Teague Insurance Agency, Wilson Insurance Agency
Walter O.L. Johnston Jr., president of Teague Insurance Agency in La Mesa, Calif., and Bradley Wilson, president of Wilson Insurance Agency in Chula Vista, Calif., have merged their agencies.
Both agencies have been located in the San Diego area for more than 50 years. The Wilson Agency was founded in 1951 by Brad’s grandfather, Richard Wilson. Brad’s father, David (Bud) Wilson, became president in 1965. Bud, who served as national president of the Insurance Brokers and Agents of America, retired in 2000. Brad joined the agency in 1989 and succeeded his father as president.
Teague Insurance Agency was founded in 1954 by the late John Teague. Walter Johnston joined the agency in 1973 and became president in 1982.
Both agency leaders have been active in local professional and service organizations in the San Diego area. Both have served as president of the local chapter of the Insurance Brokers and Agents of the West. Wilson is a past president of the Chula Vista Chamber of Commerce and is a member of the Rotary Club of Chula Vista. Brad was named IBA San Diego agent of the year in 2007.
Explorer Insurance
California Insurance Commissioner Steve Poizner announced a 15 percent rate cut for Explorer Insurance Co.’s auto insurance policyholders, saving them approximately $3.4 million.
Explorer Insurance initially filed for a 17.6 percent increase in its auto insurance rates, the Department of Insurance indicated. After reviewing the rate filing application, Commissioner Poizner approved a 15 percent decrease in rates. As a result of this reduction, Explorer Insurance customers will save an average of about $100 per car annually, the DOI indicated. The savings are expected to go into effect in December, and will apply to renewing policyholders and new customers.
Philadelphia Consolidated, Tokio Marine Holdings
Philadelphia Consolidated Holding Corp. reported that the Financial Services Agency of Japan approved its acquisition by Tokio Marine Holdings Inc.
Tokio Marine is acquiring the outstanding shares of the insurer for $61.50 per share in cash. It previously received approval from the Pennsylvania and Florida insurance departments.
The closing of the merger remains subject to other customary closing conditions, but no additional regulatory approvals are required.
Philadelphia underwrites commercial property/casualty and professional liability insurance products.
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