World Insurance Associates LLC | August 30, 2022
World Insurance Associates LLC (WIA), a Top 50 Insurance Brokerage, announced today that it acquired The Woody Insurance Group (Woody Insurance) of Prairie Village, KS on August 1, 2022. Terms of the transaction were not disclosed.
The Woody Insurance Group has been providing insurance to individuals and businesses in the Kansas and Missouri communities for over 20 years. They also have a focus on the construction industry.
“Our top goal is to make the insurance-buying process easy and thorough for our customers, We provide highly customized solutions to any business or personal need and look forward to continuing this approach as part of World.”
-Chris Woody, President, The Woody Insurance Group
I’m pleased to welcome Woody Insurance to the World family, They are well known for their unparalleled customer service and will be a nice fit within the World company,says Rich Eknoian, CEO and Co-Founder of WIA.
Giordano, Halleran & Ciesla provided legal counsel to WIA. Myers Longhofer LLC provided legal counsel to The Woody Insurance Group. No other advisors, diligence firms or legal counsel were disclosed.
About World Insurance Associates LLC
World Insurance Associates LLC (World) is headquartered in Iselin, N.J., and is a nationally ranked, full-service insurance organization providing individuals and businesses with top products and services across personal and commercial insurance, employee and executive benefits, retirement and financial services and human capital management solutions. Since its founding in 2011, World has completed 155 acquisitions and serves its customers from more than 250 offices across the United States. World is ranked #34 on the 100 Largest Brokers of U.S. Business list by Business Insurance, ranked #2 on the Fastest Growing Brokers list by Business Insurance and is a Top-50 ranked personal lines agency by Insurance Journal.
Verisk and VYRD | August 26, 2022
VYRD, a new homeowners insurer, is transforming the experience of buying insurance in the challenging Florida market by making underwriting decisions faster and easier with reliable data from Verisk, a leading global data analytics provider.
Using Verisk’s LightSpeed® for Homeowners platform, VYRD is leveraging granular data to more accurately assess the risk profiles of coastal properties. Within LightSpeed, VYRD is integrating Verisk’s location-based peril information, reconstruction cost estimates, roof data, aerial imagery, building permit data and homeowner insights to support faster, more reliable initial quotes. VYRD is also employing loss history information from Verisk to help complete the underwriting process.
Led by an experienced team with a singular focus on meeting Florida’s unique challenges, VYRD is setting its initial focus on those customers who are challenged with finding coverage for their home. Frequent catastrophe losses and a volatile legal environment, especially surrounding roof claims, have contributed to creating a difficult market for homeowners, agents and insurers in Florida one that VYRD seeks to address with new approaches.
“Verisk provides the cutting-edge, InsurTech solutions we need to maintain our policyholder-first mentality as we aim to set the new standard in home protection in an increasingly complex and challenging market, We’re using Verisk tools to prefill applications as far as possible with the best data in the business, so we can give customers a better purchase experience that earns their trust and loyalty.”
-David Howard, VYRD’s chief executive officer
VYRD came to us focused on digital transformation that would drive a better customer experience and support a successful business model for the increasingly complex Florida market, VYRD’s experienced and knowledgeable team knew where to turn for advanced technology, robust data and analytics and deep insurance expertise,said Doug Caccese, president of risk assessment, underwriting solutions at Verisk.
Verisk (Nasdaq: VRSK) provides data-driven analytic insights and solutions for the insurance and energy industries. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk empowers customers to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud, and make informed decisions about global issues including climate change and extreme events as well as political and ESG topics. With offices in more than 30 countries, Verisk consistently earns certification by Great Place to Work and fosters an inclusive culture where all team members feel they belong.
VYRD is the first Florida-domiciled Property and Casualty insurer licensed in the state in three years, and its leadership team brings more than 75 years of combined experience insuring homes in Florida and the Gulf Coast. VYRD has partnered with the best service providers in the state to offer Floridians better coverage and service at competitive rates, and promise to deliver more effective prevention, better protection, and a smoother customer experience.
CORE INSURANCE,RISK MANAGEMENT
Coalition | August 16, 2022
Coalition, the world's first Active Insurance provider designed to prevent digital risk before it strikes, announced today that it has received regulatory approval and completed the acquisition of Digital Affect Insurance Company from Munich Re Digital Partners US Holding Corporation. Digital Affect Insurance Company is a property and casualty insurer licensed in all 50 states.
The acquisition will allow Coalition to offer insurance policies through its own admitted insurance carrier. Coalition currently offers cyber, technology errors & omissions, directors and & officers, and other executive risks policies through partnerships with Allianz, Arch Insurance North America, Ascot Group, Lloyd's of London, Swiss Re Corporate Solutions, Vantage, and Zurich among others.
"This strategic move empowers Coalition to expand the reach of our market leading active cyber insurance offering together with other admitted insurance products, The acquisition is a natural next step in our evolution and will allow us to better serve our broker partners and customers, while continuing to push the boundaries of innovation in cyber insurance, executive risks insurance, and beyond."
-Shawn Ram, Head of Insurance for Coalition
This acquisition builds on a string of important company milestones in 2022. Most recently Coalition announced a $250M investment in July 2022, boosting the valuation of the company to $5B, and appointed its first ever chief financial officer and general counsel earlier this month ahead of a planned expansion into the UK.
Coalition's Active Insurance combines industry-leading cybersecurity tools, access to around-the-clock digital forensics and incident response, and comprehensive insurance coverage to help organizations identify, mitigate, and insure digital risk. Coalition's technology advantage has allowed the company to build a sustainable, high-performing book of business in a highly-dynamic cyber market, while also helping Coalition customers spot and manage digital risk before it strikes. Coalition now serves over 160,000 customers with Active Cyber Insurance, Active Executive Risks Insurance, P&C insurance, and cybersecurity capabilities.
Coalition is the leading provider of cyber insurance and security, combining comprehensive insurance and proactive cybersecurity tools to help businesses manage and mitigate cyber risk. Through its partnership with leading global insurers Arch Insurance North America, Allianz, Ascot Group, Lloyd's of London, Swiss Re Corporate Solutions and Vantage, Coalition offers its Active Insurance products in the US and Canada and its security products to organizations globally. Coalition's Active Risk Platform provides automated security alerts, threat intelligence, expert guidance, and cybersecurity tools to help businesses remain resilient in the face of cyber attacks. Headquartered in San Francisco, Coalition is a distributed company with a global workforce that collaborates both digitally and in office hubs across the globe.