Market News
AIG
Inaugurates new brand, AIG Executive Liability, for
D&O, E&O, EPLI, fiduciary and fidelity liability. These
have traditionally been marketed under the National Union Fire
Insurance Company. >> AIG Passport platform now
facilitates locally admitted E&O coverage for
multinationals in 18 of the most in-demand countries. >>
AI Risk, an AIG subsidiary, introduces LexElect, a multi-line
program for U.S. Senate, House of Representative and
gubernatorial political campaign committees and is available on
a surplus lines basis in all states. It bundles coverage for
many risks into one policy. >> AIG Aviation offers new
Aviation Select to allow aviation operators to purchase a
comprehensive portfolio of insurance coverages in one place. It
is available through Preferred Aviation Underwriters. www.aig.com
ALLIANZ
Acquires ATF-Polis, one of Kazakhstan’s leading
p-c insurers. This is Allianz’ first venture into the
Kazakh market. >> Allianz creates COO post and appoints
Oliver Bate to the position. www.allianz.com
ARIEL RE
Ariel Holdings, an Ariel Re subsidiary, acquires 96% of
Lloyd’s market underwriting specialist Atrium
Underwriting and intends to purchase the remaining portion.
>> Ariel Holdings buys Valiant Insurance Co. from Zurich
North America Commercial Group and is integrating it into a new
holding company, U.S.-based Valiant Insurance Group, recently
established by Ariel. It will serve as the operating platform
for a new specialty p-c initiative and will further diversify
and expand Ariel Holdings’ market profile. Zurich will
retain responsibility for Valiant Insurance Company’s
past business. www.arielre.com
CATLIN
Names William Casey as managing director and senior vp
of Catlin Scottsdale, Ariz. www.catlin.com
CNA
CNA Specialty now offers D&O and E&O for
private equity and venture capital firms with funds ranging up
to $5 billion in committed capital. >> In cooperation
with the National Equipment Register (NER), CNA agrees to waive
up to $10,000 of a policy deductible if a piece of equipment
registered on the National Equipment database is stolen. CNA
also offers a 20% discount on NER’s theft prevention and
recovery services. www.cna.com
CONSUMER SPECIALTIES
INSURANCE
Extends limits of commercial general liability from $5
million to $10 million. CSI serves chemical manufacturer and
distributor members of the Consumer Specialty Products
Association (CSPA). Products liability can be written
separately, and premium discounts are offered with insured
participation in CSPA’s Product Care program, a voluntary
code of management practices. www.csiplus.com
ENDURANCE SPECIALTY
One of Endurance’s U.S.-based holding companies
is buying ARMtech Insurance Services and its affiliates, one of
the leading underwriters of federally sponsored crop insurance.
Samuel Scheef and the other ARMtech executives will continue
managing ARMtech operations. www.endurancebermuda.com
FIREMAN’S FUND
Begins writing general and professional liability
coverage for Texas and Florida assisted independent living
facilities. Fireman’s Green-Gard building coverage is
also available for senior living facilities that want to be
able to rebuild with energy and environment consciousness after
a property loss. >> Fireman’s introduces new
Historic Property-Gard for vintage and historic commercial
properties. Tax recapture coverage is included. >> Randy
Farless is promoted to senior vp for sales and marketing. www.firemansfund.com
HANNOVER RE
Subsidiary, International Insurance Co. of Hannover
Ltd. (Inter-Hannover), names Rockwood Programs as administrator
and underwriting authority for E&O program for managing
general agencies, program administrators and large wholesalers.
The partnership also includes claims administration by Wilson
Elser, a New York-based law firm. The product, Rockwood
Defender, covers carrier insolvency and punitive damages and
can be endorsed to cover supplemental defense limits and first
dollar defense. www.hannoverre.com
HANOVER INSURANCE GROUP
Acquires Professionals Direct, whose companies
specialize in lawyers professional liability insurance.
>> Recently hired executive vp and CFO John Leahy resigns
for personal reasons. Frederick Eppinger will act in his stead
with Warren Barnes acting as principal accounting officer. www.hanover.com
HDI-GERLING
With the merger of Gerling Konzern Allgemeine into HDI,
the new HDI-Gerling is the second-largest German non-life
insurance group by premium income. Allianz is first. www.hdi-nl.com
HSBC
Opening an insurance business in Taiwan is the
bank’s third expansion move in Asia this year. HSBC is
also buying 10% of Bao Viet, Vietnam’s largest insurer,
making the bank that company’s only foreign investor.
>> HSBC requests China regulatory approval of formation
of life insurance company there. www.hsbc.com
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