Business Moves

AssuranceAmerica Corp.

AssuranceAmerica Corp., an Atlanta-based insurance holding company, has written its first auto insurance policy in Louisiana. The company now writes in six states including Georgia, Florida, South Carolina, Alabama and Texas and has plans to expand to additional states.

AssuranceAmerica’s President Lawrence (Bud) Stumbaugh said his company is staying focused on its niche non-standard personal lines auto market even as it expands. The company’s principal operating subsidiaries are TrustWay Insurance Agencies LLC, which sells personal automobile insurance policies through its 45 retail agencies; AssuranceAmerica Managing General Agency LLC, which markets through 1,200 independent agencies, and AssuranceAmerica Insurance Co.

Infinity Property Casualty

Birmingham-headquartered Infinity Property and Casualty Corp. announced the latest phase of its growth plan, which promises to benefit Alabama’s economy and create new jobs. Assisted by incentive packages from the city of Birmingham, Jefferson County and the state of Alabama, the national personal auto insurance provider will consolidate several operating units from around the country and locate them in Birmingham. The company’s new national operations center will include a 250 person call center to be located within an 112,000-square-foot Liberty Park office building. This operations center is projected to house a total of 600 employees by the summer of 2007, bringing the total number of Birmingham-based jobs to 1,100, out of Infinity’s 2,100 nationwide workforce. There are a potential 500 new job opportunities which will be created in the Birmingham location with the consolidation.

G&S, PSI Insurance

Los Angeles-based G&S Insurance Inc., doing business as Discount Shipping Insurance Agency, acquired Harper Reed Corp. also known as PSI Insurance. Discount Shipping Insurance is a third party shipping insurance agency that offers all-risk coverage for parcels and large freight in transit. With the close of the transaction, DSI will offer its broad shipping insurance product to Harper Reed’s clientele.

Hub, Coburn

Hub International Ltd wants to acquire Vermont-based Coburn Insurance Agency Inc. Hub International recently expanded its transportation practice with the acquisition of Kaufman and Kaufman, a $9 million revenue brokerage based in Salt Lake City. With the acquisition of Coburn, Hub’s transportation practice would have annualized revenue of an estimated $25 million. Coburn has offices in Burlington (Colchester) Vt., Hilton Head, S.C., Memphis, Tenn., Deland, Fla. and New Smyrna Beach, Fla.

HRH, Loan Protector General Agency

Insurance broker Hilb Rogal and Hobbs Co., out of Richmond, Va., agreed to acquire Loan Protector General Agency Inc. and Loan Protector Tracking Services Inc., a provider of customized insurance tracking programs and lender-placed insurance products to the mortgage industry. Terms of the transaction were not disclosed. The Cleveland, Ohio-based company expects revenues of approximately $8 million in 2006.

HRH, Glencairn Group

Hilb Rogal and Hobbs of Richmond, Va., signed a definitive agreement to acquire the stock of Glencairn Group Limited, an independent Lloyd’s insurance and reinsurance broker in London. The purchase price was not disclosed.

Converium, National Indemnity

Swiss-based Converium AG received all necessary regulatory approvals to close the sale of its North American operations to National Indemnity, a Berkshire Hathaway company. National Indemnity paid $95 million in cash and assumed debts of $200 million to acquire Converium’s North American operations.

QBE, Praetorian Financial

Australia’s QBE Insurance Group agreed to purchase the Praetorian Financial Group (PFG), Hannover Re’s U.S. operation, for $800 million subject to regulatory approvals. QBE said the acquisition is complementary to its existing business in the U.S., and it anticipates completion of the acquisition in the second quarter of 2007. PFG will add around $1.4 billion to gross premium income on an annualized basis.

Aon, Valley Oak Systems

Aon entered into a letter of intent agreement to acquire Valley Oak Systems of San Ramon, Calif. It expects to consummate the transaction by Jan. 31. Valley Oak Systems offers claims management software, services and support.

Topics Alabama