Acrisure Acquires AI Leader Tulco’s to the insurance brokerage industry

Business Wire | July 30, 2020

In a transformational move, Acrisure today announced that it has acquired artificial intelligence (AI) leader Tulco LLC’s insurance practice to bring best-in-class data science, AI, and machine learning capabilities to the insurance brokerage industry. This transaction enables true deployment of “insurtech at scale” as it combines the global distribution power of Acrisure, the fastest growing broker in insurance industry history, with the world-class, proven AI expertise of Tulco. The deal, which was conducted as a stock-for-stock trade resulting in Tulco becoming a significant minority shareholder in Acrisure was announced by Greg Williams, Co-Founder, CEO and President of Acrisure and Thomas Tull, Chairman and CEO of Tulco.

Spotlight

Properly insuring your rental property needs to be an important part of your investment strategy. Today, we have asked Terry Cleveland, an expert in landlord insurance, to talk to us about insurance policies for investment property in Indiana. She’s going to talk about what you need in a rental home policy. Remember that laws and policies are different in every state, so make sure you’re working with an agent or an insurance company that can handle your investment property insurance policy locally.

Spotlight

Properly insuring your rental property needs to be an important part of your investment strategy. Today, we have asked Terry Cleveland, an expert in landlord insurance, to talk to us about insurance policies for investment property in Indiana. She’s going to talk about what you need in a rental home policy. Remember that laws and policies are different in every state, so make sure you’re working with an agent or an insurance company that can handle your investment property insurance policy locally.

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INSURANCE TECHNOLOGY

K2 Insurance Services launches another innovative product on the DRC Insurance Platform

LoadStar and K2 Insurance | October 05, 2021

Decision Research Corporation (DRC), an industry-leading provider of cloud-based enterprise solutions for the P&C insurance sector, announced today K2 Insurance Services has successfully deployed their innovative LoadStar Customs Inspection Insurance product on the DRC Insurance Platform. Via the DRC Agent Portal, freight forwarders and Customs Brokers are now able to purchase coverage online, submit claims, and are issued certificates in a single session, with full policy service, billing, and claims enabled for back-office processing. LoadStar, developed by K2 in partnership with a global insurance leader, is the first insurance solution to solve the problem of unpredictable shipping container inspection costs. President of LoadStar Insurance Services, Dan Williams said, "By creating a predictable cost to eliminate an unpredictable threat, LoadStar can mitigate uncertainty and protect profit margins to keep containers flowing smoothly." Due to the novel nature of the product, K2 required a platform that could handle any risk, not just established insurance products. DRC is our longtime technology partner, so we felt extremely confident turning to them to help us get this unique new product to market quickly and in a cost-effective manner. We were able to get LoadStar up and running on the DRC Insurance Platform, and totally integrated with our enterprise architecture, in just a few months. We take pride in serving our customers using the best and most efficient systems available to the insurance industry, which is why we rely on the DRC Insurance Platform. - Rebecka Kilkenny, CIO of K2. Beyond direct portals and servicing, the DRC Insurance platform includes enterprise rating, document generation and storage. At K2 we're always looking to launch creative programs run by exceptional people. We consider it part of our core mission to provide innovative products and exceptional results in specialty markets, and DRC's technology empowers us to do exactly that. - Mark Smith, K2 President. Innovative thinking is part of DRC's DNA, so we're always excited to see how visionary clients like K2 are able to use our solutions to create a brand-new market. We have been honored to be part of their success and growth for the past seven years and look forward to continuing our partnership for many more to come. -Karen Yamamoto, CEO of DRC. About LoadStar and K2 Insurance LoadStar Customs Inspection Insurance was born out of a decade long "thorn in the side" problem of Importers who have never been offered a solution to offset the unpredictable financial sting of a Customs Inspection. Today we pride ourselves on offering a first ever solution to deliver "a predictable cost to eliminate an unpredictable threat". LoadStar is there to cover your inspection fees from an X-Ray Exam to a Tailgate Exam to a full devanning of your container in an Intensive Exam. LoadStar covers the expense of the invoice and reimburses the claim in 24-48 hours. Fast and efficient processing of your invoice ensures you'll be back up and running and protecting your profit margins and future business. K2 partners are top-tier insurers and MGAs in the specialty areas they serve. In addition to working with financially sound companies, we also employ robust, modern technology that aligns with our expansion plans and allows us to bring products to the marketplace efficiently and quickly. We understand how important it is in today's environment to have a policy administration system nimble enough to accommodate new products, enhancements, and regions. We're continually looking for acquisitions and growth opportunities. Through a combination of specialized, successful MGAs and well-capitalized, nationwide insurance carriers, K2 offers a compelling value proposition to the marketplace. About DRC DRC provides innovative, cloud-based, enterprise solutions to P&C insurance companies looking to boost their business development efforts, reduce administrative overhead, and accelerate speed-to-market for their products through automation. RS X Rating, DRC's no-code rating solution, gives actuaries the ability to configure powerful automation functions without IT assistance, and to price risks and model products, no matter how complex, all through a familiar Microsoft Excel® interface. DRC's flagship product is the DRC Insurance Platform, a full-service policy administration system, including portals, quoting, billing, claims, and advanced analytics, powered by RS X Rating, and engineered to streamline internal processes and empower business users within a secure and robust enterprise ecosystem. DRC has remained committed to total customer satisfaction throughout its 50-year history, and its clients, running the gamut of size and scope from large global carriers to regional start-ups, continue to rely on DRC's trusted solutions to manage over $7 billion in written premium.

