Around the P&C insurance industry: November 2, 2022
Insurance industry news from HoneyQuote, Ahoy, Actuarial Risk Management Ltd. and more.
HoneyQuote partnered with The Zebra, an insurance comparison site based in Austin, Texas. This partnership will provide consumers more options to obtain homeowners insurance in Florida, one of the costliest and most arduous insurance markets.
World Insurance Associates LLC acquired Clinard Insurance Group of Winston-Salem, North Carolina on October 1, 2022. CIG was formed in 2005 by Wake Clinard, and they provide both personal and commercial products to customers in the P&C insurance industry in North Carolina.
Gartner, Inc. announced the 30 Gartner CEO Talent Champions who have led their organizations to outstanding talent outcomes and set a best-in-class standard. The honorees were recognized during the Gartner ReimagineHR Conference.
MedRisk purchased the specialty physical therapy network from Sedgwick, provider of technology-enabled risk, benefits and integrated business solutions. The deal was completed on October 24, 2022, for an undisclosed sum. The acquisition expands MedRisk’s premier specialty physical services footprint as the company continues to focus on providing a patient-centric approach to the timely care of injured employees within the U.S. managed care market.
Nationwide unveiled HAYTECH, the state-of-the-art technology to help better prevent hay fires and manage hay quality, on October 26, 2022. Nationwide’s agribusiness customers have discounted access to HAYTECH, the wireless hay monitoring system. The new partnership marks the first time the HAYTECH technology, an IoT-based solution from Finnish AgTech company Quanturi, is available to customers in the U.S.
Petco Health and Wellness Company, Inc and Nationwide, the largest pet insurer in the country, announced plans for a multi-year partnership to co-develop integrated and affordable pet health, wellness and protection solutions for every stage of a pet’s life, with the goal of better pet health and wellness outcomes for the more than 90 million pet families in the U.S.
USI Insurance Services acquired Tulsa, Oklahoma-based Beasley & Company. Founded in 1992, Beasley & Company is a regional benefit consulting firm specializing in retirement, executive compensation and health and welfare benefit plans. The company’s operations will be combined with USI Consulting Group, a division of USI, and a premier provider of defined contribution and defined benefit plan consulting and administration services. Terms of the transaction were not disclosed.
Verisk and Veritas Capital, investor at the intersection of technology and government, announced the signing of a definitive agreement under which an affiliate of Veritas has agreed to acquire Verisk’s Energy business, Wood Mackenzie, for $3.1 billion in cash consideration payable at closing, plus future additional contingent consideration of up to $200 million.
Liberty Company Insurance Brokers partnered with Boudreau Insurance of Annapolis, Maryland – Liberty’s first partnership in the state of Maryland. Founded in 1995 and led by managing partner, Matt Boudreau, Boudreau Insurance specializes in personal and commercial risks, with an emphasis on boat and yacht coverage. Their team takes great pride in helping people, solving problems and providing the best value for protection.
Ahoy! announced coverage is now available to boaters in California who can take advantage of policies that are tailored to the needs of modern boaters. One of the largest boating markets in the U.S. with over 700,000 registered boats and hundreds of miles of coastlines, rivers and lakes, Ahoy!’s launch in California is a major expansion of its coverage area.
Actuarial Risk Management Ltd. launched its Data and Modeling Institute, an actuarial modeling center of excellence. DMI enables ARM to transform insurers’ actuarial functions and address the industry’s supply and demand imbalance for actuarial talent by offering managed actuarial services. The DMI provides a strategic solution for insurance company clients to outsource, in part or in full, either their recurring actuarial functions or unplanned ad-hoc requests.
Ryan Specialty acquired certain assets of Centurion Liability Insurance Services, LLC. Centurion is a professional lines wholesale insurance broker and has employees based in Florida and California. Prior to the acquisition, Centurion was partially owned by Insurance Office of America.
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