Home > Resources > Articles > Don't ignore this hidden risk: Understanding underground service lines

Don't ignore this hidden risk: Understanding underground service lines

You have a gorgeous maple tree on your property. For years it's been the focal point of your yard with people often stopping to tell you how lucky you are to have such a beautiful tree on your property. Sure, you're lucky, until that one summer day when that maple tree decides to push a tree root into a water pipe running underneath your property. What do you do now? Contrary to popular belief, the reality is that you as the homeowner are responsible for any underground service lines that run from the street to your home. So any sewer and water piping, as well as underground electrical and communication lines running from the street to your home, are all your responsibility to fix and pay for should a problem occur. How do service line damages happen? Underground service lines can be damaged in a variety of ways, ways you'd never even think of. Some of the more common causes include tree roots, animal interference, corrosion, weight of vehicles pressing down on the lines, as well as simple wear and tear. No matter the cause of the damage, the effects can be incredibly costly.

Spotlight

The Insurance Charities

The Insurance Charities gives vital financial and practical support to past and present employees of the insurance industry, and their dependent relatives, who are suffering financial hardship. We can help anyone with relevant experience working in the insurance industry who may now be facing hardship.

OTHER ARTICLES
Automobile Insurance, Insurance Technology

The Age of Sustainable Fixed-Income Investing Has Arrived

Article | December 19, 2022

Environmental, social, and governance (ESG) considerations have increasingly entered the mainstream of investment discussions, both through routine incorporation into traditional investment processes and through distinct sustainable or impact investing styles. Recent and current global conditions, such as extreme weather events, the inequitable effects of the COVID-19 pandemic, rising distrust of government institutions, and geopolitical challenges to a rules-based world order, have accelerated this trend, emphasizing the direct relevance of ESG and sustainability to understanding long-term market risks and opportunities. Until recently, equity investors were more concerned with ESG and sustainability than their fixed-income counterparts. That is, however, beginning to change, and at a rapid pace. ESG and sustainability have gained significant traction among bond investors, particularly since the implementation of COVID-19, and are now widely regarded as essential components of fixed income investing. For example, global sustainable debt issuance reached a new high of over US$1.6 trillion in 2021 and is expected to rise further in the coming years. Notably, we believe that ESG integration and sustainable fixed-income investing require a very deliberate, thoughtful approach — one that varies significantly from one fixed-income sector to the next. ESG and sustainability: At a high level, researchers believe that increased awareness of ESG and sustainability benefits global markets in two ways: 1. ESG integration allows market participants to think more holistically about the types of financially material risks and opportunities — such as physical, reputational, and (geo)political — that should ideally be reflected in asset valuations and taken into account during the routine portfolio construction and management process. 2. Furthermore, the conversation about sustainable investing is encouraging more market participants to look beyond narrow, issuer-specific investment thesis to consider how market participants' behaviors affect the broader systems and structures (e.g., climate stability, institutional strength) whose long-term viability is critical for the long-term health of economies and markets. We, like many others, believe that a stable global climate, clean air and water for all, adherence to the rule of law, strong institutions with broad public legitimacy, and broad-based access to economic opportunity are valuable public goods from which market participants would benefit collectively over time. As a result, a central goal of sustainable investing is to assist markets in evolving toward rewarding participants for exercising responsible stewardship of these public goods, which are critical to pursuing favorable long-term outcomes for the real people who are the ultimate beneficiaries of markets. This framing of sustainability highlights why fixed income is so important in moving global markets and economies in a more sustainable direction.

Read More
Core Insurance, Risk Management

5 Things Contractors Can Do About Insurance During Covid-19

Article | September 22, 2022

With the major impact of the COVID-19 outbreak, contractors appreciate the need for insurance coverage even more. You may be safely covered by Force Majeure and pandemic clauses in your policies. However, you may still be wondering how to deal with the associated costs related to the COVID-19 outbreak risks. In this article, let’s look at some of the steps you can take to handle your insurance position during the pandemic.

