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Monday, August 05, 2013

Hub Sold to Hellman for $4.4 Billion

Hub International acquired by HellmanHub International Ltd. is being sold to Hellman & Friedman LLC in a deal that values the insurance brokerage at $4.4 billion, a move it says will allow it to enhance its product and service capabilities and expand its geographic footprint.

Under the terms of the agre...

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Berkshire Hathaway Posts 46% Jump in 2Q Net Income as Insurance Operations Net Falls

Berkshire Hathaway profitsBerkshire Hathaway Inc. posted a second-quarter net profit of $4.54 billion, marking a 46% increase from a year ago. The earnings were driven by investment returns and strong performance across its business divisions, the company said in a statement.

Berkshire Hathaway said insurance under...

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Health Care Law Raises Pressure on Public Unions

Obamacare and municipalitiesCities and towns across the country are pushing municipal unions to accept cheaper health benefits in anticipation of a component of the Affordable Care Act that will tax expensive plans starting in 2018.

The so-called Cadillac tax was inserted into the Affordable Care Act at t...

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Reagan Consulting Survey 2Q 2013: Broker Revenue Growth & Profitability Log Records

Reagan Consulting agency surveyMedian organic revenue growth reached 6.9 percent in the second quarter of 2013 for mid-size and large privately held insurance agencies and brokerage firms, the highest recorded in Reagan Consulting's Organic Growth and Profitability (OGP) survey, which began in 2008.
 
T...

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Jobs Report: US Insurance Industry Adds 2,700 Jobs in July

Insurance jobsThe U.S. insurance industry added 2,700 jobs in July, continuing the upward trend in employment the industry has seen over the past few months. The seasonally adjusted 0.11% increase added to the uptick in the overall jobs market, according to the the latest employment report released by the...

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NAIC Panel to Start Work on Corporate Governance Model Law

NAICThe National Association of Insurance Commissioners has given its approval for a working group to begin drafting a revised corporate governance model law that would have insurers provide annual corporate governance filings. Insurance industry officials are expected to have a draft proposal of its own ready for considerati...

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American Modern Launches Claims Management and Training Firm

American Modern claims serviceAmerican Modern, a leading provider of specialty property and casualty insurance products, today announced the launch of a new claims management and training firm, Specialty Insurance Services Corporation  (www.siservices.com). The new firm will offer property and casualty claims adjus...

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AIG to Move Headquarters to Water Street

AIG moves headquartersAmerican International Group Inc. (AIG), the insurer that reinstated a dividend Thursday, will move its headquarters to a building it owns at 175 Water St. in lower Manhattan as the lease expires at a property on Maiden Lane.

"We're not going very far, literally one block away," Chief Executive Of...

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