Relm Insurance and CyberCube | November 22, 2022
Relm Insurance Ltd. (Relm), a market-leading specialty insurance carrier serving emerging industries, has inked a strategic partnership with renowned cyber risk analytics firm CyberCube to bolster its cyber underwriting business with advanced analytics, artificial intelligence and advanced risk modeling and assessment capabilities.
Launched in 2019 as the first commercial insurer licensed under the Bermuda Monetary Authority’s “Innovative Insurer General Business” (Class IIGB) regulatory framework, Relm partners with a global distribution network of brokers to develop insurance solutions for businesses and institutions operating at the forefront of emerging industries, with a focus on digital assets/Web3.0, cannabis and psychedelics.
Relm will leverage CyberCube’s sophisticated technology platforms, including Account Manager and Portfolio Manager, to enhance underwriting decision-making with industry-specific threat risk scores, financial loss frameworks, and real-time data and insights.
“This partnership with Relm demonstrates we are continuing to broaden our reach within other, non-traditional insurance markets. It will allow us to further demonstrate that our data accuracy, methodology and expert personnel can be utilized effectively to help create a profitable framework, regardless of industry. By licencing our products, Relm finds itself in a position for rapid success as it rolls out more in-depth risk selection protocols.”
-Sean Omar, CyberCube’s Sales Manager - Americas
Donavan Burgess, Relm Senior Vice President - Digital Assets, Cyber & Professional Lines, said: The advent of cryptocurrency and the utilization of blockchain technology have created a new set of cyber exposures. CyberCube’s mix of data, actionable insights, team of experts and footprint across the insurance value chain will provide us with the best springboard to grow our business over the coming years.
Portfolio Manager is a scenario-based data-driven model that enables risk professionals to develop insights for their senior leadership and underwriting teams. It also allows stress testing of portfolios of insurance risk so that loss drivers and areas of accumulation risk can be identified.
Account Manager is designed for risk carriers and is used by leading companies across the insurance ecosystem. It enables underwriters to make efficient, data-driven risk selection decisions.
CORE INSURANCE,WORKERS COMPENSATION
Inszone Insurance Services | January 06, 2023
Inszone Insurance Services, a leading national supplier of benefits, personal, and commercial lines insurance, has acquired Employers Choice Insurance Services Inc.
As part of the acquisition, Employers Choice Insurance Services staff and the current site in Oceanside, CA, will be retained by Inszone Insurance Services.
Employers Choice Insurance Services, founded in April 1998, has become the go-to firm for workers' compensation in Oceanside and the surrounding areas. Over the years, Employers Choice has successfully grown into one of California's premier commercial insurance agencies.
Employers Choice Insurance specializes in workers' compensation and also provides general liability, group health, commercial auto, and payroll insurance to its commercial clients.
Founded in 2002 in Rancho Cordova, CA, Inszone Insurance Services has grown into one of the big players in the insurance sector with offices in California, Arizona, Colorado, Utah, Nevada, Missouri, Texas and Illinois, serving all the 50 states. With a customer-centric mentality, it focuses on the relationship between agents and customers, ensuring customer satisfaction above all else. Inszone Insurance Services is a full-service insurance agency that can handle both personal and commercial insurance needs. With experienced and expert insurance professionals' insights, it simplifies shopping strategies for customers, making an otherwise complex process simple and streamlined.
CORE INSURANCE,INSURANCE TECHNOLOGY
Alera Group | January 05, 2023
Alera Group, a national insurance, wealth, and retirement plan services provider, has acquired The Ascent Group and allied firms. The deal adds $1.5 billion to Alera Group Wealth Services' RIA business and $1.3 billion to Alera Group Retirement Plan Services.
The Summit Group in Virginia and Walsh & Nicholson Financial Group in Pennsylvania are connected to the Ascent Group. The Ascent Group has 42 employees, 15 of whom are financial advisors. By the end of 2022, Alera Group Wealth Services had $7.5 billion in assets, which included $1.5 billion in RIA assets and about $6 billion in AUM.
One of the most fundamental components of the Ascent Group's investment infrastructure is the turnkey asset management program (TAMP), which was created to lower the overall client expenses by bringing crucial operations in-house and eliminating vendors.
According to Alera Group, The Ascent Group is a good fit for the company's strategy of providing synergies and strategic benefits across its employee benefits and property and casualty verticals. It lets the company offer more complete solutions to clients, which can really help plan sponsors and participants come together. The organization is delighted to have the team join its expanding division in a role that will serve as a cornerstone.
Meanwhile, the terms of the transaction were not disclosed.
About Alera Group
Alera Group serves thousands of clients, offering various services such as employee benefits, P&C, wealth, and retirement plans. It merged 24 dynamic US offices. The organization blends national experience and resources with local, tailored service. It is the nation's 7th largest privately-held employee benefits firm, 15th-largest independent insurance agency, and 16th-largest privately-held insurance firm.