Risk Strategies | February 14, 2023
On February 13, 2023, Risk Strategies, a national specialty insurance, risk management and consulting firm, announced its acquisition of Bullen Insurance Group, bringing the expertise and services for the specialized needs of high-net-worth individuals and families.
Bullen Insurance Group is a specialty insurance brokerage and risk management firm designed for the insurance needs of successful family offices and businesses, individuals, and families, protecting valuable assets and property worldwide. In addition, it customizes insurance programs, addressing the complex risks of properties like automobiles, yachts, aircraft, and art collections exposed to natural disasters. With a personalized service approach, it has been helping industries, financial institutions, historic properties, and non-profit organizations, developing trust and loyalty for generations of clients and renowned commercial businesses.
National practice leader for Private Client Services at Risk Strategies, Alison Murphy, said, "Effectively addressing the many complex risks faced by highly successful individuals and families requires deep expertise and dedicated specialization." She added, "Bullen Insurance Group has a well-earned, long-established reputation for excellence in serving high-net-worth clients and this provides us with a unique opportunity to expand our high-net-worth practice in a key market. I'm thrilled to welcome Matt and his team to Risk Strategies."
(Source – Globe Newswire)
President and CEO Matthew C. Fox said, "Given the firm's long history, and the trust our clients place in our service and knowledge, we wanted to be sure we were choosing the right partner to scale and perpetuate our business." He added, "The quality of the people and the operational platform we saw at Risk Strategies and their specialist approach to client service and collaboration gave us great confidence that we have found a partner that is aligned with our vision and will support our unwavering commitment to our clients."
(Source – Globe Newswire)
About Risk Strategies
Risk Strategies, an insurance service provider, has been offering financial benefits and protecting assets since 1997. It is a privately held National Specialty Insurance Brokerage and Risk Management Advisor, minimizing liabilities of its assets. Headquartered in Boston, it is one of the oldest firms in the private equity industry, investing in the insurance sector and offering financial benefits, compensations, and employment. It provides solutions in specialty insurance, brokerage, private clients, transportation, surety, captives, group benefits, risk management, high-net-worth, employee benefits, property, and casualty.
RISK MANAGEMENT,INSURANCE TECHNOLOGY
Vouch | December 27, 2022
Vouch, known as the 'Insurance of Tech,' recently launched the first insurance solution for Web3 companies. Under this, it will cover Web3 companies with insurance policies, including smart contract vulnerabilities, DAOs, crypto, and more.
"The global insurtech market size is expected to expand at a compound annual growth rate (CAGR) of 51.7% from 2022 to 2030."
- Grand View Research
In the past year and a half, about 3,000 startups have raised almost $40 billion. Many of these are run by founders who are building strong companies that solve real problems for real users. Till now, Web3 companies had to settle for insurance that didn't meet their needs or make do with what they already had, which eventually slowed their growth.
Vouch has become the most trusted partner by getting $160 million from the best companies in Silicon Valley. Its newest market includes Web3 companies, while Ansible Labs, Bitwave, Stardust, and Utopia Labs are some of its launch clients.
Traditional policies tend to leave crypto out, but Vouch's Web3 Protection Policy covers that. In addition, the policy includes four coverages that can be expanded to cover key Web3 risks based on the needs of the client:
Directors & Officers (D&O) insurance helps protect the company and the personal assets of its founders, officers, and board members from claims of wrongdoing, such as misrepresentation or breach of fiduciary duty, as well as the costs of responding to or defending against the claims.
Errors and Omissions (E&O) insurance protects the company when a customer claims that the company's services caused them to lose money.
Cyber: It helps pay for data breaches caused by mistakes, hacking, and social engineering. It also protects against privacy violations, security failures, and system failures.
Crime: Helps protect the company from employee theft, forgery, and fraud, as well as some digital assets.
Vouch has built a strong partner network to meet the needs of its Web3 customers in addition to its coverage. In the partner network, Fireblocks is responsible for direct custody technology, Silicon Valley Bank for banking, Upside for token management, and Tactic for accounting.
Vouch Insurance is a new type of insurance platform for startups that is trusted by the startup industry's biggest names, including Y Combinator and Silicon Valley Bank. Everything has been designed for startups by experienced founders, from onboarding to claims. The company, which has offices in San Francisco and Chicago and whose fully digital coverage can be activated in minutes, assists clients in managing, mitigating, and avoiding risks.
RISK MANAGEMENT, INSURANCE TECHNOLOGY
Embroker | February 24, 2023
Embroker, a digital insurance platform that makes it easy to insure a business, just released a new malpractice and cyber bundle that is specifically made for legal practices.
This package, the company's first vertical offering built on its new ONE by Embroker platform, makes it easy for law firms to obtain customized malpractice and cyber coverage.
Ben Jennings, Chief Revenue Officer at Embroker, stated, "Regardless of size, law firms don't just want to 'tick' the insurance box; they need a strategic partner to create products where risk is dynamically modeled and tailored to their biggest exposure areas."
He further added, "This law liabilities and cyber bundle does exactly that, and represents the first of multiple vertical-specific bundles we'll be launching on ONE by Embroker in the coming months."
(Source – Business Wire)
Law companies' databases include massive volumes of personal and sensitive customer data, making cybersecurity breaches severe. After answering a few questions, law firms can identify their coverage needs and receive customized liability and cyber policy quotations. Custom product packaging, level pricing transparency, and one application for various coverages let them receive the proper coverage faster and easier.
ONE by Embroker uses AI and machine learning to synthesize and mix business insurance solutions depending on industry demands, simplifying the insurance buying process. Embroker's ONE by Embroker universal application and strong vertical expertise create a unique, streamlined shopping experience for legal professionals in this law package. It's suitable for companies of all sizes, but those with 25 attorneys or fewer are the most underserved by conventional brokers and carriers.
Due to these expanding concerns, many organizations are now carefully assessing their cyber exposure and adding cyber insurance to their cyber hygiene activities.
Embroker simplifies smart business insurance. It saves time and money by integrating technology and broker knowledge. Embroker, the largest internet insurance broker, wants to improve the $800 billion P&C insurance market. The company services customers in all 50 states from its San Francisco, Chicago, and Boston headquarters. According to Goldman Sachs and CB Insights, it is one of the innovators shaping the future of finance.