Around the P&C insurance industry: January 11, 2023
Insurance industry news from Assurex Global, Spott, OneDigital and more.
Assurex Global announced it has experienced rapid growth since January 2022, welcoming nine new partner firms to the privately-held, commercial insurance, risk management and employee benefits brokerage organization.
Brownyard Group partnered with Hudson Insurance Group. Hudson, rated A by A.M. Best, will work with the Brownyard Group to continue providing specialized insurance for the unique needs of the domestic cosmetics industry including cosmetics manufacturers, importers and distributors.
Rockwood Programs developed an employment practices liability insurance policy customized to address the unique liability exposures faced by California-domiciled businesses. It is being offered under the Essential EPLI brand name.
Liberate Innovations Inc. raised $7 million in venture funding. The platform empowers insurers to deliver digital self-serve experiences and orchestrate an ecosystem of solutions providers and core systems to automate complex business processes, leading to significant reductions in costs and an unmatched experience for both customers and employees. The $7 million seed round was led by Eclipse.
SIAA acquired three independent agency networks: Deforest Group of Kingston, New York, North American Insurance Alliance in New England, and Michigan Agency Partners of Jackson, Michigan.
Tieffel Insurance Agency partnered with Valley Insurance Agency Alliance, a cohesive family of nearly 150 independent insurance agencies in Missouri and Illinois. Founded in 2022, Tieffel Insurance Agency was created by owner Ryan Tieffel, who has nearly 10 years of insurance experience. The full-service agency is located at 305 Professional Park Ave. in Effingham, Illinois. Tieffel Insurance Agency specializes in personal lines, home, auto, and life insurance.
Apex Group Ltd launched Apex Protect, in partnership with specialty insurer Mosaic Insurance and Aon PLC. Apex Protect offers pioneering and enhanced directors and officers coverage for funds, factoring ESG credentials into the insurance risk assessment.
Spott launched its eCommerce marketplace suspension coverage. The new innovative offering allows eCommerce sellers to protect their online storefronts with a frictionless, one-click coverage solution that helps prevent account suspensions from impacting a business’s bottom line.
Specialty Program Group LLC acquired the assets of Euclid Specialty Managers, LLC, d/b/a from Euclid Insurance Services, Inc. Euclid Fiduciary is a managing general agency specializing in complex fiduciary liability and related professional liability insurance for employee benefit plans. Founded in 2011, Euclid Fiduciary is one of the country’s leading providers of fiduciary liability insurance for employee benefit plans, insuring many of America’s largest and best managed single-employer, multiemployer and governmental employee benefit plans.
Western Fire Chiefs Association have established a strategic alliance with Milliman, a global leader in risk management, to intelligently drive down risk in the Wildland-Urban Interface (WUI). Milliman has an established expertise in WUI risk analysis through extensive work for its property insurance clients.
OneDigital acquired Pennsylvania’s preeminent African-American-owned independent insurance brokerage firms, Bradley & Bradley Associates, Inc. The acquisition with OneDigital will increase Bradley & Bradley’s access to national P&C resources and add HR, financial services, employee benefit solutions and enhanced technology to better serve its current and future clients.
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