Around the P&C insurance industry: Mar. 18, 2020
News from Hub International Limited, Bold Penguin, IGI, ISC and more.
Hub International Limited (Hub), a leading global insurance brokerage, announced today that it has acquired the assets of Harris, Madden, Powell, Stallings & Brown, Inc. (HMP). Terms of the transaction were not disclosed.
Bold Penguin, the InsurTech platform that operates the world’s largest commercial insurance exchange, is unveiling an installation that brings the city of Hartford, Connecticut back to its roots as the country’s first hub of insurance providers. The installation is also a celebration of a major milestone for the InsurTech startup: the successful matching of 1 million small businesses with the right agents or carriers through its commercial insurance exchange. This makes Bold Penguin not just the largest exchange in Ohio or in North America, but in the universe, as reflected in the installation’s celestial design. This display will be revealed Friday, March 13 in an especially meaningful area of the Hartford Airport: the Arrivals tunnel that was previously dominated by ads for legacy insurance companies.
International General Insurance Holdings Limited (“IGI” or the “Company”) today announced that its Bermuda subsidiary, International General Insurance Company Ltd. (“IGI Bermuda”), has been granted provisional approval by the National Association of Insurance Commissioners (NAIC) to begin writing U.S. excess and surplus (“E&S”) lines business effective April 1, 2020, pending execution of the IGI Bermuda U.S. E&S lines trust agreement which is currently in progress.
Integrated Specialty Coverages (“ISC” or “The Company”), a General Agent that builds end-to-end insurance products, has acquired Access Partners Insurance Services, LLC (“Access Partners”), a multi-line wholesale broker. ISC is backed by affiliates of Two Sigma’s Sightway Capital. Terms of the transaction were not disclosed.
The National Council on Compensation Insurance (NCCI) announced that the sponsor of its Annual Issues Symposium (AIS) 2020 golf tournament will be Guy Carpenter for the second consecutive year. Supporting Kids’ Chance of America, NCCI’s AIS 2020 golf tournament will be held on Monday, May 11, at the Ritz-Carlton Golf Club, Grande Lakes, in Orlando. More on the tournament and the full AIS agenda can be found on ncci.com.