Business Moves

Cadence, Strategic Independent Agents Alliance

Cadence Insurance Services of Colorado Springs, Colo., became a member of the Strategic Independent Agents Alliance, a network of independent insurance agencies.

Cadence Insurance Services joined the ICA Agency Alliance Master Agency network in Colorado Springs. The company has been in business since Oct. 2006. The company represents several SIAA Strategic Partners, including Hartford, Travelers, Safeco, Bristol West and Colorado Casualty.

Demotech, American Liberty Insurance

Salt Lake City-based American Liberty Insurance, a workers’ compensation insurer for Utah businesses, has received an “A” rating by Demotech, an actuarial consulting and financial analysis firm.

Demotech Inc. awards its awards its Financial Stability Ratings yearly to respective insurance organizations after evaluating liquidity and quality of a company’s invested assets, reinsurance and adequacy of loss and loss-adjusted reserves, and financial leverage.

Bank of America

Bank of America Corp. is exploring the possibilities of selling its insurance brokerage business, Banc of America Corporate Insurance Agency LLC. The bank did not say why it wants to sell the unit or what price it expects to command.

Bank of America hired its own investment bank, Banc of America Securities LLC, as a financial adviser to help “explore strategic alternatives” for its brokerage unit.

Banc of America Corporate Insurance Agency, based in Cranford, N.J., helps link insurers with businesses seeking property and casualty insurance. The segment also acts as a consultant for clients that want to shield themselves from risk.

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IBA West, Agility Recovery Solutions

Insurance Brokers and Agents of the West endorsed Agility Recovery Solutions, which offers turn-key recovery solutions following a major business interruption, such as fire, windstorm or flood. For more information, visit www.ibawest.com.

ACE European Group

The ACE European Group opened two new offices in Budapest, Hungary, and Prague, Czech Republic, as part of its expansion plan for Central and Eastern Europe.

Peter Dudas will head ACE’s Hungarian operation as general manager for the country.

Jiri Schneller was appointed general manager to run ACE’s Czech Republic operation, and will also be responsible for the company’s activity in Slovakia.

Both of the new managers will report to ACE’s Regional Director for Central and Eastern Europe – Andras Koppanyi. He said the operations in the Czech Republic and Hungary will complement existing CEE offices in Poland and Russia, enabling ACE to capitalize on strategic opportunities in the region.

David Furby, ACE’s President of Continental Europe and the CEE, said ACE hopes to extend its operations across Europe. It currently operates in 19 European countries.

The two general managers will be responsible for the launch of both property and casualty and accident and health business lines in Hungary, Czech Republic and Slovakia.

Topics Europe Colorado