Lloyd’s has endorsed a new International Reinsurance Industry Dispute Resolution Protocol, which it notes “provides the insurance industry with an alternative to a court case or a lengthy arbitration if a disagreement should arise between reinsurer and client.” In a …
Hilb Rogal & Hobbs announced that it has completed the previously announced acquisition of the stock of the London-based Glencairn Group Limited, effective January 1. (See IJ web site Dec; 21, 2006). Terms of the transaction have not been disclosed. …
London’s Advent Capital Holdings announced that its subsidiary, Advent Re, “has received its class 3 reinsurer license from the Bermuda Monetary Authority, effective 27 December 2006.” The Company’s initial capitalization is approximately $37.5 million. “Initially, Advent Re intends to take …
While recognizing that economic losses from natural catastrophes were considerably lower in 2006 than in 2005, Munich Re warned the industry against becoming too complacent. In a bulletin on the reinsurer’s web site (www.munichre.com), Dr. Torsten Jeworrek, a member of …
The London insurance market Lloyd’s has sued former Rhode Island Gov. Bruce Sundlun, accusing him of failing to pay about $300,000 in principal and interest. But Sundlun says he doesn’t owe Lloyd’s any money, and his lawyer has asked a …
Accident Site and Public Response Nuts & Bolts: AIG Specialty Excess, an umbrella and excess casualty underwriting unit of the AIG Companies, announced the addition of Accident Site Advisor and PublicResponse to its excess liability insurance. The built-in enhancements, catering …
The Independent Insurance Agents of Texas appointed P. Scott Hubacek to the newly created position of IIAT Member Services Ambassador. Hubacek will be responsible for recruiting new members and for helping new and existing members increase use of programs and …
Terrorism, corporate scandals and regulation make way for institutional change What professional liability exposures do financial institutions face today? Have risks significantly changed since 2001? If so, why? Major events have had a direct impact on insurers, agents and the …
JANUARY Hallmark Aquires Aerospace Holdings Fort Worth, Texas-based Hallmark Financial Services Inc. has completed its acquisition of Aerospace Holdings LLC, which markets general aviation insurance products. Hallmark underwrites non-standard personal automobile insurance. The American National Bank of Texas of Terrell, …
Stock Prices: Stock prices have varied year-to-date among brokers. Brown & Brown Inc.’s (NYSE:BRO) stock was down 4.4 percent through Nov. 30, 2006, while Hub International Ltd.’s (NYSE:HBG) stock was up 19.2 percent for the same time period. Holding the …
