RCM&D Self-Insured Services Company (SISCO) is celebrating its 40th year in business. Founded in 1979 as a subsidiary to RCM&D, SISCO was formed to provide a comprehensive and innovative solution for organizations seeking a self-insured alternative in workers’ compensation and required claim administration services. Among its successes, SISCO representatives say in its last four decades in claims administration services, SISCO has earned an average client retention rate of 95%. Earlier this year, SISCO was also recognized for innovation and exceptional service delivery as a finalist for the Third-Party Administrator (TPA) Team of the Year in the Business Insurance 2019 U.S. Insurance Awards Program.
The Department of Land & Natural Resources (DLNR), Hawaii Independent Insurance Agents (HIIA) and FEMA are presenting a free 3.5-hour workshop on National Flood Insurance Program (NFIP) training. The workshop will be held on Thursday, August 15 at the Ala Moana Hotel from 8:30 a.m. to 12:00 p.m. taught by FEMA Region IX’s Flood Insurance Specialist, Edie Lohmann. As an incentive to educate Hawaii’s Insurance Agents on the NFIP and the future of the Program, HIIA is graciously offering 3 Property & Casualty Subject CE credits for HIIA members and non-members. Register here.
AXA XL’s U.S. marine insurance business and Vindati, an InsurTech Managing General Underwriter (MGU) offering specialty products and an integrated shopping experience for brokers and agents, are teaming up to offer Ocean Cargo insurance for small and middle-sized businesses via Vindati’s proprietary rate, quote, bind, issue online platform. ”With this partnership, we’re extending the availability of our cargo coverage to a broader business base,” Andrew D’Alessio, head of Ocean Cargo for AXA XL’s U.S. Marine insurance team, said in a statement. “Vindati’s online platform expands our distribution to Vindati’s relationships and gives our brokers easy access to instant, customizable quotes to address their clients’ cargo insurance needs.” Focusing on U.S. cargo risks with an international exposure of $25,000,000 or less, D’Alessio says businesses can buy AXA XL cargo coverage and include inland transit and warehouse coverage as well.
Arbella Insurance Group announced the launch of Arbella Edge for Restaurants, a new, comprehensive coverage endorsement available to owners of individual restaurants and small to mid-size chains operating in Massachusetts, Connecticut, Rhode Island and New Hampshire. This product improves and replaces Arbella’s existing Dining Advantage endorsement and offers combined property and general liability coverage for new customers and current policyholders who need increased limits for a broader array of coverages. Arbella has also broadened the coverage offered through its Restaurants Spotlight endorsement to include reimbursement for losses incurred by restaurant owners due to food contamination and boil water orders put in place by local municipalities.
The Division of Workers’ Compensation (DWC) is offering a Regional Safety Seminar on August 20 from 8:30 a.m. to 4:30 p.m. at the Meadows Conference Center, located at 2900 Live Oak Street in Dallas. The seminar provides employers and employees affordable training on common causes of preventable workplace injuries and fatalities and on current and upcoming regulations in the occupational safety and health fields. The cost is $50 per person, which includes course materials, coffee, and snacks. Registration and course information are available on the Texas Department of Insurance website.
SAP and Swiss Re have announced the expansion of their joint co-innovation project, providing product solutions for financial reporting. SAP and Swiss Re first collaborated in 2017 with the goal of creating an innovative multi-GAAP solution to manage financial steering and reporting requirements, including IFRS 17 and 9 compliance affecting insurance companies worldwide. Recently, the partners announced their project has expanded, now providing software that includes simulation, forecasting and planning capabilities to support businesses in financial analysis.
The National Alliance for Insurance Education & Research has rebranded their monthly podcast series. Nat Alliance NOW offers risk and insurance professionals rich, nuanced conversations that deepen learning and support participants of all National Alliance programs. The new podcast series is available to the general public and can be accessed on iTunes, Google Play, and on their website. Chief Innovation and Academic Development Officer, Mitch Dunford, serves as host of Nat Alliance NOW and interviews active industry experts regarding insurance trends and challenging course content.
Baldwin Krystyn Sherman Partners (BKS-Partners), an insurance brokerage and risk management firm headquartered in Tampa, Fl., announced their partnership with local Clearwater firm, Fiduciary Partners Retirement Group. BKS-Partners currently operates throughout the Southeast with a team of over 300 colleagues. Their partnership with Fiduciary Partners finalized on Monday, July 1, 2019. Fiduciary Partners specializes in retirement consulting and planning.
The Hilb Group (THG) announced today the acquisition of Massachusetts-based Handy-Apple Valley, LLC (HAV). The transaction became effective on July 1, 2019.
Specialty insurer ProSight Global Inc. went public on the NYSE this past Thursday, July 25 with an initial public offering (IPO) of 7,857,145 shares of common stock at a price to the public of $14.00 per share. ProSight is offering 4,285,715 shares of common stock and the selling stockholders are offering 3,571,430 shares of common stock. In addition, the selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 1,178,570 shares of common stock from the selling stockholders at the IPO price less the underwriting discount. The closing of the offering was expected to occur on July 29, 2019, subject to the satisfaction of customary closing conditions.