Around the P&C insurance industry: March 1, 2023
Insurance industry news from PCF Insurance Services, Alera Group, Socotra and more.
PCF Insurance Services secured a $500 million preferred equity investment in a transaction co-led by Carlyle‘s Global Credit platform and private equity firm HGGC, an existing minority investor. PCF Insurance, led by Founder, Chairman and CEO Peter C. Foy and Chief Financial Officer and Chief Operating Officer Felix Morgan, also received significant investment participation in the transaction with funds managed by Owl Rock, a division of Blue Owl, and Crescent Capital, both of which have existing minority equity stakes in the business. At the time of investment, the valuation of PCF Insurance is $4.7 billion. J.P. Morgan served as the sole placement agent to PCF Insurance in connection with the transaction.
Orion180 has officially transitioned from managing general underwriter to standalone carrier by launching Orion180 Insurance Co. This strategic shift signifies Orion180 executing on its long-term strategy of becoming an independent insurance company enabling its sustained growth trajectory and increased control of the customer experience.
CSAA Insurance Group announced a $25 million commitment to the California Wildfire Innovation Fund, a climate-solutions strategy that aims to decrease the severity and frequency of catastrophic wildfire by supporting forest restoration-related economic development. The California Wildfire Innovation Fund was developed by CSAA Insurance Group in partnership with Blue Forest, the non-profit behind the Forest Resilience Bond, which deploys private capital to finance forest restoration projects for wildfire prevention. CSAA Insurance Group was one of the Forest Resilience Bond’s first investors.
NFP partnered with D.C. United of Major League Soccer. The partnership includes opportunities for the NFP and D.C. United teams to work together on community engagement initiatives in and around the D.C. area.
Alera Group acquired PEO Spectrum, an HR specialist that provides the country’s first professional employer organization comparison service.
Southern Marine announced that, effective January 1, 2023, it has increased Cargo and Stock Throughput binding authority for Bulk to $200 million through extended relationships with several Lloyd’s of London syndicates.
Socotra launched Socotra CorePlus, a line of complete insurance IT solutions composed of Socotra Connected Core, seamlessly integrated via Socotra App MarketPlace with industry-leading software and data providers, including Mendix, Snapsheet and Stripe. Socotra CorePlus is designed to decrease risk and costs, while increasing speed-to-market and standardization.
Inter-Company Marketing Group named Jeff Smedsrud, national practice leader – individual markets for Alera Group and CEO of Smedsrud Insurance Consultants, the recipient of the 2023 Don Kampe Lifetime Achievement Award.
Outsource Insurance Professionals (OIP), a leading Knowledge Process Outsourcing company serving the E&S insurance market in the U.S., U.K. and Canada, has announced plans to expand its offices to Hyderabad, India. With more than a decade of specialized experience and a solid reputation for developing high-caliber talent for the specialty market, OIP has grown significantly, particularly in the premium services segment.
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