Around the P&C insurance industry: October 18, 2023
Insurance industry news from Canopius Group, Clearspeed, NFP and more.
Canopius Group introduced an innovative new cannabis cyber insurance solution designed to address the distinct data security challenges faced by North America’s booming legal cannabis industry. The offering makes Canopius one of only a few insurers currently providing tailored cyber coverage for cannabis enterprises across the supply chain.
DBRS Limited upgraded the Issuer Rating of Intact Financial Corporation to A (high) from “A” and also upgraded the Financial Strength Rating of its main operating insurance subsidiaries to AA from AA (low). The FSRs of Intact’s U.K.-based subsidiary RSA Insurance Group Limited and its operating entities were also upgraded to AA from AA (low). The Issuer Rating on RSA Insurance Group Limited was upgraded to A (high) from “A”. The trends on all ratings were changed to stable from positive.
The Liberty Company Insurance Brokers acquired Farley-Peeples Insurance under the umbrella of Liberty Buren Insurance Services based in Ashland, Ohio. Farley-Peeples has been a cornerstone of the insurance industry since 1939, serving the Mansfield, Ohio community with comprehensive insurance and financial solutions. Bill Smith, president of Farley-Peeples, will remain engaged in the business, ensuring continuity of the company’s rich legacy and connection with longtime clients.
Clearspeed announced several new industry award wins that reflect market adoption and overall momentum in 2023. Clearspeed was named an honoree of the PropertyCasualty360 Insurance Luminaries Awards in the Claims Innovation and Technology Innovation category and won Combatting Fraud – Technology Innovation of the Year at the InsurancePOST Claims and Fraud Awards.
Higginbotham joined forces with Total Employee Benefits of Atlanta, Georgia, after a courtship period revealed the two firms’ shared commitment to client advocacy and crisis support.
Freedom Insurance and Risk Management joined Valley Insurance Agency Alliance, a cohesive family of more than 160 independent insurance agencies in Missouri and Illinois.
Percipience announced availability of a new version of the company’s functionality-forward platform, Data Magnifier, an industry go-to for enabling global insurance organizations to organize, access, utilize and monetize existing and new or third-party data.
NFP acquired Benefits & Company, Inc., the Florida benefits business of Clearscope. Based in Sunrise, Florida, Benefits & Company is an employee benefits broker providing solutions to employer groups and individuals across Florida. The acquisition closed on August 8.
NFP acquired The Cronin Insurance Consultancy Limited, a commercial insurance broker based in the West Midlands. This latest acquisition continues NFP’s growth in the region and provides Cronin with access to integrated risk management solutions for its clients. Darren Cronin, owner and managing director, will join NFP along with the rest of the team at Cronin.
Augment Risk launched its Global Parametric Specialty division. Augment Risk was established earlier this year and has placed over $1 billion of premium to the reinsurance market, a testament to the firm’s innovative approach to delivering growth and increased enterprise value for its clients.
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