AIG to transition upper-middle-market clients to other insurers

American International Group | June 30, 2020

AIG to transition upper-middle-market clients to other insurers
American International Group has announced that it has entered into an agreement with Safeco Insurance, a Liberty Mutual company, and Heritage Insurance Holdings to offer AIG Private Client Group’s (PCG) agents the ability to transition their upper-middle-market personal insurance business to Safeco and Heritage. The transition will take place beginning in the fourth quarter, subject to regulatory requirements.
AIG said it would transition “a select portion” of its personal insurance business that provides upper-middle-market clients with home, auto and umbrella coverage to Safeco and Heritage. The agreement is part of AIG PCG’s strategy to focus on the high-net-worth segment.

Spotlight

Life insurance is part of estate planning. If you have loved ones who depend upon you financially, you need life insurance. A life insurance policy allows your beneficiaries to cover their living expenses after your death. Depending on the size of the benefit you want to provide and the amount you can afford to pay on premiums, you can choose from several different types of life insurance policies.

Related News

INSURANCE TECHNOLOGY

Sedgwick acquires Temporary Accommodations

Sedgwick | November 22, 2021

Sedgwick, a leading global provider of technology-enabled risk, benefits and integrated business solutions, announced it has acquired Temporary Accommodations, which provides high-quality, temporary housing and related services to displaced policyholders. As part of this strategic transaction, Temporary Accommodations joins Sedgwick's property Americas division and further builds on the company's end-to-end claims services from intake to field adjusting to temporary housing to building repairs, with solutions that enable insurers to fully support their policyholders. Founded in 1996 and headquartered in Atlanta, Temporary Accommodations locates temporary housing options for displaced insurance policyholders and helps to manage additional living expenses during home insurance claims following fire, water, wind and storm damage and emergency evacuations. As one of the largest providers of claims-related housing services, Temporary Accommodations focuses on cost management and stress reduction for a better customer experience, negotiating preferential housing and hotel rates and reducing insurers' indemnity spend. "The Temporary Accommodations team is well-known by insurance professionals and homeowners for their dedication to service and solutions for displaced homeowners, They are often on the front lines when disaster strikes, providing care and comfort to displaced families. Temporary Accommodations is a natural fit with the Sedgwick team, and joining forces will allow us to work together to support the entire claims journey and recovery process. We look forward to this partnership and to providing clients with end-to-end property claims solutions." - Steve Powell, Sedgwick executive vice president. "Our company grew from humble entrepreneurial roots into one of the largest providers of temporary housing services in the insurance space. Joining an industry leader like Sedgwick will take our work to the next level, Moreover, our 'TA cares' motto perfectly aligns with Sedgwick's 'caring counts' philosophy. TA's mission has always been to operate with unsurpassed empathy, integrity, service and attention to detail, and we will continue to do so as part of the Sedgwick family." - Aaron Wilson, founder, president and CEO of Temporary Accommodations. About Sedgwick Sedgwick is a leading global provider of technology-enabled risk, benefits and integrated business solutions. The company provides a broad range of resources tailored to our clients' specific needs in casualty, property, marine, benefits, brand protection and other lines. At Sedgwick, caring counts; through the dedication and expertise of more than 27,000 colleagues across 65 countries, the company takes care of people and organizations by mitigating and reducing risks and losses, promoting health and productivity, protecting brand reputations, and containing costs that can impact the bottom line. Sedgwick's majority shareholder is The Carlyle Group; Stone Point Capital LLC, Caisse de dépôt et placement du Québec (CDPQ), Onex and other management investors are minority shareholders.

