Around the P&C insurance industry: June 14, 2023
Insurance industry news from Coalition, NFP, BRP Group and more.
Coalition integrated Form 990 into its broker platform to streamline the quoting process for not-for-profit organizations seeking executive risks insurance.
NFP and its subsidiary Wealthspire Advisors signed agreement to purchase Actuarial Consulting Group, Inc. and ACG Advisory Services, Inc. The transaction is expected to close in the third quarter of 2023, subject to customary approvals and closing conditions.
NFP acquired Rhodes & Williams Limited. With the addition of Rhodes & Williams, NFP expands its presence in Ontario and increases its P&C capabilities and scale across personal risk and commercial lines. The acquisition aligns with the company’s strategy of building a unified national platform that provides superior expertise and advice to clients, while reinforcing NFP’s people first culture. The transaction closed on May 24.
NFP launched DigitalShield, a proprietary, personal cybersecurity solution, for the U.S. market. The product provides affordable, personal cyber insurance protection for a variety of cyber vulnerabilities that individuals and their families face, including phishing scams and social engineering.
Hub International Limited acquired the assets of E-Insure Services, Inc. EINSURANCE is a web-based, direct-to-consumer lead generation platform leveraging its data-driven marketing techniques to power insurance sales. This acquisition bolsters Hub’s in-house capabilities to enhance its seamless omni-channel experience for the personal insurance brokerage platform VIU by HUB LLC. Terms of the transaction were not disclosed.
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.
SageSure and SureChoice Underwriters Reciprocal Exchange announced that SURE has closed a $100 million catastrophe bond to provide reinsurance for second and subsequent events. The catastrophe bond was upsized by 33% from the transaction’s initial $75 million target, with pricing more competitive than the initial guidance.
Mosaic Insurance and Safe Security launched an industry-first initiative, incentivizing clients with broader coverage and premium rating credits of up to 30% for sharing cutting-edge assessments of their cyber risk profile.
Five innovative research projects have been awarded funding from the new AgTech Innovation Hub, a multimillion-dollar collaboration between The Ohio State University and Nationwide. Nine researchers in The Ohio State University College of Food, Agricultural, and Environmental Sciences were chosen to pitch their innovative research project ideas to be completed through the AgTech Innovation Hub.
Kin announced its expansion into Alabama. Building upon Kin’s success in Florida and other coastal states, where it insures nearly $45 billion in assets, Kin is continuing its mission to deliver affordable and comprehensive coverage to people living in the catastrophe-prone areas that need it most.
BRP Group, Inc. established two Centers of Excellence — Private Equity and Venture Capital — with teams made up of dedicated insurance experts with deep experience advising asset management clients and their portfolio companies. BRP Group’s PE and VC COEs are structured to support both buy and sell side transactions — starting with the transaction risk and due diligence, advising venture firms on protecting their investments and partners’ personal assets, and ultimately building broad insurance programs for PE and VC clients and their portfolio companies.
INSUREtrust launched its private equity division. This newly created business unit will be led by Executive Vice President Florence Levy, who joined INSUREtrust in March 2023.
Cover Whale Insurance Solutions, Inc. surpassed the $500 million mark in all-time written premium. This notable milestone represents the company’s rapid growth since it wrote its first commercial trucking policy in March 2020 and solidifies Cover Whale’s position as a driving force within the industry. Cover Whale has generated more than $160 million in written premium 2023 year-to-date. This accomplishment follows a wave of recent announcements from the company, including the industry’s first Chief AI Officer, next phase of its unique Driver Safety Program, new strategic partnerships and top-tier talent joining the executive team to accelerate progress and its unwavering dedication to its mission of using technology to make the world safer.
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