CORE INSURANCE

Inszone Insurance Services Acquires Keck Insurance Agency in Temecula, CA

Inszone Insurance Services | February 14, 2022

Inszone Insurance Services, a rapidly growing national provider of benefits, personal, and commercial lines insurance, announced today the acquisition of Keck Insurance Agency, expanding its presence in the Temecula area.

Keck Insurance, a family-owned independent agency, has served the needs of residents and businesses of the Temecula Valley since 1992. The agency was originally started in September of 1972 by Dan Keck’s father in the San Bernardino area. Dan started working with his father in the agency in 1989 before ultimately taking it on as an owner in October of 1992 when he moved the agency to Temecula.

Keck Insurance Agency strives to provide quality protection for hundreds of individuals, families, and businesses throughout Southern California. The team at Keck Insurance has worked hard at identifying the needs of clients, putting together a customized plan that’s simple and easy to understand, ultimately taking the mystery out of insurance. Keck Insurance Agency customers will continue to receive the service they are accustomed to, under the Inszone Insurance brand.

“We are excited to bring Keck Insurance Agency into the Inszone Insurance family, The acquisition of Keck Insurance makes for our third in the Temecula Valley, expanding our services throughout Southern California.”

- Norm Hudson, CEO of Inszone Insurance Services.

Inszone Insurance plans to continue to broaden its national footprint in 2022, and pursue a steady growth trajectory, with a number of important transactions to be completed and announced in the upcoming months.

About Inszone:
Founded in 2002 and headquartered in Sacramento, California, Inszone is a full-service insurance brokerage firm which provides a broad array of property & casualty insurance, along with employee benefits solutions. With a strong, experienced management team, Inszone continues to grow organically, as well as through acquisitions. With 26 locations across California, Arizona, Nevada, Utah, Colorado, Missouri, Texas and Illinois, the company is looking to further expand throughout the United States.

Spotlight

During 2018, participation in the private flood market continued to growth with 33 new companies reporting on line 2.5.1 Figure 1 illustrates the rapid increase from 49 reporting carriers in 2016 to 124 in 2018. New participation came predominately from the Liberty Mutual Group (12 companies), CNA Insurance Group (6 companies), Nationwide Group (4 companies) and Sompo American Insurance Company

Spotlight

During 2018, participation in the private flood market continued to growth with 33 new companies reporting on line 2.5.1 Figure 1 illustrates the rapid increase from 49 reporting carriers in 2016 to 124 in 2018. New participation came predominately from the Liberty Mutual Group (12 companies), CNA Insurance Group (6 companies), Nationwide Group (4 companies) and Sompo American Insurance Company

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CORE INSURANCE

Hub International Acquires CAPAX Management and Insurance Services

Hub International, CAPAX Management and Insurance Services | January 11, 2021

Hub International Limited (Hub), a leading full-service global insurance broker, reported today that it has acquired CAPAX Management and Insurance Services, Inc. (CAPAX). Terms of the exchange were not revealed. Situated in Modesto, California, CAPAX is one of the biggest privately claimed insurance brokerage and representative advantages counseling associations situated in Central California. CAPAX gives multi-line insurance solutions, including personal and commercial, worker benefits items and risk management solutions for their customers. CAPAX's ability in carrying hostage solutions to their customers and their attention on different ventures, for example, agribusiness (crop), supplements and fortifies Hub's current capacities. "CAPAX is a great addition to the Hub family as we continue our growth strategy in the region by adding specialized capabilities that will expand the depth of our insurance and risk management solutions," said Michael Der Manouel, Executive Vice President of Hub California Central Valley. "We look forward to joining Hub – a leading brokerage firm with strong values and an utmost commitment to clients," said Mr. Geddes. "With Hub, we will be well-positioned to provide a full suite of services to fit our clients' growing needs." About Hub's M&A Activities Hub International Limited is committed to growing organically and through acquisitions to expand its geographic footprint and strengthen industry and product expertise. For more information on the Hub M&A experience. About Hub International Headquartered in Chicago, Illinois, Hub International Limited is a leading full-service global insurance broker providing risk management, insurance, employee benefits, retirement and wealth management products and services. With more than 12,000 employees in offices located throughout North America, Hub's vast network of specialists brings clarity to a changing world with tailored solutions and unrelenting advocacy, so clients are ready for tomorrow. For more information.

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INSURANCE TECHNOLOGY

JAB’s Pet Insurance Business to Acquire Global Pet Insurance Operations of Fairfax Financial