Read More
Insurance Technology

Making the digital leap in underwriting

Article | July 13, 2022

Underwriting has historically been one of the most data-intensive areas of insurance. But when it comes to looking at investments and results, data and information handling for underwriting at most carriers is still disjointed and disconnected. This is underwriting’s version of the digital divide we’ve been discussing in this series, and it leads to inefficiencies and ineffective underwriting. The divide exists because today’s underwriting platforms have not evolved to meet the needs of a modern digital carrier. To see why, let’s take a quick look at the history of these platforms. The first generation of underwriting platforms was built to provide rating systems and core policy management needed to price and administer the underwriting of policies. The technology they run on has changed from mainframe to servers to the cloud, but the platforms themselves remain focused on managing the least information necessary to price and maintain the policy.

Read More
Insurance Technology

4 Aspects of Cyber Insurance that SMBs Must Know

Article | July 19, 2022

The pandemic pressed many businesses to go remote. While this enabled employees and their organizations to continue doing business in the face of global uncertainty, the fragility of cybersecurity infrastructure became more apparent than ever. From remote work to a more powerful online presence, cybersecurity threats are a significant challenge for many organizations. With data security, exposure to these threats meant cyber insurance needed to be amped up. In the race to fortify cybersecurity, small businesses, which have limited resources to train their IT staff, have much catching up to do. As a matter of fact, practically all small businesses maintain sensitive data on their staff, clients, or suppliers, making them open to hacking attempts, malware attacks, digitalfraud, and other online threats. A cyberattack can force a firm to cease operations, incur significant losses, and unanticipated costs, and harm their brand. This is why cyber insurance is so critical. Here are four things SMBs must understand about cyber insurance and what it covers. In Case of Data Breaches Data breaches are one of the most common types of cyberattacks on small firms. Cyber insurance coversthe cost of locating the origin of a data breachand assessing whether the information lost poses any legal obligations. It also includes the price of meeting those obligations, including sending notifications to affected clients, setting up a call center, and providing credit monitoring, as well as the price of hiring legal counsel and paying any fines or penalties. In Case of Malware Attacks Ransomware and malware attacks allow criminals to break into an organization’s back-end data. They use it to steal customer information or simply encrypt it which allows them to demand random from the business to reclaim access. Cyber insurance can pay for all of the expenses involved in restoring the system, including recovering data, ransomware removal, vulnerability patching, and, if required, paying the ransom itself. A ransomware attack is the most disruptive,and it may be covered if there is economic loss for the company. In Case of Phishing and Cyber Fraud By gaining access to a company's computer system, social engineering letscriminals trick employees intosettlingfictitious bills or diverting cash to their accounts. Businesses may be able to recoup lost funds with the use of cyberinsurance. Third-Party Coverage Third-party insurance can shield firms from cyber-related legal troubles, such as government responseor class-action lawsuits brought on by, for instance, unintentional malware spreador the inability to curbunauthorized access to companysystems. It covers all legal expenses, such as settlements and lawyer fees. What’s the Bottom Line? Cyber insurance cannot be an alternative to a robust cyber security infrastructure. And small businesses cannot afford to keep vulnerabilities in their systems. Many cyber advice solution providers offer advisory and risk assessment services that may be just what small and medium-sized businesses (SMBs) need to start improving the security of their systems.

Read More
Automobile Insurance, Insurance Technology

How the Blockchain is Revolutionizing the Auto Insurance Industry

Article | December 19, 2022

Environmental, social, and governance (ESG) considerations have increasingly entered the mainstream of investment discussions, both through routine incorporation into traditional investment processes and through distinct sustainable or impact investing styles. Recent and current global conditions, such as extreme weather events, the inequitable effects of the COVID-19 pandemic, rising distrust of government institutions, and geopolitical challenges to a rules-based world order, have accelerated this trend, emphasizing the direct relevance of ESG and sustainability to understanding long-term market risks and opportunities. Until recently, equity investors were more concerned with ESG and sustainability than their fixed-income counterparts. That is, however, beginning to change, and at a rapid pace. ESG and sustainability have gained significant traction among bond investors, particularly since the implementation of COVID-19, and are now widely regarded as essential components of fixed income investing. For example, global sustainable debt issuance reached a new high of over US$1.6 trillion in 2021 and is expected to rise further in the coming years. Notably, we believe that ESG integration and sustainable fixed-income investing require a very deliberate, thoughtful approach — one that varies significantly from one fixed-income sector to the next. ESG and sustainability: At a high level, researchers believe that increased awareness of ESG and sustainability benefits global markets in two ways: 1. ESG integration allows market participants to think more holistically about the types of financially material risks and opportunities — such as physical, reputational, and (geo)political — that should ideally be reflected in asset valuations and taken into account during the routine portfolio construction and management process. 2. Furthermore, the conversation about sustainable investing is encouraging more market participants to look beyond narrow, issuer-specific investment thesis to consider how market participants' behaviors affect the broader systems and structures (e.g., climate stability, institutional strength) whose long-term viability is critical for the long-term health of economies and markets. We, like many others, believe that a stable global climate, clean air and water for all, adherence to the rule of law, strong institutions with broad public legitimacy, and broad-based access to economic opportunity are valuable public goods from which market participants would benefit collectively over time. As a result, a central goal of sustainable investing is to assist markets in evolving toward rewarding participants for exercising responsible stewardship of these public goods, which are critical to pursuing favorable long-term outcomes for the real people who are the ultimate beneficiaries of markets. This framing of sustainability highlights why fixed income is so important in moving global markets and economies in a more sustainable direction.

