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Argo Insurance’s excess casualty, property and professional lines provide access to non-Lloyd’s intermediaries outside the U.S. [33] In February 2023, Argo Group completed the sale of Argo Underwriting Agency Limited and its Lloyd’s Syndicate 1200 (ArgoGlobal) to Westfield for total cash proceeds of approximately $125 million. [34]
The term "underwriting" derives from the Lloyd's of London insurance market. Financial backers (or risk takers), who would accept some of the risk on a given venture (historically a sea voyage with associated risks of shipwreck) in exchange for a premium, would literally write their names under the risk information that was written on a Lloyd's slip created for this purpose.
In 1820, there were 17 stock life insurance companies in the state of New York, many of which would subsequently fail. Between 1870 and 1872, 33 US life insurance companies failed, in part fueled by bad practices and incidents such as the Great Chicago Fire of 1871. 3,800 property-liability and 2,270 life insurance companies were operating in ...
AIG was founded December 19, 1919 [1] when American Cornelius Vander Starr (1892–1968) established a general insurance agency, American Asiatic Underwriters (AAU), in Shanghai, China. [17] Business grew rapidly, and two years later, Starr formed a life insurance operation. [18]
In 2008, Cincinnati began writing excess and surplus lines insurance under a new subsidiary called the Cincinnati Specialty Underwriters Insurance Company. [citation needed] MSP Underwriting, a global specialty underwriter, was acquired in February 2019, and was rebranded Cincinnati Global Underwriting Ltd. on May 1, 2019.
In an email to the Register on Dec. 12, McElhaney said the Iowa Insurance Division reviewed an agreement between Mutual Underwriters and Mid-Hudson Cooperative Insurance, a small New York company ...
2018, Acquired Y-Risk, a managing general underwriter specializing in economy risks, with managing general agencies across the U.S. [12] 2014: Sold its Japan annuities business to Orix Life Insurance Corp. [13] 2013: Sold its life insurance business to Prudential, retirement plans to MassMutual, and a broker-dealer to AIG. [14]
Insurance companies may revoke your coverage for a number of ... “This falls under company underwriting guidelines, which can vary from company to company,” a spokesperson for the agency said.