Business Moves

Kinsale Capital

Kinsale Capital Group has formed a Virginia-based E&S insurer, called Kinsale Insurance Co., which will underwrite commercial property/casualty and professional liability E&S lines in 31 states and the District of Columbia.

The company said it is applying for eligibility in the remaining states. Kinsale and its affiliates currently have 43 employees in Richmond. It recently raised $80 million of capital and has invested $66 million in the specialty insurer subsidiary.

The company is backed by private equity firms Moelis Capital Partners and Virginia Capital Partners.

MMC, Kroll

Marsh & McLennan Cos Inc. has put up its security consulting business Kroll up for sale for $1.3 billion and received offers from several major private equity firms in the first round of bidding, the Financial Times reported. Three firms, The Carlyle Group, Apax Partners and General Atlantic, submitted bids in late February by the deadline for first expressions of interest, the Financial Times reported, citing people familiar with the situation.

Marsh bought Kroll from its founder Jules Kroll for $1.9 billion in cash in 2004.

Applied Systems (ASCnet)

Applied Systems Client Network (ASCnet), the user group of Applied Systems insurance agency management software, is planning to relocate from Orlando, Fla., by year-end 2010 to the Chicago area. Prior to the move, ASCnet will hire a permanent CEO to succeed interim CEO Rick Morgan on June 1.

The association has called the Orlando area home since the mid-1980s. ASCnet said the move is part of a multi-year effort to centralize ASCnet’s activities. Most ASCnet leaders must travel greater distances to get to Florida, resulting in higher governance costs, Parry Becker said. Parry Becker said ASCnet’s relocation also brings it closer to a key stakeholder, Applied Systems, also based in the Chicago area.

Safeco, State Farm in Mississippi

Mississippi Insurance Commissioner Mike Chaney said Safeco Insurance plans to offer homeowners insurance, including wind coverage, in south Mississippi. Chaney said the company will offer 500 to 1,000 homeowner policies wind coverage beginning in mid-March.

Chaney also said one other large insurer, Republic Insurance Group, is writing new homeowner policies with wind coverage on the coast, as are some smaller companies.

Also, Chaney approved State Farm’s plan to offer discounts in Mississippi beginning May 1 for homes and rental property strengthened against wind damage. They will apply to new construction and retrofits to older homes. Discounts range from 8 to 30 percent.

State Farm spokesman David Majors said the company will send more information to policyholders in mid-March.

Majors said State Farm has similar programs in place in Louisiana, Alabama and South Carolina.

Topics Mississippi