Around the P&C insurance industry: April 7, 2021
News from Agency Revolution, QBE North America, K2 Insurance Services and more.
Agency Revolution partnered with Independent Insurance Agents & Brokers of America’s Agents Council for Technology. Agency Revolution, an FMG Suite company, serves independent insurance agencies with an automated marketing platform that helps to streamline their processes, enhance client relationships and grow their businesses.
777 Partners acquired Florida-based InsurTech Ensurem. The financial terms of the deal were not disclosed. This acquisition follows several years of significant growth at Ensurem, which has developed proprietary technology that simplifies the insurance-buying process, including a new beta “cyber agent” technology that uses AI to provide customer needs analyses, product selection and plan enrollment services.
FirstOnSite Restoration announced that eight North American sister companies from Canada, the U.S., and Puerto Rico have adopted the Canadian name and are moving to a new unified brand, First OnSite. The combined company has more than 80 branch locations across Canada and the U.S.
K2 Insurance Services, LLC has made an early-stage investment in Loss Run Pro, LLC, which claims to be the first company to market a subscription-based software that helps request, track and manage loss runs. K2′s investment and network will help LRP expand its carrier and broker distribution.
Brown Thayer Shedd Insurance Agency, a division of Cross Insurance, has rebranded as Cross Private Client Insurance. Brown Thayer Shedd, operating under the new name Cross Private Client Insurance, will become the flagship personal insurance advisory brand alongside Cross Insurance.
Risk Strategies acquired Specialty Insurance Solutions, expanding capabilities in its national student health practice. Founded in 2007 by its president, Paul Mayo, SIS offers specialty products and services primarily focused on comprehensive student health insurance programs, sport accident insurance, and student travel insurance.
QBE North America partnered with the nonprofit organization Leading Cities to launch the QBE AcceliCITY Urban Resilience Challenge for the third consecutive year. The global competition accelerates the growth of startup companies transforming cities worldwide.
Northwest Bank entered into a definitive agreement to sell its insurance business offered through Northwest Insurance Services to USI Insurance Services, one of the largest insurance brokerage and consulting firms in the world.
Marsh McLennan Agency LLC acquired Missoula, Montana-based PayneWest Insurance, one of the largest independent agencies in the US. Terms of the acquisition were not disclosed.
Corvus Insurance and Skyward Specialty announced a partnership to expand Corvus’s Smart Cargo + Cyber offering. The announcement comes on the heels of Corvus’ $100M Series C fundraising round, which brought the company to a $750 million valuation. The new partnership will expand Corvus’ AI-powered, data-driven strategy for ocean cargo by bringing its coverage to new industries and analyzing larger risks while also capitalizing on Skyward Specialty underwriting, risk analytics and technology expertise.
MyFloodInsurance.com is live for consumers, agents and real estate professionals. The updated site includes the ability to instantly receive quotes for not only single-family residences but also commercial properties, condo units, mobile homes and residential condominium building associations. Users can receive quote returns from multiple private flood insurance companies, as well as from the National Flood Insurance Program, administered by FEMA.
Rocket Referrals rolled out Sidecar, a new tool for independent insurance agents who use HawkSoft as their management system of choice. With Sidecar, agents can see an updated view of a customer in Rocket Referrals simultaneously as they are working on that client’s record in HawkSoft, regardless of the window they are viewing.