Agency Management

A 5 percent rate increase by the Texas Windstorm Insurance Association may lead to more stability for consumers, said an official from an independent agent association in the state.

Breckenridge IS, Inc., a specialty underwriter and program management company, has acquired specialty broker Overby-Seawell Company for undisclosed terms, the company announced.

Independent agencies have until July 1 to enter the 2010 Commercial Insurance Agency of the Year Award program, run by National Underwriter and its sister publication, American Agent & Broker.

Having insurance for product recall is invaluable, but it does not serve as a substitute for implementing good procedures to deal with a recall, a consultant with insurance broker Marsh said.

The property insurance take-up rate for terrorism insurance continues to rise as 61 percent of companies surveyed by insurance broker Marsh purchased the coverage.

Improvements in analytic capabilities allow companies to get the best price for their insurance and allow prudent risk transfer choices, but risk managers need to share the information they glean with upper management, insurance brokers at Marsh said.