Business Moves

Biron Agency

Jane Biron Siviski has reactivated her former exclusive bond-only agency in Newington, Conn. Biron Siviski, owner of The J. Biron Agency Inc., announced that her company has separated from Sinclair Insurance Group of Wallingford, Conn., which purchased the bond specialist in May, 2005. Biron Siviski became vice president for surety construction for Sinclair. “I’ve decided to return to my area of specialty in the contract bond business where I have more than 30 years experience, so I can concentrate all of my efforts in this specific market niche,” she said.

Biron Siviski began her bond agency in 1986 after more than 10 years of surety underwriting and management experience with two national surety companies.

MetLife

MetLife Inc. is consolidating its Connecticut operations after buying a 550,000-square-foot Bloomfield office building and plans on moving about 2,000 employees there. MetLife has signed a purchase agreement to acquire Cigna Corp.’s South Building in Bloomfield.

The New York-based insurance giant said 1,300 employees would be relocated from Hartford’s CityPlace to the new office building. The 1,300 MetLife employees in Hartford will move to Bloomfield during the third quarter of 2008, company spokesman John Calagna said.

In addition, about 450 employees will move from MetLife’s leased space in Glastonbury this December and 250 will relocate to Bloomfield from Rocky Hill in the first quarter of 2008.

“We are making a significant commitment, both in terms of people and finances, to the Greater Hartford area,” Calagna said. Bloomfield will be one of MetLife’s largest office locations once its employees move there.

OneBeacon

OneBeacon Insurance Group, Ltd. has officially relocated its headquarters from 1 Beacon Street in downtown Boston to the nearby suburb of Canton, Mass. According to the company, the 280,000 square-foot facility brings together more than 1,000 employees who formerly worked in three distinct greater Boston locations. OneBeacon’s Canton office houses all corporate functions as well as front-line operations for its local commercial lines, personal lines, and certain specialty businesses. The move began in December 2006. Canton is located 17 miles southwest of Boston.

Meadowbrook, U.S. Specialty Underwriters

Meadowbrook Insurance Group, Inc. has agreed to acquire U.S. Specialty Underwriters, Inc. for a purchase price of $23.0 million. The purchase price is comprised of $13.0 million in cash and $10.0 million in Meadowbrook stock, according to the buyer. Total additional shares issued for the $10.0 million portion of the—purchase price were 907,935 shares.

Based in Cleveland, Ohio, USSU is a specialty program manager that underwrites excess workers’ compensation coverage for a select group of insurance companies. USSU has a nationwide network of agents and brokers that service the self-insurance industry. USSU focuses on self-insureds within the healthcare industry and public schools in 29 states.

Meadowbrook President and Chief Executive Officer Robert S. Cubbin said the acquisition provides growth for his company’s fee-based operations and complements its existing public entity excess workers’ compensation program.

Delos, Naxos

New York-based Delos Insurance Co. launched a new excess and surplus (E&S) lines company, Naxos Insurance Co., which will be a wholly-owned subsidiary of Delos. Naxos operations will be managed under terms of an agreement with Delos. Incorporated in Delaware, Naxos will immediately move to obtain licenses in several key states with the ultimate goal of obtaining full licensing in all 50 states over the next two years. According to Delos, the rate and form flexibility of the E&S business will allow a more creative approach and will assist in the success of managing their general agents.

Naxos has an initial capitalization of $20 million and the company will petition A.M. Best for a group financial strength rating.

Lloyd’s

Lloyd’s of London officially opened its Chinese reinsurance operations at a ceremony attended by a host of dignitaries, including Lloyd’s Chairman Lord Levene; Sir William Ehrman, British Ambassador in Beijing; Andrew Cahn, chief executive of UK Trade & Investment, and a number of representatives from British and Chinese business and government. According to Lloyd’s, the ceremony included a scene in which Levene and Shanghai Vice Mayor Feng dotted the eyes to complete the painting of a dragon to officially declare the new operation open at its office in Shanghai. Levene called the occasion “a significant day in Lloyd’s history.”

Lloyd’s received regulatory approval to begin operations for its new reinsurance company in Shanghai —Lloyd’s Reinsurance Company China Limited (LRCCL) — in March. The license enables Lloyd’s to underwrite onshore reinsurance business throughout China. It will provide Chinese insurers with full access to the Lloyd’s market and give Lloyd’s improved access to the rapidly developing Chinese reinsurance market.

Topics China Lloyd's