Around the P&C insurance industry: August 7, 2024
This week's update includes insurance industry news from Ryan Specialty, Arch Insurance, Orion180 and more.
Deep Associates Insurance Agency and Thompson & Linscott Insurance Agency of North Adams, Massachusetts each partnered with Wheeler & Taylor Insurance, the oldest independent insurance agency in Berkshire County. The two long-established insurance agencies joined Wheeler & Taylor of Great Barrington, Massachusetts, to broaden their insurance offerings locally, regionally and nationally. Both firms retain their name, staff, location and management.
Ryan Specialty formed an exclusive relationship with MagMutual, the largest mutual insurer of physicians and hospitals in the U.S. This relationship is through Sapphire Blue, which specializes in developing sophisticated solutions to complex healthcare risks, and is a part of the firm’s underwriting specialty, Ryan Specialty Underwriting Managers.
Ryan Specialty acquired US Assure Insurance Services of Florida, Inc. US Assure, headquartered in Jacksonville, Florida, is a leading program specializing in builder’s risk insurance, and will become a part of our underwriting managers specialty within Ryan Specialty. US Assure’s underwriting is enhanced by a sophisticated and robust proprietary technology platform that provides ease of access to insurance brokers and expedites the underwriting and policy issuance process. US Assure issues admitted market insurance coverage on behalf of Zurich American Insurance Company, an AM Best “A+” rated carrier.
IMA Financial Group partnered with Wallace Welch & Willingham, Inc. The St. Petersburg and Sarasota, Florida-based firm is the largest privately held retail insurance broker in the state with 155 employees and nearly $30 million in annual revenue. With this new partnership, Wallace Welch & Willingham will be known as Wallace Welch & Willingham, an IMA company.
Arch Insurance North America acquired Allianz’s U.S. MidCorp and Entertainment insurance businesses; originally announced on April 5. Nearly 500 former Allianz MidCorp and Entertainment employees have joined Arch and will provide continuity to clients and brokers as Arch Insurance focuses on growing its middle market offerings.
Coalition launched its innovative active cyber insurance in Germany through its subsidiary, Coalition Insurance Solutions GmbH. Coalition’s offerings became available on August 1, 2024. Coalition now offers insurance products in Germany with capacity provided by Allianz Global Corporate & Specialty SE in a multi-year agreement. Coalition’s active cyber insurance is available to businesses with up to €1 billion in revenue on a primary basis, with no minimum premium requirement. Coalition’s excess cyber insurance product is expected to be available in early 2025.
Chartered Institute of Loss Adjusters has signed a memorandum of understanding with the Institute of Loss Adjusters Southern Africa to establish a framework for collaboration and benefit for members in Southern Africa. The partnership is expected to lay the groundwork for further agreements worldwide as CILA looks to expand its international reach and relevance in global markets.
Orion180 expanded its homeowner’s insurance services and coverage offerings into the state of Ohio. Orion180 now provides tailored homeowners coverage solutions in eight states, three of which were added during the first half of 2024.
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