AXA XL, Slice Labs, Microsoft to Offer Cyber Risk Management Tools

AXA XL | December 23, 2019

AXA XL, the p&c and Specialty Risk Division of global insurer AXA, Slice Labs Inc. (Slice), an on-demand insurer of cloud technology, and Microsoft will work together to help improve cyber health and mitigate risks for Microsoft 365 Business, Office 365 Business Premium and Office 365 Business customers. The new relationship will give qualifying customers discounted access to Slice on-demand, cloud-based cyber insurance provided by AXA XL. Microsoft customers will have access to an end-to-end product that will help them secure their environment and give them the critical services and support for incident response and remediation in the event of a successful cyber-attack. These services are all part of AXA XL’s cyber insurance policy, which will be offered at discounted pricing to qualified customers who represent a lower insurance risk based on a security posture assessment that will be provided by Microsoft Secure Score.

Spotlight

While it might sometimes feel like a very settled market, motor insurance is changing as consumers’ needs change. A combination of the social and economic effects of the Covid-19 pandemic, inflationary forces and increased public concern about the environment are altering the way many U.K. consumers use their cars. One consequence of these changes is growing interest in non-annualised policies (NAPs) for motor insurance.

Spotlight

While it might sometimes feel like a very settled market, motor insurance is changing as consumers’ needs change. A combination of the social and economic effects of the Covid-19 pandemic, inflationary forces and increased public concern about the environment are altering the way many U.K. consumers use their cars. One consequence of these changes is growing interest in non-annualised policies (NAPs) for motor insurance.

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RISK MANAGEMENT,INSURANCE TECHNOLOGY

AF Group Successfully Acquires AmeriTrust Group

AF Group and AmeriTrust Group | January 10, 2023

AF Group, a widely-acclaimed holding company, recently acquired AmeriTrust Group. The acquisition, which was first announced in April 2022 and now received regulatory approval, brings together two world-class, Michigan-based insurance organizations operating in the property and casualty market. Daniel J. Loepp, President and CEO of AF Group's parent company, Blue Cross Blue Shield of Michigan, commented, "Adding a trusted and respected company like AmeriTrust to the Blue Cross Blue Shield of Michigan enterprise is exceptional news for our organization." He further states, "We look forward to the expanded capabilities and talented team AmeriTrust will add to AF Group's industry-leading expertise in the property and casualty space, enabling greater service offerings to agents and customers." (Source: PR Newswire) The acquisition empowers AF Group to provide its customers with a broader range of products and services while solidifying its increasingly powerful position and standing in the market, which has grown tremendously over the last decade. Acknowledged for its financial strength as Ward's 50 company and A.M. Best's ‘A’ (excellent) rating, AF Group is also known for its award-winning people-first culture. "We could not be more pleased to welcome the AmeriTrust team to our organization," expressed Lisa Corless, President and CEO of AF Group. "The work and commitment of AmeriTrust associates has led to a very strong reputation in the industry, and we're excited to add their expertise and capabilities as we broaden our product offerings to the benefit of our partner agents and shared policyholders nationwide," she concluded. (Source: PR Newswire) About AF Group AF Group is a globally-known holding firm headquartered in Lansing (Michigan), whose affiliated insurance brands are premier suppliers of creative, specialist insurance solutions. Owing to the strength of AF Group and its brands, its customers have access to qualified insurance specialists as well as the support needed to keep prices low and workers safe. The dedicated and committed team at AF Group uses industry-leading best practices, analytics, and resources to manage risk and limit loss for its policyholders while growing relationships with its valued independent agent partners. About AmeriTrust Group, Inc. Based in Southfield (Michigan), the company is a highly acclaimed specialty, niche-focused commercial insurance underwriter and provider of insurance administration services in the commercial property and casualty insurance industry. AmeriTrust provides insurance solutions to a variety of trade, industry, professional associations, governmental entities, affinity groups, and independent agents. Carrier activities include six insurance firms that are licensed in all 50 states, both admitted and non-admitted.

