Gallagher to acquire 100% stake in Capsicum Re

Gallagher | November 28, 2019

Arthur J. Gallagher & Co. (Gallagher) has agreed and signed head of terms for a deal that will see the global brokerage take 100% ownership of Capsicum Reinsurance Brokers LLP (Capsicum Re), a full-service international reinsurance broker. Capsicum Re was founded by Grahame Chilton and Rupert Swallow in 2013 as a joint venture with Gallagher. With Gallagher’s backing and support, the reinsurance brokerage says it was able to achieve “rapid growth … as an effective alternative to the mainstream reinsurance brokers” around the world.

Spotlight

Insurance has been around for some three millennia and is intended to cover the financial consequences of a risk that a policyholder is unable or unwilling to accept. Insurance is usually not ‘top of mind’, but it is important. Particularly at the point when a claim is made. And at that point, a policyholder or insured person expects a rapid and good resolution. We now live in a world in which new technologies are making their entrance in rapid succession, particularly in relation to digital transformation. Everything needs to be done faster and better but how far have financial service providers and insurers got with this so far? Onguard carried out research into how finance professionals working in the insurance industry and financial services view the current trends and developments.

Spotlight

Insurance has been around for some three millennia and is intended to cover the financial consequences of a risk that a policyholder is unable or unwilling to accept. Insurance is usually not ‘top of mind’, but it is important. Particularly at the point when a claim is made. And at that point, a policyholder or insured person expects a rapid and good resolution. We now live in a world in which new technologies are making their entrance in rapid succession, particularly in relation to digital transformation. Everything needs to be done faster and better but how far have financial service providers and insurers got with this so far? Onguard carried out research into how finance professionals working in the insurance industry and financial services view the current trends and developments.

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Wright National Flood Insurance Company announces agreement with IAT Insurance Group

Wright National Flood Insurance | November 02, 2022

Wright National Flood Insurance Company, the nation's leading provider of federal flood insurance, has announced an agreement to acquire the flood insurance policy book from IAT Insurance Group Inc. and its affiliate Occidental Fire and Casualty Company of North Carolina ("IAT"). Wright Flood will service, administer and issue flood coverage under the National Flood Insurance Program (NFIP) for IAT policyholders and agents. Additionally, Wright will also assume the servicing of IAT Insurance Group's private flood business. Wright Flood has more than 40 years of experience exclusively in the flood insurance industry. It is widely recognized for its industry-specific knowledge, claims response and long-standing commitment to partner with agents and policyholders, especially at the time of a flood loss. Wright Flood takes pride in user-friendly technology, exceptional claims reputation and providing the service customers deserve. Patricia Templeton-Jones, Wright National Flood Insurance Services president, said she is excited about the partnership with IAT agents. "IAT Insurance Group has provided flood coverage solutions for the past 15 years for its agent partners and policyholders, We look forward to continuing their long history and providing their agents with our experience in the flood insurance industry. Since the inception of the NFIP, Wright Flood has been a premier provider of flood coverage and private flood options for homeowners and business owners." - Templeton-Jones Wright has a well-established reputation of providing excellent service to customers and agents, especially at the time of a flood loss, We are confident customers will continue appreciating the peace of mind that comes with having flood coverage, said Joe Tracy, IAT's executive vice president of inland marine, property and aviation. Beginning in early 2023, Wright Flood will manage IAT's NFIP flood placements. Wright National Flood Insurance Company, which is AM Best-rated as A (Excellent) for financial strength, will issue all new policies and renewals. For retail agents accessing flood coverage through IAT, there will be minimal change in the process to continue to provide NFIP coverage for policyholders. About Wright National Flood Insurance Company Wright National Flood Insurance Company, the largest flood insurance provider in the nation, offers federal, excess, and private flood insurance with leading industry experience, rated A (Excellent) by AM Best. Wright Flood takes pride in its exceptional claims reputation, providing superior service customers deserve and its user-friendly technology. About IAT IAT Insurance Group is a privately-owned, specialty insurance group providing property-casualty and surety insurance products for niche markets. With more than 900 employees and office locations across the country, IAT Insurance Group's specialty units include Commercial Transportation, Excess and Surplus, Inland Marine, Reinsurance, Surety and Management Liability. The IAT Insurance Group companies are rated A- (Excellent) by AM Best.

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CORE INSURANCE, HEALTH INSURANCE

