Around the P&C insurance industry: January 26, 2022
News from Alera Group, High Street Insurance Partners, Aspen Insurance Holdings Limited and more.
Alera Group acquired Foa & Son, an international insurance broker based in New York City. Foa & Son maintains strong commercial practice groups in multinational clients, food and beverage, real estate and construction, hospitality, supply chain, fine art and specie, manufacturers and distributors, professional service firms, not-for-profit, automotive, life science, technology and municipalities. In addition, Foa & Son provides white-glove private insurance advisory services and corporate benefits consulting services to prestigious firms across the United States.
Alera Group announced that through its Propel Insurance team, they have acquired Cate-Russell Insurance, an independent insurance agency offering business, personal and benefits insurance. Cate-Russell Insurance, based in Maryville, Tennessee, provides a variety of business insurance, personal insurance and employee benefits solutions for clients. The Cate-Russell Insurance team specializes in providing personalized guidance to help clients find the right coverage.
Alera Group acquired Heritage Risk Management, a network of independent risk management agencies which serve clients throughout Texas, Oklahoma, Colorado and New Mexico.
High Street Insurance Partners acquired Hershey Insurance Agency, a full-service insurance firm based in Troy, Michigan. This acquisition is one of 17 finalized in December, making HSIP one of the most active brokerage firms in 2021, in terms of acquisitions. HSIP has acquired 97 agencies in just three years. The firm has a geographical footprint that includes 23 states.
BrokerTech Ventures announced the addition of its two newest industry-leading insurance company partners, EMC Insurance Companies and AF Group. The addition of these renowned insurance brands brings the BTV industry portfolio to 15 of the most sizable and innovative brokerage firms in North America and 15 of the most notable and respected insurance companies and wholesalers with both domestic and international presence.
HawkSoft, an Oregon-based insurance technology developer, and vipHomeLink, a leading InsurTech company focused on innovative digital home management solutions, announced a formal partnership. vipHomeLink is the latest company to join HawkSoft’s Referral Partner Program. Through this new relationship, vipHomeLink will offer a suite of digital home management tools for homeowners.
Aspen Insurance Holdings Limited partnered with Ryan Specialty Group to support a diverse international portfolio of delegated underwriting authority business. Effective January 1, 2022, Aspen has joined an additional seven programs from Ryan Specialty Underwriting Managers’ MGU portfolio. This unique arrangement harnesses the full scope of Aspen’s capabilities in insurance, reinsurance and capital markets. As part of this deal, Aspen will provide capacity across multiple platforms and geographies, with three programs in the U.S. and four programs in Europe.
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