Personal Lines

The International Insurance Society Inc. in New York announced that Michael J. Morrissey has been named its new president and chief executive officer.

The dollar value of merger and acquisition activity for the U.S. property-casualty sector grew last year by $2.67 million, but worldwide for all insurers the monetary worth of mergers declined, a consulting firm reported.

Zurich Financial Services Group announced today that through a share offering it had raised $1.08 billion towards the $1.9 billion purchase of 21st Century Insurance from American International Group.

Following the announcement yesterday that Farmers Group Inc. had purchased 21st Century Insurance for $1.9 billion, Farmers' chief executive suggested that major job cuts are not in the cards for the new acquisition.

New York Insurance Superintendent Eric Dinallo announced today that he has begun an inquiry into whether Allstate Corporation engaged in illegal participation in unregulated insurance markets.

The January agreement for government units in charge of New Orleans levees to pay something to property owners damaged by the flooding from Hurricanes Katrina and Rita is now mired in a coverage dispute.