Aflac enters agreement to acquire Zurich North America's group benefits business

Aflac | March 20, 2020

Aflac has announced that its insurance subsidiaries – American Family Life Assurance Company of Columbus (Aflac of Columbus) and American Family Life Assurance Company of New York (Aflac of New York) – have entered into a definitive agreement to acquire Zurich North America’s US corporate life and pensions (group benefits) business. The transaction is expected to close in the second half of 2020, subject to regulatory approvals and customary closing conditions. A release said that following the transaction, Aflac of Columbus and Aflac of New York will reinsure on an indemnity basis Zurich North America’s US in-force group life and disability policies. These policies have annualized earned premium of about $115 million. Zurich North America employees of the group benefits business will also transfer to Aflac.

Spotlight

Life is unpredictable, insure it before it is too late! Give a legacy of love and financial security to your family by getting life insurance.

Spotlight

Life is unpredictable, insure it before it is too late! Give a legacy of love and financial security to your family by getting life insurance.

Related News

CORE INSURANCE

Patriot Growth Insurance Services Meaningfully Expands in Florida With Key Acquisitions

Patriot Growth Insurance Services | January 10, 2022

Patriot Growth Insurance Services, LLC ("Patriot"), one of the country's largest and fastest-growing national insurance agencies, announces the addition of several key partners to its Florida operations, including Kolisch Marine, Depace Insurance, MacLeish Insurance, Focus Insurance Agency, Herndon Carr & Company, and Crosslet Insurance Services. These six partnerships will work within Patriot's Shapiro Insurance Group (SIG) platform, and significantly expand Patriot's expertise and capabilities throughout the Southeast region. Kolisch Marine, located in Coral Gables, specializes in marine insurance. Moving forward, Joe Kolisch and the team will share their yacht insurance expertise with Patriot's 1,300 employees across the U.S. Patriot will assist Kolisch Marine clients with a broader array of resources and services to fulfill their insurance needs. Bob MacLeish and his team join us with over 30 years of industry experience. Based in Orlando, the agency is immersed in community involvement while specializing in both personal and commercial lines. All staff will remain as SIG provides added carriers, technology, and back-office support. Located in Coral Springs, Depace Insurance provides a full array of personal lines insurance and services to its clients. Founders Joe and Susan Depace will transition to retirement while the entire professional team will continue providing their exceptional level of service. Working with Patriot, Depace will receive significant upgrades to their office automation and administrative support. Located in Plantation, Florida, Focus Insurance specializes in personal lines with a group of professionals that is fluent in five languages! The entire client service team remains to support existing and new clientele. Herndon Carr & Company have served the Fort Myers area since 1974. Reed Herndon and Thomas Carr are partners at Patriot and will play a critical role in southwest Florida through their work in personal lines, commercial lines, and employee benefits. Their entire team will remain in place, servicing existing clients and synergizing with other agencies in the region as services expand. Serving Tampa, St. Petersburg, Clearwater, and surrounding areas, Crosslet Insurance Services will provide ongoing expertise for business and residential communities. SIG broadens the carrier lineup for clients in this region while providing marketing and other essential services. "These six partner agencies joining the Patriot family represent a milestone in growing our talent and reach across the entire state of Florida, Each of these agencies and leadership teams bring a unique expertise and are closely aligned with the communities that they serve. We are beyond thrilled to welcome them to the Patriot family." -Steve Carroll, SVP of M&A for Patriot. "We're delighted to add Crosslet, Depace, MacLeish, Kolisch, Focus, and Herndon Carr to our continuously growing operations in the Florida region. Their diverse expertise and significant experience will further expand our reach and enhance our relationships throughout the Florida marketplace, We deeply value these partnerships, driving strategic priorities forward while complementing our culture and community growth." -Joel Shapiro, President of SIG. "We're thrilled to welcome these exceptional teams and their clients to Patriot as we expand our leadership in the region. They share our vision and drive for superior quality of service, making them excellent partners, We continue to search for passionate, driven and engaged agency partners like MacLeish, Depace, Focus, Crosslet, Herndon Carr, and Kolisch to share best practices and benefit from collaboration opportunities across Patriot's platform." -Matt Gardner, Founder and CEO of Patriot. About Patriot Growth Insurance Services Founded in 2019, Patriot is a growth-focused national insurance services firm that partners with employee benefits and property & casualty agencies across the United States. In its second year of operation, Patriot was ranked in the top-40 largest insurance brokers in the U.S. by Business Insurance. With over 1,350 employees operating in 110 locations across 19 states, Patriot's collaborative model delivers resources and strategic support to its agencies, whose leaders continue to operate with a high degree of autonomy in their local markets. Patriot creates true alignment with its partner agencies, and its operating philosophy fosters enhanced career opportunities for its dedicated and professional team. Patriot is backed by GI Partners and Summit Partners.

