Business Moves

INAMAR, ACE Recreational Marine

ACE USA, the U.S.-based retail operating division of the ACE Group of Companies, announced that INAMAR, its marine marketing and underwriting division, will now be known as ACE Recreational Marine Insurance. This change in brand name will allow ACE USA to present a consistent name on all agent and customer-facing communications, Web sites and policy documents, according to the company.

Alfa Corp.

Life insurance company Alfa Corp. has agreed to be acquired by its majority owners, Alfa Mutual Insurance Co. and Alfa Mutual Fire Insurance Co., for about $840 million. Alfa Mutual will pay $22 per share for shares of Alfa Corp. not already held, a premium of nearly 26 percent. The transaction is expected to be completed in the first half 2008.

Capital Assurance Risk Retention Group

The South Carolina Department of Insurance placed Capital Assurance Risk Retention Group (CARRG) in receivership for the purposes of rehabilitation. On Oct. 31, the Richland County Court of Common Pleas issued an order placing CARRG into receivership, citing the financial condition of Ultimate Warranty Corp., CARRG’s primary owner-member.

The members of CARRG included Ultimate Warranty Corp., Extended Auto Warranty, Warrentec Automotive Inc., Ultimate Warranty of Arizona, Ultimate Warranty of Wisconsin, First Warranty Group, Warranty America LLC, and Mechanical Breakdown Administrators. These members are the only insureds of the risk retention group.

All of the owner-members of CARRG were service contract providers or obligors insured by CARRG. They sold warranty and extended warranty contracts (also called vehicle service contracts) on new and used automobiles.

Risk retention groups are not covered by the South Carolina Property and Casualty Insurance Guaranty Association or any similar associations in other states. If some of the warranty contracts were insured by other insurers that are not risk retention groups, then there may be some guaranty fund protection in some states. This issue is currently under review.

Information is available at www.doi.sc.gov.

USI, Treadwell & Harry

USI Holdings Corp, out of Briarcliff Manor, N.Y., has completed the acquisition of Memphis, Tenn.-based Treadwell & Harry Insurance LLC. Treadwell & Harry will be combined with USI’s existing Memphis office.

Britt/ Paulk, Mitchell, York & Cooper

Britt / Paulk Insurance Agency Inc., a privately-held program administrator in Carrollton, Ga., has agreed to acquire Mitchell, York & Cooper LLC, a Florida-based marine insurance broker. Financial details were not disclosed. Mitchell, York & Cooper provides marine insurance products for marinas, shipyards, marine contractors, cargo, boat dealers, and U.S. longshore and harbor workers through independent agents.

John Paulk, president of Britt / Paulk, said the acquisition provides his firm with its first entry into the marine products market and could be one of several acquisitions to come.