AXA sells EQH stake for $3.1 billion

AXA | November 11, 2019

AXA is saying goodbye to its remaining stake in AXA Equitable Holdings (EQH) to the tune of $3.1 billion. In a release, the Paris-headquartered insurance giant said it sold 144 million shares of common stock of EQH to Goldman Sachs at a net price of $21.80 per share. The investment bank acts as the sole underwriter in a registered public offering of the shares. According to AXA, the offering is expected to close on November 13. “EQH’s effective registration statement, including a prospectus, relating to the offering was previously filed by EQH with the US Securities and Exchange Commission,” stated the French insurance group, whose stake sale means its exit from the US life insurer.

Spotlight

When an adviser sits down to discuss life insurance cover held within superannuation with their client, it is also an ideal time to have a comprehensive discussion about estate planning. In this article, we look at the advantages and disadvantages of various options of structuring the receipt of superannuation death benefits. It is well known that binding nominations provide certainty as to whom a superannuation death benefit is paid to. Where the client has a partner and young children, we often see binding nominations made in favour of each partner.

Spotlight

When an adviser sits down to discuss life insurance cover held within superannuation with their client, it is also an ideal time to have a comprehensive discussion about estate planning. In this article, we look at the advantages and disadvantages of various options of structuring the receipt of superannuation death benefits. It is well known that binding nominations provide certainty as to whom a superannuation death benefit is paid to. Where the client has a partner and young children, we often see binding nominations made in favour of each partner.

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CORE INSURANCE

Erie Insurance 'Future Focus' program recognized as a RISE Elite 50 industry internship program

Erie Insurance | September 20, 2022

The Erie Insurance (ERIE) Future Focus internship program has been named to the Rising Insurance Star Executive (RISE) list of the insurance industry's 50 best internship programs in 2022. This is the second consecutive year that ERIE has been honored. ERIE's summer internship program offers opportunities for college students to gain relevant and real-world business experience in the insurance industry and at a Fortune 500 company. "We're excited to be included on the RISE Elite 50 list for the second consecutive year. Our interns often tell us that our program is a premier offering in the industry, and this recognition is certainly a bonus, Year after year, the most impactful feedback comes directly from our interns, who, through an overwhelming response to our end-of-program survey, gave our 'Future Focus' program an average satisfaction rating of 4.8 out of 5 this year." -JR Wilwohl, talent acquisition partner and ERIE's internship program coordinator ERIE's internship program, which began more than 20 years ago and has helped launch the careers of hundreds of current ERIE employees, offers paid, competitive internships across several areas of the company. According to Jon O'Camb, talent acquisition manager, ERIE's Future Focus internships are one of the company's largest pipelines for early career talent and ERIE is committed to growing diversity within its talent pool. Our commitment to celebrating and valuing diversity continues, and our internship program is an extension of that. We're widening our talent pipeline by strengthening relationships with historically Black colleges and universities across ERIE's footprint and working with ERIE's affinity networks and DEI leadership to help further reach diverse candidates, Once our interns are hired, we also provide them with multiple opportunities to engage with our company's DEI and community outreach teams and encourage them to become active in ERIE's nine employee affinity networks during their internship with us,said O'Camb. In 2022, more than 100 ERIE interns worked in ERIE's IT, Underwriting, Risk Control, Actuarial, Data, Sales & Marketing, Claims, Corporate Services, Customer Service, Finance, Accounting, Internal Audit, Investments and ERIE Experience departments. Rising Insurance Star Executive (RISE) is an industry group founded to help bridge the talent gap by recognizing and advancing the best young talent in the insurance industry. There is nothing more impactful to building the talent pipeline for the Insurance Industry than our internships, Companies can test drive talent, learn from fresh perspectives, expose young professionals to their brand, foster leadership in current employees, and the list goes on. Interns gain real world experience, learn about their strengths and weaknesses and gauge whether a job or industry is the right career for them,read an announcement of the annual list from RISE. About Erie Insurance According to A.M. Best Company, Erie Insurance Group, based in Erie, Pennsylvania, is the 11th largest homeowners insurer, 13th largest automobile insurer and 13th largest commercial lines insurer in the United States based on direct premiums written. Founded in 1925, Erie Insurance is a Fortune 500 company and the 19th largest property/casualty insurer in the United States based on total lines net premium written. Rated A+ (Superior) by A.M. Best, ERIE has more than 6 million policies in force and operates in 12 states and the District of Columbia.

