Business Moves

Maritime General Agency

Maritime General Agency combined three niche marine insurance underwriting facilities into Maritime Program Group: Maritime General Agency, Marine MGA and Windward Marine Underwriters.

Maritime General Agency and Marine MGA were founded in the 1990s. Windward Marine Underwriters was added in 2002. Maritime Program Group was formed to unite these three companies and integrate their programs, services, 20-plus years of expertise and shared heritage.

The company said with the consolidation, Maritime Program Group is the largest program underwriter of recreational marine insurance in the United States. The firm also provides inland and ocean marine insurance. In addition, MPG has added a Private Client Services division.

Midwest Employers Casualty

St. Louis, Mo.-based workers’ compensation excess insurer, Midwest Employers Casualty Co. (MECC), launched a Healthcare Risk Management Practice. MECC said it created the Healthcare Risk Management Practice in recognition of the potentially devastating consequences that injuries on the job can pose within healthcare organizations.

The company said it is estimated that an organization loses operating revenue at a rate of four to 10 times the direct costs of a work-related injury. And it costs about one and one-half times an employee’s annual salary to replace that employee.

MECC’s practice will assist clients in reducing costs associated with work-related accidents. The unit designs and implements a variety of best practice programs, including developing transitional duty return to work procedures; addressing sharps/needle stick incidents or combative patients; reducing slips, trips and falls; a safe patient handling program; and more.

A recent Federation of Nurses & Health Professional survey indicates that 56 percent of nurses said they are considering leaving the profession due to fear that they may experience a disabling on-the-job injury.

MECC’s Healthcare Risk Management Practice also offers services in addition to program design and implementation, from access to training resources online to benchmarking reports, online seminars and
onsite training.

MECC is a member company of W.R. Berkley Corp.

QBE, RenRe U.S.

Australia’s QBE completed the acquisition of the U.S. admitted insurance businesses of Renaissance Re, which includes a crop and small specialist program business.

RenRe announced in November 2010 that it would sell its U.S. property/casualty business underwritten through managing general agents, its crop insurance business underwritten through Agro National Inc., and its commercial property insurance operation to QBE. At the time of the announcement, RenRe estimated the transaction at approximately $275 million, payable in cash at closing. It represents substantially all of RenRe’s insurance segment business.

In the November announcement, RenRe CEO Neill A. Currie said the company would continue to participate in the U.S. excess and surplus lines market through its Lloyd’s platform and Glencoe Insurance Ltd., its Bermuda-domiciled insurer.

QBE said the acquisition supports its commitment to growing the business through product diversification and new distribution channels, and strengthens its position as a leading insurer in the United States.

QBE also noted that its Americas Division, headquartered in New York, conducts business through various property/casualty insurance subsidiaries in 10 countries. QBE’s Americas Division produced $5.2 billion in gross written premium in 2010 and an 89.7 percent combined operating ratio.

Capson Physicians Insurance

Austin, Texas-based Capson Physicians Insurance Co. is now licensed to underwrite in six additional states: Alaska, Arizona, Louisiana, Indiana, Missouri and Nevada.

With the addition of the six new states, Capson’s medical malpractice protection is available in 18 states.

Capson, which launched late last year with investors including BlueCross BlueShield Venture Partners L.P. and Beazley Investments Ltd., allows users to acquire medical malpractice coverage through an online model.

Topics USA