Business Moves
The Woodlands Financial Group
Texas-based The Woodlands Financial Group Inc. (TWFG), a retail and managing general agency specializing in property/casualty and life/health insurance, and financial planning, established new branch locations in Florida and Maryland.
Maricela Scheller opened a new branch in Boynton Beach, Fla. Scheller joins TWFG with more than 16 years of experience in the insurance industry, most of which were with State Farm in its Senior Claims Support Center where she provided support to claims adjusters in the special investigative unit. Most recently, Scheller was the agency manager for Palm Beach Risk Management-Allstate.
Ryan Moorhart opened a new office in Cheverly, Md. He joins TWFG with more than three years in the insurance industry as an agent with Allstate, specializing in P/C, L/H and financial services.
TWFG has grown to include more than 160 exclusive branch office locations and 950 independent agencies across 17 states.
INSURICA
INSURICA Insurance Management Network added Risk Services of Arkansas LLC to its roster. Formerly known as First Arkansas Insurance/Little Rock, Risk Services joins INSURICA’s network of partner independent agencies that specialize in core industries and disciplines.
Steven Russell, president of Risk Services of Arkansas, commented that through the partnership, Risk Services will be “able to draw on INSURICA’s expertise in all of their specialty areas, including hospitality, ministries, construction, energy, transportation, education and more,” an enormous asset for the firm’s clients.
INSURICA, formerly known as North American Group, is headquartered in Oklahoma City. In addition to Risk Services of Arkansas, INSURICA partner agencies include: Robert C. Bates LLC (Tulsa, Okla.); CTK North American Insurance Services (Anaheim, Calif.); Agar-Ford-Jarmon & Muldrow (Norman, Okla.); Minard-Ames Insurance Services (Phoenix, Ariz.); Towe, Hester & Erwin LLC (Lawton, Okla.); and Ford Hines Klein Watson Insurance Agency (Lawton, Okla.). In addition, INSURICA is a partner with Assurex Global.
The Hartford
The Hartford Financial Services Group Inc. reportedly is trying to sell its property/casualty insurance business and has retained Goldman Sachs, which has been calling potential bidders for the P/C business, according to Reuters.
Possible contenders could include German insurer Allianz, which is already an investor, MetLife, Munich Re and Travelers. It was not clear whether any of these companies had been approached.
The Hartford had a net loss of $2.75 billion in 2008, reversing a net profit of $2.95 billion the previous year. The company’s shares are down some 40 percent so far in 2009.