Read More
Core Insurance, Risk Management

5 Essential Features of Policy Management Tools

Article | September 22, 2022

With the major impact of the COVID-19 outbreak, contractors appreciate the need for insurance coverage even more. You may be safely covered by Force Majeure and pandemic clauses in your policies. However, you may still be wondering how to deal with the associated costs related to the COVID-19 outbreak risks. In this article, let’s look at some of the steps you can take to handle your insurance position during the pandemic.

Read More
Insurance Technology

How Are Insurance Firms Using Artificial Intelligence (AI)?

Article | July 13, 2022

Underwriting has historically been one of the most data-intensive areas of insurance. But when it comes to looking at investments and results, data and information handling for underwriting at most carriers is still disjointed and disconnected. This is underwriting’s version of the digital divide we’ve been discussing in this series, and it leads to inefficiencies and ineffective underwriting. The divide exists because today’s underwriting platforms have not evolved to meet the needs of a modern digital carrier. To see why, let’s take a quick look at the history of these platforms. The first generation of underwriting platforms was built to provide rating systems and core policy management needed to price and administer the underwriting of policies. The technology they run on has changed from mainframe to servers to the cloud, but the platforms themselves remain focused on managing the least information necessary to price and maintain the policy.

Read More
Insurance Technology

4 Aspects of Cyber Insurance that SMBs Must Know

Article | July 19, 2022

The pandemic pressed many businesses to go remote. While this enabled employees and their organizations to continue doing business in the face of global uncertainty, the fragility of cybersecurity infrastructure became more apparent than ever. From remote work to a more powerful online presence, cybersecurity threats are a significant challenge for many organizations. With data security, exposure to these threats meant cyber insurance needed to be amped up. In the race to fortify cybersecurity, small businesses, which have limited resources to train their IT staff, have much catching up to do. As a matter of fact, practically all small businesses maintain sensitive data on their staff, clients, or suppliers, making them open to hacking attempts, malware attacks, digitalfraud, and other online threats. A cyberattack can force a firm to cease operations, incur significant losses, and unanticipated costs, and harm their brand. This is why cyber insurance is so critical. Here are four things SMBs must understand about cyber insurance and what it covers. In Case of Data Breaches Data breaches are one of the most common types of cyberattacks on small firms. Cyber insurance coversthe cost of locating the origin of a data breachand assessing whether the information lost poses any legal obligations. It also includes the price of meeting those obligations, including sending notifications to affected clients, setting up a call center, and providing credit monitoring, as well as the price of hiring legal counsel and paying any fines or penalties. In Case of Malware Attacks Ransomware and malware attacks allow criminals to break into an organization’s back-end data. They use it to steal customer information or simply encrypt it which allows them to demand random from the business to reclaim access. Cyber insurance can pay for all of the expenses involved in restoring the system, including recovering data, ransomware removal, vulnerability patching, and, if required, paying the ransom itself. A ransomware attack is the most disruptive,and it may be covered if there is economic loss for the company. In Case of Phishing and Cyber Fraud By gaining access to a company's computer system, social engineering letscriminals trick employees intosettlingfictitious bills or diverting cash to their accounts. Businesses may be able to recoup lost funds with the use of cyberinsurance. Third-Party Coverage Third-party insurance can shield firms from cyber-related legal troubles, such as government responseor class-action lawsuits brought on by, for instance, unintentional malware spreador the inability to curbunauthorized access to companysystems. It covers all legal expenses, such as settlements and lawyer fees. What’s the Bottom Line? Cyber insurance cannot be an alternative to a robust cyber security infrastructure. And small businesses cannot afford to keep vulnerabilities in their systems. Many cyber advice solution providers offer advisory and risk assessment services that may be just what small and medium-sized businesses (SMBs) need to start improving the security of their systems.

