Risk Management, Intellectual Property
PRnewswire | July 24, 2023
Specialty Program Group LLC, (SPG), one of the most successful and fastest-growing specialty platforms, announced that it has acquired the assets of Agency Two Insurance Marketing Group, LLC (d/b/a AgencyONE), a nationally renowned Brokerage General Agency (BGA) specializing in empowering financial advisors to deliver responsible wealth and risk management solutions through insurance – Life, Annuities, Disability, and Long Term Care.
AgencyONE has established itself as a trusted partner to a select group of independent insurance advisors and wealth managers nationwide who focus on planning and implementing financial strategies using insurance-based solutions designed to help secure their clients' families and businesses. By offering full-service, highly personalized back-office support, AgencyONE enables advisors to prioritize the client experience while delivering tailored solutions for financial security and wealth transition.
By acquiring AgencyONE's operations, SPG builds upon its acquisition of the assets of Brokers' Service Marketing Group II LLC, now operating as a division of SPG (BSMG) and expands its life and annuity distribution network.The AgencyONE team, lead by principals Dennis C. Bartos, Gonzalo M. Garcia and Cathy Neifeld will join SPG.
"We're thrilled to join forces with AgencyONE - as we continue to build out a national BGA network of like-minded, leading firms - something truly unique in the life and annuity distribution space," said Jason Lea, CEO of BSMG and head of SPG's Life & Annuity strategy. Lea added that "Gonzalo and his team at AgencyONE are recognized industry leaders and innovators in the advanced markets and underwriting space. I'm excited to get to work with the AgencyONE team to build our shared vision for a differentiated life and annuity platform."
According to Garcia, "Over the past four years, AgencyONE has explored several partnership opportunities without finding a firm that met our business objectives or values. SPG's recent acquisition of Jason's team at BSMG caught our attention. This move allowed SPG an entrée into the wholesale distribution of life, long-term care, and disability insurance, as well as annuities. My partners and I recognized that SPG aligns perfectly with our business objectives and commitment to serving our advisors' advanced planning and underwriting needs. We are very confident about the future success of this partnership and the growth and expansion it will offer AgencyONE. We are excited to be a part of the SPG Team."
By combining the strengths of BSMG and AgencyONE, financial advisors will benefit from expanded resources, advanced planning techniques, and enhanced access to insurance-based solutions.
About AgencyONE
AgencyONE is a Brokerage General Agency (BGA) partnership with long-term industry experience. They are dedicated to collaborating with and empowering financial advisors to deliver responsible and holistic wealth and risk management solutions using insurance-based planning and high-level carrier relationships. By providing full-service back-office support including customized advanced planning strategies and case design, highly skilled medical underwriting, and personalized case management, AgencyONE enables advisors to focus on delivering extraordinary client experiences while ensuring financial security and orderly wealth transition. For more information, visit agencyone.net
About Brokers' Service Marketing Group (BSMG)
For over 50 years, the BSMG operations have delivered uncompromising support and service to top producers in Life, Annuity, and Long-Term Care Insurance. BSMG maintains a long-standing and well-earned reputation for excellence in providing exceptional guidance to financial service professionals and financial institutions. For more information, please visit bsmg.net
About Specialty Program Group
Specialty Program Group LLC (SPG) is a leading specialty platform headquartered in Chicago, IL, with a diverse portfolio of specialty insurance operations spanning underwriting management, digital solutions, wholesale and specialty retail brokerage, and insurance services. SPG has a track record of scaling industry leading businesses by providing access to business resources, technology and process efficiency, capital and investment, deep carrier relationships, and a broad distribution network. Visit specialtyprogramgroup.com to learn more about how SPG can help you scale your specialty business.
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Claims, Compliance
Businesswire | July 03, 2023
One Inc, the leading digital payments network for the insurance industry, announced today that Safety Insurance Group (Safety) has selected One Inc’s ClaimsPay® to modernize the consumer experience and provide instant claims payment functionality to its customers. This partnership underscores the industry’s emphasis on digital payment solutions and eliminating physical check reimbursements. One Inc currently enables more than 240 insurance carriers to process over $51 billion in payments annually.
Headquartered in Boston, Massachusetts, Safety provides a full range of property and casualty insurance products and operates exclusively in Massachusetts, New Hampshire, and Maine. As part of the company’s goal to provide industry-leading ease of doing business and maximum efficiency, Safety selected One Inc’s ClaimsPay solution to streamline its entire claims disbursement process.
Through One Inc’s ClaimsPay platform, Safety customers will have the option to receive digital payments through popular payment platforms like Venmo and PayPal, in addition to direct payment options. With integrated mobile and web platforms, Safety seeks to provide customers with a modern claims experience that uses familiar mobile technology.
