Insurance News

The News Review:

- Insurance 1 joins Alexander & Bolton as Brown & Brown buy
- AIG’s Hartford Sale Shows Repaying US Loan Not Guaranteed
- AIG’s $150B bailout is just a start
- Horner Insurance expands into Texas
- Florida Agency Accuses Conseco Unit f Mismanagement
- State Automobile Mutual Insurance Company Welcomed as Member of …
- Insurance staff strike work against tabling of Bills

Insurance 1 joins Alexander & Bolton as Brown & Brown buy
Bizjournals.com NC 
No financial terms of the Insurance 1 deal were disclosed. Insurance 1 reports nearly $800000 in annual revenue and focuses on property and casualty and health and life insurance in Louisiana. James Bradford Brian Duke and Martin Heyman principals of Insurance 1 will continue at their current location as a specialty division of Brown & Brown's existing Lafayette La. “This acquisition along with the Alexander & Bolton acquisition gives Brown & Brown initial annualized revenues of approximately $2 million in Alexandria and signifies Brown & Brown's solid commitment to the Alexandria community” said C.
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AIG’s Hartford Sale Shows Repaying US Loan Not Guaranteed
Bloomberg 
Mider Dec. 23 (Bloomberg) — American International Group Inc. ?sfirst sale of an entire insurance unit since its $150 billionbailout signals the company?s divestiture plan may notraise enough money to settle its debts with the U. AIG which is auctioning about 70 percent of the company torepay a $60 billion federal loan agreed yesterday to sellHartford Steam Boiler an insurer of factories and power plantsto Munich Re for $742 million. That?s about a third less than theNew York-based firm paid for the unit eight years ago.

AIG’s $150B bailout is just a start
CNNMoney.com 
com;letters@fortunemail. Loomis senior editor at largeLast Updated: December 23 2008: 4:51 PM ET.

Horner Insurance expands into Texas
Bizjournals.com NC 
South Carolina-based Canal specializes in covering truck drivers and does so in 46 states with $550 million in policyholder surplus. Memphis-based Horner will provide Canal’s agents with its transportation insurance products for commercial automobiles. Horner owner Gene Horner said 80 percent of his company’s work is insuring trucks. He said entering the Texas market will be a “boon for us” though he admits the Lone Star state is a competitive market. Canal only has three other general agents in Texas. Tennessee for example has eight Horner says.

Florida Agency Accuses Conseco Unit f Mismanagement
CNNMoney.com 
(CN) unit on allegations of mismanagement and misleadingconsumers. The Florida ffice of Insurance Regulation accused Conseco Life Insurance Co. of misleading consumers about the funding of its policies and of withholdingfrom the agency information important to the performance of its regulatoryduties. Conseco Life has 21 days to file a petition with the agency for a hearing onits license. The agency said that since 2006 Conseco Life issued annual statements topolicyholders that failed to indicate that their Lifetrend policies were under-funded. Conseco Life notified about 5000 policyholders in ct.

State Automobile Mutual Insurance Company Welcomed as Member of …
MSNBC 
22 2008 (GLBE NEWSWIRE) — State Automobile Mutual Insurance Company (State Auto) of Columbus hio has been approved for membership at Federal Home Loan Bank of Cincinnati (FHLBank). 9 billion in assets and rated A+ (Superior) by A. Best State Auto is the 20th insurance company to join FHLBank and is among 177 insurance companies in the 12-district FHLBank system.

Insurance staff strike work against tabling of Bills
Hindu India 
NEW DELHI: Lakhs of employees in the insurance sector struck down work on Tuesday to protest against the introduction of two Bills in Parliament to amend the Life Insurance Corporation (LIC) Act 1956 and the Insurance Laws (Amendment) Bill. Work in insurance offices was affected due to the strike. The LIC Amendment Bill introduced in the Lok Sabha seeks to increase equity from Rs. 100 crore) while the Insurance Laws (Amendment) Bill tabled in the Rajya Sabha is aimed at increasing foreign direct investment (FDI) cap to 49 per cent from 26 per cent.

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