CORE INSURANCE, RISK MANAGEMENT
Businesswire | May 31, 2023
Guy Carpenter, a business of Marsh McLennan (NYSE: MMC) and the leading global risk and reinsurance specialist, today announced that it is to acquire Re Solutions, the leading independent reinsurance broker in Israel. Terms of the transaction, which is expected to close later this quarter, were not disclosed.
Founded in 2010, Re Solutions combines industry experience with sophisticated actuarial and analytics capabilities, together with a strong reputation for developing innovative, client-focused solutions, including an extensive facultative reinsurance offering. These are delivered by a highly-regarded team of experts based at its office in Bnei Brak. As Re Solutions has been Guy Carpenter’s correspondent broker in Israel since 2011, the transaction builds on the already strong relationship between the two firms.
On completion, the combined entity will be Israel’s leading reinsurance broker, offering a comprehensive range of capabilities, solutions, and advice. It will also provide a platform for Guy Carpenter to provide its full complement of services, including its deep insurtech expertise to the Israeli market, one of the world-leading insurtech and fintech hubs.
As part of the transaction, Re Solutions’ current CEO, Asaf Grinstein, will become CEO of Guy Carpenter Israel, reporting to Dorothée Mélis-Moutafis, Interim CEO of Guy Carpenter Europe, and all Re Solutions’ colleagues will join Guy Carpenter. Mr. Grinstein will be responsible for leading all reinsurance business in Israel, and will collaborate with Marsh McLennan’s other businesses, including Marsh Israel, Mercer and Oliver Wyman.
Commenting on the transaction Dean Klisura, President & CEO of Guy Carpenter, said: “The combination of Re Solutions’ well-established Israel operations and respected team together with Guy Carpenter’s global solutions and services, will bring significantly enhanced benefits to clients across Israel. Insurers in this fast-growing economy are looking for brokers and advisers that can help them address key issues in an increasingly complex risk landscape. This transaction, which is driven by our ambitions to invest in Israel, gives us a powerful platform to deliver for clients.”
Mr. Grinstein added: “This transaction is a natural evolution of the excellent relationship we have always had with Guy Carpenter and is great news for our clients and colleagues. By combining our expertise with Guy Carpenter’s industry-leading data & analytics, strategic advisory, and capital markets solutions, we will be able to accelerate our development and enhance the services we offer to clients and prospects.”
About Guy Carpenter
Guy Carpenter & Company, LLC is a leading global risk and reinsurance specialist with 3,400 professionals in over 60 offices around the world. Guy Carpenter delivers a powerful combination of broking expertise, trusted strategic advisory services and industry-leading analytics to help clients adapt to emerging opportunities and achieve profitable growth. Guy Carpenter is a business of Marsh McLennan (NYSE: MMC), the world’s leading professional services firm in the areas of risk, strategy and people. The Company’s more than 85,000 colleagues advise clients in 130 countries. With annual revenue of over $20 billion, Marsh McLennan helps clients navigate an increasingly dynamic and complex environment through four market-leading businesses including Marsh, Mercer and Oliver Wyman. For more information, visit www.guycarp.com and follow us on LinkedIn and Twitter.
About Re Solutions
Re Solutions is the leading reinsurance broker in Israel, with the agility and innovation-based culture of a startup. Combining years of global and local industry experience, sophisticated actuarial analysis, and a passion for thinking out of the box, Re Solutions helps clients optimize their financial stability and success. Re solutions leading team of experts works with clients to manage the ever-changing world of insurance and risk.
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LIFE INSURANCE, HEALTH INSURANCE
PRnewswire | April 04, 2023
Sproutt, the life insurance company that modernizes life insurance for agencies, agents, and their customers, today announced the launch of Sproutt SmartLife for Agencies and the acquisition of The Reder Agency, a full-service life insurance brokerage specializing in the traditional and senior markets. SmartLife for Agencies brings to market an AI-assisted first-of-its-kind platform for all aspects of agency business, while the acquisition of The Reder Agency will add over 400 agents nationwide to Sproutt's growing network of producers as part of its evolution toward becoming a full-service distribution ecosystem. The Reder Agency's principal owner, Ben Reder, will join Sproutt as the Senior Vice President of Distribution.
The acquisition of The Reder Agency greatly expands the adoption of Sproutt's SmartLife platform by introducing it to hundreds of experienced life insurance producers, cementing the company's evolved mission of serving as the digital home for the roughly 1.2 million insurance professionals in the U.S. With a shared vision to innovate and scale the insurance sales process, the Reder Agency acquisition enables Sproutt to accelerate growth and offer increased value to life insurance producers.
