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HRH buys broker/MGA, retools Web site
GLEN ALLEN, Va.Hilb Rogal & Hobbs Co. has acquired Global Special Risks L.L.C., an excess and surplus lines wholesale broker and managing general agency that specializes in the energy and nonmarine property markets, HRH said in a statement.
The purchase price for GSR, which had more than $8 million in annualized revenue in 2006 from its offices in Houston and New Orleans, was not disclosed.
GSR's London and U.S. market access "will allow us to continue building our excess and surplus capabilities" in property and energy and "further assist our entry into the Lloyd's of London market," Martin L. Vaughan III, HRH's chairman and chief executive officer, said in a statement.
HRH said the 26-member GSR staff would be retained.
Separately, HRH has rolled out a revamped Web site that includes additional customer resources and an improved navigational system.
The Web site of the insurance brokerage, ranked No. 10 in Business Insurance's 2006 rankings, is www.hrh.com.
AIG renames excess liability unit
NEW YORKAmerican International Group Inc. has changed the name of its Starr Excess unit to AIG Cat Excess Liability.
"The name AIG Cat Excess Liability more accurately reflects who we are and what we do," Geoff Smith, president of the New York unit, said in a statement.
In addition to offering catastrophic excess liability products, AIG Cat Excess Liability will offer insurance coverage on an admitted basis.
Max Re rebrands as Max Capital Group
HAMILTON, BermudaMax Capital Group Ltd. is the new moniker for the former Max Re Capital Ltd., one of several revisions that the Hamilton, Bermuda-based organization said reflect changes made since its formation eight years ago.
Shareholders this month approved that change as well as renaming Max Capital's Bermuda operating company as Max Bermuda Ltd. The operating company previously was named Max Re Ltd.
"Since inception in 1999, Max has evolved strategically from a reinsurer offering a combination of life reinsurance and structured reinsurance products, to a company whose product mix is diversified among specialty primary insurance and reinsurance offerings, and between property and casualty liability exposures," W. Marston Becker, chairman and chief executive officer of Max Capital Group Ltd., said in a statement "Our new name reflects that strategic evolution."
Lexington Insurance Co. sets up Bermuda office
HAMILTON, BermudaLexington Insurance Co. has opened a property/casualty underwriting office in Hamilton, Bermuda, the Boston-based unit of American International Group Inc. announced.
Aside from providing local access in Bermuda to Lexington's property/casualty offerings, Lexington Bermuda also will offer primary employment practices liability coverage, the company said in a statement.
Collins sets up capital markets arm
MINNEAPOLISJohn B. Collins Associates Inc. has formed Collins Capital Advisors L.L.C., the Minneapolis-based reinsurance brokerage and service provider announced.
Wall Street investment banking firm veteran Gregory G. Clapp, most recently with Fox-Pitt, Kelton, is leading the New York-based Collins Capital Advisors as managing director.
While the new unit will offer traditional investment banking services, it also will offer capital market options that include securitizations, catastrophe bonds and insurance-linked securities, the company said in a statement.
MHBT adds P/C practice to Austin office
AUSTIN, TexasMcQueary Henry Bowles Troy L.L.P. has added a property/casualty practice at its Austin, Texas, office, the Dallas-based insurance and risk management firm announced.
MHBT opened an Austin office in 2005 as an employee benefits practice. Adding a P/C practice was "a natural next step for us," said Keith Carmichael, president of the Austin office.
The new P/C practice is led by Senior Vp Brad Van Stavern, who most recently was a partner at Texas Associates Insurors. Mr. Van Stavern also has extensive health care industry experience, MHBT said.
Engle Martin acquires litigation manager
ATLANTAInsurance claims administrator and adjuster Engle Martin & Associates Inc. has acquired Litigation Management Services L.L.C., a specialty and nonprofit services provider based in Atlanta.
Atlanta-based Engle Martin said Linda Wright, former LMS general partner, will continue serving LMS clients as claims director.
The acquisition, terms of which were not disclosed, "will afford former LMS clients greater flexibility with complex deductibles and self-insured retention arrangements and allow adjusters to concentrate on investigations and minimizing claims' costs," Ms. Wright said in a statement.
OneBeacon moves U.S. headquarters
CANTON, Mass.OneBeacon Insurance Group Ltd. has moved its U.S. headquarters to Canton, Mass., from Boston, and consolidated three Boston-area operations into the new, 280,000-square-foot facility.
"Not only will we benefit from the efficiencies of a common location," CEO Mike Miller said in a statement, "but we expect our employees will enjoy more varied careers due to the many opportunities available under one roof."
Its new address and phone number are: 1 Beacon Lane, Canton, Mass., 02021; 781-332-7000.
OneBeacon is a property/casualty insurance unit of Hamilton, Bermuda-based White Mountains Insurance Group Ltd.