5 minute read
Intelligence
CORPORATE
ACQUIRER TARGET
Alera Group Duryea Agency COMMENTS
The purchase of New Jersey-based Duryea Agency adds two locations and strengthens Alera’s P&C market position
Amwins Group Equisure Amwins’ acquisition of the equine insurer further diversifies its specialty distribution portfolio
Gallagher
High Street Insurance Partners
The Hilb Group Willis Towers Watson
Paladin Insurance Agency; Richardi-Demola Insurance Agency The deal includes Willis Re’s treaty and facultative reinsurance business, along with some UK specialty, European and North American brokerage operations
Both agencies are based in New Jersey and offer business and personal insurance products
Benefit Foundations The New Jersey-based benefits specialist will strengthen THG’s employee benefits capabilities in the Tri-State area
HUB International Conover Insurance Services; Ion Insurance HUB’s latest acquisitions include one of the largest insurance brokerages in the Pacific Northwest (Conover) and a Connecticut-based independent agency (Ion)
IMA Financial Group Bolton & Company The deal launches IMA into the top 20 insurance brokers in the US, based on 2020 figures
Sun Life PinnacleCare International The Canadian insurer has acquired US-based healthcare firm PinnacleCare for $85 million in a deal expected to close in mid-2021
Gallagher to acquire certain WTW assets
As part of a proposed regulatory remedy for the pending mega-merger between Aon and Willis Towers Watson, Gallagher has made a $3.57 billion deal to acquire some of WTW’s reinsurance, specialty and retail brokerage operations. The acquired operations include certain Willis Re treaty and facultative reinsurance brokerage operations, as well as some UK specialty, European and North American brokerage operations. Combined, the operations generated $1.3 billion of estimated pro forma revenue in 2020.
“This acquisition will accelerate our long-term strategy by significantly expanding our global value proposition in reinsurance, broadening our retail brokerage footprint, and strengthening key niches and specialty brokerage offerings,” said Gallagher chairman, president and CEO J. Patrick Gallagher Jr.
PRODUCTS
CFC launches solution for transatlantic M&A deals
CFC Underwriting has expanded its suite of transaction liability products with a new solution designed to support North American companies purchasing a business in the UK or Europe. The new solution aims to fill a gap in the transatlantic M&A space by offering North American buyers the representations and warranties (R&W) coverage and processes they are familiar with. According to Adam Martin, transaction liability team leader at CFC, this solution can accommodate the “complexities and asymmetries” that often arise in transatlantic M&A processes.
First Indemnity unveils new product for law firms
First Indemnity Insurance Group, a specialty insurance agency catering to lawyers and law firms, has launched Excess Protect, a new professional liability product designed to help law firms that might be carrying inadequate coverage or are seeking higher limits. Designed for law firms with up to 750 attorneys, Excess Protect was created in response to shrinking capacity and higher rates in the professional liability market. The minimum attachment point for the product is $100,000, and limits of up to $10 million are available.
ISC, Markel team up to offer general liability to gig contractors
Multi-line program administrator Integrated Specialty Coverages (ISC) has partnered with Markel Specialty on a new general liability policy program geared toward gig economy contractors. The program is compatible with 30 different construction trades for a variety of classes, including carpentry, electrical, painting, concrete and janitorial work. Options include liability limits up to $1 million for one to 121 days. Tailored specifically for contractors in the gig economy, the on-demand policies can be bound in minutes using ISC’s proprietary online platform.
Everest Insurance has announced a rebrand of its sports, leisure and entertainment division from Specialty Insurance Group (SIG) to EverSports & Entertainment Insurance. The rebranded operation will continue to offer primary and excess liability, commercial auto, workers’ compensation, property, contingency, and participant accident coverage to clients in the sports, leisure and entertainment space. Parent company Everest Re Group said the new brand aligns EverSports & Entertainment Insurance’s corporate identity with its insurance appetite and market position.
Automaker Rivian debuts in-house coverage
Electric vehicle manufacturer Rivian has announced plans to launch its own in-house auto coverage, underwritten by Nationwide. Rivian Insurance will initially be available to customers in 40 states, who will receive rate reductions for using Rivian’s Driver+ system, which helps drivers steer and automatically adjusts speeds on the highway. Rivian said the system allows it to quickly diagnose any issues for the purposes of filing a claim. The automaker also offers an end-to-end approach to repairs via its own collision and service centers.
PEOPLE
NAME LEAVING JOINING NEW POSITION
Aashish Chauhan Hylant Risk Placement Services Executive vice president of casualty
Bob Yates
Brad Dame CNO Financial Group AmeriLife Group
Willis Towers Watson DUAL Vice president of distribution, analytics and data
Chief commercial officer, North America
Christian Phillips Beazley Paragon Insurance Holdings President, Paragon Contingency Practices
Jamie Yoder
Ken Kirk Snapsheet Sapiens President, North America
N/A BroadStreet Partners CEO
Kevin Kerridge N/A Hiscox USA
Kimberly Jenkins Willis Towers Watson DUAL
Kris Finsel N/A DUAL CEO
Chief M&A officer, North America
Chief financial officer, North America
Maria Grace Everest Insurance Allianz Global Corporate & Specialty Global head of property
Michelle Jarrard N/A Crawford & Company Non-executive board chair
Stephanie Brewer Midwest Underground Technology Insurance Office of America Director of telecommunications, safety and compliance
Timothy Callahan N/A Pennsylvania Lumbermens Mutual Insurance Company Board chair Tina Zink Pernie CLM Alliance North American Risk Services Head of strategic partnerships
Torben Ostergaard USAA Spinnaker Insurance CEO
Crawford & Co. names first female board chair
Claims management firm Crawford & Company has appointed board member Michelle Jarrard as non-executive chair, making her the first woman to hold the post. She succeeds Charles H. Ogburn, who will remain on the board and will chair the compensation committee. A former senior partner at McKinsey & Company, Jarrard has been on Crawford & Co. board since August 2018.
“[Michelle’s] expertise has been and will continue to be pivotal as we navigate the extraordinary challenges posed by the pandemic and strive to achieve our envisioned future and purpose to restore and enhance lives, businesses, and communities,” said Crawford & Co. CEO Rohit Verma.
Hiscox USA promotes company vet to CEO
Global specialist insurer Hiscox has appointed Kevin Kerridge as CEO of Hiscox USA, succeeding Steve Langan, who is returning to the UK after three years at the helm. Kerridge joined Hiscox in 1996 and helped create the insurer’s first direct online business in the UK. He relocated to New York in 2009 to oversee the launch of Hiscox’s US digital small business operation, which now serves more than 460,000 customers.
“The last year has been a challenging time for small businesses,” Kerridge said, “but I want to ensure that Hiscox continues to be a dynamic and collaborative partner for our customers and distribution channels.”
