Houston-based HCC Insurance Holdings Inc. is combining its Professional Indemnity Agency (PIA), HCC Public Risk and HCC Specialty Underwriters units under a newly created underwriting division, HCC Specialty.
HCC Specialty will be led by Bill Hubbard as CEO. Prior to accepting this position, Hubbard served as chairman of HCC Specialty Underwriters in Boston.
HCC Specialty expects to generate gross written premium approaching $400 million in 2010, and plans to be among the industry’s leading underwriters of several specialty insurance products, including: disability insurance for professional athletes and entertainers, miscellaneous professional, architects and engineers professional, contractors professional, employment practices liability, public entity, difference in conditions, event cancelation, special event liability, kidnap and ransom, product recall, restaurant recovery, prize indemnity and weather.
HCC also announced that effective Jan. 1, 2011, PIA’s Diversified Financial Products and Fidelity businesses will be managed by Andy Stone, CEO of HCC’s Global Financial Products business.
Dean & Draper, John S. Dunn & Son
Houston-based Dean & Draper Insurance Agency LP completed an agreement to acquire John S. Dunn & Son Inc., one of Houston’s oldest and most respected insurance agencies. The transaction was effective Nov. 1.
For Dean & Draper, the acquisition translates to an increase in business volume, as well as an 8 percent increase in staff for the agency. Dean & Draper currently represents more than 250 insurance companies, specializing in personal and commercial insurance in addition to risk management and employee benefits.
Dean & Draper provides commercial and personal property/casualty insurance coverage, and employee benefits solutions.
John S. Dunn & Son Inc. began in Houston in 1938 and possesses solid commercial and personal lines accounts. When the Dunn family decided to sell the business earlier this year, they contacted Dean & Draper because of the similarities in business values and commitment to customer service.
Having owned both insurance and mortgage banking companies in the Houston area, the Dunn family is as well-known for its philanthropy as it is for its longevity in business.
The John S. Dunn foundation is responsible for many developments in the Houston area including Life Flight, Chapels at M.D. Anderson and Hermann Hospitals, Dunn Laboratories at M.D. Anderson, the Dunn Towers at Methodist and The Institute for Rehabilitation and Research at Memorial Hermann.
Oak Street Funding; Angelo, Gordon & Co.
Indianapolis-based Oak Street Funding, one of the largest insurance lending firms for the insurance industry and insurance agencies, was acquired by private equity firms managed by the firm Angelo, Gordon & Co., headquartered in New York. Terms of the deal were not disclosed.
Founded in 2003, Oak Street serves the financing needs of insurance professionals by providing capital to insurance agents in order to expand their business and increase sales. Oak Street introduced commission-based commercial financing through lending and book acquisition.
Oak Street recorded its best year ever in 2009 and has continued to secure new sources of capital and lend money to a growing number of agents and brokers nationwide.
American Physicians Capital, The Doctors Co.
Health care liability insurance provider American Physicians Capital Inc., based in East Lansing, Mich., completed the merger under which APCapital became a wholly owned subsidiary of The Doctors Co., a large, national insurer of physician and surgeon medical liability.
In July, APCapital entered into a merger agreement with The Doctors Co. that called for APCapital shareholders to receive $41.50 in cash, without interest, for each share of APCapital common stock held. The transaction was approved by APCapital’s shareholders on Oct. 20, 2010. The total transaction is valued at approximately $386 million.
APCapital’s common stock ceased to trade on the Nasdaq Stock Market at the close of business on October 22.
Engle Martin & Associates
Commercial loss adjusting and claims management firm Engle Martin & Associates Inc. opened a new office in Texas.
The new South Texas office, located in Edinburg, is Engle Martin’s fourth Texas location. The company opened its Dallas office in 1998, Houston in 2006, and most recently, Austin in 2009.
The new office positions the company to better serve the entire state, enabling Engle Martin to provide claims services to the Lower Rio Grande Valley, including cities such as Brownsville, McAllen, Harlingen, Corpus Christi and Laredo.
Lee Evans, senior property adjuster, relocated from Engle Martin’s Houston office to open the South Texas office. Evans has more than 20 years adjusting experience and, prior to joining Engle Martin earlier this year, worked as both an independent adjuster and an adjuster with CNA Insurance and Aetna Insurance. He has extensive catastrophe and large loss experience both in commercial property and casualty claims.
David Tusa, regional property manager, will be responsible for the day-to-day management of the South Texas office.
Employees of Farmers Insurance have relocated to a new 175,000 foot facility near Memorial and Rockwell roads in Oklahoma City. The new, technically advanced facility is environmentally friendly and designed to LEED specifications. It is home to the company’s HelpPoint Contact Center, Claims, Imaging, and Data Center Operations.
The new facility includes numerous employee amenities including a gym, basketball court, putting green, company store, onsite credit union, locker facilities, along with indoor and outdoor walking trails.
During construction, the company sought out local suppliers and vendors, including a special effort to include artwork from Oklahoma artists throughout the facility. Conforming to LEED specifications, the facility maximizes the use of natural lighting and utilizes products made from recycled materials and reclaimed wood products. The parking lot has bio swales designed to capture rainwater before it is released into storm drains, and the landscaping was carefully selected to not require irrigation.
Property taxes for the new company-owned facility are expected to be $540,000 per year. With more than 1,400 employees, Farmers is one of the largest private employers in Oklahoma City.
CNA Financial, CNA Surety
CNA Financial Corp. proposes to acquire all of the outstanding shares of common stock of CNA Surety Corp. that are not currently owned by subsidiaries of CNA for $22.00 per share in cash.
CNA, through its subsidiaries, owns approximately 62 percent of the outstanding shares of Surety common stock. The proposed transaction is consistent with CNA’s strategic objective to grow its specialty franchise.
CNA has also informed Surety that it is only interested in acquiring the remaining shares of Surety, and has no interest in a disposition of its controlling interest.
Sedgwick, Factual Photo
A subsidiary of Sedgwick Claims Management Services Inc. is buying Factual Photo Inc., a national provider of investigative services for employers, insurers and claims management professionals that specializes in workers’ compensation, disability and other employment-related claims.
Sedgwick is acquiring Factual Photo as a step in the creation of a comprehensive, integrated solution for the detection, investigation and prevention of fraudulent claims. The firm said Factual Photo brings approximately 140 investigative consultants and other specialists to Sedgwick.
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