Brown & Brown subsidiary acquires The Colonial Group

Brown & Brown | March 13, 2020

Brown & Brown has revealed that one of its subsidiaries – Hull & Company – has acquired all the assets of The Colonial Group and its affiliate, Colonial Premium Finance Company. Founded in 1961, The Colonial Group is a managing general agency for independent retail insurance agents handling P&C insurance for businesses and individuals, mainly in the Southeast. It specializes in housing, recreational, and specialty insurance, as well as certain nationwide niche insurance programs. The firm also offers insurance premium financing through Colonial Premium Finance Company. Following the acquisition, The Colonial Group team will continue operating from Greensboro, NC as a standalone office within Brown & Brown’s wholesale brokerage segment, under the leadership of Jason Haupt.

Spotlight

Trading on the cryptocurrency market has already passed several development stages: from the first centralized exchanges where there were almost no volumes up to several hundred exchanges where the leaders have a turnover that exceeds one billion dollars a day. Recently the US Securities and Exchange Commission (SEC) has authorized trading of Bitcoin futures at the largest US stock exchanges.

Spotlight

Trading on the cryptocurrency market has already passed several development stages: from the first centralized exchanges where there were almost no volumes up to several hundred exchanges where the leaders have a turnover that exceeds one billion dollars a day. Recently the US Securities and Exchange Commission (SEC) has authorized trading of Bitcoin futures at the largest US stock exchanges.

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LIFE INSURANCE

Mercury Insurance Embraces Flexible Work Model with My Workplace

Mercury Insurance | November 19, 2021

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INTELLECTUAL PROPERTY

ME's leading insurer NLG unifies its systems under Oracle Fusion with 4i Apps as its technology partner

4i Apps Solutions pvt ltd | February 07, 2022

National Life and General Insurance Co. SAOG (NLG) is the market leader and largest insurance company in Oman (by Gross Written Premium) and has around 190+ combined touch points for policy sales and servicing. In addition to Oman, NLG also has overseas branches in Dubai, Abu Dhabi & Kuwait. As a part of their digital transformation strategy, NLG was exploring possibilities on integrating all their core systems under a single platform for better operational efficiencies. NLG was finding it challenging to continue with the traditional accounting system that was operational for the past several years. So, they decided to embrace Oracle Fusion Cloud after careful evaluation of other products in the market. 4i Apps was chosen as the strategic partner based on their credentials in the region for delivering several Oracle Fusion Cloud implementations. The Oracle Fusion Cloud ERP system is a fully integrated one, which allows users to access Finance, Procurement, Innovation, HCM and Payroll under a single Cloud platform. Oracle Fusion Cloud releases 100s of new features every quarter and users have immediate access to the new features. "NLG has a strong Digital Transformation Strategy, and the implementation of Oracle ERP system would be a significant achievement towards strengthening our financial operations. We need to continue on this path of Change Management with full determination and make this system work seamlessly," - S. Venkatachalam, CEO of NLG. NLG's ERP system now serves as the backbone of the financial operations to the entire organization and would redefine NLG's servicing standards significantly. NLG and 4i Apps team celebrated the Oracle Fusion Cloud Go-Live success meet on 26th January 2022. NLG has planned to implement Oracle Enterprise Performance Management and Custom Bolton Investment Module in Phase II. "We are very proud to be associated with NLG. We believe Oracle Cloud implementation will accelerate their growth and wish them all success," - Ravisankar, Head of Middle East for 4i Apps. 4i Apps is the fastest growing Oracle Cloud partner, having enabled 500+ Organizations on Oracle Cloud. With over 13 years of operations in Middle East, 4i Apps is the preferred Oracle partner for many public and private sectors. 4i has 450+ Oracle consultants workforce with offices in 10 locations globally.

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INSURANCE TECHNOLOGY

Hylant Partners with Obsidian to Launch RoadPilot® Pay as you Go Insurance Program for Restaurant Delivery Drivers

Obsidian Insurance Holdings, Inc. | November 02, 2021

Hylant, one of the largest privately owned insurance brokerages in the U.S., announces the launch of RoadPilot®, a "pay as you go" hired non-owned program designed for the restaurant home food delivery industry. The program takes a unique approach by integrating real-time monitoring of driver behavior with the assessment of risk. The program will typically target restaurant groups with 20 or more locations. Traditional insurance products can lead to gaps in coverage for restaurant businesses that rely on delivery drivers because premiums are based on industry averages and applied universally regardless of the drivers' liability profiles. With RoadPilot, premiums are developed to more fairly and accurately reflect a delivery driver's actual behavior and actual delivery miles travelled. Specific rating factors include aggregate driver risk profiles derived from hard braking, rapid acceleration, speeding, unsafe maneuvers, and phone usage. Premium is determined on a monthly basis. "We're excited to begin this program with Obsidian Insurance Company, Their team has a proven track record of providing solutions for industry niches. The collaboration between our teams during the development of the product was great. We look forward to a long-term partnership with Obsidian on RoadPilot." - Mike Ugljesa, President of Hylant Administrative Services. "We are thrilled to partner with a highly respected program partner that has strong and proven expertise in the restaurant and food franchise industries. The RoadPilot program brings a much-needed product to the food delivery segment and has developed an innovative approach to more accurately price risk with the incorporation of telematics. We look forward to a long-term partnership with Hylant as well as the strong panel of reinsurers supporting the program." - William Jewett, CEO of Obsidian Insurance Company RoadPilot is an app-based technology that drivers install on their phones. Clients also have access to a convenient dashboard that is available 24/7. This provides managers with real-time data to monitor in-progress driving and drill down into historical driving statistics to help identify and address unsafe driving habits. Data can also be used to reward and incentivize employees who are driving safely. About Hylant Hylant is one of the largest privately held insurance brokerages in the United States. Founded in 1935 and headquartered in Toledo, Ohio, we offer complete risk management services, employee benefits brokerage and consultation, loss control, healthcare management and insurance solutions for businesses and individuals locally, nationally, and internationally. About Obsidian Insurance Company Obsidian Insurance Company is a subsidiary of Obsidian Insurance Holdings, Inc., a new fronting insurance holding company that issues policies underwritten by Managing General Agents, Managing General Underwriters, and program managers. Obsidian sources, underwrites, and manages a diverse portfolio of property, casualty, and specialty insurance programs, and reinsures the majority of its program business to select reinsurers. Obsidian was formed in 2020 in partnership with leading insurance industry executives and Genstar Capital.

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