Around the P&C insurance industry: October 19, 2022
Shake Technologies, Inc. launched its Reinsurer Product Council with its first cohort of eight global reinsurance companies and ILS funds representing nearly $100 billion in industry capital. Participating companies include a cross-section of major US, Bermudian and European reinsurers as well as alternative capital providers.
Longnecker & Associates has completed its rebranding and will join NFP’s Compensation advice practice. NFP acquired Longnecker & Associates in 2017, and until now the company has retained its own brand. The Compensation Consulting practice, part of NFP’s Executive Benefits platform, works with companies to develop bespoke compensation strategies and structures that help attract, retain and motivate talent. The team excels in creating programs that are attractive to executives, compliant with regulations and able to withstand the scrutiny of corporate governance.
PCF Assurance Services acquired Infuse the insurance, an independent community agency offering a full range of home, auto, business and life insurance solutions. PCF’s business model supports and expands the agency’s continued success, finding opportunities for strategic growth through a people-centric approach to selling insurance. This agency-centric operating model and entrepreneurial environment supports PCF Insurance’s formidable organic growth profile and aligns its national network of partners through share ownership, long-term investment plans and resources. .
Workers Compensation Research Institute announced registration is now open for the 39th Annual Institute Issues and Research ConferenceMarch 21-22, 2023. This year’s conference will be held in person at the Renaissance Phoenix Downtown Hotel.
Clyde & Co. opened an office in Calgary, Canada, with the hiring of four associates. The opening of an office in Calgary consolidates the firm’s presence in Western Canada and in major business and legal centers across the country, following its opening in Vancouver in 2021 when it merged with the local insurance and building SHK Law Corporation.
Apollo added construction physical damage to its growing portfolio. To lead this expansion, Tim Cook has joined the business as Head of Construction, reporting to Kate Foster, the new Divisional Head of Apollo’s real estate team who will join in January 2023. Tim brings extensive experience in the strategic direction of a successful construction and engineering company, having worked in the market for 37 years. He joins Apollo from Allianz Global Corporate & Specialty, where he was North American Regional Manager for Energy and Construction, most recently based in New York.
Coalition announced the formation of Ferian Re, a Bermuda-based independent Class 3B reinsurer that will provide capacity for Coalition cyber programs. Ferian Re will be capitalized with approximately $300 million from a group of investors led by funds managed by BDT Capital Partners, LLC, a subsidiary of BDT & Company, LLC, a merchant bank that works with family-owned and founder-led businesses to pursue their strategic and financial goals. Minority investors include The Pritzker Organization among other sophisticated global investors with long-term investment horizons.
October 12, 2022 marked the fourteenth annual Day of Pink, an event where Arbella Insurance Group employees partner with the Arbella Insurance Foundation and raise funds to Dana-Farber Cancer Institute. Arbella employees raised $21,288 to support cancer screening and education for people in medically underserved populations. It was matched by the Arbella Insurance Foundation, bringing the total donation to $42,576.
UBS Arena announced that the main entrance to the site will be renamed “The Acrisure Great Hall”. Acrisure was also named a partner of the arena and the New York Islanders. Acrisure operates, among other things, a top ten global insurance brokerage and a full-line e-services business. Acrisure’s presence in the arena will include digital signage and branding in the Acrisure Great Hall as well as ice-level signage, visible to the thousands of fans in the arena and millions of spectators at home. Around 19,000 visitors will pass through Acrisure Great Hall at each UBS Arena event.
Madison Square Garden Sports Corp., Madison Square Garden Entertainment Corp. and HUB International Limited has teamed up to make HUB an official partner of the New York Knicks, New York Rangers, Madison Square Garden Arena and the Montefiore Concert Series at Madison Square Garden. HUB will also become the presenting partner of College Hoops at The Garden.
Risk strategies acquired Relationship Education Solutions Relationship Assurance Services. The agreement adds key capabilities to the national education practice of Risk Strategies. Terms of the agreement were not made public.
CRC Group announced that the company’s Specialty Programs Division will operate under the new Starwind brand effective October 18, 2022. Created through the combination of CRC Programs and the recently acquired Constellation Affiliate Partners, Starwind will be one of the largest program managers in North America, serving more than 10,000 policyholders and underwriting more than $3 billion in annual premiums across more than 30 company brands.
Professional Resource acquired MIS Insurance Services LLC., a custom software solutions company that provides an integrated suite of web-based services to the commercial property and casualty insurance market. Among a series of recent acquisitions, the addition of MIS is part of ReSource Pro’s strategy to deepen the offerings and opportunities for underwriting organizations while reducing the time and effort required to start new programs.
Insurance Industry Charitable Foundation hosted its Sixth Anniversary Gala Dinner on October 18, 2022 at Drapers’ Hall in London. This annual event brought together insurance industry professionals and leaders, along with representatives from local non-profit organizations and distinguished guests, to celebrate the industry’s collective impact in the community. . This charity gala also aims to raise valuable funds for charities helping to create a better future for disadvantaged people in England and Scotland.
blue vine widened its insurance offers for small businesses include active cyber insurance offered by Coalition in addition to its existing small business insurance provider, NEXT Insurance. With the addition of Coalition cyber insurance offerings, Bluevine gives the small business community seamless access to explore insurance providers right from their account dashboard. Available now, Bluevine Business Checking customers can research a wide range of insurance products and follow the steps to receive a personalized insurance quote from our partners.
World Insurance Associates LLC launched World Private Client Group (WPCG) within its personal lines business. WPCG will cater to highly successful individuals and families. The group is made up of industry specialists with in-depth knowledge of the unique needs and exposures of high net worth clients and will tailor private risk management programs designed specifically to protect the assets, reputation and future of their clients.
Scottish American acquired Hawkeye Wholesale Insurance ServicesInc. of Liberty Lake, Washington on October 1, 2022. Hawkeye was founded in 2012. Based in Washington State, it has underwriting capabilities in the states of California, Idaho, Oregon, from Texas and Washington.
Mallory Agency celebrated 115 years of activity. Based in LaGrange, Georgia, with additional offices in Atlanta, Mallory Agency has changed the nature of the broker-client relationship and has connections across the state, United States and beyond.
NFP acquired Mason James Insurance Services Limited, one of Staffordshire’s largest brokers. Bentley has been providing complex commercial and personal insurance solutions since 1922. Mike Rostron, Managing Director of Bentley, will join NFP’s commercial insurance leadership team in the UK and continue to drive the company’s growth in Staffordshire and beyond.
Workers Compensation MethodLLC acquired Risk exchange insurance services, Inc. (REX), a full-service wholesale broker and managing general underwriter. Adding REX’s complementary programs and capabilities to Method’s comprehensive risk management solution further increases value for Method’s partners and customers.
Openly announced its inclusion in Quartz Best Companies for Remote Workers 2022. Openly ranks 17th in the medium-sized business category and is the only insurance company rated in the small, medium, and large business categories.
green light d announced an investment in Stay safe, Inc. With the rise of booking platforms such as Airbnb and Vrbo, the market for short-term home rentals has grown rapidly and homeowners have become more aware of the income-generating potential of their homes. However, concerns about the possibility of property damage and liability exposure have left many owners reluctant to list their properties.