Around the P&C insurance industry: January 6, 2020
News from One80 Intermediaries, BMS Group, InsurTech NY and more.
A group of reinsurance companies located in the Cayman Islands formed a industry group, the Cayman International Reinsurance Companies Association.
Arthur J. Gallagher & Co. acquired Florida-based Harden & Associates, Inc. Terms of the transaction were not disclosed. Harden is a full-service insurance broker headquartered in Jacksonville, Fla., with offices in Amelia Island and Tampa. It offers retail property & casualty, employee benefits and related services to businesses and individuals primarily in Florida, with a particular focus on the healthcare, real estate and construction industries.
One80 Intermediaries, a national wholesale broker, program manager, third-party administration and insurance aggregator headquartered in Boston acquired Brokers’ Risk and its operating entities. Brokers’ Risk is a Chicago-based Managing General Underwriter that specializes in developing and managing insurance and risk management programs. Terms of the deal were not disclosed.
Cohen Ziffer Frenchman & McKenna opened with more than 20 lawyers and staff, many of whom have worked together for more than 20 years at litigation firms, recovering billions of dollars for policyholder clients and securing landmark judicial rulings. The firm will be based in New York and expects more lawyers to join in the coming months.
BMS Group launched an Asia broking operation, headquartered in Singapore and with proposed operations in Hong Kong pending regulatory approval. BMS Asia will initially focus on M&A insurance broking, enhancing the group’s existing capabilities in that class of business in London, Canada and Australia.
InsurTech NY opened the application window for their annual 2021 InsurTech Early-Stage Competition (www.insurtechny.com/competition). The competition will award $200,000 in prizes to three winning teams. Top teams will have the opportunity to present their business to a panel of judges at the InsurTech Spring Conference held March 10-11, co-hosted by InsurTech NY and InsurTech Hartford. Judges for the competition will be evaluating startups for potential investment or pilot opportunities. They comprise angel investors, venture capitalists and insurance carriers, including New York Angels, Park City Angels, Anthemis, Sure Ventures, Transverse, Nationwide, GreenlightRe and Grange Insurance.
Charles Taylor acquired Aegis Corporation, a Wisconsin-based leader in mutual management and third-party claims administration. This acquisition, the third in the past six months, is an integral part of Charles Taylor’s U.S. expansion strategy, specifically strengthening the firm’s position in the U.S. mutual management and public entity markets.
Related: Around the P&C insurance industry: December 23, 2020