GOP Lawmaker Sidetracks Disaster Bill Including Flood Insurance Extension

Insurancejournal | May 27, 2019

A single Republican House member temporarily blocked fast-track passage Friday of a $19 billion disaster-aid plan, likely meaning lawmakers will vote when they return in early June from a week-long recess.Freshman Representative Chip Roy of Texas objected to the House’s plan to pass the measure without a recorded vote, a day after almost all members left Washington for their home districts. The House is scheduled to return on June 3 and will be able to hold a roll-call vote.

Spotlight

Knowing what to expect when you apply for life insurance can help make the process simpler and easier. In just a few minutes, this video can help you better understand the process and what you'll need to have on hand when you get started.

Spotlight

Knowing what to expect when you apply for life insurance can help make the process simpler and easier. In just a few minutes, this video can help you better understand the process and what you'll need to have on hand when you get started.

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WORKERS COMPENSATION

Cyber insurtech BOXX hires Beazley leader in senior insurance role

BOXX Insurance | February 22, 2022

Toronto-based global insurtech BOXX Insurance announced the appointment of Phil Baker as President of BOXX Canada. Baker will also be responsible for delivering BOXX's insurance strategy globally as its Global Head of Insurance. Prior to joining BOXX, Baker headed Beazley Canada where he was board chairman and head of broker relations. Baker joined Beazley when it acquired Creechurch Underwriters, where he was President and CEO of the highly regarded MGA that focused on insuring risks in the emerging technology space. Before joining Creechurch, Baker headed the financial and professional lines business unit for Travelers Canada. "The rapid pace and acceleration of digitization is creating digital uncertainty of seismic proportions. Nowhere is this felt more than by everyday businesses and consumers who have historically been ill-served by insurers. The opportunity to help democratise access to both cyber insurance and digital protection through BOXX's all-in-one platform is incredibly exciting." -Phil Baker as President of BOXX Canada. "Phil will play an integral role in expanding relationships with the insurance brokers that fuel our business in Canada," said Vishal Kundi, BOXX's CEO and Co-Founder. "Under Phil's technical leadership, we can step up the pace to enhance and extend our insurance products to meet the demands of partners and customers we are seeing across the world." -Phil Baker as President of BOXX Canada. BOXX also announced the addition of Zurich Insurance and Hartford Steam Boiler as new insurance providers for BOXX. Baker will manage these relationships as well as cultivate new ones as BOXX expands into selected new markets and segments. About BOXX Insurance BOXX Insurance Inc. helps businesses, individuals and families insure and defend against cyber threats. BOXX Insurance Inc. is privately-held with headquarters in Toronto, Canada. BOXX's vision is to help businesses, individuals and families stay ahead of, respond to and recover from cyber threats, putting their digital safety first.

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RISK MANAGEMENT

PCMI Announces Equity Investment from Equality Asset Management to Accelerate Growth

PCMI Corporation, Equality Asset Management | January 21, 2021

PCMI (Policy Claims Management International), a main supplier of administration software for the automotive, consumer and industrial warranty and service management markets reported its first equity investment from Boston-based growth equity firm, Equality Asset Management, and Chicago-based, First Analysis. Financial terms were not revealed. PCMI offers a cutting edge set-up of software answers for policy administration, claims management, risk management and the financial management of insurance products. PCMI's clients incorporate driving unique hardware makers, outsider heads, self-overseers and guarantors who offer and oversee warranties, service contracts and other account and insurance products. Since beginning, PCMI's software has been utilized to direct in excess of 50 million strategies and cycle in excess of 23 million claims. "In 2012, I saw the opportunity to introduce a modern, purpose-built software to a market that was underserved. Since then, we have worked tirelessly on our mission to build the most comprehensive administration platform in the market. Our passion for technology and commitment to continuous improvement has led us to become a leader in our industry," said Mark Nagelvoort, President & CEO of PCMI. "Equality Asset Management has a track record of investing in SaaS based companies within high growth markets and can provide operational expertise that will allow us to accelerate our growth initiatives. Their support will be invaluable as we continue to make innovations on our platform and expand product capabilities to meet the evolving business needs of our customers. I'm thrilled we have them as a trusted partner as we enter this exciting new phase of our journey." "Mark and the leadership team and employees of PCMI have built a remarkable company. Their focus on product, deep understanding of their customers and markets and culture of innovation have been core to their success," said Jeff Del Papa, Co-Founder and Managing Director at Equality Asset Management. "The market for warranty administration software is in an attractive upgrade cycle and PCMI is very well positioned with a complete, modern platform. We're excited to work alongside this experienced team and to support PCMI's expansion." "PCMI is the demonstrated category leader, consistently delivering essential, high value solutions to customers. As consumer demands evolve, the need for flexible software will continue to increase across the F&I value chain," added Oscar Loynaz, Vice President at Equality. With this investment, PCMI will proceed with its emphasis on item extension and client acquisition in North America and internationally. About PCMI Corporation PCMI offers a modular package of software solutions for the administration of F&I Products, Service Contracts, and Extended Warranties. PCMI's SaaS platform, Policy Claim and Reporting Solutions™ (PCRS), supports and automates the full lifecycle of all aftermarket products and provides the most flexible environment for administrators, insurers, OEM's, agents, and dealers to launch new products. Our global team enables continuous around-the-clock innovation and customer-focused support. About Equality Asset Management Equality Asset Management is a growth-focused private equity firm. Equality provides equity capital and strategic and operating support to companies with long-term growth potential in the technology and tech-enabled healthcare sectors. With decades of investment experience and operating experience, the firm has earned a reputation for value-creation, serving as steadfast partners to Founders and CEOs. Equality is based in Boston. First Analysis went about as the elite financial advisor to PCMI for the exchange. Winston and Strawn LLP went about as legal advisor to PCMI. Goodwin Procter LLP went about as legal advisor to Equality Asset Management.

