First-of-its-kind programme focusing on cyber risk is only the first step of many

Insurance Business America | May 01, 2019

Top insurers are joining forces with Marsh to help organisations better manage cyber exposures. Under the Cyber Catalyst programme, Allianz, AXIS, AXA XL (a division of AXA), Beazley, CFC, Munich Re, Sompo International, and Zurich North America will identify and evaluate solutions from cybersecurity vendors that will help firms reduce their cyber risk. According to Marsh, the cybersecurity market is crowded and can be difficult for companies to navigate, given the thousands of firms offering solutions designed to combat cyber risk. The programme will help organisations wade through the products and services available today to gain access to the ones that cyber insurers find most valuable. While the announcement and subsequent work of the participating firms will help to inform the dialogue around risk, one expert says that this doesn’t mean the fight against cyber incidents is over because oftentimes, it’s not what technology businesses use to bolster their cybersecurity, but how they deploy it that truly matters.

Spotlight

September is National Life Insurance Awareness Month. While most of us seem to agree that life insurance is a necessity, 3 in 10 households remain uninsured — even though many families would have trouble meeting everyday expenses if the primary wage earner died. How does your household stack up against the stats in our latest infographic? Is your family protected?

Spotlight

September is National Life Insurance Awareness Month. While most of us seem to agree that life insurance is a necessity, 3 in 10 households remain uninsured — even though many families would have trouble meeting everyday expenses if the primary wage earner died. How does your household stack up against the stats in our latest infographic? Is your family protected?

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LIFE INSURANCE

Prudential Financial Launches FlexGuard Life, a Next-Generation Life Insurance Product That Goes Beyond Death Benefits

PRUDENTIAL INDIVIDUAL LIFE INSURANCE | November 15, 2022

Prudential Financial, Inc., has launched Prudential FlexGuard® Life, an innovative Indexed Variable Universal Life product that offers a flexible combination of protection, growth, and access to meet consumers’ changing life insurance needs. Inspired by the groundbreaking success of Prudential’s signature FlexGuard Indexed Variable Annuity products, which have reached over $10 billion in total sales, FlexGuard Life is a next-generation solution designed to help meet today’s evolving consumer needs. “As our customers’ needs continue to evolve, we’re working to provide them with new ways to achieve financial security, including offerings that help to diversify their cash values and realize more benefits from their policies, FlexGuard Life performs exactly in that way, prioritizing protection, growth and access.” -Salene Hitchcock-Gear, president of Individual Life Insurance at Prudential FlexGuard Life offers buffered index strategies with potential for strong cash value accumulation, while also providing levels of downside protection during periods of market volatility. It includes death benefit protection with guaranteed duration options, multiple ways to grow cash values and the ability to accelerate death benefits in the event of a chronic or terminal illness if an additional rider has been added. The solution is customizable and can be adjusted based on changing needs, giving consumers the opportunity to take control over their future. It affords them access to cash values when needed, providing the unique opportunity to leave a legacy while also expanding access to living benefits. ABOUT PRUDENTIAL INDIVIDUAL LIFE INSURANCE Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help make lives better by creating financial opportunity for more people by expanding access to investing, insurance, and retirement security. Prudential’s iconic Rock symbol has stood for strength, stability, expertise, and innovation for more than a century.

