A recent development is a signal NAIC has taken it regulatory reach to a new level.
May 25--Insurcorp, a Nevada health and welfare brokerage and consulting firm, has merged with Brown & Brown Insurance, a national company with a local presence.
The merger will give Insurcorp's clients access to additional resources in compliance, underwriting and technology, as well as commercial property, casualty and liability products, coverage and services. Insurcorp has traditionally been focused on large industries in Nevada, including gaming, restaurant and fine dining and automotive retail.
The team leading the new entity, which will operate as Brown & Brown Insurance of Nevada, will remain in place to manage operations.
"This merger takes our company to an entirely new level, one that we believe will create the most powerful all-line insurance brokerage in the state," said Brian Cruden, president and chief executive officer of Insurcorp, and Nevada Region CEO of the merged company.
Founded in 1992, Insurcorp has been considered an innovator in the delivery and management of benefits portfolios.
Georges Maalouf, a benefits industry veteran who founded Maalouf Benefit Resources in 2002 and merged with Insurcorp last fall, has been named executive vice president of the company's employee benefits division. He said Brown & Brown's "unique decentralized structure" was a key factor in the decision to merge.
"It allows decisions to be made at the local level, without rigid rules and bureaucratic interference that can slow progress and stifle new ideas," Maalouf said.
Michael Paschke is executive vice president and David Lester is executive vice president of property and casualty for the new agency.
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