Hub International Limited has completed its purchase of Personal Lines Insurance Brokerage, Inc. (PLI) from The Chubb Corporation. The acquisition grows Chicago-based Hub’s personal lines to nearly 20 percent of its consolidated revenue. The focused initiative will be known as …
Bermuda-based Platinum Underwriters Holdings, Ltd. announced that, based on currently available information, it estimates that its losses, net of reinstatement premiums, tax benefits and retrocessional recoveries, from Hurricane Rita will be approximately $45 million. The Company stressed that its “loss …
Odyssey Re Holdings Corp., which is 80 percent owned by Canada’s Fairfax Financial Holdings Limited, announced from its Stamford Conn. headquarters that it has updated its estimate of losses from Hurricane Katrina. The company now expects them to be approximately …
Tropical Storm Stan has brought devastation to large parts of El Salvador, Guatemala, Nicaragua, Southern Mexico, Costa Rica and Honduras. 120 people are reported to have died in Guatemala, over half of the 230 fatalities reported so far. Most of …
Boyce Oglesby, a senior deputy commissioner of North Carolina Insurance Department is stepping down this month after an audit questioned spending and decisions related to a trust for insolvent insurance companies. Oglesby, who oversees the agency’s Regulatory Actions Division, will …
Internationally recognized boxing manager Henry Foster was arrested for insurance fraud in Miami after accepting $93,000 for disability payments when he was not working. John Dygon, a spokesman for Florida’s Department of Financial Services said Foster was managing five boxers …
The Chubb Corporation estimates its total losses from third quarter catastrophes, primarily Hurricane Katrina, to be approximately $600 million pre-tax ($390 million after-tax). This amount includes estimated losses and loss expenses net of reinsurance recoverable, reinsurance reinstatement premiums and Chubb’s …
Willis Group Holdings has agreed to acquire the business and assets of Reinsurance Consultants and Intermediaries Ltd. (RCI), the reinsurance division of South African insurance broker Glenrand M.I.B. Limited (JSE:GMIB). As part of the transaction, Willis will also acquire GMIB’s …
The rehabilitation of troubled workers’ compensation self-insured group AIK Comp moved a step closer to resolution earlier in the week with the signing of an agreement by Glenn Jennings, the rehabilitator, and attorneys representing about 450 of the approximately 3,700 …
Bermuda-based Quanta Capital Holdings Ltd., provided the following comments on A.M. Best’s decision to place Quanta Reinsurance Ltd. and its subsidiaries and Quanta Europe Ltd. under review with negative implications earlier in the week. Tobey Russ, Quanta’s CEO, commented, “We …