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CORE INSURANCE

Hourly.io Announces MGA Collaboration with Great American Insurance Group

Hourly.io | November 14, 2022

Hourly.io, a fast-growing workers' comp and payroll startup, announced today that it is expanding its reach through its collaboration with Cincinnati-based Great American Insurance Group. In this expanded collaboration, Hourly will serve as a Managing General Agent (MGA), leveraging its underwriting expertise and unique workers' compensation and payroll technology with Great American's well-established reputation. Established in 2018, Hourly offers a full-service platform that connects workers' comp, time tracking, and payroll in real-time for small and medium-sized business owners with hourly workers, an innovation that ensures premiums are calculated accurately using real-time data analytics. Hourly is the only company in the industry to bridge the gap between workers' comp, payroll, and time and attendance. "Collaborating with Great American Insurance Group was the clear choice when deciding how we will expand and develop new business in our next phase of growth, Great American is the perfect match for Hourly's next stage of evolution. We're excited to align with them and help small businesses gain better insights into their exact labor costs and provide them with better tools to manage those costs, including workers' comp premiums." -Hourly Co-founder and CEO Tom Sagi As a longstanding player in the insurance industry, Great American Insurance Group's roots go back to 1872 with the founding of its flagship company, Great American Insurance Company. The company provides insurance products and services aimed primarily at the property and casualty insurance markets and focuses on specialty commercial products for businesses. The relationship will bring together Hourly's leading-edge technology and Great American's established credibility to better meet the needs of more clients. We're excited to build on our collaboration with Hourly, Both Hourly and Great American Insurance Group share the same commitment to helping these businesses protect their employees. We are impressed with the cutting-edge technology Hourly will bring to Great American and the team's first-rate underwriting abilities,said Richard Suter, Divisional President, Great American Alternative Markets. In October 2022, Hourly announced that it expanded its $27M Series A to $32M. The Series A was led by Glilot Capital Partners with participation from S Capital, Vintage Investment Partners, J-Ventures, Upshot Ventures, MS&AD, and Sienna VC. Teh Chen, Hourly's Chief Revenue Officer said, The workers' comp industry is ripe for innovation and disruption—and I'm excited to leverage technology to simplify workers' comp for employers, help prevent injuries for employees, and outperform the market. Our expanded collaboration with Great American are big steps in making insurance more accessible and affordable for businesses across the country. About Hourly.io Headquartered in Palo Alto, California, Hourly.io is an insurtech startup offering workers' comp insurance and full-service payroll for small and medium businesses with hourly workers. Powered by real-time data, Hourly's platform ensures running payroll is as quick as pressing a button and that you get accurate workers' comp premiums down to the penny. 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 Alliance Insurance Company, Great American Assurance Company and Great American Insurance Company of New York, authorized insurers in all 50 states and the DC., 301 E. Fourth St., Cincinnati, OH 45202.

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CORE INSURANCE

NFP Acquires UK-Based Brokerage Bentley Insurance Services

NFP | October 19, 2022

NFP, a leading property and casualty broker, benefits consultant, wealth manager, and retirement plan advisor, today announced it has acquired Mason James Insurance Services Limited (doing business as Bentley Insurance Services), one of the largest brokers in Staffordshire. Bentley has provided complex commercial and personal insurance solutions since 1922. Mike Rostron, managing director at Bentley, will join NFP's commercial insurance leadership team in the UK and continue to drive company growth across Staffordshire and beyond. "Bentley Insurance Services has a longstanding presence in Staffordshire, a great reputation, strong leadership and well-earned trust in the region, making them a perfect partner for NFP, We are proud to welcome Bentley, a broker that embodies our ethos, to our growing global group." - John Paul Allcock, UK and Ireland managing director at NFP This acquisition aligns with NFP's growth strategy and brings another respected, service-orientated broker to NFP's UK operations. With this deal, NFP grows its roster of exceptionally skilled brokers, furthering its commitment to bringing bespoke risk management solutions to more businesses and individuals across the UK. The last two years have been particularly challenging for organisations and consumers alike, and their insurance needs have evolved, This partnership allows us to offer services to businesses in the Midlands that more effectively meet the challenges our clients face today, said Allcock. Bentley will maintain its local office presence in Staffordshire, and all existing Bentley customers will continue to be advised and managed by their current broker in the same way they always have. Through NFP, clients will also have full access to enhanced products and a broader range of solutions designed for their specific needs. We're excited to join the NFP family and collaborate with colleagues that share our commitment to providing client-centric solutions and maintaining a people-first work culture, This incredible opportunity also allows us to offer our clients access to NFP's broad network of integrated insurance, benefits, wealth management and retirement solutions, said Rostron. About NFP NFP is a leading property and casualty broker, benefits consultant, wealth manager, and retirement plan advisor that provides solutions enabling client success through the expertise of over 7,000 global employees, investments in innovative technologies, and enduring relationships with highly rated insurers, vendors and financial institutions. NFP is the 9th best place to work for large employers in insurance, 7th largest privately-owned broker, 5th largest benefits broker by global revenue and 13th largest broker of US business (all rankings according to Business Insurance). About Bentley Insurance Services Bentley Insurance Services is one of the largest independent insurance intermediaries in Staffordshire and has been dealing with personal and commercial insurances since 1922. We specialise in providing bespoke insurance solutions for private cars (including high performance and high value vehicles), household insurance, commercial insurance, industrial insurance, self-employed tradespeople and liability.

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