Mega Group Inc., formerly a holding company for independent insurance agencies based in New York, announced it has acquired the Small Business Investment Corporation of America Inc. (SBICOA). The transition was achieved through a stock-for-stock exchange. Former SBICOA shareholders have …
California Insurance Commissioner Harry W. Low announced the filing of a formal legal complaint by the California Department of Insurance against Abraham and Associates Insurance Services Inc. and its owner, Mark Roland Abraham. Abraham and Associates is a large volume, …
Seattle-based SAFECO reported a first-quarter operating income of $12.0 million. SAFECO President and CEO Mike McGavick said these results are right on target with the company’s plans for the first quarter and are consistent with the goal to improve performance …
Visitors to ebix.com’s website, www.ebix.com, will now have direct access to the insurance products of Electric Insurance Company in 20 states. EIC, a Massachusetts-based direct writer specializing in automobile and homeowners, is rated “A-” by Standard & Poor’s and was …
Access CoverageCorp Inc., the Charlotte, N.C. Internet-based business insurance technology and solutions provider, announced that it has raised $8 million in a second-round financing. The leader in this round has been Capital Z Partners, a global alternative asset management firm …
More than 3,000 independent insurance agents are gathering this week for four days of education, networking and exhibits at the AMS Users’ Group 25th National Conference. Taking place at the Opryland Hotel in Nashville, Tenn., the conference is one of …
Twenty-eight people were injured and 200 buildings were destroyed when a tornado hit Hoisington, Kansas, on April 21. The damage was six blocks wide and a mile long. A 69-year-old man was killed in his home when warning alarms didn’t …
Scottish Annuity & Life Holdings Ltd. announced that it’s planning on moving “its corporate and international reinsurance operations” to Bermuda” from their present location in the Cayman Islands. “Bermuda is the capital of the global insurance industry,” stated CEO Michael …
First quarter results from Bermuda’s RenaissanceRe Holdings and the Everest Re Group confirmed the much anticipated upturn in reinsurance rates. RenRe posted a 21 percent increase in net operating income to $37.3 million, while Everest announced a 22.9 percent increase …
Following its recent decision to reduce its work force by 14 percent by outsourcing its customer service and backroom operations to India, Indianapolis-based Conseco, Inc. announced that it would acquire exlService, an Indian company which specializes in providing office services. …
