Business Moves
IBTX Risk Services
IBTX Risk Services has moved its Dallas/Fort Worth office location to the Las Colinas Corporate Center II in Irving, Texas. The move provides a facility upgrade from the firm’s previous location and offer numerous benefits for employees, clients and insurance carriers, the agency said.
The new facility is conveniently located between Dallas and Fort Worth, and is also close to both Dallas Love Field Airport and Dallas/Fort Worth International Airport
IBTX Risk Services has locations in the Dallas/Fort Worth area and in San Antonio. The independent agency provides clients with a risk reduction plan to decrease the opportunity of loss. The company’s offerings include property and casualty, surety bonds, employee benefits, personal lines, claims support, risk management and HR consulting, and financial planning.
Lighthouse, HomeWise
Lighthouse Property Insurance Corp. (Lighthouse), a Louisiana domestic insurance company has acquired the Louisiana homeowners policies of HomeWise Insurance Co., a Florida-based insurer.
The terms of the agreement include the transfer to Lighthouse of more than 11,000 homeowners’ policies, which represent approximately $25 million of in-force premium. Lighthouse said policyholders should experience no changes during the transition.
Lighthouse maintains a Financial Stability Rating of “A” (Exceptional) with Demotech Inc.
Transatlantic Holdings, Alleghany
Reinsurer Transatlantic Holdings Inc. has agreed to be acquired by Alleghany Corp. The cash-and-stock deal is valued at around $3.4 billion. The acquisition is expected to be completed during the first quarter of 2012.
For the 12 month-period ended September 2011, the two companies had pro forma net premiums written of $4.7 billion. They had total stockholders’ equity of $5.9 billion and total capital of $7.2 billion at the end of September.
When the deal is completed, Transatlantic will become an independent stand-alone subsidiary of Alleghany, according to the announcement. The companies expect Transatlantic to keep current financial strength ratings of “A+” from Standard & Poor’s and “A” from A.M. Best.
Joseph Brandon, former chief executive of Berkshire Hathaway’s General Re, is expected to join the executive team as president of Alleghany Insurance Holdings and executive vice president of the parent company Alleghany. He will also be Transatlantic’s board chairman.