Gallagher’s Artex Risk Completes Purchase of ILS Specialist Horseshoe Insurance

Gallagher | November 18, 2019

Gallagher’s Artex Risk Completes Purchase of ILS Specialist Horseshoe Insurance
Arthur J. Gallagher & Co. announced its captive and alternative risk transfer solutions subsidiary, Artex Risk Solutions Inc., has completed its purchase of Bermuda-based Horseshoe Insurance Services Holdings Ltd. Financial terms of the deal, which was first announced in October 2019, were not disclosed. Artex said this acquisition significantly strengthens its insurance-linked securities (ILS) operations. The company said that Horseshoe will become the global brand of ILS services for Artex, which will operate as one global team across multiple jurisdictions to better serve its clients and provide consistent delivery of services regardless of the domicile.

Spotlight

There are some common misconceptions about life insurance. These range from people believing they don't need it to whether insurance companies pay out when they should.

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ANNUITIES

MetLife and Vision Benefits of America Collaborate with Howell Benefit Services, Inc.

WEBSURANCE | December 02, 2021

Howell Benefit Services, Inc. (HBS), and Howell Benefit Technologies LLC (dba RATECentric) have released WEBSURANCE, a fully insured health and welfare benefits trust featuring top ranked group insurance companies for carriers, producers, and employers. In conjunction with the Trust, a paperless, digital WEBSURANCE platform was also launched enabling carriers and producers to offer employers superior level benefit plans, competitive pricing, and extended rate guarantees. HBS is pleased to announce MetLife and Vision Benefits of America (VBA) as the first multi-year Trust participants offering group dental and vision benefits, respectively, to employers nationwide with products and plan designs typically found in the enterprise market. We continue to enhance our online presence utilizing our digital technology by adding these two market leading insurance carriers, We've had exceptional success for over 25 years building and managing digital websites and have been a pioneer in API integration for several top ranked group carriers. Our technology has enabled the carriers we serve to measure and demonstrate the efficiencies and profitability of outsourcing online quoting, case submission, premium billing, sales activity, license tracking and commission payment in a single application. - Roger Howell, President of HBS. Our real time quoting platform's success, which has been online nationwide since 2013 and now serving two of the top five national group insurance carriers, illustrates how our team has combined deep-rooted benefits knowledge, four decades of TPA experience, and integrating it with our proprietary and commercially successful digital platform technology." Howell has provided customized, multi-carrier and premium billing technology, producer appointment and license tracking as well as commission payment technology for carriers and producers since 2000. "By utilizing WEBSURANCE's digital solution we are able to streamline our offerings for customers and provide them with access to competitive benefit plan options, instant rates and case submission, pricing and backroom support as a result of our collaboration with Howell." - Cynthia Smith, SVP of Regional Business at MetLife VBA's Vice President, Matt Cuomo stated, "The WEBSURANCE Trust is the perfect vessel for us to showcase our national vision plan benefit portfolio. The quoting, case submission and plan administration features offered by WEBSURANCE are unprecedented, based on our experience." The WEBSURANCE Benefits Trust will be offering additional online group and voluntary benefit plans in 2022, further reducing quoting and administrative expenses while, at the same time, increasing closing ratios for carriers and producers. About WEBSURANCE The WEBSURANCE Benefits Trust is a fully insured, national group insurance trust that covers hundreds of employer groups, with the capacity and scalability to offer a variety of carriers' product lines. Eligible group insurance products include health, dental, vision, life, disability, voluntary life, disability, critical illness, hospital indemnity, and accident. WEBSURANCE is administered by Howell Benefit Services, Inc. (Howell), located in Wilkes-Barre, Pennsylvania. Howell is a nationally recognized, online, Third Party Administrator (TPA) in business since 1982.

