Karen Clark & Company (KCC) announced that Guy Carpenter & Company has licensed the full suite of KCC catastrophe models and risk management applications. Guy Carpenter is the first intermediary to obtain access to RiskInsight® and its unique risk metrics and capabilities.
“Our partnership with KCC represents a meaningful step-change in giving our clients choice as they consider and embrace a different future,” Rob Bentley, CEO, Guy Carpenter Strategic Advisory said in a statement. “[KCC's] suite of natural peril models, software, visualizations and scientific approaches will enable our clients to confidently make important and transparent business decisions across a breadth of underwriting, portfolio management, and risk transfer use cases.”
USI Insurance Services announced the acquisition of Fort Worth, Texas-based Forté Benefits, a full-service employee benefit broker-consulting firm. All of the agency’s employees and four partners, Logan Dickinson, Jeff Farmer, David Farrell and Bill Hester, will be joining USI. Terms of the transaction were not disclosed.
Blackboard Insurance announced the approval of its commercial insurance package in Virginia, bringing capabilities to middle-market customers in 47 states and territories. Blackboard’s commercial insurance package includes property, general liability, auto, and umbrella across the manufacturing, real estate, retail, wholesale and services industries.
Reliance Global Group, Inc. announced it has formed a strategic partnership with licensed digital insurance agency Nsure, Inc. Reliance also announced it has consummated a $1 million direct investment said to be the first in a series of planned investments that are expected to total $20 million, at which time, Reliance Global Group would own 35% of Nsure.com with an option to acquire an additional 5%, bringing the total to 40% of Nsure.com. In connection with the strategic partnership, Nsure.com will provide back-end support for Reliance’s agency business intended to drive significant efficiencies and cost reductions. Nsure.com currently operates within the state of Florida with plans to expand nationwide through the strategic partnership with RELI.
Garnet Underwriting Managers (GUM), the managing general underwriter assigned to manage Garnet Casualty Insurance Corporation, has signed its first managing general agent, Conway E&S of Warrendale, Penn. The casualty insurance group has also announced plans to launch new insurance products and provide exclusive offerings to partners in the National Cannabis Risk Management Association (NCRMA) and its appointed broker program. This program was launched by the NCRMA to provide its members access to qualified and vetted cannabis insurance agents able to meet their risk management needs and objectives. There are currently 15 such appointed brokers in the program, with several others under review. The non-profit is holding its first conference, NCRMA2020, March 22-24 at Bally’s in Las Vegas.
The North Dakota Insurance Department and Insurance Commissioner Jon Godfread introduced a new data solution to insurance professionals called Insurance Data Link (openIDL), governed by AAIS, a statistical agent and advisory organization, on IBM Blockchain. The openIDL is the first blockchain platform that enables efficient and secure sharing of statistical data like policy count, premium volume, claims and loss experience data. The Department says the platform is intended to help gather statistical reporting from North Dakota insurance carriers leveraging blockchain technology.
Neptune Flood, an all-digital, online flood insurance company, announced it has launched in Louisiana — its 39th state and the second-largest market for flood insurance in the United States. Neptune’s flood insurance policies are sold by agents directly online, and the insurer boasts its Triton risk selection and pricing engine allows for a two-minute process for buying flood insurance with no elevation certificate required.