Around the P&C insurance industry: March 8, 2023
Insurance industry news from FloodFlash, Assurex Global, Grange Insurance and more.
FloodFlash announced a new capacity agreement with Munich Re Syndicate. This announcement extends an existing carrier partnership that began with support of FloodFlash’s U.K. book of business in 2020. It comes in a period where natural catastrophe (re)insurance capacity is particularly distressed, nowhere moreso than in the U.S. Munich Re estimate losses from the Atlantic storm season to be more around $110 billion, including $65 billion of insured losses, with Hurricane Ian as the main contributor.
Assurex Global announced that 14 employees from its partner firms have been named 2023 Power Brokers by Risk & Insurance, an annual award recognizing outstanding risk management and customer service in the brokerage community. These awardees are: Lindsay Carl, CAC Specialty (Cobbs Allen), energy; Susan Garrard, CAC Specialty (Cobbs Allen), renewable energy; Sara Kane, CAC Specialty (Cobbs Allen), renewable energy; John Kim, CAC Specialty (Cobbs Allen), environmental; Michael Wakefield, CAC Specialty (Cobbs Allen), specialty; Andrew Agress, IMA Financial Group, health care; Debbie Brailsford, IMA Financial Group, at-large; Adam Eakes, IMA Financial Group, M&A; Lacy Rex, Oswald Companies, cyber; Jonida Stuewe, Oswald Companies, specialty; Josh Hedrick, Parker, Smith & Feek (IMA), agriculture; Kevin Carnell, RCM&D, health care; Jessica Thayer, Starkweather & Shepley, financial services; and Lauri Floresca, Woodruff Sawyer, captives.
Hub International Limited acquired the assets of Glacier Insurance of Libby, Inc. in Montana. Terms of the transaction were not disclosed.
Pennsylvania Lumbermens Mutual Insurance Group launched an innovative insurance product tailored to the unique needs of hardware stores. HardwareXpress provides fast, convenient and comprehensive coverage including:
- Property
- General liability
- Auto
- Inland marine
- Umbrella
- Employment practices liability
- Cyber liability
- Crime
- Business income
- Workers’ compensation
Worldwide Broker Network added four new members, two new sponsors and a significant expansion of an existing member. WBN membership continues to expand with the addition of Säkra, EBM, Protec and Horsell Duffy Langley, extending their global reach in key markets globally. WBN also welcomes International Medical Group and Sompo International as new sponsors, and the membership expansion of Pacific Prime into China and United Arab Emirates.
Center for NYC Neighborhoods launched a new pilot project to support low- and moderate-income communities in high-flood-risk neighborhoods with emergency cash funds after a major flood. The ”learning pilot” further establishes CNYCN and MOCEJ as national leaders in flood reform and innovation, committed to ensuring equitable access to financial resources that ease post-flood recovery and build financial resilience.
Arbella Insurance Foundation donated $3.6 million this year to support 623 different charitable organizations throughout New England. Since its inception in 2005, the foundation’s donations have totaled more than $40.2 million. This year, the foundation continued to fund and support long-term charitable partners who provide social services, education, cultural experiences, social and racial justice support, health and wellness programs, as well as assistance to immigrants and refugees.
Grange Insurance announced a $1 million donation to Columbus State Community College, underscoring the school’s commitment to strengthening the central Ohio community through equitable access and support for students to achieve their education and career goals. Grange’s donation supports the Columbus Promise, Student Emergency Needs and Taste the Future.
Insurance Industry Charitable Foundation raised over $1 million at its 11th annual Southeast Gala on February 23 at The Thompson Hotel in Dallas, Texas. IICF convened hundreds of insurance professionals from Texas and across the southeast region, along with representatives of nonprofit partners, to celebrate industry philanthropy and benefit 25 regional charities. This is the second consecutive year the Southeast division has raised over $1 million at its annual gala for charity.
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