Car sales platform to begin offering insurance

insurancebusinessmag | June 19, 2019

The trend of insurance being bundled along with other commodities continues, with an online platform for automobile sales in India expanding to include insurance.CarDekho, which sells new and used vehicles on its website, has launched InsuranceDekho. The new platform has tied up with over 20 motor insurance and health insurance providers, according to a report by Times of India.

Spotlight

Finding affordable health insurance can be complicated at times. Remember that it is important that you get a health plan that not only meets your health care needs but one that is also affordable. Whether you are unemployed, self-employed, or covered by an employer’s health-care insurance plan, buying affordable health insurance is both time-consuming and it can also be a frustrating process. This infographic below shows you how to find and enroll in an affordable health insurance plan for you or your family.

Spotlight

Finding affordable health insurance can be complicated at times. Remember that it is important that you get a health plan that not only meets your health care needs but one that is also affordable. Whether you are unemployed, self-employed, or covered by an employer’s health-care insurance plan, buying affordable health insurance is both time-consuming and it can also be a frustrating process. This infographic below shows you how to find and enroll in an affordable health insurance plan for you or your family.

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CORE INSURANCE

South Risk Management is Acquired by Propel Insurance

Propel Insurance | June 07, 2021

Propel Insurance, one of the nation's largest privately-owned insurance agencies and a portfolio company of Flexpoint Ford, announced today it had acquired South Carolina-based South Risk Management ("SRM"), a leading construction-focused insurance consulting firm. The acquisition of SRM expands Propel's presence into South Carolina and adds to the Company's existing Southeast footprint, which includes Knoxville, Charlotte, Atlanta, and Orlando. The SRM team will be a valuable addition to Propel's industry-leading construction risk practice. "We are pleased to welcome SRM into the Propel family, underscoring our commitment to growing our specialties nationwide by welcoming strategic partnerships and top industry talent," said Kurt Carlson, President, and CEO of Propel. "Propel is recognized as a leader in providing creative insurance solutions for our clients. Our long-standing partnerships with many of the nation's leading carriers, combined with our valuable services, translate into a competitive edge for our clients." "We are thrilled to be joining Propel, a highly-respected and innovative leader in the insurance industry," said Patrick McKain, a founding partner of SRM. "We have shared values and a like-minded approach to delivering unparalleled advice and solutions to our clients." SRM founding partners David Wells, Tripp Hafner, and W.D. Morris looks forward to expanding Propel's existing construction practice with John Babson taking on a leadership role. The team will leverage the broader pool of resources available at Propel to continue providing risk management services to help their clients address complex issues and support their business growth. In Propel's Charlotte office, Richard Todd, Regional Director, added, "This transaction will complement our footprint in the Southeast. We remain excited about our growth and will continue to provide a compelling opportunity for insurance advisors who are looking to join a national leader." About Propel Insurance Propel insurance is one of the nation's largest privately-owned insurance agencies. It provides a broad array of property, casualty, risk management, workers' comp, employee benefits, personal insurance, and other products across North America. Propel is dedicated to helping businesses and individuals manage their insurance needs and find their momentum. About Flexpoint Ford Flexpoint Ford is a private equity investment firm that has raised more than $5.0 billion in capital and specializes in privately negotiated investments in the financial services and healthcare industries. Since the firm's formation in 2005, Flexpoint Ford has completed investments in more than 30 companies across a broad range of investment sizes, structures, and asset classes. Flexpoint Ford is headquartered in Chicago, Illinois, with additional offices in New York, New York.

