An Evolutionary Product
The Farmington, Conn., specialty insurance group, Darwin Professional Underwriters Inc., has launched a new Web site meant to educate agents and brokers, as well as their commercial insurance buyers, about information and technology liabilities. Located at www.tech-404.com, the site will touch upon such exposures as Internet liability, technology errors and omission, malicious codes, intellectual-property theft, and network failures.
Judge Rules in Favor of ABD
An Oregon federal judge has denied Willis of Oregon Inc.'s request for a temporary restraining order against ABD Insurance and Financial Services Inc., according to wire reports. Willis alleged in the suit that ABD was "raiding" its office in Eugene, Ore. of employees. ABD had hired the former CEO of Willis of Oregon, Paul Weinhold, along with three former Willis employees, and had approached other current employees.
Marsh Can Share Insurer Profits
Marsh & McLennan Cos. Inc., the world's largest insurance broker and risk manager, announced a new agreement with New York Attorney General Eliot Spitzer, which alters its settlement with authorities of last year. The new settlement, according to wire reports based on a company filing with the U.S. Securities and Exchange Commission, permits the broker Marsh to share in profits with an insurer when the broker is named as the agent for and places a line of business only with that specific insurer. Last year's settlement had prohibited Marsh from steering business to certain insurers in return for contingent commissions while representing commercial insurance buyers.
Aon Underwrites Catastrophe Bond
Aon Corp. has announced the private placement of $300 million of principal at-risk variable rate notes. The placement provides FM Global with fully collateralized catastrophe protection for Pacific Northwest earthquake exposures.
--Compiled by staff from news and wire reports.
October 1, 2006
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