Best's Review articles from July 2008

Best's Review archives from July 2008

Success stories.(From the Editor's Desk)(Editorial)
July 1, 2008... Major accomplishments should be viewed in perspective. Our cover story, "Standing the Test of Time," recognizes those property/casualty and life companies that have maintained a Best's Financial Strength Rating of A or higher since the turn of...

Streamlining ITV processes.(Comment)(Internet television)
July 1, 2008... In reference to your "Coming Up Short" article (Bests Review, May 2008) a few key points seem to need further review. The percentage of insured-to-value and percentage of homes referred to in the article are mentioned without presenting...

Willis Group spends $1.7b, buys Hilb Rogal & Hobbs.(Briefing)(Willis Group Holdings Ltd.)(Brief article)
July 1, 2008... Willis Group Holdings Ltd. has agreed to acquire Virginia-based broker Hilb Rogal & Hobbs Co. in a cash and stock purchase valued at approximately $1.7 billion, the two brokers said. [ILLUSTRATION OMITTED] Including assumption of $400...

Worth repeating.(Brief article)
July 1, 2008... "Market rates are below pre-Hurricane Katrina level." --Robert F. Howe, global leader of Property Operations for Marsh Inc., regarding commercial property catastrophe insurance pricing. He also said median rate reductions have ranged from...

Midwest slammed.(Tornado Devastation)(Report)(Brief article)
July 1, 2008... [ILLUSTRATION OMITTED] MIDWEST SLAMMED: Iowa is among several states hit hard by recent storms causing tornado damage and flooding. During Memorial Day weekend, an EF-5 tornado that hit one neighborhood in Parkersburg, above, left an...

NAIC may support 'insurance expert' Bill.(National Association of Insurance Commissioners)(Brief article)
July 1, 2008... The National Association of Insurance Commissioners told Congress last month it would offer "conditional" support for plans to create a federal repository of insurance expertise and an executive branch authority on international insurance...

Connecticut is taken 'captive'.(Brief article)
July 1, 2008... Connecticut has become the latest state to sign up as a domestic captive domicile. State Senate Bill 281, signed by Gov. Jodi Rell June 2, is modeled after captive legislation in Vermont, which has the largest concentration of captive insurance...

Well-known risk modeler Karen Clark has received a special award certificate from the Intergovernmental Panel on Climate Change for her work with IPCC that led to the agency sharing the 2007 Nobel Peace Prize with former Vice President Al Gore.(Risk Modeling)(Brief article)
July 1, 2008... WELL-KNOWN risk modeler Karen Clark has received a special award certificate from the Intergovernmental Panel on Climate Change for her work with IPCC that led to the agency sharing the 2007 Nobel Peace Prize with former Vice President Al Gore....

The 16 original member governments of the Caribbean Catastrophe Risk Insurance Facility renewed their 2008 policies in time for hurricane season.(Reinsurance)(Brief article)
July 1, 2008... THE 16 ORIGINAL member governments of the Caribbean Catastrophe Risk Insurance Facility renewed their 2008 policies in time for hurricane season. They also successfully gained reinsurance valued at $135 million. Munich Re (AMB #85011) and...

Aetna Inc.(Health)(Brief article)
July 1, 2008... AETNA INC. (AMB #58700) agreed in May to settle a federal class-action lawsuit alleging denial of coverage for the treatment of eating disorders. Aetna will reimburse $250,000 to about 100 class members for eating-disorder claims that it denied...

Hurricane season: additional threats.(By the Numbers: Recently published Special Reports from A.M. Best Company)(Brief article)
July 1, 2008... Credit market turmoil may leave policyholders in limbo if a big hurricane strikes this year. Investors are cool toward capital-market offerings that raise cash to pay claims. And there are questions about insurers' exposure to foreclosed...

