Around the P&C insurance industry: August 11, 2021
News from Corvus Insurance, McGowan, VOOM and more.
Amazon.com, Inc.’s digital insurance network, Amazon Insurance Accelerator, will be supported by Marsh, the insurance broker and risk advisor reported. As part of the collaboration, Marsh has established a panel of small-commercial business insurance providers and has secured digital insurance distributors to help third-party sellers more easily and affordably secure product liability coverage. NEXT Insurance also announced its role as the only U.S.-based insurer participating in the initiative, further building on its partnership with Amazon Business Prime.
Rimkus Consulting Group, Inc. acquired Sullivan Engineering, a building envelope consulting firm. In line with the company’s overall growth strategy, the acquisition continues to scale Rimkus’ existing building sciences capabilities.
QueBIT Consulting LLC and Fluence Technologies have entered a strategic partnership that will bring QueBIT’s expertise in the design and delivery of financial consolidation, reporting and performance management solutions to customers looking to maximize the benefits of using Fluence’s superior financial close and consolidation platform.
Corvus Insurance, a provider of commercial insurance products powered by AI-driven risk data, acquired Wingman Insurance. Wingman provides a tech platform for admitted cyber and tech E&O coverage in every state and Washington, D.C. The acquired firm will continue operating as an independent brand and offering.
FLEETCOR Technologies, Inc. signed a definitive agreement to acquire ALE Solutions, Inc., lodging solutions to the insurance industry. With this acquisition, FLEETCOR extends its lodging business into the insurance vertical. The transaction is expected to close in the third quarter of 2021, subject to regulatory approval and standard closing conditions.
American National Group, Inc. and Brookfield Asset Management Reinsurance Partners Ltd. have entered into a definitive merger agreement, whereby the latter will acquire American National in an all-cash transaction valued at approximately $5.1 billion.
Moody‘s Corporation has moved to acquire RMS, a global provider of climate and natural disaster risk modeling and analytics, for approximately $2 billion from Daily Mail and General Trust plc. The acquisition will immediately increase Moody’s insurance data and analytics business to nearly $500 million in revenue and will accelerate the development of the company’s global integrated risk capabilities to address the next generation of risk assessment.
Blenheim Underwriting Limited has received final approval and the necessary permissions from the PRA, the FCA and Lloyd’s to act as a managing agency in respect of Syndicate 5886. The effective date of transfer of management from Asta to Blenheim was August 6, 2021, and follows Lloyd’s ‘approval in principle in March 2020.
Hoxton Insurance Services, an MGA trading exclusively through brokers, was launched by MGA specialist, NuVenture International Ltd. Focusing on mid- and high net worth personal lines insurance in the U.K., Hoxton Insurance Services will offer protection for homes, possessions, fine art, valuables, cars, travel and investment properties.
McGowan acquired assets of Arbanas & Associates, which specializes in writing professional liability, offering multiple, exclusive programs through carriers rated “A” or better by A.M. Best.
OLI Insurance Services, Inc., a subsidiary of Heffernan Insurance Brokers, acquired Walton and Associates Insurance Services effective August 1, 2021. The San Jose, Calif.-based Walton and Associates focuses on a variety of commercial lines and personal insurance products for clients in the Bay Area and Northern California.
IVANS acquired Ask Kodiak, a pioneering InsurTech offering market appetite and search capabilities for commercial lines to the independent agency channel. This acquisition will further enhance IVANS’ robust commercial lines connectivity solutions, specifically its distribution platform, to create a more valuable and digital distribution experience at each stage of the insurance lifecycle for the benefit of all stakeholders.