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The Business Resource for Suburban Chicago
Thursday, April 24, 2014 3:34 AM
  • NORTHBROOK — Allstate said it will sell its Sterling Collision Centers business to Service King Collision Repair Centers. Terms of the transaction were not announced. 
  • ITASCA -- Arthur J. Gallagher & Co., the insurance broker expanding beyond the U.S. through acquisitions, sold about $821.8 million of shares in an equity offering to help fund its latest deal. 
  • ACA: Insurance agencies struggle with unknowns
    Up unto the end of 2013 Obamacare was fairly predictable. However, this has not been the case in the past few months. 
  • Allstate, Merrill Lynch settle $167 million mortgage suit
    Northbrook-based Allstate Corp. and Bank of America Corp.’s Merrill Lynch unit agreed to end a lawsuit by the insurer over $167 million in mortgage-backed securities as the second-largest U.S. lender continues to resolve litigation tied to the financial crisis. 
  • SCHAUMBURG  – Zurich North America and one of its employees were recognized by the Midwest Division of the Insurance Industry Charitable Foundation for their commitment to helping local communities. 
  • Allstate, Countrywide settle $700 million mortgage securities suit
    Bank of America Corp.’s Countrywide unit and insurer Allstate Corp. settled a 2010 lawsuit over $700 million in devalued mortgage-backed securities. Terms of the accord weren’t revealed. 
  • ITASCA - Arthur J. Gallagher & Co. is selling 19 million shares of common stock to help fund the purchase of Wesfarmers Ltd.’s insurance brokering operation, as the buyer 
  • ITASCA — Arthur J. Gallagher & Co. has acquired Mike Henry Insurance Brokers Limited headquartered in Auckland, New Zealand. 
  • ROCKFORD -- Langan, Haeger, Vincent & Born, an independent insurance agency in Wheaton, has joined forces with Williams-Manny Insurance, a multi-dimensional insurance group located in Rockford. 

  • ITASCA — Arthur J. Gallagher & Co. said it has acquired the Oval Group of Companies, an independent commercial insurance broker operating out of 24 offices throughout the United Kingdom. The transaction closed today, terms were not announced. 
  • A look at insurance for cyber space
    Almost everyone heard the news that Target stores was the victim of a criminal data breach that resulted in over 110 million confidential customer records falling into the wrong hands. 
     
  • How to figure out if you’re a ‘large’ employer under the Care Act
    Many of the most significant aspects of the Affordable Care Act (the ACA, Obamacare, etc.), including the penalties to businesses that do not offer health coverage to full-time employees, apply only to “large employers” — meaning businesses that employed 50 or more full-time employees during the previous calendar year.
     
  • Pride stands behind a life insurance policy
    When thinking about insurance and benefits, I pulled out this note I have delivered to many of my life insurance clientele. I read this for the first time many years ago and unfortunately do not know the original author who really deserves the credit for it eloquence. It’s titled, “Pride.” 
  • A closer look at retirement plan fiduciary duties
    A fiduciary duty is a legal duty to act solely in another party’s interests. Parties owing this duty are called fiduciaries. Retirement plan fiduciaries have several important responsibilities, including the duty to: 1) act solely in the interest of plan participants and their beneficiaries; 2) offer diversifying plan investments; 3) ensure that the plan pays only reasonable expenses; and 4) hire service providers.  
  • More delays in employer mandate
    Since the passage of the Affordable Care Act on March 23, 2010, numerous provisions of the law have been delayed, modified or repealed. On Feb. 10, 2014, the Internal Revenue Service released final regulations for the Employer Shared Responsibility portion of the ACA. The final rule clarified and provided transitional relief to the proposed regulations for Section 4980H (a) and (b) of the Internal Revenue Code under the ACA.  
    The initial regulations state an applicable large employer may be subject to a nondeductible penalty tax for (a) not offering minimum essential coverage to at least 95 percent of full-time employees working at least 30 hours per week and their dependents, or for (b) offering coverage that does not meet minimum value or affordability standards. 
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