 54 of the June issue of Best's Review incorrectly stated Julian Cusack's title. He is chairman and chief executive officer of Aspen Insurance Ltd., the Bermuda-based operating company of...

7 insurers settle WTC case for $2b.(Briefing)(World Trade Center Properties L.L.C.)
July 1, 2007... Following the attacks on the World Trade Center, a complicated legal battle ensued over the question of insurers' liability that played out in the courts in May, when New York Gov. Eliot Spitzer and Insurance Superintendent Eric Dinallo...

The Equitable effect.(European Parliament committee's recommendations for improved life insurance)
July 1, 2007... Debate has been picking up in Brussels over the past few years over how to regulate insurance among the 27 members of the European Union. Judging by recent developments, the effort may boil down to deciding who is best able to balance solvency...

A life story.(100 YEARS AGO IN Best's Review)(Brief article)
July 1, 2007... The affairs of the Columbian National Life Insurance Co. of Boston, Mass., were important enough to print a full report in the July 1907 issue of Best's Review (life edition). An editorial preceded the full report in which two points open to...

Bermuda Insurers catch break with 2006 storms.(By the Numbers)(Brief article)
July 1, 2007... After Bermuda insurers braced for a chaotic 2006 hurricane season, the opposite occurred, as insured losses relating to catastrophes were only a fraction of 2005 losses according to the A.M. Best Special Report Changing Tide of 2006 Storm...

Meetings.(Briefing)(Calendar)
July 1, 2007... July 6-10 National Association of Insurance Women: NAIW (International) 66th Annual Convention, Caribe Hilton, San Juan, Puerto Rico. Phone: (918) 744-5195 Web site: www.naiw.org July 8-11 International Insurance Society: 43rd...

Influx of doctors a fairy-tale ending to Texas med-mal turmoil.(Briefing)
July 1, 2007... Once upon a time in Texas, 6,700 doctors, dropped by their carriers, were scrambling to find liability insurance and only four medical-malpractice carriers were operating in the state. The high cost of doing business in Texas was driving...

Terror mandate makes insurers ponder doomsday.(Briefing)
July 1, 2007... They are the doomsday scenarios that keep many Americans awake at night. A terrorist group explodes a tanker truck carrying chlorine gas. A "dirty bomb" is detonated in Times Square. Anthrax spores are released in a subway system. A...

A.M. Best's stock indexes.(Briefing)(Statistical table)
July 1, 2007... A.M. Best's Stock Indexes Four Weeks Ended June 14, 2007 (Dec. 31, 2004 = 1,000.00) Percent Change Index Month/ Year to Year/ AMB vs Dow...

Subprime market, regulations worry U.S. execs.(Briefing)(Brief article)
July 1, 2007... Banks and insurance companies say regulatory burdens are a concern, but in the near term, they're more worried about U.S. companies falling behind competitively over the next two to three years, according to a report by PricewaterhouseCoopers....

Principal financial signs PPO deal with Aetna.(Briefing)(preferred provider organization )(Brief article)
July 1, 2007... An agreement between Principal Financial Group Inc. and Aetna Inc. is among the latest ways Principal, one of the top U.S. sellers of 401(k) retirement plans, is seeking to expand its much smaller health insurance business. Recently,...

Hilb Rogal & Hobbs Co.(Agent/Broker)(Mary Botkin appointed)(Brief article)
July 1, 2007... HILB ROGAL & HOBBS CO. has named MARY BOTKIN senior vice president and health-care industry practice leader. Most recently, Botkin worked as president of Alliant Insurance Services' health care division. Before Alliant, she served as...

Guy Carpenter & Co. LLC.(Agent/Broker)(appointment of Jonathan Ritz)(Brief article)
July 1, 2007... GUY CARPENTER & CO. LLC has named JONATHAN RITZ senior vice president of the Eastern region treaty broking team. Most recently, Ritz served as chief operating officer for United America. Prior to that, he worked for reinsurance brokers E.W....

Kinloch Holdings Inc.(Agent/Broker)(appointment of Thomas O'Neil)(Brief article)
July 1, 2007... KINLOCH HOLDINGS INC. has named THOMAS O'NEIL executive vice president. Most recently, O'Neil was chief operating officer of USI Holdings. Kinloch, a newly formed insurance brokerage holding company, focuses on middle market clients and is...

MBIA Inc.(Agent/Broker)(Gary Dunton appointed)(Brief article)
July 1, 2007... MBIA INC. has announced the retirement of JOSEPH BROWN, its executive chairman. GARY DUNTON, current chief executive officer and president of MBIA, has been elected to succeed Brown. Dunton joined MBIA Inc. in 1998 and was most recently...

Marsh.(Agent/Broker)(appointment of Colin Grint)(Brief article)
July 1, 2007... MARSH has promoted COLIN GRINT to head of U.K. Operations. Grint will be based in the Norwich office. Grint joined Marsh in 1991 within the global property/casualty business and in 1999 moved to Marsh's financial and professional-lines...

Hiscox names Bach Global Markets business development director.(People in Insurance)(appoinment of Carl Bach)(Brief article)
July 1, 2007... Hiscox has named Carl Bach business development director of its Global Markets division. In this position, Bach will lead business development operations in the United States. He will be based in Hiscox's Manhattan office and will work with...

Blue Shield of California.(Health/Employee Benefits)(appointment of Alan Sokolow)(Brief article)
July 1, 2007... BLUE SHIELD OF CALIFORNIA has named ALAN SOKOLOW M.D. as senior vice president and chief medical officer. Sokolow will oversee health management and clinical quality improvement strategies, including Blue Shield's critical-care management and...

Colorado Bankers Life Insurance Co.(Health/Employee Benefits)(appoinment of Clabaugh)(Brief article)
July 1, 2007... Previously, Clabaugh served as vice president of work-site marketing at Ameritas Life Insurance Corp. He has also served as president and chief operations officer of Employee Security Insurance Services U.S.A. Colorado Bankers Life...

Proassurance Corp.(Health/Employee Benefits)(appointment of W. Stancil Starnes)(Brief article)
July 1, 2007... PROASSURANCE CORP. has announced the retirement of Chairman and Chief Executive Officer A. DERRILL CROWE. W. STANCIL STARNES has been elected to succeed Crowe as chief executive officer, effective July 1. Crowe will remain as a non-executive...

Bluecross Blueshield of South Carolina.(Health/Employee Benefits)
July 1, 2007... BLUECROSS BLUESHIELD OF SOUTH CAROLINA has announced the retirement of THOMAS FAULDS, president, and the promotion of his successor, DAVID PANKAU. Other promotions include JUDITH DAVIS, to executive vice president; STEPHEN WIGGINS, to...

New York Life International LLC.(LIFE)(appointment of Allan Roney)(Brief article)
July 1, 2007... NEW YORK LIFE INTERNATIONAL LLC. has named ALLAN RONEY president and representative director for New York Life's wholly owned Korean subsidiary, NEW YORK LIFE INSURANCE LTD. Roney most recently served as a partner and cofounder of a...

Conseco Inc.(LIFE)(Edward Bonach appointed)(Brief article)
July 1, 2007... CONSECO INC. has named EDWARD BONACH executive vice president and chief financial officer. Bonach succeeds EUGENE M. BULLIS, who retired. Most recently, Bonach was executive vice president and chief financial officer for National Life...

State Compensation Insurance Fund.(Property/Casualty)(David West appointed)(Brief article)
July 1, 2007... STATE COMPENSATION INSURANCE FUND has named DAVID WEST vice president and member of the executive committee. West has spent David West 27 years with State Fund, starting as a personnel services analyst in 1980. He also has served as...

Majestic Insurance Co.(Property/Casualty)(appointment of James Kilduff)(Brief article)
July 1, 2007... MAJESTIC INSURANCE CO. has named JAMES KILDUFF senior vice president of underwriting. Most recently, Kilduff created a successful excess workers' compensation insurance and reinsurance facility at Professional Indemnity.

Harleysville Insurance.(Property/Casualty)(appointment of Jenifer Rinehart)(Brief article)
July 1, 2007... HARLEYSVILLE INSURANCE has named JENIFER RINEHART senior vice president of human resources. Rinehart previously was senior vice president and human resources director for Chubb Insurance's specialty insurance division. Prior to Chubb, she...

American International Group Inc.(Property/Casualty)(appointment of Andrew Kaslow)(Brief article)
July 1, 2007... AMERICAN INTERNATIONAL GROUP INC. has named ANDREW KASLOW senior vice president and chief human resources officer. Most recently, Kaslow was managing partner of QuanStar Group LLC. Prior to that, he was head of human resources for Vivendi...

Max Specialty Insurance Co.(Reinsurance/Capital Markets)(appointment of Jon Saltzman)(Brief article)
July 1, 2007... MAX SPECIALTY INSURANCE CO. has named JON SALTZMAN as a new member of the Max Specialty board of directors. Most recently, Saltzman served as president and chief executive officer of Penn-America Group Inc.

Partnerre Ltd.(Reinsurance/Capital Markets)(appointment of Costas Miranthis)(Brief article)
July 1, 2007... PARTNERRE LTD. has named COSTAS MIRANTHIS deputy chief executive officer of PartnerRe Global, a newly created position. Miranthis joined PartnerRe in 2002 as the group's chief actuarial officer. He will maintain his current position until a...

Platinum's Mitchell tapped for APIW honor.(People in Insurance)(Association of Professional Insurance Women)(H. Elizabeth Mitchell)
July 1, 2007... For more than 30 years, the Association of Professional Insurance Women has recognized a top female insurance executive for outstanding leadership and achievement. This year the honor goes to H. Elizabeth Mitchell, president of Platinum...

Kemper offers tips to viewers.(HOMEOWNERS INSURANCE)(partnerships of Kemper Auto and Home and Quorum Productions)(Brief article)
July 1, 2007... KEMPER AUTO AND HOME has teamed up with Quorum Productions to provide insurance tips on the remodeling show, Designing Spaces. "Quorum Productions was looking for a company that would partner with them to be the exclusive homeowners...

Hartford hits a home run in Japan.(SPONSORSHIPS)(Hartford Life Insurance Co. sponsors Chiba Lotte Marines)(Brief article)
July 1, 2007... HARTFORD'S JAPANESE SUBSIDIARY is stepping up to the plate and sponsoring the baseball team Chiba Lotte Marines of Japan's Pacific League during the 2007 season. As part of the sponsorship, the company is promoting its brand and building...

Aflac's duck has some competition.(BRANDING)(Brief article)
July 1, 2007... The company recently debuted its latest TV commercial, "There's Only One Aflac." The 30-second spot shows an employee asking his boss at the water cooler if their company has Aflac. As the boss explains the company has "something else," a...

Term life products with cash value.(SPOTLIGHT)(Brief article)
July 1, 2007... Two insurers have recently introduced term life products that provide a return of premium, Fidelity Life Association has added an ROP rider to its Rapid Decision Term product, which is available in 15-, 20- or 30-year terms. The Rapid Decision...

New program for motorcycles, ATVs.(Property/Casualty)(all-terrain vehicle )(Brief article)
July 1, 2007... National Insurance Underwriters, an affiliate of Nation Safe Drivers, has introduced Rider's Choice, a motorcycle insurance program through its network of independent insurance agents. The program was initially available in Florida, Arizona,...

Liability cover launched for benefit fiduciaries.(Property/Casualty)(Liberty International Underwriters)(Brief article)
July 1, 2007... Liberty International Underwriters, a division of the Liberty Mutual Group, has introduced a liability policy that protects fiduciaries or administrators of benefit plans from claims by past and present employees. Typical claims include denial...

Annuity postpones withdrawal costs.(Life)(Brief article)
July 1, 2007... Protective Life Insurance Co. has introduced Secure-Pay, a guaranteed minimum withdrawal benefit with an option that allows variable annuity owners to avoid paying for the benefit until they decide to actually add it to the annuity. The option,...

Withdrawals can begin at age 59 1/2.(Life)(Brief article)
July 1, 2007... John Hancock Life Insurance Co. has introduced Income Plus For Life, an optional lifetime withdrawal benefit that can begin as early as age 59 1/2. The initial annual income is 5% of the purchase payment, but the benefit base can increase by 6%...

Why people buy life insurance.(SNAPSHOT)(Table)(Brief article)
July 1, 2007... Why People Buy Life Insurance Income replacement 66 Final expenses 42 Pay off mortgage 33 Transfer wealth 22 Replace another policy 21 College funding 17 Tax savings 11...

Best's rating changes.(Ratings)(Table)
July 1, 2007... This edition of Best's Rating Changes reflects all rating changes--assignments, changes or placed under review--that occurred for life, health and property/casualty insurers domiciled in North America, as well as international insurance...

Undercovered agents: agents and brokers face a wide and fast-changing range of insurance exposures, but errors and omissions could be the most costly.(Agent/Broker: Errors & Omissions)(www.ambest.com.)
July 1, 2007... Agents and brokers sell insurance every business day, but do they pay much attention to their own risks as professionals? When it comes to common business risks, the answer is probably yes. But in the matter of professional liability,...

Best's Reviews top global: insurance brokers.(Agent/Broker: Leading Brokers)(Directory)(Financial report)
July 1, 2007... Best's Review presents its second annual global insurance-brokers ranking by revenues, with in-depth looks at leading firms' results and strategies. While Marsh and Aon held their respective rankings of one and two, Lockton Cos. Inc. took a big...

Gaining middle market expertise: education paired with experience yields the expertise needed to keep up with today's middle market customers.(Agent/Broker: Selling Insight)
July 1, 2007... To attract and retain today's middle market customer, it simply is not possible to offer a one-size-fits-all solution. In order to win business, agents must have a clear understanding of their clients' risks and bring pertinent solutions to the...

Play it forward: Liberty Mutual's growth in 2006 boosted its rank among top U.S. property/casualty writers.(Property/Casualty: Leading Writers)(Company overview)
July 1, 2007... Movement is rare atop the U.S. property/casualty writers' mountain, but in 2006 one Top 10 player advanced by growing 10% in net premiums written. Liberty Mutual, which has held the No. 8 spot on the list since 2001, climbed to No. 7,...

Underwriting baby boomers: boomers will be a powerful consumer group for the next 20 years.(Property/Casualty: Underwriting Insight)(bennett@thehartford.com.)
July 1, 2007... The times, they are a-changing. It's been more than 40 years since Bob Dylan wrote the words that became an anthem of the early baby boomers, and the changes haven't stopped. As the oldest boomers move into their seventh decade, they continue...

A mixed bag: brokers try to sort out the possible effects of a proposed merger between Highmark and Independence in Pennsylvania.(Health/Employee Benefits: Highmark/Independence Merger)
July 1, 2007... The proposed merger of Highmark Inc. and Independence Blue Cross has brokers on both sides of the fence as they consider how combining Pennsylvania's two largest health plans would affect them and consumers. Some brokers believe a union...

A small bright star: indexed universal life insurance was the fastest-growing product line in the individual life insurance galaxy last year, and specialists expect fast growth to continue.(Life: Indexed Universal Life)(Financial report)
July 1, 2007... The newest star in the life insurance universe-based on sales growth, at least--is indexed universal life insurance. According to Advantage Compendium, the St. Louis-based research and consulting firm, sales in 2006 rose to $352 million, up...

A big boost: the buyout of Allstate's variable annuity book makes Prudential the second-largest U.S. life insurer based on admitted assets, bumping AIG to third.(Life: Leading Writers)(Company rankings)
July 1, 2007... Prudential Financial Inc.'s acquisition in June 2006 of the variable annuity business of Allstate Financial helped boost it to the second-largest U.S. life insurer based on admitted assets, climbing a notch from the No. 3 position in 2005. ...

Deal or no deal: companies risk losing focus if they begin to chase deals over solid organic growth.(Life: Management Insight)
July 1, 2007... We like to think of America as "the land of opportunity," but it may be more accurate to say America is "the land of the deal." Gee, how we love doing deals. There is a roguish aura that goes with being considered a wheeler-dealer. Little...

Moving toward economic capital: diversification of risks could reduce the capital insurers are required to hold.(Life: Reserving Insight)
July 1, 2007... When more sophisticated risk measures were first introduced, they led to the recognition of greater risks through increased capital requirements. Think early fixed annuities and, more recently, variable annuities. While it often took regulators...

Going mobile: with communications technology so prevalent across the country, carriers are responding with state-of-the-art wireless devices for their in-house and field employees.(Technology: Wireless Communications)
July 1, 2007... Mobile technology has become widespread across America that many insurance companies have jumped on the real-time information bandwagon to improve field sales communications and operations. "The major areas in which we're seeing increases...

Enterprising solutions: effective ERM allows insurers to exceed compliance and regulatory requirements.(Technology: Technology Insights)(enterprise risk management)
July 1, 2007... Many insurers gradually have been moving toward an enterprise risk management framework for the past several years. One would expect them to be ahead of the curve. Since its inception, the insurance industry has been performing transactional...

Report proposes P/C insurers use mobile claims technology.(Technology: Technology Notes)(Property/casualty)
July 1, 2007... A recent report from Needham, Mass.-based research company TowerGroup suggests U.S. property/casualty insurers embrace mobile solutions for claims processing, which would drive down overall costs. The report finds adoption of mobile claims...

Security weaknesses persist at FDIC.(Federal Deposit Insurance Corp.)
July 1, 2007... In March, Congress's investigative arm found 26 problems with the way the Federal Deposit Insurance Corp. handles its information security. As of the end of May, 21 of those 26 problems have been addressed, but the FDIC still has some...

Axa Distributors LLC.(Tech Bytes)(AXAdistributors.com)(Brief article)
July 1, 2007... Axa Distributors LLC is rolling out enhancements to its Web site (AXAdistributors.com) to mitigate potential fraud. Three major new elements to the site include the Message Center that provides notices to each registered representative...

Darwin Professional Underwriters Inc.(Tech Bytes)(launch of online calculator)(Brief article)
July 1, 2007... Darwin Professional Underwriters Inc. recently announced the availability of an online calculator that allows companies to estimate their financial risk from data theft. The Tech//404 Data Loss Cost Calculator provides companies with a no-cost...

DriveCam Inc.(Tech Bytes)(risk mitigation solution of DriveCam Video Systems Inc.)(Brief article)
July 1, 2007... DriveCam Inc. announced new deployment options for its behavior-based risk mitigation solution. The company offers the next generation in Driver Risk Management, cellular or Wi-Fi delivery options with a Web-based interface. DriveCam offers...

Highmark Inc.(Tech Bytes)(redesigned producer portal, launched)(Brief article)
July 1, 2007... Highmark Inc. launched a redesigned producer portal that will help brokers take advantage of the company's online capabilities to grow and manage their businesses. The portal follows the redesign that was implemented in January for Highmark's...

Instant access: some state insurance departments are making public access to company financial information as easy as logging on.(Regulatory/Law: Online Financial Statements)
July 1, 2007... In a slow-moving trend, a handful of state insurance departments are posting domestic insurance company financial statements on the Internet, for all to see. This online access separates those states from most others, which depend on the...

Decision: hold, or not to hold: insurers must decide whether a litigation hold is a necessary step in the claims process.(Regulatory/Law: Legal Insight)(Zubulake v. UBS Warburg)
July 1, 2007... As part of my work with the American Bar Association, I recently received a great question from the manager of the coverage litigation department of an insurance company: Is a claims department required to issue a litigation hold for all...

An uncomfortable pause: New Orleans risk managers continue to negotiate claims and evaluate exposures post Katrina.(Property/Casualty: Risk Management)
July 1, 2007... More than 21 months after Hurricane Katrina, risk managers are still negotiating insurance claims, reassessing their exposures and seeking reasonable coverage from a market retreating from coastal properties. Handbooks on emergency...

What's your number? How an executive's simple question spawned a revolution in thinking about risk.(Property/Casualty: Loss/Risk Management Insight)
July 1, 2007... The insurance industry thrives by getting paid to assume risk. But until recently it has focused far more on its revenues than on quantifying the risks it assumes. Here's the story of a little-known key event that launched the current emphasis...

Study: climate change increases claims exposure.(Property/Casualty: Loss/Risk Management Notes)
July 1, 2007... Insurers' exposure to liability claims and lawsuits is heightened by the causes of climate change and the costs to adapt, a study by three climate change experts said. The insurance industry faces "material liability exposures to the...

Critical care: as more Americans contend with serious illnesses, insurers are trying to dispel misconceptions and show how critical insurance can fill a void in traditional medical plans.(Health/Employee Benefits: Critical Illness Insurance)
July 1, 2007... Adrienne Sutton's triple bypass in 2004 resulted in hospitalization for several days, loss of income when her husband took family leave to be with her, and an ongoing pile of bills. But the financial load was eased by a critical illness...

Market response: midyear reinsurance renewals show signs of softening as companies look for fresh ways to deploy excess capital.(Reinsurance/Capital Markets: Renewals)
July 1, 2007... Midyear renewals for global property catastrophe reinsurance are being affected by the capital freed up by Florida's newly expanded, state-sponsored catastrophe reinsurance fund. Catastrophe modeler Risk Management Solutions is now...

Soft market opportunities: Aspen Insurance Holdings celebrates a milestone by continuing to innovate growth.(Reinsurance/Capital Markets: Aspen Insurance Holdings)
July 1, 2007... Aspen Insurance Holdings, which just celebrated its fifth anniversary, plans to continue to grow in the soft market by being creative, its chief executive said. "One of the tricks of insurance and reinsurance underwriting is not just to...

Collateral charges debate dovetails with reinsurance regulation work.(Regulatory/Law)
July 1, 2007... A group studying a possible reduction in collateral charges for nonadmitted reinsurers is ramping up its efforts to overhaul reinsurance regulation in the United States. Regulators on the Reinsurance Task Force, which is part of the...

NAIC adopts life settlements model act.(Regulatory/Law)(National Association of Insurance Commissioners)
July 1, 2007... National Association of Insurance Commissioners regulators have adopted a revised model law that seeks to thwart so-called stranger-originated life settlements. With the NAIC's new model law criteria in place, much of the debate that...

Interim classification continues for hybrid equity products.(Regulatory/Law)(Brief article)
July 1, 2007... An interim answer to classifying hybrid equities will stay around longer than expected, following inaction by a working group of the National Association of Insurance Commissioners. At the heart of the issue is the lack of historical data...

NAIC adds SOX-inspired accreditation standard.(Regulatory/Law)(National Association of Insurance Commissioners)(Sarbanes-Oxley Act of 2002)
July 1, 2007... Language derived from the "best practices" sections of the Sarbanes-Oxley Act of 2002 and tucked into the financial reporting model law of the National Association of Insurance Commissioners has come one step closer to becoming an NAIC...

One of a kind: Bahrain is the home of the Middle East's first captive domicile.(Regulatory/Law: Captives)(dialogue with Youssef Al Kareh of Ensurion)(Interview)
July 1, 2007... The Middle East is hardly at the top of the list when people speak of captive domiciles. That's because the push to promote captives in this region really started just three or four years ago, says Youssef Al Kareh, general manager of Ensurion,...

