People & Places
Willis Re hires CEO, managing director: Willis Re, the reinsurance arm of Willis Group Holdings, named James Beedle CEO of Asian operations. Beedle will work from Singapore, insuring clients there as well as in Japan, Indonesia, China, Korea, Taiwan, Malaysia, Thailand, Philippines, Vietnam and Brunei. Willis Re also named Mark Morley managing director of South East Asia. Both men have been with the company since 1998.
Iron-Starr Excess names VP financial lines: Ironshore promoted Steve Horton to vice president of financial lines within Iron-Starr Excess Agency. Prior, Horton worked for Iron-Starr's financial institutions division for 1 year and for Ironshore's Pembroke Managing Agency for 2.
Mayer Brown announces antitrust partner: Mayer Brown hired Robert Klotz as a partner in the agency's antitrust and competition practice in Brussels, Belgium. Klotz will investigate cartel and abuse of dominance cases, including dawn raids. Prior, he worked as a partner at Hunton & Williams for 5 years.
Mergers & Acquisitions
AmWINS joins New Mountain Capital: AmWINS Group partnered with New Mountain Capital in a growth-oriented recapitalization valued around $1.3 billion. Employee shareholders will continue to own more than 30 percent of AmWINS equity at the conclusion of the recapitalization. AmWINS' senior, local and operational management teams will remain the same. The 2 companies expect the transaction to close within the next 60 days.
Read on for New Programs at Ironshore, CNA and PHLY; News from The Hartford and OneBeacon
Ironshore introduces war, violence and terrorism coverage: Ironshore announced its new war, political violence and stand-alone terrorism insurance for U.S.-based companies with exposures nationally and worldwide. War and political violence insurance will be available globally through Ironshore Political Risk (contact Daniel Sussman for details). Stand-alone terrorism coverage will be focused on U.S. exposures and provided by Ironshore's Global Property unit (contact James Maden for details). Limits will be up to $25 million.
CNA announces kidnap, ransom and extortion insurance: CNA, along with the London-based crisis response firm red24, introduced a new kidnap, ransom and extortion coverage. The program extends beyond traditional coverage to address a broad range of security-related situations. Coverage is available in 35 states. Contact Lisa Zanotelli for more information.
PHLY and Grundy Worldwide renew collector vehicle relationship: Philadelphia Insurance Cos. announced the renewal of its collector vehicle insurance partnership with Grundy Insurance, which began 6 years ago. Grundy will now provide underwriting, customer service, policy/endorsement processing and marketing. PHLY will handle billing and claims.
The Hartford offers electric vehicle discount: The Hartford announced it will provide discounts on auto insurance policies to drivers of electric cars. This 5 percent discount is now available in Alabama, Arizona, California, Illinois, Kansas, Minnesota, Oklahoma and Texas. It will be offered nationwide by year end. Current policyholders with electric vehicles will receive the 5 percent discount at renewal.
OneBeacon introduces OBPG: OneBeacon Insurance Group announced its newest speciality business, OneBeacon Program Group. OBPG will focus on small to medium commercial business written through select managing general agents, managing general underwriters and program administrators. President Dan Beaudette will lead OBPG. The group will offer a range of multi-line pacage products including general and professional liability, property/inland marine, auto, excess and other specialty lines.