Around the P&C insurance industry: May 8, 2024
Insurance industry news from Ryan Specialty, FM Global, Signal Restoration and more featured in weekly update.
Ryan Specialty acquired Castel Underwriting Agencies Limited, a Managing General Underwriting platform, from Arch Financial Holdings Limited and minority shareholders. Castel is headquartered in London, England with additional offices in the Netherlands, Belgium and Singapore. The previous announcement dated December 21, 2023 regarding the signing of the definitive agreement can be found here.
Sedgwick offered new global aviation adjusting and surveying solutions from hubs across the Americas, Asia Pacific, Europe, Middle East and UK. The new solutions and additional market reach complement Sedgwick’s longstanding capabilities in workers’ compensation, disability and absence, job accommodations, liability, and property claims for the aviation sector.
Sedgwick expanded its artificial intelligence offerings with a new application that integrates with claims systems to identify workers’ compensation claims whose progression could benefit from early clinical intervention.
BRP Group, Inc. transitioned to a new firm-wide brand to best reflect the firm’s transformation, growth and integrated approach to delivering innovative client solutions. The firm’s brand name will be The Baldwin Group. In the coming months, the firm’s retail brokerage operations – with nearly 40 regional brands – will also transition to The Baldwin Group as the singular “go-to-market” brand delivering a broad range of business insurance, employee benefits, private client and personal insurance advisory solutions. The firm’s retail brokerage operations includes the Insurance Advisory Solutions and Mainstreet Insurance Solutions operating segments.
Heritage Insurance Holdings, Inc. announced that it fully placed its 2024-2025 indemnity based, catastrophe excess-of-loss reinsurance program for its insurance subsidiaries, Heritage Property Casualty Insurance Company, Narragansett Bay Insurance Company and Zephyr Insurance Company.
PCF Insurance Services has acquired the insurance businesses Encore Advisors and All Star Insurance based in Norcross, Georgia and Venus, Texas, respectively.
Resilience has once again raised the standard in the cyber insurance industry with new integrated capabilities that enable enterprises to continuously monitor and prioritize their mitigation and transfer of cyber risk. Following the launch of technology errors and omissions coverage earlier this year, the Resilience security team is expanding its industry-leading offerings – Essential Solution for cyber insurance and Edge Solution for cyber risk management.
Origami Risk launched its new package of generative AI solutions for risk managers at RIMS in San Diego as it urged risk managers to take an informed approach to adopting and integrating the latest artificial intelligence tools.
Acrisure acquired Scottish insurance broker, WH&R McCartney. Based in Motherwell and led by Graeme Robb and Alan Kirkwood, WH&R McCartney is a general commercial SME insurance broker operating since 1932.
Acrisure acquired Financial and Credit Insurance Services Ltd and Global Broking Solutions to further expand its southern England region managed by Sutton Winson, Acrisure’s largest UK acquisition to date.
ICEYE launched its Flood Insights and Flood Early Warning products for Canada, providing insurers with rapid access to observed flood data when floods occur anywhere in the country. Floods cause the most damage of any peril in Canada, generating an average annual loss of $2.9 billion. Exposure levels across the country are expected to rise as the effects of climate change result in more frequent and severe events and an increase in the geography exposed to flooding.
Conduent Incorporated announced an agreement to sell its Casualty Claims Solutions business to MedRisk, the nation’s largest managed care organization dedicated to the physical rehabilitation of workers’ compensation patients. The sale, for $240 million in cash, subject to customary adjustments, consists of Conduent’s workers’ compensation and auto casualty bill review solutions and services, including the processing of medical bills and clinical services and and its portfolio of Strataware bill review software products.
JVP launched an international initiative to boost AI technologies in insurtech and climatetech, attracting delegations comprising hundreds of investors from across the globe, including North America, South America, Australia, Europe, Asia and, notably, Israel.
Origami launched two prototypes that aim to safely guide risk and insurance professionals through the strategic adoption of AI. Origami said its GenAI pilot program has gathered several of the firm’s clients to pilot potential future use cases for the business. These include the ability to review audit responses and use Open AI to recommend potential corrective action for low-scoring areas. It also features technology to quickly summarize claims and compose task lists and emails.
FM Global launched a renewable energy unit to help clients in the transition to alternative energy through research and innovation, and to support the overall advancement of the renewable energy industry. FM Global unveiled the new initiative as part of its presence at the RISKWORLD conference in San Diego, California, this week, announcing leadership for the new unit and disclosing that it will begin offering a renewable energy insurance product later this year.
USI Insurance Services acquired Odessa, Texas-based Hignojos Insurance Agency. Founded in 2009, Hignojos Insurance Agency is an independent brokerage firm specializing in commercial and personal risk insurance programs. Terms of the transaction were not disclosed.
Tokio Marine Kiln and Rezylient Insurance Agency launched a new trade disruption product, Rezylient, which provides financial protection against disruptions to supply chains, alongside a suite of risk management tools, powered by FloraTrace, to scrutinize and enhance ethical practices throughout sourcing processes.
Grange Insurance Company announced that its headquarters, located at 671 South High Street in Columbus, has received the LEED® Gold certification. LEED , developed by the U.S. Green Building Council, is the most widely used green building rating system in the world and an international symbol of excellence. Through design, construction and operations practices that improve environmental and human health, LEED-certified buildings are helping to make the world more sustainable. Grange earned a Gold Certification in 2021 and Green Building Silver Certification in 2015.
Signal Restoration announced its agreement with Ernst & Young LLP to be included in the EY Claims Recovery service offerings. Under terms of the agreement, Signal’s property recovery services will be an integrated component of the offerings and is expected to provide customers with broad disaster recovery assistance and help drive innovation in the claims and restoration marketplace.
Related: