Around the P&C insurance industry: December 14, 2022
Insurance industry news from PCF Insurance, Ryan Specialty, Alera Group and more.
Sentry Insurance selected El Paso, Texas, as the location of its newest field office. The office is set to open in early 2023 and will provide both personal and commercial lines claims and customer service support. Sentry selected El Paso enhanced its presence in the western part of the country to better serve and grow its customer base. The office will be located in the 60,000-square-foot-building at 1575 Resler Drive in northwestern El Paso. Sentry expects to hire 30 employees by the end of this year and anticipates employing up to 300 people in this office by 2028. This includes claims and customer service representatives, managers, support staff and information technology workers.
PCF Insurance acquired Direct Dealer Services, an automotive finance and insurance firm providing industry-leading technologies, products, solutions and training. DDS offers national automotive dealers, agents and lender partners innovative F&I programs that promote employee confidence, fewer regulatory risks and improved customer sales and satisfaction.
PCF Insurance acquired TCU Insurance Agency, an independent insurance agency and a subsidiary of Teachers Credit Union offering Michigan and Indiana residents insurance solutions for home, rentals, auto, motorcycle, senior health care, business and life.
DeNexus Inc. announced a grant of almost EUR 800,000 from the Spanish government to carry out a cyber resilience research program. The research will explore specific aspects of industrial cyber risk related to evidence-based data sources, which can enable industrial corporations to quantify and manage cyber risk.
The Hill recognized the Big “I,” naming Bob Rusbuldt, Big “I” president & CEO, and Charles Symington, Big “I” executive vice president, among the top trade association lobbyists in Washington, D.C. this year. As in previous years, the Big “I” was the only property-casualty insurance agent or broker group to make the list.
Kroll acquired Appraisal & Valuation Consultants LTD, an independent firm that specializes in the valuation of oil, gas, petrochemical, chemical, power, mining, metals processing and offshore facilities for insurance and other purposes.
Rokstone Agriculture Risk Underwriters launched a suite of five new livestock covers. In addition, the MGA has confirmed it has successfully transitioned to admitted business across 23 U.S. States currently, and now offers coverage on both an admitted and non-admitted basis, giving brokers more flexibility. It expects to offer admitted cover in a total of 44 U.S. States next year.
Ryan Specialty acquired certain assets of Griffin Underwriting Services, a binding authority specialist and wholesale insurance broker headquartered in Bellevue, Washington.
Hub International Limited announced that Dale Barton Agency joined the firm. Terms of the transaction were not disclosed.
RIMS successfully met all ANSI requirements to uphold the RIMS Certified Risk Management Professional certification’s accreditation. Reaccredited for a five-year term expiring in 2027, the ANSI validation reaffirms the RIMS-CRMP as the only accredited risk management credential in the world.
Mercury Insurance announced five new coverages and five new discounts available for homeowners and renters in Oklahoma. Mercury’s new coverages provide additional insurance protections with an option for environmentally friendly replacement products. Discounts are available for homeowners already taking eco-friendly measures and will put hard-earned money back in the pockets of policyholders.
Alera Group, Inc. acquired Haylor, Freyer & Coon Inc. and MarshBerry served as the exclusive financial advisor to Haylor, Freyer & Coon on the transaction, which closed in October.
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