Around the P&C insurance industry: December 29, 2021
News from Alera Group, Banyan Risk Ltd, DARAG Group and more.
Alera Group acquired Ashbrook-Clevidence, Inc., a full-service insurance brokerage providing innovative insurance solutions for a wide range of clients. Ashbrook-Clevidence, Inc. provides innovative insurance solutions and develops lasting relationships with their clients. The services Ashbrook-Clevidence provides include employee benefits, property and casualty insurance and Medicare.
Banyan Risk Ltd., the Managing General Agent which launched in Bermuda this year, is expanding its operations. Banyan, which underwrites Directors’ and Officers’ insurance risk solutions in complex risk areas including life sciences, global initial public offerings, the technology sector, and special purpose acquisition companies, is launching the company’s first international subsidiary, Banyan Risk Services Ltd., in Canada.
DARAG Group entered into a Stock Purchase Agreement and received the relevant regulatory approval for the purchase of a Texas-based insurer in run-off. DARAG will look to use this insurer as its key US-based carrier to assume previously self-insured risk and other third-party legacy portfolios requiring licensed paper.
Proper Insurance, Property Protect and Relax Damage Waiver are among the first insurers to offer Party Squashers’ SafePro, an occupancy measurement technology, according to the security technology company. The program aims to help short-term rental and vacation home operators avoid damages, and insurance companies avoid claims, resulting from parties and overcrowding at a property.
Related: