INSURANCE BRIEFS

INSURANCE BRIEFS

TRAVELERS SELLS OFF

MIAMI REAL ESTATE SITE

MIAMI - Travelers Corp., which is in the midst of selling off underperforming real estate holdings, recently sold a foreclosed office building in Miami to ENB Holdings for $4.73 million.

Travelers had taken back the project, called Brickell Centre, from Brickell Offices Ltd. and its principal Doran Jason. The purchase price of the complex averages to $23.49 per square foot gross, or $52.56 per square foot rentable.

The complex has 90,000 rentable square feet.

POE & BROWN ACQUIRES

ARCH-HOLMES INSURANCE

TAMPA, Fla. - Poe & Brown Inc., a general insurance agency located here, has bought Arch-Holmes Insurance Inc. of Hollywood, Fla.

Arch-Holmes is a construction bonding and insurance agency in South Florida with approximately $1 million to $2 million in annual revenues. Poe has approximately $90 million in revenues, a company official said.

TRAVELERS SAYS MERGER

MAY COST $120 MILLION

HARTFORD, Conn. - The Travelers Corp. has told federal regulators that merging with Primerica Corp. could cost the insurer $58 million to more than $120 million.

The costs of the proposed merger, ranging from extra severance pay to legal and investment banking fees, were estimated in Travelers' third-quarter report to the Securities and Exchange Commission.

In a $4.2 billion deal, Primerica is hoping to buy the 73 percent of Travelers that it doesn't already own. The deal is to be completed by the end of the year.

The merger is subject to approval by shareholders and regulators.

NATIONAL PROTECTION ACT

SUPPORTED BY AIA

NEW ORLEANS, La. - The "serious worldwide shortage of reliable and affordable catastrophe reinsurance" has prompted the American Insurance Association to call for a national program to protect homeowners in coastal areas.

Ronald S. Gass, AIA assistant general counsel, told the National Conference of Insurance Legislators meeting here that AIA supports the National Disaster Protection Act of 1993, which would create a federal excess catastrophe reinsurance program, as well as homeowners insurance, to residents of coastal states and promote improved enforcement of safer building codes.

Mr. Gass said 1992's record catastrophe losses such as Hurricane Andrew

sent reinsurers fleeing from the American property-catastrophe market, resulting in insurers having fewer markets worldwide for spreading their hurricane exposures.

HOME, AUTO COVERAGE

NOW OFFERED AT WORK

HARTFORD. Conn. - Employee payroll stubs often contain deductions for medical, dental or life insurance coverage. Now they may also contain deductions for ITT Hartford Insurance Group auto and homeowners insurance sold through their employer.

ITT Hartford's new Insurance-at-Work program allows independent agents and brokers to "structure a group insurance deal," with employers, said Jim Hicks, director of personal lines marketing at ITT Hartford.

Once an employer signs a contract, ITT Hartford underwriters sell the policies to individual employees, he said. Employees who participate can pay auto or homeowners' premiums through biweekly or monthly payroll deductions. Employees can continue to pay for the coverage if they leave the company.

EQUINE INSURANCE BROKER

TRANSFERS CALIF. PROGRAM

RICHMOND, Va. - Markel Rhulen Underwriters & Brokers has shifted its insurance program for horses, their owners and horse-related businesses in California to an insurance company licensed to do business in the state.

Markel previously offered the coverage through its sister company, Insurance Co. of Evanston, on a nonadmitted, or unlicensed, basis. The insurance will now be sold in the state through Virginia Surety Co. of Chicago, a subsidiary of Aon Corp., said Sam McDonald, vice president and business unit manager for agricultural insurance programs.

Markel Rhulen is a subsidiary of Markel Corp. here. Insurance Co. of Evanston, based in Illinois, is part of the Shand Morahan Group, another Markel subsidiary.