Spencer Educational Foundation started its second annual comprehensive fundraising campaign, Funding Their Future, on Tuesday, June 15, 2021. Spencer’s Funding Their Future Campaign, which aims to raise $1 million, will honor Peter Garvey (EPIC Insurance Brokers and Consultants) and Mary Roth (RIMS) for their tremendous dedication to supporting the next generation of risk management and insurance professionals.
Certificial has completed an oversubscribed $5.8 million round of Series A funding. Investors include IA Capital, a New York-based private investment firm specializing in InsurTech and FinTech, as well as Nationwide, Cofounders Capital, Fin VC and Cameron Ventures.
Charles Taylor has created a new division aimed at providing pre-risk and post-loss environmental services. The new business will be known as Charles Taylor Environmental Technical Services and will be led by Kellie Vazquez, senior vice president of environmental technical services.
iBynd launched with BlinkSM by Chubb, a Chubb brand that provides personal cyber insurance coverage to consumers. The cyber insurance PlusSM, a proprietary platform created by iBynd, has integrated Blink’s personal cyber insurance as part of its suite of cyber protection products, representing a brand new focus on delivering “easy, effortless and affordable consumer insurance products,” according to the company.
Sedgwick, a global provider of technology‐enabled risk, benefits and integrated business solutions, acquired regional automotive appraisal companies Automotive Damage Appraisers of the Southwest and Metro Appraisal.
Embroker secured $100 million in Series C funding. The funding round was led by FTV Capital with additional investment from HSCM Bermuda and Gaingels. Embroker plans to utilize the new funding to expand the company into a full-stack InsurTech by building its own insurance carrier.
Towerstone acquired Professional Lines Underwriting Specialists, Inc. (PLUS), an Austin, Texas-based wholesale insurance brokerage specializing in management and professional liability. The partnership opens new markets for Towerstone and PLUS and provides Towerstone with expertise to address new and increasingly important risk solutions sought by commercial insurance brokers such as cyber coverage, directors and officers insurance, professional and employment practices liability.
CFC launched a transaction liability solution aimed at unlocking the micro-segment of the M&A market. CFC’s first-to-market transaction liability solution is set to address this significant opportunity for brokers. Its new private enterprise policy covers sellers of small businesses with an enterprise value between $250,000 and $10 million for damages and defense costs resulting from a claim against the seller for a breach of representation or warranty (R&W) in the purchase agreement.
Branch Insurance closed a $50 million Series B fundraise to fuel its national and partner channel expansion. The round was led by Anthemis Group with participation from Acrew, Cherry Creek Holdings, and existing investors. Branch has raised $82.5 million to date.
Inter-Company Marketing Group, the nonprofit association that fosters and promotes business networking among insurance and financial services professionals and firms, held its first-ever mid-year insurance networking event on May 25, 2021. The gathering of senior-level executives and decision-makers from insurance carriers, fraternal and financial organizations, marketing organizations and distributors, operational and sales support providers, and others involved in creating business relationships and strategic alliances was held at Texas Live! in Arlington, Texas. The following companies were sponsors of the event:
- NPC, Inc.
- Healthcare Now
- NationalWay Association
- MyTelemedicine
- Crum & Forster
- Gallagher Affinity | NAPA
Root, Inc. celebrated more ways for drivers of connected cars to get quotes based on their driving behavior with RootReady. RootReady pairs sensors from connected cars with the Root experience, allowing drivers who own a 2015 or newer General Motors vehicle, including Chevrolet, GMC, Buick, and Cadillac models, to get an instant quote in the Root app without taking the Root test drive. This means drivers of 2015 or newer GM vehicles can receive a quote from Root today using data from their connected cars.
Risk Placement Services launched a new insurance agents and brokers professional liability program with ISMIE Indemnity Company, a subsidiary of ISMIE Mutual Insurance Company.
Canopius Group launched its algorithmic underwriting platform, Vave, as an MGA. Vave provides U.S. wholesale brokers with a conduit into Lloyd’s of London to offer more access to catastrophe-exposed property insurance coverage. It is currently plugged into half of the U.S. wholesale broker market.
AEGIS London launched novel active assailant parametric. This is the first policy of its type to be launched by the syndicate. The active assailant parametric product is targeted initially at small-and midsized businesses in the Dallas area with portfolios of up to 10 properties. INSDEX Active Response, which is distributed through partner brokers and in time via AEGIS London’s Opal platform, has been developed in conjunction with Skyline Partners, a recent graduate of the Lloyd’s Lab. Skyline’s parametric platform monitors open-source data from the Dallas Police Department to identify when a triggering event has taken place.
First Choice Agents Alliance donated $10,000 to Invest, a nonprofit organization administered by the Big “I.” Invest educates high school and community college students about insurance and encourages them to pursue careers with independent agents and brokers.
battleface Inc. launched Explorer travel insurance in the U.S., designed specifically for the world’s most adventurous travelers. The new explorer product is essential for active travelers seeking coverage that would otherwise be excluded such as for sports, emergency medical treatment, evacuation, and accidents, as well as travel to some of the most isolated destinations.
Cornerstone Risk Solutions LLC acquired CLIC Management NV, LLC, a managing general agent of group-based insurance programs for the legalized cannabis industry. The transaction was effective April 15, 2021.
OnSite Physio announced a major step forward for the company with the launch of a new brand identity and name change to PhysNet. PhysNet will continue to offer its unique “referral triage” program, whereby injured workers are placed into the optimal care setting based on predicted clinical effectiveness and patient preference.