Business Moves

December 24, 2006

The Hartford, West Virginia

The Hartford Financial Services Group Inc. has entered the personal lines independent agency market in West Virginia. Products being offered in West Virginia through The Hartford’s independent agency channel include the company’s Dimensions auto and homeowners insurance plans.

To support its initiative in West Virginia, the company says it has been building relationships with more than 80 newly-appointed independent agencies throughout the state.

The Hartford already offers its Dimensions products in 41 other states.

Agents can contact a personal insurance sales representative from The Hartford or visit the company’s Electronic Business Center at http://ebc.thehartford.com.

Marsh, N.C. Workers’ Comp Fund

MMC Securities Corp., an affiliate of Marsh Inc., has completed a $510 million alternative collateral program on behalf of the North Carolina Self-Insurance Security Association for its security fund.

The North Carolina Self-Insurance Security Association provides workers compensation benefits directly to eligible individuals in the event of a default by any member company that self-insures its workers’ compensation liabilities in North Carolina. All North Carolina employers with more than three employees are required to procure workers compensation insurance either through the commercial market or through self-insurance.

In 2005, the North Carolina General Assembly enacted legislation to facilitate the development of an efficient risk transfer mechanism for the Self-Insurance Security Association.

“The completion of this transaction protects the benefits of injured workers. At the same time, it contributes to the state’s competitive business environment,” commented Stephen P. Gennett, executive director.

SIAA, Independent Agents Alliance of Tenn.

Strategic Independent Agents Alliance announced that Cumberland Insurance Group LLC of Cookeville, Tenn., has established Independent Agents Alliance of Tennessee as an SIAA Master Agency. As a master agency, it will make SIAA benefits and markets available to other agencies in several counties in northern Tennessee. The markets include The Hartford, Travelers, Safeco, Zurich, St. Paul Travelers, Encompass and Hanover.

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. The operations at six major U.S. seaports in New York/New Jersey, Philadelphia, Baltimore, Miami, Tampa, Fla., and New Orleans were valued at approximately $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.

AIG, C.V. Starr

American International Group Inc. and C.V. Starr & Co. Inc. have settled certain disputes between them relating to the termination of the managing general agency relationships between their subsidiaries and the use of trademarks. AIG shall refrain from conducting business under the “Starr” and related names, and C.V. Starr shall refrain from using “AI,” “American International” and related names.

Topics Virginia North Carolina AIG West Virginia

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