Business Moves

AmWINS, Beacon Risk Strategies

Charlotte, N.C.-based AmWINS Group Inc. acquired Beacon Risk Strategies, a Seattle-based managing general underwriter of excess-loss benefits insurance. Terms of the transaction were not disclosed.

Founded in 1999, Beacon Risk Strategies provides stop-loss products to protect companies and their health plans from unexpected catastrophic claims. Beacon represents several carriers and can offer products in all 50 states, which enables the company to provide tailored packages to Blue Cross/Blue Shield plan markets and large self-funded employers.

“Beacon’s stop-loss capabilities represent a new product offering for our company and will strongly complement our existing capabilities,” Steven DeCarlo, AmWINS Group’s CEO

The Hartford, Progressive

The Hartford Financial Services and Progressive are offering their insurance products for community banks to each other’s independent agents and brokers.

The new alliance allows banks and their agents the option of getting all of their business insurance from one source.

Progressive Casualty Insurance Co. is the underwriter for the American Banking Association-sponsored insurance program, which the insurer says currently provides professional liability and bond products to more than 1,700 community banks.

The Hartford offers banks industry-tailored property and casualty insurance that includes bank-specific coverages such as mortgage protection and foreclosed properties as well as standard-lines coverages like workers’ compensation, property and general liability.

“Agents can now write a complete insurance package through either company,” according to John Wells, director of Progressive’s Professional Liability Group.

Penn National, ESL Inc., Atlantic Specialty

Harrisburg, Pa.-based Penn National Insurance completed the sale of its wholesale insurance brokerage subsidiary, ESL Inc., to wholesale brokerage Atlantic Specialty Lines of Pennsylvania for an undisclosed amount.

Penn National Chairman and CEO Dennis C. Rowe said the company was “not able to grow the business enough to gain access to the depth and breadth of non-standard markets that our agents need today” and decided to focus on its core standard-market business.

Penn National Insurance sells personal and commercial property-casualty insurance in much of the Mid-Atlantic and Southeast through 700 independent agencies. It had a combined $568 million in premium in 2007.

ISG’s Pacific Wholesale, E.L.M. Insurance

Insurance Specialty Group LLC, parent of Atlanta, Ga.-based Pacific Wholesale agreed to acquire El Segundo, Calif.-based E.L.M. Insurance Brokers Inc. The merger is expected to close in mid May 2008.

The combined operations will have four offices in California and six more in Connecticut, New York, Illinois, Georgia, Florida and Texas.

The current Pacific Wholesale offices specialize in residential and commercial construction, owner-landlord-and-tenant, products liability and property. They will continue this focus in conjunction with that of the new specialty lines division.

E.L.M. will operate under its own brand as part of Insurance Specialty Group. E.L.M. staff will remain intact. E.L.M.’s Web site (www.e-o.com) will also remain active for access to specialty lines information and markets.

ISG’s CEO Bruce Harrell said that together the firm will have a combined retail agency base of more than 1,100 agents.

Safeco, Costco

Costco and Safeco are offering business insurance to businesses that are Costco members, effective May 2008.

According Costco’s Web site, Costco business members may secure up to a 10 percent discount on business insurance, including property, liability and business auto coverage, through Safeco or a Safeco subsidiary.

Workers’ compensation insurance is also available.

A link on the Costco Web site takes members to a Safeco Web page where the insurance may be purchased. The program currently is being tested in Michigan, New Mexico and Texas.

Wells Fargo, Flatiron

Wells Fargo Bank has acquired the business of Colorado-based Flatiron Credit Co., Inc. and its operating subsidiaries. Flatiron was a subsidiary of TD Banknorth, N.A. and is one of the nation’s largest insurance premium finance companies. Terms of the transaction were not disclosed.

Flatiron handles insurance premium finance contracts for commercial property and casualty insurance through a national network of insurance agents and insurance brokers, managing general agents and insurance companies. It is headquartered in Denver with offices in San Antonio, Philadelphia, Boca Raton (Fla.), Boston, Chicago, and San Francisco.

Dave Zuercher, head of International and Insurance Services for Wells Fargo, said Flatiron will be his firm’s platform as it enters the premium finance business. All employees of Flatiron will remain, the company said.