Read More

INSURANCE TECHNOLOGY

Mountain West Farm Bureau Upgrades Majesco Policy for P&C to Majesco CloudInsurer®

Majesco | October 11, 2021

Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced that long-term customer, Mountain West Farm Bureau, upgraded Majesco Policy for P&C to Majesco CloudInsurer®, a move that will improve operational effectiveness and decrease infrastructure costs. This move reflects the consistent move of existing Majesco customers to the Cloud. Like others who have made this shift, Mountain West hopes to leverage this upgrade to optimize their operations while enabling the company to take advantage of automatic monthly upgrades for software, rate, rules, and forms, and more on CloudInsurer®. Founded in 1948, Mountain West Farm Bureau is a regional multi-line property & casualty insurance company, serving the needs of individuals, families, farms and ranches, and businesses throughout Wyoming and Montana. Mountain West employs just over 200 individuals, with more than 120 people operating from their home office in Laramie, Wyoming. They have approximately 50 claims field representatives assisting their clients across Wyoming and Montana, and less than 30 IT professionals working from both the home office, as well as remote locations across Wyoming, Montana, Idaho, New Mexico, and Utah. The organization has more than 100 contracted agents located throughout Wyoming and Montana and is committed to providing financial peace of mind to customers with competitive, quality products and services. We take pride in our work and challenge ourselves to be proactive and continually improve the delivery and quality of our products and services to our customers. Our strategic relationship with Majesco has enabled our business transformation and our move to Majesco CloundInsurer® will continue our transformation by enabling us to focus on our operations, while keeping us at the leading edge to meet the ever-changing market and customer demands. This transition to the cloud has improved efficiencies and helped improve the ROI of our investment with Majesco. We look forward to the future with Majesco. - Tim Hays, Vice President of Information Technology at Mountain West Farm Bureau. As the industry continues to change and adapt to new market demands, insurers recognize they must keep pace to enable growth and remain competitive. Migrating to the cloud is a critical step in truly becoming digital and can help organizations engage with customers, bring products to market faster and capture rapidly unfolding market opportunities. Majesco CloudInsurer® is the industry chosen platform that is built to handle key business applications and services to match the reality of the changing market and increasing demands of customers. Over 65% of Majesco’s customers are on the cloud, making it the dominant deployment option. We’re thrilled with the successful cloud migration for Mountain West Farm Bureau and the opportunities ahead for them as a result of this transition,. Majesco CloudInsurer® has been at the forefront of the transition to cloud since the beginning, providing cutting-edge capabilities that increase flexibility, greater service and a modern insurance experience for our customers like Mountain West Farm Bureau. As a recognized market leader, we’ve built a reputation on helping organizations transform business operations to better meet the needs of today’s digitally-charged customer. - Prateek Kumar, EVP of Sales at Majesco. About Majesco Majesco is the leading software partner to both the P&C and L&A insurance markets to modernize, optimize and innovate their businesses at speed and scale. Over 330 insurers, from greenfields, start-ups and MGAs to the largest insurers, reinsurers and brokers use Majesco’s next generation SaaS platform solutions of core, data, and analytics, digital, distribution, absence management and a rich ecosystem marketplace of established and InsurTech partners to build the future of insurance. Our technology, expertise and leadership help insurers innovate and connect to build the future of their business. With over 825 successful implementations and over 65% of our customers on Cloud with Majesco platform solutions, together we have an amazing track record of innovation and real-world results.

Read More

INSURANCE TECHNOLOGY

Paragon Adopts CyberCube’s Broking Manager as its Cyber Analytics Tool

Business Wire | October 26, 2020

Paragon International Insurance Brokers has partnered with CyberCube to roll out Broking Manager, CyberCube’s market-leading cyber risks analytics platform for insurance intermediaries. Broking Manager will allow Paragon’s teams to quantify the sources and financial impact of cyber risk exposure and educate clients accordingly. The platform also produces reports that can be used to educate prospects and clients on potential sources of loss, recent and relevant cyber events, and peer-to-peer benchmarking. Pascal Millaire, CEO of CyberCube, said: It’s extremely exciting that Paragon has chosen to adopt Broking Manager as its cyber analytics tool. This is a forward-thinking business that’s clearly taken a long, hard look at both its and its clients’ cyber needs. We are looking forward to working with Paragon and developing the insights Broking Manager can deliver for its team.

Read More