Agents & Brokers News

Commercial Rates Continue on Slow Slide; Personal Lines Rates Moderate: Survey

The composite rate for U.S. commercial insurance was plus 1 percent in October 2014 while the composite rate for U.S. personal lines was plus 3 percent for the month, according to MarketScout’s monthly analysis of market conditions. “As expected, the …

Big Data: It Isn’t Just for Carriers

This is the era of big data and while it’s no surprise that insurance carriers are big players, the fact is that agents and brokers of all sizes also have a growing stake in big data. While the insurance industry …

Aon Hewitt’s CIO Named on Computerworld Premier 100 IT Leaders’ List

Aon plc, the provider of risk management and human resource consulting and outsourcing, announced that Matthew Heckler, chief information officer for Aon Hewitt, was named to IDG’s Computerworld Premier 100 IT Leaders’ list for 2015. The list spotlights 100 leaders from both the technology and business …

Aon Benfield Buys Safe Brokers to Enhance Presence in Greece, Cyprus

Aon Benfield, the reinsurance intermediary and capital adviser of Aon plc, has acquired Safe Brokers to strengthen its investment in the Greek and Cypriot markets. Safe Brokers is an independent reinsurance broker with facultative and treaty premium of approximately EUR15 …

Lockton, Burns & Wilcox Brokerage Offer Income Protection without Physical Loss

Lockton Cos. and wholesale broker Burns & Wilcox Brokerage have joined the Ebola-sensitive insurance protection movement with a product that protects companies from income losses and increased costs incurred without actual physical damages. The companies have launched the Protection Against …

The Hartford Offers Safety Rewards, Discounts for Commercial Auto

The Hartford is offering small and midsize businesses the opportunity to receive commercial auto insurance premium discounts and rewards for safety. The company has also expanded its quoting system for agents and brokers to include small commercial auto coverage. The …

Burand’s Agency E&O Blog: Tip #64

Confirmation That Suit Papers Have Been Received by the Carrier. While not an every day occurrence, most agencies receive suit papers from various parties several times a year and these papers must be forwarded to the applicable insurance company immediately. This …

Progressive Announces New Boat Coverages in Florida

The Progressive Group of Insurance Cos., which insures more than one million watercrafts nationwide, has launched a line of new boating coverage options targeting Florida’s large population of boating enthusiasts. The Mayfield Village, Ohio-based company noted data from the National …

Burand’s Agency E&O Blog: Tip #63

Inflation Factors are Missing. Some property policies, particularly dwelling policies in personal lines, lack automatic inflation adjustment factors. These same policies often get less attention than other personal lines policies. Agencies that do review these policies annually often are reluctant to …

Large Agencies More Optimistic About Future Growth: Vertafore Study

Optimism over the future growth potential of independent agencies ties closely to the size of the independent agency, with larger agencies feeling more optimistic about future growth than their smaller counterparts, according to a new industry study. Some 70 percent …