USI Insurance Services announced the acquisition of Alexander & Associates Insurance Services, LLC. Alexander & Associates will join USI's El Paso, Texas, office. Alexander & Associates president, J. D. Alexander said that by combining their P&C practice with USI, clients will be able to benefit from an expanded suite of products and services.
Chubb Corporation has canceled its July 23 conference call to discuss second quarter 2015 financial results, following its July 1 announcement of the proposed acquisition of The Chubb Corporation by Ace Limited. Chubb confirmed its intention to issue a press release reporting its second quarter 2015 results after the market closes on July 23.
The Massachusetts Division of Insurance has approved overall rate increases for the largest insurance companies by approximately 9%. This could increase the state's average premium of $1,150 by $100. Mapfre USA Corp. will increase rates by an average of 8.9% as of August 1, a sharp spike from last year's 2.3%. Daniel McCabe, Mapfre's vice president for New England, said that claims resulting from unprecedented events relating to the winter weather have negatively impacted the insurance industry.
CRU-USA announced the opening of its fourth U.S. office in Dallas, Texas. The Dallas office will serve clients in both Texas and the Southwest U.S., making it more feasible to service its Texas carriers, as well as train its Texas-based adjusters. Paula Shields-Holladay was appointed to manage the office.
The Bermuda Monetary Authority registered 45 new users and intermediaries during the first half of 2015. Last year, the company recorded 44 registrations during the same period. Three new class 4 reinsurers capitalized at a minimum of $100 each and three new class 3A reinsurers were formed in the commercial reinsurance sector. Registrations for class 1, 2 and 3 insurers increased from seven to ten year-on-year.
New Empire Group now offers CondoPak in Connecticut. CondoPak is a property and general liability package policy for condominiums, cooperatives and community associations, designed specifically for non-frame condominiums and cooperatives with building limits up to $25,000,000. In addition to earthquake and flood coverage, CondoPak also offers coverages for business income, broad form water, ordinance or law, employee dishonesty, equipment breakdown and more.
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