Business Moves

Vertafore, Kaplan Compliance

Insurance agency technology vendor Vertafore said that its subsidiary Sircon will acquire Indianapolis, Indiana-based Kaplan Compliance Solutions (KCS), which sells insurance and securities software and services. Terms of the transaction were not disclosed. KCS, an operating unit of Kaplan University’s School of Professional and Continuing Education (KU PACE), offers services for producer contracting, securities registration, insurance licensing and appointing, education tracking, renewal and data management. Kaplan Inc. is a subsidiary of The Washington Post Co.

AIG, U.S. Treasury

American International Group Inc. has reduced the remaining liquidation preference of preferred interests that the U.S. Department of the Treasury holds in AIA Aurora LLC to approximately $9.3 billion by applying the proceeds of approximately $2 billion from the sale of Nan Shan Life Insurance Co. Ltd. AIG closed the sale of Nan Shan, its Taiwan-based life insurance company, to Ruen Chen Investment Holding Co. Ltd., a company owned 80 percent by the Ruentex Group and 20 percent by Pou Chen Corp., for $2.16 billion in cash.

“We continue to make progress in helping the Treasury and taxpayers recoup their investment in AIG,” said AIG President and CEO Robert H. Benmosche.

Hanover

The Hanover Insurance Group added a new District of Columbia Metro branch office in Reston, Va. The new branch office will address commercial insurance needs of the business communities of the District of Columbia, northern Virginia and Maryland’s Montgomery County, initially employing 35 people. The D.C. Metro branch office will offer small commercial, middle market, inland marine, technology and surety coverages and services, while also serving as the headquarters for Hanover Healthcare. For Virginia residents in the Washington metro area, the new branch office will offer personal lines products and services through partner agents. The company’s Richmond branch office will remain open and continue to serve Virginia personal and commercial lines agents not in the D.C. Metro market.

Markel

Markel International is opening a branch office in Rotterdam this September. It will be Markel’s first Dutch office. It will be called Markel International Netherlands and will specialize in professional indemnity, directors and officers, general liability and engineering insurance.

Topics Virginia AIG