Two leading US property / accident insurance companies are talking about merger of trading groups.
The Associated Board of America (AIA) and the American Association of Securities and Fixed Assets (PCI) have agreed that the boards concerned should proceed with merger negotiations and due diligence, despite the fact that there must be work before any final proposal is made before member boards.
“Our goal is to provide valuable information and compliance services while making the best of both organizations a valuable leadership and advocacy voice for personal, commercial and private properties,” the groups said today in a joint statement.
According to the lobbying groups, the unifying association referred to about 60 percent of the real estate casualty market in the US.
PCI said it had $ 220 billion in annual premiums, or 350 member companies (or 1000 member companies), which accounted for 37 percent of the home, auto and job insurance market in the country. David A. Sampson is the president and CEO of PCI since 2007.
AIA’s 330 companies write more than $ 134 billion each year. The former long-time Chubb authority is John Degnan, AIA’s president and CEO. Leigh Ann Pusey has left office as president and chief executive officer since 2009 in June.
Both groups lobby in Washington and the states, provide research and publications, and organize conferences for members.
If the merger occurs, it will be separated from only two national groups representing primary property / casualty insurers at the national level and state legislatures: the newly unified group and the National Association of Mutual Insurance Companies (NAMIC). NAMIC represents more than 1400 member companies, representing $ 253 billion in annual premiums or 40 percent of the market.
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PCI was formed in 2004 with the merger of two groups, the American Insurers Alliance and the National Independent Insurers Association.
Neil Alldredge, senior vice president of corporate affairs who wants to comment, said the organization “knows and follows the discussions between PCI and the AIA.”
If marriage is experienced, it will be the second participation of the national P / C insurance trade associations. In July of last year, members of the American General Managers’ Association (AAMGA) and the National Association of Professional Override Lines (NAPSLO) approved the union of the two unions by creating new associations and the Union Insurance Union (WSIA).
AIA and PCI made a joint statement today from their leaders – Anthony J. Kuczinski, Munich Reinsurance America and AIA chairman and COUNTRY Financial CEO Kurt F. Bock and PCI board chairman. Here they say that their board is negotiating on the merger and that they are entitled to situate because “they believe that there is a great benefit in the sound of a more unified policy and advocacy for property loss insurers, given the unexpected speed change in the world and the potential opportunities and challenges that arise as a result. . “
The declaration added that the boards agreed that “the management structure of a new commerce should reflect the wide diversity of the combined membership, and both organizations should continue to support private competition insurance market solutions and support and develop the US government.” based regulatory system with effective public policy participation. “
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