Around the P&C insurance industry: August 17, 2022
News from PCF Insurance, IMA Group, RiverStone and more.
PCF Insurance acquired A Insurance Agencies based in Syracuse, Kaysville and Marriott-Slaterville, Utah. Founded in 1981, A Insurance is a full-service personal lines insurance provider specializing in life, home, auto and business.
Parametrix launched Parametrix CDN Downtime Insurance. This first-of-its-kind insurance coverage protects businesses from the financial fallout of third-party content delivery network outages, securing cash flow to fix any damages after a business’s main sales and communication channel is down.
IMA Group acquired Mollie Kallen Case Management, marking the company’s fourth acquisition this year. With the addition of MKCM to its portfolio, IMA further expands its national case management services in its rapidly growing Payer Services division. In addition to Orchard Medical Consulting, acquired in May of 2021, MKCM allows IMA to expand its offerings nationally, including the key states of Florida, Georgia, Illinois, Michigan and Ohio.
RiverStone acquired Western Property & Casualty Insurance Company, to be effective this August 2022. Western P&C was formed in Vermont to support a group of companies as to its automobile liability, general liability and workers’ compensation exposures, on a deductible reimbursement basis.
Independent Insurance Agents of Illinois named Bailey Family Insurance as its 2021 Insurance Agency of the Year. The award is presented to an IIA of IL member agency that exemplifies leadership and innovation within the industry. This includes demonstrating strong growth, innovative marketing strategies, creative utilization of evolving technology and top-level customer service and dedication to the community..
.Demex Group launched revolutionary new snowfall insurance. Demex is a leading innovator in the field of climate risk, which includes sustainable finance and climate risk transfer. Revenue and operating costs in snow-sensitive businesses are experiencing unexpected volatility driven by the changing nature of winter storms. Demex snow insurance delivers climate resilience by addressing volatility stabilizing operational budgets that are linked to snowfall.
Coalition acquired Digital Affect Insurance Company from Munich Re Digital Partners U.S. Holding Corporation. Digital Affect Insurance Company is a property and casualty insurer licensed in all 50 states. The acquisition will allow Coalition to offer insurance policies through its own admitted insurance carrier. Coalition currently offers cyber, technology errors & omissions, directors & officers and other executive risks policies through partnerships with Allianz, Arch Insurance North America, Ascot Group, Lloyd’s of London, Swiss Re Corporate Solutions, Vantage and Zurich, among others.
Verisk and the National Insurance Crime Bureau renewed their strategic relationship to help combat organized insurance fraud. The NICB is the insurance industry’s association dedicated to investigating and combatting insurance crime. The organizations have a longstanding relationship dating to 1998. The relationship enables seamless and integrated access to tools and data that can help protect insurance companies and their policyholders from fraud and other insurance crimes.
The Hartford launched enhanced versions of its proprietary Property Choice and General Liability Choice products to further serve the needs of its business customers across a broad range of industries and account sizes. The updated product offerings provide maximum flexibility setting limits as well as terms and conditions, enabling a customizable solution, scalability, increased speed to market and less paperwork.
Safe Security announced two industry-first assessment tools to empower organizations to make holistic financial decisions based on their actual cyber risk. At no cost, organizations can access Safe Security’s Interactive Cost Calculator, as well as the Cyberinsurance Assessment, which are designed to enable data-driven discussions about risk and coverage requirements.
One Inc recognized for the first time on the Inc. magazine annual Inc. 5000 list, the most prestigious ranking of the nation’s fastest-growing and most successful private companies. One Inc’s ranking was based on its three-year total revenue growth of 201%.
Duck Creek Technologies partnered with Betterview to offer insurers property intelligence and risk management solutions directly within the Duck Creek UI. The integration on Duck Creek Content Exchange will give insurers a holistic, actionable view of real property risk, allowing them to cut down expenses, prevent losses and build a better customer experience.
Inc. revealed that Neptune Flood, the first AI-driven flood insurance company to provide fast, easy and better flood insurance, ranks 205th on its annual Inc. 5000 list, a prestigious ranking of the fastest-growing private companies in America. The list represents a one-of-a-kind look at the most successful companies within the economy’s most dynamic segment—its independent businesses.
Related: