Around the P&C insurance industry: September 25, 2019

International commercial property insurer FM Global has announced a partnership with the Indonesian Fire & Rescue Foundation (IFRF) that aims to improve property protection and resilience against fire events in Indonesia. Indonesia ranks 101 out of 130 countries and territories for ‘fire risk quality’ in FM Global’s 2019 Resilience Index, which annually measures the resilience of countries’ business environments. Under the agreement, FM Global will translate its fire- and sprinkler-related Property Loss Prevention Data Sheets into Bahasa, Indonesia for distribution by the IFRF across Indonesia’s national fire services network. The data sheets include the company’s property loss prevention engineering guidelines.

The initiative gives Indonesian fire professionals access to FM Global’s extensive knowledge of fire-based loss prevention that includes unique solutions to prevent, control and mitigate property losses through the application of sprinkler systems. The data sheets support the work of FM Global’s International Codes and Standards Group that engages with building and fire code organizations around the world to elevate the quality of fire codes and standards to help properties promote resilience. The IFRF is arranging accreditation and certification for the national training body for fire and life safety management for Fire Safety Managers. It is also responsible for training, international certification and standards adoption in cooperation with the Indonesia Fire Services Association, which represents 582 fire chiefs and their respective fire services with approximately 36,000 members.

Selective Insurance Company of America announced it is working with Gradifi, a leading student loan employee benefits provider, to support employees who have student loan debt. Through Selective’s new Student Loan Repayment Assistance Program, Selective will make monthly $100 payments, up to $6,000, toward student loan debt for eligible employees who obtained an undergraduate degree within the last five years. In addition, student loan refinancing opportunities are available through Gradifi Refi to help employees take advantage of dropping interest rates and alleviate the burden of student loan debt. Selective will also offer employees to enroll in the company’s Student Loan Repayment Assistance program, Employee Stock Purchase Program and retirement savings plan program.

JGS Insurance (Jacobson, Goldfarb & Scott, Inc.) announced the acquisition of the John Manougian Insurance Agency (JMI) located in Silver Spring, Maryland, adding to their growth efforts in the mid-Atlantic. Founder John Manougian will remain as a consultant, while Chris Manougian and Robin Manougian and the rest of the staff will continue to operate from the agency’s Silver Spring office. JMI currently serves the needs of more than 600 community associations throughout the metro-D.C. area.

Risk Strategies, a privately held national insurance brokerage and risk management firm, announced the acquisition of Pro Safety Services, LLC, a safety and loss control services provider serving construction companies, builders, and other industries. Terms of the deal were not disclosed. Founded in 1999 by its current president John McCarthy, Pro Safety Services offers safety programs and services that help clients protect physical assets and earnings by identifying and managing risks. The company’s service offerings include full-time site safety management, loss control, training, periodic audits, and safety management program development, among others.

Specialist insurer Beazley has launched a comprehensive policy covering infringements of Title IX, the federal law prohibiting discrimination based on sex in any public education program. The policy provides coverage for employment practices liability (EPL) and sexual misconduct & molestation liability (SML) for educational institutions in the US that receive federal funding. The cover provides EPL and SML limits of up to $10 million.

AmTrust E&S Insurance Services, a wholly-owned subsidiary of AmTrust Financial Services, Inc., announced the launch of its Excess Casualty underwriting division. Based in Los Angeles, this new unit will expand the product offerings of AmTrust E&S, an excess and surplus underwriter of specialty insurance. The new business unit will write excess liability, both supported and unsupported in all 50 states, offering limits up to $25 million to small and medium-sized U.S. companies spanning a broad range of industries including manufacturing, contracting, habitational, hospitality, commercial real estate owners and operators, retail stores and wholesale distributors. Jeff Lynn will lead the new business unit, joining AmTrust from Everest Reinsurance, Los Angeles, where he served as Vice President, Excess Casualty Manager.

The Ryder Cup and Aon have announced a multi-year agreement establishing Aon as a Worldwide Partner of The Ryder Cup. Beginning in 2020, The Ryder Cup and Aon will introduce a multi-platform partnership that focuses on the risk-reward narrative and includes the introduction of a new award that celebrates the defining moments at the Ryder Cup. Aon’s partnership with The Ryder Cup includes the 2020 Ryder Cup at Whistling Straits in Kohler, Wisconsin; the 2022 Ryder Cup at Marco Simone Golf and Country Club in Rome, Italy; and the 2024 Ryder Cup at Bethpage Black in Farmingdale, New York.

