Around the P&C insurance industry: Jan. 9, 2019
News from Arthur J. Gallagher & Co., CorPro, AIG and more.
Arthur J. Gallagher & Co. announced that it has signed a definitive agreement to acquire 100% of specialist UK insurance broker Stackhouse Poland Group Limited (“Stackhouse Poland”). The transaction is subject to regulatory approval and is expected to close in the first quarter of 2019.
Hub International Limited (Hub) announced that it has acquired the assets of The Rubin Group, Inc. Terms of the transaction were not disclosed. Hub also acquired British Columbia-based TRG Group Benefits and Pensions Inc. Hub has acquired 13 Canadian Employee Benefits and Pension Brokerages since 2018.
CorPro Underwriting Managers announced it has expanded it management liability coverages under the Private Edge Plus and Not-for-Profit Risk Protector products offered to SME businesses on a national basis on behalf of American International Group, Inc. (AIG). New and renewal policyholders that satisfy underwriting qualifications will now be offered competitive Wage & Hour (FSLA) defense costs coverage, deletion of the Antitrust exclusion, expanded Crisis Management protection, a 50% one year pre-set discovery option, and enhanced allocation and duty to defend policy provisions under the updated CorPro Amendatory 2.0 endorsement.
Brownyard Group announced it is purchasing the alarm insurance book of business from TRMS, Inc., one of the only insurance programs dedicated specifically to the alarm industry. This acquisition comes as TRMS President George Tanty retires after a 47-year long career providing risk management and insurance services to the alarm industry.
The Amynta Group announced that it has acquired ClearView Risk Holdings, LLC. The transaction closed on January 4, 2019. Upon closing, ClearView became a subsidiary of Amynta.
CFC, a specialist insurance provider, announced the latest version of its cyber insurance product, introducing cover for business interruption as well as expanded cover for a variety of cybercrime activities. The new product offers business interruption cover that is triggered by IT system failure as well as malicious cyber events. The updated policy also provides full supply chain business interruption cover, extending to events that impact the insured’s systems, the systems of their technology suppliers as well as those of non-technology suppliers where named.
Dentists Benefits Insurance Company (DBIC) and Northwest Dentists Insurance Company (NORDIC) merged with, and into, their parent company, The Dentists Insurance Company (TDIC), on Jan. 1, 2019, after final regulatory approval. The merger was approved by the California Department of Insurance (DOI), the Oregon Division of Financial Regulation (DFR) and the Washington State Office of the Insurance Commissioner (OIC).
Alera Group has acquired Avon-Dixon Insurance Agency from Shore Bancshares, effective December 31, 2018. Avon-Dixon, based in Easton, Maryland, is a full-service insurance agency founded in 1850. At present, the agency serves clients throughout the Mid-Atlantic region, providing property & casualty and employee benefits solutions. A release noted that Avon-Dixon specializes in yacht and boating insurance, as well as professional trucking coverage.
Randall & Quilter Investment Holdings Ltd. (R&Q) announced that its European subsidiary Accredited Insurance (Europe) Limited (Accredited) has signed a new program underwriting partnership with Kitsune Limited (Kitsune), a UK MGA providing private motor insurance.