5 minute read
Intelligence
CORPORATE
ACQUIRER TARGET COMMENTS
Brookfield Reinsurance American National Group Brookfield’s acquisition of the century-old life and general insurer is valued at $5.1 billion
Gallagher R.J. Riordan & Co.
HUB International Hiles-McLeod Insurance; Risk Point Consulting R.J. Riordan is a retail P&C brokerage serving the Chicago area and specializing in the construction and transportation sectors
Florida-based Hiles-McLeod provides commercial and personal insurance in the Pensacola area; Risk Point Consulting is a Georgia-based firm specializing in coverage for professional and college sports
IMA Financial Diversified Insurance Group The deal gives IMA more than 400 technology and life sciences clients, mostly based in Utah
IVANS
Moody’s Ask Kodiak
RMS The acquisition of the commercial lines insurtech will bolster IVANS’ commercial lines connectivity capabilities
Ratings agency Moody’s has forged a deal to buy the international risk modeling firm from Daily Mail and General Trust for around $2 billion
MS Amlin InQlusiv MS Amlin has taken a minority stake in MGA InQlusiv, which focuses on serving LGBTQ-, female- and ethnicowned businesses
The Hilb Group
Travelers Health Quote
Fidelis The purchase of Medicare specialist Health Quote will further expand The Hilb Group’s Medicare business
Travelers has purchased an undisclosed minority stake in the Bermuda-based property, bespoke and specialty (re) insurance provider
Moody’s has signed a deal to acquire risk modeling business RMS for approximately $2 billion from Daily Mail and General Trust. With more than 400 risk models covering 120 countries, RMS will add nearly $500 million in revenue to Moody’s insurance data and analytics business. The acquisition will accelerate the development of Moody’s global integrated risk capabilities, enabling it to meet the next generation of risk assessment.
“Within Moody’s, I’m confident RMS will be able to accelerate technology and model innovations while combining with Moody’s core data and analytics offerings for powerful, holistic solutions,” said RMS CEO Karen White. “The team and I are excited to bring new value to customers as we transform how we are able to understand and mitigate the future of risk.”
PRODUCTS
Hippo enters commercial insurance with HOA product
Insurtech Hippo has expanded into commercial insurance with the launch of a tailored product for homeowners’ associations (HOAs). Hippo’s HOA package includes coverage for commercial property, fidelity, inland marine, data breaches, general liability, combined D&O and employment practices liability, hired and non-owned auto liability with physical damage coverage, and available excess liability. The product is currently only available in Arizona, but Hippo plans to expand it to Nevada, Oregon, Utah, Colorado, Michigan, Illinois and Tennessee later this year.
HUB International has launched a new captive for cannabis benefits, built in collaboration with Berkley Life and Health Insurance Company. The HUB Cannabis Benefits Captive is a medical stop-loss offering for cannabis organizations that’s designed to provide an alternative to traditional employee benefits programs, better reflect the profile of a cannabis company’s employees and offer greater control over healthcare costs. The program is designed for cannabis employers with more than 50 insured employees, stable claims experience and predictable cash flow.
Measured Insurance launches Lloyd’s-backed cyber cover
Measured Insurance has launched a new product, CyberGuard, backed by Lloyd’s of London syndicates. Available to small and medium-sized US businesses, CyberGuard gives companies access to Measured’s full range of breach management services, including a team of cybersecurity and legal experts, threat monitoring, and pre-breach remediation services. According to Measured, the underwriting capacity from Lloyd’s will enable it to accelerate its deployment of technology and modeling to help companies evaluate their exposure and assist brokers in pricing cyber risk.
CrossCover expands into excess & surplus property
MGU CrossCover Insurance Services has established a partnership with Orchid Underwriters Agency to write middle-market excess & surplus property coverage. CrossCover will offer limits of up to $50 million per location through a panel of A.M. Best-rated carriers and reinsurers. According the CrossCover founder and president Scott Hanson, the MGU plans to leverage wind and earthquake capacity and write diverse E&S accounts across the nation to spread risk across its portfolio, thereby reducing carriers’ volatility and reinsurance costs and improving their return on capital.
Sompo Global Risk Solutions has launched a new insurance solution for epidemic and pandemic risk. Triggered by a civil authority restriction resulting from an international public health emergency declared by the World Health Organization, the Sompo GRS Epidemic and Pandemic Protection Program provides coverage for loss of income, extra expenses, debt servicing, supply chain disruption and other fixed costs. The program will initially offer limited capacity to Sompo clients in the real estate, hospitality, financial services, professional services, technology and life sciences industries.
PEOPLE
NAME LEAVING JOINING NEW POSITION
Aileen Mathieson Aberdeen Standard Aspen Chief investment officer
Andrew Cross Coalition Resilience Cyber Solutions Vice president
Caroline Emmet INSIGHT2PROFIT MarshBerry
Chris Carlson Aspen CRC Group Vice president of digital marketing Director, property practice
Florian Beerli N/A Beazley
Head, specialty risks and US programs team Hamid Mirza N/A Liberty Mutual Insurance President and COO, Global Retail Markets, US Jeremy Frumkin Ironshore Insurance Resilience Cyber Solutions Vice president Kathryn Smith N/A Jencap Group Managing director, marketing Marilyn BlattnerHoyle AIG Swiss Re Corporate Solutions Global head of trade finance Paul Orlando N/A Jencap Group Managing director, sales
Rich Wirth N/A Sedgwick Senior vice president, risk services group
Richard Bayman Chubb MS Amlin Underwriting Head of aviation reinsurance
Samuel Hess N/A Millers Mutual Insurance Vice president and chief information officer
Steve Wolfenberger McGriff Insurance Services Liberty Company Insurance Brokers Vice president
Stuart Ganis N/A Liberty Company Insurance Brokers Executive vice president
Liberty Mutual appoints head of global retail markets
Liberty Mutual Insurance has appointed Hamid Mirza as president and chief operating officer of its Global Retail Markets (GRM) arm in the US. In his new role, Mirza will lead the operation that provides insurance to personal lines customers and small businesses in the US under the Liberty Mutual and Safeco brands. Mirza has been with Liberty Mutual since 2009, most recently serving as GRM’s executive vice president and chief product and innovation officer.
“[Hamid] has the skills and ability to both anticipate and react to the competitive insurance market, and I know he will excel leading GRM US,” said GRM president Jim MacPhee.
Regional P&C carrier Millers Mutual has promoted Samuel Hess to the role of vice president and chief information officer. As CIO, Hess will work with Millers Mutual’s business units to identify, develop and implement IT capabilities that enable the company’s strategic direction, support its dayto-day business operations, and position it favorably with stakeholders, agencies and regulators. Hess joined Millers’ IT team more than five years ago and was promoted to chief information security officer in 2020.
“Sam’s commitment to self-development and his leadership skills have proven he is up to the challenge,” said Millers Mutual president and CEO Jonah Mull. “We are confident he, with the input of all those around him, will help lead us into the future.”