JAB Holding | June 22, 2022

On June 20, JAB Holding Company and Fairfax Holdings Limited announced a strategic partnership. JAB’s pet insurance business has agreed to acquire all of Fairfax’s interests in the Crum & Forster Pet Insurance Group™ (“C&F Pet”) and Pethealth Inc., including all of their worldwide operations. Fairfax will also make a $200 million investment in JCP V, JAB’s latest consumer fund. “Fairfax is very happy to partner with Olivier Goudet and JAB Holding Company,” said Prem Watsa, the Founder, Chairman and CEO of Fairfax. ”JAB has had an outstanding track record over the past 10 years and we expect this to continue. While we have sold our pet insurance business to JAB, we will invest $200 million in their JCP V to become their partners. We expect JAB to soon become leaders in pet healthcare and pet insurance globally. We wish them much success.” “We are extremely excited to partner with Prem and his organization on this transformational transaction, and to welcome them as a partner in our fund,” said Olivier Goudet, Managing Partner and CEO of JAB. “Prem has an incredible multi-decade track record of building great businesses and compounding returns, and we look forward to accelerating the growth of their pet insurance business as part of our focused pure-play pet insurance platform.” “Today’s transaction is a major milestone for us in our mission to become a global leader in pet insurance and the pet health ecosystem,” said Dirk Beeckman, CEO of JAB’s pet insurance portfolio. “It also significantly advances our mission of providing the leading health and wellbeing ecosystem for pets through the offering of affordable, comprehensive pet products and brands throughout a pet’s lifecycle. C&F Pet‘s long history of disciplined omni-channel underwriting fits perfectly with our culture, and we look forward to working with the team.” “We are extremely proud of what we have built and accomplished together in the animal welfare community and the pet insurance ecosystem,” said Gary McGeddy, President of Crum & Forster A&H. “We are confident that JAB will continue to invest and focus on pets and pet parents while growing their global presence and we are excited about the future and our partnership.” The transaction is expected to close in the second half of 2022, subject to customary closing conditions, including various regulatory approvals.

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CORE INSURANCE

Yum China to Further Upgrade Employee Benefits, Adding One Million Yuan Medical Insurance Coverage for Restaurant General Managers

Yum China Holdings, Inc. | November 26, 2021

Yum China Holdings, Inc. (the "Company" or "Yum China",NYSE: YUMC and HKEX: 9987) announced at its 2021 Restaurant General Managers ("RGMs") Convention, held virtually, that it will offer enhanced medical insurance coverage of up to RMB 1 million to each of its approximately 10,000 RGMs. The Company will also increase critical illness insurance coverage for family members of qualified RGMs to RMB 200,000. As one of the most extensive employee benefits plans in the industry in terms of number of people covered, the newly upgraded benefits will be implemented from January 2022 and will build on existing initiatives including equity incentives, family insurance and housing subsidies. The Company is also upgrading its "Family Care Fund" plan for the restaurant management team (RMT) and restaurant service team leaders, increasing critical illness insurance coverage under the plan to RMB 150,000, while offering access to certain expedited medical services for eligible employees and their family members. The newly upgraded benefits are expected to cover more than 60,000 RMT employees and their family members, as well as 26,000 restaurant service team leaders, helping them mitigate the financial risks brought about by critical illnesses. "The Company is extremely grateful to our restaurant managers for their diligence and agility on the front lines of our restaurants, particularly while navigating the challenges of Covid-19. Thanks to their dedication, Yum China has been able to provide customers with uninterrupted access to meals and excellent service while also supporting the community through trying times, Employee satisfaction is the key to customer satisfaction. Therefore, it is the responsibility of our company to create a working environment for employees guided by our principle of Fair, Care and Pride, as well as taking steps to protect their families." - Joey Wat, CEO of Yum China. Yum China has always adhered to a "people-first" philosophy, ensuring that the health and wellbeing of employees is the Company's top priority. Additionally, the Company continues to increase investment in protecting the health of employees and their families. The upgraded medical insurance package for RGMs covers a wide range of mild and severe diseases, providing greater support against the challenge of high medical expenses. In 2018, Yum China launched the "Family Care Program" for RGMs. In 2020, the Company launched the "Family Care Fund" for RMT employees, which entitles them to additional coverage for critical illness for their parents as well as additional accident insurance coverage for their children and spouses. This scheme goes beyond others in the market by increasing the age cap to 75 years for employees' parents and 22 years for their children. In December 2020, the fund was extended to also provide critical illness coverage to restaurant service team leaders. The newly announced benefits upgrade is the latest manifestation of Yum China's long-standing commitment to its RGM No.1 corporate culture. The Company believes that RGMs are the most important leaders at Yum China and play a key role in the Company's long-term success. Yum China not only provides employees with competitive salaries and benefits, but also ensures that employees share in the Company's success. After becoming an independently listed company in 2016, Yum China announced that it would award RSUs valued at US$2,000 to every qualified RGM. Following its secondary listing in Hong Kong in 2020, the Company awarded additional RSUs valued at US$3,000 to eligible RGMs. Up to now, a total of 14,000 RGMs have received RSUs. About Yum China Holdings, Inc. Yum China Holdings, Inc. is a licensee of Yum! Brands in mainland China. It has exclusive rights in mainland China to KFC, China's leading quick-service restaurant brand, Pizza Hut, the leading casual dining restaurant brand in China, and Taco Bell, a California-based restaurant chain serving innovative Mexican-inspired food. Yum China also owns the Little Sheep, Huang Ji Huang, East Dawning and COFFii & JOY concepts outright. In addition, Yum China has partnered with Lavazza to explore and develop the Lavazza coffee shop concept in China. The Company had 11,415 restaurants in over 1,600 cities at the end of September 2021. Yum China ranked # 363 on the Fortune 500 list and was named to TIME100 Most Influential Companies list in 2021. Yum China has been selected as member of both Dow Jones Sustainability Indices (DJSI): World Index and Emerging Market Index. In 2021, Yum China was named to the Bloomberg Gender-Equality Index and was certified as a Top Employer 2021 in China by the Top Employers Institute, both for the third consecutive year.

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