Business News

March 11, 2016
PDA Extends Appraisal Services to Financial Sector

Property Damage Appraisers (PDA) is spreading the word about one of its core business practices that many may not know about – financial services. PDA’s appraisal services are ideal for banks, credit unions and leasing companies that hold liens and force-placed insurance on vehicles. With a nationwide network of expert appraisers, PDA inspects vehicles anywhere in the country and estimates damages in the event of an accident or total loss.

Many of those same financial institutions also need a partner for lease turn-ins. PDA’s appraisers inspect and document lease returns for condition and lessee liability for damages.

QBE Launches Products for New Inland Marine Practice

QBE Specialty, a subsidiary of QBE North America, has launched a suite of products for its newly created Inland Marine practice.

Leading the new Inland Marine practice, Richard Pye, senior vice president, joined QBE North America Specialty Lines in mid-2015 from a global insurance carrier, where he served as senior vice president, Inland Marine and Marine Property.

Pye has the full underwriting P&L control for Inland Marine, and is responsible for the underwriting strategy, the deployment of a complete portfolio of primary proprietary QBE products, and the launch of a national franchise with dedicated Inland Marine specialists.

This expansion includes a range of offerings for the following industry groups:

  • Construction: Buildings and structures under construction, installation projects, and contractor’s equipment.
  • Energy: Well servicing and directional drilling equipment.
  • Logistics: Truckers and warehouse operators.
  • Mobile Equipment: Appetite includes medical and scientific equipment, towers and antennas, and equipment sales and rentals.

In addition to bringing to market a range of new products for QBE, Joe Bielawski, vice president, Underwriting in Chicago; and David Brooks, vice president, Underwriting and Bruce Pichon, vice president, Underwriting have been brought in to operate the full-service Inland Marine practice. Brooks and Pichon are based in Los Angeles.

Over the coming months, proprietary coverage options will be offered within our target markets, including new Motor Truck Cargo and Builders Risk coverage offerings, as well as a partnership with QBE Specialty’s Aviation division to meet the property and equipment needs of customer airports.

AIG Announces Reinsurance Deal with Swiss Re

American International Group, Inc. announced that it has entered into a two-year reinsurance arrangement with Swiss Re, under which a share of AIG’s new and renewal U.S. Casualty portfolio will be ceded to the reinsurer, consistent with the plans announced by AIG in its January 26, 2016 strategic update to investors.The reinsurance arrangement is an important step in AIG’s strategy to improve its Commercial Insurance diversification and return on equity (ROE), and it highlights AIG’s focus on capital efficiency.

GEICO Dallas begins first of its moves to Richardson

GEICO’s Dallas regional office is moving to a new location at 2280 North Greenville Avenue in Richardson, Texas. The new office will house more than 2,000 GEICO associates over time and provides more opportunities for future jobs, growth and expansion.

The new location features 242,000 square-feet of floor space in a campus styled setting and offers associates additional parking. The new location is also close to the Galatyn Park DART light rail station and numerous bus routes.

The move to Richardson coincides with GEICO’s 30th anniversary in the region.

Travelers Provides Homeowners Discount for Smart Home Devices

The Travelers Companies, Inc. announced that customers with qualifying smart home devices are now eligible for a discount on their homeowners insurance. Smart smoke detectors and security systems that alert homeowners through their smartphones may qualify for the Protective Device discount from Travelers, which is available countrywide.

Travelers remains committed to staying at the forefront of advancements in home technology. The company has installed connected devices of all kinds at its Claim University facility to test the systems and educate its claim professionals about smart home technology.

The insurer is also the exclusive insurance sponsor of the CNET Smart Home in Louisville, Kentucky, which will provide further insights into how smart home products behave, interact and test in everyday environments.

Coventry’s First Script and Mitchell Pharmacy Solutions Join CompPharma

CompPharma, a consortium of pharmacy benefit managers active in workers’ compensation, has added two PBMs to its ranks: Coventry Workers’ Comp Services’ First Script and Mitchell Pharmacy Solutions.

The consortium conducts educational and public affairs efforts to help lawmakers and regulators understand issues related to pharmacy in workers’ compensation. Its public affairs goals are to ensure access to appropriate medications for workers’ compensation claimants, improve patient safety, and facilitate the ability of workers’ compensation PBMs to profitably serve their customers.

The organization’s current initiatives include working with states on workers’ compensation formularies, opioid management, physician dispensing, and a new research paper on compounds.

First Script is a Pharmacy Benefit Management program offered by Coventry a full service managed care organization focused delivering on its mission to return people to work, to play and to life.

Mitchell Pharmacy Solutions is a service of Mitchell, a provider of technology, connectivity and information solutions in the Property & Casualty industry. It acquired the automobile casualty and workers’ compensation PBM Cogent Works in 2015 and recently announced the acquisition of Jordan Reses, a PBM active in workers’ compensation and automobile casualty.

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