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.
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AUTOMOBILE INSURANCE, INSURANCE TECHNOLOGY
Cover Whale | March 02, 2023
On March 1, 2023, Devron, a pioneer in artificial intelligence and machine learning for distributed and private data, announced its cooperation with Cover Whale Insurance Solutions, Inc., a top commercial trucking insurer and a rapidly expanding insurtech.
Using Devron's federated data science platform, Cover Whale will build and train AI models that can quickly add new and different data sources to estimate risk better, offer to coach drivers, and align premiums.
The Driver Safety Program offered by Cover Whale uses data science and AI to analyze risk and develop strategies to reduce it, making roads safer. The platform provided by Devron simplifies the process by enabling access to additional datasets and doing away with the requirement, cost, and privacy risk associated with relocating data. This federated method enables Cover Whale to design, train, and run more effective models to identify unsafe driving behaviors or circumstances more efficiently.
In the past, for businesses to extract, duplicate, and move large amounts of data to get insights, they were required to develop complicated infrastructures. Devron gets around this requirement, so Cover Whale can build and train machine learning models on datasets where they are already stored. These datasets may include, for example, claims information, various vehicle telematics, external data related to highways, weather conditions, and other such information to acquire a more informed perspective on risk.
Cover Whale has commissioned Devron to speed up ongoing data science projects, lay the groundwork for the future development of its operations, and enable faster access to various data sources, formats, and types while producing richer insights with less effort.
About Cover Whale
Cover Whale is an insurtech founded by industry veterans and tech entrepreneurs that provides cutting-edge policies for commercial vehicles through AI, sophisticated underwriting, and extensive data integration. Coverage, telematics, dash cams, and real-time driver teaching are part of its innovative Driver Safety Program, which aims to reduce claims, improve road safety, and save lives in the United States. The company also provides over 5,000 agencies with the quickest and most user-friendly online quote system.
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CLAIMS, LIFE INSURANCE
Constellation Insurance | March 10, 2023
On March 9, 2023, SS&C Technologies Holdings announced that Constellation Insurance, Inc. has chosen SS&C Precision LMTM to assist in handling its expanding portfolio of commercial mortgages.
Precise LM software for loan origination and servicing will help track pipelines, service loans, account for assets, manage regulators, and report on its increasing commercial mortgage portfolio on a single platform.
Vice President of Mortgages and Real Estate at Constellation, Timothy Biggs, expressed, "We were impressed by SS&C's expertise, infrastructure, and continued enhancement to its commercial mortgage technology."
Timothy Biggs added, "Precision LM is a robust and scalable solution, which will provide increased data and automation and improve efficiency and accuracy. Having Precision LM is especially important as additional regulations continue to be implemented."
(Source – Cision PR Newswire)
Constellation thinks the new system will make the lending process faster and more accurate, bring in more money, and help the company manage risks better. Additionally, the cloud-based platform that Precision LM offers will help reduce the workload for Constellation's IT division.
Bhagesh Malde, General Manager and Global Head of SS&C GlobeOp, remarked, "SS&C is committed to providing innovative software and value-added services to commercial real estate lenders and insurance companies."
"This complex industry is evolving with increasingly complex stakeholder expectations. With our deep domain expertise and superior technology, we simplify commercial loan management for clients," he concluded.
(Source – Cision PR Newswire)
SS&C's Precise LM software also helps more than 130 banks, insurance companies, real estate investment trusts, and debt funds with lending.
About Constellation Insurance
Constellation Insurance, Inc., a leading insurance holding company, serves consumers and small business owners in the US and Latin America through its insurance subsidiaries - Ohio National Life Insurance Company, Ohio National Life Assurance Corporation, National Security Life and Annuity Company, and other affiliated (re)insurance entities in Latin America and the Cayman Islands. As of September 30, 2022, its insurance firms managed about $34 billion in assets. Furthermore, Constellation's equal partners, CDPQ and Ontario Teachers', oversee a combined net asset of roughly C$660 billion. This includes over C$140 billion in private capital investments.
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