COMPLIANCE
Counterpart, Aspen Insurance Holdings | July 21, 2022
Counterpart, the management liability insurtech, today announced the launch of its Excess insurance product for small businesses. Backed by Aspen, the Excess policy is another offering to support small businesses in a time of heightened litigation.
Counterpart is the first management liability provider to utilize proprietary data and cutting-edge technology in response to the increasing settlement and legal expenses, which can easily bankrupt a small business. Claims expenses have spiked in recent years due to plaintiff friendly legal environments and unrestrained legal fees.
This product was built in response to overwhelming demand from Counterpart’s broker partners, including David Alferez, Director, CRC Group, who commented: “Counterpart has been an incredible partner of ours and is once again stepping up to support our team and our clients. We are eager to leverage another one of their best-in-class products.”
Counterpart offers Excess insurance on Directors and Officers, Employment Practices and Fiduciary Liability, with a maximum limit of $3 million. Backed by Aspen’s financial strength, the offering will be available for small businesses with less than 250 employees and less than $250 million in revenue and total assets through Counterpart’s wholesale broker partners.
“Counterpart has created a compelling and unique offering for small businesses. We’re pleased to further develop our relationship and are excited to support what we see as a natural extension of an already successful management liability product line,” said Zac Clammer, Executive Vice President, Management Liability, Aspen Insurance.
“We always operate with the best interest of our customers and Excess insurance has been a real pain point for them over the years due to decreasing limits and coverage,” said Mike Levins, Head of Insurance at Counterpart.
“We always operate with the best interest of our customers and Excess insurance has been a real pain point for them over the years due to decreasing limits and coverage,” said Mike Levins, Head of Insurance at Counterpart. “Excess insurance is the most requested product from our brokers, and we have worked closely together to design a product that addresses their wants and needs. This is just the beginning of what we are looking to do together with our insurance carrier partners to grow the breadth of our management liability products and services.”
To learn more about Counterpart’s Excess product, visit: yourcounterpart.com
About Counterpart
Counterpart is a management liability insurance platform for the 21st century workplace. The company applies the most advanced Directors & Officers, Employment Practices, and Fiduciary rating systems in the industry to measure risk more efficiently while requiring less information from the broker and applicant. Counterpart’s underwriting is complemented by a suite of products and services that help brokers and insureds proactively manage exposures throughout the term of the policy. For more information, visit yourcounterpart.com.
About Aspen Insurance Holdings Limited
Aspen provides reinsurance and insurance coverage to clients in various domestic and global markets through wholly-owned subsidiaries and offices in Australia, Bermuda, Canada, Singapore, Switzerland, the United Kingdom and the United States. For the year ended December 31, 2021, Aspen reported $13.8 billion in total assets, $7.6 billion in gross reserves, $2.8 billion in total shareholders’ equity and $3.9 billion in gross written premiums. Aspen's operating subsidiaries have been assigned a rating of “A-” by Standard & Poor’s Financial Services LLC and an “A” (“Excellent”) by A.M. Best Company Inc. For more information about Aspen, please visit www.aspen.co.
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INSURANCE TECHNOLOGY
Beat Capital | May 18, 2022
Beat Capital Partners is expanding into the United States and has selected OneShield Software's SaaS technology platform to launch new Managing General Agents (MGAs). Beat Capital Partners is a highly successful insurance sector investor in the United noted for providing start-up money, infrastructure, risk capital, and A+ rated paper to new ventures.
The outstanding features of the OneShield Market Solutions (OMS) SaaS platform are the reason for Beat's entry into the US market. OMS includes functionality for policy management (binding, quoting, and servicing), billing (invoicing through payment), claims administration and document management, reporting, and analysis. All of these can be customized to meet the complex needs of MGAs.
We did a thorough analysis of available insurance technology platforms and chose OneShield for various reasons, including OMS's all-in-one pricing approach, overall system capabilities, and substantial industry knowledge. The team at OneShield thoroughly understood our overall business concept, and the platform itself has a stellar reputation in the startup and MGA markets."
April Galda Joyce, CEO of Beat Capital America.
Last year was a big year for OneShield's SaaS offering as many start-up insurers and MGAs wanted to adopt scalable and adaptable technologies with proven rapid time-to-market deployment schedules. We are delighted to meet these similar standards for Beat Capital and look forward to working with them as they expand their business in the United States."
Liza Smith, OneShield's Chief Revenue Officer.
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INSURANCE TECHNOLOGY
G2 | June 21, 2022
Bringing Nation’s leading independent insurance brokerage firms to Relation, transaction will expand national footprint and areas of expertise.
Relation Insurance Services, one of the nation's largest and fastest-growing insurance agencies, announced today the acquisition of the assets of G2 Insurance Services, LLC ("G2"). Procuring an established, high-growth insurance brokerage firm expands Relation's growing national footprint and areas of expertise. The transaction became effective on June 1, 2022, and the terms were not disclosed.
Adding G2 Insurance to the Relation team will bring together a potent combination of forward-thinking people and best-in-class products and services to what is already one of the nation’s fastest-growing insurance platforms, G2 Insurance’s commitment to client service, expertise, and innovation fits seamlessly with Relation’s mission and culture.”
Joe Tatum, CEO of Relation.
G2 Insurance was founded in 2012, by Matthew and Jason Goldman to provide the best in insurance, technology, and client service. The firm has established itself as an industry leader in several areas, including non-profit organizations, high-net-worth individuals, family offices and wealth advisory, commercial real estate, equine, and agribusiness. The new partnership will foster Relation and G2's collective growth while providing a more robust service platform for its clients.
The entire G2 team has merged with Relation and will continue to provide clients with the same high-quality service. Bob Zenoni will remain President and COO of G2 Insurance, a Relationship Company, while Matthew and Jason Goldman will drive growth and strategy.
About Relation Insurance Company
Relation Insurance Services is a nationwide insurance brokerage that provides superior risk management and benefits consulting services. According to Insurance Journal, it is one of the top 35 most prominent agencies in the country in terms of revenue, with approximately 1,200employees spread across more than 125 locations. Relation is a privately held company backed by Aquiline Capital Partners, a private equity firm based in New York and London that invests in financial services and technology companies worldwide.
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