Around the P&C insurance industry: October 14, 2020
News from Burns & Wilcox, Chubb, NFP, The Zebra and more.
In a new collaboration, Burns & Wilcox and Node International have launched Cyberman365, a product line that mitigates personal cyber risks for individuals, families and homes. Cyberman365 provides personal cyber protection for the entire household, including individuals, children, and home network devices, through two digital wellbeing products: IDNotify and Homesafe.
Blackstone Group, Inc. and Fairfax Financial Holdings, Ltd. invested $500 million in an algorithm-driven insurance syndicate at Lloyd’s of London, according to a recent statement. The deal will fund the expansion of the business, called Ki, to be launched before the end of this year by Fairfax-owned Brit Insurance Holdings.
National Insurance Crime Bureau and AARP Fraud Watch Network joined forces to combat insurance crime. NICB President and CEO David Glawe and Director of AARP Fraud Watch Network Kathy Stokes discussed the need for a strong, collaborative relationship between the two organizations. Ultimately, it is the goal of both NICB and the AARP Fraud Watch Network to help protect people, and in particular the 50+ from insurance scams and fraud.
BDO USA partnered with Quantum Global Advisors, LLC, an international insurance claim and valuation consulting practice. The combination is subject to customary closing conditions and is expected to be completed on October 16. This expansion positions BDO USA as a top Forensic Investigations and Litigation Support practice in the market, with a complete portfolio of personalized claims services.
Chubb announced it has launched a cyber product to protect individuals and their families in the digital world. Chubb’s Personal Cyber Insurance will be available only through Chubb partner businesses such as Financial Institutions, Retailers, Employee Benefits, Payment Providers or Mobile Network Operators.
NFP acquired Santa Maria & Company in a transaction that closed effective August 1, 2020. SM&C, a P&C broker located in Walnut Creek, California, supports clients across Northern California, providing sophisticated P&C capabilities, including risk management consulting and commercial insurance solutions. Craig Santa Maria, a principal and co-founder of the firm, will join NFP as a senior vice president and report to Doug Turk, regional managing director of NFP’s West region.
Pathpoint launched as the insurance industry’s first digital wholesale distributor built from the ground up. The company connects retail agents and E&S carriers through its proprietary platform built to quote and bind excess & surplus lines coverage. With efficiencies gained from the technology, Pathpoint distributes E&S products at a lower cost than other wholesalers.
Aquiline Capital Partners merged with Insurance Claims Management, Inc., which operates under the CodeBlue brand, and FV Holdings, LLC dba MADSKY Managed Repair Program. Company reps say the merger brings together two industry-leading providers to offer a “unique and unified interior and exterior emergency services and direct repair capability.” Hunter Powell, currently CEO of MADSKY, will become CEO of the combined business.
Roark Capital has acquired ServiceMaster Brands, a provider of residential and commercial restoration and cleaning services that operates a network of over 1,850 franchisees through its portfolio of five brands in 50 states and nine countries.
Aon plc has partnered with Goldman Sachs to create an investment service specifically for captive insurers. Reps say the goal of this product is to help captive insurers ”identify and access appropriate, high-quality and yield-enhancing investments” by combining Aon’s fund research and execution services with a specially tailored investment platform provided by Goldman Sachs and its Liquidity Solutions Portal, Mosaic. Together, reps say the new service offers a one-stop-shop for captives to manage their assets, from trading Aon-rated funds and viewing daily portfolio information, to automated reporting. Following a launch in Ireland, Aon plans to make the service available in other markets globally.
The Zebra achieved profitability on the heels of February’s $43.5 million Series C fundraise, led by repeat investor Accel. In addition, the company is nearing a $1 billion run rate. The company is also announcing the homeowners’ comparison product, which soft-launched late last year and now has more than 90,000 users. This product joins The Zebra’s flagship auto insurance comparison product, which serves more than 4 million customers annually.
Brightway, The Craig Agency in St. Petersburg, Fla., donated $1,025 to St. Petersburg Free Clinic. In a statement, Hope Woodson, Health Center Program Director, said last month that the Free Clinic experienced its busiest month with approximately 100 dental visits, 59 of which were new patients. “The generous support of Dr. Craig and Brightway, The Craig Agency will enable us to provide additional supplies for our patients,” Woodson said. “We are grateful not only for this support but for the volunteer service Dr. Craig has provided throughout the years to the Free Clinic Dental Center.”