Around the P&C insurance industry: June 26, 2019
News from NFP, Chubb, Willis Towers Watson and more.
Otterstedt Insurance Agency has been awarded a Top Workplaces 2019 honor by NJ.com. The list is based solely on employee feedback gathered through a third-party survey administered by research partner Energage, LLC, a leading provider of technology-based employee engagement tools. The anonymous survey measures several aspects of workplace culture, including alignment, execution, and connection.
Chubb received NetVU’s Automation Excellence Award for its digital Marketplace platform. The annual award celebrates innovative ideas that enhance efficiency, improve profitability and streamline operations for insurance agents. The award was presented at the annual Accelerate conference during the NetVU Awards Gala held on May 20th in Cincinnati, OH.
Coalition, a technology-enabled cyber insurance solution, and Curricula, a security awareness training provider, announced a partnership to bring Curricula’s security awareness training program to small and midsize businesses. Coalition policyholders receive Curricula’s security awareness training directly through Coalition’s cyber risk management platform. Every Coalition policyholder receives 15 free users and discounted pricing thereafter. In addition, Coalition is offering lower cyber insurance premiums to every policyholder who has an active security awareness training program in place.
Arthur J. Gallagher & Co. (AJG) has signed an agreement to purchase a minority stake in Prague-based Renomia a.s. The deal is subject to regulatory approval and is expected to close in the third quarter of 2019.
Willis Towers Watson has launched a new solution for General Industry mid-market clients as part of its Differentiated Broking Solutions (DBS) business strategy. DBS will offer custom insurance solutions across various industries. This initial launch for General Industry focuses on manufacturing, retail, service industries and distribution. This General Industry DBS provides coverage for the core property & casualty lines of business and also offers coverage for excess liability, environmental and international lines of business. DBS features pre-agreed terms and conditions to create an elevated floor of coverage across all lines of business.
U.S. Adjusting Services, an independent adjusting firm, and HOVER, a technology provider that transforms smartphone photos of any property into an accurate 3D model, announced a partnership to increase efficiency and accuracy in resolving homeowner claims. U.S. Adjusting Services will incorporate HOVER as part of their efforts to incorporate the latest tools and technology as they serve leading insurance carriers and their customers. HOVER transforms smartphone photos of any property into a scaled 3D digital model with exact exterior measurements, including the roof, walls, openings and windows, which they say eliminates human error and enables adjusters to produce highly accurate estimates in less time.
NFP, an insurance broker and consultant that provides property and casualty (P&C), corporate benefits, retirement, and individual solutions, has acquired Excel Bonds & Insurance Services, Inc. The transaction closed effective May 1, 2019. Excel Bonds & Insurance is a commercial insurance and surety bond broker based in Sacramento, California. Excel’s international client portfolio includes middle-market and large-scale firms across the U.S. and Canada in the waste management, construction, real estate and manufacturing industries, among others. Cathy Skeen and Dave Garese, former founders and principals, will join NFP as senior vice presidents, reporting to John Hyland, senior vice president and the head of the surety division.
Quincy, Massachusetts-based Arbella Insurance Group has been chosen as one of the Boston Business Journal’s “Best Places to Work” for 2019. The Boston Business Journal’s annual “Best Places to Work” program recognizes 79 extra-small, small, medium, large and extra-large sized businesses whose benefits and unique initiatives put them ahead on the employee satisfaction curve. To select the winners, employees from Massachusetts-based companies participate in an anonymous survey that asks about company benefits, atmosphere, values and loyalty. The results are analyzed by a third-party research firm, and the winners are broken down into five categories based on size. This marks the eleventh consecutive year that Arbella has been honored in the extra-large business category.
NetDiligence, a cyber risk readiness and response services provider, announced that Bob Parisi of Marsh has been awarded their 2019 Toby Merrill Award for Excellence. The Toby Merrill Award for Excellence is given annually to a seasoned thought leader in cyber insurance and is sponsored by Chubb. This year’s award was presented to Parisi on June 13, 2019, at the NetDiligence Cyber Risk Summit Philadelphia.
As U.S. cyber product leader for Marsh’s Cyber Center of Excellence, Parisi leads the effort to develop cyber risk transfer solutions for Marsh clients and bring them to market. His work includes advising and assisting clients in understanding, measuring and managing their cyber risks.
Indio Technologies, a management software platform for property and casualty insurance providers, has been selected to join “Partners in Excellence,” the corporate sponsorship platform of the Washington, D.C.-based Council of Insurance Agents & Brokers (The Council). The Council is the leading association for the top commercial insurance and employee benefits brokerages across the globe. Annually, The Council brings together industry leaders at the Insurance Leadership Forum to discuss issues that impact the industry. This year’s forum will be in Colorado Springs, CO, in October.
Hub International Limited (Hub) has acquired Foster & Parker Insurance Agency, Inc. (Foster & Parker Insurance). Terms of the transaction were not disclosed. Foster & Parker Insurance is a full-service independent insurance agency located in Madera, Oakhurst, and Rancho Cordova, California. Foster & Parker Insurance specializes in home, auto, business, farm, and life & health insurance and risk management solutions. Steve Barsotti, president of Foster & Parker Insurance, and staff will join Hub California. According to Barsotti, “working with Hub will allow us to provide significantly more markets, services and resources to our clients.”
InsureTech Connect and the Insurance Information Institute (I.I.I.) launched a new competition to recognize those attempting to combat the long-standing problems of disaster preparedness and responsiveness. The Resiliency Insurance Innovation Challenge is open to companies less than 5-years-old and with fewer than 100 employees. Registration for the Challenge is open and runs until July 12, 2019. The three finalists, selected from public voting, will present on stage during ITC 2019, where the winner will be picked live.