SAN ANTONIO—Gregory M. Vezzosi has joined specialty insurer Argonaut Group Inc. as executive vp and chief operating officer. Mr. Vezzosi—who most recently served as senior vp, specialty commercial, for St. Paul Travelers Cos. Inc.—is San Antonio-based Argonaut’s first-ever COO, an Argonaut...
Rupal Parekh (mailto:rparekh@BusinessInsurance.com)
NEW YORK—Standard & Poor’s Corp. has withdrawn its A- financial strength and credit ratings for 13 subsidiaries of CNA Financial Corp. that have been consolidated into other CNA-owned companies. Twelve of the 13 units were merged—either directly or indirectly—into Continental Insurance Co. One...
HAMILTON, Bermuda—Recently formed reinsurer Aeolus Ltd. has boosted its capital base to more than $1 billion with additional funds provided by a group of investors. Hamilton, Bermuda-based Aeolus announced its launch in July 2006 with an initial capitalization of up to $500 million. The...
CHICAGO—Aon Consulting has formed a new unit dedicated to threat management and security services, parent Aon Corp. announced. The new unit, which is part of Aon Consulting’s corporate investigative services group, will serve “organizations from virtually every industry in identifying and...
HAMILTON, Bermuda—Bermuda-based runoff holding company Castlewood Holdings Ltd. has agreed to buy Inter-Ocean Holdings Ltd. for $57 million. Under the deal, Hamilton-based Castlewood, which is partially owned by The Enstar Group Inc., plans to acquire Inter-Ocean using about $24.5 million of...
ITASCA, Ill.—Brokerage Arthur J. Gallagher & Co. on Friday said it will pay nearly $37 million to end charges that it participated in an industrywide contingent commissions scheme. The allegations came as part of a federal multi-district class action lawsuit pending in a New Jersey district court,...
NEW YORK—Outgoing New York State Insurance Superintendent Howard D. Mills will join Deloitte & Touche USA L.L.P. as chief advisor of the firm’s global insurance industry practice, effective Jan. 1. The newly created position is based in New York, Mr. Mills said. Mr. Mills was nominated in late 2004...
MINNETONKA, Minn.—The Securities and Exchange Commission has launched a formal investigation into UnitedHealth Group Inc.’s stock options practices, the insurer said in a regulatory filing. Minnetonka, Minn.-based UnitedHealth—which came under fire earlier this year as part of broad probes by...
TRENTON, N.J.—Same-sex couples in New Jersey now have the right to enter civil unions, and are guaranteed the same benefits and protections as married couples, under legislation signed Friday by New Jersey Gov. Jon S. Corzine. Under the law, same-sex couples in civil unions will be able to collect...
