Houston’s HCC Insurance Holdings said Pioneer General Insurance Co. will merge into American Contractors Indemnity Co., both of which are wholly owned subsidiaries of HCC.
HCC Insurance Holdings is opening new Primary Casualty and Excess Casualty divisions, which company officials say should serve to extend its underwriting activities.
Risk and reinsurance specialist Guy Carpenter & Co. announced an agreement to buy all the shares of United Kingdom-based reinsurance broker Rattner Mackenzie Limited from HCC Insurance Holdings Inc.
As a direct result of the Patient Protection and Affordable Care Act (PPACA) – also known as ObamaCare – health insurance agent and broker commissions have been slashed by as much as 50%. Agencies have been forced to lay off employees, limit products and services, shift to other lines, and have seen significant drops in compensation.