Read More
MORE ARTICLES

Spotlight

The Insurance Charities

The Insurance Charities gives vital financial and practical support to past and present employees of the insurance industry, and their dependent relatives, who are suffering financial hardship. We can help anyone with relevant experience working in the insurance industry who may now be facing hardship.

Related News

Life Insurance

Norwegian Insurer Gjensidige Pensjonsforsikring Goes Live with Sapiens CoreSuite for Life & Pensions

PR Newswire | January 10, 2024

Sapiens International Corporation, a leading global provider of software solutions for the insurance industry, and the leading Norwegian insurance company Gjensidige Pensjonsforsikring (GPF) today announced that GPF has gone live with Sapiens CoreSuite for Life & Pensions and Sapiens Cloud Services for their individual savings. GPF is the first Nordic customer to go-live with CoreSuite, which will expand the insurer's digital capabilities and boost its leading market position. Designed to enable greater automation and operational efficiency, Sapiens CoreSuite for Life & Pensions provides GPF with an optimised, Norwegian-tailored platform with real-time access to centrally managed data. As a single, unified system on the cloud, CoreSuite provides a cost-efficient, cloud-based IT infrastructure to streamline workflows, accelerate digital transformation and improve customer engagement. The CoreSuite solution is maintained and updated continuously by Sapiens in accordance with the latest technological and regulatory requirements. "Sapiens has now completed the initial phase of our core transformation project to CoreSuite and provided valuable support throughout the journey," said Torstein Ingebretsen, CEO of GPF. A strong core and strategy are essential to GPF's growth in Norway's rapidly changing pensions market." "We are proud to have achieved this important milestone in the Nordics with a regional leader like GPF," added Roni Al-Dor, Sapiens President and CEO. "We will continue to support GPF's journey to drive innovation and set the standard for best-in-class customer service with our transformative, future-oriented, cloud-based IT infrastructure." Sapiens CoreSuite for Life & Pensions is a software solution for end-to-end core operations and processes. An award-winning policy administration system, it supports individual and group products across life, health, wealth & retirement. Sapiens Cloud Services supports business growth with a holistic offering of value-added cloud services that provides all operations and application management services under one roof. About Gjensidige Pensjonsforsikring (GPF) Gjensidige Pensjonsforsikring (GPF) is a wholly owned subsidiary of Gjensidige Forsikring. GPF mainly offers defined contribution, investment products, pension plans and risk products for groups and individuals in the Norwegian market. About Sapiens Sapiens International Corporation empowers the financial sector, with a focus on insurance, to transform and become digital, innovative and agile. With more than 40 years of industry expertise, Sapiens' cloud-based SaaS insurance platform offers pre-integrated, low-code capabilities across core, data, and digital domains to accelerate our customers' digital transformation. Serving over 600 customers in more than 30 countries, Sapiens offers insurers across property and casualty, workers' compensation, and life insurance markets the most comprehensive set of solutions, from core to complementary, including Reinsurance, Financial & Compliance, Data & Analytics, Digital, and Decision Management.

