Peter Zaffino named president, effective Jan. 1. Will continue duties as global COO of AIG and CEO of General Insurance. His appointment relieves CEO Brian Duperreault of president’s tasks. >> Sells most of its ownership stake in Fortitude Group Holdings (operating as Fortitude Re) to T&D Holdings and a newly created fund managed by The Carlyle Group for $1.8 billion. After closing, Carlyle and its investors will own 71.5% of Fortitude Re, T&D will hold 25%, and AIG will hold 3.5%. Goal is to stand up Fortitude Re as independent company providing retroactive reinsurance and legacy runoff management. >> Hires Allison Barrett as global head of multinational in General Insurance division. She joins from Willis Towers Watson, where she was managing director and global head of financial institutions.
Retiring Esurance brand and merging Allstate, Encompass and Answer Financial personal lines brand under single unit.
Allianz Global Corporate & Specialty (agcs.allianz.com) pulls out of marine hull and marine liability market in North America and Asia to focus on global marine underwriting in Europe, where both domestic and international risks can be underwritten. Effective for all new business and for renewals from Feb. 1 forward. Marine cargo will continue to be offered worldwide, though Asia-Pacific business will be serviced through a single hub in Singapore and South Africa business will be serviced through London. >> Joachim Müller moves from CEO of Allianz Versicherungs and Allianz Beratungs und Vertriebs (ABV) to CEO of Allianz Global Corporate & Specialty (AGCS), succeeding Chris Fischer Hirs, who stepped down in November. Andreas Kanning moves from the board of directors at ABV to its CEO and will join the board of Allianz Deutschland. Klaus-Peter Röhler, CEO of Allianz Deutschland, will add CEO of Allianz Versicherungs to his remit. >> AGCS promotes Shanil Williams to global head of financial lines, succeeding Bernard Poncin, who left the company.
Promotes Adam Karkowsky to president. Will continue as CFO until successor appointed in Q1.
Names Jeff Grange as EVP for U.S. operations, heading Argo Casualty, Argo Pro, Argo Insurance, Rockwood, and Argo Cyber. Will also oversee U.S. claims. He moves from QBE.
Rolls out commercial crime policy in Asia, addressing increasingly sophisticated corporate fraud. Covers traditional employee crimes and external incidents such as funds transfer fraud, credit card fraud, forgery, and impersonation of employees, executives and business associates for the purpose of defrauding the insured. Includes extensions to cover lost establishment fees an insured incurs to establish the existence and extent of a loss. >> Hires Andrew Adams as head of surety in Canada, a newly created post. He moves from AIG, where he was VP for Canada surety.
Forms trade and political risk unit following integration of AmTrust. Crispin Hodges is head. Andrew Tongue hired as deputy and underwriter, effective early March.
AssuredPartners announced on January 21 their acquisition of Corkill Insurance Agency, Inc. Based in Elk Grove Village, IL with a staff of 104, Corkill Insurance has grown to be one of the nation’s largest insurance brokerage agencies with reported revenues of $23 million.
Insurance commissioner Ricardo Lara orders home insurer of last resort FAIR Plan to offer comprehensive HO-3 coverage in addition to dwelling fire-only coverage by June 1. Also orders FAIR Plan to boost limits on 2019 dwelling policies to $3 million, from $1.5 million, and to accept payment monthly and via credit card. He is getting some pushback on the comprehensive HO-3 coverage but expects the other orders to be implemented in early 2020. >> Approves advisory pure premium workers compensation rate decrease to $1.52 per $100 of payroll, effective Jan. 1. That is 23.6% lower than the average filed pure premium rate of $1.99 at the July 1, 2019, benchmark.
Department of Insurance and Department of Health Care Policy & Financing provided final report to legislature on creating public option for affordable health insurance. Report’s actuarial analysis says premiums would drop 10% with some regions of state seeing 15% savings. Program would be based on public-private partnership serving individual market initially but targeting expansion to small and midsize businesses. Plan would be available to all Coloradans alongside, not instead of, ACA choices and would be sold through Colorado’s health insurance exchange, Connect for Health Colorado. >> Approves 8.5% average decrease in workers compensation rate for 2020.
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