AXA XL enhances environmental product for real estate businesses

Insurance Business America | April 17, 2019

AXA XL enhances environmental product for real estate businesses
The environmental business of AXA XL has added complimentary hostage/assault crisis response coverage to its pollution insurance – specifically for real estate businesses and portfolios. AXA XL’s Pollution and Remediation Legal Liability (PARLL) policy offers insurance protection against loss remediation expense and legal defense expense for sudden and gradual pollution conditions. The endorsement includes coverage for a hostage or assault incident; and applies to ransom delivery, extra expenses incurred as a result of the incident, legal liability and consultant services. The endorsement was made possible through AXA XL’s partnership with global risk consultancy S-RM, which offers hostage and assault response services to AXA XL’s policyholders worldwide. “Our environmental insurance team has been a pioneer in the pollution insurance market for the last 35 years.  As such, we are constantly looking at ways to enhance our insurance policies to help our clients address new and emerging concerns,” said AXA XL North America environmental president Matt O’Malley.

Spotlight

Home emergencies like floods and fires can be not only overwhelming, but also scary. Joel Matthews from Christian Brothers Emergency Building Services discusses what to do during and after an emergency.

Spotlight

Home emergencies like floods and fires can be not only overwhelming, but also scary. Joel Matthews from Christian Brothers Emergency Building Services discusses what to do during and after an emergency.

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RISK MANAGEMENT

USI Insurance Services Acquires Venneberg Insurance

USI | December 14, 2020

USI Insurance Services ("USI"), a world chief in risk management, employee benefit and retirement consulting, today reported the securing of Sitka, Alaska-based Venneberg Insurance. Established in 1984, Venneberg Insurance is a free risk management and insurance organization serving businesses and people all through Southeast Alaska. The entirety of the organization's employees, including Mike Venneberg, proprietor and head, will join USI. Terms of the exchange were not revealed. Commenting on the announcement, Mike Venneberg stated: “For more than 35 years, our experienced and dedicated staff have established a strong reputation for meeting the unique and diverse risk management and insurance needs of families and businesses throughout Southeast Alaska. By joining forces with USI, our valued clients will continue to work with the local team of experts they’ve come to know and trust, in addition to gaining access to USI’s best-in-class resources and solutions.” Chris Prentice, USI regional CEO, added: “We are thrilled to welcome Mike and the talented professionals from Venneberg Insurance to the USI family. By partnering as one, we look forward to delivering an unmatched level of service and expertise for our current and future clients throughout Alaska by leveraging the USI ONE Advantage®, a proprietary platform integrating analytics, networked resources and strategic planning to deliver customized solutions with economic impact for clients.” About USI USI is one of the largest insurance brokerage and consulting firms in the world, delivering property and casualty, employee benefits, personal risk, program and retirement solutions to large risk management clients, middle market companies, smaller firms and individuals. Headquartered in Valhalla, New York, USI connects over 8,000 industry-leading professionals from approximately 200 offices to serve clients’ local, national and international needs. USI has become a premier insurance brokerage and consulting firm by leveraging the USI ONE Advantage®, an interactive platform that integrates proprietary and innovative client solutions, networked local resources and enterprise-wide collaboration to deliver customized results with positive, bottom line impact. USI attracts best-in-class industry talent with a long history of deep and continuing investment in our local communities.

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CORE INSURANCE

Partner Platform has Announced a Partnership with ePayPolicy

SIS, ePayPolicy | June 02, 2021

Now independent insurance agents using Strategic Insurance Software's Partner Platform agency management system can easily take digital payments making it convenient, simple, and secure for their insureds to pay premiums directly from the agency website, client portal, or agency mobile app. "Enhancing and improving our agency clients' ability to serve their insureds through technology is that the focus of the Partner Platform," said Bryce Lee, Director of Product Management for SIS. "We search for insurance technologies that complement Partner's innovative 'digital client experience' tools, including state-of-the-art client portal and mobile app. ePayPolicy may be a great example, through their system our clients' insureds can make payments regardless of where they're, or once they got to submit their payment." "Consumer demand for easy, paperless payments has been growing for decades, and our industry is now catching up to what's been standard practice in most other industries," said Todd Sorrel, one of ePayPolicy's founders. "In the same way that modern management systems like Partner Platform just 'make sense,' we believe ongoing, integrated digital payments also make sense, because it makes life easier for everyone involved, not just the insured." With this integration, ePayPolicy joins a growing list of "Partner Allies" that provide products and services which work together with the Partner Platform agency management system to enhance the independent agency's capacity to retain, grow, and service clients. These relationships are more than integrations – they are commitments from like-minded vendors collaborating to serve mutual clients and leveraging diverse strengths to enhance the experience of our agencies. About SIS Headquartered in Columbus, Ohio, Strategic Insurance Software (SIS) is the team behind Partner Platform -- the agency management system that sets independent agents free from the established order of over-paying and under-utilizing their agency software. "Partner" is more than a name – it's who we are About ePayPolicy Built by insurance professionals for the insurance industry, ePayPolicy is on a mission to replace paper checks for all agency billing. By offering a convenient, secure solution for independent agencies, brokers, MGAs, and premium finance companies, ePayPolicy is transforming how the independent insurance industry collects payments and sends funds.

