Business Moves

December 10, 2006

ICAT Holdings, Lloyds

ICAT Holdings LLC of Boulder, Colo., created a new underwriting syndicate at Lloyd’s of London, designated as ICM Syndicate 4242, to support underwriting of U.S. catastrophe-exposed properties. ICM Syndicate 4242 will begin underwriting business on Jan. 1, 2007.

Syndicate 4242 has capital to support approximately $200 million of gross written premium for its 2007 business plan. Through a Lloyd’s coverholder agreement, ICAT Managers has binding authority to underwrite and manage the company’s existing core business on behalf of the syndicate. Capital has been supplied through a consortium made up of ICAT and third-party investors, including Chaucer Holdings PLC, whose managing agency subsidiary, Chaucer Syndicates Ltd., will act as the managing agent for Syndicate 4242 to provide operations and regulatory support. Chaucer is a Lloyd’s managing agent.

ICAT’s Gregory Butler is the active underwriter of Syndicate 4242. Butler has held several underwriting positions at ICAT and was previously deputy insurance commissioner in the California Department of Insurance and served as the founding CEO of the California Earthquake Authority.

Unionbanc Insurance Services

UnionBanc Insurance Services Inc., Fullerton, Calif., is expanding its focus to the Pacific Rim with the addition of Ted Ikuta, who joins the Fullerton office as senior vice president.

Ikuta has more than two decades of experience, having served Fortune 500 companies and businesses in Japan, Taiwan and Singapore. He will be responsible for developing new insurance products and services for Pacific Rim clientele. Under Ikuta’s direction, UnionBanc Insurance will work with Tokio Marine & Nichido Fire Insurance Co. Ltd., the biggest property and casualty insurance company in Japan, as well as Nippon Koa Property and Casualty, and Meiji Yasuda Life Insurance Co.

UnionBanc Insurance Services is a subsidiary of Union Bank of California N.A.

EIG Mutual Holding Co.

The parent of Employers Insurance Co. of Nevada has won state authorization to convert from a mutual to a publicly traded stock company — giving its 6,500 members cash and stock that could add up to more than $550 million in value.

In an order released Dec. 1, state insurance Commissioner Alice Molasky-Arman authorized EIG Mutual Holding Co. to move ahead with the conversion early next year, subject to endorsements by the businesses, school districts and other entities that have worker compensation insurance policies with the company.

Ann Nelson, an executive vice president with EIG Mutual Holding, said stock and cash distributions will be made once approvals are obtained.

Gov. Kenny Guinn pushed for the 1999 legislation that set up the Reno-based mutual insurance holding company in the place of the former State Industrial Insurance System. EIG now offers workers’ compensation policies to small businesses in eight states.

Doug Dirks, CEO of EIG, said the conversion will increase the company’s financial and strategic flexibility and enable it to take advantage of growth opportunities and continue expansion into new markets.

c:Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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