CORE INSURANCE
World Insurance Associates LLC | August 30, 2022
World Insurance Associates LLC (WIA), a Top 50 Insurance Brokerage, announced today that it acquired The Woody Insurance Group (Woody Insurance) of Prairie Village, KS on August 1, 2022. Terms of the transaction were not disclosed.
The Woody Insurance Group has been providing insurance to individuals and businesses in the Kansas and Missouri communities for over 20 years. They also have a focus on the construction industry.
“Our top goal is to make the insurance-buying process easy and thorough for our customers, We provide highly customized solutions to any business or personal need and look forward to continuing this approach as part of World.”
-Chris Woody, President, The Woody Insurance Group
I’m pleased to welcome Woody Insurance to the World family, They are well known for their unparalleled customer service and will be a nice fit within the World company,says Rich Eknoian, CEO and Co-Founder of WIA.
Giordano, Halleran & Ciesla provided legal counsel to WIA. Myers Longhofer LLC provided legal counsel to The Woody Insurance Group. No other advisors, diligence firms or legal counsel were disclosed.
About World Insurance Associates LLC
World Insurance Associates LLC (World) is headquartered in Iselin, N.J., and is a nationally ranked, full-service insurance organization providing individuals and businesses with top products and services across personal and commercial insurance, employee and executive benefits, retirement and financial services and human capital management solutions. Since its founding in 2011, World has completed 155 acquisitions and serves its customers from more than 250 offices across the United States. World is ranked #34 on the 100 Largest Brokers of U.S. Business list by Business Insurance, ranked #2 on the Fastest Growing Brokers list by Business Insurance and is a Top-50 ranked personal lines agency by Insurance Journal.
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LIFE INSURANCE
OneAmerica | September 21, 2022
The companies of OneAmerica announce the expansion of their product portfolio to offer OneAmerica® Variable Universal Life (VUL) insurance. Distributed through the Individual Life and Financial Services (ILFS) line of business, this new product provides customers with a strong vehicle for protection, while also offering them the opportunity to invest in the financial markets. VUL customers have the flexibility to use the policy for life insurance protection, cash value accumulation or other financial needs.
"We're excited to bring our unique VUL product to today's marketplace, The product's guarantees and transparency make it an attractive, new option for people to help protect their loved ones and create an opportunity for potential financial growth."
-Dennis Martin, president of ILFS
The OneAmerica VUL life insurance policy includes a guaranteed death benefit provision and fully guaranteed policy charges, which are first-of-its-kind in the VUL space. These guarantees offer customers confidence that their policy charge structure won't change in the future. They also add an additional layer of protection against policy lapse and loss of the death benefit.
In addition, the OneAmerica VUL offers two investment-related differentiators to the marketplace. The product offers a low-cost, transparent fund lineup of well-known industry asset managers, and it includes two defined outcome funds — again, a first in the industry for a VUL product. The investment lineup offers customers more than 50 diverse investment options, customizable to their portfolios and goals. These innovations reflect the client-centered approach that OneAmerica brings to the marketplace.
VUL will give our distribution channels a strong product to match the needs of new and existing customers, Ultimately, our VUL is a robust product built on our strong foundation and commitment to deliver on our promises when customers need us most,said Mark Scalercio, senior vice president and head of distribution for ILFS.
The new product also includes extra protection and added benefits through optional riders.
OneAmerica VUL is currently available through the OneAmerica career agency distribution channel in all states except California, Florida, New York, North Dakota and South Dakota.
About OneAmerica
A national provider of insurance and financial services for more than 140 years, the companies of OneAmerica help customers build and protect their financial futures. OneAmerica offers a variety of products and services to serve the financial needs of their policyholders and customers. These products include retirement plan products and recordkeeping services, individual life insurance, annuities, asset-based long-term care solutions and employee benefit plan products. Products are issued and underwritten by the companies of OneAmerica and distributed through a nationwide network of employees, agents, brokers and other sources who are committed to providing value to our customers.
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INSURANCE TECHNOLOGY
ACCELERANT | August 25, 2022
Accelerant, the insurtech platform empowering underwriters with superior risk exchange, advanced data analytics, and long-term capacity commitments, today announced a new $175 million sidecar vehicle, Flywheel Re. Flywheel will provide multi-year risk capital to Accelerant and its cadre of underwriting-led specialist Members.
“We’re thrilled to launch Flywheel and put it to work on behalf of our Members, This is a natural extension of the work we’ve been doing to support specialist underwriters with additional capacity. But it also marks a major milestone in our journey as a company, and for the insurance industry at large. We are now expanding our focus and diversifying sources of capital alongside the traditional reinsurance market by bringing our portfolio of low-volatility commercial SME risks to institutional investors in an innovative structure that efficiently supports our Members’ growth.”
-Jeff Radke, CEO and co-founder of Accelerant
Accelerant was founded in 2018 to rebuild the way that underwriters share and exchange risk. Accelerant works with its underwriting-led Members to drive market-leading profitable growth in niche specialties. Flywheel’s long-term structure is starkly different from typical historical catastrophe-focused sidecars, an approach that continues to distinguish Accelerant as an innovator in driving better outcomes across the insurance industry.
Goldman Sachs & Co. LLC served as exclusive placement agent to Accelerant and Sidley Austin LLP acted as legal counsel.
ABOUT ACCELERANT
Accelerant is a data-driven, technology-fueled insurtech that empowers underwriters with superior risk exchange, advanced data analytics, and long-term capacity commitments. Our full-service risk exchange supports our carefully selected, best-in-class network of underwriting teams. We leverage granular information on each policy to deliver unprecedented insight into insurance pools, and our specialty portfolio is fully diversified with very low catastrophe, aggregation, or systemic risk. We’re proud to have been awarded an AM Best A- (Excellent) rating.
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