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WASHINGTON-The Zurich-American Insurance Group plans to launch a new political risk insurance operation based in Washington.
Zurich-American's Executive Assurance division will oversee the new operation, which will provide political risk insurance products to international investors and financial institutions. The new unit, Zurich-Amer-ican/Political Risk Insurance, is the first private political risk operation located in Washington, according to Zurich-American.
The political risk division will target international investors and lenders, providing coverage of expropriation, political violence, currency inconvertibility, and breach of contract, drawing on its experience in these markets and its global network of offices.
Daniel W. Riordan, managing director and vp, will lead the unit. Mr. Riordan most recently was a senior executive and vp of insurance for the Overseas Private Investment Corp., an independent federal agency that underwrites political risk insurance on 20-year terms for U.S. companies doing business in developing countries.
Schaumburg, Ill.-based Zurich American is a unit of Switzerland's Zurich Insurance Group.
WALTHAM, Mass.-Arkwright Mutual Insurance Co. has formed a new business unit to serve high-technology companies.
Arkwright Technology offers property loss control, risk management and insurance services to manufacturers of semiconductors, software, computers and computer equipment. The group provides the services of property loss control engineers, values analysts and underwriting specialists trained to address high-tech risks.
NEW YORK-Physician practice management company Complete Management Inc. has completed the purchase of Piscataway, N.J.-based Consumer Health Network Inc. for $12 million.
The price includes $8 million cash and 314,650 Complete Management shares, with a possible $1 million contingent payment based on CHN's earnings.
CHN operates a network in New York, New Jersey and Connecticut of 7,818 physicians and 119 hospitals, serving about 975,000 lives. CHN management will remain in their current positions.
The transaction is expected to add up to $10 million in revenue to New York-based CMI over the next 12 months.
FPA credit expanded
SAN DIEGO-FPA Medical Management Inc. has received a $275 million financing commitment from Lehman Brothers for an expanded senior credit facility.
The new credit facility will provide the San Diego-based physician practice management company with the resources to meet future working capital and acquisition needs.
Separately, FPA recently entered into a long-term provider relationship with Aetna U.S. Healthcare Inc.
The two companies will work together to develop quality improvement programs and preventive care programs for Aetna U.S. Healthcare members.
New holding company
HARTFORD, Conn.-Shareholders of The Hartford Steam Boiler Inspection & Insurance Co. have approved the formation of a new holding company, HSB Group Inc.
The new holding company structure will provide greater operating and financial flexibility in future investments, business operations and financing activities, officials say.
Current Hartford Steam Boiler shareholders will automatically become holders of HSB Group common stock through a share exchange, with current Hartford Steam Boiler stock certificates automatically representing corresponding HSB group shares.
The company's stock will continue to be listed on the New York Stock Exchange under HSB.
WALTHAM, Mass.-Care management organization ManagedComp Inc. has acquired the Indiana-domiciled Financial Security Assurance International Inc. subsidiary of New York-based Financial Security Assurance Inc. for $10.5 million.
The transaction includes the cost of licenses and assets required to maintain statutory capital and surplus in 43 states.
Following regulatory approvals, the new company will be called ManagedComp National Insurance Co. and will be integrated with ManagedComp's CareManagement Network primary occupational physician, managed care and medical cost management system network.
Officials of Waltham, Mass.-based ManagedComp say the acquisition will enable the company to offer more flexible multistate programs and rating options.
ITASCA, Ill.-Arthur J. Gallagher & Co. has acquired White Plains, N.Y.-based broker and risk management services provider Trinder & Norwood Inc.
Terms of the transaction were not disclosed.
Founded in 1953 as a marine insurance specialist, Trinder & Norwood today handles all lines of commercial property and casualty insurance and risk management services with a special emphasis on the transportation industry. The broker also handles a full range of benefit products.
It will continue to operate as Trinder & Norwood under the direction of Robert J. Casella, area president.
New Burnham division
SAN DIEGO-John Burnham & Co. Insurance Services has formed a health care division specializing in medical malpractice insurance for managed care organizations, independent physician alliances, physician group practices and associations.
The agency provides a range of commercial insurance services from its offices in Southern California.
Anthem unit acquired
CLEVELAND-International Alliance Services Inc. has agreed to acquire the Managed Care Workers Compensation business unit of Shelby, Ohio-based Anthem Casualty Insurance Co.
The deal could be for as much as $500,000 cash and 50,000 shares of IASI common stock over a two-year period, depending on the acquired unit's results. Under the agreement, IASI also will become the lead manager and underwriter of all managed care workers comp coverage for Anthem health customers in Indiana and Kentucky.
The transaction is expected to close by July 15.
HAMILTON, Bermuda-Mutual Risk Management Ltd. has agreed to acquire a workers compensation insurer that is in runoff.
Bermuda-based Mutual Risk Management said late last month it will buy Burlington, Mass.-based American Policyholders' Insurance Co., a wholly owned unit of American Mutual Liability Insurance Co., which is under the receivership of the Massachusetts Division of Insurance.
Terms were not disclosed, though all existing API liabilities will be transferred to a liquidating trust established pursuant to a court order.
American Policyholders' Insurance Co. ceased writing new and renewal business in 1989, the same year that its parent, American Mutual Liability Insurance Co., was declared insolvent. API continues to act as servicing insurer for assigned risk workers comp business in Massachusetts. API wrote about $16 million in premiums in 1995.
"The acquisition of an additional insurance company will accommodate our growing program business segment," Mutual Risk Chairman and Chief Executive Officer Robert A. Mulderig and President John Kessock Jr. said in a statement. "An alternative admitted insurer to Legion Insurance Co. will allow us to offer our clients options in terms of rate and form filings and avoid conflicts among our producers of program business."
The acquisition is subject to several conditions, including court approval in Massachusetts and approval of Massachusetts regulators.