China quake toll rises, insurers braced for claims
The death toll is rising from the 7.8 magnitude earthquake that devastated China’s eastern Sichuan Province and insurers are bracing for heavy claims from the disaster....
Market Barometer Report: April Rates Hold Steady
MarketScout reports the composite rate for all lines of US property and casualty business is down 12% for April 2008.
Richard Kerr, Founder and CEO of MarketScout commented, “Admitted insurers continue to carve market share from the Surplus Lines insurers by assuming risks which had been traditionally placed in the non-admitted market. Vanilla accounts are coveted by everyone so they also go to the admitted market, but at extremely competitive rates."
AIG exec jailed in Mexico
The top executive for an American International Group Inc. unit is being held in a Mexico City jail on fraud charges that broker sources say are linked to a commercial policy coverage dispute..
HRH unit sues former exec for taking client
A unit of Hilb Rogal & Hobbs Co. is suing a former executive for allegedly taking at least one HRH client with her when she resigned last year to join competitor Lockton Cos. L.L.C...
Insurance broker Willis keen on China growth
Willis Group Holdings Ltd., the world's third-largest insurance broker, expects to keep its annual revenue growth in the China market at minimally 20% for the next five years and will increase its stake sharply in its local venture, a senior executive said on Friday. Willis plans...
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MarketScout Underwriters Launches new Texas Based WC Specialty facility
MarketScout Underwriters, the specialty WC underwriting facility of Dallas based MarketScout Corporation is pleased to announce the opening of its new specialty division for Texas based producers and employers. The MarketScout facility is built with the CIC in mind to compete successfully across virtually all sectors of the Texas marketplace. They will underwrite business in most classes without regard to experience modification, time in business or loss history. MarketScout does not plan to slot underwrite. They will deploy their underwriting acumen to artfully review the client’s operations and set premiums in accordance with exposure rather than some pre-determined pricing algorithm. This approach will provide MarketScout Underwriters the ability to work with its producers to win important business.
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MarketScout has focused programs for the following industries:
Hospitality: (Hotels, Motels, Restaurants, Clubs and Bowling Alleys)
Academic Institutions: (Schools and colleges)
Auto and Equipment Sales and Service: (Sales and service of autos, trucks, and heavy machinery)
Stores: (Everything from Wholesale dealers to small retail card shops)
Manufacturing: (Everything except Dynamite!)
Transportation: Trucking, Parcel Delivery, Gasoline Haulers, Storage Warehouses, Beer and Ale dealers)
Construction: (Shops, Artisans, and Heavy Contractors)
- Commissions up to 10%
- Minimums as low as $2,500
- Fast turnaround
- Online claim services and much, much more..
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New WC market for Pest Control Dealers
Lighthouse Programs, LLC, a subsidiary of Risk Transfer Holdings, announces a new workers' compensation program for pest control companies in Florida, Texas, and California. According to Paul Hughes, CEO of Risk Transfer Holdings, "We recognize the need for a new WC market in this industry segment and responded with a competitive program where superior risk management in the form of underwriting, loss control. and the facilitation of claims are needed."
For more information: jmenendez@lighthouse-programs.com or jwerckman@lighthouse-programs.com
High Profile Professional Liability Marketer Merges
Insurance Specialty Group LLC, parent of Atlanta, Ga.-based Pacific Wholesale Insurance Brokers (Pacific Wholesale) entered into definitive agreements to acquire and merge with El Segundo, Calif.-based E.L.M. Insurance Brokers Inc. The combined companies will have 10 offices throughout the United States. The merger is expected to close in mid May 2008.
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Travelers Enhances Small Commercial
Travelers Select Accounts has an array of competitive products and coverages available for small businesses of all types, from Main Street retailers to small manufacturers. Featured products include the Master Pac which is a BOP for small businesses including offices, restaurants, churches etc. and Pac Plus which is an expanded package product for small manufacturers and wholesalers.
If eligible, Commercial Auto, Workers Compensation and Umbrella products are available for quoting as well.
Travelers continues to look for ways to support their new Technology segment. This produce offers coverages specifically tailored to high-tech companies. Technology companies are unique in their exposures and it is important to have coverage protection that understands the nature of the business and exposures to risk.
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