Aon, Carpenter Moore
Global insurance broker Aon Corp. has agreed to acquire Carpenter Moore Insurance Services, Inc., a provider of executive liability risk management services and a wholly owned subsidiary of The NASDAQ OMX Group, Inc. Financial terms of the acquisition were not disclosed.
Under the terms of the agreement, Chicago-based Aon and New York-based NASDAQ said they will enter into a five-year, exclusive marketing agreement in the area of liability insurance. The two organizations also will collaborate on the annual Carpenter Moore Benchmarking Survey.
Carpenter Moore was formed through the merger of Carpenter Moore and NASDAQ Insurance Agency in 2005. It serves technology, pharmaceuticals, healthcare, durable goods, transportation, energy and financial services industries.
A.M. Best deemed Aon the top brokerage by revenues in 2007 and 2008.
Donegal Mutual, Southern Mutual
Pennsylvania-based Donegal Mutual Insurance Co. and Georgia-based Southern Mutual Insurance Co. have finalized an affiliation they announced in early September.
The deal brings Southern Mutual into Donegal’s insurance pool and gives the Georgia insurer additional products to sell.
Southern Mutual will retain its mutual status, its Georgia domicile and its current headquarters in Athens, Georgia with the same management, employees and agents. Donegal Mutual will assist Southern Mutual in offering additional insurance products and coverages.
Donald H. Nikolaus, president of Donegal Mutual, and Allen R. Green, president of Southern Mutual, jointly announced that the affiliation of has become effective following approval by the Georgia insurance commissioner on Oct. 28. He expects both companies to increase their business in Georgia and South Carolina as a result of the deal.
Donegal Mutual is a member of the Donegal Insurance Group, which had $1 billion in assets and $489 million in surplus at June 30, 2009. The Donegal Insurance Group had net written premium of $452.2 million in 2008. The Donegal Insurance Group has a group A.M. Best rating of A (Excellent).
Southern Mutual is a mutual property/ casualty insurance company that was formed in 1847. Its marketing territory is Georgia and South Carolina. Southern Mutual had net written premiums of approximately $12 million in 2008.
Rockhill Underwriting Management has established a new underwriting division focused on serving specific segments of the healthcare industry.
Rockhill Healthcare will initially focus on long term care risks and five focused classes of miscellaneous facility business, all written on a non-admitted basis. iDistribution will be through a limited network of surplus lines wholesale brokers and will be exclusive to those with an expertise and commitment to healthcare business.
William Gallagher, RPG
Boston-based insurance brokerage William Gallagher Associates has acquired RPG Insurance Administrators Inc. (RPG) of Medfield, Massachusetts for an undisclosed sum. RPG specializes in risk management services to medium- and large-sized health care organizations, including hospitals and physician practices.
Harleysville, Delta Lloyds
Pennsylvania-based Harleysville Mutual Insurance Co. and has assumed the book of Write Your Own (WYO) flood business of Delta Lloyds Insurance Co. of Houston.
Terms of the transaction were not disclosed. Delta, through its more than 500 retail flood agents, will represent Harleysville in much the same way it represented Delta Lloyds, the companies said.
Harleysville President and CEO Michael L. Browne said the company entered the WYO flood program in 1999, and has increased its WYO flood book at a 14-percent compound annual rate since 2005. Harleysville wrote approximately $82.6 million in direct flood premiums nationwide in 2008. Based on flood premiums alone, Harleysville ranks 11th nationally and 17th in Texas.
Delta Lloyds, a participant in the WYO flood program since 1984, wrote approximately $13.5 million in direct WYO flood premiums in Texas in 2008. Based on flood premiums alone, Delta Lloyds is the 23rd largest WYO flood carrier nationally and the 7th largest in Texas.
WYO flood claims are 100 percent reinsured by the federal government’s National Flood Insurance Program.
Fort Worth, Texas-based independent insurance and financial services firm Higginbotham & Associates has partnered with New Jersey-based Globex International Group to provide commercial insurance, loss control and employee benefit solutions to Higginbotham’s U.S.-based customers with multinational operations.
Globex is and international insurance, employee benefits and risk management firm that provides independent brokers and consultants with the ability to operate globally. Higginbotham said it can offer expanded services to its multinational customers. The partnership enables Higginbotham to provide risk identification and exposure analysis, marketing and placement of property/casualty coverage, group benefits assessment, benefit plan design, benchmarking and compliance assistance with regard to cultural laws and practices.
GUARD Insurance Group has begun offering Businessowner’s Policy coverage in New York.
This new line is designed to complement the company’s traditional specialty, which is workers’ compensation insurance for small- to medium-sized businesses.
In addition, Commercial Excess Liability policies are available to BOP customers. Although these new products will be sold through an existing network of contracted independent agents and brokers, producers are encouraged to contact GUARD about a possible appointment.
GUARD’s BOP uses the Insurance Services Office (ISO) policy form but with increased limits, coverage extensions, and price discounts. Accounts with a per-location combined building and business personal property value of up to $5 million are typically sought, GUARD said.