Around the P&C insurance industry: July 24, 2019
News from State Farm, Risk Strategies, Notion and more.
State Farm and Rocket Mortgage by Quicken Loans announced an alliance which will allow State Farm agents to originate Rocket Mortgage products for their customers. Rocket Mortgage is creating new technology that will allow State Farm agents to offer conventional Fannie Mae or Freddie Mac, FHA, VA, USDA, and Jumbo mortgages as a licensed loan originator.
Funders Cerberus Capital Management and TCW Asset Management Company (TCW) launched MGAguard, a new technology-enabled platform for specialty insurance underwriting. MGAguard, through its RBTguard program, will initially focus on the needs of the hospitality industry, specifically restaurants, bars, and taverns. It will offer admitted insurance products, including property, business interruption, liquor liability, general liability, cyber liability, and employment practices liability. The RBTguard program is supported by an admitted A+ Rated A.M. Best insurer.
MGAguard commences operations with an executive team led by Lee Wilson, Executive Chairman; David Hampson, Chief Strategy Officer; Kevin Littlejohn, Chief Operating Officer; Gex Richardson, Chief Administrative Officer; and Mike Rosa, Managing Director of Underwriting.
Risk Strategies, a privately held national insurance brokerage and risk management firm, has acquired Gerard B. Tracy Associates, Inc. Terms of the deal were not disclosed. Based in Fairfield, Connecticut, Gerard B. Tracy Associates, Inc. was founded in 1948 and has a decades-long history of creating employee benefits programs for a variety of public and private entities with a specialty focus on institutions of higher education.
GTK Analytics, an Irvine, Calif.-based digital marketing agency, launched Elevate, a new website solution package offering for insurance agencies and independent agents. The setup package features original WordPress website design and development, licensed imagery, social media integration, payments/claims integration, quote forms, mobile optimization, and original web copy content.
Arthur J. Gallagher & Co. (AJG) has acquired Manhattan, Kansas-based Darrell Phillips, Inc., dba DPI Benefits. Terms of the transaction were not disclosed. Operating since 2008, DPI Benefits is an independent benefits broker and consultant offering qualified retirement plans and group benefits to hospitals and other businesses throughout the state of Kansas. Darrell Phillips and his associates will continue to operate from their current location under the direction of Jerry Roberts, head of Gallagher’s Heartland region employee benefits consulting and brokerage division, and Jeff Leonard, national financial and retirement services practice leader.
Alacrity Services has partnered with technology-based risk management firm Scalable Risk Solutions (SRS) to offer a new smart platform, SenSOAR, built by a team of insurance, risk management, restoration and technology experts. The platform has a suite of sensors that use AI and machine learning to monitor and protect properties from a variety of potential high frequency and high severity losses from water, fire, smoke, gas, temperature, motion, mold, and many other perils.
In a statement, SRS CEO Jeffery Magoon said, “SenSOAR is a game-changer for the insurance industry because we reduce and prevent claims from happening and more importantly, we collect and can provide to the insurance industry predictive analytical data. Our platform monitors the property 24/7 and provides alerts to companies like Alacrity to engage their network of restoration contractors quickly and efficiently.”
Ebix, Inc. and Yatra Online, Inc. announced that they have entered into a definitive agreement under which Ebix will acquire Yatra via merger. The agreement also included stock share trade deals relevant to the two parties. Ebix is an international supplier of on-demand software and e-commerce services to the insurance, financial, healthcare and e-learning industries. Yatra Online is the parent company of Yatra Online Pvt. Ltd., a corporate travel services provider and online travel company based in India. Following the completion of the transaction, Yatra will become part of Ebix’s EbixCash travel portfolio alongside Via and Mercury and will continue to serve customers under the Yatra brand.
Legion Claims Solutions, a Baton Rouge, La.-based firm specializing in the management of catastrophe insurance claims, environmental/industrial claims, and governmental disaster recovery programs, announced its launch on July 23. Other services Legion will offer include the implementation of claims and select underwriting support processes, a specialized large/complex loss unit, basic and advanced training, and inside desk adjusting services. Legion is the brainchild of industry professionals Mike Worley and Steve Brown, whose mission with Legion is to offer a comprehensive suite of technology-driven insurance claims services and disaster recovery resources.
Home monitoring and security system Notion announced the launch of a new product, NotionPRO, a 24/7 professional home security service extension to its current home monitoring system. Notion’s smart home monitoring system packs multiple capabilities into a single sensor, allowing property owners to monitor all aspects of their space, including activities that could lead to costly insurance claims. Property owners can add on NotionPRO through the Notion app and have their sensors’ activities, from motion to water leaks to sounding alarms, be professionally monitored by certified dispatchers. The app allows users to easily turn on and off what Notion sensors they want armed with NotionPRO, and is priced at $15 per month.
The Hilb Group announced it has acquired Rhode Island-based Damiano Agency (DA). The transaction became effective on July 1, 2019. DA has been delivering property and casualty insurance solutions for businesses and individuals in the Rhode Island area for over 30 years. Paul Damiano, agency leader, and his associates will join THG’s existing Providence, R.I. location.