ONEDIGITAL EXPANDS INTO MEDICARE SPACE WITH THE ADDITION OF HEALTHWORKS, LLC

OneDigital and HealthWorks | October 10, 2022

OneDigital, the nation's leading insurance brokerage, financial services and HR consulting firm, has joined forces with HealthWorks, LLC, a Chicago-based insurance advisor focusing primarily on Medicare recipients. The acquisition represents a segment expansion that complements OneDigital's consumer-facing solutions for individuals. Founded in 2018, HealthWorks is a leading Medicare Distributor that has enrolled nearly 200,000 new members into Medicare and is expecting to enroll a thousand plus Medicare eligible a day during Q4 of 2022. The agreement with HealthWorks closely follows recent wealth management acquisitions from OneDigital, solidifying the firm's strategy of expanding its health and financial services offerings to millions of households across the country. With over 11,000 people turning 65 in the U.S. every day, this acquisition allows OneDigital to enter the fastest-growing segment of the health insurance space. "The addition of HealthWorks provides us with a platform-level opportunity to help a significant segment of our population with their healthcare needs, We have been looking for years for the right team at the right time to move aggressively into providing Medicare as an additional offering to our customers. The leadership team at HealthWorks has the vision, expertise and culture to fit seamlessly into our growing portfolio of integrated solutions. The merged organizations will be able to solve client needs at both the employer and individual family level." -Adam Bruckman, President and CEO of OneDigital The leadership team at HealthWorks commented, From our very first conversation with OneDigital's leadership team, it became clear that each organization is focused on building best-in-class advisory solutions that withstand the test of time. We are excited to join forces and continue building our organization. In addition to delivering an entirely new offering and service to OneDigital's clients, this acquisition continues to build upon OneDigital's recent growth in insurance, financial services and HR consulting through a series of solution expansions, organic growth and M&A activity. The acquisition of HealthWorks reshapes the boundaries of OneDigital's individual-facing solution to help cover employees from the day they are hired through retirement. About OneDigital OneDigital is a steward of business growth and people potential. Our insurance, financial services and HR platform provide personalized, tech-enabled solutions for a contemporary work-life experience. Nationally recognized for our culture of caring, OneDigital's teams enable employers and individuals to do their best work and live their best lives. More than 100,000 employers and millions of individuals rely on our teams for counsel and access to fully integrated worksite products and services and the retirement and wealth management services provided through OneDigital Investment Advisors. Founded in 2000 and headquartered in Atlanta, OneDigital maintains offices in most major markets across the nation. About HealthWorks, LLC HealthWorks is a fast-growing provider in the health insurance and Medicare Advantage space. Founded in 2018, HealthWorks utilizes proprietary insurance technologies to provide a client-centric approach to selecting the best possible insurance plans for their customer's unique needs. Based in Chicago, IL, and licensed to operate in 28 states across the country.

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CLAIMS,INSURANCE TECHNOLOGY

Zurich Insurance UK Selects CoreLogic’s Digital Platform to Support Its Claims Operations

CoreLogic and Zurich UK | November 07, 2022

CoreLogic, a leading global property information, analytics and data-enabled solutions provider, is pleased to announce that Zurich Insurance UK (“Zurich”) will use CoreLogic’s digital claims workflow and collaboration platform to enhance its claims operations. In the UK, Zurich provides a suite of insurance products including commercial and retail property insurance. The agreement with CoreLogic will enable Zurich to enhance its existing claims capabilities by digitising processes on a secure, real-time web application – bringing a streamlined and much simpler claims experience for its customers, handlers and key supply chain partners. The CoreLogic platform helps to standardise claims processing on a single, cloud-based platform, enabling consistent and efficient triaging, for desk based adjusting and settlement and supply chain allocation. Delivering reduced claim lifecycles, greater cost control, enhanced accuracy and transparency into the claims management process, the platform provides a streamlined workflow management solution. This allows users to easily and securely access, share and process information and data, as well as communicate and collaborate more effectively. “Zurich has a strong reputation for its customer-centric focus and is now looking to enhance the customer experience even further through a faster, streamlined and easy-to-use claims experience. We are delighted that they have put their trust in our claims platform to help them achieve that goal. -Mark Barrett, Vice President UK Go To Market, Insurance Solutions, CoreLogic By digitising processes and bringing everyone on to one single platform, Zurich’s teams, suppliers and customers will all benefit from better communication and transparency throughout the whole claims journey. The Claims Connect™ platform enables higher quality data and resultant insights, greater process efficiencies and ensures that customers can receive the help and support they need at a time that suits them. We are excited about bringing our solution’s value to Zurich’s claims teams, suppliers and customers through this new relationship, saysMark Barrett, Vice President UK Go To Market, Insurance Solutions, CoreLogic. Helen Rogers, Zurich’s Head of Claims Digital Experience, said: This collaboration will benefit both our customers and our supply chain partners. CoreLogic’s technology will enable our teams to speed up the customer journey by putting claims into the right hands, quicker. In addition, we will have a single source of data that will drive greater simplicity and consistency throughout the claims process as well as enhancing supply chain resilience and efficiencies. About CoreLogic CoreLogic is a leading global property information, analytics and data-enabled solutions provider. The company’s combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, UK and Western Europe, and Asia Pacific. About Zurich UK Zurich UK provides a suite of general insurance and life insurance products to retail and corporate customers. We supply personal, commercial and local authority insurance through a number of distribution channels, and offer a range of protection policies available online and through financial intermediaries for the retail market and via employee benefit consultants for the corporate market. Based in a number of locations across the UK – with large sites in Birmingham, Farnborough, Glasgow, London, Swindon and Whiteley – Zurich employs approximately 4,500 people in the UK. Zurich Insurance Group (Zurich) is a leading multi-line insurer serving people and businesses in more than 210 countries and territories. Founded 150 years ago, Zurich is transforming insurance. In addition to providing insurance protection, Zurich is increasingly offering prevention services such as those that promote wellbeing and enhance climate resilience. Reflecting its purpose to ‘create a brighter future together’, Zurich aspires to be one of the most responsible and impactful businesses in the world. It is targeting net-zero emissions by 2050 and has the highest-possible ESG rating from MSCI. In 2020, Zurich launched the Zurich Forest project to support reforestation and biodiversity restoration in Brazil. The Group has about 56,000 employees and is headquartered in Zurich, Switzerland. Zurich Insurance Group Ltd (ZURN) is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX.

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