Progressive
Progressive said it will begin offering motorcycle and RV insurance in Massachusetts. The Mayfield Village, Ohio-based insurer said it will offer the coverage through its Web site as well as through independent insurance agents.
The addition of these coverage come less than a year after Progressive began offering personal auto insurance boat insurance to Bay State customers.
Progressive’s motorcycle coverage can include Trip Interruption, which pays up to $500 for lodging, transportation and food if a motorcycle has a mechanical breakdown more than 100 miles from a rider’s home.
PURE
White Plains, New York-based specialty insurer Privilege Underwriters Reciprocal Exchange (PURE) said it will begin offering property and casualty insurance coverage for owners of high-value homes in New York.
The company had previously focused on writing products on Florida and South Carolina.
In addition to homeowners’ insurance, PURE provides automobile, jewelry, art, personal excess liability and watercraft coverage for of its members (policyholders). PURE is an admitted insurance company whose products and prices are regulated by the New York State Insurance Department.
As a reciprocal insurance exchange, PURE is member-owned. Members pay a surplus contribution of 10 percent of their high-value homeowners’ premium and 4 percent of their premium for all other policies, for each of the first five years of membership.
PURE has also been awarded licenses in New Jersey and Connecticut and will soon begin accepting new members in those states, the company sai
Munich Re
Germany-based reinsurer Munich Re has successfully concluded the acquisition of specialty insurer HSB Group from American International Group for $739 million. The deal was originally announced last December.
The purchase price in cash was financed by Munich Re from internal resources. All the requisite approvals have now been obtained from the relevant authorities.
The core of the HSB Group, Hartford Steam Boiler Inspection and Insurance Co., is one of the largest insurance and inspection companies specializing in engineering risks in the US. HSB is a provider of equipment breakdown and engineered lines of insurance, other specialty coverages, and inspection, certification and engineering consulting services.
HSB Group’s equity capital as of Dec. 31, 2008 amounted to around $586 million and its gross written premium income for 2008 totaled $930 million.
Lockton
Lockton International has been granted a license by the Dubai Financial Services Authority (DFSA) to operate as an insurance broker in the Dubai International Financial Centre (DIFC).
The Dubai office represents Lockton’s first footsteps into the Middle East and North African region, with further expansion planned for the future. Dubai will be the regional hub for the region and will operate as a treaty and facultative reinsurance operation, serving the needs of regional insurance companies. The office will be equipped to handle all classes of business backed by the support of the firm’s wholesale operations in London and other locations.
The office will be managed by Wael Khatib, who has been appointed president, Lockton Dubai.
Allied World
Allied World Assurance Co. Holdings has opened a branch office in Hong Kong in order to expand its operations into Asia. Bill Cotter, senior vice president, Asia, will oversee all Asian insurance operations from the new office.
Initial offerings include a variety of primary and excess professional lines and general casualty products as well as a suite of accident and health products.
AIG Taiwan
The Bank of East Asia has signed a deal to buy the Taiwan securities arm of American International Group as the ailing U.S. insurance giant sells assets to raise cash.
The deal is subject to regulatory approval in Taiwan and we will have an announcement later today, Chan Kay-cheung, Vice Chairman of Bank of East Asia (China), told Reuters.
The acquisition indicates Bank of East Asia, Hong Kong’s fifth-largest lender, is interested in tapping the wealth management markets in Taiwan, China and Hong Kong.
No financial details were available.
Topics New York
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