LIFE INSURANCE
Milliman | December 03, 2021
Milliman, Inc., a premier global consulting and actuarial firm, today announced the acquisition of Ruark Consulting, the platform and industry benchmark for principles-based insurance data analytics and risk management. Ruark publishes experience studies that are the leading benchmark for life insurers, with data contributed each year from companies comprising over $1.1 trillion of current annuity account values. These studies address complex and interrelated behaviors such as surrenders, partial withdrawals, annuitizations, and mortality.
"This is an exciting acquisition for Milliman and for our life insurance clients, Ruark has a reputation as the authority on annuity experience studies. With this addition, Milliman will be able to deliver these data-driven benchmarks to our insurance clients in tandem with our consulting and complementary analytic offerings."
- Stephen Conwill, Milliman's global practice director for life and financial services.
"Milliman's data-driven culture and deep life insurance prowess pairs perfectly with our expertise, By combining our consulting and experience studies with Milliman's industry reach and depth, we give clients a unique offering that allows sharper, data-driven decision making."
- Timothy Paris, Ruark Chief Executive Officer who will join Milliman as part of the transaction.
About Milliman
Milliman is among the world's largest providers of actuarial and related products and services. The firm has consulting practices in healthcare, property & casualty insurance, life insurance and financial services, and employee benefits. Founded in 1947, Milliman is an independent firm with offices in major cities around the globe.
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INSURANCE TECHNOLOGY
Carvana | August 12, 2021
Carvana (NYSE: CVNA), the leading e-commerce platform for buying and selling used cars, and Root, Inc. (NASDAQ: ROOT), the parent company of Root Insurance Company (“Root”), the leading insurtech carrier, today announced an exclusive partnership to develop integrated auto insurance solutions for Carvana’s online car buying platform. In connection with the partnership, Carvana will invest approximately $126 million in Root, Inc., subject to customary regulatory approvals.
“This integrated solution will give Root exclusive access to a scaled and growing channel of prospective customers at the important insurance decision point of buying a car, which positions us to deliver on an immediate customer need and drive sustainable policyholder growth.”
“In Root, we have found a partner that shares our customer focus and technology-driven approach to delivering exceptional customer experiences. We are excited to build on the success of our existing partnership by creating a unique, integrated solution,” said Carvana CEO Ernie Garcia. “We look forward to introducing our customers to Root’s seamless insurance process and believe that this integrated offering will deepen and extend our customer relationships between transactions.”
“Carvana has revolutionized the used car buying experience for consumers. This partnership further elevates the Carvana experience by integrating insurance alongside car purchasing and financing decisions,” said Root CEO Alex Timm. “This integrated solution will give Root exclusive access to a scaled and growing channel of prospective customers at the important insurance decision point of buying a car, which positions us to deliver on an immediate customer need and drive sustainable policyholder growth.”
Under the terms of the investment agreement, Carvana will invest approximately $126 million of primary capital in Root, Inc. in a convertible preferred security, convertible at $9.00 per share, into approximately 14 million Class A shares in Root, Inc., or an ownership interest of approximately 5% on a fully diluted basis as of today. The investment agreement also provides CAbout Caarvana with warrants for Class A shares in Root, Inc. that are linked to the performance of the commercial partnership.
Ardea Partners LP is serving as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal counsel to Root in connection with this transaction
About Carvana
Founded in 2012 and based in Phoenix, Carvana’s (NYSE: CVNA) mission is to change the way people buy cars. By removing the traditional dealership infrastructure and replacing it with technology and exceptional customer service, Carvana offers consumers an intuitive and convenient online car buying and financing platform. Carvana.com enables consumers to quickly and easily shop more than 45,000 vehicles, finance, trade-in or sell their current vehicle to Carvana, sign contracts, and schedule as-soon-as-next-day delivery or pickup at one of Carvana’s proprietary automated Car Vending Machines.
About Root, Inc.
Root, Inc. is the parent company of Root Insurance Company. Root is a technology company revolutionizing personal insurance with a pricing model based upon fairness and a modern customer experience. Root’s mobile-first customer experience is designed to make insurance simple.
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CORE INSURANCE
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.
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