Business Moves

CNA

CNA Financial Corp. recently announced a restructuring program of its Property/ Casualty Operations. The Chicago-based insurer said it aims to create a “more streamlined, customer-focused operating structure.”

The country’s seventh largest commercial insurance writer said its strategy reflects feedback from CNA agents and brokers, in altering the operations to “help increase CNA’s visibility in the market, leverage the structure of local branch offices and make it easier for agents to do business with CNA.”

CNA said its local presence remains the same and no branches are being closed. Field leadership is led from two regional centers — Field Operations West and Field Operations East. Each center will be led by Field Operations presidents — Steve Stonehouse (West) and Dennis Barger (East).

CNA listed a number of changes:

• Commercial Insurance provides centralized underwriting and service support to the field, includes middle market, commercial segments and risk control. This area is led by Naveen Anand, who recently served as president of CNA’s former Central region.
• Business Insurance consolidates CNA’s Small Business and CustomXpress units. CustomXpress targets accounts in the size range between small business and middle market. It is led by Larry Illion who has been senior vice president for CNA Small Business.
• Distribution Management is focused on establishing a local presence. This team is led by John Hennessy, former senior vice president of CNA Casualty Underwriting and Middle Market.
• Global Specialty Lines remains under the leadership of Peter Wilson whose responsibilities have been expanded to include all foreign operations including those in Europe, Canada and Argentina.

James River, D.E. Shaw

James River Group Inc. stockholders have approved the acquisition of the company by a Bermuda-based holding company and member of the D.E. Shaw group, a global investment management firm, with the value of the transaction totaling approximately $575 million. The company expects that the transaction will be completed in early December 2007.

Hub, JM Associates

Chicago-based insurance broker Hub International Limited reported that its New York subsidiary has acquired the assets of JM Associates Ltd. (JM), an agency that has specialized in providing casualty insurance programs for the elevator industry over the past 15 years. JM’s operation in Fort Lee, N.J., including its employees, will become part of Hub International Northeast and will add $2.5 million in net revenue to the operation, according to the firm.

Hub International, Rome Agency

Hub International New England has acquired substantially all of the assets of Rome Insurance Agency Inc., which is based in Fitchburg, Mass. The Rome operation expands Hub New England’s presence into central Massachusetts and adds $1.5 million net revenue to the company, according to Hub.

Allen Rome is president of the multi-line Rome Insurance Agency, which was founded in 1939.