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CORE INSURANCE

Yum China to Further Upgrade Employee Benefits, Adding One Million Yuan Medical Insurance Coverage for Restaurant General Managers

Yum China Holdings, Inc. | November 26, 2021

Yum China Holdings, Inc. (the "Company" or "Yum China",NYSE: YUMC and HKEX: 9987) announced at its 2021 Restaurant General Managers ("RGMs") Convention, held virtually, that it will offer enhanced medical insurance coverage of up to RMB 1 million to each of its approximately 10,000 RGMs. The Company will also increase critical illness insurance coverage for family members of qualified RGMs to RMB 200,000. As one of the most extensive employee benefits plans in the industry in terms of number of people covered, the newly upgraded benefits will be implemented from January 2022 and will build on existing initiatives including equity incentives, family insurance and housing subsidies. The Company is also upgrading its "Family Care Fund" plan for the restaurant management team (RMT) and restaurant service team leaders, increasing critical illness insurance coverage under the plan to RMB 150,000, while offering access to certain expedited medical services for eligible employees and their family members. The newly upgraded benefits are expected to cover more than 60,000 RMT employees and their family members, as well as 26,000 restaurant service team leaders, helping them mitigate the financial risks brought about by critical illnesses. "The Company is extremely grateful to our restaurant managers for their diligence and agility on the front lines of our restaurants, particularly while navigating the challenges of Covid-19. Thanks to their dedication, Yum China has been able to provide customers with uninterrupted access to meals and excellent service while also supporting the community through trying times, Employee satisfaction is the key to customer satisfaction. Therefore, it is the responsibility of our company to create a working environment for employees guided by our principle of Fair, Care and Pride, as well as taking steps to protect their families." - Joey Wat, CEO of Yum China. Yum China has always adhered to a "people-first" philosophy, ensuring that the health and wellbeing of employees is the Company's top priority. Additionally, the Company continues to increase investment in protecting the health of employees and their families. The upgraded medical insurance package for RGMs covers a wide range of mild and severe diseases, providing greater support against the challenge of high medical expenses. In 2018, Yum China launched the "Family Care Program" for RGMs. In 2020, the Company launched the "Family Care Fund" for RMT employees, which entitles them to additional coverage for critical illness for their parents as well as additional accident insurance coverage for their children and spouses. This scheme goes beyond others in the market by increasing the age cap to 75 years for employees' parents and 22 years for their children. In December 2020, the fund was extended to also provide critical illness coverage to restaurant service team leaders. The newly announced benefits upgrade is the latest manifestation of Yum China's long-standing commitment to its RGM No.1 corporate culture. The Company believes that RGMs are the most important leaders at Yum China and play a key role in the Company's long-term success. Yum China not only provides employees with competitive salaries and benefits, but also ensures that employees share in the Company's success. After becoming an independently listed company in 2016, Yum China announced that it would award RSUs valued at US$2,000 to every qualified RGM. Following its secondary listing in Hong Kong in 2020, the Company awarded additional RSUs valued at US$3,000 to eligible RGMs. Up to now, a total of 14,000 RGMs have received RSUs. About Yum China Holdings, Inc. Yum China Holdings, Inc. is a licensee of Yum! Brands in mainland China. It has exclusive rights in mainland China to KFC, China's leading quick-service restaurant brand, Pizza Hut, the leading casual dining restaurant brand in China, and Taco Bell, a California-based restaurant chain serving innovative Mexican-inspired food. Yum China also owns the Little Sheep, Huang Ji Huang, East Dawning and COFFii & JOY concepts outright. In addition, Yum China has partnered with Lavazza to explore and develop the Lavazza coffee shop concept in China. The Company had 11,415 restaurants in over 1,600 cities at the end of September 2021. Yum China ranked # 363 on the Fortune 500 list and was named to TIME100 Most Influential Companies list in 2021. Yum China has been selected as member of both Dow Jones Sustainability Indices (DJSI): World Index and Emerging Market Index. In 2021, Yum China was named to the Bloomberg Gender-Equality Index and was certified as a Top Employer 2021 in China by the Top Employers Institute, both for the third consecutive year.

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