Around the P&C insurance industry: May 11, 2022
News from Burns & Wilcox, Relay Platform, Sentry Insurance and more.
Burns & Wilcox launched its workers’ compensation program for cannabis-related businesses. From CBD retail stores to farming operations to manufacturing and processing, Burns & Wilcox offers WC coverage for a multitude of classes.
Relay Platform, an innovative provider of solutions which enable the digital transformation of commercial insurance placements, launched the company’s next generation agent and broker API solution, Relay Cyber Fit for Retail Agents and Brokers.
Sentry Insurance announced that later this year it will begin offering commercial insurance products to golf courses. The set of customizable coverages will help support 18-hole public, semi-private and country club courses.
Anthony L. Johnson, chief executive officer of First Light Program Managers, Inc. and Alex Moore, president of NTIS, Inc. dba NTIS Transportation Insurance Services of Las Vegas, Nevada, announced they have entered into an agreement for First Light Program Managers to acquire substantially all of NTIS’s assets effective May 1, 2022. NTIS, a wholesaler and managing general agency founded in 2014 by Brett Moore, has specialized in the trucking industry providing auto liability, auto physical damage, motor truck cargo and general liability coverage on a wholesale basis throughout the western United States.
Professional Program Insurance Brokerage acquired the assets of Jones Birdsong LLP, a brokerage firm specializing in comprehensive insurance for the motorsport and entertainment industries. Headquartered in Chanhassen, Minnesota, Jones Birdsong provides comprehensive insurance packages for motorsports entities, including race tracks, racing events, individual competitors and racing teams. The firm’s team of specialists has deep expertise in the motorsports industry, as well as extensive racing experience.
Insurity is providing its Sure Underwriting Workbench with a 50% base fee discount for P&C carriers and is waiving all direct written premium-based charges during the first year of the licenses. The digital underwriting tool streamlines the underwriting process by enabling an account-level view of risk to underwrite multiple products, regardless of policy systems. Underwriters can identify bottlenecks and opportunities to streamline operations with readily available operational metrics.
Main Street Insurance Group joined Valley Insurance Agency Alliance, a cohesive family of nearly 150 independent insurance agencies in Missouri and Illinois. Founded in 2006, Main Street Insurance Group was acquired in 2018 by owner Josh Hawn, who began working for the company in 2015. The full-service agency is located at 1011 E. Richardson St. in Farmer City, Illinois. Main Street Insurance Group specializes in commercial insurance, which includes hospitality and habitational, as well as other property and casualty insurance.
H.W. Kaufman Group announced the rebranding of its New York-based Global Excess Partners as RB Jones Property, creating a new division within the RB Jones brand. GEP combines its Property Insurance business with RB Jones to expand its comprehensive solutions for brokers, agents and wholesale partners.
The Liberty Company Insurance Brokers partnered with Buren Insurance Group of Ashland, Ohio. Buren Insurance Group was founded in 1968 by Don Buren and is led by his sons, Tim Buren, chairman, and Jeff Buren, president and managing partner. As Jeff and Tim focused on their respective disciplines, sales and operations, the business expanded expediently from 1996 to today. As a result, the Buren Insurance Group became a natural fit for the Liberty family, offering personal, commercial, life and agribusiness coverage.
Pool Re announced the most significant reduction in its reinsurance pricing for 20 years. The reduction will come into effect in October 2022. The extent of the reduction will vary according to geographical location. Overall, reinsurance pricing will reduce by approximately 20% outside Zone A and could reduce by more than 30% in many non-urban areas. These decreases are likely to prompt a commensurate reduction in insurance prices, although Pool Re member insurers will remain responsible for setting pricing for their own policyholders.
NSE Academy Limited signed an agreement with The Risk and Insurance Management Society, Inc. to deliver a series of RIMS-Certified Risk Management Professional Certification instructor-led virtual preparation courses for both aspiring students and seasoned executives. The RIMS-CRMP is the only accredited risk management certification in the world. It tests individuals on their command of five risk management tenets: Analysis of business models; ability to design organizational risk strategies; implementation of the risk process; development of organizational risk competency; and their ability to support decision-making.
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