Business Moves

Hull & Co., McFall General

Hull & Co. Inc. has acquired the assets of McFall General Agency Inc., which has offices in Portland, Ore., and Gig Harbor, Wash.

Bob McFall, who founded MGA in 1981 and serves as president, will remain with the company during the transition and will assume a consulting role thereafter, according to Robert L. “Bob” McGrew, executive vice president and chief operating officer of Hull & Co.

Jenny Lupescu will become senior vice president and branch manager of both MGA offices. She will report to McFall during the transition period, then report to Tim Neff, who is Hull’s western operations leader. In addition, Jo Julian-Smith will become senior vice president in charge of operations for the two MGA locations.

“McFall General Agency has revenues of $2.7 million and works in three states out of its two offices. An added benefit for Hull is the addition of a presence in the Northwest, which gives our company real coast-to-coast scope,” Neff stated.

American Vehicle

Ft. Lauderdale, Fla.-based 21st Century Holding Co., an insurance holding company, announced that its subsidiary, American Vehicle Insurance Co., has received approval to begin writing commercial general liability policies in California as a surplus lines insurer.

“Our expansion into the State of California demonstrates our continued commitment to nationwide growth in premiums and earnings,” said Irwin “Buck” Giesecke, president of American Vehicle Insurance.

ACE USA, INAMAR

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 be renamed ACE Recreational Marine Insurance. This change in brand name, which will be communicated to key stakeholders, customers and agents through direct communications and a print and advertising campaign, 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.

John Lupica, president and CEO of ACE USA, commented, “This corporate rebranding effort unites our marine division with the well-recognized ‘ACE’ name. This decision underscores ACE USA’s commitment to increase the ease of doing business and to best serve our agents and customers as one company.”

The rebranding will not result in servicing or product changes, the company said.

Employers Holdings

Reno, Nev.-based Employers Holdings Inc. reported results for the third quarter and nine months ended Sept. 30, 2007. Consolidated net income was $29.9 million, or $0.58 per share, for the third quarter of 2007, compared to $77 million, or $1.54 per pro forma share, in the third quarter of 2006. Net income for the nine months ended Sept. 30, 2007, was $88.5 million ($1.69 per pro forma share, and $1.55 per share for the period February 5 through Sept. 30, 2007) compared to $116.5 million, or $2.33 per pro forma share, for the nine months ended Sept. 30, 2006.

The third quarter change in net income relative to the company’s performance in 2006 largely relates to the timing of the adjustments to the losses and LAE reserves in 2006 compared to 2007, the company indicated. In the first nine months of 2006, Employers recognized $81.7 million in favorable prior accident year development. Of that amount, approximately 84 percent, or $68.9 million, was recognized in the third quarter of 2006. In the first nine months of 2007, favorable prior accident year development totaled $43.4 million with $7.4 million recognized in the third quarter of 2007.

Commenting on the company’s performance, President and CEO Douglas D. Dirks said, “The company’s performance on a year-over-year basis was as expected. Premiums written and net earned premium increased relative to the second quarter, while underwriting and other operating expenses declined slightly relative to the last two quarters. Net income was consistent with our solid performance in the first two quarters of this year. We continue to see benefits from declining loss trends in California, although these benefits year-to-date are lower than last year.”

Third quarter net premiums earned declined 7.8 percent to $88.5 million in 2007 from $96 million in 2006. Net premiums earned for the nine months ended Sept. 30, 2007, were $262.4 million compared to $300.1 million for the same period in 2006, a decrease of 12.6 percent. The declines were largely due to continuing rate decreases resulting from previously enacted reforms in California, the company said. The impact of the rate decreases was partially offset by an overall in-force policy count increase of 12.7 percent since Sept. 30, 2006.

For more information, visit www. employers.com/.

Hub International, Diversified Risk

Chicago-based Hub International Ltd.’s California subsidiary has acquired FLF Inc. dba Diversified Risk Insurance Brokers Inc., a northern California-based insurance brokerage.

Diversified Risk Insurance Brokers’ operation in Emeryville, Calif., will become part of Hub International of California Insurance Services Inc. (HUB California), and will be moved into HUB California’s Pleasant Hill office in the first quarter of 2008.

The combined operations in Pleasant Hill will have revenues in excess of $11 million and approximately 50 staff members.

“For some time now, we have been looking to expand our presence in the Northern California market, and this acquisition adds the right people and enhances the opportunities for future growth,” said Kirk Christ, president of HUB California.