Around the P&C insurance industry: October 9, 2019

Jacobson, Goldfarb & Scott, Inc. (JGS Insurance) is celebrating its 100-year milestone this month.  JGS was established in 1919 as a privately-owned independent insurance agency and real estate firm by Isadore “Izzy” Jacobson and Morris Goldfarb from Perth Amboy. Today, as a provider of business and personal insurance, JGS Insurance is one of the largest independently owned agencies in New Jersey and is licensed in all 50 states. The two principal owners, Kenneth Hager and Vincent Hager, represent in excess of 40 carriers both national and regional. The company is based in Bell Works and operates 23,500 square feet of space with offices in Florida, Maryland and Connecticut.

The National Association of Professional Insurance Agents (PIA) has named Selective Insurance the recipient of its 2019 Company Award of Excellence. The presentation was made on September 20, 2019, at a gala ceremony held in conjunction with PIA’s Board of Directors meeting in Orlando, Fla. The PIA National Company Award of Excellence honors a company for its commitment to PIA, to the American Agency System and to furthering the interests of professional insurance agents by creating a better business environment.

Data breach protection provider Coronet announced a new partnership with Slice Labs, Inc., an on-demand insurance platform, to provide small to medium-sized businesses with on-demand cybersecurity insurance. Through the partnership, Slice will offer on-demand cyber insurance underwritten by an AXA XL insurance company, Indian Harbor Insurance Company, to Coronet’s 3.5 million small business customers. Slice and AXA XL launched a new cyber insurance policy specifically designed for small businesses through a partnership announced last year.

Louisiana Insurance Commissioner Jim Donelon approved a -3.6% rate reduction for Louisiana-based auto insurance provider GoAuto. “In a further example of the power of competition in the personal automotive insurance marketplace, I have approved a -3.6% rate reduction for GoAuto Insurance Company, which impacts more than 74,000 Louisiana drivers,” Donelon said in a statement. “These rate reductions by insurers, which serve a diverse cross-section of policyholders across Louisiana, will continue to provide relief to consumers.”

This reduction continues the ongoing trend of decreasing premiums by insurers that include State Farm, Progressive and Louisiana Farm Bureau. Taken together, these reductions will impact nearly 1.5 million Louisiana policyholders. The newly approved rates will be effective on October 7, 2019, for new policies and November 7, 2019, for renewals.

H.W. Kaufman Group announced the acquisition of Node International, a Managing General Agent with expertise in cyber-risk and technology-related insurance solutions. Node International joins the Kaufman global network of companies in London, marking the 20th acquisition by Kaufman since 2010. Node will join H.W. Kaufman Group London.

Risk Strategies, a privately held national insurance brokerage and risk management firm, announced the acquisition of Bedrick-Kaitz Agency, Inc. (BKA), a firm catering to high-net-worth individuals and businesses throughout the U.S. Terms of the deal were not revealed.

Convex Group, an international specialty insurer and reinsurer, announced that its U.K. insurance company, Convex Insurance UK Limited, has been added to the National Association of Insurance Commissioners (NAIC) Quarterly Listing of Alien Insurers. As of October 1, Convex is now able to write U.S. excess and surplus lines across the United States.

Insurtech startup TrustLayer (TrustLayer.io) announced the launch of an automated insurance verification platform. TrustLayer also announced a new partnership with residential construction network, Building Partnerships. The network is projected to construct over 160,000 homes this year alone, TrustLayer said in its announcement. Company reps say TrustLayer chose construction and real estate development as its initial market for the solution due to the amount of fraud surrounding insurance in the industry, as well as the prevalence of manual processes used to track insurance.

Generali Global Assistance has partnered with the National Cyber Security Alliance and several other organizations this October for National Cyber Security Awareness Month (NCSAM). NCSAM is dedicated to educating all online users on the need to be safer and more secure online in today’s highly connected world. In conjunction with NCSAM, Generali Global Assistance has planned several initiatives in the form of conference participation, informational content, educational seminars, and live Q&As with identity protection specialists throughout the month of October under NCSAM’s overarching theme: Own IT. Secure IT. Protect IT.

Atheria Law launched as a new firm of 35 attorneys with decades of experience in insurance and reinsurance law, including in the areas of professional liability and technology, privacy and cyber. Atheria Law was formed by attorneys and staff from global law firm Clyde & Co. The new firm is led by eight partners, half of whom are women, among its staff of professionals, which includes attorneys practicing in San Francisco, Los Angeles, Atlanta and New York. The founding partners are Bill Casey, Joan D’Ambrosio, Eric Moon, Christina Terplan, Julie Hawkinson, David Jordan, Christina Marshall and Jamison Narbaitz. Terplan will serve as Atheria Law’s president.

AmWINS Group, Inc., a global distributor of specialty insurance products and services, announced it has signed a definitive agreement to acquire Stealth Partner Group (Stealth), an Arizona-based, independent full-service general agent specializing in medical stop-loss insurance. In early 2020, Stealth will combine with Stop Loss Insurance Services (SLIS), an AmWINS Group company, to form a new general agency. Operating under the Stealth brand and led by Patricia Berridge and Harley Barnes, the combined firm will be part of AmWINS’ Group Benefits division.

Victor O. Schinnerer & Company, a Victor company and underwriting manager of specialty insurance, announced an expansion of its market-leading professional liability insurance program for architects and engineers (A&E). Brokers can now procure up to $35 million in coverage on behalf of qualified and eligible A&E clients with more than $10 million in annual revenue, including project-specific risks. Schinnerer has added an additional $15 million in capacity from Aspen Insurance to its existing $20 million program to meet the needs of large A&E firms in the U.S.

Petplan, a leading pet health insurance provider in North America, announced that the company has been acquired by Warburg Pincus, a global private equity firm focused on growth investing. Petplan representatives said the acquisition will provide the company with access to significant capital and resources to drive meaningful growth. Financial terms of the transaction were not disclosed. Petplan, headquartered in Newtown Square, Pa., provides pet health insurance to over 200,000 customers in the U.S. and Canada, and boasted a 15% growth in subscriptions last year.

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