Business Moves

National Atlantic, Commerce Group

National Atlantic Holdings Corp. confirmed that preliminary discussions with The Commerce Group Inc. of Webster, Mass., regarding a potential business combination or other strategic transaction have been terminated by mutual agreement of the parties. National Atlantic Holdings Corp. sells property and casualty insurance in New Jersey. The Commerce Group Inc. sells property and casualty insurance in Massachusetts and in other states.

Commerce, AAA in Mass.

The Commerce Insurance Co. of Webster, Mass. has entered into an agreement with AAA Southern New England that extends the two organizations’ business partnership in selling auto insurance in Massachusetts to a minimum of 20 years. Commerce Insurance will act as the exclusive underwriter for the AAA Group Marketing Program. Commerce Insurance will enjoy the exclusive right to sell AAA-branded automobile insurance products and the exclusive use of the AAA Emblem for marketing in Massachusetts. AAA SNE and Commerce Group also jointly own American Commerce Insurance Co., which writes similar programs in 10 other states. AAA SNE has been an agent of Commerce Insurance since 1984 and the two organizations have sponsored an affinity discount marketing program to AAA members in Massachusetts since 1995. The program insures more than 500,000 policyholders. It is marketed through independent agents.

Mt. Washington, Savings Bank Life in N.H.

Concord, N.H.-based Mt. Washington Assurance Corp. has partnered with The Savings Bank Life Insurance Company of Massachusetts to offer a discounted auto insurance rate to SBLI’s more than 22,000 New Hampshire customers. New Hampshire SBLI policyholders will be eligible to receive a 10 percent discount on their auto insurance premiums. The discount is available through participating independent agents representing Mt. Washington throughout the state.

AIG, C.V. Starr

American International Group Inc. and C.V. Starr & Co. Inc. have settled certain disputes between them, including disputes relating to the termination of the managing general agency relationships between their respective subsidiaries and the use of the “Starr” and “American International” trademarks. As a result of the settlement, the terms of which are confidential, AIG shall refrain from conducting business under the “Starr” and related names, and C.V. Starr shall refrain from conducting business under the “AI”, “American International” and related names.

AIG Global, Dubai Company

Dubai Ports World, the company whose planned takeover of major U.S. port operations ignited a political firestorm earlier this year, has agreed to sell those operations to AIG Global Investment Group, an asset management firm with more than $635 billion in assets. The operations at six major U.S. seaports in New York/New Jersey, Philadelphia, Baltimore, Miami, Tampa, Fla., and New Orleans were valued at $700 million, but DP World did not disclose the sales price. The deal also involves stevedoring operations in 16 locations and a passenger terminal in New York City.

Topics Washington Massachusetts AIG