Sproutt's SmartLife platform allows agents, via the Agent Portal, to make real time decisions to effectively serve the needs of their clients. Within minutes, agents can offer tailored life insurance solutions with top rated carriers and a full spectrum of proprietary products, from term to whole life, with greater ease, speed, and efficiency.
"We are excited to announce our new offering for agencies, which supercharges organizations with the necessary AI tools and products to maximize their distribution, as well as the acquisition of The Reder Agency, which adds hundreds of proven life insurance producers onto the Sproutt platform. I am thrilled to have Ben joining the Sproutt team, as we share the belief that this acquisition will be a major step in Sproutt's commitment to be the platform of choice for insurance producers and brokers across the country" said Yoav Shaham, CEO and Co-Founder. "Within this data-driven industry, which evaluates risk based on consumer data, our unique contribution is that our platform leverages AI to maximize agent production, reduce friction in the sales journey and modernize traditional insurance processes for carriers" explains Shaham.
For Ben Reder, an insurance industry veteran and owner of The Reder Agency for over a decade, this move will allow him to have a bigger impact on the life insurance agents and agencies that he is currently working with, as well as provide incredible value for future partnerships. As Senior Vice President of Distribution, he will continue his focus on providing top tier services and support, while benefiting from the technology and resources that Sproutt provides. "Insurance distribution is moving towards a unified digital experience, for both the client and the agent. Being able to partner with Sproutt and bring our decade-plus of traditional brokerage distribution expertise to a fully digital platform represents an opportunity to merge best-in-class technology with award-winning production," said Reder.
About Sproutt
Sproutt is a life insurance company that modernizes life insurance distribution for agencies, agents, and their customers. Leveraging data and AI, the Sproutt SmartLife platform is set to reshape Life insurance distribution. The platform empowers insurance producers to efficiently assess risk, tailor policies, and enhance customer experience in the most effective and scalable way. Sproutt sells its policies through agents and brokers via its SmartLife for Agents and Agencies. Backed by State of Mind Ventures, Moneta VC, FinTLV, Guardian Life, MS&AD Ventures, MoreTech Ventures, Harel Group, Menora Mivtachim, Raptor Group, and Falcon Edge Capital, Sproutt's business operations are based in New York with an R&D center in Tel Aviv.
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CORE INSURANCE, RISK MANAGEMENT
Globenewswire | April 10, 2023
Westland Insurance, one of Canada’s largest independently owned brokerages, continued its expansion on April 1 with the announcement of three acquisitions. Between them Haggett & Rogers Group of Companies, BMT Insurance Brokers Limited, and Dimensions Insurance Management bring additional insurance expertise to Westland’s existing P&C verticals.
With six locations across Ontario, BMT Insurance brings over 65 years of P&C insurance experience, life & benefits, and financial services. This acquisition takes Westland into three new communities and further enhances its commitment to serving clients in Northern Ontario.
With roots that go back to 1905, Dimensions Insurance is a commercial and specialty P&C brokerage based in Winnipeg, MB and that is focused on serving clients across Western Canada.
Established in 1978, Haggett & Rogers is a family-owned brokerage that offers personal and commercial insurance solutions and vehicle registry services. They have locations in Calgary and Lethbridge, AB.
“It’s with much excitement that we welcome Haggett & Rogers, BMT Insurance, and Dimensions Insurance to the Westland team,” says Jamie Lyons, Westland’s President & CEO. “With these three outstanding companies joining our family, we’re taking a significant step forward in our goal to become Canada’s favourite insurance broker. Their collective depth of expertise and experience in the industry, as well as strong entrepreneurial cultures, will allow us to continue delivering even better service to our clients and communities across the country.”
About Westland Insurance Group Ltd
Award winning Westland Insurance Group is one of the largest and fastest-growing independent property and casualty insurance brokers in Canada. With a national network of 195 locations and over 2,100 employees, the company continues to expand coast to coast. Westland's brokers provide expert advice to home, business, and auto insurance clients. Since its founding in 1980, Westland has remained a family-owned company that is committed to supporting its local communities. As a leading insurance brokerage in Canada, our scale and pace of growth allow us to continually invest in our platform and to deliver on our promise to be your most trusted commercial advisor. Our Commercial team has developed unique partnerships with national and international insurers and reinsurers, with whom we have established pre-committed capacity and underwriting authority. This is a model that no other broker in the country has been able to replicate at scale. Our expert Commercial advisors get to know you and your business, so that they can tailor a policy to your exact needs.
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