Business Moves

Golden Bear

Stockton, Caif.-based Golden Bear Insurance Co. has opened its first office in the Pacific Northwest.

The new office is in Edmonds, Wash. It was opened by Golden Bear Vice President Carl Heckman and his team, and Sarah Cress and Kim Seljestad.

The Washington office will be responsible for the Pacific Northwest and certain Rocky Mountain states concentrating on difference in conditions insurance.

Alleghany, Transatlantic

Global specialty insurer Alleghany Corp. and reinsurer Transatlantic Holdings announced the completion of their previously announced merger. With the closing of the transaction, Transatlantic is now an independent stand-alone subsidiary of Alleghany.

The cash-and-stock deal, which was first announced on Nov. 20, 2011, is valued at around $3.4 billion. The merger puts to an end months-long takeover talks involving Transatlantic. Last September, Transatlantic and Switzerland-based Allied World Assurance called off their previously announced merger deal. Several other suitors including Validus Holdings and National Indemnity had also expressed interest in acquiring Transatlantic.

Headquartered in New York, Alleghany offers property/casualty and surety insurance. It provides specialty insurance coverages in the property, umbrella/excess, general liability, directors and officers liability, professional liability lines of business, and homeowners insurance.

Transatlantic, based in New York, offers reinsurance for property/casualty, including general liability, medical malpractice, architects’ and engineers’ liability, automobile liability, and surety lines.

AIG, Blackstone

Bailed-out insurer American International Group Inc. recently sold its entire $500 million stake in private equity firm Blackstone Group LP, according to a source familiar with the situation.

AIG, which became majority owned by the U.S. government after it was bailed out during the financial crisis of 2008, had acquired the stake before Blackstone went public in 2007, the source said.

The sale is part of AIG’s ongoing effort to monetize non-core assets, reduce risk and deleverage, another source said.

AIG and Blackstone declined to comment.

Navigators

Navigators Management Co. Inc. (NMC) has launched a new operating unit that will focus on working exclusively with wholesale brokers in the United States.

The unit will be called Navigators Specialty. Jeff L. Saunders will serve as president of the unit. He was previously president of the Excess Casualty Division.

Other members of the executive management team for the unit will consist of Mark J. Richards, president of Primary Casualty and Don W. Roberts, chief underwriting officer. Noel Higgitt and Henry A. Lopez, both formerly regional vice presidents of NMC, will also join the team.

The New York-based NMC is part of The Navigators Group Inc., an international specialty insurance holding company.

XL Group

XL Group plc’s North America Construction is establishing a west coast underwriting operation in San Francisco, Calif.

XL is setting up its west coast presence with Michael Simone, currently executive underwriter of construction primary casualty, and Markus Bachmann, vice president of builder’s risk.

The two are relocating from New York to XL’s San Francisco office.

XL Group plc, through its subsidiaries, is a global insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises.

Confie Seguros, Power Auto

New York, N.Y.-based Confie Seguros, a national provider of personal lines insurance focused on Hispanic consumers, acquired Power Auto Insurance, a privately-owned Cerritos, Calif.-based firm specializing in auto insurance.

The purchase increases Confie’s retail presence and expands its California footprint to 160 offices.

Power Auto Insurance was founded in 2007. The company offers auto insurance, as well as motorcycle, commercial and homeowners insurance.

Confie has a national portfolio of regional auto insurance brokerages. It generates annual revenues in excess of $180 million.

The company was founded in partnership by Genstar Capital, a private equity investment firm focused on accelerating growth and profitability of portfolio companies, and insurance industry executives.

Topics New York AIG