Commercial Lines News

QBE Names Allianz’s Grote SVP, P/C Commercial Lines

QBE North America has welcomed a veteran industry executive to its leadership team. Walter Grote has joined QBE North America as senior vice president, commercial property/casualty, and will be based in the Chicago office. Prior to QBE, Grote served as senior vice …

Munich Re, Marsh Introduce Pharma Coverage for Regulatory Actions

Munich Re and Marsh & McLennan Cos., the largest insurance broker by market value, introduced a product to insure U.S. pharmaceutical companies against regulatory actions that could cause them to suspend manufacturing. The product would cover as much as $10 …

Roach Howard Smith & Barton Launches Private Health Benefit Exchange

Dallas-based Roach Howard Smith & Barton announced it is now offering a private health benefit marketplace for businesses. The Assurex Global Private Exchange is a private marketplace platform that gives employers a range of administrative flexibility and employee health benefit …

Study: Rate of Hispanic Business Start-Ups Highest in Midwest

The growth in Hispanic-owned businesses in the United States is outstripping that of companies in general and the fastest growth has been in Midwest states, according to a study released Sept. 21. The number of Hispanic-owned businesses grew by 30 …

Willis UK, AIG Launch Automatically Renewing Policy for Mid-Market

Willis Group Holdings and American International Group, Inc. have launched “Evergreen,” described as “an innovative, new approach to insurance that removes the need for annual policy renewal – the first UK mid-market offering with no renewal date that covers major …

UK Broker Market ‘Stagnant;’ M&A, but No Real Growth: Finaccord Study

Two new research studies issued by market research firm Finaccord put a value of £4.64 billion [$7.234 billion] on the size of the total non-life insurance broking market in the UK in 2014, up marginally from £4.55 billion [$7.09 billion] …

U.S. Power Grid Attack Could Cause $70 Billion in Insurance Losses: Lloyd’s Report

A cyber attack on the U.S. power grid in the Northeast would have far-reaching implications including the loss of lives, economic losses of as much as a trillion dollars, the disruption of water supplies and transportation, and potentially more than …

Commercial Insurance Prices Remain Static for Fourth Month: MarketScout

Commercial insurance rates have barely budged at all over the last four months, according to the MarketScout report for June. Only the business interruption line saw rates go down in June from the previous month and those were only down …

ACE to Acquire Chubb in $28.3 Billion Deal

In a major transaction, ACE Limited has agreed to acquire The Chubb Corp. for $28.3 billion in cash and stock. The balance sheet’s size and strength will elevate the combined company into the elite group of global P/C insurers. As …

How the Insurance Industry Is Using Google Glass

Improved customer service may be just one benefit insurers could see by using Google Glass in their operations. Michael Clifton, vice president of Insurance for Cognizant, described some of the benefits in the company’s white paper last year, “Google Glass: …