MUNICH REINSURANCE SEEKS TO EXPAND IN U.S.
Munich Reinsurance Co. will acquire specialty insurance company Midland Co. for $1.3 billion in a bid to expand in the United States, the German reinsurer has announced. The deal, which Munich Re is financing through its own funds, is part of a strategy to expand in the United States, the world's biggest reinsurance market.
HISCOX EXPANDS, LAUNCHES U.S. UNIT
Hiscox, a provider of specialty insurance, announced the launch of Hiscox Global Markets in the United States. The Global Markets area at Hiscox underwrites internationally traded business via the Lloyd's insurance market, and specialist retail business around the world. "The United States already delivers over 40 percent of the premium income for the Hiscox Group mainly through our Lloyd's business," said Neil Bolton, president, Hiscox Global Markets in the United States. "The launch of Hiscox Global Markets in the United States underpins our desire to expand our footprint."
MARKEL OPENS NEW DEPARTMENT
Houston-based Markel Global Marine & Energy Inc. has opened a department to handle ocean marine coverage, the company said. R. Matt Sternenberg, who has more than 15 years of experience in the marine and energy insurance field, was appointed director of Marine Underwriting to lead the new Ocean Marine group.
PRO INSURANCE ESTABLISHES U.S. OPERATION
PRO Insurance Solutions Ltd. has announced the launch of a new affiliate, PRO Insurance Solutions Inc., operating out of offices in New York and Boston. The unit will offer management services, technical audit, commutation, asset recovery and reinsurance debt purchase solutions to clients. Kathy Barker joins PRO as president, the company also said.
DISABILITY COALITION ADDS BOARD MEMBER
The Disability Management Employer Coalition, an advocate of integrated disability management, has announced that Michael Klachefsky, principal and senior consultant for absence management at Mercer, has joined DMEC's Executive Advisory Board. "The addition of Mercer to the complement of the DMEC Executive Advisory Board and as a national platinum sponsor is one of the highlights of the 2007 year," said Marcia Carruthers, CEO of DMEC. "Mercer's reputation as one of the world's leading HR consultancies will add tremendous value in terms of the perspective and experience they bring to the table." Klachefsky has been a member of Mercer's absence management consulting group for 12 years.
IRONSHORE ANNOUNCES NEW DIVISION
Cayman Islands-based property insurer Ironshore Inc. has announced the launch of specialty construction division, IronBuilt.IronBuilt provides protection of construction risks with an emphasis on residential wrap-up liability insurance and liability insurance for subcontractors in residential projects. The new unit is being led by Joe George.
--Compiled by staff from news and wire reports.
December 1, 2007
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