Around the P&C insurance industry: June 17, 2020
News from Worldwide Facilities, Certificial, Beazley and more.
Worldwide Facilities, wholesale insurance broker, managing general agent and program underwriter, acquired Royal Oak Underwriters, Inc., an excess and surplus lines insurance wholesaler based in Richmond, VA. The acquisition marks an expansion of Worldwide Facilities’ nationwide footprint and increases the wholesaler’s already diverse offerings.
Wright Specialty Insurance has introduced a new specialty insurance program with a wide range of property and casualty coverages and risk management services specifically designed for small-to-medium-sized municipalities and other government entities. “We created our first dollar, low deductible Municipality Insurance Program in conjunction with Munich Re Specialty Insurance, to help public entities manage the unique risks they face more effectively and cost-efficiently,” said Kevin Beer, president of Wright Specialty, in a statement. “It’s a comprehensive program that gives our brokers and agents a competitive market advantage and a convenient way to serve their public entity clients with outstanding insurance coverage.”
Arthur J. Gallagher & Co. announced the acquisition of Las Vegas-based CRES Insurance Services. Terms of the transaction were not disclosed. CRES designs, markets and services comprehensive errors & omissions insurance and risk management services to real estate firms and professionals across the United States, particularly in the Southwest. The CRES team will continue to operate from their current locations in Las Vegas and San Diego under the direction of Kevin Garvin, head of Gallagher’s North American Affinity operations.
Certificial announced that it has reached a licensing agreement with AM Best. Launched in September 2019, Certificial allows insurance requestors, brokers, carriers and insureds to interact on a single platform, reducing operational expenses by fully digitizing and streamlining the process of verifying and submitting certificates of insurance.
Willis Towers Watson announced the launch of the Homestead Insurance Company Incorporated Cell, a group captive solution designed for upper middle-market companies. Homestead will reinsure The Hartford, which will issue admitted insurance policies to members selected for this group program. The program will provide companies a better and more cost-efficient way to purchase insurance over a five-to-10-year period while eliminating the peaks and valleys of the standard market and giving members ownership of their underwriting profit otherwise retained by an insurance company.
Beazley has launched a new occurrence media liability policy that provides professional indemnity cover written on an occurrence basis. The coverage focuses on defamation, libel & slander and infringement of copyright & trademark and includes a raft of other content-related exposures. In addition, the policy includes unintentional breach of contract with a client, and mitigation costs to minimize claims escalation. The policy also provides optional coverage for technology errors & omissions; information security and privacy; and bodily injury or property damage arising out of the publication of content.
Nationwide announced a $1 million, multi-year commitment to support local and national programs dedicated to fostering social justice. The multi-year commitment is in addition to Nationwide’s commitments to support diversity initiatives aimed at addressing economic empowerment, education and housing — all core issues at the heart of systemic racism.
Genstar Capital announced that it has exited its remaining stake in specialty property insurer Palomar Holdings.