6 minute read
Intelligence
CORPORATE
ACQUIRER TARGET
Applied Underwriters Alaska Timber Insurance Exchange (ATIE) COMMENTS
ATIE has received regulatory approval for its conversion from a reciprocal to a stock insurance company; its sale to Applied is expected to be finalized in the fourth quarter
DUAL
Gallagher Align Financial Holdings The deal will significantly expand DUAL’s US market share, taking it from around $450 million to more than $1 billion
Willis Re Gallagher’s purchase of the Willis Towers Watson unit is forging ahead, despite the collapse of the WTW-Aon merger
HUB International Dissinger Reed Kansas-based Dissinger Reed will boost HUB’s capabilities in the collegiate and high school sports insurance market
Inszone Insurance Services
OneGroup
Risk Strategies Summit Insurance Group The deal gives Inszone access to the Missouri market, expanding its presence to six states
Thomas Gregory Associates Insurance Brokers Located in Massachusetts, Thomas Gregory Associates provides P&C insurance to clients in the food and agribusiness industries across the US
Danna-Gracey Established in 2001, Florida-based Danna-Gracey specializes in medical malpractice insurance
USI Insurance Services Reynolds & Reynolds The acquisition of the Iowa-based risk management and employee benefits agency expands USI’s Midwest footprint
Venbrook Group RD Parisi Associates; David Morse Associates The duo of acquisitions strengthens Venbrook’s employee benefits and claims adjusting capabilities
Gallagher moves ahead with Willis Re acquisition
When the Willis Towers Watson-Aon merger fell apart in July, Gallagher’s acquisition of Willis Re – originally proposed as a regulatory remedy to the mega-merger – appeared to hang in the balance. But in August, Gallagher announced that the Willis Re deal is still on, to the tune of an initial gross consideration of $3.25 billion, plus potential additional consideration of $750 million, subject to certain third-year revenue targets. The acquisition includes all of Willis Re’s treaty reinsurance brokerage operations, which are spread across 24 countries and place over $10 billion of premium annually. The integration of the two businesses is expected to take around three years.
Commenting on the deal, Gallagher chairman, president and CEO J. Patrick Gallagher Jr. said that broadening its reinsurance brokerage offerings has been a strategic objective for Gallagher and that the acquisition of Willis Re will “significantly enhance” its global value proposition. “We were very impressed with the Willis Towers Watson reinsurance professionals we met during our initial due diligence and strongly believe a combination will significantly enhance our offerings to clients and prospects,” he said.
PRODUCTS
PURE Programs, Palomar build high-net-worth offering
MGU PURE Programs has partnered with specialty insurer Palomar Holdings to provide an insurance program for owners of high-value homes undergoing complex construction projects. The program is designed for luxury construction projects requiring up to $20 million in coverage, including new builds, major renovations and additions. Palomar Holdings’ surplus lines subsidiary, Palomar Excess and Surplus Insurance Company, will act as the insurer for the program, while PURE Programs will oversee insurance operations, including underwriting, risk management and claims.
Skuld adds automated claims processing tool
Marine insurance provider Skuld has launched an online claims tool designed to automatically reimburse members for crew claims. Available on the insurer’s website, the tool allows members, clients, brokers and crewing managers to notify Skuld of crew claims and add information, documents, and cost. According to Skuld, simple claims will be handled automatically, with cash reimbursement processed as quickly as allowed by the banking system, while more complex cases will be reverted to the insurer’s claims handlers.
Sentry Insurance has launched Sentry Risk Factor, a proprietary risk management tool for auto dealerships. The process begins with an in-depth conversation about a dealership’s safety culture, which allows a Sentry representative to evaluate, identify and measure potential risks. The representative then assigns the dealership one of three rankings – best in class, average or red flag – which the Sentry Risk Factor tool uses to generate a report detailing the results and recommending steps to help the dealership mitigate risks.
Mover’s Choice enhances moving and storage product
Mover’s Choice, a division of Specialty Program Group, has launched Property Performance Plus (P3), a new moving and storage insurance product. P3 upgrades the existing Mover’s Choice property program by adding additional coverage, such as water seepage and extra expense, and increasing limits for debris removal, pollutant cleanup, and ordinance or law to match the increasing costs associated with claims. According to Mover’s Choice chief underwriting officer Terri Morran, the product changes will not result in increased rates for existing clients.
CFC launches tool to help prevent phishing attacks
Specialist insurance provider CFC has added a new phishing simulation tool to its Response mobile app. The tool allows users to run a simulated phishing campaign against a targeted list of colleagues whose credentials have been exposed on the dark web. Users can send simulated phishing emails with a single click on the app. Targets who erroneously click on a link in the email are redirected to an educational page where they can learn how to identify and prevent future phishing attacks and social engineering campaigns.
PEOPLE
NAME LEAVING JOINING NEW POSITION
Ana Perez League
Andre O’Reggio Marsh Benefitfocus
Beecher Carlson Chief marketing officer Managing director, executive liability practice
Bruce Bahn BCS Financial Risk Placement Services Vice president, business and product development
Caitlin McGrath Lockton
David M. Johnson N/A
Julie Stephenson CNA Kelly Kinzer N/A
Lyndon D. Broad N/A
Martin Loth N/A The Liberty Company Insurance Brokers Executive board member
Mike Golonka MetLife Auto Smart Choice Agents Program Vice president of strategic partners
Swiss Re Corporate Solutions Head of crisis management and product recall
FM Global
Swiss Re
Senior vice president and chief client experience officer Global head of casualty Zurich North America Head of construction casualty
FM Global Senior vice president and chief underwriting officer
Peter Kasahara PwC Zurich Insurance Group Group chief data officer
Scott Christian Guy Carpenter BMS Re Executive vice president, catastrophe analytics
Thomas Andrews Dixon Hughes Goodman Smart Choice Agents Program Vice president of finance
Swiss Re Corporate Solutions has appointed Caitlin McGrath as head of crisis management and product recall. She will be responsible for growing the company’s presence in this area of the market and bringing new talent to its team. McGrath has 11 years of industry experience as both a broker and an underwriter; prior to joining Swiss Re Corporate Solutions, she developed Lockton’s first domestic product recall practice group.
“Under Caitlin’s leadership, we will continue to grow our presence in crisis management and product recall so that even more customers can benefit from our market-leading capacity and innovative, tailored coverage,” said Laura Coppola, global head of FinPro and North America head of casualty for Swiss Re Corporate Solutions.
The Liberty Company Insurance Brokers adds industry veteran to its board
The Liberty Company Insurance Brokers has appointed Martin Loth as an executive board member. Loth has more than 35 years of industry experience and was president and CEO of BB&T Insurance Services of California for 13 years until his retirement in 2019. Prior to BB&T, he held senior leadership positions at various international brokerage firms.
“I am excited to join Liberty’s board,” Loth said. “The business model established by [co-founders Bill Johnson and Jerry Pickett] is compelling, and the culture based on integrity and inclusion is outstanding. I look forward to lending my experience towards Liberty’s future success.”
