K&K Insurance snaps up Pullen Insurance’s book of business

Insurance Business America | May 08, 2019

K&K Insurance Group – a wholly-owned subsidiary of Aon – has purchased the client portfolio of its longtime partner, Pullen Insurance Services. Pullen specializes in the placement of insurance coverage for amateur sports risks; the company has collaborated with K&K Insurance for many years to help clients with their specific insurance needs, a release noted. K&K Insurance specializes in the sports, leisure, and entertainment insurance industries – and has pioneered the motorsports insurance space. According to a release, the acquisition of Pullen’s book of business expands K&K’s “continued commitment to the specialty industries it has served since 1952.” As part of the integration, Dan Pullen will serve as program director, sports division in Fort Wayne, IN. Pullen’s responsibilities will include the management of K&K’s youth soccer business. “This is an exciting milestone for our company and is an important step in furthering the growth of K&K Insurance,” said K&K Insurance Group president and CEO Todd Bixler. “We look forward to working with the Pullen team to ensure a rapid and seamless transition, ultimately benefitting the sports, leisure and recreation industries.” “Our staff is extremely excited in joining forces with K&K Insurance, a leader in amateur sports,” commented Pullen Insurance Services president Pat Pullen.

Spotlight

The insurance industry is operating in an age of radical disruption. Traditional insurers are no longer safe, with insurtechs challenging incumbents to rethink their business and operating models. The diversification of product offerings and ever-growing price competitiveness mean that customer expectations are changing faster than ever before.

Spotlight

The insurance industry is operating in an age of radical disruption. Traditional insurers are no longer safe, with insurtechs challenging incumbents to rethink their business and operating models. The diversification of product offerings and ever-growing price competitiveness mean that customer expectations are changing faster than ever before.

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CORE INSURANCE,INSURANCE TECHNOLOGY

HSB Adds WhiteHaX® App to Cyber Insurance for Consumers

HSB | December 07, 2022

Specialty insurer HSB today announced an agreement with IronSDN, Corp., to add app-based cyber risk management tools to HSB’s coverage for consumers and their families. WhiteHaX® CyberSafe, developed by IronSDN, is an advanced risk verification and protection app for smartphones and other personal devices that is easy for customers to use. The app is available to individuals insured by HSB’s Home Cyber Protection™, which is added to the homeowners policies of personal lines insurers that work with HSB. The WhiteHaX app also will be available as part of HSB’s new personal standalone cyber insurance program, MyCyberProtection™, through HSB’s insurance affinity group and digital partners. “With billions of connected devices in use, cybercriminals are targeting individuals more than ever before, The WhiteHaX CyberSafe app puts the power of privacy and cybersecurity in the hands of our customers, so they can keep ahead of today’s constantly changing cyber risks.” -Jeffrey O’Shaughnessy, senior vice president of HSB, part of Munich Re Cyber Protection at Home and Away The WhiteHaX app analyzes the security of iOS and Android devices, including mobile phones, and tablets, with proprietary threat intelligence that is updated daily to help prevent phishing, malware, and other cyber risks. A single user sign-up tracks the security and privacy of up to four devices in the household, with the ability to check the status of all devices at home and away with one click. A virtual privacy network (VPN) can encrypt data to help fight cyber threats and online tracking, while on-demand Wi-Fi scans quickly assess if a public or private network is safe. The WhiteHaX app monitors email addresses for data breaches 24/7, issues scam and security alerts, and helps users respond when their privacy is at risk. Our WhiteHaX apps provide some of the most compelling and complete solutions to help mitigate cyber exposures, They are designed to help consumers identify cyber risks on their household personal devices and fix cyber security and privacy-related issues through step-by-step instructions,said Vimal Vaidya, chief executive officer and founder of IronSDN. Hartford Steam Boiler (HSB) HSB, part of Munich Re, is a multi-line specialty insurer and provider of inspection, risk management and IoT technology services. HSB insurance offerings include equipment breakdown, cyber risk, specialty liability and other coverages. HSB blends its engineering expertise, technology and data to craft inventive insurance and service solutions for existing and emerging risks posed by technological change. Throughout its 150-year history HSB’s mission has been to help clients prevent loss, advance sustainable use of energy and build deeper relationships that benefit business, public institutions and consumers. HSB holds A.M. Best Company’s highest financial rating, A++ (Superior). Munich Re Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. The group consists of the reinsurance and ERGO business segments, as well as the asset management company MEAG. Munich Re is globally active and operates in all lines of the insurance business. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. It offers customers financial protection when faced with exceptional levels of damage – from the 1906 San Francisco earthquake through Hurricane Ida in 2021. Munich Re possesses outstanding innovative strength, which enables it to also provide coverage for extraordinary risks such as rocket launches, renewable energies or cyber risks. The company is playing a key role in driving forward the digital transformation of the insurance industry, and in doing so has further expanded its ability to assess risks and the range of services that it offers. Its tailor-made solutions and close proximity to its customers make Munich Re one of the world’s most sought-after risk partners for businesses, institutions, and private individuals.

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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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AUTOMOBILE INSURANCE

Verisk launches EV Database for UK and Irish motor insurance markets

Verisk | October 17, 2022

The number of electric vehicles sold in the UK and Ireland continues to rise. The risk profile of cars on the road is changing, making access to technical electric vehicle data critical for insurers and brokers. To help support strategic underwriting and pricing decision making, Verisk (Nasdaq: VRSK), a leading global data analytics provider, announced the launch of its Electric Vehicle Database for the UK and Ireland. Verisk’s Electric Vehicle Database is a proprietary, technical dataset for all new and existing models of battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs). The Database provides insurers, brokers, and MGAs with a pivotal advantage in the electric vehicle space, with access to over 175 technical attributes. These attributes include an EV’s battery, efficiency, and performance, as well as information on each vehicle’s acceleration, top speed, range of a single charge in different conditions, battery capacity, charger location and warranty period. “We’ve entered the electric motor age, and Verisk is uniquely equipped to help insurers to create new rating attributes for prediction of risk associated with EVs, Verisk is working with its customers to bring new datasets and services that help them to continue to make well-informed decisions as technologies and regulations change.” -Jonathan Guard, commercial director, Ireland, Verisk All of the electric vehicle datasets are available via batch append services or through Verisk’s Data Insight Hub, a continuously expanding source of insurance data and analytics accessible at any part of the customer journey, including the point of quote. Verisk is a leading provider of motor vehicle data and services to insurers, MGAs and brokers in the UK and Irish market. Such services include matching vehicle registrations to rating code groups, claims alerts, technical data and new datasets such as windscreen data. The Verisk Data Insights Hub provides these datasets and services, including the Electric Vehicle Database in a fast automated API service that meets the needs of the market’s point of quote services. About Verisk Verisk (Nasdaq: VRSK) provides data-driven analytic insights and solutions for the insurance and energy industries. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk empowers customers to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud and make informed decisions about global issues, including climate change and extreme events as well as political and ESG topics. With offices in more than 30 countries, Verisk consistently earns certification by Great Place to Work and fosters an inclusive culture where all team members feel they belong.

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