GC Securities, a division of MMC Securities and a member of Marsh and McLennan Cos., announced the placement of a catastrophe bond benefitting the government of Mexico's Fund for Natural Disasters (FONDEN). The $360 million, three-class catastrophe bond is issued by the International Bank for Reconstruction and Development, and represents the first listed property and catastrophe bond issued under its Capital-at-Risk notes program.

MMA Trion, a Marsh and McLennan Agency LLC company, lauched BeneCap, a program that provides underwriting, enrollment, administration and claims handling of employee paid voluntary benefits through an existing captive insurance company.

Insurance brokerage Hub International Limited has acquired the assets of the following entities:

East West Insurance Services Inc.
Bianchi & Associates Inc.
Steve Mariani Insurance LLP.
Patrice Varin
Rogers, Gunter, Vaughn Insurance Inc.

Terms of the deals were not disclosed.

Itasca, Illinois-based insurance brokerage and risk management services company Arthur J. Gallagher & Co. has acquired Canadian company GPL Assurance Inc. Terms of the transaction were not disclosed.

California insurance brokerage and consulting firm Keenan has launched a comprehensive emergency preparedness program called Incident Management Ready (IMReady). The new suite of products and services is designed to prepare any entity or organization for a disaster or mass casualty event occurring at its facility, including active shooter/active killer scenarios.

Insurance and finance industry software solutions company Sapiens International Corporation has opened a new head office in Sandton, South Africa. The expansion follows Sapiens' announcement that it intends to leverage Microsoft's two new data centers for its cloud-based services in South Africa.

LexisNexis Risk Solutions has added multi-language capabilities to its LexisNexis Global Telematics Platform. The technology platform processes data from insurers, original equipment manufacturers and other after-market data sources as part of insurers' UBI programs.

Genpact has acquired OnSource, a provider of Inspection-as-a-Service products for Property & Casualty insurance carriers and customers. Terms of the deal were not disclosed.

NSM Insurance Group has launched a new pet insurance program called 4Paws Insurance. The program was developed with help of Sandy Boucher, a seasoned insurance professional with over 25 years of experience in the human and pet healthcare sectors.

Fort Worth, Texas-based Interstate Restoration will continue to work with the Tropical Meteorology Project at Colorado State University, translating into $28,000 in new funds for the research project. Interstate Restoration has been working with the project since 2014.

Alan D. Schnitzer, CEO of Travelers Cos., has been elected chairman of the company's board of directors, effective immediately. He succeeds John H. Darsburg, who will assume the position of independent lead director, the role he held prior to becoming chairman.

Travelers Cos. has also completed its acquisition of UK-based commercial insurer Simply Business. The acquisition was funded through a combination of debt financing and internal resources, Travelers said in a release.

NAIC President and Wisconsin Insurance Commissioner Ted Nickel signed a memorandum of understanding (MOU) with Argentina's National Superintendence of Insurance (Superintendencia de Seguros de la Nacin [SSN]) during NAIC's Summer 2017 National Meeting. Superintendent Juan Pazo signed the agreement on behalf of the SSN.

Jacksonville, Florida-based property & casualty insurance retailer Brightway Insurance has opened Brightway, The Landers Agency in Fort Lauderdale, Florida. The new location was opened by Kanie Landers, who opened their first Brightway agency in Glendale, Colorado last year.

Insurance industry software provider Marias Technology has added Microsoft Azure cloud hosting to its offerings. Customers and prospects can now choose between having their systems and applications hosted on equipment in the Marias data center or in the Microsoft Cloud with Azure.

Boca Raton, Florida-based Seeman Holtz Property & Casualty Inc. has acquired the following:

R. Wine Insurance Agency
Buywise Insurance Agency
Frank NaClerio Agency

Terms of the deals were not disclosed.

Special Reports /

Around the P&C insurance industry: Aug. 16, 2017

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