Independent agencies Peel & Holland, Riddle Insurance announce merger

Peel & Holland | February 04, 2020

Peel & Holland Insurance has merged with Madisonville, KY-based Riddle Insurance and its subsidiary, R. Barga and Company Insurance in Benton, KY. The independent insurance agencies all offer business P&C insurance, surety and bonding, family insurance, and employee benefit plans, as well as workplace wellness programs. A release noted that the merger – which was finalized at the start of 2020 – combines teams totaling 83 employees in seven regional office locations across Western Kentucky. Each of the units will continue to function as independent insurance agencies, maintaining access to multiple carriers. “Our companies are built on very similar legacies totaling 198 years of service. We have seen many changes, but this opportunity to unite is one of the most exciting ever,” commented Peel & Holland president Roy Riley.

Spotlight

Insurance companies are very much aware of the FinTech revolution: 74% of respondents see FinTech innovations as a challenge for their industry. There is a good reason to believe that insurance is indeed heading down the path of disruptive innovation, whether it is the effect of an external factor, such as the rise of the sharing economy, or the ability to improve operations using artificial intelligence (AI). However, despite these emerging trends, a disconnect exists between the amount of disruption perceived and insurers’ willingness to invest to defend against and/or take advantage of the innovation: 43% of the industry players claim they have FinTech at the heart of their corporate strategies, but only 28% explore partnerships with FinTech companies and even less than 14% actively participate in ventures and/or incubator programs.

Spotlight

Insurance companies are very much aware of the FinTech revolution: 74% of respondents see FinTech innovations as a challenge for their industry. There is a good reason to believe that insurance is indeed heading down the path of disruptive innovation, whether it is the effect of an external factor, such as the rise of the sharing economy, or the ability to improve operations using artificial intelligence (AI). However, despite these emerging trends, a disconnect exists between the amount of disruption perceived and insurers’ willingness to invest to defend against and/or take advantage of the innovation: 43% of the industry players claim they have FinTech at the heart of their corporate strategies, but only 28% explore partnerships with FinTech companies and even less than 14% actively participate in ventures and/or incubator programs.

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