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Constellation Affiliated Partners Acquires Coastal Insurance Underwriters and Cybercom

Constellation Affiliated Partners, RedBird Capital Partners, Coastal Insurance Underwriters | December 29, 2020

Constellation Affiliated Partners (Constellation) today announced the acquisition of Coastal Insurance Underwriters (Coastal) and Cybercom. Financial terms of the transaction were not disclosed. Through the acquisition of Coastal and Cybercom, Constellation will continue to expand its product offerings to the Condominium Association and Homeowner’s Association marketplace. “These new business classes complement many of our existing programs and will provide increased product access to our clients,” said Bill Goldstein, CEO of Constellation. “The Coastal and Cybercom team bring a wealth of knowledge and innovative web-based programs. Their proprietary technology platform and deeply experienced underwriters will be a great addition to our growing portfolio of innovative, high-quality MGAs, program administrators, and wholesalers in the insurance industry.” Coastal Insurance Underwriters, founded by President/CEO Charles “Chuck” Bushong in 2007, is an insurance program administrator providing unique products to the Community Association marketplace. Coastal underwrites property, general liability, crime, D&O, golf & country club, equipment breakdown, workers’ compensation, inland marine, umbrella, small business, and private flood insurance products. Coastal currently underwrites insurance in Florida, California, Alabama, Texas, Georgia, Kentucky, and Tennessee. “Over the last 13 years Coastal has grown to offer a multitude of unique insurance products and cutting-edge technology designed to meet the needs of the ever-changing insurance marketplace,” stated Bushong. “We look forward to accelerating our growth as part of the Constellation portfolio of companies, utilizing Constellation’s established relationships to continue to diversify our programs and expand our footprint throughout the U.S.” “This powerful tool quotes, underwrites, binds, and issues insurance policies to agents in real-time,” added Bushong. “The platform was designed to leverage automation and provide agents with a simple, 24/7 solution to even the most complex insurance opportunities, while providing carriers access to timely underwriting data and risk exposure information.” Cybercom currently provides technology development services to Coastal and third-party clients throughout the country. “The acquisition of Coastal and Cybercom demonstrates Constellation’s commitment to technology-enabled and data-driven programs and to the continued diversification of programs and product offerings available throughout our company,” commented Goldstein. About Constellation Affiliated Partners Constellation Affiliated Partners is a New York-based insurance consolidator platform that specializes in acquiring MGA, program administrator and wholesale companies in the United States and Canada. Constellation's partners use a set of core values to evaluate and pursue strategic partnerships with companies that have demonstrated superior underwriting principles and have earned a solid industry reputation. The diverse group of companies within Constellation's portfolio bring a vast array of insurance and re-insurance offerings to the North American marketplace. Constellation is backed by RedBird Capital Partners, a private investment firm focused on building high-growth companies with flexible, long-term capital. About RedBird Capital Partners RedBird Capital Partners is a private investment firm focused on building high-growth companies with flexible, long-term capital in partnership with its Entrepreneur & Family Office Network. Founded by former Goldman Sachs Partner Gerry Cardinale, RedBird today manages $4 billion of capital principally across its core industry verticals in Sports, TMT, Financial Services and Consumer. RedBird invests with an entrepreneurial, company-building mentality, with an emphasis on capital appreciation and compounding equity returns over longer holding periods. RedBird’s network of business founders and entrepreneurs is central to its investment sourcing strategy, and its highly curated group of limited partners are active co-investors who provide scalable capital support. For more information, please go to www.redbirdcap.com About Coastal Insurance Underwriters Coastal Insurance Underwriters, Inc. founded in 2007 is a program administrator specializing in designing, creating, and managing insurance products for a variety of business classes, including condominium associations, homeowner associations and golf and country clubs. Coastal has grown to become one of the largest Managing General Underwriters in the United States focused on community association products with over 8,000 homeowners and condominium associations currently insured. Coastal continues to advance in automation to ensure that they remain on the cutting edge of changes necessary in this marketplace. They continue to develop and launch new products and expand into additional states. Coastal will continue to strive to be a leader in providing highly specialized, and financially sound insurance products through automated and simple-to-use solutions. About Cybercom Cybercom International Corporation, Inc. was established in 1997 as a custom software development company in Ponte Vedra Beach, FL. During the past 23 years, Cybercom has been building high-performance enterprise-level applications for a number of vertical markets, including insurance, e-commerce, industrial, medical, and manufacturing. Coastal acquired the assets of Cybercom on January 2, 2020. Cybercom’s capabilities include new product development, existing product support, analytical reporting, document generation, third-party integration, and workflow automation. In the insurance marketplace, Cybercom has built tools for a number of coverage lines, including Property, General Liability, Crime, Directors & Officers, Umbrella, Commercial Auto Liability, and more.

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