Vermont governor Peter Shumlin signed into law changes that will lower surplus requirements for cell captives and make technical changes in other areas of the state's captive statutes. It will cut in half the minimum capital requirement for cell captives from $500,000 to $250,000. In addition, Vermont's captive law will now echo that for its traditional insurers and allow marketable securities to meet capitalization levels. Previously, the state would accept cash and cash equivalents, trusts and letters of credit.
The Chubb Group of Insurance Companies has added a leading global public relations firm to its network of independent crisis assistance service providers. Edelman has joined a list of three other providers that help Chubb's commercial umbrella customers manage major liability crises that could generate significant adverse media attention.
Acentria Insurance has announced a new partnership with Lamar Dean & Associates Insurance Services, which has been serving the Panhandle of Florida since 2003, and offers both personal and commercial insurance.
Delaware insurance producers' administrative burden when placing business in the surplus lines market will be lighter thanks to passage of House Bill 40 in the state's General Assembly. The legislation removes the notarization requirement on the surplus lines diligent effort form (SL-1923).
Catastrophe risk management firm RMS announced that Sun Life Assurance Company of Canada, one of the largest insurers in Canada, has renewed its agreement to license the RMS Longevity Risk Model Canada for an additional three years.
The Hartford Steam Boiler Inspection and Insurance Company, part of Munich Re, has introduced a new Farm Equipment and Machinery Breakdown Coverage with expanded insurance for mobile implements and the precision electronics that control them, among other enhancements. HSB's optional insurance for mobile farm implements, such as seeders, spreaders, sprayers, tillers, and their controlling electronics addresses, for the first time, a major gap that has existed in farm owners insurance.
McNeil & Company, a nationwide leader in specialized insurance programs, announced the expansion of coverage for its Emergency Services Insurance Program (ESIP). ESIP is a leading provider of industry-tailored insurance and proactive risk management to the emergency services industry.
CCC Information Services Inc. has acquired DriveFactor, a provider of a highly robust, flexible technology platform for insurance telematics, in an effort to create the first full-service, open telematics platform for auto insurance.
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