Tuesday, August 3, 2021

Around the P&C insurance industry

Move United Junior Nationals presented by The Hartford is set to take over Metro Denver, Co., from July 17-23. Now, in its 37th year, Move United Junior Nationals is the largest and longest-standing national sports championship event for young athletes with a physical disability, visual and/or intellectual impairment through the age of 22.

Progressive Insurance is hiring up to 6,400 new employees during the remainder of 2021 to support its growth. With 2020 total revenues topping $42 billion, the company continued to gain market share and increase its customer base and it will be adding more employees in claims, customer care, technology, analysis and legal throughout the country.
ATTOM acquired GeoData Plus, an application for in-depth property research, valuation and prospecting. GeoData Plus will provide customers with greater insight into the marketplace to make more informed and educated decisions.

InsurTech NY is accepting applications for its growth-stage InsurTech accelerator. The application window will be open until August 2 and applications will be accepted through the InsurTech NY website. The program is designed for growth-stage companies, with an existing customer base, in funding stages between Seed and Series B.
The Kansas Association of Insurance Agents has been named a 2021 Excellence in Insurance Education Award recipient. The Excellence in Insurance Education award began in 2010 to recognize state association education department staff for their individual efforts to educate and serve their members and strengthen the future of the independent agency community. Big “I” will be recognizing the accomplishment at the Education Convocation during the 2021 Big I Fall Leadership Conference, Sept. 29, 2021.

2021 Geneva Association Women in Insurance Award went to Nina Arquint, chief risk officer at Swiss Re Corporate Solutions, for her work and commitment to driving the reduction of coal underwriting. The 2022 nomination process will open in November 2021, with applications due in February 2022.

J.S. Held acquired Kineticorp, LLC, a forensic engineering firm that specializes in accident reconstruction and visualization services. This acquisition supports the strategic growth of J.S. Held’s accident reconstruction team throughout North America.

Rimkus Consulting Group, Inc. acquired Blackstone Consulting LLC, which evaluates risks associated with real estate investments. The acquisition expands Rimkus’ due diligence property condition and environmental assessment capabilities and expands its seismic risk and construction consulting practice across the United States.

Buckle selected CCC to digitize auto claims for its community of rideshare and delivery drivers. Buckle, which provides auto insurance to gig economy drivers, will leverage CCC’s advanced AI and photo technology to deliver speed and transparency across key claims decisions, minimizing vehicle downtime for rideshare and delivery drivers following an auto accident.

Hub International Limited acquired the assets of First Florida Insurance. The terms of the transaction were not disclosed.

SASSI introduced a business owner policy for small salons and spas. Intended for boutique salons and spas with focused service offerings that may not need all coverage available in SASSI’s specialty insurance program, the SASSI BOP offers basic professional liability, general liability and property coverages with premiums and limits scaled for smaller businesses.

BMS acquired Trean Intermediaries, the U.S.-based independent reinsurance broker and services company. Founded in 2013 as a joint venture with Trean Corporation, Trean Intermediaries specializes in workers’ compensation, property and casualty, accident and health, personal auto, public entity and professional liability lines for insurer and MGA clients. BMS Re has acquired Trean in full, with staff and infrastructure transferring to BMS Re. Sean Ryan, president of Trean, will assume the newly created role of deputy CEO of BMS Re.

The Hanover Insurance Group, Inc. announced investments in its Hanover Lawyers Advantage and Hanover Healthcare Facilities Advantage product suites, further enhancing the company’s broad portfolio of highly specialized capabilities, including its professional liability solutions. Additionally, a new specific client limit endorsement offers the ability to increase the policy limit on an individual client basis, providing a convenient method to meet insurance limit requirements in contracts.

Scottish American acquired Kaliff Insurance of San Antonio, Texas, on July 1, 2021. The terms of the transaction were not disclosed.

Crawford Technologies joined the World Wide Web Consortium (W3C), the main international standards organization for the internet. As an international community, member organizations and the public work together to develop protocols and guidelines to ensure the long-term growth of the World Wide Web. Becoming a W3C member makes it possible for Crawford Technologies to support the mission of W3C and expand its ability to better serve Crawford Technologies’ customers and the accessibility community.

Applied Underwriters has acquired the U.S. specialty lines division of Generali Group, which includes Generali Warranty Services, LLC, a fully licensed obligor. Applied Underwriters will aggregate the specialty lines business into its newly formed applied warranty & insurance services division. The acquisition will enable the development and expansion of its offerings nationwide.

Ryan Specialty Group Holdings, Inc. launched the initial public offering of its class A common stock. Ryan Specialty is offering 56,918,278 shares of its class A common stock pursuant to a registration statement on Form S-1 filed with the Securities and Exchange Commission. The initial public offering price is expected to be between $22.00 and $25.00 per share. Ryan Specialty intends to grant the underwriters the right to purchase up to an additional 8,537,742 shares of its class A common stock. Ryan Specialty has applied to list its class A common stock on the New York Stock Exchange under the symbol “RYAN.”

Cincinnati Insurance Company will receive an Impact Award from the Novarica Insurance Technology Research Council, a peer community of hundreds of insurer CIOs. More than 60 CIO council members reviewed more than 60 case studies in three divisions to select the winners for the 10th annual awards.

Hilb Group acquired Virginia-based Keith Ghaphery Insurance and Associates, Inc., strengthening its footprint within the Mid-Atlantic region. Hilb Group also acquired Virginia-based Easley Hedrick Insurance & Financial, strengthening its footprint within the Mid-Atlantic region. Both transactions became effective July 1, 2021.

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