CNA Adds Costonis As COO Commercial lines insurer CNA announced the appointment of Michael Costonis as chief operations officer. Costonis will lead all information technology, analytics and operations functions across the organization. Costonis joins CNA after a 26-year career at Accenture, where he was the Global Insurance Industry Practice leader. Costonis has spent nearly three decades consulting for insurance companies and has worked with more than 50 carriers in 21 countries. He has led initiatives involving digital programs, service design techniques, API architecture and a patented analytical method for optimizing claim outcomes.
QBE Selling Personal Lines Business to Safeco QBE North America has sold its personal insurance independent agency policies in 47 states to Safeco Insurance, a division of Liberty Mutual. The agreement was effective August 15, 2018. The terms of the transaction were not disclosed. The QBE North America personal insurance independent agency book of business, which is sold through more than 900 independent agents and brokers nationwide, consists
of two primary lines of business: personal auto and personal property insurance. The sale represents $230 million in gross written premium.
Markel to Acquire Securities Manager Nephila Specialty insurer Markel Corp. has agreed to acquire all of the outstanding shares of Nephila Holdings, a standalone insurance-linked securities manager. Nephila, has more than $12 billion of assets under management for over 300 investors. Its revenue is primarily from management and incentive fees. Upon completion of the deal, the combined assets under management between Nephila and Markel will stand at approximately $19 billion, representing approximately 20 percent of the insurance-linked securities sector, according to the announcement. With this transaction, Markel will become the largest manager of funds in this sector.
The Hartford Agrees to Purchase Navigators The Hartford has signed a definitive agreement to acquire all outstanding common shares of The Navigators Group, Inc., a global specialty underwriter, for $70 a share, or $2.1 billion in cash. The transaction has been approved by the boards of directors of both companies and is subject to approval by Navigators’ shareholders and other customary closing conditions, including regulatory approvals.
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