Around the P&C insurance industry: June 27, 2018
News from American International Group Inc., Munich Re, NSM Insurance Group and more.
American International Group Inc. and Munich Re announced today that AIG Life Ltd., a U.K. subsidiary of AIG Life & Retirement, has agreed to acquire Ellipse, a specialist provider of group life risk protection in the U.K., from Munich Re. The transaction, the terms of which were not disclosed, will be fully funded with cash and is expected to close in the first quarter of 2019, subject to regulatory approval.
NSM Insurance Group, owner of American Collectors Insurance (ACI), launched a strategic partnership with The Automobile Driving Museum (ADM), located in El Segundo, Calif. Under the terms of the agreement, NSM/ACI has provided insurance for ADM’s collection of over 115 collector cars and ACI has been recognized as the “official insurance company of the Automobile Driving Museum.”
Smart Harbor launched a new solution that enables agencies to provide a guided, personalized mobile insurance shopping experience for small business prospects and return a quote in real-time. The solution, called Smart Producer, has been initially developed for small commercial and is integrated with a rater for business owners policy.
Nationwide announced plans to open a new 31,000 square foot innovation center in Columbus, Ohio’s Arena District next year. The company will eventually move all the work from its existing innovation center, Refinery 191, to the new innovation center, which is scheduled to open in 2019.