business moves News

Griffith Insurance Education Foundation Moves to Pennsylvania

The Griffith Insurance Education Foundation announced that, as of April 15, 2014, its office will officially relocate from Columbus, Ohio, to Malvern, Pa. In 2012, The Griffith Foundation affiliated with The Institutes, an insurance education provider based in Malvern. By …

Willis Launches Coverage Wrap to Address Uninsured Cargo Losses

In recent years cargo losses worth more than one hundred million dollars have not been recovered under traditional cargo insurance policies due to critical exposures being excluded, warned Willis Group Holdings, the global risk adviser, insurance and reinsurance broker. Heightened …

Cazzolla Retiring From CIG End of 2014

Monterey-based Capital Insurance Group President and Chief Executive Officer Peter Cazzolla announced his retirement effective at the end of this year. The CEO will leave the company after 21 years of dedicated service. During his tenure and under his leadership, …

BTG to Start Insurance Business in Four Latin American Nations

Grupo BTG Pactual SA, the Brazilian lender controlled by billionaire Andre Esteves, plans to start an insurance business in Chile, Peru, Colombia and Mexico. The first step will be to enter Chile’s annuity market, said Alejandro Montero, chief executive officer …

Shelter Insurance Announces New Subsidiary

Shelter Insurance Companies announced the organization of a new insurance subsidiary called American Shield Insurance. The company is being formed to assist diversification efforts and expansion into new operating territories. The company will sell a variety of insurance products through …

Lennox Investments to Acquire Southport Re Cayman

Lennox Investments LLC, an investment group focused on financial services businesses, announced plans to acquire Southport Re(Cayman) Ltd. (SPRC), a Cayman Island-domiciled property/casualty reinsurance company. Established in 2012, SPRC wrote approximately $32 million in gross premiums in 2013.  SPRC focuses …

OnSource Releases Phone App for Faster Field Inspection Reports

After rolling out their customer self-inspection app “Express Inspection” for insurance claims, OnSource continues to expedite the inspection process by releasing a version of the smartphone/tablet app for use by their field inspectors to easily perform photo and video inspections …

Arthur J. Gallagher To Buy Wesfarmers’ Insurance Broking Unit

Wesfarmers Ltd. agreed to sell its insurance broking units to Arthur J. Gallagher & Co. for A$1.01 billion ($938 million) as the Australian conglomerate exits its insurance business. Wesfarmers expects pretax profit of A$310 million to A$335 million on the …

SMI Launches Large Scale Recovery Company to Assist Retailers

SMI President, Scott Crennan, announced the debut of a new company, Disaster Recovery Services (DRS). After Hurricane Sandy in late 2012, much of the Northeast’s retail stores were severely damaged from water, fire, smoke and mold. SMI’s disaster recovery services …

GEICO Celebrates Ribbon-Cutting of New Texas Claims Operation

Texas Gov. Rick Perry joined GEICO’s Chairman Tony Nicely and Berkshire Hathaway’s Chairman and CEO Warren Buffett today to celebrate the grand opening of GEICO’s new claims operation. The new 138,000-square-foot office, is located at 21420 Merchants Way in Katy, …