AIG
American International Group is taking down the most prominent sign at its downtown Manhattan offices. According to a Reuters report, a spokesman said the company had decided to replace the large AIG sign — outside the entrance to its property-casualty offices — as part of its plan to change that operation’s name to AIU Holdings Ltd.
The move is designed to “distinguish these well-capitalized businesses from AIG,” said a second spokesman.
In addition AIG has said it may sell the headquarter building, as part of its drive to raise funds to repay its debt to the U.S. government. The AIG name, once the proud moniker of the world’s largest insurer, has become tainted since large losses on mortgage bets necessitated a government bailout of $85 billion last September. Twice since more aid has been given to AIG, with the rescue now costing U.S. taxpayers up to $180 billion.
The AIG name has become even more tarnished after a scandal erupted over bonuses to executives of a controversial financial products unit that caused much of the $100 billion in losses over the past year. A rebranding to distance the giant insurer’s operations across 130 countries away from the AIG name are likely to continue.
Willis
Insurance broker Willis will become a new and high-profile tenant of Chicago’s iconic Sears Tower. Under an agreement with the building’s owners, the tallest building in the Western Hemisphere will be renamed Willis Tower. The move is expected to be completed by late summer.
Willis said it plans to consolidate five Midwest area offices and move nearly 500 associates into Willis Tower, initially occupying more than 140,000 square feet on multiple floors. Willis said its move to the new space, at $14.50 per square foot, will result in significant real estate cost savings, and that there is no additional cost to the company associated with renaming the building.
Insurance Specialty Group, Wastepac
Insurance Specialty Group LLC has acquired Wastepac, a provider of insurance coverage to the waste hauling and sanitation industry.
“Acquiring Wastepac’s expertise in this highly-specialized niche market gives ISG added coverage lines to offer to its over 4,000 retail clients nationwide. It will greatly complement the lines we already provide our customers,” said ISG CEO Bruce Harrell.
With more than 35 years of waste hauling experience, the Wastepac team will offer commercial auto liability, general liability, property, umbrella liability, surety bonds and pollution and contamination coverage to the waste hauling and sanitation industries. Wastepac will operate as a risk purchasing group under its own brand as part of Insurance Specialty Group.
Lee Orabona, president of the ISG Underwriting Division, will head the operation located in Port Jefferson, N.Y.
ISG is a national insurance brokerage and underwriting firm headquartered formed in 2003 in Atlanta
CCC Information Services, Mitchell International
The United States District Court for the District of Columbia has granted the Federal Trade Commission’s request for a preliminary injunction enjoining CCC Information Services Inc.’s merger with Mitchell International Inc. Following the court decision, the two claims services firms called off their merger.
On Nov. 25, 2008, the FTC filed suit to block the merger of CCC and Mitchell, charging that the transaction would hinder competition in the market for electronic systems used to estimate the cost of collision repairs, known as “estimatics,” and the market for software systems used to value passenger vehicles that have been totaled, known as total loss valuation systems.
“The court’s decision today was a triumph for consumers and reaffirms the vital role competition plays in our economy,” said David P. Wales, acting director of the FTC’s Bureau of Competition. “We brought this case because of the impressive body of evidence developed by staff demonstrating that the combination of these two competitors would substantially lessen competition, ultimately leading to higher prices and less innovation for consumers.”
Allied American Underwriters
National program insurance manager Allied American Underwriters (AAU), headquartered in Tampa, Fla., has introduced a new national personal lines division.
The new programs specialize in writing personal clients on both an admitted and non-admitted basis. According to Kristen Taylor, national marketing director, “The programs are designed for retail agents that may not have a large personal lines unit or certain programs to have a one-stop shop for personal lines needs.”
The vacant home and high valued homeowners are available on a national basis. Other coverages on a regional basis include; condos/ho-6, dwelling, seasonal homes, rentals, historical homes, fine arts/ collectables, antique/collectable cars, jewelry, flood/ excess flood, personal umbrella, builders risk, auto/motorcycle, ATV’s, boats & yachts, as well as weddings/family reunions.
According to Lindsey Stoltz, personal lines underwriter, AAU also said it is now looking for interested agents to begin submitting business. The firm will be launching an online and phone quoting system in the coming months at www.aauins.com. AAU is affiliated with national insurance wholesaler USG Insurance Services.
CMM Entertainment
Robert M. Bryar, president of C.M.Meiers Co. Inc. and CMM Entertainment has begun expansion plans to the entertainment division’s Woodland Hills, Calif., headquarters.
The company is adding 25 percent more floor space to accommodate projected growth. Expansion and build-out is scheduled to be completed by June 1.
“Expanding our space in this tight economic period will give us an advantage in attracting the kind of talent we need and will create an environment that enables our professionals to prosper and grow,” Bryar said.
C.M.Meiers insures businesses of all types and sizes in all 50 states. CMM Entertainment is a full-service provider with expertise in all lines of coverage for the entertainment industry and underwrites personal, commercial, film and television production. Both are headquartered in the Los Angeles area.
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