CORE INSURANCE, INSURANCE TECHNOLOGY
Falvey | February 28, 2023
On February 27, 2023, Falvey Insurance Group (Falvey) launched inland marine coverage to its existing product offering. With the natural extension, it has on board an experienced team to establish this inland marine product in the insurance market.
The list of the experienced team members and their respective designations in the company is as follows:
Ed Helfers – Principal, Inland Marine
Lisa Uzzo – Principal, Inland Marine
Joanne Stewart – Cicero – Vice President, Claims, Inland Marine
Maureen Connelly – Associate Vice President, Inland Marine
Thomas Helfers – Associate Vice President, Inland Marine
Bob Sundberg – Manger Underwriting Operations, Inland Marine
Its premium product provides excellent coverage with additional value-added services at no extra charge. With its experience in the insurance market, it has developed relationships with its customers and brokerage partners. It has always addressed the urgent needs of the clients and offered solutions that are beyond their expectations. With one broker agreement, clients have access to complete Falvey Insurance Group's products with the universal claim and loss control experience. In addition, clients experience similar quality service from any of its underwriting teams.
Chief Underwriting Officer of Falvey, Mike McKenna said, "We are excited to have Ed, Lisa, Maureen, Thomas, Joanne, and Bob join Falvey to lead our newest product offerings in the Inland Marine marketplace. This group is uniquely qualified with substantial experience across underwriting, policy administration as well as claims enabling a fast-to-market launch." He added, "We are excited for the opportunity to join Falvey and build a product from the ground up especially with an organization that has an aligned passion for success and strong work culture. As Falvey is already growing in marine and transportation markets; expanding into Inland Marine and related property products will assist in continuing the expansion in the specialty space."
(Source – Cision PR Newswire)
Headquartered in North Kingstown, Rhode Island, Falvey, an insurance services provider, has connected insurance brokers, clients and agents worldwide since 1995. It provides services for insurance claims, underwriting, loss prevention, cargo insurance, pollution insurance, shipper insurance, stock throughput, transportation, and logistic liability. In addition, its wholesale division offers supplement products like a product recall, motor truck cargo, and builder's risk. It specializes in solutions for freight, supply chain, logistics and transportation. Its underwritings include three significant segments; general cargo, life sciences, and technology. In addition, it offers full-value, all-risk domestic and international shipping insurance through an API integration with the client's existing shipping software.
CORE INSURANCE, RISK MANAGEMENT
Insurify | March 13, 2023
Insurify, Inc., a leading online insurance agency in the United States that specializes in facilitating insurance comparisons, purchases, and management, has recently announced its plans to acquire Inspop USA, LLC as well as Compare.com Insurance Agency, LLC (Compare.com), a reputed player in the US online auto insurance comparison market. The acquisition is anticipated to be finalized within the first half of 2023.
This collaboration will enable Insurify to leverage the strengths of both brands, platforms, and operations to provide cutting-edge solutions to customers and insurance carriers. It is worth noting that Insurify plans to preserve the Compare.com brand.
Compare.com was established by Admiral Group plc (Admiral), a prominent UK-based auto insurance provider and a member of FTSE 100. In connection with the transaction, Admiral will maintain a minority ownership in Insurify and remain a key strategic investor. Moreover, Allie Feakins, CEO of Compare.com, will join Insurify as Senior Vice President of Insurance, where she will spearhead insurance operations for the newly-consolidated company.
Costantino Moretti, Head of International Insurance, Admiral Group said, "This is a positive outcome for Compare.com customers and employees who will continue to empower more motorists in the U.S. to shop and save on their insurance needs. This transaction will enable Admiral to continue to focus on what we have consistently done well, creating, underwriting and delivering leading financial service products, while also benefiting from the continued momentum being seen in the US price comparison market."
(Source – Business Wire)
Besides, this deal has no bearing on Admiral's US-based insurance venture, Elephant, which operates independently as a separate entity.
Insurify is a prominent virtual insurance agent in the United States, headquartered in Cambridge (Massachusetts). The company provides customers with access to the most accurate estimates for auto and house insurance safely and reliably, along with expert guidance. As a result, Insurify has helped facilitate over $200 billion in insurance coverage and provided over 70 million quotes. Due to its outstanding achievements and contributions, it has been the recipient of several highly regarded awards and recognitions within the insurance industry.
RISK MANAGEMENT, COMPLIANCE
Fortegra | March 03, 2023
On March 2, 2023, The Fortegra Group, Inc., a worldwide specialty insurer and Tiptree Inc., announced a partnership with Adlaur LLC, a newly-formed firm helmed by former Spinnaker Insurance Company executives - Adam Tyburski and Laurence Bunin.
The partnership will let Fortegra use its A- (Excellent) AM Best Financial Strength Rating to offer innovative capacity solutions to leading MGAs and PAs in niche and under-contracted areas across the United States.
Mark Rattner, Executive Vice President and Chief Underwriting Officer at Fortegra, expressed, "We are excited to support Adlaur and its trailblazing approach to program business." He added, "With this independent underwriter bringing company programs that have already been vetted, our strategic relationship will enable Fortegra to continue its growth by efficiently meeting the capacity needs of our MGA partners."
(Source – Cision PR Newswire)
Adlaur's distinctive methodology combines proactive sourcing, rigorous production partner oversight, and reporting, along with complicated reinsurance structuring and economic modeling expertise. The company was established so that property, liability, and specialty lines, all for small businesses, could be evaluated. Primarily through reinsurance broker markets, the industry will be sought out and written on an admitted, excess, and surplus line basis, with an initial emphasis on excess and surplus line programs.
Adlaur can consider per-risk gross limits of up to $2.5 million or net limits of $1 million after reinsurance. Its initial focus will be on lower-limits commercial, specialized personal and specialty lines, and strategic reinsurance for the program business.
Fortegra and its subsidiaries have provided risk management solutions for over 40 years, helping people and businesses prosper in unpredictable times. Being a global specialty insurer, the company offers a variety of accepted and surplus insurance and warranty products. The company writes admitted as well as non-admitted insurance and insurance-related products worldwide.