Citadel Acquires Runoff From Arthur J. Gallagher

Copyright 2009 Crain CommunicationsAll Rights Reserved Business Insurance

February 9, 2009

BRIEFS; Pg. 17

621 words

Market Moves: Citadel acquires runoff from Arthur J. Gallagher

STAMFORD, Conn.-Citadel Risk Management Inc. said it has acquired substantially all of the reinsurance runoff processes from Itasca, Ill.-based broker Arthur J. Gallagher & Co.

Citadel, an active and runoff insurance and reinsurance provider headquartered in Stamford, Conn., sees the acquisition as an opportunity to create a runoff sector for the reinsurance intermediary market.

The new entity providing runoff services to cedents and reinsurers formerly in Gallagher's reinsurance portfolio is Citadel Risk Services Inc. and operates at Citadel's offices in Bridgewater and Wayne, N.J.

Terms of the runoff deal were not disclosed.

Allied World opens 2 California offices

LOS ANGELES-Allied World Assurance Co. Holdings Ltd. has opened two additional California offices to help distribute its specialty products.

The Pembroke, Bermuda-based firm said the new offices in Costa Mesa and Los Angeles have joined its existing office in San Francisco.

Bobby Bowden, Allied World's western regional manager and executive vp-marketing and business, will oversee all three West Coast offices. Mr. Bowden joined the firm in October.

The Costa Mesa office will distribute for Allied World Specialty, which trades with wholesale brokers. It is located at 600 Anton Blvd., Suite 1100, Costa Mesa, Calif. 92626. The temporary phone number until April 1 is 714-371-4345.

The Los Angeles office will distribute for Allied World Brokerage, which trades with retail brokers. It is located at 550 S. Hope St., Suite 1825, Los Angeles, Calif. 90071. The phone number is 213-416-1400.

The San Francisco office will continue as a brokerage distribution point, the firm said.

American Pinnacle buys workers comp business

FRESNO, Calif.-American Pinnacle Partners Inc. said it has acquired the workers compensation business of Commodore Insurance Services Inc.

Western Pinnacle Insurance Services Inc., Commodore's Fresno, Calif.-based workers comp operation, will help APP strengthen its status as a specialty managing general underwriter, it said in a statement.

<

The Seal Beach, Calif.-based APP, a holding company of specialty insurance intermediaries, formed in 2008.

ProAssurance merges casualty, medical arms

BIRMINGHAM, Ala.-Medical and legal liability insurer ProAssurance Corp. has merged and renamed two of its units.

The Birmingham, Ala.-based company said Woodbrook Casualty Insurance Inc. and Medical Assurance Co. Inc. have merged and named the combined operation ProAssurance Indemnity Co. Inc.

The ratings of the insurer formerly known as Medical Assurance were unaffected, Oldwick, N.J.-based rating agency A.M. Best Co. Inc. said in a statement.

Industry veterans form Mainstay Insurance Group

BELLEVUE, Wash.-Two insurance industry veterans have formed Mainstay Insurance Group Inc., a Bellevue, Wash.-based program administrator and specialty wholesale brokerage.

Aside from umbrella and excess solutions for retail brokers, Mainstay will focus on the commercial real estate industry and risk management needs of the green movement, it said in a statement.

President and Chief Executive Officer Dusty Rowland and Executive Vp Eric Arthur co-founded the firm at Plaza East, 11100 NE 8th St., Suite 835, Bellevue, Wash. 98004. The phone number is 425-453-5157.

Navigators Group sets up new division

PARSIPPANY, N.J.-New York-based Navigators Group Inc. has established a division to serve U.S.-based freight forwarders and other third-party logistics providers.

Navigators Logistics Insurance Services will be based in the firm's Parsippany, N.J., office and run by Greg Horun, who joined Navigators to lead the new division and is vp and logistics client executive.

Navigators Group offers cargo and other specialty property/casualty insurance products.

February 13, 2009