Around the P&C insurance industry: April 17, 2019
News from Selective Insurance, Liberty Mutual and AmTrust.
In light of April being Distracted Driving Awareness Month, Selective Insurance Company of America announced new safe driving initiatives, partnering with EndDD (End Distracted Driving) and the Casey Feldman Memorial Foundation. One action includes a Distracted Driving Pledge that encourages customers, insurance agents and employees to spread the word about safe driving behaviors, and donations to support the work of EndDD on behalf of every customer who signs up for Selective Drive, a safe driving sensor, through their independent insurance agent in the month of April.
Liberty Mutual Insurance has signed a definitive agreement to acquire the global surety and credit reinsurance operations of AmTrust Financial Services, Inc. (AmTrust), a multi-national property & casualty insurer specializing in coverage for small to mid-sized businesses. Upon closing, Liberty Mutual will acquire four AmTrust businesses: AmTrust Surety, AmTrust Insurance Spain, Nationale Borg, and Nationale Borg Reinsurance (NBRe). The AmTrust Surety portion of the acquisition is expected to close in Q2 of 2019, and the AmTrust Insurance Spain, Nationale Borg, and NBRe portion is expected to close in the second half of 2019, subject to regulatory approvals and customary closing conditions. Terms of the deal were not disclosed.
The College of Mount Saint Vincent has chosen to honor two insurance industry leaders and CEOs a their Scholarship Tribute Dinner on May 1: Richard A. White and Mary A. Griffin. White is CEO and a member of the Board of Directors for ShelterPoint Life Insurance Company, New York’s largest insurer of both Disability Benefits Law and Paid Family Leave. Griffin, President and CEO of the Life Insurance Council of New York (LICONY), oversees New York’s leading life insurance organization, representing over 75 life insurer member companies and more than 20 allied professional firm members.
PCF Insurance Services, an insurance brokerage firm based in Woodland Hills, CA, has completed the acquisition of Grosslight Insurance, Inc., headquartered in the Westwood neighborhood of Los Angeles, CA. PCF offers a range of insurance products in property & casualty, life and health, employee benefits and workers’ compensation.
The Hilb Group (THG) announced the acquisition of Arkansas-based Walker Brothers Insurance (WBI). The transaction became effective on April 1, 2019. Formed in 1932, WBI is a full-service retail agency primarily focused on commercial property & casualty insurance for small to medium-sized businesses. WBI’s employees will join THG and will continue to operate out of their office located in Springdale, Arkansas.
Starkweather & Shepley Insurance Brokerage Inc. (S&S), headquartered in East Providence, RI, has partnered with the Wilson Agency, Inc. of Shelton, Connecticut. Additionally, S&S and O’Neill & Co. Insurance Group celebrated the opening of their new location in Palm Beach Gardens, FL on Tuesday, March 19th at the Wyndham Grand Jupiter. O’Neill & Co. Insurance Group, founded by Kyle O’Neill, President, has been a strategic partner of S&S since July 2018. The agency provides consultation for property & casualty insurance programs.
Hub International Limited (Hub) has acquired an entertainment book of business from Callow Insurance Associates Ltd., a Vancouver, British Columbia-based insurance firm. Terms of the transaction were not disclosed.