Policy adminstration

Company to purchase up to $5 billion at $2.50 per share.

Workers’ compensation and commercial property experienced the largest price adjustments.

Reinsurers look to new opportunities for growth as buyers remain tepid.

Island Insurance has selected Guidewire PolicyCenter to replace its underwriting and policy administration solutions. The initial rollout of PolicyCenter will serve Island Insurance’s commercial auto business and eventually will be deployed for all personal and commercial lines.

As the technology has matured, so have the marketing messages supporting it.

Martz will be responsible for planning, reporting and internal control functions and general corporate finance activities.

New report indicates that the portion of the typical IT budget—in a number of industries, insurance included—allocated to outsourcing is up nearly 23 percent.

The life and health insurer expects increased productivity and greater flexibility to enable increased scalability and forecasting capabilities.

The insurance industry uses just 20 percent of mobile apps' potential, research firm says. However a few insurers are doing it right.

The branchless bank is combining retail banking, retirement and insurance services in its online banking site.

Former California Blues CIO will oversee all of IT, including maintenance and development of software applications that support Esurance’s growing policyholder base, expanding state coverage and product offerings.

The MGIS Companies Inc. (MGIS), a provider of insurance products and services for physicians, has named Michael Green as VP, IT operations. Green will lead the development and implementation of strategic IT systems for MGIS and its subsidiaries.

Marsh & McLennan Agency LLC (MMA), a subsidiary of insurance broker Marsh Inc., is expanding its presence in the Florida market with the acquisition of Eidson Insurance, a $3.4 million revenue property/casualty and employee benefits agency based in Orlando, Florida.

American International Group Inc., the bailed-out U.S. insurer, is raising as much as $2 billion selling a stake in AIA Group Ltd. as Chief Executive Officer Robert Benmosche accumulates funds to repurchase his company’s stock from the Treasury Department. AIG is offering about 600 million AIA shares at HK$25.75 to HK$26.75, according to a term sheet obtained by Bloomberg News. AIG plans to spend as much $5 billion buying back its shares, it said in a statement released via Business Wire.

CNA Financial Corp. has named Cheryl Paton as the assistant VP for umbrella teams, and Andy Cohen as the VP of field operations.

Nationwide Mutual Insurance Co. will use Guidewire PolicyCenter as its underwriting and policy administration system and Guidewire BillingCenter for its P&C insurance lines. Nationwide Mutual already is in the process of deploying Guidewire ClaimCenter for claims handling for all P&C lines of business.

CUNA Mutual Group has promoted Robert N. Trunzo to president of CMFG Life Insurance Co., a role in which he is responsible for the products, distribution and service of the company’s U.S. credit union businesses as well as its 401(k) business.

WellPoint Inc., the second-biggest U.S. health insurer, is planning a four-part debt offering to help fund its $4.9 billion acquisition of Amerigroup Corp. The operator of the Blue Cross and Blue Shield insurance plans may sell three-, five-, 10- and 30- year notes as soon as today, according to a person familiar with the transaction.

Long-term care insurance decisions are not being made only by the elderly, according to a new report. A study conducted by the American Association for Long-Term Care Insurance notes that the youngest claimant was 24 years old when he began receiving benefit payments from his long-term care insurance policy. Now in his seventh year of receiving payments, the coverage was purchased when the claimant was 21 years old.

The combined retirement businesses will have approximately $120 billion in assets under management and 3 million participants.