Around the P&C insurance industry: March 10, 2021
News from McGowan Companies, AmWINS Group, CRC Group and more.
McGowan Companies acquired the assets of the Couch Braunsdorf Insurance Group, Inc. (CBIG). The acquired firm’s wholesale division will be re-branded under the McGowan brand. CBIG’s wholesale division specializes in writing lawyers professional liability. CBIG administers multiple, exclusive LPL programs through carriers rated “A” or better by AM Best.
CNA announced the launch of CNA CyberPrep, a proactive program of cyber risk services designed to help companies take a holistic approach to cyber threats, aiding CNA cyber policyholders in threat identification, mitigation and response. CNA CyberPrep is the latest addition to CNA’s broad suite of market-leading cyber liability insurance products and risk control resources.
Sierra Specialty announces its agri-business program now available in all 50 states. This program will target a wide range of business classes, including pesticide & herbicide spraying services, farm consultants & managers, farm labor contractors, landscaping services for lawn and garden, and tree trimming and pruning. Available coverages include general liability, professional liability, excess liability and inland marine, with limits up to $5 million. These can be packaged or written monoline.
Azuga extended its investment in the InsurTech space by combining forces with Mobikit, an insurance data science and analytics company based in Columbus, Ohio. The acquisition delivers a new SaaS platform to accelerate the benefits and insights telematics, AI, video and vehicle data offers carriers, MGAs, brokers and other insurance providers.
RIMS presented 36 students with a 2021 Anita Benedetti Student Involvement Program grant. The program, sponsored by The Spencer Educational Foundation, recognizes the achievements of outstanding undergraduate and graduate risk management and insurance students. This year, the students will receive complimentary registration to the all-virtual RIMS LIVE 2021 conference scheduled for April 19–30, as well as one RIMS-CRMP certification prep-course and an exam.
Fundación MAPFRE Social Innovation Awards seek to recognize commitment, generosity and solidarity by rewarding individuals and institutions around the world that have undertaken outstanding scientific, cultural or social actions that benefit society. Applications will be accepted through May 31, 2021. The awards total 30,000 euros (approx. $35,000) in each of the four categories described below:
- José Manuel Martínez Martínez Lifetime Achievement Award
- Award for Best Social Trajectory of an Organization
- Award for the Best Project or Initiative given its social impact
- The tenth edition of the Julio Castelo Matrán International Insurance Award
Aviva Plc sold its Italian life and general insurance units to CNP Assurances and Allianz SE, respectively, for 873 million euros (approx. $1.03B). The transactions are part of the U.K. insurer’s efforts to pivot toward its core markets.
Hippo Enterprises Inc. entered into a definitive business agreement with Reinvent Technology Partners Z a special purpose acquisition company. Upon the closing of the transaction, the combined company will be publicly traded.
LexisNexis Risk Solutions announced the development of LexisNexis VINsights, a solution that will improve the total loss claims management process by reducing the time it takes to settle a claim. VINsights will deliver the information an adjuster needs in near real-time, including the registered owner name, titled owner name and lienholder data. Lienholder data includes lien payoff information, branded title status, and owed state taxes and fees.
AmWINS Group, Inc. acquired Worldwide Facilities, a wholesale broker in the U.S. The deal broadens AnWINS’ specialty capabilities and expands its footprint, especially on the West Coast, according to the acquiring firm.
The L.A. City Council recently passed a motion to evaluate prospective insurance companies based on their underwriting and investment in fossil fuels. According to a recent report, the City of L.A. is paying nearly $4 million in annual insurance premiums, many of which are going to insurance companies that are fossil fuel underwriters and investors. By taking a step to evaluate prospective insurers based on their fossil fuel business, L.A. becomes the largest city to adopt such a policy. The motion will now go to Mayor Eric Garcetti for signature.
DARAG acquired SunPoint Holdings Limited in Bermuda. SunPoint will be integrated into DARAG Bermuda Ltd. and will provide DARAG Bermuda with a platform for further expansion. SunPoint offered reinsurance and run-off solutions to U.S. and Bermuda insurers from 2017 to 2019.
Agency Revolution announced the addition of new capabilities to its SaaS-based insurance marketing automation platform, Fuse. These new capabilities are designed to increase marketing efficacy, improve business intelligence and streamline agency operations.
MarshBerry Connect Platform announced that German American Insurance, Inc. has joined its agency partnership platform. MarshBerry’s Connect Platform is a new category of independent distribution that helps insurance firms leverage scope, scale, resources and capabilities designed to differentiate their value proposition to clients.
Vesta Holdings acquired Summit Risk Advisors LLC. Vesta Holdings is a conglomerate of companies serving families across all aspects of planning. It was founded by Josh Coleman in 2008 as a single-family office to address the issues his own family faced following the success of their operating business.
Beazley launched a D&O product suite designed specifically for special purpose acquisition companies (SPAC). Beazley’s new D&O products for U.S.-domiciled SPACs offer dedicated coverage for either the individuals or the entity and individuals combined to provide greater transparency and clarity about insurance coverage. The specialized needs of SPACs have historically been met through endorsements to existing D&O coverages.
Fortegra launched Fortegra N.O.W. initiative, which offers various policy modifications to support work/life balance and pay equity, including unconscious bias training, education reimbursement and various mentoring programs. As part of the program, Fortegra’s CEO, Richard Kahlbaugh, organized a golf clinic for female employees to receive training from an LPGA tour professional to get acquainted with the sport and to provide them with equal access to a predominantly male-dominated venue where business is often discussed.
Applied Systems announced that they have closed their previously announced agreement to acquire EZLynx.
Arizona Department of Insurance approved AAIS’ cannabis businessowners policy. AAIS Member Golden Bear Insurance Company is the first carrier to bring the admitted product to the Arizona market. AAIS CannaBOP is a package policy that provides property and liability coverage for qualifying Arizona cannabis dispensaries, storage facilities, distributors, processors, manufacturers, and private cannabis testing facilities and laboratories.
CRC Group partnered with 5Star Specialty Programs, a CRC Group Company, and Pan-American Benefit Solutions, a division of Pan-American Life Insurance Group. This partnership will focus on offering workers’ compensation coverage for the trucking industry.