Around the P&C insurance industry: August 3, 2022
News from PCF Insurance Services, International Medical Group, Duck Creek Technologies and more.
PCF Insurance Services acquired Zinc, a commercial-focused insurance agency based in Solon, Ohio. Founded in 2008, Zinc specializes in insurance and risk management solutions for the trucking, construction, contracting and motorsports industries.
International Medical Group partnered with bolt, the insurtech with the country’s largest technology-enabled insurance exchange for P&C, to be the first-in-market to offer device protection with travel medical insurance. The partnership adds optional device protection to IMG’s market-leading travel medical insurance, the Patriot Travel Series, providing the repair or replacement of travelers’ smartphones if lost, stolen or accidentally damaged during their trip.
Duck Creek Technologies has initiated a discovery phase with Saskatchewan Government Insurance for its modernization capabilities, operational efficiency and ability to streamline and automate workflows. SGI plans to utilize Duck Creek Distribution Management, a core component for carriers, as the single place for relationship management, compensation management, performance management and producer self-service.
Swiss Re Corporate Solutions announced it will streamline the legal entity structure of its North American business and establish Swiss Re Corporate Solutions America Insurance Corporation as its North American flagship insurance carrier. The regional legal entity changes will reduce complexity, enable Corporate Solutions’ strategic growth and improve financial efficiency. This streamlining follows the Swiss Re Group’s announcement on September 25, 2020 to reorganize the legal entity structure of Corporate Solutions.
Beat Capital Partners and Justin Crawford, former head of DUAL’s environmental business, announced the launch of Magnolia Grove Insurance Services. Magnolia Grove will focus on the environmental insurance marketplace, offering coverage to SMEs in the US on E&S lines for contractors pollution, site pollution, products pollution, commercial general liability, professional liability and follow form excess liability.
Tokio Marine Kiln completed its sale of Tokio Marine Highland’s U.S. construction division to Intact Insurance Group USA LLC, effective August 1, 2022. The construction division, ‘Highland’, led by Rick Girden, president, and Kaileigh Bowe, EVP, employs approximately 40 people, all of whom have transferred to Intact, and is headquartered in Naperville, Illinois.
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