Around the P&C insurance industry: November 6, 2024
This week's update includes insurance industry news from McLarens, Vertafore, CRDN and more.
McLarens partnered with JW Loss Adjusting and MCL Nordic in Sweden and Denmark, respectively. The new affiliates specialize in technical loss adjusting services across complex, commercial and specialty risks. Both partnerships will further strengthen McLarens’ footprint in Scandinavia, offering local and international clients access to a comprehensive team of loss adjusting experts and providing a platform for growth across the region.
Pro Global announced the enhancement and growth of its digital services capabilities, under the leadership of Kristy Lovegrove, group head of technology. This strategic move aligns Pro’s Global Digital Services offering with the increasing demand for automation and technology-driven efficiencies from re/insurers globally.
Ryan Specialty acquired Innovisk Capital Partners from Abry Partners and BHMS Investments. As a result of the acquisition, Innovisk will become a part of Ryan Specialty Underwriting Managers, the underwriting management segment within Ryan Specialty. The acquisition is expected to close early next month.
RiverStone International disclosed an agreement with QBE to provide loss portfolio transfer reinsurance for various QBE subsidiaries, including their Lloyd’s syndicates, has closed after receiving all requisite approvals. The LPT is effective July 1, 2024, and RiverStone International subsidiaries have assumed subject reserves of $1.2 billion as of that date.
The Hartford and Coalition partnered in response to growing customer and broker demand for Coalition’s unique Active Cyber Insurance approach in the U.K. market. As part of the agreement, The Hartford is assuming a quota share of Coalition’s U.K. cyber program, in addition to the insurance provider’s existing capacity partner relationships.
Vertafore has acquired Surefyre, an industry leading submission and underwriting workbench platform built to empower MGAs and wholesalers. This acquisition further strengthens Vertafore’s industry leadership by adding Surefyre’s AI-enabled, low-code/no-code solution to Vertafore’s already best-in-class MGA ecosystem of solutions. The addition of Surefyre’s solution will unlock even more potential for Vertafore MGA customers by adding a modern agent portal, a powerful underwriting workbench and flexible workflow automation that drives a faster and more efficient quoting process, saving hours of time issuing a policy.
CRDN was named to the prestigious 2024 Franchise Times Top 400 list and ranked third in sales growth within the Disaster Restoration category. CRDN secured the overall ranking of 243, up from 278 in 2023. The Franchise Times Top 400 exclusive ranking highlights the largest U.S.-based franchise systems by global systemwide sales, further emphasizing CRDN’s continued growth and leadership in the restoration industry.
BrokerTech Ventures announced the addition of Leavitt Group as a partner. Leavitt Group, one of the nation’s largest privately held insurance brokers headquartered in Cedar City, Utah, joins 13 brokers and 14 carriers, wholesalers and community partners to strengthen the vast BTV distribution network.
Allstate and Arlo introduced a smarter way to protect homeowners with The Arlo Total Security bundle for Allstate. The Arlo Total Security bundle for Allstate includes 24/7 professional monitoring, all necessary hardware and an Allstate Protection Plan.
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