Business Moves
State National, United Specialty
State National Companies formed a new affiliate, United Specialty Insurance Company. The company began operation in March following admission to the state of Delaware and will exclusively service the surplus lines market.
United Specialty said it would carry the “A” (excellent), A.M. Best rating of the group once regulators approve a pooling agreement with State National Insurance Co. and National Specialty Insurance Co.
State National Cos. is a privately held group of insurance companies and agencies. Affiliates include two companies rated “A” (excellent) by A.M. Best. Texas-based State & County Mutual Fire Insurance Company is a third affiliate. The headquarters is in Fort Worth.
ProTrans, WSIB Insurance
Insurance broker ProTrans Inc., a member of New Jersey-based Capacity Group of Companies, acquired WSIB Motorsports Insurance of Indianapolis, Ind. WSIB offers specially designed motorsports coverage for professional and semi-professional race teams.
The Capacity Group will have offices in five states serving more than 20,000 clients nationwide, with written premiums totaling more than $400 million annually. The Capacity Group partnered with wholesale insurance broker International Excess of Richmond Heights, Ohio, to make this acquisition.
The new WSIB Insurance Agency LLC will continue to offer insurance products covering race tracks, race shops, racing owners and sponsors, off track storage, racing products liability, participant accident, prize indemnity insurance, disability income, and driver bonus risks.
The headquarters of WSIB Motorsports Insurance will remain in Indianapolis. President Mark Maucere and vice president Laura Hauenstein will lead the company.
The Chubb Group of Insurance Companies underwrites WSIB products.
TD Banknorth, Interchange
TD Banknorth Inc. headquartered in Portland, Maine, is acquiring Interchange Financial Services Corporation for $480.6 million in an all-cash transaction. Headquartered in Saddle Brook, N.J., Interchange has $1.6 billion in assets and $1.3 billion in deposits as of December 31, 2005. It operates 30 branches in Bergen and Essex counties.
Upon completion of the acquisition of Interchange, it is expected to be New Jersey’s ninth largest bank and the fifth largest in Bergen County based on total deposits. TD Banknorth also has a large independent insurance agency operation.
White Mountains Re, Sirius America
Bermuda-based White Mountains Re Group Ltd., a subsidiary of White Mountains Insurance Group Ltd., agreed to sell its Sirius America subsidiary to an investor group led by Lightyear Capital. White Mountains will acquire equity interest of about 18 percent.
White Mountains Re acquired Sirius America in 2004 as part of its acquisition of the Sirius group. Sirius America is a Delaware-domiciled primary underwriter of program specialty insurance. The transaction, which is subject to regulatory and other conditions, is expected to close during the summer of 2006.
White Mountains Re Group Ltd. is a Bermuda holding company whose operating companies offer lead reinsurance capacity for property, casualty, accident and health, marine, and aviation exposures.