Med-mal profits continue to impress.(By the Numbers: Recently published Special Reports from A.M. Best Company)(Report)(Brief article)
July 1, 2008... Medical malpractice insurers again posted very strong underwriting results in 2007. A.M. Best expects medmal's operating returns to narrow, but remain profitable in 2008. (A.M. Best Special Report Medical Malpractice Challenges Expected After...

Health insurers turn cautious.(By the Numbers: Recently published Special Reports from A.M. Best Company)(Brief article)
July 1, 2008... Across the board, health insurers' GAAP results were good in 2007--many companies saw larger revenue portions from government programs. But some companies have already lowered the earnings guidance for 2008. (A.M. Best Special Report, Good Year...

Meetings.(Briefing)(Calendar)
July 1, 2008... July 13-16 International Insurance Society: 44th Annual Seminar, Taipei, Taiwan Web site: www.//Sonline.org July 17-20 Professional Insurance Marketing Association: Summer Conference, Newport, R.I. Web site: www.pima-assn.org Aug. 3-6...

Best refutes criticism.(100 YEARS AGO in Best's Review)(Best's Review)(A.M. Best Company Inc.)(Brief article)
July 1, 2008... An adverse report was never published unless A.M. Best had accurate proof of its statements, according to Best's Review. [ILLUSTRATION OMITTED] Insurance institutions and the press continually attacked and criticized Best, although...

Aviva outlines plans for expansion.(WORLD BRIEFS)
July 1, 2008... LONDON-BASED AVIVA PLC wants to expand its presence in many emerging markets around the world, while also instituting a complex rebranding plan designed to simplify its international image. Philip Scott, Aviva's group finance director,...

Auto claims drop on gas hikes.(Briefing)(Report)(Brief article)
July 1, 2008... With average U.S. gas prices more than $4 per gallon, drivers appear to be driving less. As a result, the automobile insurance industry might expect the frequency of claims to drop. Fewer miles driven equal fewer claims, and recent data...

Questions over impact of Solvency II.(Briefing)(Brief article)
July 1, 2008... Solvency II is emerging as a big question mark hanging on the regulatory horizon, worrying European insurers even as it promises a clearer regulatory framework. As the countdown to the arrival of uniform solvency standards for insurers...

Insurance jobs.(Briefing)(Brief article)
July 1, 2008... U.S. insurance industry payrolls added 3,200 positions from April to May, marking the third consecutive monthly increase. But overall, U.S. unemployment surged to 5.5% and total U.S. non-farm payrolls continued to shrink, according to...

Career wise.
July 1, 2008... Question: What kind of talent management does a leading insurance company need today? Today's competitive business environment is a reminder to insurance company leaders that talent management is a critical task. Identifying and developing...

Assurant Inc.(Life)
July 1, 2008... ASSURANT INC. has named BART SCHWARTZ executive vice president, chief legal officer and corporate secretary.

Schwartz succeeds Jerome Atkinson, the New York-based insurance company's executive vice president who retires July 1.(Life)
July 1, 2008... Schwartz succeeds JEROME ATKINSON, the NewYork-based insurance company's executive vice president who retires July 1, and departing general counsel KATHERINE GREENZANG in Assurant's chief legal post.With 30 years of experience in law practice,...

Paul Sampson has resigned as president and chief executive officer of AXA Life Japan and AXA Japan Holding.(Life)(Brief article)
July 1, 2008... PAUL SAMPSON has resigned as president and chief executive officer of AXA LIFE JAPAN and AXA JAPAN HOLDING. He will be replaced by MARK PEARSON, who is currently chief executive officer of AXA ASIA LIFE. According to Axa, Sampson will...

Prudential Financial Inc.'s chief executive officer, John Strangfeld, has succeeded Arthur F. Ryan as company chairman.(Life)(Brief article)
July 1, 2008... PRUDENTIAL FINANCIAL INC.'s chief executive officer, JOHN STRANGFELD, has succeeded ARTHUR F. RYAN as company chairman. Strangfeld assumed the role of chairman after the company's annual shareholders meeting, Prudential said. Strangfeld,...

Marsh.(Agent/Broker)
July 1, 2008... MARTIN STUBBS has been named senior vice president for construction professional indemnity within the London-based financial and professional services unit of broker MARSH.

Robert Willumstad replaces Martin Sullivan as AIG's CEO.(People in Insurance)(American International Group Inc.)(chief executive officer)(Brief article)
July 1, 2008... American International Group Inc. named Robert B. Willumstad chief executive officer in addition to his position as chairman of the board of directors. He replaces Martin J. Sullivan, who also gives up his position on the board. Sullivan has...

Jardine Lloyd Thompson.(Agent/Broker)(Brief article)
July 1, 2008... Stubbs, who previously headed the design and construction professional indemnity operation at broker JARDINE LLOYD THOMPSON, has more than two decades of experience in the construction sector.

Marsh & McLennan Cos.(Agent/Broker)
July 1, 2008... MARSH & MCLENNAN COS. has named DAVID FREDIANI senior vice president for its international efforts and client development.

Brian Duperreault.(Agent/Broker)(Brief article)
July 1, 2008... Frediani will report to BRIAN DUPERREAULT, president and chief executive of the New York-based global financial firm. A 27-year veteran of the Marsh enterprise, Frediani completed several international assignments in various positions with the...

American International Group Inc.(Reinsurance/Capital Markets)(Brief article)
July 1, 2008... AMERICAN INTERNATIONAL GROUP INC. has named STEVEN J. BENSINGER its vice chairman of financial services. [ILLUSTRATION OMITTED] Bensinger, the chief financial officer for the New York-based multiline insurer since 2005, will keep...

Aon Re Global.(Reinsurance/Capital Markets)(Jan-Oliver Thofern appointed)(Brief article)
July 1, 2008... AON RE GLOBAL has announced that JAN-OLIVER THOFERN will become the new chief executive officer and chairman at German reinsurance broker Aon Ruck on July 1. Thofern was previously a member of the executive committee. He replaces the...

Benfield Group.(Reinsurance/Capital Markets)(Andres Plcclnoni appointed)(Brief article)
July 1, 2008... London-based reinsurance broker BENFIELD GROUP has appointed ANDRES PlCClNONI chief executive officer to run its growing operations in Puerto Rico. Piccinoni most recently was vice president of corporate commercial credit risk management...

General Reinsurance Corp.(Reinsurance/Capital Markets)
July 1, 2008... GENERAL REINSURANCE CORP. named I. JOHN CHOLNOKY president, succeeding FRANKLIN "TAD" MONTROSS, who recently was named to the chairman and chief executive officer posts. Choinoky, who will serve as manager of Gen Re's global direct...

Folks America Re Solutions, a unit of White Mountains Re Ltd.(Reinsurance/Capital Markets)(Neal Wasserman appointed)(Brief article)
July 1, 2008... FOLKS AMERICA RE SOLUTIONS, a unit of WHITE MOUNTAINS RE LTD., has appointed NEAL WASSERMAN, a senior vice president and a founding member of the organization, to the position of president. Wasserman will succeed JOHN D. LIBERATOR, who is...

Amerisure Mutual Insurance Co.(Property/Casualty)(Gregory J. Crabb appointed)(Brief article)
July 1, 2008... AMERISURE MUTUAL INSURANCE CO. has named GREGORY J. CRABB chief administrative officer. Crabb will take responsibility for much of the Farmington Hills, Mich.-based property/casualty insurer's senior administration, including its corporate...

Arch Worldwide Insurance Group.(Property/Casualty)(Mark Lyons appointed)(Brief article)
July 1, 2008... MARK LYONS, the chief operating officer of ARCH CAPITAL's U.S. based insurance group will take over as chairman and chief executive officer of ARCH WORLDWIDE INSURANCE GROUP, effective July 2. He will succeed RALPH JONES, who is retiring at...

Brit Insurance Holdings Plc.(Property/Casualty)(Jonathan Nunes-Carvalho appointed)(Brief article)
July 1, 2008... U.K.-based nonlife insurer BRIT INSURANCE HOLDINGS PLC has appointed JONATHAN NUNES-CARVALHO divisional underwriting director for property and space in its Global Markets division. Since 2003, Nunes-Carvalho has been class underwriter for...

Maxum Specialty Insurance Group.(Property/Casualty)(F. Marshall Turner II appointed)(Brief article)
July 1, 2008... MAXUM SPECIALTY INSURANCE GROUP appointed F. MARSHALL TURNER II president and chief executive of two subsidiaries and to overall management responsibility for Maxum. Turner will serve as a director at Maxum Indemnity Co. and Maxum Casualty...

Golden Eagle Insurance.(Property/Casualty)(Pete McPartland appointed)(Brief article)
July 1, 2008... PETE MCPARTLAND, chief operating officer of QBE REGIONAL INSURANCE GROUP, will leave the company to become president and chief executive officer of GOLDEN EAGLE INSURANCE, a Liberty Mutual Agency Markets regional company. McPartland became...

Catlin Insurance Co. (U.K.) LTD.(Property/Casualty)(David Ibeson appointed)(Brief article)
July 1, 2008... DAVID IBESON, chief executive of the CATLIN SYNDICATE at LLOYD'S, has been appointed chief executive of CATLIN INSURANCE CO. (U.K.) LTD. Ibeson succeeds Andreas Loucaides, who has left the group. The announcement was made by the parent,...

Thomas F. Motamed leaving Chubb to head CNA financial.(People in Insurance)(Brief article)
July 1, 2008... Chubb Corp. Vice Chairman and Chief Operating Officer Thomas F. Motamed is resigning from the New Jersey-based property/casualty insurer to become chairman and chief executive of CNA Financial Corp. next year, both companies said. ...

Aflac for business.(BUSINESS-TO-BUSINESS)(Brief article)
July 1, 2008... AFLAC RECENTLY LAUNCHED a new integrated advertising campaign aimed at engaging business owners and benefits decision-makers. The new business-to-business campaign, called "Aflac for Business," features TV, print, online and radio...

Re-opening the (Red) umbrella.(ADVERTISING)(Brief article)
July 1, 2008... [ILLUSTRATION OMITTED] TRAVELERS' BIG RED UMBRELLA is back--and in a big way. In the new ad, a man in a bowler hat and vested suit is walking around carrying a 35-foot red umbrella, helping people in distress that he encounters along the...

Pemco Insurance recently broke out its Chainsaw.(SPONSORSHIP)(George Kenny School of Chainsaw Carving )(Brief article)
July 1, 2008... PEMCO INSURANCE RECENTLY BROKE OUT ITS CHAINSAW to help replace a community icon. In 2007, an 8-foot statue of Bigfoot was stolen from outside a chiropractic office in Federal Way, Wash. This past spring, Pemco Insurance teamed up with the...

RMS unveils cat operation.(SPOTLIGHT)(Risk Management Solutions)(Brief article)
July 1, 2008... Risk Management Solutions has rolled out a new operation to help insurers and reinsurers use cat management more efficiently. Through its Risk Analytics program, RMS provides firms with a team of analysts to perform core cat modeling...

Hanover offers commercial policy.(Property/Casualty)(Hanover Insurance Co.)(Brief article)
July 1, 2008... [ILLUSTRATION OMITTED] Hanover Insurance Group Inc. has developed Real Estate Advantage, a specialty insurance program for commercial real estate owners and managers. The product covers commercial property, general liability, commercial...

Data-breach losses returned.(Property/Casualty)(Brief article)
July 1, 2008... Firms that suffer repurational damage after data breaches caused by highly publicized hacker attacks are covered under a new product from broker Lockton and Lloyd's underwriter Kiln Syndicate 510. Data Breach Reputation Guard, part of the...

New AIG platform works with AMS.(Technology)(American International Group Inc.)(AMS Services Inc.)(Brief article)
July 1, 2008... AIG Small Business, a division of the property/casualty insurance subsidiaries of American International Group Inc., announced that its AIG e-Excess platform now seamlessly integrates with AMS Services' AMS TransactNOW.AIG e-Excess is a...

Phoenix debuts flat-fee VA.(Life)(variable annuities )(Brief article)
July 1, 2008... The Phoenix Companies inc. has entered the field of flat-fee variable annuities with the introduction of Phoenix Portfolio Advisor Variable Annuity, developed through a strategic alliance with Jefferson National Life Insurance Co. Like...

Rating actions.(Ratings)
July 1, 2008... This edition reflects all financial strength rating changes--assignments, changes or placed under review--that occurred for life, health and property/casualty insurers domiciled in North America, as well as non-U.S, insurance companies, since...

Standing the test of time: forty-eight property/casualty insurers and 15 life/health insurers have maintained a Best's Financial Strength Rating of A or higher for at least 75 years.(Cover story)
July 1, 2008... Since 1906, A.M. Best Co. has been issuing financial strength ratings--opinions on the ability of individual insurance companies to pay claims on the coverage they have underwritten. These financial strength ratings evolved over the decades...

Top 200 property/casualty writers.(Property/Casualty)(Statistical table)
July 1, 2008... Top 200 Property/Casualty Writers Travelers' rank rises to No. 4. U.S. Property/Casualty Groups Rank is based on 2007 net premiums written. ($ Thousands) %...

Top 200 life/health writers: admitted assets for the total life/health industry cross $5 billion mark.(Life)(Statistical table)
July 1, 2008... U.S. Life/Health Groups Rank is based on 2007 admitted assets. * ($ Thousands) Total Adm. % Rank Company/Group AMB# Assets Change 1 ...

Life preservers: financial advisers should take another look at guaranteed no-lapse products.(Life)
July 1, 2008... No-lapse guarantee life insurance evolved in reaction to adverse consumer experiences with policies plagued by inadequate funding, mortality increases or premium insufficiency to carry the coverage to normal life expectancy. Class-action...

Recipe for disaster: with a global supply chain, the U.S. food industry faces higher risks of contamination, interference and costly litigation.(Regulatory/Law)
July 1, 2008... [ILLUSTRATION OMITTED] Propelled by globalization, outsourcing and offshoring by American companies, the global food network has morphed into a complex, complicated system--ripe for food contamination claims of epic proportions, with...

Staying dry amid a torrent of claims: insurers must consider practical measures now to prepare for the coming storm related to the subprime crisis.(Regulatory/Law)(Column)
July 1, 2008... My April column noted some of the coverage issues arising from the subprime crisis, and predicted significant claims activity. That was the rare accurate weather forecast. Each week--sometimes each day--we see new reports of subprime problems....

A blurry line: health insurers say their wellness programs help keep people healthy. Critics call it practicing medicine.(Health/Employee Benefits)
July 1, 2008... [ILLUSTRATION OMITTED] U.S. health insurers have evolved into well-oiled machines. They offer wellness programs, health coaching and cost-and-quality information about doctors and hospitals on their Web sites to help members become better...

On the record: Health insurance leaders explain why they're offering employers and members integrated packages of services.(Health/Employee Benefits)
July 1, 2008... [ILLUSTRATION OMITTED] David Cordani, president, Cigna HealthCare: From our point of view, healthy people are more productive people and more productive people have a better quality of life; better quality of life lowers total cost for the...

Gone tomorrow: as broker consolidation accelerates smaller offices are disappearing.(Agent/Broker)
July 1, 2008... [ILLUSTRATION OMITTED] A decades-long trend toward insurance distribution consolidation is accelerating, with the heaviest impact being felt by the smallest agents and brokers as they struggle to grow, or are bought out or forced out of...

