M. J. Kelly, Russell Grace
The Arkansas division of M. J. Kelly Company, an insurance brokerage firm headquartered in Springfield, Mo., has agreed to purchase certain assets of Russell Grace Inc., Fort Worth, Texas.
Russell Grace Inc., a wholesale broker of property and casualty insurance products founded in 1950, utilizing a number of admitted and non-admitted markets with particular emphasis on commercial auto, property and general liability risks.
M. J. Kelly Company of Texas is one of 10 M.J. Kelly branch offices in nine states.
Source: M. J. Kelly
American Physicians Service Group, American Physicians Ins. Exchange
Austin, Texas-based American Physicians Service Group Inc. is set to acquire its long-time client, American Physicians Insurance Exchange.
The merger is expected to be complete prior to the end of 2006, subject to approval by the Texas Department of Insurance, necessary filings with the SEC, and approval of the shareholders of APS and subscriber-policyholders of APIE.
The purchase price will include approximately 1.7 million shares of APS common stock issued to the policyholders of APIE and the assumption of approximately $10.4 million in obligations, which will be converted to APS preferred stock with a cash redemption requirement.
Dr. Norris Knight and Dr. William Peche, who have over 50 years of combined service on the APIE Board of Directors, will be joining the Board of APS.
Source: American Physicians Service Group
Texas Mutual
Approximately 34,000 Texas employers will receive a share of approximately $100 million in dividends from Texas Mutual Insurance Company. This marks the largest dividend payout in the company’s history.
The Texas Mutual board of directors approved the 2006 $25 million individual dividend plan, which includes an annual component for qualifying policyholders with policies that expired in 2005 and a retention component. The retention component rewards qualifying policyholders for up to five consecutive years of low claim loss experience, ending with the policy that expired last year.
The company also is awarding a $25 million special dividend and a $50 million anniversary dividend. The special dividend is a discretionary award based on the company’s exceptional financial results in 2005. The anniversary dividend is in celebration of the company’s 15 years of service to Texas businesses.
Source: Texas Mutual Insurance Company
TIP/PIA, Hawkeye Insurance Services
At its annual convention, held May 25-29, 2006, aboard the Carnival Cruise Lines “M. S. Ecstasy,” the Texas Insurance Professionals/PIA Texas voted Hawkeye Insurance Services Inc. as the association’s “Company of the Year.”
Carrollton, Texas-based Hawkeye Insurance Services, a managing general agent, provides Texas agents with a market for homeowners, dwelling fire and non-standard auto.
Jimmy Beathard, president of TIP/PIA Texas, presented the award to Joe Tipton, Hawkeye’s president, during the closing session of the convention.
Topics Texas
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