Around the P&C insurance industry: October 23, 2024
This week's update includes insurance industry news from Stellar Cyber, First Onsite Property Restoration, WTW and more.
Stellar Cyber launched its innovative Risk Shield Cyber Insurance Program, designed specifically for managed security service providers and their customers. RiskShield unites cyber insurance providers with MSSPs to greatly streamline insurers’ risk acceptance analyses and enable customized protection that matches existing risk.
Richmond’s new baseball stadium scored its naming rights deal, and the city’s new riverfront amphitheater has landed a title sponsor of its own. Allianz Partners was announced Tuesday as the lead sponsor for the now-named Allianz Amphitheater that’s under construction on the hillside next to Tredegar. Officially dubbed Allianz Amphitheater at Riverfront, the $30 million facility is expected to open in June and is a joint venture between Live Nation and Coran Capshaw’s Charlottesville-based Red Light Ventures.
American Academy of Actuaries recognized outstanding Academy volunteers and emerging actuarial leaders at the opening session of the Academy’s 2024 “Envision Tomorrow” annual meeting in Washington, D.C., on October 15.
Afore Insurance Services, LLC acquired Powers Insurance Services, LLC and announced that Jeremy Powers and the agency’s team of 6 joined Afore in what is a new location for Afore in South Carolina, becoming its 20th office location in the United States. The financial terms were not disclosed.
OneClick Data, Inc. has closed a $7.2 million financing, bringing the total investment in the company to $10 million. State Farm Ventures led the financing with participation from executives and investors specializing in insurance and claims management, construction cost estimation, construction operations, data acquisition and analytics, generative AI, and enterprise systems and infrastructure.
Beat Capital Partners has partnered with former CrossCover executive Brett Dupre to launch U.S.-based Fallow Grove Insurance Services. Dupre has more than 35 years of industry experience and was also a former executive at AmRisc Group and FM Global.
Flood Risk Solutions partnered with Floodproofing.com, a trusted provider of residential and commercial flood mitigation products. This collaboration will grant FRS agents access to a broad array of proven floodproofing products and engineering services, helping clients reduce flood risk and protect their properties.
Jewelers Mutual Group has been Certified by Great Place To Work for the second consecutive year. The insurer shared the news on Great Place To Work’s Certification Nation Day, an annual celebration of Great Place To Work Certified companies. The Certification is based entirely on what current employees say about their experience working at the company. This year, 85% of Jewelers Mutual’s employee survey respondents stated it is a great place to work; 28 points higher than the average U.S. company.
First Onsite Property Restoration has expanded its presence in New England by hiring a team of seasoned and long-established commercial restoration professionals in Massachusetts.
WTW has published the latest edition of its Climate Reporting Comparative Table. The report provides a comprehensive review of climate-related financial disclosure requirements across key global jurisdictions. It highlights the intersections and differences between important frameworks, including:
- The International Financial Reporting Standards’ (IFRS) International Sustainability Standards Boards’ (ISSB) S1 and S2;
- the Financial Stability Board’s (FSB) Task Force on Climate-related Financial Disclosures (TCFD);
- the Securities and Exchange Commission (SEC) climate rule to standardize climate-related disclosures for investors in the U.S.; and
- the EU’s Corporate Sustainability Reporting Directive (CSRD) alongside the EU Taxonomy common classification scheme for sustainable economic activities.
Risk Strategies acquired George W. Blaisdell Insurance, a well-established agency focused on employee benefits based in Hampton Falls, New Hampshire. The acquisition further enhances the presence and capabilities of the Risk Strategies Employee Benefits Practice in its New England region. Terms of the deal were not announced.
Mylo announced its membership in the International Franchise Association, the world’s largest franchising membership organization with 60+ years of experience advancing franchisors, franchisees and franchise suppliers. As an insurance supplier partner, Mylo will offer expert insurance solutions to approximately 1,000 emerging franchises in early-stage growth across industries that include restaurants, business services, retail, fitness and more.
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