Around the P&C insurance industry: July 10, 2024
This week's update includes insurance industry news from Howden, Acrisure Re, IMA Financial Group and more.
Howden, the global insurance intermediary group, entered the Japanese market with the launch of Howden Re Japan Ltd and an ILS partnered with Keystone ILS Capital. Howden also appointed Kentaro Tada as CEO, Howden Japan. Tada will oversee the strategic growth of Howden’s operations across Japan with immediate effect. Tada has held a number of senior roles in the (re)insurance industry, including president and CEO, Rakuten General Insurance Company, president, Guy Carpenter Japan and president and CEO, SBI SSI Holdings.
Aspen Insurance Holdings Limited sponsored skipper Pip Hare as she prepares to compete at the Vendée Globe Race in November. This partnership is in line with Aspen’s ambition to expand its brand reputation and market presence. As part of the agreement, Aspen’s logo will be displayed on Pip’s boat, the Medallia. The Vendée Globe is the world’s second most watch sports event, and an estimated 2.1 billion households will follow the race worldwide.
Acrisure Re partnered with Specialty Reinsurance Brokers, for facultative stock throughput and property business. The partnership highlights further ambitions of Acrisure Re’s global facultative offering led by Ghassan Mansour, whilst giving Specialty Re access to the global reinsurance markets, significant broking capabilities spanning marine and non-marine lines and access to the full suite of Acrisure Re’s analytical tools and solutions.
Professional Insurance Agents of Wisconsin announced that Lindsey Henry, CIC of M3 Insurance in Madison, Wisconsin is the 2024 recipient of Wisconsin’s Outstanding CSR of the Year Award. Lindsey’s supervisors commend her willingness to learn and deepen her knowledge of coverage lines and offerings so that she can provide exceptional service to her clients.
Affordable housing and government officials announced the creation of Milford Street Association Captive Insurance Company for New York’s affordable housing market. Milford will be owned by its premium payers and will provide insurance only to New York affordable rental buildings that have a regulatory agreement limiting rents and receive public financing. By changing the focus from profit to stability, simplifying overhead and operations and instituting tailor-made risk management controls, Milford will significantly lower liability insurance premiums for affordable housing development in New York.
IMA Financial Group realized a major milestone this week with the rebrand of two strategic partners as IMA companies. Newton, Massachusetts-based EBS Insurance Brokers and Wallingford, Connecticut-based Sinclair Risk & Financial Management will do business as IMA Boston and IMA Connecticut respectively beginning on July 1, 2024.
Comparion Insurance Agency partnered with Guardian Financial Services, formerly Epic Trust, a prominent commercial insurance agency based in Washington state. Under the agreement, Guardian Financial will transfer its personal lines book of business to Comparion, enabling both companies to focus on their respective areas of expertise while ensuring seamless service and coverage for customers.
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