Best's review's: top global insurance brokers.(Agent/Broker)
July 1, 2008... [ILLUSTRATION OMITTED] The multibillion dollar global insurance brokerage business chugged on to ever-greater volume last year. As Best's Review presents its third annual ranking of the major players in that marketplace, there is a...

Experience required: by keeping it real, agents can outperform those faceless insurance marketers on the Web.(Agent/Broker)
July 1, 2008... The impact of a good customer experience is more valuable than ever, especially in today's world where feedback and comments can be immediately posted on blogs or Web sites that reach millions of people. More than just good service, it's...

Falling stars: a string of launch failures has brought the high-flying satellite insurance market back to Earth.(Property/Casualty)
July 1, 2008... Subscribers to satellite television suffered a temporary setback in March when a Russian Proton rocket failed to launch the AMC-14 communications satellite into geostationary orbit. Had the satellite reached proper orbit, it would have...

Numbers and risk: the subprime crisis shows enterprise risk management only works as well as the managers who apply it.(Property/Casualty)
July 1, 2008... What does the subprime crisis tell us about the effectiveness of enterprise risk management? Haven't investment banks spent millions on sophisticated risk management systems and talented chief risk officers? So what went wrong, and what lessons...

What floats their boat? Marine insurance needs to evolve to lure aboard Generation Y.(Property/Casualty)
July 1, 2008... As the work force ages, the insurance industry as a whole is grappling with a personnel conundrum, and in few corners of the business is the problem more acute than the marine specialty area. There, the brain drain is rapidly drawing away...

Growth factors: U.S. work-site sales have increased 150% in the past 10 years.(Health/Employee Benefits)
July 1, 2008... [ILLUSTRATION OMITTED] Voluntary/work-site insurance carriers recorded another year of healthy growth in 2007, according to a recently released study, U.S. Worksite Sales, by Eastbridge Consulting Group Inc. This year's study includes data...

At a glance: work-site marketing.(Health/Employee Benefits)(Statistical table)(Brief article)
July 1, 2008... Group and Individual Work-Site Sales The mix between group and individual platform plans also has stabilized, with new sales of 46% for group and 54% for individual product Group Individual 2002 41% ...

The non-paper chase: insurance departments nationwide are doing away with paper financial filings and urging both insurers and users to log on instead.(Regulatory/Law)
July 1, 2008... As the National Association of Insurance Commissioners moves toward a paperless environment--and consumers nationwide become more computer-savvy and interested in financial services as a tool for making household decisions--insurance...

Taking cover: directors and officers respond to the growing threat of cyber attacks.(Technology)
July 1, 2008... [ILLUSTRATION OMITTED] In 2005 and 2006, hackers broke into the TJX Companies' systems and stole information from 45 million to more than 94 million credit cards and debit cards used in subsidiaries of the Massachusetts-based retailing...

New Horizons: insurers look at ways to embrace social networking as it goes mobile.(Technology)(Column)
July 1, 2008... Technology is about solving business problems and helping to increase efficiencies and/or effectiveness with verifiable return on investments. So, how's an insurer going to get ahead of the social networking curve as it goes mobile? There...

Timing is everything: under emerging court rules, insurers' digital content must be meticulously maintained to be used as evidence.(Regulatory/Law)
July 1, 2008... [ILLUSTRATION OMITTED] Years ago, all business processes were essentially based on first-person testimony. Someone took a paper which said something to another party, and that paper was granted legal status. In today's world, that...

Fair-value reporting: if you are an insurance accounting executive, be careful what you wish for.(Regulatory/Law)(Column)
July 1, 2008... As global accounting systems continue their inexorable move toward fair-value reporting, the credit crisis has highlighted some unexpected challenges. Now, some users are rethinking their commitment to that objective. Estimating asset...

The benefits of flexibility: alternative risk mechanisms help insurers and reinsurers withstand greater risks.(Reinsurance/Capital Markets)
July 1, 2008... [ILLUSTRATION OMITTED] * Background: Mega-catastrophes such as Hurricane Katrina have driven insurers and reinsurers to alternative risk vehicles. * What It Means: Cedents and reinsurers can manage risks and capacity issues by using...

Climate change measure advances.(NAIC Summer Meeting)(National Association of Insurance Commissioners)
July 1, 2008... With the details of its most controversial aspects deferred to a September meeting, a white paper on climate change cleared a key National Association of Insurance Commissioners panel with little opposition or fanfare. The Climate Change...

Insurers fight expansion of market conduct program.(NAIC Summer Meeting)(National Association of Insurance Commissioners)
July 1, 2008... Insurers representing virtually every line of business remain opposed to a proposal under consideration by the NAIC to expand a market conduct reporting program nationwide and create a centralized database. Implementing the program could...

Benfield.(Agent/Broker)(Brief article)
July 1, 2008... BENFIELD has announced the launch of GAPQuake Bulgaria, a probabilistic earthquake loss model the broker said is capable of evaluating losses from seismic sources in and around the country. The model was developed by Benfield ReMetrics...

Liberty Mutual Group.(Asia/Pacific)(Brief article)
July 1, 2008... LIBERTY MUTUAL GROUP said it plans to offer personal and commercial protection in India through a joint-venture agreement with Dabur GI Invest Corp. Liberty Mutual, the sixth-largest property/casualty insurer in the United States based on...

Metlife Inc.(Life)(Metropolitan Life Insurance Co. acquisitions)(Brief article)
July 1, 2008... METLIFE INC. plans to divest most of its 52% interest in Reinsurance Group of America Inc. The companies said the transaction would allow them to focus on growing their core businesses. Under the terms of the deal, RGA will recapitalize its...

Argo Group US and First Insurance Co. of Hawaii have formed a partnership to offer hurricane coverage to First Insurance homeowners and dwelling fire policyholders.(Homeowners)(Argo Group International Holdings Ltd. partnership with First Insurance Co.)(Brief article)
July 1, 2008... ARGO GROUP US and FIRST INSURANCE CO. OF HAWAII have formed a partnership to offer hurricane coverage to First Insurance homeowners and dwelling fire policyholders. Over the next 12 months, First Insurance will transfer about 13,000 hurricane...

Max Specialty Insurance Co. has acquired Commercial Guaranty Casualty Insurance Co., a licensed insurance entity owned by Travelers Group that has been in runoff since 2002.(Property/Casualty)(Brief article)
July 1, 2008... MAX SPECIALTY INSURANCE CO. has acquired COMMERCIAL GUARANTY CASUALTY INSURANCE CO., a licensed insurance entity owned by Travelers Group that has been in runoff since 2002. Financial terms of the transaction were not disclosed. Commercial...

SAMPO.(Property/Casualty)(Brief article)
July 1, 2008... SAMPO plc's property and casualty insurance subsidiary If P&C Insurance said it completed the acquisition of Russian insurer SOAO Region. Finland-based Sampo disclosed the agreement between If P&C and SOAO Region in March 2008. The acquisition...

SCOR.(Reinsurance)(Brief article)
July 1, 2008... French reinsurer SCOR has organized the latest of its six planned global hubs, this one situated in London. Scor is setting up six hubs, located in Paris, Zurich, Cologne and London for Europe, Singapore for Asia and NewYork for the Americas.

Aviva USA is No. 1 seller of equity-indexed annuities.(Companies)(Brief article)
July 1, 2008... Aviva USA became the No. 1 seller of equity-indexed annuities in the United States in the first quarter, overtaking long-time leader Allianz Life Insurance Company of North America, according to AnnuitySpecs.com. Total sales of these annuities,...

Divine designs: insurers now have a guide to help appraise high-value stained glass.(The Last Word)
July 1, 2008... One of the most spectacular sights in any house of worship is the magnificent stained glass that adorns the windows and ceilings. But those resplendent pieces of art come with hefty price tags, and up until now insurers haven't had an...