Augment Risk | December 04, 2023
Augment Risk, the pioneering new reinsurance brokerage firm, today announced the arrival of Andrew Matson as Chief Executive Officer. Matson will build on Augment Risk’s significant traction, having already bound $1 billion of premium in its first year of business. Augment Risk’s initial success is a testament to the firm’s transformative ‘Client, not class of business’ approach that protects and grows client equity value.
“Augment Risk was founded to address a fundamental structural problem in the insurance and reinsurance markets. We champion the need for a shift from outdated practices of ‘products sold at prices’ to better cater to our clients’ needs,” Matson said. “I am thrilled to work with some of the most exceptional talent in the industry. We believe we can transform reinsurance broking for the better by focusing on our client’s entire business, creating partnerships with reinsurers, and enhancing equity value by better managing capital, reducing earnings volatility, and expanding the margins of our clients. Our approach has never been done at this scale.”
The reinsurance industry has remained unchanged for generations. But with the advent of an increased interest rate environment, the rise in loss cost through inflation, and challenges mounting from natural catastrophes, the need to manage capital more efficiently has never been more important. Augment Risk has implemented a numerical approach to help clients better utilize their capital to maintain or improve their financial strength while achieving their business goals.
At the heart of Augment Risk’s approach is a relentless focus on the client’s balance sheet, where capital has been blocked from being put to its best use due to operational complexity, vertical barriers, and mismanagement of risks. Augment Risk unlocks this opportunity by managing volatility through tailored solutions that are meticulously crafted to optimize enterprise value and are agnostic toward all forms of capital—a key differentiation from the conventional one-size-fits-all approach.
Matson’s deep experience and understanding of the challenges facing reinsurers’ businesses are key to executing the vision of Augment Risk’s groundbreaking broker model. His accomplishments in the industry have spanned the globe and brought billions of dollars of premium to the global reinsurance market.
“Andrew has the experience and conviction to lead Augment Risk’s next chapter of growth, and we are pleased to welcome him as CEO,” said Sam Gaynor, Managing Director, Altamont Capital Partners, which announced $100 million in funding for Augment Risk earlier this year. “Augment Risk addresses a clear market need to help global customers manage complex risk capital challenges based on efficiency, with a model poised to transform the reinsurance industry.”
“Augment Risk provides the depth and breadth of expertise to ensure leaders of global companies have the capital, tools, and strategic insights necessary to thrive in a complex, often volatile environment; a one-size-fits-all approach to reinsurance doesn’t work and isn’t always in the best interest of their businesses,” said Keoni Schwartz, Co-Founder and Managing Director, Altamont Capital Partners. “This puts Augment Risk in a completely different category of reinsurance, building a new market in the industry to deliver better outcomes for these businesses.”
About Augment Risk
Augment Risk is a risk capital and reinsurance solutions broker, focused on designing and placing bespoke protections for a variety of clients. With a wide range of solutions, Augment creates growth and equity value through tailored transactions to deliver long-term capital and partnerships. Augment Risk’s expertise extends beyond (re)insurance, allowing the company to disrupt the value chain and build creative, value-accretive solutions for individual client needs.
Integrity Marketing Group, LLC | December 05, 2023
Integrity Marketing Group, LLC a leading distributor of life and health insurance, and provider of wealth management and retirement planning solutions, today announced it has partnered with Hemati Insurance Agency, an independent marketing organization based in Austin, Texas, and led by Eric Hemati. Financial details of the partnership were not disclosed.
"Eric comes to Integrity with two decades of experience and a deep understanding of this business, but he knew there would be more opportunities for growth through our partnership — he wanted to help even more people and offer the strongest support and products possible to his agents," explained Bryan W. Adams, Co-Founder and CEO of Integrity. "We created Integrity precisely to give leaders, like Eric, the meaningful foundation and cutting-edge resources they need to take an agency to the next level. Now that Hemati Insurance Agency is partnered with Integrity, it can tap into an amazing network of expertise and experience. Our partners are positioned to help one another expand and thrive, which stems from our philosophy that a rising tide lifts all boats. I can't wait to see the 'Integrity Effect' of powerful growth make an impact on Hemati Insurance Agency — this business will be one to watch!"
After spending several years in the field, Hemati brought a valuable agent perspective when founding Hemati Insurance Agency in 2003. The company provides clients across the country with life and health insurance products. In order to help protect more families, Hemati focuses on optimizing the agent experience by constantly expanding its support, mentorship and technology offerings. This commitment led to a partnership with Integrity.
"Integrity is a force multiplier! Its vision of bringing together world-class services, technology and leaders to elevate agents' potential is an approach I resonated with immediately,"
shared Eric Hemati, Principal of Hemati Insurance Agency.
Integrity has also created the dream team of partners in the insurance space — these are the leading players in the industry who have founded some of the country's most successful agencies. The opportunity to tap into their wisdom and collective experience is a game-changer for any entrepreneur. My agents are thrilled to utilize Integrity's best-in-class products, especially LeadCENTER and MedicareCENTER, which take the guesswork out of prospecting and allow us to help more people faster and more efficiently. This partnership is a major milestone for our business and significantly accelerates our growth. With Integrity's support, our future looks exceptionally promising.
