Around the P&C insurance industry: September 11, 2019
News from CNA, AXA XL, Next Insurance and more.
Wholesale insurance broker All Risks, Ltd. announced the addition of New York state to QuickHome’s online residential flood quoting platform. This residential flood product is powered by Neptune Flood and boasts a quick sales process, advertising that personal flood coverage can be purchased online in three minutes or less. With the addition of New York, this product is available in 32 states with a variety of coverage options for homeowners.
CNA launched its next-generation modular management liability policy, Epack 3, designed to be customized for a wide range of businesses and non-profit organizations. Epack 3’s initial launch offers six optional coverage parts: Directors and Officers Liability, Employment Practices Liability, Fiduciary Liability, Crime, Kidnap Ransom and Extortion, and Non-Profit Directors and Officers Liability. The policy is now available in 43 states. It is available for new business quotes today and renewal business for phase one coverage parts in December.
AXA XL has launched a local Captive Practice to address growing demand for captive and alternative risk transfer expertise in Canada. The Captive Practice will be led by expert Alonso Y. Tello, who will oversee operations of AXA XL’s captive business in Canada. In his new role, Tello will provide technical support across business lines in structuring global captive programs, ensure global programs are in compliance and following best practices, and work with AXA XL clients and broking partners to develop new and innovative captive products.
Insurtechs Next Gear Solutions and Accurence announced a merger of the two companies. Accurence — provider of SettleAssist, QualityAssist, ScopeAssist, and National Water Prime products — joins Next Gear and their software suite of DASH, MICA, LuxorCRM, and Moisture Mapper. In announcing the merger, Garret Gray, CEO of Next Gear Solutions, said one of their primary goals is to reduce the number of apps contractors have to learn by integrating these specialized systems into a simplified user experience. In a statement, Gray said, “This is an exciting moment for both companies. Jake Labrie co-founded Accurence, assembled a great team, and built very innovative solutions for claims stakeholders over the years. We’re excited to join forces with him and his team to create the most dynamic, proficient, and customer-focused team in the industry.”
Seeking to strengthen their wildfire coverage, Burns & Wilcox announced an exclusive partnership with Wildfire Defense Systems, Inc. (WDS) to provide WDS’ full suite of wildfire prevention and mitigation services to homeowners. WDS is a private-sector wildfire service concentrating in wildfire education, loss prevention and response services. WDS monitors wildfires across the U.S. to determine if specific properties are, or will be, threatened. If a property is threatened, this service allows WDS to respond to the home with qualified resources and personnel to provide potentially home-saving services. Services will be available on eligible surplus lines homeowners’ policies in the following high-risk areas: California, Nevada, Utah, Colorado, Arizona, Washington, Oregon, Idaho, Montana and Wyoming.
Sedgwick announced the completion of its purchase of York Risk Services Group, a provider of claims administration, managed care, specialized loss adjusting, pool administration and loss control solutions. The purchase was first announced in July. With York’s 5,000 employees joining Sedgwick, the company now employs a workforce of 27,000 across 65 countries.
Capitol Indemnity Corporation, a wholly-owned subsidiary of CapSpecialty, Inc. (CapSpecialty), has acquired the renewal rights to Maxum Specialty Insurance Group’s lawyer’s professional liability insurance book of business. In conjunction with the transaction, Joseph Labieniec and two additional employees have agreed to join CapSpecialty’s professional liability team. CapSpecialty is an indirect wholly-owned subsidiary of Alleghany Corporation. Financial terms of the transaction were not disclosed.
Western Security Surplus (WSS), part of the XPT Group, a specialty insurance distribution company, has acquired Klein & Costa Insurance Services (K&C). K&C was founded in Santa Ana, Calif., in 1990 by Clarence Costa and Jim Klein. K&C’s primary focus is on small to medium specialty property & casualty risks within Southern California. Costa will continue to lead the office and this expansion of WSS into Orange County.
Next Insurance, a digital insurance company catering to business owners, announced the launch of Next for Agents. The new platform allows independent agents to quickly quote and sell Next Insurance policies — including general liability, professional liability and commercial auto insurance — through the company’s agent portal or through independent agent platforms. Next for Agents has been in beta phase since April 2019 and is currently being used by roughly 3,000 agents. The portal enables agents to access and sell tailored policies for over 1,000 classes of business throughout the US.
Worldwide Facilities, a national wholesale insurance broker, managing general agent and program underwriter, has closed the previously announced investment by Genstar Capital, a San Francisco based private equity firm. As part of the transaction, Lovell Minnick Partners is divesting its investment in Worldwide Facilities following 4 years of unprecedented growth by the Company. The financial terms of the private investment were not disclosed.
West coast-based The Liberty Company Insurance Brokers announced a partnership with Moody Insurance Group of Ft. Lauderdale, Fla., marking Liberty’s first venture outside of California. Established in 1992, Moody Insurance Group is a South Florida-based agency specializing in business, marine, aviation, and personal insurance for the entire Southeast.
At the RIMS Canada Conference, RIMS Ontario Chapter (ORIMS) presented the Donald M. Stuart Award to Jim Swanson, Director, Insurance and Risk Management for the Province of Manitoba. Since 1979, the annual award has celebrated Canadians who have made outstanding contributions to the risk management profession. ORIMS says during his 30-year career at Manitoba, Swanson played a critical role in the development of insurance and risk management policies for its 12 departments and 39 agencies, and his contributions led to the development and implementation of enterprise risk management practices, as well as the creation of an adaptable Business Continuity Plan and Fraud Reporting and Prevention Policy. Additionally, during his tenure, he built one of the most comprehensive centralized records of physical assets held by any Provincial government in Canada.
“In addition to his remarkable achievements with the Province, Jim Swanson continues to generously donate his time and experiences to help advance the profession,” ORIMS President Valerie Fox said in a statement. “Jim is a tremendous RIMS Canada Council volunteer, a mentor to so many up-and-coming risk professionals and a role model for us all. The RIMS Ontario Chapter is proud to recognize his career.”
Rigid Bits became the newest company partner of the Independent Insurance Agents & Brokers of America’s Agents Council for Technology (ACT). ACT was established in January 1999 by the Independent Insurance Agents & Brokers of America (the Big “I”) to provide a candid, action-oriented forum to address the critical workflow and technology issues facing the independent agency system. ACT says as a leading cybersecurity consultant, Rigid Bits will bring expertise and resources to ACT and its members to help work on the cybersecurity challenges facing independent agents and brokers.
Kaplansky Insurance, a provider of personal and commercial insurance products, has acquired John C. Gallagher Insurance, both based in the Northeast. Gallagher Insurance has catered to personal lines clients in the Boston area for over 50 years.