Valen Analytics, an Insurity company, and provider of proprietary data, analytics and predictive modeling for P&C insurers, announced the launch of InsureRight Manage 2.0 — a new version of the portfolio management component of the company’s InsureRight Platform. Manage 2.0 combines historical, real-time and predictive data in order to generate insight on business performance in the present and future and enable insurers to improve their portfolio performance, Valen says. Manage 2.0 enables continuous access to insights on the portfolio health, performance and results of an analytics program. The new version allows users to begin with a high-level view of their portfolio, using key indicators and measures, and then get a more detailed view of hazard groups, geographies, underwriters, agents and individual policies, providing insights that could help improve portfolio performance.

Southern Fidelity Insurance Company, a regional insurance company, expanded into Mississippi earlier this year. The company brings nearly 15 years of experience to the market and seeks to grow its local team with experienced agents. Southern Fidelity’s financial rating is A, Exceptional and has more than $118 million in surplus.

Greenlight Re Innovations (GRI), part of Greenlight Capital Re, Ltd. (GLRE), a specialist property and casualty reinsurance company headquartered in the Cayman Islands, has announced an investment in Coterie Applications, Inc., a digital managing general underwriter focusing on the small and medium-sized enterprise (SME) commercial insurance market. Cincinnati-based Coterie offers API-based commercial insurance, and Greenlight Re provides risk management products and services to the insurance, reinsurance and other risk marketplaces.

Commenting on the investment, Greenlight Re Chief Executive Officer Simon Burton said in a statement, “The SME commercial space in the U.S. has not yet been effectively streamlined by technology and digital distribution. We share Coterie’s belief that there are significant opportunities to target customers with insurance products distributed via the platforms they already use.”

Arthur J. Gallagher & Co. (AJG) announced the acquisition of Pittsburgh-based Allied Insurance Brokers and its subsidiary, Ascinsure Specialty Risk. Terms of the transaction were not disclosed. Founded in 1982, Allied Insurance Brokers specializes in offering insurance and risk management services to crane, scaffold and equipment dealers and nonprofit social services organizations in Western Pennsylvania. Ascinsure is a program underwriting manager for the crane and scaffold industries.

AJG has also acquired Powell, Ohio-based Andrew Insurance Associates, Inc, a full-service insurance agency serving clients throughout the Midwest. It has a commercial niche focus on schools, hotels and grocery stores. Terms of the transaction were not disclosed.

Monarch E&S Insurance Services (Monarch), a division of SPG Insurance Solutions, a full-service MGA and wholesale broker, announced a refresh of its core brand. The rebrand focuses on the company’s continued expansion and coincides with the opening of a new branch in Florida. The Southeast branch will be run by Arthur Falconi and his team, formerly known as Agents Access Insurance. The Southeast team adds expertise in coastal wind exposures and provides retailers with access to best in class standard carriers, Monarch says.

The Certified Automotive Parts Association (CAPA), an independent non-profit standard-setting and certification organization for automotive crash parts, announced that its Technical Committee has approved the CAPA 801 Standard for the certification of automotive glass. The standard currently applies to windshields but may be expanded to include side and rear windows in the future. It contains requirements for materials, dimension and appearance.

The CAPA 801 standard is a response to the growing trend of Advanced Driver Assistance Systems (ADAS) being incorporated with automotive glass, and follows feedback from the collision repair industry regarding the quality of aftermarket automotive glass. The 801 Standard requires demonstrated compliance to applicable sections of Federal Motor Vehicle Safety Standard No. 205, Glazing Materials, as well as ADAS-related hardware, appearance, materials and dimensional requirements not addressed by the Federal standard, CAPA says.

Global insurance brokerage Hub International Limited (Hub) announced that it has acquired certain assets of WhartonHill Retirement Services, LLC, Strategic Planning Resources, Inc., and Karen McCloskey, collectively doing business as WhartonHill Advisors. Terms of the transaction were not disclosed. Located in Ft. Washington, Pennsylvania, WhartonHill Advisors is an institutional investment consulting and private wealth firm offering investment management, retirement plan expertise, investment fiduciary services, wealth management, financial and retirement services planning, and specialized executive benefit services. As of June 30, 2019, WhartonHill Advisors’ assets under advisement are in excess of $3 billion. WhartonHill Advisors principals Andrew DeGroat, John Wenz and Karen McCloskey join Hub as retirement plan and wealth management advisors.

The Liberty Company Insurance Brokers announced a partnership with M.B. McGowan & Associates of Novato, California. Established in 1999, M.B. McGowan & Associates is an independent insurance agency that works exclusively with surety bonds, largely for the construction industry.

Related: Around the P&C insurance industry: September 18, 2019