Around the P&C insurance industry: July 6, 2022
News from Vertafore, Allianz, Europ Assistance and more.
Vertafore acquired MGA Systems, provider of purpose-built software for MGAs. The MGA market has seen consistent growth over the last several years, continuing to expand in the face of headwinds and disruptions across the broader economy with further room for growth. Vertafore’s acquisition of MGA Systems will allow for accelerated investment and innovation in both companies’ solutions to address the evolving needs of insurance professionals.
Allianz partnered with Coalition, headquartered in San Francisco. Allianz provides Coalition with long-term committed capacity for its U.S. cyber insurance programs and will lead Coalition’s U.K. cyber program when it launches later this year. Coalition combines cyber coverage with AI-powered security tools to help customers spot, prevent and respond to cyber risk. Proactive and real-time risk screenings deliver accurate insights on digital risks, while 24/7 access to incident response experts enable organizations to respond to threats at early stage. As a result, customers experience a substantially lower frequency of claims compared to the cyber market average.
Europ Assistance announced the acquisition from MAPFRE Asistencia of a 74.6% stake in Bahrain based Gulf Assist WLL; Gulf Assist also owns Arab Assist WLL in Jordan and has a commercial branch in Dubai. With this transaction Europ Assistance becomes the new leader in assistance in the Middle East, with a B2B2C operating model that is diversified both in terms of offerings (roadside assistance, travel assistance and insurance, mobile phone insurance) and geographically with income generated in 10 countries in the region.
NFP acquired Newport Private Wealth Inc., a Toronto-based private wealth management firm with approximately $4.3 billion in assets under management and offices in Waterloo, ON; Kingston, ON; Calgary, AB; and Kelowna, BC. Newport provides comprehensive wealth management services, including investment management, estate, retirement and tax planning, insurance solutions and philanthropic advisory services to high-net-worth individuals and families. The transaction closed on June 30, 2022.
PCF Insurance Services acquired Utah-based property and casualty managing general agent United Underwriters. Sherman & Company advised United Underwriters on the transaction. Founded in 1998, United Underwriters offers 150-plus agencies across the western United States property and casualty MGA services and programs including homeowners, renters, dwelling, commercial, personal umbrella, earthquake and auto insurance.
Watterson, a portfolio company of Highview Capital acquired Bassett Creek Services, Inc., a leader in restoration and renovation services. Headquartered in Chicago, Illinois, Bassett Creek provides mission-critical restoration, renovation and specialty services to a diverse group of commercial and residential clients. The company is comprised of five leading brands – J.R. Johnson, Cornerstone Renovation Group, Region Construction Group, Baxter Restoration and Disaster Restoration Pros – with complementary capabilities and expertise that allow BCS to holistically service customers across the nation.
MarshBerry selected Imperial PFS as their strategic provider of choice for insurance premium financing to MarshBerry Connect members and MarshBerry Platform subscribers. IPFS is the largest independent premium finance company in North America. The IPFS One Platform approach offers the best technology solutions in the market, combining premium financing, payments and eSignature capabilities into a suite of services that streamlines operations, shortens the sales cycle, improves customer experience and fosters business growth.
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