Here’s what just 6% of UK insurance brokers are not doing

insurancebusinessmag | June 26, 2019

It looks like e-trading among UK insurance brokers is all the rage these days.A market report by FWD Research has revealed that a whopping 94%, or 3,130, of brokers in the UK are currently placing business electronically - leaving a mere 6% who have yet to embrace e-trading. In addition, 41% tap managing general agents (MGAs) or coverholders in order to trade electronically.

Spotlight

The logic of bringing these three aspects of ‘urban policy’ together is twofold. First, and given that much commentary on urban policy has traditionally focused only on the first of these three categories, it provides a comprehensive way of assessing how public policy choices and processes of institutional reform have affected cities, in the round, over time. We assume that in a unitary state such as the UK, where national government is the constitutionally superior body but the bulk of public services is delivered sub-nationally.

Spotlight

The logic of bringing these three aspects of ‘urban policy’ together is twofold. First, and given that much commentary on urban policy has traditionally focused only on the first of these three categories, it provides a comprehensive way of assessing how public policy choices and processes of institutional reform have affected cities, in the round, over time. We assume that in a unitary state such as the UK, where national government is the constitutionally superior body but the bulk of public services is delivered sub-nationally.

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Patriot Insurance Partners With NXG to Expand in New York

PATRIOT INSURANCE | June 10, 2022

Patriot Growth Insurance Services, LLC (Patriot), one of the nation's largest and fastest-growing insurance agencies, has announced a new partnership with New York-based NXG Insurance Agency Group (NXG). Patriot's reach in New York is expanded, while NXG's resources and capabilities are expanded to a national level because of this relationship. NXG is a commercial property and casualty insurance company based in Kingston, New York, that also offers personal insurance. They also have a specialist loss control and risk management staff, as well as a professional construction crew. "Our partnership with Patriot is exciting because we share the same core values, beliefs and desire to do what is best for our clients," said Joseph Davis, president of NXG. "Like Patriot, we're focused on growing our business and providing our clients with the best service, resources and products." Susan Provost, Executive Vice President and Chief Operating Officer at NXG added, "We're looking forward to collaborating with Patriot's team and their partner agencies. We think it is a great fit that will help accelerate our growth goals while allowing us to stay focused on our clients and their needs like we have done for the past 40 years." Patriot and NXG's alliance expand Patriot's property and casualty business division as well as its construction speciality.

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CORE INSURANCE

Insurance Digital Payment Provider PayCloud.io Introduced New Platform

PayCloud.io | May 27, 2021

PayCloud.io is pleased to introduce a digital payment platform specialized for insurers and MGAs to fulfill the continuously expanding need for digital payment solutions. While the name payCloud.io is new, the core systems and team have been in the insurance industry for over two decades. PayCloud.io spun out of insurance software pioneer Silvervine Software, uses the same forward-thinking digital payment technology as Silvervine Software, but with a dedicated payment focus. PayCloud.io provides a comprehensive suite of modern payment solutions, each of which provides a safe, convenient, and user-friendly customer experience. Its efficient digital payment systems allow insurers to receive payments as well as initiate a wide range of outbound payments to insureds, claimants, vendors, and others. payCloud.io allows premium payments both online and by phone. The company, which is ultra-secure and always reliable, achieved 99.99% uptime in 2020 and the previous five years. "We're pleased to formally launch payCloud.io and expand our digital payment offerings," said Timothy Cunningham, payCloud.io's director of payments. Cunningham, who has over 20 years of product and software development expertise in the insurance sector, is in charge of many new product developments that will be deployed in the coming weeks. "Because our entire payCloud.io team has prior expertise in the insurance sector, we can easily help both existing and new customers. Because we are familiar with insurance operations, structuring, and digital payment requirements, we can quickly support customers, capitalize on new digital payment opportunities, and grow within the industry." "We are excited to offer payCloud.io, which provides customers with an expert team committed to digital payment innovation, exceptional customer support, and highly competitive rates," said Shurre Hampton, Silvervine's general manager. "Silvervine can now focus completely on developing cutting-edge insurance software to meet the rising demands of the insurance sector, due to payCloud.io. Best of all, Silvervine clients will benefit from the all-star payCloud.io team's products and services." About payCloud.io payCloud.io helps insurers improve their performance by providing quick, friendly digital payment experiences at the industry's lowest rates. The company provides an ultra-secure digital payment platform with inbound and outbound payment options that are also specifically tailored to the needs of insurers and MGAs. All payCloud.io solutions include simple implementation, extensive customer support, and PCI hosting for efficient risk management.

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Applied Underwriters Sets Acquisition of Catlin Specialty Insurance Company

AXA XL | February 24, 2022

Applied Underwriters has announced that it will acquire Catlin Specialty Insurance Company ('A+' rated) from the AXA XL group of companies, consolidating the company into the North American Casualty group of companies ('A' rated) in a move intended to bolster Applied's operating capabilities in support of its strategic partners as the E&S market hardens. The transaction is scheduled to close during Q2 as anticipated regulatory approvals are received. Mr. Jamie Sahara, President of Applied Underwriters, characterized the acquisition as a major advantage to Applied, its emerging E&S market leadership and its growing collaboration with channel partners in the sector: "Applied has consistently executed our commitment to sustaining and growing our national platform for E&S business and to intensifying our relationships with our strategic partners with whom we have impacted the sector. This is an important development for us and for our partners in the E&S market." -Mr. Jamie Sahara, President of Applied Underwriters Mr. Steve Menzies, Chairman of Applied Underwriters, noted that the structure for the transaction drew upon a business transfer process used in Oklahoma that is based upon the successful Part VII transfer procedure used in the UK and the EU: "We found great potential in the Oklahoma Insurance Business Transfer (IBT) Act's regulatory process and its regulators' application of it. Uniquely, the IBT process permits insurers the ability to effect the absolute transfer of blocks of insurance business from one insurer to another, providing both the transferring and assuming companies an efficient, transparent and straightforward process, while also realizing a legal finality. Our deal was complex and the Oklahoma regulatory format really helped facilitate this." -Mr. Steve Menzies, Chairman of Applied Underwriters According to Mr. Menzies, the transaction required the redomestication of the company: "The Catlin Specialty Insurance Company is licensed as an E&S carrier in all states except Oklahoma where it will be domiciled and where it holds a large number of surplus lines authorizations. To effect the acquisition, Applied and AXA XL worked with Delaware and Oklahoma regulators to redomesticate Catlin from Delaware to Oklahoma, so that Oklahoma's IBT process could be used. We thank the regulators involved in these states in acting to benefit the sector and, ultimately, the clients we serve." Formed in the 1950s, the Company that is Catlin Specialty Insurance Company today was the subject of a series of transactions that culminated in its acquisition in 2006 by Catlin Group Limited. In 2015, the Company became part of what is now AXA XL. Catlin Specialty Insurance Company currently holds an 'A+' rating from AM Best. The North American Casualty companies are rated 'A' by AM Best. About Applied Underwriters Applied Underwriters® is a global risk services firm that helps businesses and people manage uncertainty through its business services, insurance and reinsurance solutions. As a company, Applied Underwriters has been distinguished by its innovative approaches to client care and by its strong financial strength. Applied Underwriters operates widely throughout the US, UK, EU and Middle East. Its operational headquarters is located in Omaha, Nebraska. About AXA XL AXA XL, the property & casualty and specialty risk division of AXA, provides insurance and risk management products and services for mid-sized companies through to large multinationals, and reinsurance solutions to insurance companies globally. AXA XL partners with those who move the world forward.

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