Read More

Life Insurance

illumifin Acquires AmeriLife's Administrative Partners of America

PR Newswire | January 10, 2024

illumifin, a leading third-party insurance administration and technology provider, today announced it has acquired Administrative Partners of America (APA), the Third-Party Administrator (TPA) of AmeriLife, a national leader in developing, marketing, and distributing life and health insurance, annuities, and retirement planning solutions. As one of the largest independent marketing organizations (IMO) in the U.S., AmeriLife and APA administer approximately 230,000 policies that generate $3.1 billion of premiums in life insurance, annuities and Medicare Supplement products annually. APA employs nearly 200 associates in Clearwater, Florida, and Salt Lake City, Utah, all of whom will transition to illumifin as part of the sale. Peter Goldstein, President and Chief Executive Officer of illumifin, commented, "This is our second life and annuities acquisition that complements our existing TPA business and further transforms illumifin. We are constantly identifying new opportunities that will enhance our value proposition and make us a key strategic partner to our clients. AmeriLife has a solid platform with key client overlap that strengthens our relationships and opens the door for significant expansion opportunities. We are very excited to build a partnership with AmeriLife to help support their future growth efforts." Scott R. Perry, Chairman and Chief Executive Officer of AmeriLife, added, "illumifin is a great home for our TPA operations, and APA's customers will benefit greatly from access to a broad set of capabilities and scalable services across all lines of business. We're equally as excited to begin a new era of partnership with illumifin, and – together with our carrier partners – introduce new products to market, fuel our collective growth, and continue transforming our industry for years to come." illumifin was formed by Abry Partners, a leading Boston-based private equity firm, and Hoplon Capital, an asset manager focused on digital transformation and disruption. About illumifin illumifin provides third party administration and technology services to individual and group insurers. The company, launched in 2021, blends insurance industry knowledge, technology leadership and operational execution to prepare insurers for the digital future. illumifin is a diverse, passionate and empowered team of insurance specialists committed to the growth and success of its customers. With illumifin, there's a brighter future. About AmeriLife AmeriLfe's strength is its mission: to provide insurance and retirement solutions to help people live longer, healthier lives. In doing so, AmeriLife has become recognized as a leader in developing, marketing, and distributing life and health insurance, annuities, and retirement planning solutions to enhance the lives of pre-retirees and retirees across the United States. For more than 50 years, AmeriLife has partnered with top insurance carriers to provide value and quality to customers served through a distribution network of over 300,000 insurance agents and advisors and 120 marketing organizations and insurance agency locations nationwide. About Abry Partners Abry is one of the most experienced and successful sector-focused private equity investment firms in North America. Since its founding in 1989, the firm has completed over $90 billion of leveraged transactions and other private equity or preferred equity placements. Currently, the firm manages over $5 billion of capital across its active funds. About Hoplon Capital Hoplon pursues proprietary investments focused on the digital economy that are disruptive in their respective end markets including insurance, financial services, IT and consulting services, healthcare, digital infrastructure and media industries.

Read More

Core Insurance

Inszone Insurance Bolsters Missouri Presence with DeVoy Insurance Group Acquisition

Business Wire | October 10, 2023

Inszone Insurance Services, a rapidly growing national provider of commercial, personal, and benefits insurance, announced the acquisition of DeVoy Insurance Group, a well-established insurance agency deeply rooted in the community of Brookfield, Missouri. DeVoy Insurance Group is run by Blake DeVoy, whose family has a storied history in the insurance industry dating back to the early 20th century, DeVoy Insurance Group has been a trusted name in Brookfield. The DeVoy family's dedication to serving their community has spanned generations, epitomizing their commitment to excellence. In 1910, Blake DeVoy's great-grandfather embarked on his journey by establishing the first insurance agency in Brookfield, later selling the original DeVoy & Co. to another local agency. In 1982, Blake DeVoy's father cofounded an agency, a strategic decision that laid the foundation for the family's continued legacy in the insurance business. Blake DeVoy himself entered the insurance industry in 2002 at the age of 19, building upon his early experiences working in his father's office. His diverse background, which includes roles as an underwriter and claims representative, equipped him with a unique perspective and skill set to navigate the complexities of insurance, making him a valuable resource for clients and strong leader for his team. "We're delighted to integrate the DeVoy Insurance Group into the Inszone Insurance umbrella," remarked Chris Walters, CEO of Inszone Insurance Services. "Their impressive legacy and enduring dedication to their local community mirrors our own commitment. This step enhances our position in Brookfield and expands our influence throughout the state, highlighting our unwavering promise to offer the best service to our valued clients." When asked about his decision to merge with Inszone Insurance, DeVoy pointed out the ever-evolving insurance landscape and business environment. He continued, “I recognized the changing demands of the insurance climate and wanted to ensure that my clients received the highest level of service." Clients of DeVoy Group can expect to receive the same exceptional service they are used to, now bolstered by the added resources available through the Inszone brand. Inszone Insurance is expected to announce several significant acquisitions in the upcoming months as part of its ongoing efforts to expand its footprint on a national scale. About Inszone Insurance Services Founded in 2002 and headquartered in Sacramento, California, Inszone is a full-service insurance brokerage firm that provides a broad array of property & casualty insurance and employee benefits solutions. With a strong, experienced management team, Inszone continues to grow organically and through acquisitions. With 44 locations across California, Arizona, Colorado, Illinois, Michigan, Missouri, Nevada, New Mexico, Oregon, Texas, and Utah, the company is looking to expand further throughout the United States.

Read More

Life Insurance

Norwegian Insurer Gjensidige Pensjonsforsikring Goes Live with Sapiens CoreSuite for Life & Pensions

PR Newswire | January 10, 2024

Sapiens International Corporation, a leading global provider of software solutions for the insurance industry, and the leading Norwegian insurance company Gjensidige Pensjonsforsikring (GPF) today announced that GPF has gone live with Sapiens CoreSuite for Life & Pensions and Sapiens Cloud Services for their individual savings. GPF is the first Nordic customer to go-live with CoreSuite, which will expand the insurer's digital capabilities and boost its leading market position. Designed to enable greater automation and operational efficiency, Sapiens CoreSuite for Life & Pensions provides GPF with an optimised, Norwegian-tailored platform with real-time access to centrally managed data. As a single, unified system on the cloud, CoreSuite provides a cost-efficient, cloud-based IT infrastructure to streamline workflows, accelerate digital transformation and improve customer engagement. The CoreSuite solution is maintained and updated continuously by Sapiens in accordance with the latest technological and regulatory requirements. "Sapiens has now completed the initial phase of our core transformation project to CoreSuite and provided valuable support throughout the journey," said Torstein Ingebretsen, CEO of GPF. A strong core and strategy are essential to GPF's growth in Norway's rapidly changing pensions market." "We are proud to have achieved this important milestone in the Nordics with a regional leader like GPF," added Roni Al-Dor, Sapiens President and CEO. "We will continue to support GPF's journey to drive innovation and set the standard for best-in-class customer service with our transformative, future-oriented, cloud-based IT infrastructure." Sapiens CoreSuite for Life & Pensions is a software solution for end-to-end core operations and processes. An award-winning policy administration system, it supports individual and group products across life, health, wealth & retirement. Sapiens Cloud Services supports business growth with a holistic offering of value-added cloud services that provides all operations and application management services under one roof. About Gjensidige Pensjonsforsikring (GPF) Gjensidige Pensjonsforsikring (GPF) is a wholly owned subsidiary of Gjensidige Forsikring. GPF mainly offers defined contribution, investment products, pension plans and risk products for groups and individuals in the Norwegian market. About Sapiens Sapiens International Corporation empowers the financial sector, with a focus on insurance, to transform and become digital, innovative and agile. With more than 40 years of industry expertise, Sapiens' cloud-based SaaS insurance platform offers pre-integrated, low-code capabilities across core, data, and digital domains to accelerate our customers' digital transformation. Serving over 600 customers in more than 30 countries, Sapiens offers insurers across property and casualty, workers' compensation, and life insurance markets the most comprehensive set of solutions, from core to complementary, including Reinsurance, Financial & Compliance, Data & Analytics, Digital, and Decision Management.

