Around the P&C insurance industry: April 26, 2023
Insurance industry news from Grange Insurance, SIAA, Pathpoint and more.
Pathpoint expanded its commercial property offering. The expansion centers around the addition of Vave’s commercial property product to Pathpoint. Vave is an MGA and Lloyd’s Coverholder that underwrites surplus lines U.S. property using a purely algorithmic approach, combining science, data and precision underwriting to insure high-volume risk.
Philadelphia Insurance Companies partnered with the Arbor Day Foundation to support the planting of 80,000 trees across the U.S. each year. The reforestation projects will focus on a mixture of sustainable forestry and land restoration efforts. Forty PHLY employees kicked-off this year’s campaign during a two-day planting project this week in Clackamas County, Oregon. They joined the Arbor Day Foundation and local forestry partners in Milo McIver State Park on Wednesday and Thursday planting 950 of the 80,000 trees.
New York State Energy Research and Development Authority selected InnSure to competitively award insurance innovators for developing products and solutions that creatively address climate risk challenges. This investment demonstrates the important role that insurance plays in tackling climate change.
Percipience announced the company has been named one of the “30 Fastest Growing Companies to Watch in 2023” by Global Business Leaders magazine.
insured.io launched the company’s newest solution, the insured.io LeadGen Platform. LeadGen supports any line of business with customizable workflows and can simplify customer intake for personal and commercial lines, depositing all leads into an agency management system or to readily available reports.
BrokerTech Ventures announced the addition of its newest industry-leading insurance wholesaler partner, Jencap Group. The addition of these renowned insurance brands brings the BTV industry portfolio to 13 of the most sizable and innovative brokerage firms in North America and 16 of the most notable and respected insurance companies and wholesalers with both domestic and international presence.
Engle Martin acquired EIMC, global provider of ocean marine, risk management, claims investigation and subrogation services, with headquarters in Jersey City, New Jersey, and London, England.
INSHUR acquired American Business Insurance Services to immediately expand and scale its operation across the United States. This news is the latest strategic milestone in INSHUR’s growth story, cementing the company’s position as the leading global embedded insurance platform serving the on-demand driver economy across the U.S., U.K. and the Netherlands.
InsurTech Corridor initiative partnered with the U.K. government’s Department of Business and Trade and the Connecticut Insurance and Financial Services trade association, the State of Connecticut’s Department of Insurance, the MetroHartford Alliance, InsurTech UK and the State of Connecticut’s lead economic development agency, DECD, and provides support, industry connections and market insights to insurtechs at no cost.
SIAA announced the winners of the 2023 SIAA Awards at the SIAA Semi-Annual Business Meeting in Nashville, Tennessee on April 20. These awards included recognitions for top master agencies, top recruiters, top agency growth coaches and the North Star Award. This special honor is awarded to individuals who have demonstrated immense entrepreneurial spirit in establishing an organization that contributes significantly to the growth and success of SIAA and/or its master agencies and/or independent member agencies.
Alliant Insurance Services launched Alliant Re, its reinsurance brokerage division. Alliant Re leverages proprietary data and analytics, extensive industry relationships and insurance expertise to navigate complex market conditions and provide customized risk transfer solutions to protect insurers from large losses.
Grange Insurance was named one of Columbus’ Top Workplaces for 2023 by Columbus CEO Magazine, ranking No. 1 overall out of 92 companies. In addition, Grange President & CEO John Ammendola was recognized as a survey standout under the leadership category.
AM Best affirmed the Financial Strength Rating of A+ and Long-Term Issuer Credit Rating of “aa” for NJM Insurance Group. AM Best, the country’s premier insurance rating agency, performs an annual evaluation of the financial strength of insurance companies from various perspectives. The Group’s parent, NJM Insurance Company is one of only 66 property casualty insurance companies that has maintained a Best’s Financial Strength Rating of A or higher for at least 75 years.
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