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LIFE INSURANCE

Chubb Acquires Cigna’s Life and Non-Life Insurance Companies in Asia Pacific

Chubb | July 04, 2022

The personal accident, supplemental health, and life insurance businesses of Cigna (NYSE: CI) in six Asia-Pacific markets are housed in the life and non-life insurance firms that Chubb Limited (NYSE: CB) has completed its acquisition of. The businesses, which include Cigna's accident and health (A&H) and life business in Korea, Taiwan, New Zealand, Thailand, Hong Kong, and Indonesia, were purchased by Chubb for $5.36 billion. The final acquisition price was less than the first announcement, which takes into account several small modifications as well as the effects of rising interest rates and currency exchange rates on the acquired book value. By increasing its presence in the Asia-Pacific region, a long-term development area for the company, this complementing strategic purchase helps Chubb. With the addition of Cigna's business, Chubb's global portfolio in the Asia-Pacific region will increase from $4 billion to about $7 billion in premiums, or about 18% of the company's total premiums, with roughly 95 percent of the acquired business going to its life insurance segment and the remaining going to its overseas general insurance segment. The company's global A&H writings will grow to a premium amount of around $6 billion, up from $3.7 billion, and its life insurance section will grow to a $5.4 billion enterprise. "Cigna's business, which is approximately 80% A&H, adds significantly to our business in Asia. The Asia-Pacific region offers great potential for long-term growth and wealth creation. The Cigna businesses have favorable underwriting margins, produce high-quality earnings, and are not exposed to the P&C cycle. Chubb is so well positioned to capitalize on market and product opportunities, including the cross-selling of Chubb's non-life products to life customers, with a strong brand, technology, and complementary direct marketing skills and partnerships. At the same time, I am also pleased to welcome nearly 3,000 new colleagues to Chubb. Together, the leadership and talented professionals of Chubb and Cigna will enable us to provide greater value to our customers, distribution partners, and shareholders." -Evan G. Greenberg, Chairman and CEO of Chubb.

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INSURANCE TECHNOLOGY

Constellation to Acquire Michigan Professional Insurance Exchange

Constellation | March 26, 2022

Constellation, Inc. (Constellation) and Michigan Professional Insurance Exchange (MPIE) announce the signing of an agreement under which the business, assets and liabilities of MPIE would be acquired by Constellation, a growing portfolio of medical professional liability (MPL) insurance companies. The agreement is pending regulatory and subscriber approval. This transaction will deliver many benefits for MPIE subscribers, including Constellation’s high level of financial stability and expanded product and service offerings. Through this agreement, Constellation will expand in the Michigan and Ohio markets through a well-respected partner, leveraging MPIE’s service model for solutions and market expertise. The MPIE staff and service model will remain and continue to provide their excellent “hands on” approach that is familiar to MPIE subscribers. We are thrilled to be partnering with MPIE. Our companies share a similar purpose, and this expansion helps us to support our policyholders and partners and furthers our purpose to champion all those who devote their lives to health care … to the essential work of enhancing health—and life. The completion of this transaction will enhance and expand Constellation’s footprint and ability to serve our customers in the health care industry.” Ryan Crawford, Constellation’s president and CEO. MPIE subscribers will benefit by joining Constellation’s member companies including mission alignment, a culture focused on people and talent development, innovation and excellence in the delivery of customer service.” Michelle Hoppes, MPIE’s president and CEO. The boards of directors for both companies have unanimously approved the transaction and the companies are targeting mid-2022 to close the transaction. About Constellation Constellation is a growing portfolio of MPL insurance and partner companies working Together for the common good®. Formed in response to the ever-changing realities of health care, Constellation is dedicated to reducing risk and supporting physicians and care teams, thereby improving business results. Constellation and member companies MMIC, UMIA, Arkansas Mutual and MMIC Risk Retention Group hold an “A” (Excellent) financial strength rating from AM Best. About Michigan Professional Insurance Exchange Michigan Professional Insurance Exchange (MPIE) provides exceptional medical professional liability coverage, claims handling and risk reduction, and patient safety services. ERC Risk Solutions is a subsidiary of MPIE providing customized risk management services nationwide. MPIE is based in Grand Rapids, Michigan. MPIE employs over 30 people and has annualized gross written premiums of approximately $23 million.

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