Around the P&C insurance industry: March 2, 2022
News from NFP, EvolutionIQ, Arbella Insurance Group and more.
Inter-Company Marketing Group appointed Victor Castellanos, VP, senior client manager at Swiss Re, the recipient of the 2022 Don Kampe Lifetime Achievement Award. The ICMG’s 2022 Annual Conference was held February 1 and 2, 2022, in Miami, Florida. More information about the organization and its 2023 conference can be found at ICMG’s website, www.icmg.org.
Inter-Company Marketing Group announced that its annual golf tournament succeeded once again in generating substantial funds for charity. For the third consecutive year, ICMG partnered with Katalis Foundation for its conference charity golf event. The ICMG Annual Conference was held February 1 and 2, 2022, at the Trump National Doral Resort in Miami, Florida (www.icmg.org), and the golf event on the Red Tiger course at the Trump National Doral Miami preceded the conference on January 31.
Sensa partnered with Incline P&C Group to provide their personal auto insurance offering. Sensa will act as an MGA to offer its product through an exclusive network of appointed retail brokers and agents who know the business and have aligned priorities countrywide.
Verisk acquired Infutor, provider of identity resolution and consumer intelligence data. The acquisition further enhances Verisk’s marketing solutions offerings to companies across several industries including the insurance industry. Verisk plans to integrate Infutor with Jornaya, which it acquired in 2020, to form Verisk Marketing Solutions.
NFP acquired AFS Advisors LLC, an independent registered retirement and investment advisor located in Suwanee, Georgia. AFS provides retirement planning and advisory services to high net worth individuals and mid-sized to large corporate plan sponsors. Eric Loyd, president, and Keith Sproles, chief investment officer, will join NFP as vice presidents and report to Jessica Espinoza, managing director, Retirement.
Otonomo acquired The Floow, a UK-based provider of connected insurance technology, in a cash and stock deal valued at approximately $69 million.
EvolutionIQ announced its Chief Operations Officer & Co Founder Mike Saltzman has been appointed Co-Chairperson to the International Claims Association‘s Insurance Technology and Analytics Committee. Together with Chairwoman Wendy Berndt, Mike will facilitate technology discussions with members and industry thought leaders to address the major topics and challenges facing today’s claim executives.
HSBC has signed a new broker agreement with Marsh. The new five-year agreement builds on an 11-year relationship which began in 2010. The agreement covers seven markets including France, Hong Kong, mainland China, Mexico, Turkey, U.K. and U.S. on insurance solutions for corporates. Marsh will act as a broker for insurance products — including property, casualty, and various other risk transfer solutions — through a referral model, sourcing solutions from third-party providers to support the insurance needs of HSBC’s commercial banking customers. Under the agreement, HSBC commercial banking customers will have access to world-class insurance products not currently available through the HSBC portfolio.
Arbella Insurance Foundation donated $3.5 million this year to support 639 different charitable organizations throughout New England. Since its inception in 2005, the Foundation’s donations have totaled more than $36.6 million. This year, the Arbella Foundation initiated a social justice program to proactively address racial inequities in housing, education and employment. Additionally, the Foundation provided continued support for long-standing partnerships and organizations impacted by the COVID-19 pandemic.
American International Group Inc. announced major new company-wide climate commitments, including commitments to no longer provide underwriting and investments in the construction of any new coal-fired power plants, thermal coal mines or oil sands. Further, the company will stop providing insurance cover and investments in any new Arctic energy exploration. The commitments, which come after years of pressure from Public Citizen, Insure our Future and other environmental groups, will also phase out existing underwriting and investments in companies with 30% or more of revenue from coal or oil sands, or 30% electricity generated from coal, by January 1, 2030.
Shift Technology and Duck Creek Technologies partnered to bring AI-enabled fraud detection capabilities to market in 2022. Once fully integrated, insurers taking advantage of Duck Creek Claims will have real-time fraud alerts delivered directly to the claims management software environment.
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