Around the P&C insurance industry: June 7, 2023
Insurance industry news from Embroker, VIU by HUB, Ryan Specialty and more.
Embroker released a digital excess tech errors & omissions product, available immediately to brokers. This new digital tool empowers brokers to quickly and easily overwrite traditional and insurtech E&O/cyber policies with overhanging limits up to $5 million.
VYRD Insurance Co. completed its 2023 reinsurance program for the upcoming Atlantic hurricane season. VYRD’s reinsurance program exceeds regulatory and rating agency requirements and provides coverage for multiple catastrophic events. The program, which runs from June 1, 2023 through May 31, 2024, was secured by entering into contracts with multiple reinsurers and with the State Board of Administration of Florida, which administers the Florida Hurricane Catastrophe Fund.
InsurTech NY opened its application window for its Digital MGA Lab. The Lab is a twelve-week program focused on the needs of MGAs – actuarial modeling, risk capacity and effective distribution. Startups in the program will gain access to the right contacts at fronting carriers, program administrators and reinsurers that can work with them on product development. Founders will also gain access to world-class mentors who have built and scaled MGAs from the ground up.
NFP introduced the Sports Tuition Expense Protection program. The STEP program is an innovative solution that provides reimbursement for activity fees for families when their children can’t participate due to injury or sickness of the player or a close family member, or if the family relocates. Enrollment in the STEP program is available to individuals and teams through NFP’s Sports and Entertainment Group.
VIU by HUB launched its new mobile app and enhanced digital wallet that makes managing personal insurance policies simpler and more seamless than ever before. The wallet is capable of storing policies across insurance types and carriers, regardless of source. These new digital capabilities mark the latest innovations VIU is implementing to improve the personal insurance journey for all consumers.
Allied Building Material Agency rebranded Green Tree Risk Partners, a name with a longstanding history in Philadelphia. A member company of Philadelphia-based Pennsylvania Lumbermens Mutual Insurance Group, Green Tree Risk Partners operates as a wholesale brokerage and program business placement specialist providing workers’ compensation, property, casualty, commercial auto, umbrella and other coverages for wood-related businesses throughout the U.S.
Breckenridge Group announced that two entities comprising Breckenridge Group’s Insurance Services Division have joined the Accretive group of companies. With offices and team members nationwide, the Breckenridge Insurance Services Division specializes in property and casualty wholesale brokerage, contract binding and program administration and includes Breckenridge Insurance Services, LLC and Breckenridge Insurance Group, Inc., DBA Breckenridge General Agency.
Tremor Technologies, Inc followed up its groundbreaking in-marketplace communications platform launch with a powerful solution to completely digitize the reinsurance contract negotiation and approval process with its release of Tremor Wordings.
Acrisure announced the formation of Acrisure Protection Group, a full-service finance and insurance and property and casualty brokerage, training, compliance and consulting specialist, and producer of anti-theft hardware, dedicated to the shifting needs of U.S.-based auto dealers. It consists of a national network of approximately 3,000 active dealers across 50 states.
Liberty Company Insurance Brokers launched its highly anticipated National Healthcare Services Practice Group. This milestone marks the second in a series of niche practice groups that Liberty will introduce throughout the year.
Hub International Limited acquired the employee benefits assets of HORAN Associates, Inc. and HORAN Smart Business, LLC. Terms of the transaction were not disclosed. With HORAN Health, Hub creates a new regional hub to be called Hub Heartland.
Ryan Specialty acquired certain assets of Point6 Healthcare, LLC, a distributor of medical stop loss insurance, pharmacy solutions and complex claims management on behalf of retail brokers and third party administrators. Point6 is based in Plano, Texas. In addition, it also signed a definitive agreement to acquire certain assets of ACE Benefit Partners, Inc., a medical stop loss general agent. ACE is headquartered in Eagle, Idaho and was founded in 2014.
Cover Genius announced it has sold over 25 million policies, protecting more than 14 million customers as the digital companies move away from traditional insurers in favor of embedded solutions. To address its continued growth, the insurtech has expanded its executive team bringing on Kyle Keogh as Chief Business Officer, Americas, appointing Barney Pierce as interim Chief Business Officer, EMEA and APAC and expanding the role of Darcy Rittinger to Chief Risk Officer.
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