Arthur J. Gallagher & Co., the Rolling Meadows, Illinois-based insurance broker, announced the acquisition of Bremen, Germany-based Krose GmbH & Co KG (Krose).
Terms of the transaction were not disclosed.
Founded in 1920, Krose provides commercial insurance and reinsurance solutions for corporate clients across Germany and specializes in the design and placement of complex programs.
Krose’s team of risk professionals across property, casualty, cyber, marine, D&O and alternative risk solutions will become part of Gallagher’s brokerage operations in Europe.
“Krose is a highly regarded firm which brings deep market expertise to complement our existing capabilities as we continue to expand in Germany and across Europe,” said J. Patrick Gallagher Jr., chairman and CEO. “I am very pleased to welcome the Krose team to Gallagher.”
Arthur J. Gallagher & Co. provides brokerage, risk management and consulting services in approximately 130 countries around the world through its owned operations and a network of correspondent brokers and consultants.
Violations of the law would be considered felonies, subject to as much as 10 years in prison and $200,000 fines. People involved in making claims for staged accidents would face fines of up to $100,000.
The state insurance commissioner would be authorized to hire prosecutors, appointed by district attorneys. Lawmakers may appropriate funds, but some funding would come from new, $100 to $200 annual fees on captive insurance companies.
“We always welcome any effort to address fraud,” said APCIA’s Ron Jackson.
The bill also would raise fees for motorists who let their insurance lapse.
For carriers. Property insurers would be forbidden from drafting policies that require insureds to file claims lawsuits within two years after the date of the loss. Most insureds now have up to four years to file suit. The restriction would not apply to liability and workers’ compensation coverage.
In rate filings, the Office of the Commissioner of Insurance (OCI) would, for the first time, be able to consider a wider range of information, including complaints against carriers. On the House floor last week, Rep. Jasmine Clark, D-Lilburn, asked about insurers repoprtedly dropping homeowners who have large trees near their homes. Reeves said that under current law, regulators cannot consider complaints, litigation, penalties and investigations into insurer conduct when reviewing rate filings.