Richmond-based Mutual Assurance Society of Virginia announced Tuesday that it has named Mark Crutcher as its inaugural vice president of innovation and marketing. Crutcher most recently was a senior product manager with Safe Auto and had previously served as Lititz Mutual’s vice president of marketing, underwriting and product development. “Mutual Assurance’s goal is to embrace
Acquisition by China-based Oceanwide Holdings Group delayed until Dec. 31
Henrico-based Genworth Financial Inc. and China-based Oceanwide Holdings Group Co. Ltd. announced on Monday that Oceanside’s long-delayed $2.7 billion acquisition of Genworth has been reapproved by China’s National Development and Reform Commission, and the acquisition has been postponed until the end of December. With the Chinese government’s reapproval, Oceanwide will now move forward on the
Henrico County company makes 12th acquisition in 12 months
Henrico County-based insurance company The Hilb Group LLC (THG) announced Tuesday it acquired Annapolis, Maryland-based Insurance Solutions (ISI), effective Oct. 1. Transaction details were not disclosed. This marks THG’s 12th acquisition within the past year. Founded in 1989, ISI is a full-service employee benefits agency specializing in health, dental, life and disability benefits. As part
Oceanwide Holdings reaches capital agreement, but not all terms, conditions met
Henrico County-based Genworth Financial Inc. announced Thursday that China-based Oceanwide Holdings Group Co. Ltd. has reached an agreement with Hony Capital on the commercial terms and conditions of its $1.8 billion offshore financing plan to complete its acquisition of Genworth. However, Oceanwide has not reached a final agreement on all terms and conditions due to
Henrico County company buys Ganim Group Inc.
Henrico County-based insurance company The Hilb Group LLC (THG) announced Tuesday it has acquired Shelton, Connecticut-based Ganim Group Inc. (Ganim Benefits) from investment advisory company Ganim Financial Inc. Transaction details were not disclosed. This marks THG’s 11th acquisition within the past year. Ganim Benefits provides employee benefits insurance, including group medical and dental. Ganim Benefits’
Companies look to close transaction by Sept. 30
Henrico County-based Genworth Financial Inc. announced Monday that it does not intend to exercise its right to terminate the $2.7 billion merger agreement with China-based Oceanwide Holdings Group Co. Ltd. as of Aug. 31. According to a statement from Genworth, the insurance company’s board of directors and management team determined that Oceanwide provided satisfactory information
Victoria I. Savoy joins new state-based health insurance exchange
The State Corporation Commission (SCC) announced Monday it has appointed Victoria I. Savoy to direct the Virginia Health Benefit Exchange — a new state-based health insurance exchange for individuals and small businesses set to start later this year. The Virginia Health Benefit Exchange was established by the 2020 Virginia General Assembly to operate as a new
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JOHN ASBURY PRESIDENT AND CEO, ATLANTIC UNION BANKSHARES, RICHMOND A Radford native, Asbury transitioned from a career with large financial institutions to help build a regional bank. After successful mergers in 2018 and 2019, Atlantic Union expanded its footprint in Northern Virginia, Maryland and North Carolina, making it the largest regional bank headquartered in Virginia.
Julia Chu has been with the company since 2018.
Julia Chu was named Henrico County-based Markel Corp.’s chief risk officer, a newly created role, the financial holding company announced Monday. She was previously Markel’s chief global ceded reinsurance officer, a position she started in March 2018. Chu will be responsible for the specialty insurance underwriter’s enterprise risk management, capital planning and ceded reinsurance placements.
Henrico-based insurance company buys Mich.-based CIA Financial Group Inc.
In its second acquisition announcement of the week, Henrico County-based insurance company The Hilb Group LLC (THG) on Wednesday announced it has acquired Michigan-based CIA Financial Group Inc. The transaction was effective July 1. A transaction amount was not disclosed. Since 2015, THG has acquired more than 60 companies. The purchase of CIA Financial is