Business Moves

MarketScout, Chicago

MarketScout Corp., a Dallas, Texas-based eInsurance Exchange specializing in the distribution of property and casualty insurance products, opened a Chicago location to facilitate its growth in the Midwest.

MarketScout underwrites and distributes hundreds of product lines to its 58,000-member agency network across the U. S.

Source: MarketScout

HUB International, Hibernia Insurance Agency

Chicago-based HUB International Limited agreed to acquire all of the assets of Louisiana-based insurance brokerage, Hibernia Insurance Agency L.L.C., an $18 million revenue brokerage firm that will become a new regional platform (hub) doing business as Hub International Gulf South.

Based in Metairie, La., Hibernia Insurance employs 85 people at offices in Metairie, Lafayette and Baton Rouge. It serves clients throughout the Southeast and beyond the state of Louisiana including Alabama, Mississippi, Arkansas and Texas. Steve Terry, president of Hibernia Insurance, will become president of HUB Gulf South.

Closing of the acquisition, which is structured as an asset purchase, is expected to occur during the first quarter of 2007 and is subject to the satisfaction of customary closing conditions. HUB intends to offer employment to all active employees in good standing on the closing date. Financial terms of the acquisition were not disclosed.

Source: HUB International

Zurich, NASTA

The Zurich Financial Services Group signed an agreement for the purchase of a majority stake in NASTA Insurance Company, headquartered in Moscow, Russia.

The transaction is expected to close in the first half year 2007, pending Russian regulatory approvals.

The transaction gives Zurich a 66 percent share in NASTA and an agreed path to 100 percent ownership by 2010. Both parties agreed not to disclose the price of the transaction.

The acquisition will operate within Zurich’s recently established Central and Eastern Europe (CEE) business unit in Vienna, which includes the Group’s existing units in Austria and Russia. It is planned that the acquired entity will be managed jointly with Zurich’s existing operations in Russia.

Liberty International Underwriters, Los Angeles

Liberty International Underwriters, a division of Ill.-based Liberty Mutual Group, now offers general liability products out of its Los Angeles office. Heading up the Los Angeles operation’s general liability office is Vice President C.J. Johnson, formerly with Ace.

Expanding the lines available in L.A. is part of LIU’s overall strategy to offer its full line of first- and third-party capabilities out of all its regional U.S. offices. Source: Liberty Inter-national Underwriters

To submit information for Business Moves e-mail smckenna@insurancejournal.com.

Topics Russia