CIAB Takes on China
The Council of Insurance Agents & Brokers has expressed support for a House resolution calling on China to remove barriers to U.S. financial services firms--including insurance brokers--seeking to do business in China. The resolution asks China to follow through with the commitments it's made to open markets.
Boston Broker Snatched
Dallas-based U.S. Risk Insurance Group Inc. has acquired Boston Insurance Brokerage Inc., expanding the managing general agency and surplus-lines wholesaler's business in New England. Terms of the transaction were not released. Boston Insurance Brokerage, a Boston-headquartered wholesale property/casualty insurance broker, will become a subsidiary of U.S. Risk Brokers, the wholesale excess and surplus lines division of U.S. Risk.
Marsh Counsel Named Judge
Marsh Inc.'s general counsel has been confirmed as a district judge on the U.S. District Court of the Southern District of New York. Richard J. Sullivan joined Marsh & McLennan Cos. Inc. as deputy general counsel for litigation in July 2005, and before that was employed with the U.S. Attorney's Office in Manhattan for 11 years.
HRH Buys Kansas Agencies
Hilb Rogal & Hobbs Co. has recently acquired Charlton Manley Inc. and The Resource Group. Charlton Manley is a Kansas-based midmarket general-lines agency, and TRG is primarily an employee benefits brokerage and consulting firm. Both firms' teams will become part of HRH's central region, led by vice president William L. Chufty. Terms of the transactions were not disclosed.
Willis Buys Internet Distributor
Global insurance broker Willis has acquired Chicago-based Insurance Noodle,an Internet distributor ofsmall business insurance. The acquisition will allow Willis access to InsuranceNoodle's Web-based application and quoting program for multiple carriers of commercial insurance products. Terms of the transaction were not disclosed.
Aspiring Brokers Rewarded
The InVEST school-to-work program sponsored by the Independent Insurance Agents & Brokers of America has awarded 42 scholarships to students pursuing insurance-related degrees. InVEST weighed written essays, GPAs, extracurricular activities and college entrance exam scores when distributing $43,000 in awards, which were mailed to the winners' schools to be used for educational expenses.
Stone Point Funds New Brokerage
Former ABD Insurance Services chief executive officer Dan R. Francis and Tri-City Brokerage founder John Hahn have created a new brokerage firm, Edgewood Partners Insurance Center, with $100 million in capital from Trident IV, a private equity fund managed by Stone Point Capital LLC. The new venture is a California-based retail property/casualty and employee benefits insurance brokerage firm.
--Compiled by staff from news and company reports.
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September 1, 2007
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