Benfield Group plc, a U.K.-based reinsurance intermediary, announced the relocation of its U.S. headquarters from Dallas to Westport, Conn. effective Sept. 9. Rod Fox, CEO of Benfield Blanch said, “Several factors contributed to the move. The Westport location brings the …
Wachovia Corporation of Charlotte, N.C. announced the completion of its acquisition of Cameron M. Harris & Company, a broker specializing in risk management and employee benefits. Cameron M. Harris has $27 million in revenues, and operates in Charlotte, Raleigh and …
Farmers operating units Farmers Insurance Exchange and Fire Insurance Exchange have filed suit against Texas Insurance Commissioner Jose Montemayor and the Texas Department of Insurance (TDI) in response to the issuance of an emergency cease and desist order against the …
Arthur J. Gallagher & Co. announced that Executive VP and CFO, Michael J. Cloherty, has resigned his current positions and stepped down from the Company’s Board of Directors effective September 3, 2002. The Company announced that “Mr. Cloherty has signed …
A tornado that ripped through the town of Ladysmith in Wisconsin’s Rusk County on Labor Day caused an estimated $20 million in damages. According to a report from the Associated Press local authorities estimated the tornado damaged 130 to 150 …
For the second year in a row, the California Assembly defeated a measure to restrict the information flow within financial services companies, said the American Insurance Association (AIA). Privacy “Once again, financial privacy dominated the debate until the very end …
Arizona Director of Insurance Charles Cohen announced the issuance of Arizona’s first Captive Insurer License effective Aug. 20, 2002. It was issued to Triad Commercial Captive Insurance Company, owned by Grant Goodman. Triad will write commercial automobile, general liability and …
Standard & Poor’s announced that it has lowered its long-term counterparty credit and insurer financial strength ratings on Germany’s Gerling-Konzern Globale Ruckversicherungs-AG (GKG), the reinsurance arm of the Gerling Group, and its long-term insurer financial strength rating on related entities …
The equity storms that have battered the earnings of many of Europe’s biggest insurers in the first half of 2002 became a class 5 hurricane for the Anglo-Swiss Group Zurich Financial Services (ZFS) which posted a net loss for the …
The terrorist attacks of Sept. 11, 2001, will go down in history as the property/casualty insurance industry’s largest single loss event, with the net-loss estimates posted by insurance entities standing at about $30 billion. However, the ultimate payout will take …
