Around the P&C insurance industry: December 15, 2021
News from Risk Strategies, BRP Group, BMS Group and more.
Risk Strategies acquired full-service insurance and employee benefits agency Meeker Sharkey & Hurley. Terms of the deal were not announced.
BRP Group, Inc. launched AlphaRoot‘s management liability insurance program calibrated to the cannabis, hemp and CBD industries within its specialty indirect subsidiary, Millennial Specialty Insurance, LLC dba AlphaRoot.
Sedgwick acquired JND Legal Administration, a legal management and administration services provider serving plaintiff and defendant law firms, corporations and government entities across five main service lines. The acquisition will expand legal solutions offerings for Sedgwick’s clients and bolster the company’s class action administration services.
BluSky Restoration Contractors, LLC merged with Rolling Meadows, Illinois-based J.C. Restoration, Inc. The merged companies will continue as BluSky Restoration Contractors, operating 41 offices in 18 states from coast to coast. In addition to restoration services currently provided by J.C Restoration, Inc., BluSky plans to add its commercial roofing and healthcare restoration business lines to the Illinois markets.
BMS Group acquired PWS Mexico, the Mexico City-based specialist reinsurance broker. BMS will acquire PWS Mexico in full, with staff and infrastructure transferring into BMS Re Latin America & Caribbean. Mario Rochell, President of PWS Mexico and Gabriel Iñesta, CEO, will report into Aidan Pope, Executive Chairman & CEO of BMS Re LAC.
Federal Emergency Management Agency announced that Paula Pagniez, Americas practice lead of the Climate and Resilience Hub at Willis Towers Watson, has been appointed to FEMA’s National Advisory Council, which advises on all aspects of emergency management.
Coalition launched a new captive to begin taking risk on its cyber insurance programs. With this captive, Coalition will enhance its ability to manage capacity and its long-term growth objectives while further aligning incentives with its customers.
Ryan Specialty Group acquired certain assets of Keystone Risk Partners, LLC based in Media, Pennsylvania. Keystone generated approximately $8 million of revenue for the 12 months that ended November 30, 2021.
Hub International Limited acquired the assets of Basi Insurance Services, Inc. With locations in Oakdale and Manteca, California, Basi Insurance Services provides commercial and personal insurance, and specializes in the agribusiness and farm industry, which supports Hub’s Specialty practices by complementing and strengthening its existing capabilities.
Alera Group acquired Erich Courant & Co., insurance agency offering property and casualty coverage in the Tristate area and throughout the country.
The Hartford participated in Marsh’s D&O environmental, social and governance initiative, which recognizes businesses that have made strong ESG commitments. The program deploys select international law firms to independently review, evaluate, and, in some cases, bolster their ESG frameworks, according to Marsh.
PURE Programs, LLC partnered with R&Q Accredited America. The two specialty insurance providers have joined together to create a non-admitted insurance offering designed specifically for owners of high value, higher risk properties in New York, Texas and parts of Florida. This launch enables PURE Programs to deliver much needed underwriting capacity for PURE members and other high net worth families in higher-risk areas, particularly in parts of Florida.
VYRD launched a joint venture between SiriusPoint Ltd. a specialty insurer and reinsurer and insurtech company bolt. VYRD will use cutting-edge technology to bring more choice and innovative solutions to customers in Florida, where demand for homeowners’ insurance capacity outpaces supply.
Rental Concepts, Inc., DBA Fleet Response, acquired Paragon Subrogation Services, further enhancing Fleet Response’s market leading position in its subrogation line of business. Paragon, established in 1995 by its founder and CEO Ani Naccachian, provides multi-line subrogation and arbitration outsourcing services to self-insured entities and insurance carriers.
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