Around the P&C insurance industry: February 1, 2023
Insurance industry news from The Hanover Insurance Group, Risk Strategies, Coalition and more.
The Hanover Insurance Group, Inc. launched a specialty general liability offering. With the new offering, the company’s agents and brokers can provide an admitted general liability and excess coverage solution for hard-to-place risks, including manufacturing, distribution, wholesale and import businesses with higher hazard product liability exposures or clients with loss-sensitive premises liability insurance programs.
Quinn Group Insurance Agency rebranded under the name American Elm Insurance Group to reflect its longstanding commitment to its clients and local communities through its portfolio of insurance and risk management solutions.
Risk Strategies acquired Tanenbaum-Harber of Florida, LLC, a long-established insurance and risk management advisor for businesses and families. Terms of the deal were not disclosed.
Alliant Insurance Services announced that Peter Arkley, President of Alliant Retail Property & Casualty, has established the Peter Arkley Institute for Risk Management at the USC Marshall School of Business.
Jewelers Mutual Group acquired the core technology of Luxsurance, LLC. This acquisition brings new technologies to the jeweler that transform the point-of-sale experience through an app that allows customers to digitally manage their new and existing jewelry with ease.
Miller Mid-America Insurance Agency joined Valley Insurance Agency Alliance, a cohesive family of more than 160 independent insurance agencies in Missouri and Illinois. Founded in 2022, the veteran-owned and operated Miller Mid-America Insurance Agency was created by owner Shawn Miller. The full-service agency is located in Springfield, Illinois. Miller Mid-America Insurance agency specializes in auto, home, commercial and life insurance.
WTW launched CyXS, a new cyber facility providing capacity and efficiency for WTW clients. The facility is available to WTW clients globally who purchase excess layer cyber programs.
Southern Marine announced that, effective January 1, 2023, it has increased cargo and stock throughput binding authority for bulk liquids to $200 million through extended relationships with several Lloyd’s of London syndicates.
ExecutivePerils launched their new insurance policy, EPL+WHIP. This innovative new product combines wage & hour insurance protection (WHIP) coverage with cutting-edge employment practice liability coverage.
Coalition launched Coalition Insurance Company, the first full-stack, active cyber insurance carrier. The launch of CIC, which recently received an A- rating from A.M. Best, is a major milestone for Coalition with the expansion of its available capacity in the cyber insurance market and transition to a full-stack insurance organization.
Guardz launched from stealth to secure and insure small companies across the globe, filling an increasingly critical market gap amid a rising tide of cyberattacks. Guardz has raised $10 million in seed funding led by Hanaco Ventures, with participation from iAngels, GKFF Ventures, and Cyverse Capital. The funding will allow Guardz to expand its product, develop its cyber insurance line of business and scale its go-to-market distribution channels.
Arbol transacted $170 million in gross written premium in 2022 – more than doubling its 2021 GWP of $70 million. The company also reported cash flow-positive operations for the second-consecutive year and profitable underwriting.
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