Around the P&C insurance industry: August 7, 2019
News from Nationwide, GI Partners, U.S. Risk and more.
Nationwide announced a strategic investment in VitusVet, one of the nation’s leading providers of mobile solutions for pet owners and veterinary practices. Nationwide will also serve on the VitusVet board of directors. The investment further strengthens the relationship between the two innovative entities that began three years ago. As part of the initial partnership, Nationwide pet insurance customers were given exclusive access to VitusVet app claims submission function. To date, Nationwide pet insurance members have filed more than 635,000 claims through the VitusVet app.
Swiss Re announced that its subsidiary ReAssure Group plc has agreed to acquire the U.K. closed book business of Quilter plc, consisting of Old Mutual Wealth Life Assurance Limited and its subsidiary Old Mutual Wealth Pensions Trustees Limited, including about 300 employees. The total consideration of the transaction is GBP 425 million. The acquisition will add more than 0.2 million customer policies and GBP 12 billion of assets to ReAssure’s platform.
GI Partners, a middle-market alternative asset manager, announced it has completed the previously announced acquisition of Insurity, Inc., a software platform for the property & casualty insurance industry. Travis Pearson, Sendil Rajendran, Sean Turner and John Wang from GI Partners will join Insurity’s board of directors. Headquartered in Hartford, CT, Insurity provides policy administration, claims, billing and data analytics software to more than 200 insurance clients. Insurity was founded in 1985 and deploys its policy administration software and full-service solutions to P&C markets, including global, national, regional insurance carriers, brokers, large MGAs, and municipalities and government entities, among others.
National insurance brokerage Risk Strategies announced it has acquired Reiff & Associates, a full-service brokerage firm focused on risk and insurance for companies in the entertainment industry. Terms of the deal were not disclosed. Founded in 1983 and based in New York City, Reiff & Associates provides customized risk management and insurance solutions for theater, television, film and media production, staging and rigging, live music, and special events. Notable recent client productions include musicals Hamilton and Hello Dolly.
Everest Insurance announced the release of their new Everest Elevation REIT Management Liability Policy (Everest Elevation), which provides management liability coverage for real estate investment trusts (REITs). The Financial Lines group at Everest Insurance offers industry-specific management liability insurance on a primary and excess basis.
Global consulting firm J.S. Held has acquired Werlinger & Associates (Werlinger). Werlinger is an equipment consulting firm recognized for their expertise evaluating equipment damage, analyzing repair versus replacement, determining actual cash value and replacement cost value, developing recovery solutions, and providing expert witness and litigation support. Werlinger was founded in 1978 and delivers support to the insurance and legal communities.
PetFirst Pet Insurance has partnered with the Veterinary Medical Association Executives. The strategic partnership was announced at the VMAE conference, which was held August 2-3 in Washington, D.C., and featured speakers and panel discussions highlighting issues facing the veterinary industry, from opioid use in pet care to business models for veterinary practices.
U.S. Risk, LLC, a P&C wholesaler and MGA, announced it has acquired U.S. E&O Brokers (U.S. E&O), a wholesale broker and MGA focused on delivering professional lines coverage for insurance agents. U.S. E&O is headquartered in Houston, Texas, with additional locations in Connecticut, Colorado and New Mexico. The U.S. E&O team will join U.S. Risk Underwriters, the specialty programs division of U.S. Risk. Terms of the transaction were not disclosed.
Starr Wright Insurance Agency, Inc. (Starr Wright USA), a division of Starr Insurance Companies, announced a new distribution channel for Starr Insurance Companies’ Defense Base Act insurance coverage, specifically to serve the needs of small federal government contractors. The coverage includes statutory federal workers’ compensation and employers’ liability insurance for contractors working abroad and can be purchased directly through the website.
Baldwin Risk Partners (BRP), a Tampa, Florida-based insurance distribution holding company, announced its partnership with Foundation Insurance of Florida, a Boca Raton, Florida-based insurance agency. Foundation Insurance of Florida offers insurance lines ranging from home & auto to commercial, and has serviced more than 100,000 individuals and businesses since its inception in 2009. The partnership became effective on Thursday, August 1, 2019.
Hub International Limited (Hub), a leading global insurance brokerage, has acquired the assets of Truss, LLC (Truss). Terms of the transaction were not disclosed. Headquartered in Kansas City, Missouri, Truss has more than 40 years of commercial insurance expertise in the construction, transportation and healthcare industries, as well as expertise in employee benefits, risk management, surety bonds and HR solutions.