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Pulte sells title company it acquired in Centex Homes purchase
Pulte Homes Inc. (NYSE: PHM) has sold a firm assurance that securities acquired by acquiring Dallas-based Centex Homes earlier this year.California-based property development company auction, Real Estate Disposition LLC purchased the company, the trade title for an undisclosed price.
The transaction is still subject to regulatory approvals and licenses, and should be completed in the first quarter of 2010.
CDER ensures the sale of REO, foreclosures and sales of conventional residential properties and commercial across the country, said Rick Weinberg, director of public relations for the CDER.
In a press release, Debra Still, who oversees the operations of financial services Pulte, said the deal was good for Pulte.
"This is a good transaction for both companies because it allows Pulte to focus on its operations as manufacturer while providing opportunities for growth in retail trade team title," she said.
P/C Industry's Net Income Up; Combined Ratio at 100.7 for Q3
The private U.S. property / net profit of insurers' after tax increased to $ 16.2 billion through nine months of 2009, the partial recovery of the decline of 91.2 percent to $ 4.4 billion dollars through nine months of 2008 from $ 49.6 billion in first nine months of 2007. The overall profitability of insurers as measured by the annualized return on average policyholders surplus (or statutory net worth) rose to 4.5 percent during the first nine months of 2009, after falling to 1.2 percent during the first nine months of 2008 from 13.1 percent during the first nine months of 2007.
Driving the increase in net income of insurers and rate of return, net underwriting losses declined from $ 16.6 billion to $ 3.2 billion through nine months of 2009 from 19.8 billion through nine months of 2008, as claims costs (loss and settlement costs of claims) dropped by $ 26.5 billion, according to ISO and the Property Casualty Insurers Association of America (PCI).
The combined ratio - a key measure of losses and underwriting expenses per dollar of other premium - improved to 100.7 percent during the first nine months of this year of 105.5 percent over first nine months of 2008.If this is not the lower claims costs, the combined ratio would have risen by 3.5 percentage points, instead of decreasing by 4.8 percentage points.
Marsh to Acquire HSBC Insurance Brokers and Enter into Preferred ...
Deal will expand presence in key markets, strengthen customer services and solutions; secure privileged access to HSBC corporate clients and private
HONG KONG, Dec. 18 / PRNewswire-Asia - Marsh insurance broker in the world and risk advisor, today announced it has reached an agreement to acquire HSBC Insurance Brokers Ltd (Hibler), a wholly owned subsidiary of HSBC Bank. Under the terms of the agreement, Marsh will acquire Hibler In consideration of GBP 135 million, comprising a mixture of Marsh & McLennan Companies, Inc. stock and cash.The transaction is subject to all applicable regulatory approvals, is expected to close in the first quarter of 2010.
Parallel to this, Marsh has concluded a strategic choice (PSP) with HSBC, one of the largest financial institutions, which provide opportunities for additional revenue for the company. Under the terms of the PSP, Marsh will have privileged access to provide insurance brokerage and risk management to companies and individuals to HSBC.
Hibler is in London, an international provider headquartered intermediary and risk advisory services with approximately 1,400 employees. She holds a position of market leading across Asia, with offices in Hong Kong, mainland China, India, Singapore, South Korea, Taiwan and Vietnam. It also has a significant presence in the United Kingdom and the Middle East and enjoys strong market positions in important sectors such as Marine and liabilities.
"HIBLER acquirer is a great opportunity for Marsh, customers, colleagues and the team HIBLER.We are particularly excited about the opportunities available to us through the PSP with HSBC. It will allow us to leverage the global network of HSBC and banking relationships to generate new business, "said Dan Glaser, Marsh Inc. Chairman and CEO.
"We also see good potential for growth in the investment business generated via the third accident Hibler, health and welfare, Cargo, species and North American practices. We will manage this specialized activity through a dedicated business unit called Gibbs Hartley Cooper - Reviving the name of the venerable independent broker who can trace its roots back to 1808....
Montpelier Re Forms Paladin Underwriting Ltd. - Agent/Broker ...
Montpelier Re Holdings Ltd. announced the creation of a new general agent of the United Kingdom, Paladin Underwriting Agency Limited.
The Bermuda-based company said a wholly owned subsidiary of the Montpellier Group has been authorized by the Financial Services Authority and has obtained a status approved by Lloyd's Coverholder.
Paladin, he explained, will generate business in Montpelier Syndicate 5151 at Lloyd's and third party carriers.The company is structured to attract underwriting teams with niche classes access to the most profitable that Paladin will manage in a cost-effective.
Initially, the company said, Paladin produce specialized contractors, recycling and classes of business crime.
William (Bill) Adamson, former CEO of the Electrical Contractors' Insurance Company Limited, a general insurance company in the United Kingdom, has been appointed CEO of Paladin.
Richard Chattock, an underwriter of Montpelier Syndicate 5151 and director of Montpelier Underwriting Agencies Limited, and Giuseppe Perdoni, CEO of Montpelier Underwriting Agencies Limited, agency management of Lloyd's, also join the board as executive directors.
Tom Busher, Deputy Chairman, COO and head of European operations of Montpelier Re Holdings Ltd., and Todd White, Montpelier Resource Ltd senior vice president of corporate strategy, will serve as non-executive directors Paladin.
Montpelier Chairman and CEO Chris Harris said: "The creation of our own UK managing general agent is another step forward in developing our global platform and provide the group with access to lines Additional specialized company. "
Montpelier Re Holdings Ltd. is a provider of property and casualty reinsurance and insurance....
Cunningham Lindsey shows the main parts of the GAB Robins
Cunningham Lindsey announced today that it has entered into a definitive agreement to purchase GAB Robins’ international businesses (excluding its UK operations) and its U.S. forensic engineering firm, EFI Global. This acquisition will further Cunningham Lindsey’s position as a leading provider of loss adjusting and claims management services to the global insurance markets. GAB Robins’ international businesses include operations in France, the Netherlands, Belgium, Ireland, South Africa, Australia, New Zealand, Malaysia, Taiwan, Hong Kong and China. The transaction is expected to close within seven days.
The combined business will have an expansive global operating platform with over 600 offices and 5,600 employees in more than 70 countries, including leading positions in most major economies across five continents.
Cunningham Lindsey’s current businesses and those being acquired from GAB Robins are complementary, with minimal geographic, operational, and client base overlap. The clients of the combined company will enjoy significantly broader service offerings, expertise and geographic reach. Further, the substantial increase in operational scale resulting from the combination enhances the company’s position as the provider of choice for large multi-national corporations, major insurance carriers and brokers who are seeking consistent global service.
The management of Cunningham Lindsey and the acquired businesses of GAB Robins are enthusiastic about the opportunities that the expanded platform and capabilities will present. The combined company will operate under the Cunningham Lindsey brand identity while EFI Global will continue to use its name.
Philippe Bes, formerly President of the international operations of GAB Robins, has been appointed as Chief Executive Officer of the Cunningham Lindsey Group. Mr. Bes said: “Cunningham Lindsey’s shareholders, Stone Point Capital and Fairfax Financial, see the strategic benefit of merging selected businesses of GAB Robins with Cunningham Lindsey to create an international business with truly significant scale and expanded global reach. I look forward to leading the combination of two businesses with such impressive histories and reputations under the Cunningham Lindsey brand. This merger will provide our customers with expanded service capabilities and expertise while presenting employees of both companies with enhanced opportunities.”
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