Business Moves

The Hartford

Hartford Financial Services Group Inc. is reportedly trying to sell its property/casualty insurance business, as it reels from massive losses, according to Reuters. The Hartford has retained Goldman Sachs to begin vetting potential buyers, which include Allianz, MetLife, Munich Re and Travelers. It’s unclear whether any of these companies has been approached, however.

Hartford’s P/C business is worth about $8 billion on paper, but getting that price could be difficult, because capital and loan markets have been difficult to tap, reducing the capacity of bidders to pay. An insurer such as Travelers, with a market capitalization of about $23 billion, could have trouble raising enough debt and equity to pay for a deal, a source said.

Allianz made a $2.5 billion investment in Hartford last October, giving it a stake, and the ability to raise its ownership in future. And Allianz could also be better situated to pay for the business, a source said. However, Sabia Schwarzer, a spokeswoman for Allianz of America, said the “investment in the Hartford is purely financial, not strategic. She declined to comment further. Goldman spokeswoman Andrea Rachman declined to comment, as did Travelers and MetLife. Hartford could not immediately be reached and Munich Re spokeswoman Johanna Weber also declined to comment.

Bollinger, Gail Steinberg & Co. Inc.

New Jersey-based insurance brokerage Bollinger Inc. has acquired Gail Steinberg & Co. Inc. of New York. In connection with the merger, Gail Steinberg, president and chief executive officer of her namesake firm, will join Bollinger as a senior vice president. She founded the company in 1990 to provide employee benefits products and services to small and mid-sized companies in the greater New York area. The firm will relocate to Bollinger’s office in lower Manhattan.

Starr Marine/Starr Indemnity

Starr Marine Agency, an indirectly wholly owned subsidiary of C. V. Starr & Co., and Starr Indemnity & Liability Co., an indirectly wholly owned subsidiary of Starr International Co., a private investment holding company, have announced an agreement, allowing Starr Marine to offer $100 million of commercial underwriting capacity to its clients effective July 1, 2009.

Maran, NFIP

Maran Corporate Risk Associates of Southampton, New York has been named Agency of the Year by the National Flood Insurance Program. The designation is given each year and recognizes agencies that demonstrate a dedication to promoting flood risk awareness and flood insurance. Maran has focused on educating community members and clients on the real threats of flood damage and the costs of not purchasing flood insurance through a number of marketing and advertising initiatives, such as radio ads, internet advertising and email blasts.