Around the P&C insurance industry: May 13, 2020
News from Mercury Insurance, IMA Financial Group, FM Global and more.
Mercury Insurance announced that the company is sponsoring four artists to bring live performances to fans and music lovers. Music — both performing and listening to it — can be therapeutic and a welcome distraction from a life spent entirely at home, which is the current reality for the majority of Americans. The Mercury Insurance Concert Series kicked off on May 8, 2020, and fans can watch the performances by visiting www.mercuryinsurance.com/MICS. Featured musicians for the Mercury Insurance Concert Series include:
- Jordan Rudess
- Chord Overstreet
- Flo Chase
- Emily Coupe
IMA Financial Group completed its acquisition of ESS NexTier Insurance Group, a similarly structured practice with four offices throughout Pennsylvania. The acquisition expands IMA’s energy practice by adding natural gas capabilities to IMA’s existing expertise including onshore and offshore operations and international exploration.
Progressive Insurance announced that it has committed $46 million in advances and donations to provide additional support to independent agents during the COVID-19 pandemic. Progressive’s Extraordinary Payout Advance includes more than $43 million in bonus advance opportunities to provide early access to revenue that partner agencies may need to power through an uncertain business environment. Progressive Platinum, Priority, and other eligible agents can opt-in to receive an interest-free advance on their 2020 Performance Bonus payout, helping ease liquidity concerns due to the current pandemic. Funds will be accessible starting in May 2020.
FM Global is making pandemic relief donations totaling $1 million worldwide in the communities where its employees work and live. The company will contribute $50,000 to local nonprofit organizations chosen by each of FM Global’s 20 operations offices around the world. Additionally, for all personal contributions made by FM Global employees and retirees to COVID-19 relief efforts, the company will double match each donation.
Sentry Insurance Foundation announced that it is donating $200,000 to Maui United Way as part of a $1.07 million commitment to organizations across the country for coronavirus relief support. The mutual insurer’s efforts are focused on making a direct impact at the community level, with donations to local United Way organizations across the country, as well as making contributions in honor of customers who have adjusted their operations in response to the changing needs of the country.
Hub International Limited has acquired the employee benefits division of The Healy Group Inc. (Healy Benefits). Terms of the transaction were not disclosed. Based in South Bend, Indiana, Healy Benefits provides employee benefits solutions, including benefits communications, workplace-wellness plans and risk management seminars. The Healy Group’s Tony Nyers and Chris Rowland, owners and risk management advisors, and Alicia Webber, benefits advisor, along with their experienced staff, will be joining Hub Midwest East.