[Source -PR Newswire]
By developing thoughtful solutions and best-in-class products, Integrity offers resources that make an agent's job more effective and fulfilling. Its end-to-end insurtech platform offers proprietary access to groundbreaking products such as Ask Integrity, a revolutionary AI-powered and voice-activated customer relationship management technology, and LeadCENTER, an on-demand platform which instantly connects qualified leads anywhere in the country with agents ready to serve. Integrity partners receive additional world-class resources and support, including strategic leadership guidance, richly insightful data and analytics, and ongoing product innovation to keep agents at the forefront of industry developments.
Integrity empowers agents to reach more families through its holistic approach to life, health and wealth solutions. The Integrity partner network, comprised of many of the country's leading insurance and financial services companies, recognizes the growing need for cross-industry initiatives to offer comprehensive planning and services to every consumer. This prestigious group is collaborating on best practices and innovations that benefit all stakeholders. Their ingenuity and commitment help more Americans plan for the good days ahead.
Integrity, headquartered in Dallas, Texas, is a leading distributor of life and health insurance, and provider of innovative solutions for wealth management and retirement planning. Through its broad partner network of agents and advisors, Integrity helps millions of Americans protect their life, health and wealth with a commitment to meet them wherever they are — in person, over the phone and online. Integrity's proprietary, cutting-edge technology helps expand the insurance and financial planning experience for all stakeholders using an omnichannel approach. In addition, Integrity develops products with carrier partners and markets them compliantly through its nationwide distribution network. Providing best-in-class service to our clients and consumers is at the center of Integrity's holistic approach to life, health and wealth protection. The company and its partners focus on helping families and individuals prepare for the good days ahead, so they can make the most of what life brings.
About Hemati Insurance Agency
Hemati Insurance Agency has rapidly become a key and influential player in the insurance industry. The Austin, Texas-based agency focuses on empowering its agents, thereby ensuring the best possible service for its clients. Hemati Insurance Agency consistently provides in-depth training, resources and support designed to help its team of hundreds of agents work more efficiently and effectively. It is also committed to delivering a wide range of personalized solutions that help protect more than 20,000 American families annually.
Nearmap | December 07, 2023
Nearmap, one of the world's largest location intelligence and aerial imagery solutions providers, has signed an agreement to acquire Betterview, a leading property intelligence and risk management platform in the insurance industry.
Founded in Australia in 2007, Nearmap expanded operations into the U.S. in 2014 to help companies better visualize the truth on the ground to make more informed business decisions. Today's announcement marks a significant milestone in the advancement of the Nearmap global growth strategy. This will reinforce the company's position as a leading source of imagery intelligence, data and solutions, and expand and complement its expertise and capabilities for insurance customers and partners.
"The Nearmap acquisition of Betterview is transformative for the industry,"
said Andy Watt, CEO of Nearmap.
Integrating the Betterview platform and AI solutions into the Nearmap technology stack will enable better visualization of the truth on the ground with a richer, more powerful set of AI capabilities that combine the best of both companies. This is a significant milestone in our ongoing efforts to innovate solutions for insurance carriers, and expand our presence within the property and casualty space.
[Source -PR Newswire]
Betterview is an established and trusted source of property intelligence and risk management for the insurance industry, applying artificial intelligence and computer vision to help identify and mitigate property risk, improve and automate underwriting and inspection workflows, and provide a more productive, seamless customer experience.
"Combining the offerings of two best-in-class providers will deliver greater impact for insurers," said Betterview Co-Founder and CEO David Lyman. "The acquisition of Betterview by Nearmap will increase access to premium imagery and cutting-edge, scalable property intelligence solutions for the insurance industry."
"We are optimistic about the outcomes this acquisition will bring to our customers, the potential for developing even greater products together, and the impact it will have on the future of the insurance industry," said Betterview Co-Founder and COO Dave Tobias.
Nearmap and Betterview will harness the power of the leading image intelligence and property risk-management technology solutions — including a historical archive for change analysis, comprehensive post-catastrophe imagery, and AI attributes — to provide customers and partners with greater certainty and clarity, through
More efficient development of insurance solutions and capabilities
Faster and more accurate underwriting, property condition identification, and overall mitigation of risk
Enhanced visualization and interpretation of over 100 AI-powered property attributes
Deeper analytics, with more recency, and regularity through insights easily accessible within a browser, via API or business intelligence tools, or seamlessly integrated with existing underwriting or claims core systems
From imagery to insights to answers, this acquisition aligns with the Nearmap long-term global vision to be the source of truth that shapes our livable world.
Completion of the acquisition is subject to customary closing conditions. The financial terms of the deal have not been disclosed. Jefferies served as exclusive financial advisor to Betterview.
Nearmap provides easy, instant access to high-resolution aerial imagery, city-scale 3D content, AI data sets, and geospatial tools. Using its own patented camera systems and processing software, Nearmap captures wide-scale urban areas in the United States, Canada, Australia, and New Zealand several times each year, making current content instantly available in the cloud via web app or API integration. Every day, Nearmap helps thousands of users conduct virtual site visits for deep, data-driven insights—enabling informed decisions, streamlined operations, and better financial performance. Founded in Australia in 2007, Nearmap is one of the largest aerial survey companies in the world.
Betterview is the Property Intelligence & Risk Management Solution the insurance industry depends on to identify and mitigate property risk, improve underwriting and inspection efficiency, and build a more transparent customer experience. Applying Artificial Intelligence (AI) and computer vision to aerial imagery and geospatial data, Betterview generates the most accurate property information insurers trust to automate pricing, underwriting, and renewals while focusing strategic action on critical properties, helping transform property insurance from Repair and Replace to Predict and Prevent.