Around the P&C insurance industry: Nov. 7, 2018
News from Arthur J. Gallagher & Co., Insurity Inc., Arch Insurance Europe and more.
Arthur J. Gallagher & Co. today announced the acquisition of Hatboro, Pennsylvania-based The Walsh Agency Inc., dba BEAM Insurance Inc. Terms of the transaction were not disclosed.
Arthur J. Gallagher & Co. also acquired Aurburn, Massachusetts-based John R. Sharry Inc., dba Group Benefits Strategies. Terms of the transaction were not disclosed.
Insurity Inc. has announced that The MEMIC Group will adopt the company’s ClaimsXPress solution. The Insurity platform supports a modular deployment of solutions, allowing insurers to approach digital transformation at their own pace and interface with a wide range of industry data sources.
Arch Insurance Europe has purchased the U.K. Commercial Lines business owned by The Ardonagh Group and part of its geo underwriting operating segment. Approximately 250 employees will move to Arch as a result of the transaction.
American Modern Insurance Group Inc. has rolled out a new quoting and policy management agency system for its personal lines products. The AMsuite system bundles together quoting, policy management, claims, reporting and data analysis functions to provide agents with a single integrated solution for American Modern products.
Guidewire Software has announced the 2018.2 release of Guidewire InsurancePlatform. This release includes InsuranceSuite 10, the leading core system suite with over 275 customers across 30+ countries.
Risk Placement Service Inc.‘s (RPS) online quoting platform, rpssmallbusiness.com, has surpassed $100 million in premiums in three years. The RPS Quote & Bind platform allows agents to generate quotes and policies from top-rated carriers with multiple limit options and coverage endorsements for their clients in minutes.
FM Global has donated $100,000 to the Phoenix Society for Burn Survivors. The funding will provide 10 years of support for the Society’s ‘Phoenix World Burn Congress,’ the world’s largest gathering of the burn community.
HUB International Limited has acquired the assets of Insurance Management Associates Inc. Terms of the transaction were not disclosed.
Chubb announced that it will partner with Hartford Steam Boiler Inspection and Insurance, a unit of Munich Re, to begin installing Internet of Things tehnology in the homes and businesses of Chubb policyholders. The sensors and devices will monitor for water leaks, changes in temperature and anything else that may lead to property damage.
SOBC DARAG, the joint venture formed between SOBC, the U.S.-based run-off specialist and legacy acquirer DARAG, has acquired Peachtree Casualty Insurance Company. SOBC Darag’s Ohio-based team has also taken over the day-to-day management and claims handling to ensure a successful run-off.
Arch Worldwide Insurance Group has selected catastrophe modeling firm AIR Worldwide’s Touchstone as its primary modeling solution to help manage catastrophe risk. Arch is leveraging Touchstone for detailed loss modeling, and AIR has built a customized suite of tools that integrate its models into Arch’s infrastructure.