Read More

Life Insurance

illumifin Acquires AmeriLife's Administrative Partners of America

PR Newswire | January 10, 2024

illumifin, a leading third-party insurance administration and technology provider, today announced it has acquired Administrative Partners of America (APA), the Third-Party Administrator (TPA) of AmeriLife, a national leader in developing, marketing, and distributing life and health insurance, annuities, and retirement planning solutions. As one of the largest independent marketing organizations (IMO) in the U.S., AmeriLife and APA administer approximately 230,000 policies that generate $3.1 billion of premiums in life insurance, annuities and Medicare Supplement products annually. APA employs nearly 200 associates in Clearwater, Florida, and Salt Lake City, Utah, all of whom will transition to illumifin as part of the sale. Peter Goldstein, President and Chief Executive Officer of illumifin, commented, "This is our second life and annuities acquisition that complements our existing TPA business and further transforms illumifin. We are constantly identifying new opportunities that will enhance our value proposition and make us a key strategic partner to our clients. AmeriLife has a solid platform with key client overlap that strengthens our relationships and opens the door for significant expansion opportunities. We are very excited to build a partnership with AmeriLife to help support their future growth efforts." Scott R. Perry, Chairman and Chief Executive Officer of AmeriLife, added, "illumifin is a great home for our TPA operations, and APA's customers will benefit greatly from access to a broad set of capabilities and scalable services across all lines of business. We're equally as excited to begin a new era of partnership with illumifin, and – together with our carrier partners – introduce new products to market, fuel our collective growth, and continue transforming our industry for years to come." illumifin was formed by Abry Partners, a leading Boston-based private equity firm, and Hoplon Capital, an asset manager focused on digital transformation and disruption. About illumifin illumifin provides third party administration and technology services to individual and group insurers. The company, launched in 2021, blends insurance industry knowledge, technology leadership and operational execution to prepare insurers for the digital future. illumifin is a diverse, passionate and empowered team of insurance specialists committed to the growth and success of its customers. With illumifin, there's a brighter future. About AmeriLife AmeriLfe's strength is its mission: to provide insurance and retirement solutions to help people live longer, healthier lives. In doing so, AmeriLife has become recognized as a leader in developing, marketing, and distributing life and health insurance, annuities, and retirement planning solutions to enhance the lives of pre-retirees and retirees across the United States. For more than 50 years, AmeriLife has partnered with top insurance carriers to provide value and quality to customers served through a distribution network of over 300,000 insurance agents and advisors and 120 marketing organizations and insurance agency locations nationwide. About Abry Partners Abry is one of the most experienced and successful sector-focused private equity investment firms in North America. Since its founding in 1989, the firm has completed over $90 billion of leveraged transactions and other private equity or preferred equity placements. Currently, the firm manages over $5 billion of capital across its active funds. About Hoplon Capital Hoplon pursues proprietary investments focused on the digital economy that are disruptive in their respective end markets including insurance, financial services, IT and consulting services, healthcare, digital infrastructure and media industries.

Read More

Core Insurance

Inszone Insurance Bolsters Missouri Presence with DeVoy Insurance Group Acquisition

Business Wire | October 10, 2023

Inszone Insurance Services, a rapidly growing national provider of commercial, personal, and benefits insurance, announced the acquisition of DeVoy Insurance Group, a well-established insurance agency deeply rooted in the community of Brookfield, Missouri. DeVoy Insurance Group is run by Blake DeVoy, whose family has a storied history in the insurance industry dating back to the early 20th century, DeVoy Insurance Group has been a trusted name in Brookfield. The DeVoy family's dedication to serving their community has spanned generations, epitomizing their commitment to excellence. In 1910, Blake DeVoy's great-grandfather embarked on his journey by establishing the first insurance agency in Brookfield, later selling the original DeVoy & Co. to another local agency. In 1982, Blake DeVoy's father cofounded an agency, a strategic decision that laid the foundation for the family's continued legacy in the insurance business. Blake DeVoy himself entered the insurance industry in 2002 at the age of 19, building upon his early experiences working in his father's office. His diverse background, which includes roles as an underwriter and claims representative, equipped him with a unique perspective and skill set to navigate the complexities of insurance, making him a valuable resource for clients and strong leader for his team. "We're delighted to integrate the DeVoy Insurance Group into the Inszone Insurance umbrella," remarked Chris Walters, CEO of Inszone Insurance Services. "Their impressive legacy and enduring dedication to their local community mirrors our own commitment. This step enhances our position in Brookfield and expands our influence throughout the state, highlighting our unwavering promise to offer the best service to our valued clients." When asked about his decision to merge with Inszone Insurance, DeVoy pointed out the ever-evolving insurance landscape and business environment. He continued, “I recognized the changing demands of the insurance climate and wanted to ensure that my clients received the highest level of service." Clients of DeVoy Group can expect to receive the same exceptional service they are used to, now bolstered by the added resources available through the Inszone brand. Inszone Insurance is expected to announce several significant acquisitions in the upcoming months as part of its ongoing efforts to expand its footprint on a national scale. About Inszone Insurance Services Founded in 2002 and headquartered in Sacramento, California, Inszone is a full-service insurance brokerage firm that provides a broad array of property & casualty insurance and employee benefits solutions. With a strong, experienced management team, Inszone continues to grow organically and through acquisitions. With 44 locations across California, Arizona, Colorado, Illinois, Michigan, Missouri, Nevada, New Mexico, Oregon, Texas, and Utah, the company is looking to expand further throughout the United States.

Read More

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