Hub International Limited (Hub) has acquired Hamman–Miller–Beauchamp–Deeble, Inc. d/b/a HMBD Insurance Services, Inc. (HMBD), a full-service insurance agency located in Long Beach, California that provides multi-line insurance solutions, including personal, commercial and employee benefits products. Terms of the transaction were not disclosed.
Berkley Construction Professional introduced Faulty Workmanship Liability Coverage, a new product that aims to cover a gap in Commercial General Liability (CGL) coverage. The policy covers property damage that arises from faulty workmanship and addresses elements of property damage that are expressly excluded from Berkely’s ISO CGL policy. Coverage is triggered by a third-party faulty workmanship claim against the policyholder; however, the claim does not have to allege negligence. The Faulty Workmanship Liability coverage is a separate and independent insuring agreement added to the Berkley Construction Professional Perform policy. Coverage terms include limits/sublimits of up to $2 million.
MRI Software (MRI), a real estate software solutions provider, announced that it has acquired Multifamily Insurance Partners. MRI says the acquisition and the new offering, MRI Multifamily Insurance, will enable property owners and operators to close insurance gaps and minimize loss by implementing resident insurance compliance programs for apartment renters.
Hippo announced the launch of its new protective home maintenance services for customers, created and supported by its acquisition of Sheltr. Sheltr is a home maintenance service provider that takes preventative measures through home wellness checkups to help customers protect their homes and assets and avoid costly repairs and claims.
A new report from GlobalData indicates that the general insurance business in Thailand is projected to grow from $7.7 billion (THB247.6 billion) in 2018 to $9.1 billion (THB285.5 billion) in 2023. GlobalData’s report, “Thailand General Insurance: Key Trends and Opportunities to 2023,” reveals that gross written premium in Thailand’s general insurance market registered a compound annual growth rate (CAGR) of 3.1% between 2014 and 2018. Motor, property and personal accident and health together accounted for more than 90% share in 2018. Motor insurance held the largest share at 55.5% and is a growth driver.
The National Association of Mutual Insurance Companies (NAMIC) released a statement applauding efforts by the U.S. Treasury, the Federal Reserve, and the National Association of Insurance Commissioners at the International Association of Insurance Supervisors Annual Conference in Abu Dhabi to protect America’s state-based insurance marketplaces and regulatory structure. The IAIS agreed to enter a monitoring period for its global Insurance Capital Standards but did not formally adopt implementation.
Arthur J. Gallagher & Co. announced that its captive and alternative risk transfer solutions subsidiary, Artex Risk Solutions, Inc., has completed its purchase of Bermuda-based Horseshoe Insurance Services Holdings Ltd.
Metro Atlanta-based insurance agency InsuranceHub hosted a food drive to benefit families that North Gwinnett Co-Operative Ministries supports in Georgia, collecting over 1,000 pounds of non-perishable food items. InsuranceHub team members shopped for and collected non-perishable food items to pack into boxes for delivery to the North Gwinnett Co-Operative Ministries, a faith-based organization that provides food, clothing, utility and prescription medication assistance to families in need in the Buford, Suwanee and Sugar Hill areas. Included among them are senior citizens on fixed incomes, families with lost or reduced income, and families who recently lost their homes. The largest demographic the Co-Op aids is children. Its hunger relief programs served 16,755 people in 2018.