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LIFE INSURANCE

Resolution Life acquires Voya Financial’s Individual Life in-force Business

Resolution Life | January 05, 2021

Resolution Life Group Holdings LP, a global manager of in-force life insurance businesses, is charmed to declare today that it has finished the acquisition of Voya Financial, Inc.'s, individual life in-force business. The fulfillment sees Voya offer to Resolution Life significantly the entirety of its in-force individual life business, including Security Life of Denver Insurance Company, Midwestern United Life Insurance Company and certain different subsidiaries, just as the reinsurance of Voya's remaining in-force individual life and annuity blocks. Voya moved roughly 350 employees, along with the resources and frameworks used to deal with the business. On finish more than $25 billion of resources were added to the Resolution Life accounting report and it accepts accountability for the administration of the obtained business. Following a transition period, which is relied upon to require as long as two years, Resolution Life will supplant Voya's corporate frameworks with its own frameworks. Resolution Life's more current platforms will give improved customer administration at lower cost. Resolution Life has raised over US$3 billion of capital since 2018. Notwithstanding the acquisition of Voya's individual life in-force business, acquisitions to date include the A$3 billion acquisition of AMP Life in Australia and the fulfillment of a reinsurance transaction with Symetra Life Insurance Company with US$5.7 billion of stores. The transaction gives Resolution Life a strong platform to benefit from future development openings in the US market, expands the Group risk profile against the Resolution Australasia and Resolution Re liabilities, and quickens its development story. Sir Clive Cowdery, Resolution Founder and Executive Chairman of Resolution Life, said: “We are delighted to welcome our new customers and colleagues to Resolution Life. By acquiring or reinsuring businesses from partners such as Voya, Symetra and AMP, we provide a well-capitalised and stable environment to deliver on long-term customer promises. There is great opportunity for growth in the United States and completion of this transaction gives us an excellent platform to build from.” About Resolution Life Resolution Life is a global life insurance group focusing on the acquisition and management of portfolios of life insurance policies. Since 2003, prior Resolution entities together with Resolution Life have deployed US$16 billion of equity in the acquisition, reinsurance, consolidation and management of 30 life insurance companies. Together, these companies have served the needs of 12.6 million policyholders while managing over US$354 billion of assets. Resolution Life has operations in Bermuda, the U.K., the United States, Australia and New Zealand.

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Dominion Energy Expands Assistance to Virginia Customers Struggling Financially During Pandemic

Dominion Energy | June 02, 2020

Virginia's disconnection policy, implemented after the company's voluntary suspension, is due to expire June 15. The State Corporation Commission is accepting comments on next steps. To create certainty for customers, we are requesting the SCC allow the company a four-month extension of the disconnection policy, through October 14. During that time, we will encourage customers to work with us to develop payment plans for their unique circumstances. Dominion Energy Virginia is expanding assistance to Virginia customers facing hardship, offering a more generous payment plan and new direct assistance, while asking permission from regulators for an additional four-month extension of the "no disconnection" policy. The efforts come as the pandemic continues to impact millions of Americans across the country. We recognize the challenges that many are facing and want customers to know we are here to help, as we continue to navigate this pandemic together. Our mission of supporting our customers and the communities they live in has never been more important, Robert Blue, co-chief operating officer Dominion Energy Virginia. On March 12, Dominion Energy voluntarily suspended disconnections for customers falling behind on their bills, while offering a range of assistance to help them. Read More: InsurTech Leaders Partner to Provide Independent Agents With Tailor-made Business Solutions Virginia's disconnection policy, implemented after the company's voluntary suspension, is due to expire June 15. The State Corporation Commission is accepting comments on next steps. To create certainty for customers, we are requesting the SCC allow the company a four-month extension of the disconnection policy, through October 14. We are also requesting to continue waiving late fees through that period. During that time, we will encourage customers to work with us to develop payment plans for their unique circumstances. At the end of the proposed extension, we will re-evaluate next steps based on a range of factors, including the needs of our customers and economic conditions at that time. Payment Plans: We have long offered both short-term payment extensions and long-term payment plans to help customers manage balances. Starting June 15, we will expand our long-term payment plans and offer customers up to 12 months to pay past due amounts, with no minimum down payment required. Customers are encouraged to contact us, so we can begin working toward solutions. They can access options through their online account at www.dominionenergy.com, which is available at any time, or by calling (866) 366-4357. Payment Assistance: We're increasing the benefits made available through EnergyShare, our year-round assistance program for individuals and families facing financial hardship. The Virginia program, supported currently with $13 million in annual corporate contributions, is implemented in partnership with relief and community support agencies. Planned changes include: • Effective June 1, the maximum benefit is increased to $1,200 for this year, up from $900. • Customers under the age of 60 are now eligible to receive funds without a disconnect notice, similar to customers 60 and over. • We are preparing to increase EnergyShare funding to help meet the needs of our Virginia customers and intend to implement a temporary program to help small business customers. We will share details when they are available. • To learn more about EnergyShare, please visit www.DominionEnergy.com/EnergyShare or call 2-1-1. Save on Energy: For some customers, additional time at home and higher energy usage could result in increased bills. We've put together a series of tips to help you be mindful of your energy use. Protect Yourself from Scams: As the pandemic spread, we saw a spike in scams. Remember that Dominion Energy will never call and demand immediate payment or ask for payment on a pre-paid debit or gift card. If you are unsure if a call is valid, even if our number shows on the caller ID, don't provide information. Verify what you're being told. Read More: FCA probes 500 insurance policies in test case preparation About Dominion Energy More than 7 million customers in 20 states energize their homes and businesses with electricity or natural gas from Dominion Energy, headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company is committed to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.

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Spotlight

There are some common misconceptions about life insurance. These range from people believing they don't need it to whether insurance companies pay out when they should.