|
Issue October 26, 2009 |
|
Subscribe to Business Insurance |
NEW YORK—QBE Insurance Group Ltd. has acquired Philadelphia-based CIGNA Corp.'s special risk, student and sports accident insurance book of business, the companies said.
CIGNA's former business covers medical expenses for students, athletes and participants in camps, clubs, day care centers and other group activities. It will become a part of QBE's Specialty Insurance health practice.
New York-based QBE will retain CIGNA's third-party administrators and its more than 80 managing general agents, it said in a statement.
As part of the deal for which terms were not disclosed, some personnel in the CIGNA unit will move to a new office in the Philadelphia suburb of Plymouth Meeting, Pa., according to the statement.
ATHENS, Ga.—Marietta, Pa.-based Donegal Mutual Insurance Co. has agreed to provide quota-share reinsurance for up to 100% of Southern Mutual Insurance Co.'s business, the companies said.
Under the agreement, Donegal Mutual is to purchase a $2.5 million Southern Mutual surplus note and, in exchange, assume up to 100% of Southern Mutual's in-force and future business.
Donegal Mutual also is to license its underwriting technology to Southern Mutual to allow the company to issue policies automatically through the Internet. Donegal Mutual also is to help Southern Mutual offer additional insurance products, company officials said in a statement.
Finalization of the deal is pending approval from Georgia's insurance commissioner.
In the statement, company officials said the transaction will help increase their personal lines business and begin offering commercial lines business in Georgia and South Carolina.
Athens, Ga.-based Southern Mutual, a mutual fire insurance company, will remain a mutual and its staff and offices will remain in their locations in Georgia, officials said in the statement.
Donegal Mutual is a member of the Donegal Insurance Group.
ADDISON, Texas—The employee benefits practice of New York-based Willis North America has formed a strategic partnership with health care services company Concentra Inc., the firms said.
Willis clients will have access to the clinics, which offer employee health screenings, coaching, education, and other health and wellness services.
The services are intended to help employers lower their health care costs and take an active role in the health of their workers, Willis said in a statement.
Willis North America is the North American retail arm of London-based broker Willis Group Holdings Ltd.
Addison, Texas-based Concentra provides worksite clinics to address preventive, routine and acute health care issues.
LONDON—Property fund manager Cordea Savills L.L.C. has selected a unit of Aon Corp. to consolidate its insurance purchases across Europe into a single program, the Chicago-based broker said.
Previously, London-based Cordea Savills allowed its local offices and property managers to buy insurance through various brokers and insurers. London-based Aon Ltd., which the firm used previously in the Nordic region, now is responsible for consolidating those policies into a single, pan-European program with consistent coverage and competitive rates, the company said in a statement.
For reprints of this story, please contact Lauren Melesio at 212-210-0707 or email lmelesio@crain.com
