Business Moves

August 3, 2009

SureTec

Houston, Texas-based SureTec Insurance Co. announced that Greg Faulx has joined the company as vice president and will head its new regional office in Denver.

Faulx was a key member of the original management team that formed Universal Surety of America along with SureTec’s Chairman and CEO John Knox Jr. After 14 years working with many of SureTec’s present-day management team in Houston, Greg relocated in 1996 to open USA’s Denver office. He has been there since, first with USA and its successor company, and then with a SureTec affiliate.

Joining Faulx in the Denver office will be Matt Hamlin, who has worked with Faulx for several years.

Universal Insurance Holdings of North America, ICAT Specialty

Hawaii Insurance Commissioner J. P. Schmidt approved Universal Insurance Holdings of North America’s (Universal North America) purchase of ICAT Specialty Insurance Co.(ISIC).

Universal North America writes homeowners, dwelling, fire, and flood policies, and has been in the Hawaii market since September 2008. ISIC’s owner, ICAT Holdings LLC, entered the Hawaii market in 2006 and has grown significantly providing hurricane coverage for homeowners.

“ICAT provides hurricane insurance for those Hawaii homeowners who have had difficulty finding coverage,” Schmidt said. “ICAT’s sophisticated underwriting and risk management tools combined with Universal North America’s breadth of coverage options and strong financial position will provide important choices for Hawaii’s homeowners.”

“ISIC will operate under a new name, but will continue to provide stand-alone hurricane coverage”, said ICAT’s CEO Jack Graham.

Universal North America is rated “A-” by A.M. Best. ICAT Holdings LLC is rated “A” by A.M Best Company.

NIF Group

Manhasset, N.Y.-based NIF Group Inc. introduced NIF Insurance Services of California. This division of NIF Group was formerly HDR Insurance Services of Sacramento, Calif. HDR is primarily known for its program underwriting in the artisan contractor’s area.

NIF Insurance Services of California will expand HDR’s original product offerings as a program administrator to include the traditional managing general agent menu of excess and surplus products and services.

“With our new relationships as a wholesaler, we can entertain difficult-to-place property and casualty business, and act as a conduit for NIF Pro for professional liability. We have secured contracts with some major carriers in the country for this business,” said George Hill, chairman of the new facility. “Our affiliation with NIF Group allows us to benefit from their long-term relationship with these markets.”

NIF Insurance Services of California will market NIF Group’s program for nonprofits.

Met Life

MetLife Inc. is combining its institutional and individual businesses, as well as its auto and home insurance unit, into a single U.S. business organization.

The company said this move stems from a strategic review that was launched two years ago to capitalize on growth opportunities in the marketplace.

“With this realignment, we are recognizing that we can better serve both employee benefit plan sponsors and individual customers through a single, integrated organization, while preserving our unique franchises,” said C. Robert Henrikson, chairman, president and chief executive officer of MetLife Inc.

He said employers are increasingly shifting decision making about personal financial and retirement planning to employees.

William J. Mullaney, who has served as president of MetLife’s Institutional Business since January 2007, was named president of the U.S. Business organization. In previous roles at MetLife, Mullaney was president of MetLife Auto & Home, served as senior vice president for claims and customer service at Auto & Home and was responsible for MetLife’s voluntary benefits business.

The changes will be effective Aug. 1, 2009. The integration of the business segments is expected to proceed through the second half of 2009 and be completed in 2010.

The MetLife companies offer life insurance, annuities, auto and home insurance, retail banking and other financial services to individuals, as well as group insurance and retirement and savings products and services to corporations and other institutions.

AIG, American Life Insurance Co.

American International Group Inc. (AIG) will accelerate steps to position American Life Insurance Co. (ALICO) as an independent entity and seek an initial public offering and public listing in New York, depending on market conditions and regulatory approval. The company said this planned public offering of ALICO is a “significant step” in the process that was announced by AIG on March 2 and will result in a board of directors and management team for ALICO separate from AIG.

“We continue to consider all strategic options through a robust, structured and disciplined process. At this stage, we expect that a public offering for ALICO will be beneficial to all stakeholders, including U.S. taxpayers, policyholders, employees and distribution partners,” said Edward Liddy, chairman and CEO of AIG.

Topics California USA Hawaii AIG

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