Aetna has agreed to acquire the disability business of Broadspire, a privately-held provider of disability and casualty claim management services, for approximately $160 million. Broadspire’s disability business operates as a third party administrator offering absence management services, including short-term and …
The director of one of Masachusetts’ largest regional transit authorities has been placed on paid administrative leave as federal agents investigate his handling of contracts and bids, including ones for insurance. Gary Shepard, whose leadership role at the Pioneer Valley …
First Cardinal of Texas Ltd. announced the merger of two of its largest workers’ compensation trusts into a single entity, CompPAC Trust of Texas, effective Jan.1, 2006. The CompPAC Trust of Texas combines the membership and assets of two successful …
Insurity, which provides processing services and technology to the property casualty insurance industry, has hired Sergio Oyola as regional vice president, sales, and Mark Menard as client executive, compliance reporting. Oyola will be responsible for marketing and selling all Insurity …
Meadowbrook/TPA Associates, a third-party administrator of self-insured workers’ compensation programs, announced it is distributing $2,475,000 in dividends to 475 Massachusetts businesses that are members of the self-insured groups it manages. The groups under management are the Commonwealth Transportation Compensation Corporation …
Fitch Ratings has upgraded the insurer financial strength ratings of the Encompass companies to ‘AA+’ from ‘A-‘. The Rating Outlook is Stable. The upgrade reflects Allstate’s acquisition of the Encompass companies from CNA Financial Corp. Allstate had been servicing and …
Non-franchised Auto DealersNuts & Bolts: DMI Insurance Services Inc. has expanded the range of markets it supplies to producers serving non-franchised auto dealers and automotive specialty shops. The new markets will supply liability and physical damage coverage not been readily …
The Boston-area public transit agency, the Massachusetts Bay Transit Authority, has renewed its terrorism insurance policy. The policy includes a $350,000 deductible and would cover up to $500 million in damage to MBTA property, or about 10 percent of the …
Joseph Beneducci has been elected to president and chief operating officer of Fireman’s Fund Insurance Company, in Novato, Calif., according to Charles Kavitsky, chief executive officer. Beneducci was named executive vice president and chief operating officer in May 2003. Among …
Universal ExcessNuts & Bolts: The Hartford Financial Services Group Inc. introduced Universal Excess, a new excess insurance policy that fits firmly over directors and officers, fiduciary, employment practice, miscellaneous professional and tech errors and omissions products issued by any insurer. …
