AGCS Embarks on Global Transformation Program to Regain Profitability and Market Leadership

AGCS | July 02, 2020

Allianz Global Corporate & Specialty (AGCS), the industrial insurer of Allianz Group, has announced a comprehensive transformation program, “New AGCS”. The program aims to regain profitability and market leadership in the corporate and specialty insurance segment. The company has made a number of new leadership appointments as part of the move, and aims to strengthen its technical capabilities across its core underwriting and claims functions, streamline its organization and processes, enhance its current distribution and sales abilities, and invest in digitalization.

Spotlight

Written by Sovos’ team of regulatory specialists, this guide for insurers provides everything you need to know about the IPT regulatory landscape.

A mix of deep dive country-by-country information in addition to guidance on IPT and the digital tax landscape, this guide is for any insurer wanting to know more about IPT compliance.

Despite its focus on Europe, our guide also explores other jurisdictions in Asia, Australia, North and South America. This guide is your trusted source of information wherever in the world you write business.

Spotlight

Written by Sovos’ team of regulatory specialists, this guide for insurers provides everything you need to know about the IPT regulatory landscape.

A mix of deep dive country-by-country information in addition to guidance on IPT and the digital tax landscape, this guide is for any insurer wanting to know more about IPT compliance.

Despite its focus on Europe, our guide also explores other jurisdictions in Asia, Australia, North and South America. This guide is your trusted source of information wherever in the world you write business.

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CORE INSURANCE,INSURANCE TECHNOLOGY

Alera Group Acquires the Ascent Group for $3 Billion

Alera Group | January 05, 2023

Alera Group, a national insurance, wealth, and retirement plan services provider, has acquired The Ascent Group and allied firms. The deal adds $1.5 billion to Alera Group Wealth Services' RIA business and $1.3 billion to Alera Group Retirement Plan Services. The Summit Group in Virginia and Walsh & Nicholson Financial Group in Pennsylvania are connected to the Ascent Group. The Ascent Group has 42 employees, 15 of whom are financial advisors. By the end of 2022, Alera Group Wealth Services had $7.5 billion in assets, which included $1.5 billion in RIA assets and about $6 billion in AUM. One of the most fundamental components of the Ascent Group's investment infrastructure is the turnkey asset management program (TAMP), which was created to lower the overall client expenses by bringing crucial operations in-house and eliminating vendors. According to Alera Group, The Ascent Group is a good fit for the company's strategy of providing synergies and strategic benefits across its employee benefits and property and casualty verticals. It lets the company offer more complete solutions to clients, which can really help plan sponsors and participants come together. The organization is delighted to have the team join its expanding division in a role that will serve as a cornerstone. Meanwhile, the terms of the transaction were not disclosed. About Alera Group Alera Group serves thousands of clients, offering various services such as employee benefits, P&C, wealth, and retirement plans. It merged 24 dynamic US offices. The organization blends national experience and resources with local, tailored service. It is the nation's 7th largest privately-held employee benefits firm, 15th-largest independent insurance agency, and 16th-largest privately-held insurance firm.

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RISK MANAGEMENT, INSURANCE TECHNOLOGY

Accretive Insurance Uses Cybercube's Broking Manager for Risk Transfer Decisions

Cybercube | January 24, 2023

Accretive Insurance Solutions, a consortium of top-tier, nationally-recognized independent specialty and wholesale insurance carriers and administrators, announced on January 23, 2023, that it has partnered with top-tier cyber analytics firm CyberCube to provide better risk transfer counseling. Accretive is licensing CyberCube's Broking Manager to assist retail agents and their clients in making better risk transfer decisions. CyberCube's Broking Manager is the company's first software-as-a-service (SaaS) solution designed exclusively for the insurance brokerage sector. It provides a streamlined approach to evaluate potential financial exposure implications from cyber catastrophes, allowing clients to make informed coverage and limit decisions. CyberCube Sales Manager Nate Brink remarked, “Today, CyberCube's market-leading analytics are helping thousands of insurance buyers quantify their cyber risk exposure. This partnership with Accretive will drive better-informed risk transfer decisions when clients are considering buying cyber insurance." (Source – Business Wire) Meanwhile, Rob Roth, Executive Vice President of Wholesale at Accretive, stated, "Accretive is focused on propelling growth for our agencies by providing the best resources and expertise in the industry. CyberCube's analytics will enable us to support our retailers and their insureds in making data-driven decisions and help grow our cyber business." (Source – Business Wire) About CyberCube CyberCube provides the insurance industry's best cyber risk analytics. The company's cloud-based technology helps insurance companies place insurance, underwrite cyber risk, and manage cyber risk aggregation by providing best-in-class data access and advanced multi-disciplinary analytics. CyberCube's enterprise intelligence layer gives information on millions of enterprises worldwide and models thousands of technology failure spots. In 2015, Symantec launched the CyberCube platform, which now functions as a standalone insurance firm with an unprecedented data partner ecosystem with support from ForgePoint Capital, HSCM Bermuda, MTech Capital, and Stone Point Capital individuals.

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CORE INSURANCE, INSURANCE TECHNOLOGY

Citizens Inc. Reveals Plans to Increase Its White-label Offering

Citizens Inc. | February 27, 2023

Citizens, Inc., a diversified financial services company that offers life, final expense, and limited liability property insurance, recently announced that it entered into a new distribution agreement with Amerus Financial Group to expand its white-label program. As part of the agreement, Amerus will distribute Citizens' life and ultimate expense insurance policies under the Amerus Silver Shield brand. Meanwhile, CICA Life Insurance Company of America, also owned by Citizens, will be responsible for marketing and selling these policies. The company's goal is to be the market leader in custom-made white-label products and also, Amerus' first-choice partner. Citizens' product experience, service, and capacity to quickly develop new products in several languages make it an excellent white-label partner. Citizens' white-label product, Amerus Silver Shield, will service the life and ultimate expense market with Amerus' experience and dedication to seniors. "Our partnership with Amerus represents a tremendous opportunity to leverage our unique strengths and shared drive to deliver on the life insurance promise," said Gerald W. Shields, Vice Chairman and CEO of Citizens Inc. He continued, "Both companies are passionate about preparing people for the uncertainty of tomorrow with solutions for today. It is very exciting to work with the top IMOs and agencies to meet the needs of this underserved population. We look forward to working with Tim and his team to develop tailor-made product solutions that address the unique needs of clients." (Source – Cision PR Newswire) Tim Baggott, Amerus CEO, expressed, "Citizens, Inc. is the perfect partner with whom to white label our own suite of life and final expense products which fill an ever-widening gap in the market. Beginning with our Silver Shield final expense product offering, Amerus will now be able to offer outstanding coverage for seniors who would otherwise not be able to afford to leave a financial endowment for their loved ones. We are looking forward to expanding our offerings even more going forward as our partnership with Citizens develops." (Source – Cision PR Newswire) About Citizens Inc. Through its insurance company subsidiaries, Citizens, Inc. provides life, ultimate expense, limited liability property insurance, and other financial products to people as well as small businesses in the United States, Latin America, and Asia. The company’s unique goods are available in Spanish, Portuguese, and Mandarin as part of the company's customer-centric expansion strategy. Its Life Insurance division is a prominent name in Latin America for whole life cash value insurance policies denominated in U.S. dollars, while the company's Home Services division is a pioneer in the Gulf Coast region of the United States.

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