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Flexpoint Partners Announces Acquisition of Norwich Group, Inc ...

CHICAGO, March 7 /PRNewswire/ -- Flexpoint Partners, LLC announced today that it has acquired a majority interest in Rosemont, PA-based Norwich Group, Inc. and its affiliated companies via a newly formed holding company. Norwich is a specialist in the development, implementation and administration of commercial insurance products targeted to narrowly-defined industry segments. In connection with the acquisition, Flexpoint will provide capital to Norwich to support the company's plan to increase its underwriting participation in the insurance programs it manages. The company's co-founders, Kirby Hill and William McPherson, will continue to serve as Chief Executive Officer and President, respectively, and will maintain minority equity ownership in the company.

Norwich was established in 1996, initially to provide comprehensive consulting services to program managers in the specialty insurance market, an approximately $10 billion industry.

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Bail set at $250000 in car shooting

A 22-year-old Oak Harbor resident accused of shooting up cars with an SKS rifle could face up to six years in prison if convicted of the charges against him, according to court documents.

Jacob Whitaker pleaded not guilty in Island County Superior Court March 26 to two counts of malicious mischief and three counts of unlawful possession of a firearm.

Whitaker is being held in the county jail in lieu of $250,000 bail.

A resident of Valley Road outside of Oak Harbor called 911 March 12 to report that Whitaker had shot up two cars parked in front of the home, according to court documents. Deputies responded and found one car riddled with 11 bullet holes and another car that had a bullet pass through the engine compartment.

The victim said another man, later identified as Troy Housden, was with Whitaker at the time of the shooting, documents state.

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SES Global completes split-off transaction with General Electric

PARIS (AFX) - SES Global SA said it has completed the split-off transaction with General Electric Co under which the US giant has swapped its 19.5 pct stake in the satellite operator for 100 pct ownership of a split-off company, SES International Holdings Inc.

The reference price for each SES share, as previously announced, was 12 eur, valuing the transaction at 1.238 bln eur, plus another 45 mln in cash related to the completion date.

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Business Highlights

NEW YORK (AP) - Wall Street extended its recovery from last week''s big plunge, rising Thursday after several stable sessions helped buttress investor sentiment and allay some concerns about the economy.
The Dow Jones industrials were up more than 100 points in afternoon trading before pulling back amid rumors a subprime lender would declare bankruptcy. According to preliminary calculations, the Dow closed up 68.25, or 0.56 percent, at 12,260.70.
Thursday''s advance helped investors speed past lackluster retail sales figures and focus on more promising comments about March sales. Investors also grew more confident following gains in markets in Europe and Asia. The dollar was mixed against major currencies and fought its way higher against the yen, easing some concern about whether global liquidity would tighten.