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CORE INSURANCE, RISK MANAGEMENT

Simplicity Merges with IDA to Provide Unrivaled Services

Simplicity Group and Insurance Designers of America | March 06, 2023

Simplicity Group Holdings, Inc. (Simplicity) recently informed that it has acquired Insurance Designers of America (IDA), a leading insurance marketing organization (IMO), in order to provide a comprehensive range of services. As a result of this merger, Simplicity and IDA will now provide their respective members with a market-leading, tech-enabled distribution platform along with an unrivaled range of sales and marketing services. Bruce Donaldson, Simplicity's President and CEO, expressed, "We have known the partners of IDA for many years and have always admired the spirit of true, equitable partnership, which was one of the founding characteristics of the group." He continued, "Simplicity was founded on the premise that all our partners should be treated equitably and enjoy all the aspects of our growing platform. We recognize that independent distributors have a choice with whom they wish to affiliate and we are thrilled that IDA has chosen Simplicity to be its long-term partner." (Source – Cision PR Newswire) Ethan Emmett, Executive Director of IDA remarked, "Partnering with Simplicity is a natural evolution in the growth of IDA and the furthering of our mission to best serve our member agencies and ultimately provide consumers access to the best insurance solutions across life, annuity, LTC and DI." (Source – Cision PR Newswire) About Simplicity Group Simplicity Group offers holistic financial professionals and their clients a full range of products and services for every stage of life, guided by education, value, and cooperation. The company offers its advisor, agent, broker-dealer, and financial institution partners best-in-class and proprietary guaranteed income, life insurance, wealth management, long-term care products as well as operational support. Besides, it also provides sales, marketing materials, and training to help its partners build businesses and serve their clients. About Insurance Designers of America Founded in 1986, IDA is one of Georgia's oldest, largest, and most-esteemed IMOs. The company was founded by former agency heads of a national insurance carrier that was quitting the agency distribution system to fill the void as insurance companies focused entirely on product manufacturing and sought alternative distribution channels. Currently, it has over 50 agencies and $250+ million in yearly premiums, giving it the capacity and resources to support over 85,000 financial professionals with their client's insurance needs.

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CORE INSURANCE, RISK MANAGEMENT

Insurify to Acquire Compare.com, Bolstering Consumer Insurance Options

Insurify | March 13, 2023

Insurify, Inc., a leading online insurance agency in the United States that specializes in facilitating insurance comparisons, purchases, and management, has recently announced its plans to acquire Inspop USA, LLC as well as Compare.com Insurance Agency, LLC (Compare.com), a reputed player in the US online auto insurance comparison market. The acquisition is anticipated to be finalized within the first half of 2023. This collaboration will enable Insurify to leverage the strengths of both brands, platforms, and operations to provide cutting-edge solutions to customers and insurance carriers. It is worth noting that Insurify plans to preserve the Compare.com brand. Compare.com was established by Admiral Group plc (Admiral), a prominent UK-based auto insurance provider and a member of FTSE 100. In connection with the transaction, Admiral will maintain a minority ownership in Insurify and remain a key strategic investor. Moreover, Allie Feakins, CEO of Compare.com, will join Insurify as Senior Vice President of Insurance, where she will spearhead insurance operations for the newly-consolidated company. Costantino Moretti, Head of International Insurance, Admiral Group said, "This is a positive outcome for Compare.com customers and employees who will continue to empower more motorists in the U.S. to shop and save on their insurance needs. This transaction will enable Admiral to continue to focus on what we have consistently done well, creating, underwriting and delivering leading financial service products, while also benefiting from the continued momentum being seen in the US price comparison market." (Source – Business Wire) Besides, this deal has no bearing on Admiral's US-based insurance venture, Elephant, which operates independently as a separate entity. About Insurify Insurify is a prominent virtual insurance agent in the United States, headquartered in Cambridge (Massachusetts). The company provides customers with access to the most accurate estimates for auto and house insurance safely and reliably, along with expert guidance. As a result, Insurify has helped facilitate over $200 billion in insurance coverage and provided over 70 million quotes. Due to its outstanding achievements and contributions, it has been the recipient of several highly regarded awards and recognitions within the insurance industry.

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