Market News
ACE
ACE USA opens ACE Risk Management Commercial Close Out, which
allows clients with retentions of up to $250,000 for workers
compensation and auto liability to budget the future premium
necessary to close out their loss sensitive program. >>
ACE USA introduces eRisk Hub, a Web-based loss prevention
resource to manage cyber risk. >> ACE USA adds political
evacuation, and kidnap and extortion coverage to its
Multinational Travel Accident program. www.acelimited.com
AIG
AIG renames domestic general insurance operations now calling
it AIG Property Casualty Group, which includes the domestic
brokerage group companies (now named AIG Commercial Insurance
Group), the domestic personal lines companies, and select AIG
subsidiaries. Kristian Moor leads the new AIG Property Casualty
Group >> Kevin Kelley, chairman and CEO of Lexington
Insurance, has been named executive v.p. of AIG Property
Casualty Group and president of AIG Domestic Personal Lines,
succeeding Rober Sandler who has retired. Kelley will continue
in his role at Lexington. >> AIG consolidates general
insurance claims operations and names Charles Schader to the
newly created position of chief claims officer for general
insurance. He will be responsible for both AIG Foreign General
Insurance and AIG Property Casualty Group claims operations.
>> John Doyle has been appointed executive v.p. of AIG
Property Casualty Group and president of the new AIG Commercial
Insurance Group. www.aig.com
ALLIANZ
Increases holdings in Koc Allianz Sigora to 84.2% and Koc
Allianz Hayat ve Emeklilik to 87%. Both insurers are in Turkey,
a region Allianz sees as a growth market. www.allianz.com
AXIS
AXIS Reinsurance is now on the U.S. Treasury’s list of
acceptable sureties for federal contract surety bonds for
government projects and the bonding of employee benefit plan
fiduciaries. www.axiscapital.com
BRIT INSURANCE
HOLDINGS
Matthew Wilson is new CEO for global markets. >> Kevin
Huttly fills the newly created position of underwriting
director for global markets. www.britinsurance.com
CHUBB
Federal Insurance, a unit of Chubb, is seeking a license as an
admitted reinsurer in Brazil with a representative office in
Sao Paulo. www.chubb.com
CNA
Names Larry Haefner as chief actuary of CNA’s insurance
subsidiaries. >> CNA announces its new Building Equipment
Installation and Repair program targeting accounts with at
least $2 million in revenue and nine or more employees.
CNA’s full portfolio of coverages is offered through this
program. www.cna.com
GEN RE
Joseph Brandon, chairman and CEO, resigns. He is succeeded by
Franklin Montross IV, president of Gen Re. Brandon was
identified by prosecutors as a co-conspirator in fraudulent
reinsurance deals but wasn’t indicted. >> John
Cholnoky is promoted to president of General Reinsurance Corp.
and manager of Gen Re’s global direct p-c operations. He
has also been elected to the board of Gen Re. >> Berto
Sciolla is promoted to executive v.p. of General Reinsurance
Corp. and manager of Gen Re’s North America Treaty unit.
>> Tony Sammur has been appointed president of Gen Re
Intermediaries. www.genre.com
GENERALI
Assicurazioni Generali SpA announces a first-of-its-kind
policy to cover the Vatican Library’s artwork,
manuscripts, engravings, prints, books, coins and medals during
public displays and events around the world. The program
requires extensive cataloguing and risk prevention efforts and
offers travel insurance coverage for personnel associated with
the transport of the Library’s materials. >>
Generali forms Generali Immobiliare, based in Paris, to manage
the company’s real estate portfolio. It is expected to
begin operating Sept. 1, 2008. Generali intends to expand its
real estate investments abroad, especially targeting markets
with instability. www.generali.com
THE HARTFORD
Offers a turnkey defined benefit plan, Solo db Life, for
small-business owners with fewer than 10 employees who need
both life insurance and a retirement plan. It is an alternative
to 401(k)s, SEP IRAs, profit-sharing and other traditional
defined benefit plans. www.thehartford.com
IRONSHORE
Ironshore is now on the Excess Line Association of New
York’s list of eligible E&S insurers, allowing
Ironshore to provide commercial property and property
catastrophe coverage on an excess and surplus basis in New York
state. www.ironshore.com
LEXINGTON
Increases capacity from $25 million to $50 million for
liability limits on product liability insurance and from $15
million to $25 million for professional liability both under
SAFETY Act Homeland Protector. www.aig.com
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