CORE INSURANCE,INSURANCE TECHNOLOGY
Alera Group | January 05, 2023
Alera Group, a national insurance, wealth, and retirement plan services provider, has acquired The Ascent Group and allied firms. The deal adds $1.5 billion to Alera Group Wealth Services' RIA business and $1.3 billion to Alera Group Retirement Plan Services.
The Summit Group in Virginia and Walsh & Nicholson Financial Group in Pennsylvania are connected to the Ascent Group. The Ascent Group has 42 employees, 15 of whom are financial advisors. By the end of 2022, Alera Group Wealth Services had $7.5 billion in assets, which included $1.5 billion in RIA assets and about $6 billion in AUM.
One of the most fundamental components of the Ascent Group's investment infrastructure is the turnkey asset management program (TAMP), which was created to lower the overall client expenses by bringing crucial operations in-house and eliminating vendors.
According to Alera Group, The Ascent Group is a good fit for the company's strategy of providing synergies and strategic benefits across its employee benefits and property and casualty verticals. It lets the company offer more complete solutions to clients, which can really help plan sponsors and participants come together. The organization is delighted to have the team join its expanding division in a role that will serve as a cornerstone.
Meanwhile, the terms of the transaction were not disclosed.
About Alera Group
Alera Group serves thousands of clients, offering various services such as employee benefits, P&C, wealth, and retirement plans. It merged 24 dynamic US offices. The organization blends national experience and resources with local, tailored service. It is the nation's 7th largest privately-held employee benefits firm, 15th-largest independent insurance agency, and 16th-largest privately-held insurance firm.
CORE INSURANCE, INSURANCE TECHNOLOGY
Exavalu and Topa Insurance Company | February 06, 2023
Topa, an insurance company, has recently announced its implementation of Exavalu's digital engagement platform for agents to enhance the productivity and experience of insurance agents and increase its business growth. In addition, it will provide a user-friendly interface with quick quote generation, eligibility checks for multiple lined businesses, and first notice of loss (FNOL) features.
With a history of about 30 years, Topa Insurance Company specializes in casual and commercial property insurance, serving quality products to managing general agents (MGAs), general agents, and wholesale brokers.
Exavalu, a leading digital and advisory insurance solutions provider, integrates with different insurance platforms, rating engines, and third-party services, supporting insurance agents and policyholders. With its build on Amazon Web Services (AWS), it integrates with Topa's Guidewire InsuranceNow system through MuleSoft AnyPoint's application programming interface (API) gateway, offering necessary tools to enhance productivity.
Global Insurance Solutions and Delivery Leader at Exavalu, Goutam Kanjilal, said, "Exavalu's Digital Engagement Platform offers insurers a modern and intuitive portal to engage with their agents and customers through flexible and feature-rich agent and customer portals. We are delighted to partner with Topa to provide exceptional digital experiences for its agents."
(Source – Cision PR Newswire)
Exavalu, a digital transformation advisory and solutions provider in the insurance industry, partners with top insurance companies, InsurTechs, TPAs, and MGAs worldwide by combining technology with insurance knowledge to automate the business of insurers' clients. Headquartered in Newport Beach, California, it has been building long-term relationships with clients and companies through innovation since 2018. It specializes in Microsoft Dynamics, Oracle, SAP, ERP, GDPR, CCPA, business and technology strategy, technological solutions, innovation, strategic advisory, data privacy, GRC and digital GRC, healthcare and life sciences, banking and financing services, and insurance.
About Topa Insurance Company
Topa Insurance Company is a wholly owned subsidiary of Topa Insurance Group and a member of Anderson Holdings, offering insurance products across the wholesale market and enhancing agility, operations, and profit for continuous growth. Headquartered in Calabasas, California, it specializes in property, specialty and casualty insurance with writing commercial, personal lines, and programs since 1984. In addition, it helps businesses to grow and distribute commercial and personal insurance products through its network of insurance agents and brokers.
CORE INSURANCE, RISK MANAGEMENT
Risk Strategies | January 31, 2023
In a recent development, Risk Strategies, a prominent national specialty insurance brokerage and risk management organization, acquired Tanenbaum-Harber of Florida, LLC, a well-established insurance and risk management consultant for businesses and families. However, the terms of the agreement were not revealed.
Tanenbaum-Harber, one of the largest independent retail agencies in South Florida, has its headquarters in Miramar (Florida). The company's history dates back to 1860, and today, it is among the most successful in the region. Tanenbaum-Harber of California, Inc.'s assets were also obtained as part of the acquisition. Headquartered in San Diego, Tanenbaum-Harber of California, Inc. provides support to developing businesses in the state.
Scott Popilek, Atlantic Regional Leader, Risk Strategies, stated, "Tanenbaum-Harber brings another industry leading brand to our growing Florida team." He added, "They have terrific, highly experienced people and an approach to client service built and refined for over 150 years that perfectly aligns with our firm."
(Source – GlobeNewswire)
Tanenbaum-personal Harber's lines division, which helps families and individuals with their risk and liability coverage needs, has grown steadily in recent years, even though most of the company's business is with clients who want customized property and casualty insurance solutions.
Fred Jove, President, Tanenbaum-Harber of Florida, expressed, "Given the long history of our firm, we wanted to find a partner that could provide a path for our people and business to scale both within the state and nationally." "Risk Strategies, having both a strong presence in key areas within our home state and more than 30 specialty practices nationally, presented both a great business and cultural fit," he concluded.
(Source – GlobeNewswire)
Over the past five years, Tanenbaum-Harber has seen substantial business growth in a competitive climate and challenging market conditions. The agency serves over 5,000 clients in wholesale distribution, real estate, security, hospitality, technology, and non-profit.
About Risk Strategies
Risk Strategies is a private, growth-focused national specialty insurance brokerage and risk management advisor. The company simplifies asset protection, benefits, and liability for businesses and individuals. Since 2018, its employees have ranked it as the 'Best Place to Work across North America'. Insurance Journal named it the 6th Fastest Growing Firm, 8th Largest Personal Lines Broker, 11th largest privately-held P&C Broker, and 16th largest US Broker for 2020. Risk Strategies is happy to be backed by one of the oldest private equity firms and a renowned insurance investor.