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CORE INSURANCE

Risk Strategies Acquires Beattie & Associates

Risk Strategies | September 16, 2022

Risk Strategies, a leading national specialty insurance brokerage and risk management firm, today announced it has acquired Beattie & Associates, a retail agency in Missouri specializing in employee benefits for both individuals and employers. Terms of the deal were not announced. Headquartered in the St. Louis suburb of Chesterfield, Missouri, Beattie & Associates is led by its principal, Tom Beattie. For more than 30 years, the agency has focused on helping both individuals and businesses across a range of industries, create effective and affordable employee benefits coverages that meet their specific needs. “We’re thrilled to welcome Tom and his team at Beattie & Associates to the Risk Strategies family, Their approach to both team and client work is a great fit with our culture and we’re excited to have them aboard as we expand our capabilities regionally.” -John Greenbaum, national employee benefits practice leader at Risk Strategies Beattie offers business clients a full range of employee benefit coverages, including group health, disability, life, dental, and vision, as well as associated support services. Beattie’s client base is highly loyal and largely concentrated in the Midwest Region. Wanting to preserve our specialty focus and expand our capabilities without losing our high-touch approach to client services made becoming part of Risk Strategies the absolute right choice, I’m excited by the possibilities to further extend our relationships and offerings, including property and casualty, to new and existing clients,said Beattie. In addition to its base in the St. Louis region, Beattie has presence across Big Sky and Bozeman, Montana, as well as Chicago. The Montana presence represents an expansion for Risk Strategies. Beattie’s Chicago presence will complement existing, long-standing Risk Strategies operations. About Risk Strategies Risk Strategies is a specialty national insurance brokerage and risk management firm offering comprehensive risk management advice and insurance and reinsurance placement for property & casualty, employee benefits, and private client services risks. With more than 30 specialty practices, Risk Strategies serves commercial companies, nonprofits, public entities, and individuals, and has access to all major insurance markets. Ranked among the top brokers in the country, Risk Strategies has over 100 offices including Boston, New York City, Chicago, Toronto, Montreal, Grand Cayman, Miami, Atlanta, Dallas, Nashville, Washington DC, Los Angeles, and San Francisco.

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INSURANCE TECHNOLOGY

First Connect Adds Cowbell Cyber Prime 100 to Insurtech Marketplace

Hippo, Cowbell Cyber, First Connect | July 14, 2022

First Connect Insurance Services, a digital platform designed to provide independent agents with access to the nation's top carriers, announced today the addition of Cowbell Cyber, the leading provider of cyber insurance for small and medium-sized enterprises (SMEs). Cowbell Cyber offers stand-alone coverage to enterprise customers for security breach expenses, extortion threats, the replacement or restoration of data, loss of business income, security breach liability, computer fraud, ransom payments and more. First Connect, a subsidiary of the Hippo Insurance Group, provides independent agencies with access to national carriers with zero access fees. First Connect and Cowbell are teaming up to provide those agencies with a modern cyber insurance product designed to help SMEs safeguard their digital operations. "Every business faces cyber risk nowadays," said First Connect President Aviad Pinkovezky. "By partnering with Cowbell Cyber we are continuing to broaden our portfolio of leading insurtech carriers and general agents, and providing independent agencies access to cyber insurance that assesses their clients’ unique cybersecurity risks.” Cowbell Cyber offers a Prime 100 insurance product that provides robust financial protection against cyber threats. The digital-first cyber insurance provider leverages an API that allows customers to quickly apply online and delivers instant bindable quotes to SMEs. Additional features include continuous risk assessment, risk engineering consultations, cyber awareness training and in-house claims handling by dedicated cyber experts. "Cowbell Cyber identifies in real-time each organization’s unique risk level and determines the ideal coverage package to mitigate potential losses from a cyberattack," said Jack Kudale, Founder and CEO of Cowbell Cyber. "Cowbell Cyber identifies in real-time each organization’s unique risk level and determines the ideal coverage package to mitigate potential losses from a cyberattack," said Jack Kudale, Founder and CEO of Cowbell Cyber. "Partnering with a fully digital platform like First Connect is ideal to easily and rapidly give SMEs financial protection for the variety of threats businesses face every day.” To learn more about how First Connect provides independent agencies with access to the leading insurtech carriers or to sign up, visit firstconnectinsurance.com. About Hippo Hippo is protecting the joy of homeownership, helping to safeguard customers’ most important financial asset by harnessing the power of real-time data, smart home technology, and a growing suite of home services to deliver proactive home protection. Hippo Holdings Inc.’s (NYSE: HIPO) operating subsidiaries include Hippo Insurance Services, Hippo Home Care, First Connect Insurance Services, Spinnaker Insurance Company, Spinnaker Specialty Insurance Company, and Mainsail Insurance Company. First Connect Insurance Services is a licensed property casualty insurance agent with products underwritten by various insurance companies. For more information, including licensing details, visit http://www.hippo.com. About Cowbell Cyber Cowbell Cyber offers standalone, individualized, and easy-to-understand cyber insurance for small and medium-sized enterprises (SMEs). In its unique AI-based approach to risk selection and pricing, Cowbell’s continuous underwriting platform, powered by Cowbell Factors, compresses the insurance process from submission to issue to less than 5 minutes. Cowbell Insurance Agency is currently licensed in 50 U.S. states and the District of Columbia. Cowbell Reinsurance Company is a licensed insurance captive in the State of Vermont. For more information, please visit www.cowbell.insure.

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