Around the P&C insurance industry: December 6, 2023
Insurance industry news from Higginbotham, Duck Creek Technologies, NFP and more.
Higginbotham partnered with Marshall Young Insurance of Cleburne, a firm known for providing specialized business insurance options to a wide range of clients. As Higginbotham celebrates its 75th anniversary, Chairman and CEO Rusty Reid credits careful, strategic growth for the company’s long-term success. Under Reid’s guidance, the company seeks partners that share cultural affinities, commitment to their communities and client-focused, people-first service options.
BOK Financial Corporation announced the sale of its risk management and employee benefits insurance brokerage and consulting business offered through BOK Financial Insurance, Inc. to USI Insurance Services, one of the nation’s leading insurance brokerage and consulting firms.
Ryan Specialty acquired AccuRisk Holdings, LLC, a medical stop loss managing general underwriter. AccuRisk is headquartered in Chicago, Illinois, and was founded in 2017. The previous announcement dated October 30, 2023 regarding the signing of the definitive agreement can be found here.
McLarens partnered with Demeks Loss Adjusting, a Turkish firm based in Izmit. Operating as McLarens’ exclusive affiliate in Turkey, the partnership with Demeks will further strengthen McLarens’ footprint in both Europe and the Middle East. Offering domestic and international client’s access to a comprehensive team of loss adjusting experts and providing a platform for growth across Southeast Europe and West Asia.
Duck Creek Technologies released Duck Creek Clarity, an innovative, cloud-native technology solution and the successor to Duck Creek Insights, designed to empower insurers with advanced data management, reporting and analytics capabilities. With the introduction of Duck Creek Clarity, the company also modernizes the traditional technology upgrade cycle through a unique “Active Delivery” approach, which provides continuous updates and eliminates the need for insurers to undergo timely and costly upgrade projects.
NFP acquired Flynn Benefits Group. Flynn is a Michigan-based, multi-discipline insurance and financial services company that specializes in providing the medical profession with an array of products and services, including executive benefits and group and individual health benefits. The acquisition closed on August 1.
HDI Global Insurance Company acquired Indiana Lumbermens Insurance Company, a subsidiary of Pennsylvania Lumbermens Mutual Insurance Company (PLM). HDI has purchased 100% of the shares of ILIC from PLM. The transaction was closed on November 30. The parties have not disclosed the purchase price.
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