Market News
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LIBERTY MUTUAL
Buying Safeco, subject to shareholder approval, significantly
increasing the size of Liberty Mutual’s U.S. p-c business
and diversifying its portfolio. The deal is expected to close
in the third quarter of 2008. www.libertymutual.com
LLOYD’S
Receives approval as first admitted reinsurer in Brazil.
>> Appoints LoriAnn Lowery as new president of
Lloyd’s North America. www.lloyds.com
NAVIGATORS
Paul Malvasio is retiring effective August 15 as executive
v.p. and CFO. >> Clay Bassett is appointed senior v.p.
and chief underwriting officer. www.navg.com
QBE INSURANCE GROUP
In takeover bid for competitor Insurance Australia Group,
which has been holding out for a better deal from QBE. www.qbe.com
PARTNER RE
Establishes representative office in Sao Paulo and applies for
license as an admitted reinsurer in Brazil. Alvaro Madronero is
chief commercial officer, and David Preti is COO in the Brazil
office. www.partnerre.com
SCOR
Receives admitted status as a p-c insurer in Brazil and is
seeking permission for SCOR Global Life U.S. Re Insurance to
operate as an admitted insurer. www.scor.com
SWISS RE
Creates risk management research and education program at the
Swiss Federal Institute of Technology Zurich. The program is
called Chair for Integrative Risk Management and is part of the
Institute’s strategic risk research initiative. www.swissre.com
TRAVELERS
Raises airplane hull insurance limits from $20 million to $50
million, allowing it to insure larger planes. www.travelers.com
W.R. BERKLEY
Promotes Jonathan Schriber to president of Signet Star Re as
of July 1. He succeeds Craig Johnson who is retiring. www.wrberkley.com
ZURICH
Opens M&A unit office in London to further expand its
global and local M&A insurance solutions. >> Zurich
Global Energy forms a team of underwriting experts in the field
of renewable energy. It will focus on alternative energy
niches. >> Zurich expands in Spain, agreeing to buy 50%
of Sabadell, the life and general insurance companies of Caixa
d’Estalvis de Sabadell bank, which will offer life,
pension and general insurance products of the insurance units
in its banking network. >> Zurich’s North American
Environmental unit adds Z Choice, an environmental liability
policy with limits up to $50 million. >> Zurich now
offers Defense Base Act workers comp for federal contractors
working outside the U.S. www.zurich.com
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