Around the P&C insurance industry: March 29, 2023
Insurance industry news from Gamma Iota Sigma, NFP, Alera Group and more.
First Indemnity Insurance Group partnered with Attorney Risk Management, a provider of risk management resources for lawyers. ARM offers rapid, high-quality legal advice and access to the most up-to-date forms, materials and loss-prevention publications to keep practices safe from risk.
Gamma Iota Sigma launched The Gamma Iota Sigma Foundation. The mission of the new foundation is to ensure equitable access to the insurance industry by lowering social and financial barriers for all students interested in industry careers.
NFP acquired David A. Marcus & Associates, Inc. and Deerfield Financial Group, LLC. Based in Deerfield, Illinois, David Marcus is a multidisciplinary insurance broker and consultant that provides a wide range of financial products and services to individuals and business owners. Firm founder, David A. Marcus, will join NFP and report to Michael Schneider, president of NFP’s Central region. The acquisition closed on January 13, 2023.
Duck Creek Technologies earned three XCelent awards for Advanced Technology, Breadth of Functionality, and Customer Base and Support in Celent’s report, Policy Administration Systems: P&C Insurance, North America, 2023. Celent is a global research and advisory firm focused on technology, and the report provides an overview of the policy administration systems available for property and casualty insurance carriers.
Navitas Assurance Partners partnered with Crum & Forster’s Credit Division and Great American Insurance Company’s FCIA Trade Credit & Political Risk Division to provide highly rated trade credit insurance capacity to the North American energy markets. The collaboration will leverage each company’s financial strength and specialty focus on the energy sector to meet pent-up demand for alternative assurance products.
Mosaic Insurance launched litigation liability coverage, offering critical financial protection to policyholders against the risk of adverse legal costs when pursuing litigation or arbitration. Experienced litigation solicitor Sarah Bowden has joined the global specialty insurer’s professional liability division to lead the product, also known as “after the event” insurance. The coverage facilitates the pursuit of litigation or arbitration by protecting claimants against the risk of having to pay opponents’ legal costs if their claims are unsuccessful.
Builders & Tradesmen’s Insurance Services, Inc. launched VETA, an exclusive general liability insurance coverage option designed to meet the niche needs of construction remodelers and artisan contractors.
Pennsylvania Lumbermens Mutual Insurance Company hosted a fundraiser in support of the St. Baldrick’s Foundation, a charity dedicated to supporting research to find cures for childhood cancer. St. Baldrick’s is the largest non-government funder of childhood cancer research grants. PLM is looking for support to exceed their fundraising goal of $100,000, culminating in a head shaving event at the PLM National Meeting on April 18.
VisionTrack took a major new role in the fight against worldwide road deaths and injuries. CEO Simon Marsh, and President of Global Sales Richard Kent have been appointed to the governing board of global NGO, Together for Safer Roads, to help shape the response to the road safety crisis and support the Vision Zero initiative.
Alera Group acquired Capstone Insurance Services, LLC, an independent insurance agency that offers personalized programs to simplify insurance solutions for the transportation industry.
Main Street America Insurance marked its 100th year in business, a milestone few other companies in America have achieved. To mark this historic year, the company will build on its already strong community support through a partnership to plant trees in 24 cities across the country.
ATI Restoration acquired Venturi Restoration, a leading provider of emergency response, property reconstruction and renovation services, with 21 offices in 16 states. The strategic acquisition will catapult ATI to America’s fourth-largest non-franchise restoration company by number of offices. Financial terms of the transaction were not disclosed.
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