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

Car insurance is essential and having to get some often comes at an exciting time in our lives, such as when we purchase a new car, but sometimes navigating the world of insurance can be overly complicated. There is so much jargon involved with car insurance, so many complicated terms and hard to understand phrases, that it can be difficult to know exactly what you are purchasing. Have you ever been looking to purchase some car insurance and found it difficult to understand all the terminology? Well, if so, we might have the infographic for you.

Spotlight

Car insurance is essential and having to get some often comes at an exciting time in our lives, such as when we purchase a new car, but sometimes navigating the world of insurance can be overly complicated. There is so much jargon involved with car insurance, so many complicated terms and hard to understand phrases, that it can be difficult to know exactly what you are purchasing. Have you ever been looking to purchase some car insurance and found it difficult to understand all the terminology? Well, if so, we might have the infographic for you.

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RISK MANAGEMENT

Ahoy! Launches Recreational Boating Insurance for the Boating Industry

Ahoy | June 09, 2022

Ahoy!®, the new digital insurance MGA for recreational boating, today announced the introduction of its industry-first technology-driven insurance product. Ahoy! was created by boaters for boaters, and it blends proactive, risk-reducing technology with its founders' extensive expertise of both boating and insurance to provide cutting-edge insurance products for the twenty-first century. Ahoyinsurance !'s policies will be available directly and through agents in Michigan, Arizona, Ohio, Wisconsin, and Illinois, with plans to expand across the US in the coming months, thanks to a partnership with Spinnaker Insurance Company, a national property and casualty insurer rated A- (Excellent) by A.M. Best Company, and with backing from specialist reinsurers Greenlight Re and Topsail Re. Traditional insurance firms have failed to adapt to the special needs of today's boater, and they frequently bundle boat insurance with other home insurance policies. Ahoymain !'s focus is on this underserved market, leveraging technology to help secure boaters' vessels and provide peace of mind, transforming what was traditionally considered as a reactive and protective asset. Ahoyteam !'s is made up of naval veterans, insurance specialists, and seasoned high-tech leaders who have pooled their knowledge to build a comprehensive digital insurance product customized to boaters' specific needs. Ahoy! has also put together an advisory board that includes Matthias Weber, the former Chief Underwriting Officer of SwissRe. A boat isn't just another piece of property, it's a lifestyle choice. It's where you create memories, where you escape to when you need a little serenity or the place to run to for some excitement. We're boaters, we get that, Ahoy! offers a new kind of boat insurance, not only insuring boats but providing technological tools that help boaters proactively avoid risk. Ahoy! gives boaters peace of mind knowing their needs and concerns are addressed by fellow boaters and they can rest assured that their treasured vessels will be protected and ready to enjoy at any time." Ahoy! CEO and Co-Founder, Amit Nisenbaum. Customers of Ahoy! receive an onboard smart boat kit that works in conjunction with a proprietary mobile app to provide advanced telemetry capabilities that help proactively decrease risk and avoid damage or injury, as well as a phone overboard protection insurance. The smartphone app will eventually contain a digital logbook and data collecting for future travels, as well as notifications such as grounding avoidance, theft recovery aid, and micro-targeted weather alerts and forecasts. Millions of certified insurance brokers in the United States may now offer customised boating coverage to their customers faster and more readily thanks to Ahoy!, which is offered through independent agencies and directly online.

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CORE INSURANCE

HUB INTERNATIONAL STRENGTHENS PERSONAL INSURANCE CAPABILITIES WITH ACQUISITION OF THE ASSETS OF BUBRIG INSURANCE AGENCY, LTD. IN LOUISIANA

Hub International | August 05, 2022

Hub International Limited (Hub), a leading global insurance brokerage and financial services firm, announced today that it has acquired the assets of Bubrig Insurance Agency, Ltd. and its affiliate Blue Cedar Insurance, LLC (collectively, Bubrig Insurance Agency). Terms of the transaction were not disclosed. Located in Belle Chasse, Louisiana, Bubrig Insurance Agency is an independent agency providing personal insurance solutions, including home, auto, flood, life and recreation. "With Bubrig Insurance Agency, we will continue our growth in the region, We are enthusiastic about our future together, and we're confident that this partnership will create new opportunities for us." -Shaun Norris, President of Hub Gulf South Bill Bubrig, President, and the entire Bubrig Insurance Agency team will join Hub Gulf South. Joining Hub is an attractive opportunity and gives us access to additional national resources and capabilities so that we can continue to provide the highest quality of service to our clients, said Bubrig. About Hub's M&A Activities Hub International Limited is committed to growing organically and through acquisitions to expand its geographic footprint and strengthen industry and product expertise. About Hub International Headquartered in Chicago, Illinois, Hub International Limited is a leading full-service global insurance broker and financial services firm providing risk management, insurance, employee benefits, retirement and wealth management products and services. With more than 14,000 employees in offices located throughout North America, Hub's vast network of specialists brings clarity to a changing world with tailored solutions and unrelenting advocacy, so clients are ready for tomorrow.

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INSURANCE TECHNOLOGY

One80 Intermediaries Deepens Affinity Business With Acquisition of SelmanCo

One80 Intermediaries | July 11, 2022

One80 Intermediaries (One80), a specialty insurance broker headquartered in Boston, today announced the acquisition of SelmanCo, a leading third-party administrator and broker offering life, supplemental health and related products and services to associations, credit unions, banks, employers and insurance companies. Dowling Hales acted as the exclusive financial advisor to SelmanCo and Jones Day provided legal representation for the transaction. One80 Intermediaries was represented by Ropes & Gray. Terms of the deal were not disclosed. SelmanCo has been in business for over 40 years and operates throughout the U.S. and Canada with headquarters in Cleveland, Ohio. The company enjoys long-term partnerships with over 55 insurance companies and maintains $300 million of annual insurance premium under administration. SelmanCo provides insurance services to more than 1.3 million customers, and serves over 800 financial institutions, 2,100 employers and 70 affinity groups. “One80 Intermediaries is excited to further expand our presence in the affinity market. We have been impressed with the SelmanCo’s market leading administrative services in the employee benefit space, as well as the company’s supplemental health insurance offerings provided to retired members of the United States Armed Forces and their families,” -Matthew F. Power, President, One80 Intermediaries. We are pleased to join One80 Intermediaries as we are confident that our partnership will enable us to continue to grow in a nimble and efficient manner. Further, the One80 platform will provide enhanced opportunities for our employees and expanded services to our clients and customers with the continued adherence to the values that have made us successful, said David Selman, Managing Director at SelmanCo, a division of One80 Intermediaries. About One80 Intermediaries One80 Intermediaries is a privately held, national firm with offices throughout the US and Canada. As a leading insurance wholesaler and program manager, the company offers placement services and binding authority for property & casualty, financial lines, personal lines, cannabis, life insurance, medical stop loss, alternative risk, warranty, lender-based insurance, travel/accident and health risks. One80 serves commercial companies, non-profits, public entities, and individuals, and has access to all major insurance markets in the US, Canada and UK. Coverage spans all industry classes. One80 has offices in more than 35 locations in the US and Canada. For more information visit www.one80intermediaries.com

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