Insurer urges customers to prepare for summer heat

insurancebusinessmag | June 13, 2019

With summer just around the corner, the National Oceanic and Atmospheric Administration has forecast above-normal temperatures for much of the country.While insurance policies normally cover claims caused by extreme summer heat, a study conducted by Mercury Insurance revealed that 41% of US homeowners dont know what their policy covers - and almost one in five policyholders believe they dont have enough insurance to repair or replace damaged property.

Spotlight

If you have an insurance policy, you've likely heard of premiums, deductibles and limits. But do you know what each of these terms means? Each of these concepts helps determine how much you'll pay for your insurance (homeowners, auto, boat or life, for instance) — as well as how much you may receive after a covered loss.

Spotlight

If you have an insurance policy, you've likely heard of premiums, deductibles and limits. But do you know what each of these terms means? Each of these concepts helps determine how much you'll pay for your insurance (homeowners, auto, boat or life, for instance) — as well as how much you may receive after a covered loss.

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INSURANCE TECHNOLOGY

CSAA Insurance Group and Rick Astley Partner on Surprise Ad Campaign

CSAA Insurance Group and Deloitte Digital | August 18, 2022

CSAA Insurance Group has partnered with 1980s British legend Rick Astley to launch a new brand campaign across 17 U.S. markets. For the first time in 35 years, Astley and the top-rated AAA Insurance provider have released a new version of his beloved music video for his 1987 chart-topping hit “Never Gonna Give You Up.” The new video pays tribute to the original while spreading the good news about InsurAAAnce — the insurance that never gives you up! “Paying homage to my video for the AAA Insurance commercial from the set to the wardrobe has been an amazing trip down memory lane, The song has been so good to me, and I’m thrilled to be working with another iconic brand that has certainly stood the test of time.” -Astley It’s a collaboration that makes sense, as CSAA Insurance Group continues its 100-year streak of providing unbeatable service and support to customers in times of need. There’s no better way to celebrate this milestone than with the world’s most loveable meme. Rickified QR codes This week, Rickified QR codes are going up across the country, primed to unleash a familiar Rick Astley experience: the “Rickroll.” Anybody in one of the target markets can scan the codes to experience the brand-new music video themselves. The ”Rickroll” is one of the original internet memes that delighted internet users as a lighthearted prank. When receiving a disguised hyperlink, unassuming readers would click on it, expecting an unrelated topic, and instead get redirected to the “Never Gonna Give You Up” music video. As a testament to the joy that the meme has spread over the past 15 years, “Never Gonna Give You Up” has garnered over 1.2 billion views on YouTube and nearly 600 million streams on Spotify. We are thrilled to partner with Rick Astley to not only revisit the joy of his video, but amplify the incredible value that our customers receive with InsurAAAnce, And clearly, the indelible lyrics of ‘Never Gonna Give You Up’ are one of the best ways we can share that message,said Linda Goldstein, executive vice president, Customer Experience & Marketing, CSAA Insurance Group. The campaign, a concept of Deloitte Digital, was brought to life in part through a commercial directed by Joseph Kahn, winner of multiple Grammys, MTV VMAs, Clios, and Emmys. Deloitte Digital’s wealth of expertise in the insurance industry, as well as its deep capabilities in creative, data and technology, allow it to take a creative approach to advertising and activate new brand platforms across all customer touchpoints. An iconic and beloved brand meets an iconic and beloved artist. ‘Never Gonna Give You Up’ is exactly the promise InsurAAAnce makes to its customers: Legendary dependability that won’t let you down or desert you, We wanted to communicate that in a memorable way not only by recreating the legendary music video after 35 years (featuring Rick himself!), but also serving it in a manner that pays homage to how internet and meme culture has made Rick Astley its own,said Jones Krahl and Milton Correa, co-heads of Creative for Brand and Advertising at Deloitte Digital. About CSAA Insurance Group CSAA Insurance Group, a AAA Insurer, offers automobile, homeowners and other personal lines of insurance to AAA Members through AAA clubs in 23 states and the District of Columbia. Founded in 1914, the company has been rated “A” or better by A.M. Best for more than 90 years, and is one of the top personal lines property casualty insurance groups in the United States, according to the National Association of Insurance Commissioners. The company has been repeatedly named one of the 50 most community-minded companies in America by Points of Light. About Deloitte Digital Deloitte Digital helps companies create new growth by elevating the human experience — with connected ideas, technology and talent. Our ambition is to make the best customer-oriented organizations in the world. Alongside all of Deloitte, we foster the connections necessary to shape a better future for our clients, our culture, our society and our planet.

