Business Moves

December 5, 2010

Chartis

Global property/casualty insurer Chartis Inc. said it is in the process of laying off about 2 percent of its workforce as part of a year-end review.

“As part of Chartis’ year-end review, we have conducted a resizing of our staffing levels across the organization to reflect our business objectives,” media spokeswoman Marie Ali said in an e-mailed statement. She said the reductions amount to less than 2 percent of Chartis’ employees.

“We continue to hire across the board where we see the best potential for growth,” she added.

Chartis is the flagship property/casualty insurance operation of global financial services firm American International Group (AIG), which recently reported a $2.4 billion net loss for the third quarter, driven largely by charges related to restructuring and losses from sales of assets. However, Chartis reported third quarter 2010 operating income of $1.1 billion compared to $719 million in the third quarter of 2009. Results were driven by an improvement in underwriting income and the consolidation of Fuji Fire & Marine Insurance Co., the Japanese insurer in which AIG bought a controlling stake.

ISU International, Good Friend, Bekan Insurance Group

ISU International announced that ISU Good Friend Insurance Services and Bekan Insurance Group have joined the ISU Network based in San Francisco.

ISU Good Friend Insurance Services was founded by a group of veteran insurance agents and financial professionals to serve the Asian American community in Southern California.

Founded in 1992 and owned by Jim Langen II, ISU Bekan Insurance Group specializes in both commercial lines and personal lines and has two offices in northwest Indiana.

Cincinnati Financial, KPD Insurance

Cincinnati Financial Corp. announced that its lead property casualty insurance subsidiary, The Cincinnati Insurance Co., appointed KPD Insurance Inc. in Springfield, Ore., as the first independent agency in that state to market its business insurance policies and services.

Cincinnati Insurance executives welcomed agency representative James R. Ginger, president. Field marketing director Roger D. Whitescarver relocated to West Linn, Ore.

Zurich

Zurich Financial Services Group entered into a definitive agreement to sell back to Spanish insurer Unnim its 50 percent stakes in the life and general insurance bancassurance companies jointly owned with Unnim. Unnim will pay a cash consideration of $388 million in exchange for Zurich’s Unnim Jointly Owned Companies stakes.

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