Allstate says it won't write new P/C policies in Calif.(Companies)(Brief article)(Company rankings)
July 1, 2007... Allstate Corp., the third-largest writer of homeowners multiperil insurance in California, said it will no longer write new homeowners or landlord package policies in state, effective July 1. The company said it will renew existing homeowners...

Marsh & McLennan Cos. has combined three management consulting units into a single entity.(Agent/Broker)(Management Consulting)(Mercer Oliver Wyman)(Mercer Delta Organization-Al Consulting)(Oliver Wyman)(Brief article)
July 1, 2007... MARSH & MCLENNAN COS. has combined three management consulting units into a single entity. The units--MERCER MANAGEMENT CONSULTING, MERCER OLIVER WYMAN, and MERCER DELTA ORGANIZATION-AL CONSULTING--will now operate under the name OLIVER WYMAN,...

American International Group and 21st Century Group said they have entered into an acquisition agreement with AIG receiving all outstanding shares of the direct marketing private-passenger automobile insurer it does not own for $813 million.(Auto)
July 1, 2007... AMERICAN INTERNATIONAL GROUP and 21ST CENTURY GROUP said they have entered into an acquisition agreement with AIG receiving all outstanding shares of the direct marketing private-passenger automobile insurer it does not own for $813 million....

Specialty commercial insurer North Pointe Holdings said it is acquiring Capital City Holdings Co., the parent of Capital City Insurance Co., for approximately $41 million.(Brief article)
July 1, 2007... Specialty commercial insurer NORTH POINTE HOLDINGS said it is acquiring CAPITAL CITY HOLDINGS CO., the parent of CAPITAL CITY INSURANCE CO., for approximately $41 million. The acquisition includes Capital City affiliates DAVIS-GARVIN HOLDINGS,...

Seattle-based Safeco Insurance Cos., the eighth-largest writer of homeowners multiperil in California, said it intends to expand that line of business in the state, introducing rate reductions up to 30% for new home policies and providing identity theft coverage that includes the services of a case manager.(Homeowners)(Brief article)
July 1, 2007... Seattle-based SAFECO INSURANCE COS., the eighth-largest writer of homeowners multiperil in California, said it intends to expand that line of business in the state, introducing rate reductions up to 30% for new home policies and providing...

Universal Insurance Holdings of North America.(Homeowners)
July 1, 2007... UNIVERSAL INSURANCE HOLDINGS OF NORTH AMERICA said it will enter the South Carolina homeowners market and begin writing new business, including some in coastal areas.

Ace European Group Ltd.(Property/Casualty)(Brief article)
July 1, 2007... ACE EUROPEAN GROUP LTD. continues its expansion into the Central and Eastern European markets with the opening of offices in Hungary's capital, Budapest, and Prague in the Czech Republic. David Furby, Ace's president of continental Europe and...

As part of a series of strategic moves, Munich RE has acquired underwriting manager Bell & Clements Group, which operates in the United Kingdom and the United States.(Reinsurance)(Bell and Clements Group)(Brief article)
July 1, 2007... As part of a series of strategic moves, MUNICH RE has acquired underwriting manager BELL & CLEMENTS GROUP, which operates in the United Kingdom and the United States. The price was not disclosed.

U.K.-based insurance group Aviva Plc and U.K. banking group HSBC Bank Plc have announced a joint venture.(United Kingdom)
July 1, 2007... U.K.-based insurance group AVIVA PLC and U.K. banking group HSBC BANK PLC have announced a joint venture that both companies hope will become one of the United Kingdom's 10 largest nonlife insurers.

Survival skills: life lessons and experiences are helping a TV-reality-show winner make the transition from firefighter to employee-benefits salesman.(The Last Word)
July 1, 2007... In 2005, Tom Westman endured rigorous physical challenges and mentally taxing tribal councils to become the last man standing on Survivor: Palau. Now the former firefighter, who won the respect of his tribe while besting 19 other castaways, is...