Chubb increases stake in Chinese insurance company

Chubb | November 26, 2019

Chubb Limited has announced that it has agreed to purchase an additional 15.3% of Chinese insurance company Huatai Insurance Group Company Limited. Upon completion of the transaction, Chubb is expected to own 46.2% of Huatai Insurance Group. The parties have also agreed to a subsequent purchase of an additional 7.1% of the company, contingent on the completion of the first purchase. Huatai Insurance Group is the holding company of Huatai P&C Insurance Company, Huatai Life Insurance Company, Huatai Asset Management Company, and other subsidiaries. Huatai Group’s insurance operations have more than 600 branches and 11 million customers.

Spotlight

As the May 2018 deadline looms ever closer, is your company ready to be GDPR-compliant? Find out what the GDPR means for insurance companies, and what you need to do to get ready. We probably don’t need to tell you that the General Data Protection Regulation is the most significant privacy legislation in years. Any company with clients or employees in the EU is expected to be GDPR-compliant by May 25, 2018.

Spotlight

As the May 2018 deadline looms ever closer, is your company ready to be GDPR-compliant? Find out what the GDPR means for insurance companies, and what you need to do to get ready. We probably don’t need to tell you that the General Data Protection Regulation is the most significant privacy legislation in years. Any company with clients or employees in the EU is expected to be GDPR-compliant by May 25, 2018.

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CORE INSURANCE, INTELLECTUAL PROPERTY

Brown & Brown, Inc. announces the asset acquisition of Smithwick & Mariners Insurance, MidCoast Insurance and Chapman & Chapman Insurance

Brown & Brown, Inc. | September 14, 2022

J. Scott Penny, chief acquisitions officer of Brown & Brown, Inc., and Scott Smithwick and Chris Smithwick, today announced that Brown & Brown of Massachusetts, Inc., a subsidiary of Brown & Brown, Inc., has acquired substantially all of the assets of Smithwick & Mariners Insurance, MidCoast Insurance and Chapman & Chapman Insurance (collectively, Smithwick & Mariners). Originally founded in 1987 to service the marine industry (marinas, yacht clubs, boat builders, fishing vessels, tug operations and yachts), Smithwick & Mariners has evolved its capabilities to provide innovative risk solutions to business owners and individuals throughout Maine and greater New England. The Smithwick & Mariners companies are led by Scott Smithwick and Chris Smithwick. Following the acquisition, the Smithwick & Mariners team will continue doing business from their existing offices in Maine, Massachusetts and New Hampshire and will operate within Brown & Brown’s Retail segment. Scott and Chris will continue to lead the team and will report to Don McGowan, a regional president in Brown & Brown’s Retail segment. “The Smithwick & Mariners companies are recognized in Maine and throughout New England for their experience and industry knowledge in the commercial fishing, marine and personal yacht space. Scott, Chris and their dedicated team have a long and mutually successful relationship with their carriers, allowing them to deliver best-in-class insurance solutions to their customers. We are confident we share the same culture of customer-first solutions and are excited to welcome them to the Brown & Brown team.” -Don McGowan Scott Smithwick stated, The Smithwick & Mariners team is excited to be partnering with a firm like Brown & Brown who shares the same level of commitment to its customers, carriers and employees that we have for the past 35 years. We are very confident that this partnership will help to further strengthen Smithwick & Mariners’ product offering and level of service to both our marine and non-marine related customers. About Brown & Brown, Inc. Brown & Brown, Inc. is a leading insurance brokerage firm, delivering risk management solutions to individuals and businesses since 1939. With over 14,500 teammates in 450+ locations worldwide, we are committed to providing innovative strategies to help protect what our customers value most.

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WORKERS COMPENSATION,INSURANCE TECHNOLOGY

Insurity Launches New Payroll Validator Feature for Sure Premium Audit, Enabling Workers’ Comp Carriers to Streamline the Audit Process

Insurity | November 29, 2022

Insurity, a leading provider of cloud-based software for insurance carriers, brokers, and MGAs, today announced that it had launched a Payroll Validator feature for workers’ compensation carriers leveraging Sure Premium Audit. The Payroll Validator will automate payroll data collection from over 100 payroll service providers and streamline the audit process for both workers’ comp carriers and policyholders. The Payroll Validator feature is available for immediate purchase for existing Sure Premium Audit users. Sure Premium Audit enables P&C carriers to uncover additional premiums by automatically screening a carrier’s entire book of business to generate audits based on business-defined rules without human intervention. For example, a top 25 P&C carrier recently presented at Insurity’s customer conference, Excellence in Insurance Innovation, that Sure Premium Audit’s automation tools have allowed them to reduce the operational time of their audit staff by over 24,000 hours a year. Now, with the new Payroll Validator feature, workers’ compensation carriers can further automate their audit process by transferring raw payroll data from over 100 payroll service providers, decreasing wait times as payroll data is imported directly to the field audit tool. Policyholders can log in once and provide permission to pull payroll data throughout the policy period or shortly after. Sure Premium Audit’s Payroll Validator also reduces the opportunity for fraud. Carriers can increase security by eliminating the sending of sensitive data through email or other unsecured channels and minimize fraud by having the unaltered payroll data come directly from the source of the payroll system. “The faster and more efficient workers’ comp providers can make their premium auditing process, the faster they can send out bills, and more likely they are to collect payments, Sure Premium Audit’s Payroll Validator automates a historically time-consuming process for workers’ comp providers by capturing that payroll data directly from the payroll service provider. Not only does this eliminate the time auditors must spend obtaining messaging and payroll data from policyholders, but it creates a more streamlined experience for your policyholders.” -Sylvester Mathis, Chief Insurance Officer at Insurity About Insurity Insurity is a leading provider of cloud-based software for insurance carriers, brokers, and MGAs. Insurity is trusted by 15 of the top 25 P&C carriers and 7 of the top 10 MGAs in the US and has over 400 cloud-based deployments. Through its best-in-class digital platform and with unrivaled industry experience and the industry’s most robust analytics offerings, Insurity is uniquely positioned to deliver exceptional value, empowering customers to focus on their core businesses, optimize their operations, and provide superior policyholder experiences. Insurity is a portfolio company of GI Partners and TA Associates.

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CORE INSURANCE,AUTOMOBILE INSURANCE

LuckyTruck strategizes with Great American Insurance Group to launch fully digital motor truck cargo insurance product

LuckyTruck and Great American Insurance Group | December 02, 2022

LuckyTruck, the tech-enabled retail agent focused exclusively on trucking, announced today it has collaborated with Great American Insurance Group (GAIG) to launch a fully digital Motor Truck Cargo (MTC) product. Over the last decade, the commercial insurance industry, especially trucking insurance, has been slow to adopt digital products. Historically, getting motor truck cargo coverage took a trucker between one to three days. Together, LuckyTruck and Great American Insurance Group will enable truckers to obtain a quote, purchase, and bind a policy in 10 minutes or less. "We are pleased to be working with Great American, Their financial strength, competitive coverages, and focus on providing a great customer experience through innovation aligns with what we do at LuckyTruck." -Julie Zimmer, CEO of LuckyTruck Great American's MTC product is fully digital, eliminating 100+ question applications, back-and-forth phone calls, multiple emails, and manual payment processing. Powered by Ascend's modern payment platform, LuckyTruck allows customers purchasing the GAIG MTC product to pay-in-full or enroll in premium financing instantaneously. After payment, the policy is bound in a matter of microseconds. Instead of sitting on the side of the road waiting days for coverage, truckers can hit the open road in just a few minutes with the coverage they need. Truckers are often on the road during their insurance agent's typical business hours, and in the fast-paced world of trucking every minute counts, We saw an opportunity to connect with our insureds differently, in a way that better meets their needs. Our digital (MTC) product is smart, fast, easy-to-use, and accessible around the clock via the LuckyTruck platform,said Travis Murphy, Assistant Vice President of Business Development, Great American Property & Inland Marine. LuckyTruck is looking forward to building its relationship with Great American and advancing their shared goal of creating a digital-first approach in the trucking industry. About LuckyTruck Launched in 2019, LuckyTruck is a modern insurance platform for commercial trucking. It is the first all-in-one retail platform exclusively focused on the trucking insurance market. About Great American Insurance Group Great American Insurance Group's roots go back to 1872 with the founding of its flagship company, Great American Insurance Company. Based in Cincinnati, Ohio, the operations of Great American Insurance Group are engaged primarily in property and casualty insurance, focusing on specialized commercial products for businesses. Great American Insurance Company has received an "A" (Excellent) or higher rating from the A.M. Best Company for more than 110 years (most recent rating evaluation of "A+" (Superior) affirmed December 3, 2021). The members of Great American Insurance Group are subsidiaries of American Financial Group, Inc. (AFG), also based in Cincinnati, Ohio. AFG's common stock is listed and traded on the New York Stock Exchange under the symbol AFG. Policies are underwritten by Great American Insurance Company, Great American Assurance Company, Great American Alliance Insurance Company and Great American Insurance Company of New York, authorized insurers in all 50 states and the DC.

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