Around the P&C insurance industry: January 13, 2020
News from Hub International, Pathpoint, Betterview and more.
Hub International Limited acquired CAPAX Management and Insurance Services, Inc. Terms of the transaction were not disclosed. CAPAX is one of the largest locally owned insurance brokerage and employee benefits consulting organizations located in Central California. CAPAX provides multi-line insurance solutions, including personal and commercial, employee benefits products and risk management solutions for their clients. CAPAX’s expertise in bringing captive solutions to their clients and their focus on various industries, such as agribusiness, complements and strengthens Hub’s existing capabilities.
Hub International Limited also acquired certain assets of Christiansen Insurance Group, LLC. Terms of the transaction were not disclosed. Christiansen Insurance Group is a full-service insurance firm, specializing in property and casualty, personal insurance and employee benefits solutions. Ralph Christiansen, president of Christiansen Insurance Group, will join Hub Puerto Rico as senior executive vice president and report to region President and CEO Antonio Casellas.
Rhodes Risk Advisors, an Inc. 5000 independent insurance firm, acquired McEver & Tribble, an independent insurance agency also based in Atlanta. Combining the professional teams, risk management capabilities and insurance offerings of Rhodes and McEver & Tribble immediately expands the firm’s presence and middle-market growth in the Southeast and nationally. The acquisition was completed on December 31, 2020.
Karen Clark & Company announced the release of the KCC U.S. Winter Storm Reference Model. Using a physics-based modeling methodology, the new KCC model accurately captures winter storm loss potential from snow and ice, freezing temperatures and high winds.
Pathpoint launched access for independent retail agents to multiple cyber quotes from leading carriers through a single online application containing only nine underwriting questions. The new product removes significant friction from the process of buying cyber coverage by providing three innovative features, all made possible with Pathpoint’s technology. In addition to streamlining the underwriting question processes, it enables agents to access best-in-class international carriers, including surplus lines markets that aren’t traditionally accessible to retailers. Further, it uses a single standardized online application and question set that all underwriters accept, developed in collaboration with the world’s leading cyber carriers.
Insureon launched access to its proprietary technology through a new SaaS product called Insureon Accelerate. Insureon Accelerate enables brokers and agents to access the largest national carriers via a streamlined quote submission process. Insureon Accelerate makes it possible for insurance brokers and agents across the nation to tap into the $100 billion small- and medium-sized business market, enabling new revenue streams, creating operational efficiencies and increasing profitability.
Betterview introduced a prefill data service that helps insurers streamline the property policy quoting process. Betterview’s PropertyNow enables carriers to improve the speed and accuracy of the quoting process by providing pre-processed, up-to-date data of key property attributes, such as roof type, size and proximity of vegetation, for all locations across the entire United States.
Appalachian Underwriters, Inc. (AUI) announced its 25th Anniversary as one of the nation’s MGAs. AUI’s roots go back to 1976 and a small family-owned retail agency in East Tennessee. The firm is a full-service MGA and Wholesale Insurance Brokerage, providing independent agents a national outlet to multiple specialized markets for workers’ compensation, commercial specialty, and personal lines of insurance.
Berkshire Hathaway GUARD Insurance Companies announced it added Georgia and Utah to the list of states where the insurer offers its homeowners product. With these additions, the company now offers its personal line products in 22 states with plans for further expansion throughout the year.
One80 Intermediaries acquired Commercial Insurance Group, LLC and its affiliates; Strategic Insurance Agency, and Bigfoot Insurance. Commercial Insurance Group is a Colorado Springs, Colo.-based wholesale broker and MGA that specializes in California homeowners insurance as well as high risk property, casualty and package business. Terms of the deal were not disclosed.
ReSource Pro acquired two strategic advisory and management consulting firms focused on P&C Insurance, Strategy Meets Action (SMA) and The Nolan Company. The transactions were completed on Jan. 1, 2021. By acquiring these two firms, ReSource Pro is building on its strategy to deliver business transformation services and operational solutions to insurance organizations. SMA and Nolan are recognized thought leaders and are focused on pragmatic consulting and advisory approaches that enable insurance carrier transformation.
Aclaimant launched Aclaimant Insights, an artificial intelligence and predictive modeling solution designed to enhance the client experience by providing powerful suggestions and predictions, seamlessly incorporated into the Aclaimant platform.
GloveBox is the newest company partner of the Independent Insurance Agents & Brokers of America’s Agents Council for Technology. Through the GloveBox platform, independent agents can provide clients a seamless, self-service mobile and web platform connecting them to their agency and carriers.
Guardian Life announced a $1 million grant to NPower, a national nonprofit that provides free tech training to young adults and military veterans in underserved communities.
Cross Insurance partnered with Daigle & Travers Insurance of Fairfield County, Conn. The Daigle & Travers team of insurance experts offer more than 35 years of insurance expertise and extensive knowledge of top-of-the-line personal and commercial insurance for clients in New England, New York and nationwide.