Read More

Beazley rolls out new media liability coverage for US media SMEs

Beazley | June 12, 2020

Beazley has announced the launch of a new occurrence media liability policy that covers many risks faced by small to medium-sized media outlets and publishers in the US. Beazley’s new policy provides professional indemnity cover written on an occurrence basis. In addition, the policy offers optional coverage for technology errors and omissions, information security and privacy, and bodily injury or property damage. Specialist insurer Beazley has announced the launch of a new occurrence media liability policy that covers many risks faced by small to medium-sized media outlets and publishers in the US. “The media landscape has changed considerably in the last decade,” Beazley said. “As traditional publishing and media groups have moved increasingly online, freelancers who solely publish online, including bloggers, vloggers and social influencers, are growing in number and reach. As the public looks to a wide range of sources for content, the media sector has become more crowded and awareness of the risks associated with publishing varies widely.” Read More: Worldwide Facilities Makes Its First Step In Health Market By Acquiring Strategic Underwriting Solutions Beazley’s new policy provides professional indemnity cover written on an occurrence basis. The coverage focuses on defamation, libel and slander, and infringement of copyright and trademark. It also includes a range of other content-related exposures. The policy also includes unintentional breach of contract with a client and mitigation costs (sub-limited) to minimize claims escalation. In addition, the policy offers optional coverage for technology errors and omissions, information security and privacy, and bodily injury or property damage arising out of the publication of content. The US media sector is undergoing substantial changes, with the launch of new channels for publishing and broadcasting and the growing reach of bloggers, vloggers and social influencers, Freelance publishers and start-up media ventures ought to be aware that they are as liable as traditional, established media groups for the content and materials they publish or share. They face a range of exposures including defamation, intellectual property and privacy, and should consider the precautions and cover they need to protect themselves against potential claims. - Angela Weaver, global head of media liability for Beazley. Read More: Vertafore Unveils New InsurTech Solutions To Automate and Simplify Insurance The new policy covers various media professionals including publishers, broadcasters, authors and journalists, bloggers, vloggers, social influencers and content creators, and advertising producers and advertising agencies. Limits of up to $5 million are available on a worldwide basis. AboutBeazley Beazley plc is the parent company of specialist insurance businesses with operations in Europe, the US, Canada, Latin America, Asia and Australia. Beazley manages six Lloyd’s syndicates and, in 2017, underwrote gross premiums worldwide of $2,343.8 million. All Lloyd’s syndicates are rated A by A.M. Best. In the US, our underwriters focus on writing specialist insurance products in the admitted market, backed by Beazley Insurance Company, Inc., an admitted property/casualty carrier in all 50 states; and surplus lines risks, backed by the Beazley syndicates at Lloyd’s. Beazley Insurance Company, Inc. is rated A by A.M. Best.

Read More

INSURANCE TECHNOLOGY

Heritage Announces Strategic InsurTech Partnership with Slide

Heritage | November 29, 2021

Heritage Insurance Holdings, Inc. (NYSE: HRTG) ("Heritage" or the "Company"), a super-regional property and casualty insurance holding company, announced today that it has entered into a strategic partnership with Slide, a startup InsurTech P&C carrier led by Bruce Lucas, Heritage's former Chairman and CEO, providing it with enhanced technological capabilities and allowing it to participate in the InsurTech sector's upside. Partnership provides Heritage with the opportunity to: Leverage Slide's InsurTech capabilities to improve underwriting and rating decisions. Further capitalize on strong agency relationships by generating commission income on policies that don't meet Heritage's underwriting criteria (e.g., due to geographic concentration). Participate in the InsurTech sector without potentially significant capital requirements to develop similar capabilities internally. Based on current publicly traded InsurTech valuations, potential to generate a meaningful capital gain, which, if realized, could provide additional funds for share buybacks or debt retirement. Terms of the partnership Heritage will receive: Approximately 6% equity stake in Slide, an InsurTech P&C carrier with an estimated $250 million post-money valuation, and warrants allowing it to purchase an additional equity interest at Slide's pre-money valuation. Perpetual, royalty free license to certain aspects of Slide's software. Heritage will: Transfer ownership of Pawtucket, a dormant P&C carrier licensed in Rhode Island. Transfer ownership of First Access Insurance Group, a Florida-licensed MGA with minimal earnings. Provide access to historical claims and underwriting data. Ernie Garateix, Heritage's CEO, said, "We're excited to partner with Slide and our former colleague on this win-win opportunity. We believe this partnership will significantly accelerate development of our InsurTech capabilities, while providing us with an equity stake in an impressive startup that is developing cutting edge technology." Financial information, including material announcements about Heritage, is routinely posted on investors.heritagepci.com. About Heritage Heritage Insurance Holdings, Inc. is a super-regional property and casualty insurance holding company. Through its insurance subsidiaries and a large network of experienced agents, the Company writes approximately $1.2 billion of gross personal and commercial residential premiums across its multi-state footprint.

Read More

Spotlight

Life insurance is part of estate planning. If you have loved ones who depend upon you financially, you need life insurance. A life insurance policy allows your beneficiaries to cover their living expenses after your death. Depending on the size of the benefit you want to provide and the amount you can afford to pay on premiums, you can choose from several different types of life insurance policies.