Business Moves – West

Shea, Leavitt

Shea Insurance in Las Vegas, Nev. has been acquired by the Leavitt Group.

Terms of the deal were not made available.

With the acquisition Scott Villamor, who owned Shea Insurance, joins Leavitt Group’s Las Vegas benefits office. Jeff Allen and Deb Egler have also joined the Leavitt Group.

Allen is an account executive servicing benefits accounts. Egler is a client service representative, and prior to Shea Insurance she worked for Health Plan of Nevada and Brown and Brown.

Prior to owning his own business, Villamor worked for a national commercial broker.

Privately-held Leavitt Group offers clients property/casualty insurance, risk management, employee benefits and other services.

MMIC, Utah Medical Insurance Association

MMIC, a large Midwest medical professional liability firm, has entered into an agreement to acquire Utah Medical Insurance Association, a provider of medical professional liability insurance for physicians in Utah, Montana, Idaho and Wyoming.

After the acquisition, UMIA will become a wholly-owned subsidiary of MMIC, but will retain its brand and board of directors.

Terms of the deal were not disclosed.

Following the transaction, the combined companies will have nearly 20,000 policyholders in 14 states. The organizations will serve the entire health care spectrum.

The transaction is expected to close in the first half of 2013 and is subject to customary due diligence, regulatory approvals and UMIA policyholder approval.

UMIA is an Oregon reciprocal insurance company with its principal administrative offices in Salt Lake City, Utah, that is managed by USMA Insurance Management Co., its attorney-in-fact.

Minneapolis, Minn.-based MMIC’s clients include small practices, hospitals, outpatient and long-term care facilities.

Arch, CMG Mortgage, PMI

Arch Capital Group Ltd., through its U.S.-based subsidiaries (Arch U.S. MI), will acquire all outstanding equity interests in San Francisco, Calif.-based CMG Mortgage Insurance Co. from bankrupt Arizona-based PMI Mortgage Insurance Co. and CUNA Mutual Group.

The deal is estimated to be for $300 million.

CMG MI is jointly owned by PMI and CUNA Mutual Group. The PMI Group Inc. in late 2011 filed for voluntary relief under chapter 11 of the United States Bankruptcy Code.

The transactions with Arch U.S. MI are expected to close within one year subject to approval and satisfying other closing conditions.

CMG MI is a monoline insurer focused on mortgage insurance. The assets that Arch purchased were core operating assets of PMI, but it will continue to exist as a distinct legal entity, and the old legacy portfolios will stay with PMI and will be runoff.

CUNA Mutual Group mortgage insurance sales staff will continue to serve credit union customers on behalf of CMG MI.

Arch, a Bermuda-based company with a reported $5.75 billion in capital, provides insurance and reinsurance worldwide through wholly owned subsidiaries.

CMG MI is a national provider of mortgage insurance products and serves more than 800 credit unions.

Madison, Wis.-based CUNA focuses on insurance, retirement and investment products that provide financial security and protection to credit unions worldwide.

IICF Arizona Chapter

The Insurance Industry Charitable Foundation Western Division announced the establishment of an Arizona Chapter.

It’s the second chapter and third operating state for the IICF Western Division, alongside California and Colorado.

The inaugural IICF Arizona Board is comprised of senior leaders from the Arizona Insurance Council, Brown & Brown Insurance of Arizona Inc., Chubb Insurance Group, Laurel Insurance Brokers, Meridian Financial Holdings, Scottsdale Insurance, SCF Arizona and Seneca Insurance.

IICF combines the resources and abilities of the insurance industry to give back to communities through grants, volunteer service and leadership.

IICF operates four regional divisions serving the Midwest, Northeast, Texas-Southeast and the Western United States. Since 1994 IICF has provided over $19 million in community grants and over 166,000 volunteer service hours to local community organizations.

ACES

ACES Commercial Insurance Services Inc., a managing general agency offering specialty commercial insurance products, now has in-house binding authority for small artisan contractors in California.

The program is non-admitted with an AM Best Rated AX carrier, the program is designed for artisan contractors with receipts of up to $1 million annually.

More than 40 classes are available and new custom residential home builders are acceptable.

Aces offers up to 12.5 percent commission to appointed agents in this new program.

Topics USA Arizona