It Figures

$279 million
KeyCorp Bank, based in Cleveland, Ohio, will receive $279 million from a Swiss insurance company to settle a six-year-old lawsuit over losses it claimed in its car leasing business. The settlement, disclosed in a filing with the U.S. Securities and Exchange Commission, resolved a lawsuit KeyCorp filed in U.S. District Court against New York-based Swiss Reinsurance America Corp., part of Zurich-based Swiss Reinsurance Corp. Daniel Warren, a lawyer who represented the bank, said KeyCorp was pleased with the outcome. Key spokesman Bill Murschel said he could not say how much was sought initially.

109 staffers
A new policy prohibits Wisconsin legislative employees from taking home documents that contain sensitive personal information. The change in policy, enacted in February, comes after insurance documents containing the names, addresses and Social Security numbers of state Assembly members and their aides were stolen from a worker’s car. Violating the policy could result in the worker being fired. Assembly Speaker Mike Huebsch, R-West Salem, said he does not want to discourage state workers from being diligent, but they should not be transporting sensitive information away from the office. All 109 representatives and staff members affected by the theft have set up credit monitoring and received a credit history report, Huebsch said.

$1.8 billion
Hub International Limited, which got its start in 1998 when 11 Canadian brokers merged and has since grown through acquisitions into one of the largest insurance brokers in North America, is being acquired by funds advised by Apax Partners together with Morgan Stanley Principal Investments in a transaction worth $1.8 billion. Chicago-based Hub said its shareholders will receive $40.00 per share in cash, representing a premium of 28 percent to the 90-trading day average closing stock price on the New York Stock Exchange. This transaction values Hub at approximately $1.8 billion, which includes approximately $1.7 billion of fully diluted equity and approximately $145 million of debt.

$12 million
The Missouri Consumer Affairs Division of the Missouri Department of Insurance, Financial Institutions & Professional Registration recovered over $12 million from insurance companies in 2006. Preliminary figures also indicate over 4,300 complaints were received by the division with an additional 3,500 inquiries logged, according to the department’s statement. Through informal resolution, the division assists consumers with concerns about sales practices, claims and settlement amounts for all lines of insurance.