Business Moves

USI, Universal American Agency

USI Holdings Corp. of Briarcliff Manor, N.Y., acquired a book of business from Universal American Insurance Agency Inc., which sells personal property and casualty coverages to home buying customers of one of the nation’s leading home builders. The book of business represents more than $6 million of annualized revenues. It will become part of USI’s affinity division, which markets to the membership of associations, trade groups and other sponsoring organizations.

Marsh & McLennan, Putnam

Marsh & McLennan Cos. is checking the market for a possible sale of its mutual funds division, Putnam Investments. Marsh & McLennan also announced it would cut 750 jobs, consolidate locations and revamp its technology structure to cut costs. None of the cuts would affect Putnam, which employs more than 3,000, the company said. In addition to its Boston headquarters, Putnam has offices in London and Tokyo, and Massachusetts offices in Andover, Franklin and Norwood.

Putnam, which was the first company accused of wrongdoing in a 2003 scandal over mutual fund market-timing practices that eventually enveloped much of the industry, has suffered a steady loss of funds since. Putnam’s assets under management reached as high as $277 billion before the scandal. In its second-quarter earnings report last month, Marsh & McLennan said revenues at Putnam declined 10 percent to $339 million.

R.I.’s Stallwood Agency, Hunter Insurance

Stallwood Insurance of Rhode Island joined forces with its cross-town neighbor, Hunter Insurance Agency. The agencies will operate from the 389 Old River Road office. Hunter Insurance was founded in 1989 and has grown to 16 employees and represents 15 insurance companies. Joining Hunter Insurance will be Stallwood Insurance customer service representative Alice Nault.

National Atlantic, Commerce Group

New Jersey property casualty insurer National Atlantic Holdings Company confirmed that it is engaged in preliminary discussions regarding potential transactions with The Commerce Group Inc. of Webster, Mass.

In a 13D filing with the Securities and Exchange Commission, Commerce indicated it already owns 8.2 percent or 924,00 shares in NAHC. In that same filing, the Massachusetts-based insurer said it is in the process of evaluating the possibility of entering into a business combination or other strategic transaction such as an acquisition.

NAHC noted that discussions are preliminary in nature and it could provide no assurance that any agreement will be reached.

National Atlantic distributes its products exclusively through independent insurance agents, who are required to become shareholders in order to represent the company. NAHC’s 105 partner agents write about $2.9 billion in premiums in New Jersey.

The Commerce Group Inc.’s subsidiaries include The Commerce Insurance Company and Citation Insurance Company in Massachusetts, Commerce West Insurance Company in California, and American Commerce Insurance Company in Ohio. It sells through independent insurance agents.