Business Moves

Markel, Aspen, FirstComp

Markel Corp. completed the previously announced acquisition of Aspen Holdings Inc., a privately held insurance group that provides workers’ compensation insurance and related services, principally to small businesses, in 31 states.

Aspen, headquartered in Omaha, Neb., operates primarily through FirstComp Insurance Co., a Nebraska-domiciled insurance company, and FirstComp Underwriters Group Inc. and FirstComp Insurance Agency, Inc., which act as managing general agents.

Aspen will continue to operate as a separate unit, with Luke Yeransian, Aspen’s current CEO, as president. The unit will report to Mike Crowley, Markel’s president and co-chief operating officer, as part of Markel’s specialty admitted segment.

Markel Corp. markets and underwrites specialty insurance products and programs to niche markets.

CNO Financial Group

CNO Financial Group Inc., based in Carmel, Ind., announced it has received regulatory approvals for the previously announced plan to consolidate three insurance companies.

Under the consolidation plan, two CNO insurance subsidiaries – Conseco Insurance Co. and Conseco Health Insurance Co. were merged into Washington National Insurance Co. (WNIC) in a transaction which was subject to approval of insurance regulators in Indiana, Illinois, Arizona and California.

In connection with and prior to the merger, WNIC was re-domesticated from Illinois to Indiana.

Hub International, Burnham and Co.

Chicago-based broker Hub International has acquired Burnham and Company Inc., of New Jersey.

Burnham, based in Englewood Cliffs, has approximately $4 million in annual revenue. It will become part of Hub International Northeast Ltd. Agency Principal Jeff Burnham will join the Hub team.

Originally founded in 1957 by Ronald Burnham, Burnham serves both commercial and personal insurance clients. In 1972, it developed a national specialty in insurance for the elevator industry and, ever since, has been serving elevator clients directly and through their brokers on all lines of business. Burnham will combine with Hub’s existing elevator group, JM Associates, operating as one unit serving the elevator industry.

Miller Insurance, Keystone Insurers Group

Miller Insurance Inc. of Middletown has become Keystone Insurers Group’s 25th franchise partner in Ohio. The new arrangement was announced jointly by Miller Insurance President Mike Miller and Keystone’s Ohio Vice President Angie Engelke.

Miller Insurance has been in business for 70 years with four generations of the family. There are four partners: Mike Miller, president; Paul Nisbet, vice president; Shane Miller, secretary; and Nick Miller, treasurer.

HCC Insurance Holdings

Houston-based HCC Insurance Holdings Inc. is combining its Professional Indemnity Agency (PIA), HCC Public Risk, and HCC Specialty Underwriters units under a newly created underwriting division, HCC Specialty.

HCC Specialty will be led by Bill Hubbard as chief executive officer. Prior to accepting this position, Hubbard served as chairman of HCC Specialty Underwriters in Boston, Mass.

HCC Specialty is expected to generate gross written premium approaching $400 million in 2010 and will be among the industry’s leading underwriters of several specialty insurance products, including: disability insurance for professional athletes and entertainers, miscellaneous professional, architects and engineers professional, contractors professional, employment practices liability, public entity, DIC, event cancelation, special event liability, kidnap and ransom, product recall, restaurant recovery, prize indemnity, and weather.

HCC also announced that effective Jan.1, 2011, PIA’s Diversified Financial Products and Fidelity businesses will be managed by Andy Stone, CEO of HCC’s Global Financial Products business.

Ironshore, Distinguished Programs

Bermuda-based specialty insurer Ironshore Inc. and New York-based program administrator Distinguished Programs Group LLC formed a joint venture acquisition vehicle targeting the managing general underwriter and program manager segments of the insurance distribution business.

The business plan for the new unit, IDP Holdings LLC, contemplates multiple acquisitions of small- to mid-sized program managers, as well as the development of startup operations built around key underwriting teams, according to the firms.

IDP Holdings is targeting acquisitions of companies with $5 million to $25 million in premium, experienced management and solid underwriting results. Distinguished will provide strategic and financial management, and Ironshore will provide insurance capacity to acquired companies. Financial terms will vary by acquisition.

Kevin Kelley, CEO of Ironshore, will be chairman of IDP Holdings. Jeremy R. Hitzig, CEO of Distinguished Programs, will be CEO of IDP Holdings.

Through its platform in Bermuda, including Iron-Starr Excess, Ironshore writes property and excess casualty insurance for global commercial risks.

Distinguished Programs offers insurance programs for residential and commercial real estate owners and property managers including property, liability, directors and officers’ liability, crime and high limits of umbrella insurance. Its products are distributed through a growing network of more than 2,000 independent agents and brokers. Distinguished’s subsidiary companies include SES Insurance Brokerage Services Inc., and China-based ReSource Pro, a business process outsourcing company for insurance intermediaries.

Alterra Capital, Max Specialty

Alterra Capital Holdings Limited has renamed Max Specialty Insurance Co. as Alterra Excess & Surplus Insurance Co. This is part of an overall rebranding of Alterra following the May 2010 merger of Max Capital and Harbor Point to form Alterra.