“Integrating One Inc’s ClaimsPay was a natural choice as we sought to innovate this vital area of our business,” said Steve Varga, Vice President of MIS. “We are focused on modernizing property and casualty insurance and are always looking for partners that deliver modern tools to improve the customer experience. Security, speed, and ease of the process are our top priorities, and ClaimsPay will help us meet and exceed those benchmarks.”
“Instant payments deliver a required customer value proposition and a competitive advantage to insurance carriers,” said Ian Drysdale, CEO at One Inc. “As Safety Group looks to prioritize efficiency, many insurers are eyeing their claims technology to provide digital infrastructure that can help them rapidly adapt to the ever-changing needs of customers and stay ahead of the competition. We are proud that leading carriers like Safety are choosing One Inc for claims payment transformation.”
About One Inc
One Inc is modernizing the insurance industry through a unified and frictionless payment network. Focusing only on the insurance industry, One Inc helps carriers transform their operations by reducing costs, increasing security, and optimizing customer experience. The comprehensive end-to-end digital payments platform provides expanded payment options, multi-channel digital communications, and rapid digital claim payments, even for the most complex insurance use cases. As one of the fastest-growing digital payments platforms in the insurance industry, One Inc manages billions of dollars per year in premiums and claim payments. For more information, please visit oneinc.com.
About Safety
Safety Insurance Group, Inc., based in Boston, MA, is the parent of Safety Insurance Company, Safety Indemnity Insurance Company, Safety Property and Casualty Insurance Company, Safety Northeast Insurance Company, and Safety Northeast Insurance Agency. Operating exclusively in Massachusetts, New Hampshire, and Maine, Safety is a leading writer of property and casualty insurance products, including private passenger automobile, commercial automobile, homeowners, dwelling fire, umbrella, and business owner policies. For more information, please visit safetyinsurance.com
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Core Insurance, Life Insurance
PRnewswire | July 12, 2023
Fortegra Specialty Insurance Company ("FSIC"), a subsidiary of The Fortegra Group, Inc. ("Fortegra") and Rockwood Programs, Inc. ("Rockwood") today announced the development of management and professional liability insurance products customized to address the unique liability exposures faced by financial institutions. Mortgage bankers/brokers, auto lenders, asset-based lenders, community development funds, and similar entities are also eligible for coverage. The comprehensive solution is being offered under the Bankers Defender brand name.
"The dynamic nature of our nation's economy can have an adverse impact on the banking industry," said William Hess, Vice President of Rockwood's Financial Institution Division. "Even firms with sound portfolio risk management protocols can be caught off-guard by changing governmental regulations or seemingly unrelated socio-political events. The resulting scrutiny brought by the various state and federal regulatory agencies can make it difficult for the banks to secure vital insurance."
Bankers Defender coverage offers liability limits of up to $5,000,000 on all lines except Employment Practices ($2,000,000 maximum), and financial institution crime bonds are also available. Management and professional liability products include Directors & Officers, Errors & Omissions, Employment Practices, and Lender Liability, among others.
"Through Bankers Defender, we proactively examine exposure areas and offer policyholders additional support alongside their insurance policies, including risk mitigation practices to avoid losses, claim advocacy, and legal assistance through Wilson Elser, an internationally recognized law firm with a reputation for providing an advocacy defense for its clients," said Glenn W. Clark, CPCU, President of Rockwood Programs. With this strategic approach, policyholders are getting the expertise of three entities with decades of experience in this particular class."
Cooper Wallach, Vice President of Specialty Products and Programs at Fortegra, said: "In all our partnerships, we seek to pair innovation with expertise. The combination of experienced underwriters, advocacy defense, dedicated claims response team, and loss prevention tactics, will position our policyholders for long-term success."
About Fortegra
For more than 45 years, Fortegra, via its subsidiaries, has underwritten risk management solutions that help people and businesses succeed in the face of uncertainty. As a global specialty insurer, we offer a diverse set of admitted and non-admitted insurance products and warranty solutions. Fortegra's A.M. Best Financial Strength Rating of A- (Excellent) is a result of our strict underwriting standards, consistent profitability, and high cash flows. For more information, please visit: https://www.fortegra.com.
About Rockwood Programs, Inc.
Rockwood Program Administrators is a full service Managing General Agency licensed in all 50 states. Its wholesale brokerage division, Rockwood Specialty, assists retail agents in finding markets for unique or hard-to-place management liability risks. Its Rockwood Insurance Solutions division provides innovative thinking and counsel to insurance entities seeking to grow and expand their business operations. Since 1996, the company has been committed to protecting its partners. For more information about our offerings, please visit: www.rockwoodinsurance.com.
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