Business Moves

HRH, Thilman & Filippini

Insurance broker Hilb Rogal & Hobbs Co. agreed to buy substantial assets of Thilman & Filippini, L.L.C., a Chicago-based insurance agency and brokerage firm with 2005 gross revenues of approximately $24 million. The operation will become part of HRH’s Midwest Region led by HRH Vice President John P. McGrath. Terms were not disclosed. With completion of this transaction, HRH reports it will have acquired more than $35 million in revenues from four transactions in 2006.

AIG, C.V. Starr

American International Group Inc. is sparring again with its former chairman, Maurice “Hank” Greenberg. It is canceling its “agency arrangement” with the American International Marine Agency, a subsidiary of the Greenberg-controlled C.V. Starr & Co. Inc., effective Dec. 31. AIMA specializes in ocean marine insurance, including cargo coverage. AIG also said it was establishing a new division, to be called AIG Global Marine and Energy, to service the insurance, risk management and other needs of marine and energy insurance clients. Starr announced that its AIMA subsidiary had notified AIG “of its intention to terminate the agency’s relationship with the (AIG) insurance company effective Jan. 1.” Starr said in a statement the companies’ contract called for a six-month notice of cancellation. “We look forward to serving new underwriters next year and building upon our reputation for delivering best in class solutions,” AIMA President David French said in the statement. Greenberg was forced out of AIG in March 2005. In recent months, AIG and Starr have been fighting in court over specialty insurance business that AIG underwrote for clients handled by Starr.

Hub, AssurConseil

Chicago-based Hub International Limited acquired AssurConseil, S.E.N.C., a Montreal-based insurance broker with both general lines and trucking expertise. The 39-employee organization will add approximately $4.9 million to Hub International’s revenue base and will become part of Hub International Quebec Limitee (HUB Quebec). Terms of the transaction were not disclosed.

ACE, Randall & Quilter

ACE Limited sold three run-off reinsurance subsidiaries to Randall & Quilter Investment Holdings Limited, an international insurance management firm. The agreement to sell ACE American Reinsurance Co., Brandywine Reinsurance Co. of the U.K. and Brandywine Reinsurance Company S.A.-N.V. to Randall & Quilter was announced in January 2005. As a result of the sale, the ACE Group of Companies said it reduced its exposure to legacy liabilities, including asbestos, by $900 million, and reduced its reinsurance recoverables by approximately $400 million.

Tompkins, Kemp

Tompkins Insurance Agencies Inc., of Batavia, N.Y., purchased the Kemp Agency with offices in Dansville and Nunda, according to David S. Boyce, president of Tompkins. The acquisition was effective July 1. Tompkins has offices in western and central New York. It is a subsidiary of Tompkins Trustco, Inc., the parent company of the Bank of Castile, Tompkins Trust Company and Mahopac National Bank and AM&M Financial Services.

Topics AIG