Cooperative Controlled Insurance Program (CO-CIP)
An insurance program in which the project owner gets the prime or general contractor involved in identifying the project risks and assessing the best way to handle them.
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Insurance Industry News from ProgramBusiness.com
Royal & SunAlliance Invests In AssurexAssurex International -- the world's largest groupingof privately held risk management and commercial insurance brokerages -- ispleased to announce that Royal & SunAlliance USA, part of a leading globalinsurance carrier, has assumed an ownership position in Assurex DevelopmentCorporation (ADC). ADC is an investment banking firm owned by Assurex and sevenmajor property & casualty insurers: Atlantic Mutual, Chubb, CGU Insurance,The Hartford, Kemper, St. Paul, and Royal & SunAlliance, the newest ADCshareholder.ADC provides Assurex Partners -- representing more than65 of the largest independent insurance brokers in the US and Canada -- with theconsultative and financial resources necessary to continue to develop theirmarket and customer services. ADC loans North American Assurex Partners capitalfor acquisitions, automation, agency perpetuation, and management transition.
"Assurex International is an entrepreneurialcorporation fueled by the independence of ourPartners,'' said Assurex President and CEO Thomas W. Harvey. "With thesupport of ADC and shareholders like Royal & SunAlliance, independentAssurex Partners are free to grow healthy organizations that can be transferredto the next generation of family or employee owners without fear of sellingout.''
Royal & SunAlliance, one of the world's oldest andlargest insurance companies, serves some 20 millionbusiness and individual customers in over 130 countries. "We see ourinvestment in ADC as a good way to sustain and strengthen the professionalism ofinsurance and risk management firms in key cities, as well as to support a rangeof purchasing and service options for customers operating in an increasinglyglobal economy,'' said Royal & SunAlliance Executive Vice President PaulStewman. "Royal & SunAlliance is pleased to help meet the developmentneeds of Assurex Partners.''
Assurex International is the world's largest groupingof privately held risk management and commercial insurance brokerages. Inaddition to its 65-plus Partner-owners in North America, Assurex maintainsaffiliate relationships through Assurex Synergy Group Partners in more than 55foreign countries. With local brokers in every major city of the world, Assurexis positioned to deliver seamless global insurance and risk management serviceswherever clients have assets at risk. Independent Assurex and Assurex SynergyGroup Partners employ more than 12,000 professionals on six continents andgenerate annual premiums of $14 billion.
Additional information about Assurex International isavailable on the Internet at http://www.assurex.com
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