Illinois-based Arthur J. Gallagher & Co. announced the acquisition of Equity Insurance Managers, Inc., Equity Insurance Administrators, Inc. and 21st Century Claims Service, Inc. all of Lexington, Kentucky. Founded in 1967, Equity Insurance Managers, Inc. is a managing general agent …
The London Insurance Community presented a check for $400,000 to the New York Firefighters’ 9-11 Disaster Relief Fund to help families of firefighters killed in the attack on the World Trade Center. The money was raised during a special benefit …
Bermuda’s XL Capital Ltd. announced that its estimated net aggregate insurance and reinsurance underwriting exposures in connection with the bankruptcy of Enron could total approximately $75 million before taxes. Standard & Poor’s took the estimates into account, but nonetheless reaffirmed …
Swiss Re announced that its exposure to Enron related losses is $173 million before tax, around $118 million after tax. It also announced the release of its latest sigma study, “World financial centres: New horizons in insurance and banking”, which …
The American Bar Association announced the creation of a Task Force on Insurance and Terrorism Claims to address insurance issues arising out of the terrorists attacks on the World Trade Center and the Pentagon. The primary goal of the ABA’s …
Standard & Poor’s announced that it had lowered its rating on Liberty Mutual Insurance Co. and most of its operating entities – for the most part from double-‘A’-minus to single-‘A’-plus – and has removed them from CreditWatch. The ratings were …
Arrowhead General Insurance Agency Inc. announced the launch of a new wholesale brokerage division designed to provide retail insurance producers with a solution for their hard-to-place commercial risks. “We have created a new division to round out Arrowhead’s existing portfolio …
The Governing Board of the California Earthquake Authority has accepted the resignation of David Knowles, CEO. Helping lead the CEA to a cash position of more than $1 billion amid rate decreases to policyholders, Knowles indicated it was time to …
Greater Bay Bancorp, a $7.5 billion in assets financial services holding company, and ABD Insurance and Financial Services Inc., announced today the signing of a definitive agreement for the acquisition of ABD by Greater Bay Bancorp. ABD, with over $1.0 …
Masonite Corporation, a former subsidiary of International Paper, was awarded $93 million in damages for an insurance dispute relating to the nationwide class action lawsuit, Naef Class v. Masonite, involving Masonite hardboard siding. The announcement was made by the trial …
