Since acquiring Ironshore, Liberty Mutual's National Insurance operation has added energy coverage to its offerings. A single submission now allows brokers to quote general liability, Auto, workers' compensation, lead umbrella and pollution coverages for mid-sized oil and gas lease operators.
Independence Holding Company has announced it intends to commence a tender offer within the next week to purchase up to 2 million shares of its common stock at a price per share of $20. The number of shares proposed to be purchased in the tender offer represents approximately 12.21 percent of IHC's currently outstanding common shares and involves an aggregate purchase price of $40 million.
Swiss Re Capital Markets has successfully structured and placed the issuance of $925 million of insurance-linked securities by Ursa Re Ltd. to be used for the protection of the California Earthquake Authority (“CEA”). The transaction is one of the largest indemnity, annual aggregate catastrophe bonds and covers California earthquakes.
The Arbella Insurance Foundation celebrated its 10th anniversary as a major sponsor for Project Bread's annual Walk for Hunger in Massachusetts on May 7, 2017. A record-breaking 554 registered Team Arbella walkers, composed of Arbella Insurance Group employees, family members and friends, participated.
Zurich North America has combined its Specialty Products business under its North America Commercial Insurance division. Paul Horgan, head of North America Commercial Insurance, will lead the newly expanded unit.
The board of directors for insurance holding company NI Holdings Inc. has announced a repurchase of up to $8 million of the company's outstanding common stock. NI Holdings says the repurchases will be made in the open market or through privately negotiated transactions, depending on market conditions.
Biglari Holdings Inc. has acquired Western Service Contract Corporation, parent company of Pacific Specialty Insurance Company and its affiliated agency McGraw Insurance Inc. for $299.5 million.
The board of directors for Fort Lauderdale, Fla.-based Workers' Compensation outsourcing services company Patriot National Inc. has formed a special committee of independent directors to explore strategic alternatives for the company.
Insurance brokerage and consulting firm USI Insurance Services has acquired Hartman Employee Benefits Inc. Terms of the transaction were not disclosed.
Itasca, Illinois-based insurance brokerage and risk management services company Arthur J. Gallagher & Co. has acquired Rockford, Ill.-based Williams-Manny Insurance Group. Terms of the transaction were not disclosed.
Arthur J. Gallagher & Co. has also acquired Houston-based Zuber Insurance Agency Inc. Terms of the deal were not disclosed.
New York City-based insurance technology startup Slice Labs Inc. has launched a homeshare insurance product, available in 13 U.S. states. Coverage turns on and off in sync with bookings so costs align with revenue and includes $2 million in commercial liability, the full replacement of property, and a number of deductible-free coverages for key exposures such as theft, infestation, breakage of valuables and loss of income.
Willis Towers Watson has partnered with smart home technology innovator Roost to establish as Home Telematics Consortium comprise of five to 10 U.S. insurance carriers. Carriers will offer policyholders a kit made up of the Roost smart 9v battery for smoke alarms and Roost smart water leak detectors that deliver notifications to customers' smartphones when a suspected water leak or fire event occurs. Willis Towers Watson will analyze the consortium's policy and claim data and compare it with Roost's telematics data.
McLean, Virginia-based Consumer Specialties Insurance Co. has added an endorsement for crisis management/cyber risk to its commercial general liability policy. The endorsement is free to participating insureds on policy renewals.
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