Around the P&C insurance industry: October 19, 2022
Insurance industry news from Tremor Technologies, Clyde & Co, Coalition and more.
Tremor Technologies, Inc. launched its Reinsurer Product Council with its first cohort of eight global reinsurance companies and ILS funds participating representing nearly $100 billion in industry capital. Participating companies include a cross section of major U.S., Bermudian and European reinsurers as well as alternative capital providers.
Longnecker & Associates completed its rebranding and will join NFP’s Compensation Consulting practice. NFP acquired Longnecker & Associates in 2017, and up to now the firm has maintained its own brand. The Compensation Consulting practice, part of NFP’s Executive Benefits platform, works with companies to develop tailored pay strategies and structures that help attract, retain and motivate talent. The team excels at creating programs attractive to executives, compliant with regulations and able to withstand corporate governance scrutiny.
PCF Insurance Services acquired Infuse Insurance, an independent, community-based agency offering a comprehensive suite of home, auto, business and life insurance solutions. The PCF business model supports and expands on the agency’s continued success, finding strategic growth opportunities through a people-centric approach to selling insurance. This agency-centric operating model and entrepreneurial environment support PCF Insurance’s tremendous organic growth profile and aligns its national Partner Network through equity ownership, long-term investment plans and resources.
Workers Compensation Research Institute announced registration is now open for the Institute’s 39th Annual Issues & Research Conference, March 21-22, 2023. This year’s conference is being held in person at the Renaissance Phoenix Downtown Hotel.
Clyde & Co opened an office in Calgary, Canada, through the hire of four partners. The opening of an office in Calgary consolidates the firm’s presence in western Canada and across the country’s major commercial and legal centers, following its opening in Vancouver in 2021 when it merged with local insurance and construction firm SHK Law Corporation.
Apollo added construction physical damage to its growing portfolio. To lead this expansion, Tim Cook has joined the firm as head of construction, reporting to Kate Foster, the newly appointed divisional head of Apollo’s property team who will join in January 2023. Tim brings extensive experience in leading the strategic direction of successful construction and engineering business, having worked in the market for 37 years. He joins Apollo from Allianz Global Corporate & Specialty, where he was the North American regional head of energy & construction, most recently based in New York.
Coalition announced the formation of Ferian Re, an independent Bermuda-based Class 3B reinsurer that will provide capacity across Coalition’s cyber programs. Ferian Re will be capitalized with approximately $300 million from an investor group led by funds managed by BDT Capital Partners, LLC, an affiliate of BDT & Company, LLC, a merchant bank that works with family- and founder-led businesses to pursue their strategic and financial objectives. Minority investors include The Pritzker Organization among other sophisticated global investors with long-term investment horizons.
October 12, 2022, marked the fourteenth annual Pink Day, an event where Arbella Insurance Group employees team up with the Arbella Insurance Foundation and to raise money for Dana-Farber Cancer Institute. Arbella employees raised $21,288 to support cancer screenings and education for people in medically underserved populations. It was matched by the Arbella Insurance Foundation, bringing the total donation to $42,576.
UBS Arena announced that the main entrance to the venue will be renamed “The Acrisure Great Hall.” Acrisure was also named a partner of both the arena and the New York Islanders. Acrisure operates a top-ten global insurance broker and a full-suite cyber services business, among other offerings. Acrisure’s in-arena presence will include signage and digital branding in the Acrisure Great Hall as well as ice-level signage, visible to the thousands of fans in the arena and millions watching at home. Nearly 19,000 visitors will pass through the Acrisure Great Hall at every UBS Arena event.
Tokio Marine Kiln invited the insurance industry to take part in its second annual Black-Owned Market on October 27, 2022 – this time taking place at Lloyd’s.
Madison Square Garden Sports Corp., Madison Square Garden Entertainment Corp. and HUB International Limited partnered to make HUB an official partner of the New York Knicks, New York Rangers, Madison Square Garden Arena and the Montefiore Concert Series at Madison Square Garden. HUB will also become the presenting partner of College Hoops at The Garden.
Risk Strategies acquired Relation Education Solutions from Relation Insurance Services. The deal adds key capabilities to Risk Strategies’ National Education Practice. Terms of the deal were not made public.
CRC Group announced that the company’s specialty programs division will conduct business under the new Starwind brand beginning October 18, 2022. Created through the combination of CRC Programs and the recently acquired Constellation Affiliated Partners, Starwind will be among the largest program managers in North America, serving more than 10,000 insureds and writing more than $3 billion in annual premium across the company’s more than 30 brands.
Alera Group acquired Haylor, Freyer & Coon, Inc., a top 100 independently owned insurance agency providing insurance and risk management solutions.
ReSource Pro acquired MIS Insurance Services LLC., a customized software solutions company that provides an integrated suite of web-based services to the commercial P&C insurance market. Among a series of recent acquisitions, the addition of MIS is a part of ReSource Pro’s strategy to deepen offerings and opportunities for underwriting organizations while reducing the time and effort required to start new programs.
Insurance Industry Charitable Foundation hosted its sixth anniversary gala dinner on October 18, 2022, at Drapers’ Hall in London. This annual event convened insurance industry professionals and leaders, along with representatives of local nonprofits and featured guests, to celebrate the industry’s collective impact in the community. This charity gala aims to also raise valuable funds for charities helping create better futures for people facing disadvantage throughout England and Scotland.
Bluevine expanded its small business insurance offerings to include active cyber insurance offered by Coalition in addition to its existing small business insurance provider, NEXT Insurance. With the addition of Coalition’s cyber insurance offerings, Bluevine is providing the small business community seamless access to explore insurance providers right from their account dashboard. Available now, Bluevine Business Checking customers can research a broad set of insurance products and complete the steps to receive a customized insurance quote from our partners.
World Insurance Associates LLC launched World Private Client Group (WPCG) within its personal lines business. WPCG will cater to highly successful individuals and families. The group is comprised of industry specialists with extensive knowledge about the unique needs and exposures of high net worth clients and will tailor private risk management programs designed specifically to protect their clients’ assets, reputation and future.
Scottish American acquired Hawkeye Wholesale Insurance Services, Inc. of Liberty Lake, Washington, on October 1, 2022. Hawkeye was founded in 2012. Based in the state of Washington, they have capabilities of underwriting in the states of California, Idaho, Oregon, Texas and Washington.
Mallory Agency celebrated its 115-year anniversary in business. Headquartered in LaGrange, Georgia, with additional offices in Atlanta, Mallory Agency has changed the nature of the broker-client relationship and has ties across the state, throughout the United States and beyond.
NFP acquired Mason James Insurance Services Limited, one of the largest brokers in Staffordshire. Bentley has provided complex commercial and personal insurance solutions since 1922. Mike Rostron, managing director at Bentley, will join NFP’s commercial insurance leadership team in the U.K. and continue to drive company growth across Staffordshire and beyond.
Method Workers’ Compensation, LLC acquired Risk Exchange Insurance Services, Inc. (REX), a full-service wholesale broker and managing general underwriter. The addition of REX’s complimentary programs and capabilities to Method’s comprehensive risk management solution further increases value to Method’s partners and customers.
Openly announced its inclusion in Quartz Best Companies for Remote Workers 2022. Openly ranks 17th in the medium-sized companies category and is the only insurance company listed across the small, medium and large-sized categories.
Greenlight Re announced an investment in SafelyStay, Inc. With the rise of booking platforms such as Airbnb and Vrbo, the short-term home rental market has grown rapidly, and homeowners have become more aware of their homes’ revenue-generating potential. However, concerns about the possibility of property damage and liability exposure have left many homeowners reluctant to list their properties.
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