Business Moves

Tower Group, CastlePoint

Tower Group, Inc. in New York has entered into a strategic relationship with CastlePoint Holdings, Ltd., a Bermuda-based holding company that
it has sponsored. CastlePoint has been capitalized with $265 million and is now able to provide reinsurance, insurance products and insurance company services to the property and casualty insurance industry. The move gives Tower reinsurance backing, additional underwriting capacity and flexibility to take advantage of opportunities in acquisitions and new markets, according to Michael Lee, who is serving as chairman, chief executive officer and president of CastlePoint Holdings, Ltd. and Tower Group, Inc. In addition, Joel S. Weiner, senior vice president for Strategic Planning; Robert Hedges, vice president for Home Office Underwriting and Joseph P. Beitz, managing vice president of Programs have resigned from Tower to assume positions at CastlePoint. In addition, Greg T. Doyle has joined CastlePoint’s board and has resigned from Tower’s board.

Lee said the relationship allows the firm to utilize reinsurance and other insurance companies to provide additional underwriting capacity in addition to our own capital to support premium growth and generate commission and fee income. Growth opportunities include territorial expansion and potential acquisitions. The deal also allows Tower to enter additional specialty lines, Lee added.

Assurex Global

Columbus, Ohio-based Assurex Global has added new partners in Australia, Switzerland and Austria. OAMPS Insurance Brokers, Ltd. in Australia; GWP Insurance Brokers in Switzerland; and Assurance Partners Versicherungsmakler – und beratung GmbH in Austria were named Assurex Global Partners. OAMPS Insurance Brokers is headquartered in East Melbourne, Victoria, Australia, and is the largest Australian-owned brokerage in the country. GWP Insurance Brokers has three branch offices throughout Switzerland, with a main office in the Zurich area. It ranks as one of the country’s largest insurance brokers. Assurance Partners, based in Vienna, Austria, was founded by Alexander Seel, who serves as CEO.

Lloyd’s in Shanghai

Lloyd’s of London is setting up its new Chinese onshore reinsurance operation in Shanghai. The city was chosen “because of its status as a growing commercial and financial center in China,” said the insuer. Lloyd’s will continue to operate its office in Beijing “to maintain the strong relationships the market has developed there.” The announcement follows a visit by HRH The Duke of York to Shanghai.

GAB Robins

Parsippany, N.J.-based GAB Robins has combined its Insurance Company Services and Risk Management Services divisions into one unit , now known as GAB Robins North America. As part of the integration, Robert K. Meyers has been named president of GAB Robins’ North American Operations. In addition, GAB Robins North America will provide a consistent platform of delivery through a clear regional structure. Meyers previously served as the president of the company’s Insurance Company Services division. GAB Robins portfolio of products includes loss adjusting, TPA services, managed care and SIU services.

Topics Australia