Brown & Brown acquires agency assets

SEATTLE—Brown & Brown of Washington Inc., a unit of broker Brown & Brown Inc., has acquired various assets of a Seattle-based insurance agency.

In a statement, Brown & Brown said it acquired “the insurance agency and brokerage business-related assets” of DiMartino Associates Inc.

Terms of the acquisition were not disclosed.

Gregory P. DiMartino, president of DiMartino Associates, and his staff will continue to operate from their offices in Seattle under the same moniker.

Founded in 1990 and with annual revenues of $4.3 million, DiMartino Associates specializes in employee benefits.

Not part of the acquisition was DiMartino Financial Services, the Seattle-based financial management unit of DiMartino Associates.

Zurich signs MOU with Korean agency

SEOUL, South Korea—Zurich North America Commercial has signed a memorandum of understanding with Korea Export Insurance Corp. to provide insurance and other risk management services.

Zurich said it completed the MOU with the Seoul, South Korea-based export insurance agency to support exports and investments globally.

“This MOU establishes a framework for a public/private collaboration that is anticipated to enhance opportunities for Korean investors, exporters and contractors, and promote international trade in established and emerging markets across the world,” Zurich said a statement.

Zurich, a Schaumburg, Ill.-based unit of Zurich Financial Services Group Inc., said it will provide political risk, trade credit and surety credit insurance to Korean investors, exporters and contractors through insurance, reinsurance, coinsurance facilities or surety bonds.

Korea Export, which is supported by South Korea's Ministry of Commerce, Industry and Energy, will manage the transactional risks and facilitate international trade.

Shelter Island returns to independence

SHELTER ISLAND, New York—Shelter Island Risk Services L.L.C. said it has split from its parent company and returned to operating as an independent.

The Shelter Island, N.Y.-based risk management information service provider split from Itasca, Ill.-based Gallagher Bassett Services Inc. after five years as its subsidiary, the company said in a statement.

Terms of the separation were not disclosed.

Shelter Island Risk Services was founded in 1994 and led by Richard F. Denning, who is president.

The split has many benefits, such as operating with greater efficiency and “eliminating biases” with consulting firms associated with third-party administrators or brokers, Shelter Island said in a statement.

Segal, subsidiaries move headquarters

NEW YORK—Segal Co. and two subsidiaries have moved their New York headquarters to a new location.

Segal Co., Sibson Consulting and Segal Advisors Inc. have relocated to 333 W. 34th St., New York, N.Y., 10001-2402.

In a statement, the benefits, compensation and human resource consulting firm with 21 offices across North America said its New York phone, fax and e-mail addresses remain the same.

For more information, contact Mary L. Feldman, senior vp of public affairs, at 212-251-5029 or mfeldman@segalco.com.

HealthNow courts self-insured employers

KING OF PRUSSIA, Pa.— HealthNow New York Inc. has formed a unit, HealthNow Administrative Services, providing administrative and outsourcing services.

HNAS specializes in self-funded benefit plans for midsize to large employers, brokers and agents, it said in a statement.

HealthNow said self-insured enrollments constitute a significant and growing portion of benefits plans. HNAS will partner with third-party administrators to provide claims operations and technology to self-insured employers.

“The focus of HNAS responds to the struggling economy and the strong trend of employers searching for options beyond traditional insurance,” HealthNow said in the statement. “These organizations are willing to self-insure and underwriting the risk while outsourcing the back-office operations of managing claims processing, provider networks, utilization review or membership functions.”

HNAS is based in King of Prussia, Pa., with offices in Boston, Dallas and Phoenix.