Morgan & Cheves, Inc., of Alexandria has affiliated with USI Insurance Services Corp. of San Francisco and its southeast hub, Henderson & Phillips, Inc., of Norfolk. Morgan & Cheves is the third Virginia firm to join the Henderson & Phillips hub since it joined the USI organization in June 1996.
Morgan & Cheves, which will retain its name and offices in Alexandria, works in several niches including apartments, community associations, construction, surety bonds, financial insurance planning and the hospitality industry.
"In joining the USI family of companies we remain a strong, independent Virginia professional service agency," said Bill Hogan, president of Morgan & Cheves. "We are able to maintain our position as a local, independent firm and at the same time gain the status of being connected with a national broker with a multi-state presence and remain on the crest of what is happening in the marketplace."
Henderson & Phillips, which recently celebrated its 100th anniversary, has offices in Norfolk, Newport News, Richmond, Atlanta, Los Angeles and Washington, D.C. The firm offers expertise in personal, business and specialty lines of insurance including the transportation, lodging, underground storage tanks, auto dealers, construction, fine arts, environmental, and health care industries.
USI is the nation's seventh largest diversified insurance and financial services distribution network. It has operations in California, Connecticut, Georgia, Illinois, Louisiana, Maryland, New Hampshire, New York, Ohio, Oregon, Pennsylvania, Texas, Virginia and Washington.
Georgia, South Carolina
Palmer & Cay opens offices in Macon, GA and Columbia, SC
Savannah-based Palmer & Cay opened two new offices--in Macon, Georgia and Columbia, South Carolina--bringing its total number of locations to 17. Palmer & Cay, the 20th largest insurance broker in the nation, according to Business Insurance, now has six offices in Georgia and three in South Carolina.
Southeast news
State Farm cuts auto rates in three Southeast states
State Farm Mutual Auto Insurance Company reduced its auto rates and added multiple line discounts in North Carolina, Mississippi and West Virginia. The company also is returning dividends to policyholders in the three states.
In North Carolina the company reduced its overall price level by an average of 2.1% effective November 15. On average, rates for medical payments coverage were raised, while rates were reduced for comprehensive, liability and collision coverages.
State Farm Mutual is introducing a multipleline discount of 5% on some auto coverages for North Carolina policyholders who also have a State Farm homeowners, health or life insurance policy.
State Farm also is returning $6.9 million in dividends to its North Carolina policyholders over a six-month period which began November 1.
In Mississippi the State Farm Mutual Auto reduced its overall price level by an average of 3%, effective with new business and policy renewals on November 1.
Liability and collision coverage premiums will drop for most customers. Some customers will get reductions, and others will have increases in the medical payments coverage and comprehensive coverage.
State Farm is introducing a multipleline discount in Mississippi: a 5% discount on some auto insurance coverages for policyholders who also have a State Farm homeowners, health or life insurance policy.
Also its discount for policies that remain accident-free for 10 years or longer will increase from 15% to 20%.
State Farm's last prior auto insurance rate adjustment in Mississippi was a 6.3% increase on November 1, 1996. The company also is returning $7.4 million in dividends to its Mississippi policyholders.
In West Virginia State Farm Mutual Automobile Insurance Company reduced its overall price level by an average of one-tenth of 1%, effective November 1. The company also is returning $8.6 million in dividends to its West Virginia policyholders.
On average, premiums will drop for comprehensive, collision, uninsured and underinsured motorist coverages. Prices will increase, on average, for liability and medical payments coverages.
The company is introducing a multipleline discount in West Virginia: a 5% discount on some auto insurance coverages for State Farm Mutual customers who also have a State Farm homeowners, health or life insurance policy.
The company also is increasing its discount for customers who remain accident-free for 10 years or longer--from 15% to 20%.
State Farm Mutual's last previous auto insurance rate adjustment in West Virginia took effect January 1, 1996, but did not produce a change in overall income.
Overall changes in premiums for individual motorists in North Carolina, Mississippi and West Virginia will vary, depending on the coverages they carry, where they live, the kind of car insured, who drives it and how much it is driven. *
©COPYRIGHT: The Rough Notes Magazine, 1997