Gallagher acquires 60% stake in Caribbean insurance broker RMS

Gallagher | January 13, 2020

The Caribbean insurance broker provides property/casualty, and employee benefits products and services to private, public, and multinational companies. Arthur J. Gallagher & Co. (Gallagher) has acquired a 60% stake in Risk Management Services (RMS), a Caribbean insurance broker, for an undisclosed price. Risk Management Services is based in Port of Spain, Trinidad and Tobago. It was established in 1978 as a subsidiary of the Neal & Massy Group with an objective to address the insurance and risk management requirements of its assembly, transport, retail, and financial business interests. Since its founding, the company is said to have grown by making various alliances in insurance broking and also in the area of business and risk management consulting.

Spotlight

Custom ICM solutions are built for you, not auditors, so they typically don’t offer visibility into actions performed over time. Auditors may lack confidence in your homegrown system, especially if they find errors or omissions. In fact, audit risk from errors and overpayments is often the most compelling reason we see customers switch from build to buy. New regulations place additional burdens on your commissions system.

Spotlight

Custom ICM solutions are built for you, not auditors, so they typically don’t offer visibility into actions performed over time. Auditors may lack confidence in your homegrown system, especially if they find errors or omissions. In fact, audit risk from errors and overpayments is often the most compelling reason we see customers switch from build to buy. New regulations place additional burdens on your commissions system.

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INSURANCE TECHNOLOGY

Chintai has Partnered with DeFi Insurance Provider iTrust

Chintai | August 13, 2021

Chintai, a Singapore-based SaaS company that leads in compliant blockchain technology for capital markets, has partnered with iTrust, a decentralized finance insurance protocol. iTrust will provide insurance coverage for deposits, smart contracts, and impermanent loss protection for liquidity providers on the Chintai network, creating a more dependable ecosystem for all users. The partnership solidified ahead of Chintai's private institutional beta release, which gives financial institutions a no-cost opportunity to test compliant digital asset issuance and secondary trading for traditional assets such as equities, bonds, real estate, and debt. Multiple institutional participants have joined the beta by testing the tokenization of traditional assets on the platform, including investing leaders such as Collective Capital, Chimera Wealth, B1, and Cryptology Asset Group. iTrust will work to provide syndicated cover on the Chintai network. But what sets iTrust apart is their ability to both provide 'reinsurance' while maximizing the staking benefits for decentralized finance products such as Nexus Mutual, InsurAce, and others. In an industry that lacks insurance for crypto assets, iTrust is playing an important role for companies like Chintai, which aims to provide an easy-to-use bridge that allows traditional financial institutions to easily port regulated assets to a fully compliant blockchain environment. "Chintai is an industry leader in providing much-needed professional, regulatory compliant services and platforms to the financial services sector. We are extremely excited to work with Chintai to source and supply syndicated cover to protect its users," said Robert Cooke, Co-Founder & Director of Partnerships for iTrust. "iTrust fills a gap in the blockchain industry which will enable traditional financial institutions to work with the same industry standards in regards to risk management," said David Packham, CEO of Chintai. "We are delighted to work with iTrust to revolutionize capital markets with our compliant digital asset technology". The Chintai institutional beta program provides financial institutions with a comprehensive digital asset product suite for compliant issuance, secondary trading, algorithmic market making, and custody. Participants will trial the platform with no up-front cost, which enables experimentation and customizations to suit their specific needs. About Chintai Chintai is a Singapore-based company with offices in Germany that uses blockchain technology to modernize capital markets for asset managers, banks, and enterprises. Our core product suite streamlines the life cycle of regulated assets by automating compliance, reporting, data reconciliation, cap table management, corporate actions, liquidity, and more. The technology can be white-labeled to allow anyone to become their own regulated issuer and market operator. Chintai is currently accepting clients into our pilot program for tokenized real estate, funds, debt, and other financial instruments.

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CORE INSURANCE

Bamboo Insurance Acquires Assets of First American Property and Casualty Insurance Agency

Bamboo Insurance | June 18, 2021

Bamboo Insurance, an insurance company, focused on transparency, customer advocacy, and a frictionless experience, has purchased certain assets from parent company First American Financial Corporation, a leading provider of title insurance, settlement services, and risk solutions for real estate transactions. In October 2020, First American announced its intention to quit the property and casualty business and focus on its core business. Over $22 million in premium was purchased in personal and commercial policies underwritten by prominent third-party carriers. As part of the Bamboo team, FAPCIA's staff will continue to deliver exceptional service to policyholders. Bamboo Insurance has long provided flexible and transparent insurance alternatives in California, including homeowners, dwelling fire, and auxiliary products. Beginning today, Bamboo's new agency business will be able to satisfy the requirements of its clients across the country by offering auto, renters, condominium, commercial lines, and a variety of other insurance coverages in addition to its existing products. With the addition of an agency of this caliber, Bamboo Insurance will grow faster and further in the insurance value chain. About Bamboo Insurance Bamboo Insurance, founded by insurance industry veterans, is a fast-growing insurtech firm that offers commercial and personal line products.

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INSURANCE TECHNOLOGY

Builders Insurance Holdings S.A Plans to Transform its Legacy Growth Plans with Sapiens

Sapiens | March 08, 2022

Sapiens International Corporation announced that Builders Insurance Holdings S.A is transforming its legacy growth plans with the end-to-end solutions of Sapiens. Sapiens International Corporation is a supreme global provider of software solutions for the insurance industry, and Builders Insurance Holdings S.A is a top P&C insurance and reinsurance service provider. According to the news, Sapiens IDITSuite and Sapiens Intelligence will transform Builders' numerous legacy systems of its insurance business. In addition, the modern solution of Sapien will provide Builders with its most modernized functionalities to facilitate digital operations and would empower the plans of business extensions. Sapiens offers a leading core solution to meet our needs and to the industry knowledge and expertise to help us grow our business and accompany us in our journey. With its global footprint and industry expertise, Sapiens is an invaluable partner in all our endeavors." On this, Fabrice Volkaerts, Group COO of Builders. Sapiens IDITSuite is a core software solution that comprises policy, billing, and claims solutions. In addition, IDITSuite supports end-to-end core operations and short-term or non-life insurance processes that include renewals and claims. Sapiens Intelligence is an out-of-the-box solution with a full industry-standard data management model. Sapiens is delighted to serve as a trusted partner in Builders' growth plans and to accelerate their short- and long-term needs as a specialty line customer. We are fully aligned with Builders' vision to onboard to the latest technology, In addition, Sapiens is pleased to allow Builders to integrate all of their data into a complete insurance hub, gaining operational insight to finetune critical processes across the entire life insurance value chain." Roni Al-Dor, President and CEO of Sapiens

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