Around the P&C insurance industry: June 22, 2022
News from Beazley, Tokio Marine Kiln, JAB Holding Company and more.
Arana Insurance Solutions partnered with Valley Insurance Agency Alliance, a cohesive family of nearly 150 independent insurance agencies in Missouri and Illinois. Arana Insurance Solutions was created by owner Benjamin Arana, who has 19 years of insurance experience. The full-service agency is located at 17664 Arbors of Rockwood in Eureka, Missouri. Arana Insurance Solutions specializes in personal and commercial insurance, as well as property and casualty insurance.
Beazley launched CryptoGuard, a new directors’ & officers’ liability insurance product tailored specifically for crypto companies – the first of its kind in the London and U.S. markets. The cover is designed to address the risks faced by all types of companies operating in this developing industry through all stages of their life cycle; from emerging start-ups, high growth businesses and established private and public organizations.
First Indemnity, a specialty insurance agency dedicated to professional liability products for lawyers and law firms, moved its home office to the company’s 23,222 square foot offices at One Beacon Street in Boston. The company was previously headquartered in Lynn, Massachusetts.
Tokio Marine Kiln announced that a definitive agreement has been signed with Intact Insurance Group USA LLC for the sale of Tokio Marine Highland’s (TMH) U.S. construction division. The transaction is subject to customary regulatory approvals and is expected to close in the second half of 2022.
Oakbridge Insurance Agency LLC partnered with Brock Insurance Agency, an independent agency with offices in Rossville, Georgia, Chattanooga, Tennessee, and Savannah, Georgia. The partnership creates Oakbridge’s first presence in Tennessee and supports the agency’s continued Southeastern expansion.
JAB Holding Company and Fairfax Financial Holdings Limited announced a transformational strategic partnership, in which JAB’s pet insurance business has agreed to acquire all of Fairfax’s interests in the Crum & Forster Pet Insurance Group™ and Pethealth Inc., including all of their worldwide operations. As part of the transaction, Fairfax will also make a $200 million investment in JCP V, JAB’s latest consumer fund.
Synatic announced it has become a member of ACORD, the global insurance standards-setting body, as well as a Licensed Integrator Partner of ACORD Solutions Group. ACORD membership will ensure Synatic’s powerful data platform is fully compliant with insurance industry data standards. Synatic can now handle the automated, digital extraction and population of data in ACORD Forms, as well as converting to the AL3 messaging format. Not only can the platform handle these data structures, but it can integrate this data to multiple destination systems such as policy management solutions, agency management solutions and CRMs.
CSAA Insurance Group launched CSAA Specialized Services, which offers claims handling, training and call center support. What started as an idea from an employee innovation challenge evolved into a new business that’s firmly rooted in the AAA insurer’s legacy of community service and deep expertise in customer support.
MarshBerry announced the regional winners of its prestigious MAX Performer Awards, a mark of distinction given to independent agencies with solid financials, operational excellence and that provide world-class client service. Regional winners were announced during the 2022 Connect Summer Summit in Sea Island, Georgia (June 20-22). The national MAX Performer Award will be announced at the upcoming Fall Connect Summit in San Antonio, Texas.
Gigaforce launched a new claims intake bot, Gigabot, which moves the company’s clients significantly closer to a touchless claims experience.
The Coalition Against Insurance Fraud launched the first-ever study conducted to address the ethical use of data for anti-fraud purposes. Unlike prior studies, the Data Ethics study is an open study directed to American consumers, insurance professionals, state and federal regulators and elected legislators at both the federal and state levels.
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