Higginbotham, Gilliam Insurance Agency merge their businesses

insurancebusinessmag | July 03, 2019

Higginbotham and Gilliam Insurance Agency have jointly announced that their businesses will merge.
Gilliam Insurance Agency is an independent commercial P and C insurance broker that specializes in trucking. Based in Pasadena, TX, Gilliam has been operating for 14 years.

Spotlight

The convenience of embedded insurance is making it one of the most desirable forms of insurance distribution for all parties involved. On the demand side, consumers’ appetite for convenience — and their willingness to conduct transactions online — are both higher than ever. The technologies involved in embedding insurance coverage into other products and services have been perfected. As a result, insurers are uniquely positioned to benefit from the rise of embedded insurance.

Spotlight

The convenience of embedded insurance is making it one of the most desirable forms of insurance distribution for all parties involved. On the demand side, consumers’ appetite for convenience — and their willingness to conduct transactions online — are both higher than ever. The technologies involved in embedding insurance coverage into other products and services have been perfected. As a result, insurers are uniquely positioned to benefit from the rise of embedded insurance.

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CORE INSURANCE, INSURANCE TECHNOLOGY

Hawksoft and Input 1 Partner to Enable Premium Collection for Insurance Agencies

HawkSoft and Input 1 | January 20, 2023

On January 19, 2023, HawkSoft, a provider of agency management systems in the insurance industry, and Input 1, which delivers digital billing, payments, and premium finance solutions, entered into a partnership that allows HawkSoft agencies to use premium collection functionalities. Input 1 has spent over 30 years perfecting its comprehensive billing and payments platform, which simplifies the intricacies of the premium collection lifecycle. Input 1's services are used by over 125 carriers, finance companies, managing general agents, and thousands of insurance agents to bill and collect premiums from their customers. HawkSoft's agency management system has succeeded by creating a central insurance platform with API-powered connectivity throughout the insurtech stack. In addition, the company focuses on delivering technology guided by real-world workflows to independent insurance agencies, increasing revenue and efficiency. With the integration of Input 1's premium finance and payments solution, HawkSoft clients can use data directly from their management system to accept digital payments for pay-in-full policies, offer digital premium financing, and set up recurring payments via debit, credit, and ACH. The integration also prevents double-entry in their common workflows. Rushang Shah, Chief Marketing Officer of HawkSoft, said, "One of our key goals is to support the unique approaches independent insurance agencies apply in running their businesses." He further expressed, "We are happy to collaborate with Input 1 and welcome them to our ecosystem as a Solution Partner." (Source – PR Newswire) About HawkSoft Based in Canby (Oregon), Hawsoft provides management systems to organizations that want efficient workflows, unique experiences for employees and policyholders, and tools to foster meaningful relationships. The company, founded by independent agents, provides an innovative system that powers thousands of agencies. HawkSoft aims to assist agents in performing quality work more efficiently - not by pushing them to adapt to the software but by ensuring that it automates the steps that agents already know work best. AboutInput 1 Input 1, LLC offers digital billing and payment solutions to property and liability insurers. The company's digital billing and payment solutions provide insurance carriers and MGAs with tailored offerings at a lower cost and faster implementation than internal IT resources. In addition, its outsourcing helps banks, insurance carriers, and insurance brokers develop lucrative profit centers that increase client support and service alternatives.

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CORE INSURANCE,RISK MANAGEMENT

Arthur J. Gallagher & Co. Announces Agreement To Acquire Buck

Arthur J. Gallagher & Co. | December 21, 2022

Arthur J. Gallagher & Co. (NYSE: AJG) today announced an agreement to acquire the partnership interests of BCHR Holdings, L.P., dba Buck. The transaction is expected to close during the first half of 2023, subject to customary regulatory approvals. Buck is a leading provider of retirement, HR and employee benefits consulting and administration services. The organization has a long history, dating back more than 100 years, with a diverse client base by both size and industry. With over 2,300 employees, including more than 220 credentialed actuaries, Buck primarily serves customers throughout the US, Canada and the UK. "Providing a comprehensive suite of products and services that allows employers to attract, engage and retain talent is at the heart of Gallagher Benefit Services' mission and our global Gallagher Better Works value proposition, Through the complementary strengths of Buck's defined benefit offerings, investment consulting, digital employee engagement platform and international footprint, the acquisition will broaden, deepen and enhance our client offerings. I look forward to welcoming the 2,300 new colleagues joining us as part of this transaction to our growing Gallagher family of professionals." -J. Patrick Gallagher, Jr., Chairman, President and CEO Benefits of the acquisition are expected to include: Expanding Gallagher's value proposition within retirement, benefits & HR consulting, administration, and technology Enhancing and deepening Gallagher's broad suite of professional services including: defined benefits consulting, plan administration, defined contribution and executive benefit consulting, investment consulting, benefits strategy, compliance, employee engagement consulting and total rewards optimization Adding "bSuite," a leading, proprietary software platform for benefits administration and employee engagement Potential cross-selling opportunities across current benefits and property & casualty clients Combining similar sales cultures, both focused on outstanding client service, employee engagement and innovation Deepening the employee benefits management team. Financial Terms Under the agreement, Gallagher will acquire the partnership interests of BCHR Holdings, L.P. and its subsidiaries, for a gross consideration of $660 million or approximately $585 million net of agreed seller funded expenses and net working capital. Gallagher expects to fund the transaction via free cash flow and short-term borrowings. The transaction is estimated to be approximately 2% accretive to adjusted diluted earnings per share over the trailing twelve month period ended September 30, 2022, assuming expense synergies discussed below. Prior to expected expense synergies of approximately $20 million, Buck's pro forma adjusted trailing twelve month revenues and EBITDAC ending September 30, 2022 were approximately $280 million and $34 million, respectively. Including synergies, the purchase multiple is approximately 10.8x of trailing twelve month September 30, 2022 pro forma adjusted EBITDAC, or 13.1x including expected integration expense of approximately $125 million. About Arthur J. Gallagher & Co. Arthur J. Gallagher & Co. (NYSE:AJG), a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois. Gallagher provides these services in approximately 130 countries around the world through its owned operations and a network of correspondent brokers and consultants.

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CORE INSURANCE,INSURANCE TECHNOLOGY

World Insurance Associates Acquires DG&M Insurance Agency

World Insurance Associates LLC | December 19, 2022

World Insurance Associates LLC (World), a Top 50 Insurance Brokerage, announced today that it acquired DG&M Insurance Agency (DG&M) of Rochester, NY on November 1, 2022. Terms of the transaction were not disclosed. DG&M Agency, Inc., was established in 1996 with the goal of providing customers with superior service by offering quality insurance products and services that satisfy their needs and exceed their expectations. Today the agency serves the needs of individuals and businesses in over a dozen states--providing auto, home, life, commercial, and disability insurance as well as bonds and employee benefits. “Despite our growth over the years, our agents are still committed to providing the same small-town client-based service and attention to detail that has made us a leading choice among those seeking honest, reliable attention to their insurance needs, Our agents take pride in the individual service they offer to each and every customer, remaining abreast of industry trends, technology and changes that could affect their customers’ insurance products. I’m glad to be continuing this approach as part of World.” -Dale K. Trott, Agency Principal, DG&M Insurance Agency I’d like to welcome DG&M to the World family, Their vision and progressive way of doing business for more than 20 years has earned them industry recognition, and I am happy to have them as part of World,says Rich Eknoian, CEO and Co-Founder of WIA. Giordano, Halleran & Ciesla provided legal counsel to World. Pullano & Farrow PLLC provided legal counsel to DG&M. 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 over 170 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, ranked #3 on the Fastest Growing Benefits Brokers list by Business Insurance, ranked #24 on the Top 100 P&C Agencies by Insurance Journal, and is a Top-50 ranked personal lines agency by Insurance Journal.

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