Insurance Scholarship Launched
The family of Richard Marks and Independent Insurance Agents of Houston (IIAH) have initiated The Richard Marks ISA Scholarship in conjunction with an IIAH training program called ISA (Insurance Service Associate). The ISA training program was developed to aid agents in bringing career minded youth into the insurance industry and is a comprehensive seven week course designed to train entry level candidates as assistant CSRs. IIAH is currently interviewing candidates for the fall session which begins on Sept. 10th. While several local agencies are committed to sponsoring students, the Richard Marks ISA Scholarship is available for a student who is not sponsored by any agency. Upon completion of the course, IIAH will assist the student in placement in a member agency. Student qualifications should include general office and computer skills, reliable transportation and the desire to make insurance a career. Information about the scholarship is available online at http://www.iiah.org.
HO Premiums Up Slightly
Overall, the industry reported a 6.6 percent increase in direct premiums for homeowners multiperil insurance from 1999 to 2000, according to a new A.M. Best Statistical Study. The top 10 writers of homeowners multiperil stayed the same during this period. Those top writers by direct premiums were: State Farm Group, Allstate Insurance Group, Zurich/Farmers Group, Nationwide Group, Travelers/Citigroup Co., USAA Group, Chubb Group of Insurance Cos., SAFECO Insurance Cos., American Family Insurance Group and Liberty Mutual Insurance Cos. A.M. Best reported that the top 100 writers reported a slightly higher increase of 7 percent. Both increases were greater than reported in 1999, which Best said reflects continued gradual increases in the homeowners market—where results have been poor for years—as well as initiatives to improve insurance-to-value.
InsureZone Rolls Out BrokerSecure
Fort Worth's Internet-based insurance agency, InsureZone, announced the launch of BrokerSecure, a service designed to help regional agencies and national brokers handle small commercial books of business while leveraging the power of their own brands. The company said BrokerSecure allows brokers to partner with InsureZone on a customized program to manage and grow their small commercial accounts, and turn them into a long-term income stream. Services available under BrokerSecure include servicing of the policies once they are sold, an ASP solution that streamlines the policy sale, and pre- and post-sales fulfillment and support. With BrokerSecure's full-service solution, brokers can private-label under their own brands a fully automated multi-channel offering through a web-based application supported by phone, fax, e-mail and Internet messaging connections with experienced, licensed agents.
HCC to buy Prof. Indemnity
Houston-based HCC Insurance Holdings Inc. has signed a letter of intent to acquire all of the outstanding shares of Marshall Rattner Inc., the parent company of Professional Indemnity Agency Inc. HCC said it will acquire Professional Indemnity Agency through a combination of cash and HCC shares in a transaction that is expected to close in August. Professional Indemnity Agency is an underwriting agency based in Mt. Kisco, N.Y. Founded in 1977, the agency focuses on specialty lines of insurance including kidnap and ransom, miscellaneous errors and omissions, and directors and officers insurance. HCC said Professional Indemnity Agency is expected to underwrite approximately $110 million in premium during 2001. Professional Indemnity Agency's current management and staff will manage the group's operations following the transaction.
Rackley Adds Travelers
Pulaski, Tenn.-based ratings technology company, Rackley Systems, added Travelers Insurance to their list of companies supported by commercial lines rating in the state of Texas. Operating within the newly introduced Rackley Systems for Windows Commercial Lines Rating, agents can receive accurate and up-to-date ISO rates for Travelers general liability and commercial property lines. Rates for business auto are currently being developed for Texas. Rackley, which provides rating in all 50 states, said the initiative signifies the commitment of Rackley and Travelers to the independent insurance professionals of Texas.
Texas Fund pays Dividends
The Texas Workers' Compensation Insurance Fund (Texas Fund) announced plans to pay approximately $25 million in dividends to select policyholders for the third year in a row. The dividends will come as the company's name changes to Texas Mutual Insurance Co. on Sept. 1 in under the provisions of House Bill 3458, which was signed by Gov. Rick Perry on June 15. The legislation specifies that Texas Mutual Insurance Co. is a continuation of the Texas Fund, not a new company. Therefore, Texas Fund policyholders of 2000 may be eligible for Texas Mutual dividends in 2001.
