Beach enters A&H reinsurance space with acquisition

Beach & Associates | January 08, 2020

Beach enters A&H reinsurance space with acquisition
Beach & Associates, a subsidiary of Acrisure, has announced the acquisition of Atlanta-based Risk and Insurance Consulting Services (RICS). RICS, established in 1997, is an accident and health (A&H) reinsurance brokerage firm. It will become part of Beach Re and operated under its A&H division under the Beach brand. The RICS management team – founder and CEO Richard Ritchie, vice president Jaime Brown and treaty services manager Tammy Chambers – will remain with the company. “Bringing Rick Ritchie and his well-respected team to Beach is an excellent opportunity for us to expand into the accident and health reinsurance arena,” said Simon Hedley, president and CEO of Beach North America. “It also gives us a new level of expertise in the medical insurance world that will add significant value to the substantial Acrisure Employee Benefits operation.”

Spotlight

Artificial intelligence is about to dramatically reshape the insurance industry, evolving from back-office automation to front-line virtual assistance the digital face of your brand. And consumers are ready 74 percent of consumers say they’d be happy to get computer-generated insurance advice. AI improves consistency and efficiency and is becoming much smarter and simpler to use.

Spotlight

Artificial intelligence is about to dramatically reshape the insurance industry, evolving from back-office automation to front-line virtual assistance the digital face of your brand. And consumers are ready 74 percent of consumers say they’d be happy to get computer-generated insurance advice. AI improves consistency and efficiency and is becoming much smarter and simpler to use.

Related News

Allstate to Extend Shelter-in-Place Payback Program Through June

Allstate | May 27, 2020

Allstate is extending its Shelter-in-Place Payback for personal auto insurance customers. The company is also extending the sign up period for free identity protection to June 30, 2020, for all U.S. residents. Customers will receive an automatic credit to their accounts with most receiving 15% of their monthly premiums. Allstate (NYSE: ALL) is extending its Shelter-in-Place Payback through June 30, 2020, for personal auto insurance customers as they drive less and get in fewer accidents during the coronavirus pandemic. The company is also extending the sign up period for free identity protection to June 30, 2020, for all U.S. residents. Read More: Liberty Advisor Group announced a strategic alliance with CAC Specialty Allstate is continuing to support customers during the pandemic by extending our Shelter-in-Place Payback, While more people are back on the roads, the numbers of less severe accidents are below historical levels so the payback will continue through June, representing approximately $1 billion back to customers over three months. We are also extending our offer to give all U.S. residents free identity protection through the rest of 2020. Together we will get through this pandemic and be stronger. - Tom Wilson, Chair, President and CEO, Allstate Allstate, Esurance and Encompass personal auto insurance customers will receive the extended Shelter-in-Place Payback in June. Customers will receive an automatic credit to their accounts with most receiving 15% of their monthly premiums. The amount reflects Allstate's disciplined analysis of available data, including driving information from Arity, its mobility data and analytics company. It also reflects that the average cost per accident has increased, partially offsetting cost savings. Read More: Benefitfocus Improves Customer Experience With Enhancements to Tech Platform With the increase in cybercrime as people connect virtually, Allstate is making the Allstate Identity Protection product free for the rest of the year with no opt-out-requirement. U.S. residents can get the free identity protection product through Dec. 31, 2020, regardless of whether they are already Allstate customers, by signing up at allstateidentityprotection.com before June 30, 2020. About Allstate The Allstate Corporation protects people from life's uncertainties with a broad portfolio of protection products including: auto, home, personal property and life insurance, protection plans for electronic devices and appliances, and personal identity protection. Allstate is widely known for the slogan "You're in Good Hands with Allstate."

Read More

INSURANCE TECHNOLOGY

Manulife enters agreement to reinsure over 75% of U.S. Variable Annuity block to Venerable Holdings Inc.

Markel Corporation | November 16, 2021

Markel Corporation (NYSE: MKL) announced that it is winding down Lodgepine Capital Management Limited (Lodgepine), its retrocessional Insurance Linked Securities (ILS) fund manager based in Bermuda. Markel launched Lodgepine in 2019, with product offerings focused on property catastrophe retrocessional investments. In 2021, Lodgepine wrote a portfolio of property retrocessional business that consisted of approximately $230 million of initial limits. The Lodgepine Fund launched July 1, 2021 with initial investor capital of $98.9 million, including an initial investment by Markel of $18.9 million. Despite best efforts and in light of headwinds in the retrocessional ILS market, including a challenging fundraising environment, Lodgepine will cease to write any new business and commence the orderly run-off of its existing portfolio and the return of capital to investors. The company has entered into a consultation period with Lodgepine's 18 employees and will look for redeployment opportunities for these employees within Markel's operations. About Markel Corporation Markel Corporation is a diverse financial holding company serving a variety of niche markets. The Company's principal business markets and underwrites specialty insurance products. In each of the Company's businesses, it seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the Company are to earn consistent underwriting and operating profits and superior investment returns to build shareholder value.

Read More

CORE INSURANCE

South Risk Management is Acquired by Propel Insurance

Propel Insurance | June 07, 2021

Propel Insurance, one of the nation's largest privately-owned insurance agencies and a portfolio company of Flexpoint Ford, announced today it had acquired South Carolina-based South Risk Management ("SRM"), a leading construction-focused insurance consulting firm. The acquisition of SRM expands Propel's presence into South Carolina and adds to the Company's existing Southeast footprint, which includes Knoxville, Charlotte, Atlanta, and Orlando. The SRM team will be a valuable addition to Propel's industry-leading construction risk practice. "We are pleased to welcome SRM into the Propel family, underscoring our commitment to growing our specialties nationwide by welcoming strategic partnerships and top industry talent," said Kurt Carlson, President, and CEO of Propel. "Propel is recognized as a leader in providing creative insurance solutions for our clients. Our long-standing partnerships with many of the nation's leading carriers, combined with our valuable services, translate into a competitive edge for our clients." "We are thrilled to be joining Propel, a highly-respected and innovative leader in the insurance industry," said Patrick McKain, a founding partner of SRM. "We have shared values and a like-minded approach to delivering unparalleled advice and solutions to our clients." SRM founding partners David Wells, Tripp Hafner, and W.D. Morris looks forward to expanding Propel's existing construction practice with John Babson taking on a leadership role. The team will leverage the broader pool of resources available at Propel to continue providing risk management services to help their clients address complex issues and support their business growth. In Propel's Charlotte office, Richard Todd, Regional Director, added, "This transaction will complement our footprint in the Southeast. We remain excited about our growth and will continue to provide a compelling opportunity for insurance advisors who are looking to join a national leader." About Propel Insurance Propel insurance is one of the nation's largest privately-owned insurance agencies. It provides a broad array of property, casualty, risk management, workers' comp, employee benefits, personal insurance, and other products across North America. Propel is dedicated to helping businesses and individuals manage their insurance needs and find their momentum. About Flexpoint Ford Flexpoint Ford is a private equity investment firm that has raised more than $5.0 billion in capital and specializes in privately negotiated investments in the financial services and healthcare industries. Since the firm's formation in 2005, Flexpoint Ford has completed investments in more than 30 companies across a broad range of investment sizes, structures, and asset classes. Flexpoint Ford is headquartered in Chicago, Illinois, with additional offices in New York, New York.

Read More