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RISK MANAGEMENT

JENCAP GROUP ACQUIRES INTERNATIONAL ASSURANCE OF TENNESSEE, Expands Medical Stop-Loss Capabilities

Jencap Group LLC | January 04, 2022

Jencap Group LLC (Jencap) has agreed to acquire International Assurance of Tennessee (IAT), a Managing General Underwriter (MGU) specializing in Employer and Medical Stop Loss Insurance. IAT will operate under the auspices of the Jencap Program Administrators LLC division. “The rapidly changing landscape of the insurance industry demands precision and expertise. When you integrate IAT’s niche specialization and proven success into Jencap’s established Stop Loss book of business, we will better serve the growing market demand for Stop Loss Insurance by providing additional resources and an expanded geographic footprint to our agency partners.” -John Jennings, Chief Executive Officer of Jencap IAT is one of the longest standing MGU’s in the business, with its principal office located in Franklin. “For nearly 40 years, our team at IAT has exceeded our agency partners’ expectations by staying true to our product, providing unparalleled service, and remaining consistent in our approach. Partnering with Jencap will offer amplified growth and expansion for IAT and allow us to capitalize on new Stop Loss opportunities in the marketplace.” -TN. Bob Baisden, President and Founder of IAT About International Assurance of Tennessee Founded in 1984, International Assurance of Tennessee is one of the oldest Managing General Underwriters in the business. They write Employer Stop Loss and Medical Stop Loss Insurance for prisons and jails. About Jencap Group Jencap is one of the largest wholesalers in the U.S. with notable industry-leading expertise in wholesale brokerage, binding authority, and program management. Its specialized divisions and affiliate organizations provide niche underwriting prowess, broad market access, and nationwide influence. Headquartered in New York, Jencap leverages its collective power to exceed the expectations of more than 17,000 independent agency partners.

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INSURANCE TECHNOLOGY

Alliance Group, a leading national insurance marketing organization, announces series of promotions

Alliance Group | January 31, 2022

Alliance Group, a leading national insurance marketing organization (IMO), announced a series of promotions within their ranks, effective immediately. Mark Powell was promoted from Systems Engineer to Chief Strategy Officer, a move that CEO Lee Duncan says will greatly benefit Alliance Group's technological push in 2022 and beyond. "With Mark's help, we've developed a state-of-the-art Agent Portal this past year and Mark's promotion to CSO is going to help us continue to push the tools and systems we've developed for our agent and agency partners to the cutting edge from a technology standpoint, I'm excited to see what Mark and his team can do with him in this new role". -CEO Lee Duncan Powell has previously headed up teams of up to 150 implementing technology solutions for Fortune 500 companies such as Cigna, Home Depot, Nationwide, and Blackstone Group, to name a few. In another move, Boise, Idaho-based Steve Walther was tapped as the company's new VP of Sales and Distribution. Walther had previously held the title of National Training Director at Alliance Group. Andrea Buffo was promoted to VP of Operations, a role that Duncan says she has really been fulfilling for some time now during her seven years with Alliance Group. About Alliance Group: Founded in 1998, Alliance Group is the nation's leading IMO in Living Benefits life insurance. With more than 4,500 independent agents nationally, Alliance Group is currently protecting over 130,000 American families with more than $28 billion of Living Benefits coverage.

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