Around the P&C insurance industry: April 17, 2024
Insurance industry news from EMC Insurance, PoloWorks, King Insurance Partners and more featured in weekly update.
The Spencer-RIMS Risk Management Challenge judging committee has selected eight university teams to compete at RISKWORLD® in San Diego, California, for the challenge’s top honor. The challenge is an annual global student competition that aims to inspire future risk leaders through a real-world business case study. The Spencer Educational Foundation worked closely with the City of Tukwila in Washington State to develop a case study that students could use to learn about and create effective risk management strategies.
EMC Insurance launched its updated brand, which includes a new logo, tagline and visual identity. Effective this morning, the company’s website and social media channels have been refreshed with the new look and feel. EMC’s new logo features a distinctive letter “e” that has a signature quality, as well as a bright, bold blue. The logo was selected for its modern, clean design, but also for its warmth and inviting nature.
Insurance and Reinsurance Legacy Association launched its new chapter in Bermuda. The IRLA Bermuda chapter will provide a platform for members to network, share best practices and access professional development opportunities in the region. It will promote the interests of the legacy sector in Bermuda, foster collaboration and communication among its members and stakeholders, and speak with one voice.
Alera Group acquired Texas-based HealthSure. Founded in 1998 by Barry Couch, HealthSure serves rural healthcare organizations as an independent agency specializing in risk consulting and insurance solutions.
Alliant Insurance Services acquired Vinsa Insurance Associates in a move that signifies an expansion of its Alliant Public Entity division within California. Vinsa, an independent property and casualty insurance agency located in Lancaster, California, is known for its specialization in crafting insurance solutions for both commercial and personal clients, with an emphasis on serving public entity organizations.
Munich Re Specialty Insurance has created the FAIR Plan Commercial Wrap, a new solution available to commercial insureds in California who seek comprehensive coverage in tandem with their FAIR Plan coverage. MRSI’s FAIR Plan Commercial Wrap enabled insureds to more fully protect their business properties against property damage than just the FAIR Plan alone. Sold through wholesale brokers, the new solution gives businesses access to coverage for property damage – including water damage, burst pipe coverage and other non-fire perils – that the FAIR plan excludes.
Higginbotham has teamed up with Eagan Insurance of Metairie, Louisiana, in a move that benefits both long-standing agencies. Higginbotham Chairman and CEO Rusty Reid looks to the future with a platform of strategic growth in targeted regions, building relationships with agencies that share the Fort Worth firm’s commitment to community, client service, and team support.
SageSure and SureChoice Underwriters Reciprocal Exchange, a policyholder-owned reciprocal exchange, announced the close of the Gateway Re 2024-2 second and subsequent event catastrophe bond at $130 million, with pricing 75 bps tighter than the mid-point of the initial price guidance.
CRC Group integrated INSUREtrust, formerly housed in Starwind, into its Wholesale Brokerage Division. This strategic combination bolsters CRC Group’s cyber capabilities and expertise and broadens INSUREtrust’s network. The newly formed cyber practice group reinforces CRC’s commitment to providing innovative solutions in the rapidly evolving cyber insurance landscape.
Beat Capital Partners launched Convergence, a specialty and tech enabled credit non-payment insurance underwriter. With an initial focus on Europe and North America, the business is expected to underwrite through a Lloyd’s consortium, led by Beat Syndicate 4242, with Stephen Pike as CEO and founder.
Aspen Insurance Holdings Limited and PIMCO Investment Management Company LLC announced the formation of Pando Re Ltd., a Bermuda-domiciled collateralized (re)insurer focused on casualty business. Under a long-term agreement, Aspen will be the sole cedant to Pando Re and PIMCO will be the exclusive investment manager for Pando Re.
Zywave took home four awards at the 18th annual Stevie® Awards for Sales & Customer Service dinner held April 12, 2024, in Las Vegas.
Crawford Technologies announced that its fifth annual Customer Communications Virtual Summit will take place on Thursday, May 2, beginning at 10:00 a.m. ET. This year, the full-day complimentary event will be hosted under the theme, “Engage with Innovation” to highlight the trends, current strategies, and emerging technologies that are driving new growth opportunities and the delivery of an exceptional customer experience.
PoloWorks appointed Raphael Borrel to the role of chief risk officer. Raphael will report to Paul Andrews, chief executive officer of PoloWorks and Polo Managing Agency, and will be responsible for leading the risk and compliance functions, providing oversight across Polo Management Agency and PoloWorks’ business advisory and outsourced services.
Encircle and EcoClaim, end-to-end solutions insurers can use to measure, verify, and reduce greenhouse gas emissions throughout their supply chains, have announced a partnership to digitize and simplify waste tracking in property insurance claims restoration. As climate change escalates, tracking and managing emissions is becoming a regulatory imperative for many industry sectors, including insurance companies in Canada, Europe, and other parts of the world.
King Insurance Partners acquired The Dave Alton Agency, with prominent locations in Greenville, Washington, and Plymouth, North Carolina. King continues to demonstrate its commitment to growth through selective partnerships that emphasize the organization’s dedication to serving a broader client base with unparalleled insurance solutions.
Russell Innovation Center for Entrepreneurs and The Hanover Insurance Group, Inc. announced the introduction of insurance-based programming designed to foster economic mobility within the entrepreneurial community that is supported by RICE. A $250,000 grant from The Hanover is designed to advance RICE’s continued programming and support of Black business owners in Georgia and beyond. The Hanover also partnered with RICE to develop and implement a three-part educational series on key insurance considerations for businesses.
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