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CORE INSURANCE

World Insurance Associates Expands Midwest Presence with Acquisition of Woody Insurance Group

World Insurance Associates LLC | August 30, 2022

World Insurance Associates LLC (WIA), a Top 50 Insurance Brokerage, announced today that it acquired The Woody Insurance Group (Woody Insurance) of Prairie Village, KS on August 1, 2022. Terms of the transaction were not disclosed. The Woody Insurance Group has been providing insurance to individuals and businesses in the Kansas and Missouri communities for over 20 years. They also have a focus on the construction industry. “Our top goal is to make the insurance-buying process easy and thorough for our customers, We provide highly customized solutions to any business or personal need and look forward to continuing this approach as part of World.” -Chris Woody, President, The Woody Insurance Group I’m pleased to welcome Woody Insurance to the World family, They are well known for their unparalleled customer service and will be a nice fit within the World company,says Rich Eknoian, CEO and Co-Founder of WIA. Giordano, Halleran & Ciesla provided legal counsel to WIA. Myers Longhofer LLC provided legal counsel to The Woody Insurance Group. 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 155 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 and is a Top-50 ranked personal lines agency by Insurance Journal.

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CORE INSURANCE

Westfield Expands Into International Specialty Insurance Business With Purchase of Lloyd’s of London Syndicate 1200 From Argo Group

Westfield | September 09, 2022

Successfully executing on its Specialty Insurance expansion strategy, Westfield today announced its entrance into the international specialty market via the purchase of Lloyd’s of London Syndicate 1200 from Argo Group International Holdings, Ltd. As a leading property and casualty (P&C) insurance company in the United States, this acquisition accelerates Westfield Specialty’sSM rapid growth after a strong first year in the U.S. market. Subject to regulatory approval, the acquisition is expected to close in the first half of 2023 for a purchase price of approximately $125 million. “This acquisition is our first step in establishing a global franchise for Westfield, The international specialty market fits well with our growth ambitions and the opportunity with Lloyd’s Syndicate 1200 jump-starts our entry into this market.” -Ed Largent, Westfield President, CEO and Board Chair Syndicate 1200 has an estimated $650 million book of business, which is focused on various lines of specialty insurance. Lloyd’s holds licenses around the globe to underwrite property and casualty business with an “A+” S&P financial strength rating. Westfield brings deep expertise and experience to the international specialty market. Westfield Specialty President and industry veteran Jack Kuhn has a proven track record of success leading global, multi-billion-dollar specialty businesses and emphasized Westfield’s commitment to international expansion. We’ve had our sights set on the international specialty market since launching our specialty business a year ago, so this is Westfield executing on our original strategy, We considered multiple pathways but acquiring Syndicate 1200 emerged as a unique opportunity because it gets us into the international specialty market quickly with an established platform while capitalizing on current market dynamics,said Kuhn. Kuhn recently announced Graham Evans to the Westfield Specialty executive management team as Executive Vice President, Head of International Insurance. Like Kuhn, Evans has deep international specialty expertise from leadership roles at Chubb, CNA, AXIS and his most recent role leading Endurance/Sompo’s European operations. Evans will develop Westfield Specialty’s international strategy and will lead the integration of Lloyd’s Syndicate 1200. Jack and Graham have enjoyed a long professional relationship spanning more than 20 years in the international specialty market, Together, they will shape the business and build an even stronger portfolio of international business,continued Largent. The international operation will reside within Westfield Specialty, which currently writes specialty business in the U.S. Under Kuhn’s leadership, the team is targeted to write $250 million of premium in 2022 during its first full year of operation. Largent echoes the long-term international commitment adding, This is Westfield acting on a timely, strategic opportunity; investing in our business and deploying capital to create value for our customers. Like Lloyd’s, Westfield has a long history approaching 175 years in business and we couldn’t be more excited about this new chapter and working with the Syndicate 1200 team. Sidley Austin LLP served as legal counsel and Keefe, Bruyette & Woods, A Stifel Company, served as financial advisor to Westfield on this transaction. Westfield is an $8.8 billion (GAAP assets) property-casualty insurance company underwriting commercial, personal, surety and specialty lines of insurance in the U.S. About Westfield Westfield was founded in 1848 by a small group of hard-working farmers who believed in the promise of the future and the power of the individual. Today, as a leading property and casualty (P&C) insurance company in the United States, we remain true to their vision and are dedicated to making a positive difference in our customers’ lives.

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