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Three employers join diabetes program
Three Illinois employer members of the Midwest Business Group on Health are joining the Diabetes Ten Cities Challenge disease management program, bringing the number of participating employers to more than 30. Employers Pactiv Corp.; the city of Naperville, Ill.; and the Jewish Federation of Metropolitan Chicago will participate in the program, which aims to improve compliance with diabetes disease management protocols.
Swiss Re arranges securitized cover
Swiss Reinsurance Co. has put together an insurance-linked securities program to provide flood and earthquake coverage. The reinsurer placed the $150 million securitization--an offering of notes by Blue Wings Ltd.--for Allianz Global Corporate & Specialty A.G., a unit of Allianz S.E. The multiperil issue is part of a $1 billion program that provides protection against high-severity losses from earthquakes in Canada and the United States, except in California, and U.K. floods.
Hartford, Berkshire team on surplus lines
Hartford Financial Services Group Inc. has teamed up with units of Berkshire Hathaway Inc. to expand its surplus lines commercial property business. First State Management Group, an underwriting manager owned by Hartford, will underwrite the coverage and handle claims. Hartford's surplus lines insurance companies, along with the Berkshire Hathaway units, will provide the capacity.
Starr, Chubb partner on construction cover
C.V. Starr & Co. has created a residential construction facility to provide project-specific excess liability coverage. The facility will act as a program manager on behalf of Chubb Corp. It will provide coverage excess of a minimum retention of $100,000 per occurrence or homeowner's action, on either a wrap-up or nonwrap basis, Starr said in a statement.
HIP, GHI to convert to for-profit status
HIP Health Plan of New York and Group Health Inc. are working with New York state officials on a plan to merge as a for-profit entity. The two New York-based nonprofit insurers finalized an affiliation last November despite a lawsuit filed by the City of New York, the combined entity's largest employer client, to stop the union over competition concerns. Meanwhile, HIP is facing a federal racketeering complaint for allegedly improperly denying payment for health care provided to HIP members treated by Brookdale University Hospital & Medical Center.
American International Group Inc.'s Global Marine and Energy division has created a unit to serve alternative energy risks in the United States....Matthew Elderfield has been appointed chief executive officer of the Bermuda Monetary Authority, effective July. Previously, Mr. Elderfield served as the department head of the major retail groups division at the U.K. Financial Services Authority....Robert F.X. Feeney has been named chief financial officer of Integro Ltd. Mr. Feeney joins Integro from HSBC Holdings P.L.C. He succeeds Joseph Salerno who is retiring.