Business Moves

AXIS Capital, Media/Pro

AXIS Capital, a global specialty commercial property and casualty insurer and reinsurer, has agreed to acquire the assets and operations of Media/Professional Insurance (Media/Pro), a managing general underwriter specializing in professional liability lines of business, from Aon Underwriting Managers.

Headquartered in Kansas City, Media/Pro is a managing general underwriter with operations in the U.S., Canada and the U.K. Professional liability lines written by Media/Pro include media liability insurance, cyber-technology insurance and miscellaneous professional liability insurance.

Media/Pro will become part of the newly established AXIS Select Markets division of AXIS Insurance upon the close of this transaction, which is expected to occur during the second quarter of 2007 pending the satisfaction of closing conditions.

AXIS has served as the exclusive carrier for several Media/Pro errors and omissions liability programs. AXIS Capital is a Bermuda-based global provider of specialty lines insurance and treaty reinsurance.

Northeast Bank, Southern Maine Agency

Northeast Bank Insurance Group Inc., a wholly-owned subsidiary of Maine-based Northeast Bank, continues acquiring insurance agencies in Maine. The latest acquisition is Southern Maine Insurance Agency, located in Scarborough.

The 18 year old, Southern Maine Insurance Agency, is Northeast’s third insurance agency acquisition in less than six months and gives Northeast entrance to the Scarborough market. Located at 432 U.S. Route 1, the agency writes about $3.6 million in premiums.

George Gould of Windham has been appointed to manage the office. In addition, the agency’s three employees will remain along with former owner, Thomas Brown, who will be in a consulting and production capacity.

Northeast Bank Insurance Group Inc., based in Lewiston, now operates 11 insurance offices.

Commerce Group, State-Wide Insurance

The Commerce Group Inc. in Webster, Mass., has completed its acquisition of SWICO Enterprises, Ltd., the holding company for Hempstead, N.Y.-based property and casualty insurer State-Wide Insurance Co.

Commerce, the largest auto insurance writer in Massachusetts, said it will make immediate entry into the New York personal lines insurance market through State-Wide, which primarily writes private passenger automobile insurance in New York. In 2006, State-Wide reported $38 million in direct written premiums.

Under the terms of the agreement, ACIC Holding Co. Inc., a subsidiary of Commerce which is jointly owned by Commerce and AAA Southern New England, acquired SWICO Enterprises, Ltd., for $52 million.

Commerce has said it also intends to enter the New Jersey market as soon as practicable.

Partners General Agency

Partners General Insurance Agency (PGIA), a California-based managing general underwriter, said it will soon open an office in New York to serve its wholesale producers on the East Coast. PGIA currently has offices in Los Angeles and Chicago. Sean McPhillips has joined Partners General as a vice president and a branch manager to run the New York office.

21st Century

The New York State Insurance Department has approved the application of 21st Century Insurance Group to sell auto insurance in New York. 21st Century is headquartered in Woodland Hills, Calif., and is a direct-to-consumer provider of personal auto insurance. The company insures more than 1.5 million vehicles in 17 states.

A publicly-held company, 21st Century was founded in 1958. It is traded on the New York Stock Exchange and last year had revenues of $1.4 billion.

Commerce Banc Insurance

Commerce Banc Insurance Services, a wholly owned subsidiary of Commerce Bancorp Inc., is opening a new insurance brokerage and consulting office in center city Philadelphia in June.

The new facility, located at One Commerce Square (2005 Market Street), will house more than 50 insurance professionals and consultants who will serve large commercial and employee benefits insurance customers, according to the company.

The agency reported reaching $1 billion in premiums written in 2006. It currently has13 offices throughout the Mid-Atlantic region.

Tower Group, Preserver Group

Tower Group Inc. completed the acquisition of Preserver Group Inc., a New Jersey based property and casualty insurer, a transaction previously announced on Nov. 14, 2006.

Preserver Group Inc. produced $86 million in direct premiums written during 2006 through its 300 independent agents.

Preserver writes business in New Jersey, Maine, New York, New Hampshire, Massachusetts, Vermont, Rhode Island and Pennsylvania.

Michael Lee, president and chief executive officer of Tower Group Inc. said the transaction is consistent with his company’s overall acquisition strategy to acquire small regional insurance companies.

Tower Group Inc. is headquartered in New York City. Its two insurance company subsidiaries are Tower Insurance Company of New York and Tower National Insurance Company. Tower Group’s insurance services subsidiary, Tower Risk Management Corp., acts as a managing general agency, adjusts claims and negotiates reinsurance terms on behalf of other insurance companies.