INSURANCE TECHNOLOGY
Risk Strategies | February 14, 2023
On February 13, 2023, Risk Strategies, a national specialty insurance, risk management and consulting firm, announced its acquisition of Bullen Insurance Group, bringing the expertise and services for the specialized needs of high-net-worth individuals and families.
Bullen Insurance Group is a specialty insurance brokerage and risk management firm designed for the insurance needs of successful family offices and businesses, individuals, and families, protecting valuable assets and property worldwide. In addition, it customizes insurance programs, addressing the complex risks of properties like automobiles, yachts, aircraft, and art collections exposed to natural disasters. With a personalized service approach, it has been helping industries, financial institutions, historic properties, and non-profit organizations, developing trust and loyalty for generations of clients and renowned commercial businesses.
National practice leader for Private Client Services at Risk Strategies, Alison Murphy, said, "Effectively addressing the many complex risks faced by highly successful individuals and families requires deep expertise and dedicated specialization." She added, "Bullen Insurance Group has a well-earned, long-established reputation for excellence in serving high-net-worth clients and this provides us with a unique opportunity to expand our high-net-worth practice in a key market. I'm thrilled to welcome Matt and his team to Risk Strategies."
(Source – Globe Newswire)
President and CEO Matthew C. Fox said, "Given the firm's long history, and the trust our clients place in our service and knowledge, we wanted to be sure we were choosing the right partner to scale and perpetuate our business." He added, "The quality of the people and the operational platform we saw at Risk Strategies and their specialist approach to client service and collaboration gave us great confidence that we have found a partner that is aligned with our vision and will support our unwavering commitment to our clients."
(Source – Globe Newswire)
About Risk Strategies
Risk Strategies, an insurance service provider, has been offering financial benefits and protecting assets since 1997. It is a privately held National Specialty Insurance Brokerage and Risk Management Advisor, minimizing liabilities of its assets. Headquartered in Boston, it is one of the oldest firms in the private equity industry, investing in the insurance sector and offering financial benefits, compensations, and employment. It provides solutions in specialty insurance, brokerage, private clients, transportation, surety, captives, group benefits, risk management, high-net-worth, employee benefits, property, and casualty.
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CORE INSURANCE, INSURANCE TECHNOLOGY
RVOS Insurance Group and Guidewire Software | February 09, 2023
RVOS Farm Mutual Insurance Company (RVOS) has recently integrated Guidewire InsuranceNow for agent engagement and business growth.
Guidewire InsuranceNow is for U.S. property and casualty insurers struggling with IT resources, providing core cloud-driven solutions. Through automation and integration, it is easily implemented and quickly upgraded from time to time with operational support and cloud delivery, enabling insurers to focus more on innovation and respond to market demands. In addition, it offers solutions for customer experience, upgrades, less time consumption, business agility, freedom from system maintenance, and risk mitigation.
Vice President of RVOS, Wesley Jackson, said, "We selected InsuranceNow to modernize our systems to deliver better efficiencies to users. We were attracted to its lack of complexities. The screens are straightforward and very easy to work with. InsuranceNow will also provide a more robust interaction with our agents and allow them to have access to more data from the system, making it easier for them to do business with us."
(Source – Business Wire)
General Manager of Claims and InsuranceNow, Guidewire, Zachary Gustafson, said, "We celebrate RVOS' history of serving Texans for more than 120 years and its commitment to acting as 'neighbors helping neighbors'. We look forward to helping the company continue supplying quality property insurance to its membership, improving its current products, and developing new ones, and providing exceptional customer service."
(Source – Business Wire)
About RVOS
Headquartered in Temple, Texas, RVOS, an insurance company that started as a single company offering a basic fire insurance protection program in 1901, is now an established insurance holding of different companies, meeting the needs of property owners, farmers, and ranchers across the state. As policyholders own this company, it meets policyholders' needs, adapting to new budgets and financial circumstances. It focuses on future surplus claims and offsets future premiums rather than profiting from out-of-state parent corporations. It specializes in home, ranch, farm, and personal liability insurance.
About Guidewire
Guidewire, a software development company, is dedicated to helping property and casualty insurers engage, innovate, and grow their insurance businesses. It integrates machine learning, data analytics, core and digital services, and cloud services. Headquartered in San Mateo, California, it has assisted over 500 insurers as a partner from over 38 countries to enhance their success worldwide since 2001. It provides integration, localization, and innovation for many applications. In addition, it has completed more than 1,000 projects through the support of research and development and partner networking in the industry.
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WORKERS COMPENSATION,INSURANCE TECHNOLOGY
Axis Launches | January 04, 2023
AXIS Capital Holdings Limited has announced the implementation of a Specialty Package Policy for manufacturers through its Environmental business unit. The SPPm policy protects manufacturers against a wide range of general and environmental liability risks in a single insurance package.
Manufacturing, distribution, warehousing, and processing businesses, as well as waste storage, treatment, and disposal facilities, are all covered by SPPm. The new policy is accessible to US-based manufacturing and distribution enterprises with up to $2 billion in revenue.
According to AXIS, this new environmental product is just one element of its larger initiative to bring more advanced capabilities and fresh ideas to the niche market. As a result of the complexity of the risks they confront, manufacturers and wholesalers require insurance policies of an equally high level of sophistication.
SPPm offers ISO-based CGL, product and product pollution liability, non-owned site pollution liability, transportation pollution, premises pollution liability, employee benefits administration, emergency response expense coverage, and product withdrawal expense.
As general liability and environmental risks become more linked, AXIS says it's no longer prudent to examine them separately. With SPPm, the company can provide its partners with an integrated solution to managing complicated risk and coverage in a simple, smooth, and cost-effective way.
About AXIS Capital
AXIS Capital is a global provider of specialty lines insurance and treaty reinsurance through its operating subsidiaries. As of September 30, 2022, the company held shareholder equity of $4.3 billion with locations in Bermuda, the United States, Europe, Singapore, and Canada. The ratings of 'A+' ('Strong') and 'A' ('Excellent') that have been given to the company's operating subsidiaries by Standard & Poor's and A.M. Best, respectively, reflect the company's excellent financial standing.
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