Business Moves

Everest

Everest Re Group Ltd. is expanding its professional liability insurance operation, Everest Specialty Unit (ESU), with the opening of a west coast regional office.

Currently based in New York, ESU will be establishing its west coast facility in Oakland, Calif., to reach its target customers in that region.

The new unit will be led by Cary Nichols, who has been appointed vice president of ESU’s west coast region. Nichols will report to John Iannotti, senior vice president of the division and will be responsible for developing both the professional liability book for financial institutions and the directors and officers book.

Nichols joins Everest with more than 15 years of management liability underwriting experience, most recently as a regional vice president of the executive assurance division of Arch Insurance Group. Prior to Arch, Nichols worked in the management liability groups of Executive Risk and Chubb Specialty Insurance.

PacWest Alliance

PacificWest Alliance Insurance Services Inc. has added two new members in California. Cornerstone Commercial & Personal Insurance Services Inc. in Rancho Cucamonga and Valley Oaks Insurance in Roseville have joined PacficWest.

“Both of these agencies are located in areas that PacWest wants to grow and both agencies make a great addition to PacWest,” Tom Powell, president of PacWest Alliance said in a statement.

PacWest Alliance is a California-based insurance cluster that provides a managed environment for its members. PacWest Alliance represents over $180 million in written premium.

Ox Bonding

Oregon contractors will have another option for surety bonds after the state approved Ox Bonding and affiliate carrier, Upper Hudson National Insurance Co., for writing business.

Ox Bonding said it saw an opportunity as a result of the financial crisis that hit Oregon as well as the rest of the country.

“The financial tsunami of 2008 destroyed the ability of many Oregon contractors in the building trades to get a completion bond, or the working capital to acquire the supplies to do the work,” said Jeffrey Camp, chief operating officer. “Because they do not have perfect credit, they lose out on many jobs where bonding is required, such as local government projects. We can fix that.”

Though serving companies with less-than-perfect credit might seem risky, the company said it will look at executive track records to help them make a decision on providing bonds. Ox Bonding will also disburse the funds to further reduce the risk.

With Ox Bond’s affiliate insurance carrier, Ox Bonding will act as agent and carrier, allowing faster service than some of the traditional distribution methods.

Following the addition of Oregon, Ox Bonding now offers its products and services in 13 states including New York, California, Illinois, Florida, Georgia, Pennsylvania, New Jersey, Washington, Hawaii, Maryland, Missouri and Louisiana.

Ox Bonding is looking for more brokers and agents.

Liberty

The Liberty Company Insurance Brokers Inc. is extending its services into the entertainment industry through Liberty Entertainment Insurance Services LLC in Woodland Hills, Calif.

Daniel R’bibo will serve as president of Liberty Entertainment Insurance Services. R’bibo’s entertainment industry experience includes studio accounts and independent film productions.

Santa Clara, Calif.-based The Liberty Company is an independent broker with four California locations and nearly $30 million in premiums.

Transatlantic Holdings, Alleghany

Reinsurer Transatlantic Holdings Inc. has agreed to be acquired by Alleghany Corp. The cash-and-stock deal is valued at around $3.4 billion. The acquisition is expected to be completed during the first quarter of 2012.

For the 12 month-period ended September 2011, the two companies had pro forma net premiums written of $4.7 billion. They had total stockholders’ equity of $5.9 billion and total capital of $7.2 billion at the end of September.

When the deal is completed, Transatlantic will become an independent stand-alone subsidiary of Alleghany, according to the announcement. The companies expect Transatlantic to keep current financial strength ratings of “A+” from Standard & Poor’s and “A” from A.M. Best.

Joseph Brandon, former chief executive of Berkshire Hathaway’s General Re, is expected to join the executive team as president of Alleghany Insurance Holdings and executive vice president of the parent company Alleghany. He will also be Transatlantic’s board chairman.

Topics California Oregon