Around the P&C insurance industry: November 15, 2023
Insurance industry news from Canopius Group, WTW, Coalition and more.
Goldman Sachs acquired DOXA Insurance Holdings. The investment will help fuel DOXA’s ongoing acquisition strategy in addition to its organic growth initiatives. DOXA’s management team and employee shareholders will remain significant investors alongside Goldman Sachs.
Liberty Company Insurance Brokers acquired Massabni Insurance & Financial, under its partnership with Liberty Boudreau Insurance Services of Owings, Maryland. Massabni Insurance & Financial, a veteran and family-owned agency, proudly serves clients across Maryland, Washington, D.C., Virginia, Pennsylvania and Delaware.
Canopius Group added its cannabis insurance product offerings. Having been at the forefront of the industry with its cannabis property and liability insurance coverage, Canopius is now redefining industry standards by addressing the challenges of transporting cannabis products from cultivation to distribution. This new product can cover intrastate or interstate transportation of various items, as allowed by federal, state and local laws.
Root Platform partnered with Connect by Admiral, a subsidiary of the leading insurer Admiral Group. Connect is an API-first embedded insurance platform, developed to make it easy for businesses to incorporate insurance solutions into their offerings. Businesses that launch an insurance offering through Connect can offer their customers finance and insurance protection for their product with one simple payment, embedded at the point of sale.
LTC Performance Strategies, Inc. partnered with IMA Financial Group, a North American insurance brokerage firm specializing in risk management, insurance, wholesale brokerage and wealth management. The partnership is effective November 1, 2023.
Sentry Insurance expanded its presence with a new regional office in Plano, Texas that will service businesses in the South Central region. The new office will occupy 11,400 square feet at the Apex at Legacy, located at 5801 Headquarters Drive.
WTW launched A Star, a cutting-edge excess layer D&O insurance solution for directors and officers. The new facility provides streamlined access to up to £/$/€ 80,000,000 additional capacity for Directors’ & Officers’ liability insurance, ensuring comprehensive protection for non-indemnified loss scenarios.
McLarens partnered with Alecto Consulting, a Belgian loss adjusting firm based in Gent. Operating as McLarens’ exclusive affiliate in Belgium, the partnership with Alecto Consulting will further strengthen McLarens’ European footprint, offering local and international clients access to a comprehensive team of loss adjusting experts and providing a platform for growth across Europe.
BrokerTech Ventures opened the application window for its 2024 BrokerTech Ventures Accelerator program. BTV has grown to include 12 of the most notable super-regional brokerage firms in the nation, 13 of the world’s most highly respected insurance carriers and wholesalers, and 48 insurtech startups from around the world. BTV has also been instrumental in helping build and fuel the Israeli and Latin American accelerator programs. The company is dedicated to fostering innovation in the insurance space by providing early-stage insurtech companies the support to develop tech solutions for the industry.
ICEYE expanded its constellation with four new synthetic aperture radar satellites on November 11. The launch on SpaceX’s Transporter-9 smallsat rideshare mission via Exolaunch was conducted from Vandenberg Space Force Base in California. Each spacecraft has successfully established communications and is undergoing routine early operations.
MarshBerry congratulated Hub International Limited on their partnership with Franklin Financial Group, LLC. MarshBerry served as the exclusive financial advisor to FFG on the transaction which closed on November 1, 2023.
Coalition launched its suite of innovative Active Cyber Insurance products in Australia. Active Cyber Insurance is more than risk transfer; it’s a new type of insurance built for the digital age, as it works with organizations to help them understand their cyber risk profiles, improve their defenses, and, ultimately, prevent future attacks.
Higginbotham announced an affiliation with the WRM Group, LLC of Alabama, a consortium of long-established independent agencies with deep ties to the Alabama and surrounding regions.
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