Wealth management

The New York office of Willis Group Holdings Ltd., a global insurance broker, announced Friday that it had agreed to buy Nicon Forsakringsmaklarna AB, a property and casualty broker in southern Sweden that focuses on municipality clients.

The technology demands of complying with stricter investment regulations are squeezing small third-party brokerage firms, according to the chief executive of one of the bigger outsourcing firms.

Safeco announced Friday that its board of directors had increased the company's share repurchase authorization to 10 million, including shares that remain available for repurchase under previously approved programs.

Mellon Financial Corp. said it had closed the purchase Thursday of City Capital Inc., a privately held, Atlanta-based investment management firm that specializes in wealthy investors and institutions.

The Securities and Exchange Commission announced Thursday that it had settled enforcement proceedings against American Express Financial Advisors Inc., now known as Ameriprise Financial Services Inc., for $30 million.

Banc of America Investment Services Inc., Bank of America Corp.'s primary retail brokerage arm, said Thursday that it is setting prices for online equity trades that will let self-directed brokerage customers benefit from banking relationships with the parent.

Intensifying its focus on a market that analysts say is becoming increasingly competitive, ING U.S. Financial Services says it is slashing rates and starting an ad campaign for its term life insurance products, which will be offered through banks and other intermediaries.

American Bank Inc. of Allentown, Pa., has unveiled its first health savings account.

After initial skepticism, employers are beginning to embrace the idea of health savings accounts coupled with high-deductible health plans, according to a recent survey by the Council of Insurance Agents and Brokers in Washington.

St. Paul Travelers announced Tuesday that it has been named the preferred provider for bank insurance products by the Montana Independent Bankers.

Touchstone Investments, a wholesale fund company, says it will look to buy small fund families from community banks and asset managers after a deal announced this week that would nearly double the size of its business.

The life reinsurance market has consolidated significantly in recent years, according to a report by the insurance ratings agency A.M. Best Co. that said the number of players has shrunk to a point at which the top five have 75% of the market.

Zurich, the big property/casualty insurance company in Schaumburg, Ill., said Tuesday that it has appointed Steve Rand an executive vice president of commercial markets in its North America commercial division and Craig J. Fundum to succeed Mr. Rand as president of the Zurich programs business unit.

Touchstone Investments said Monday that its Touchstone Advisors Inc. had agreed to buy Constellation Investment Management Co. LP, adviser to the Constellation Funds Group's $2.8 billion of managed assets.

A.G. Edwards & Sons Inc. announced Monday that it had promoted John Harrington to succeed Charles T. Forrest as a senior vice president and director of fixed-income trading for the St. Louis broker-dealer.

Federated Investors Inc. announced Monday that it had resolved previously disclosed mutual fund trading inquiries through settlements with the Securities and Exchange Commission and the New York Attorney General's office.

Fairport Asset Management LLC in Cleveland announced Monday that it had hired Peter P. DeVito to be a senior adviser as part of teams that supply wealth management services to clients and their families.

MetLife Investors Distribution Co. has revamped its sales strategy as it prepares to integrate Travelers Life and Annuity, the big insurer its parent MetLife Inc. bought from Citigroup Inc. this summer for $11.5 billion.