ANNUITIES

King Insurance expands into Georgia with the acquisition of Piedmont Insurance Associates

King | December 24, 2021

Core News
King Insurance ("King" or the "Company"), a fast-growing full-service insurance brokerage firm that provides a variety of property & casualty as well as employee benefits solutions, announced the acquisition of Piedmont Insurance Associates ("Piedmont").

Piedmont has offices in Covington, GA and Newnan, GA and marks King's first expansion outside of Florida.  Piedmont's roots go back to 1948 when it was the Spillers Agency and today is led by David Wilson and Phil Boswell, each of whom merged their respective agencies together in the mid 90's to form Piedmont.   Piedmont is a full-service agency offering insurance products to commercial and personal lines customers from its lineup of top-tier insurance carrier partners. Phil, David and their team will continue operating out of their current locations.

"We are excited to expand into Georgia with such a high-quality agency, This is an important milestone for us as we execute on our strategy to be a major player in the Southeast."

- Chad King, Chief Executive Officer of King Insurance.


This acquisition marks King's eleventh acquisition over the past year and the fourth since the Company's partnership with BHMS Investments, LP.   The Company plans to continue to broaden its footprint across the southeastern U.S. and expects to announce a number of important acquisitions in the upcoming months.

About King:
Founded in 1974 and headquartered in Gainesville, Florida, King is a full-service insurance brokerage firm which provides a broad array of property & casualty and employee benefits solutions.

Spotlight

This lack of engagement poses a serious problem for an industry whose biggest challenge is finding ways to enhance their customers’ experience to drive business results. As consumer expectations for self-service and digital engagement evolve and competition diversifies, it is more important than ever for insurers to maximize the effectiveness of their limited interactions.

Spotlight

This lack of engagement poses a serious problem for an industry whose biggest challenge is finding ways to enhance their customers’ experience to drive business results. As consumer expectations for self-service and digital engagement evolve and competition diversifies, it is more important than ever for insurers to maximize the effectiveness of their limited interactions.

Related News

CORE INSURANCE

Sentry Insurance launches Sentry Risk Factor

Sentry Insurance | August 30, 2021

Sentry Insurance has launched Sentry Risk Factor, its proprietary risk management tool. By gathering detailed information through quality conversations with dealers, the tool helps evaluate, identify, and measure a dealership's potential risks that could lead to a large loss, and potentially, temporary business closure. "We know how hard dealerships work to build their business and reputation, and we want to do our part by actively helping them reduce their risks," said John Hyland, president of direct writer at Sentry Insurance. "With Sentry Risk Factor we can help a business measure risks, including the ones that are less obvious and often unforeseen, to help prevent devastating loss at a dealership." The first, and most important, step in the process is to have an in-depth conversation with a Sentry representative to discuss current operations and the safety culture at a dealership. The conversation allows a Sentry representative to identify risks across five different categories: safety culture, auto risk, building and inventory risks, service practices, and premises observations. Based on information gathered during this initial conversation, Sentry representatives use Sentry Risk Factor to assign a dealership one of three rankings—best in class, average, or red flag. Based on the overall rankings, Sentry Risk Factor generates a report that details the­ results and proposes steps to help a dealership mitigate risk. An additional benefit for customers includes recommended safety resources that dealerships can access via their online accounts. Sentry Risk Factor is available for current and prospective customers. Sentry is a leading provider of commercial insurance programs to more than 3,000 dealers throughout the country. Sentry is also endorsed by John Deere and Harley-Davidson as the preferred provider of commercial insurance for their dealerships. Visit the Sentry Risk Factor page to learn more. About Sentry Sentry Insurance is a part of one of the largest and most financially secure mutual insurance groups in the United States, holding a Financial Strength Rating of A+ (superior) from AM Best, current as of June 2021. See ambest.com/ratings/guide.pdf for rating information. Sentry and its subsidiaries and affiliates sell property and casualty insurance, life insurance, annuities, and retirement programs for business and individuals throughout the country. Headquartered in Stevens Point, Wisconsin, Sentry employs more than 4,300 associates across the country.

Read More

INSURANCE TECHNOLOGY

Heritage Announces Strategic InsurTech Partnership with Slide

Heritage | November 29, 2021

Heritage Insurance Holdings, Inc. (NYSE: HRTG) ("Heritage" or the "Company"), a super-regional property and casualty insurance holding company, announced today that it has entered into a strategic partnership with Slide, a startup InsurTech P&C carrier led by Bruce Lucas, Heritage's former Chairman and CEO, providing it with enhanced technological capabilities and allowing it to participate in the InsurTech sector's upside. Partnership provides Heritage with the opportunity to: Leverage Slide's InsurTech capabilities to improve underwriting and rating decisions. Further capitalize on strong agency relationships by generating commission income on policies that don't meet Heritage's underwriting criteria (e.g., due to geographic concentration). Participate in the InsurTech sector without potentially significant capital requirements to develop similar capabilities internally. Based on current publicly traded InsurTech valuations, potential to generate a meaningful capital gain, which, if realized, could provide additional funds for share buybacks or debt retirement. Terms of the partnership Heritage will receive: Approximately 6% equity stake in Slide, an InsurTech P&C carrier with an estimated $250 million post-money valuation, and warrants allowing it to purchase an additional equity interest at Slide's pre-money valuation. Perpetual, royalty free license to certain aspects of Slide's software. Heritage will: Transfer ownership of Pawtucket, a dormant P&C carrier licensed in Rhode Island. Transfer ownership of First Access Insurance Group, a Florida-licensed MGA with minimal earnings. Provide access to historical claims and underwriting data. Ernie Garateix, Heritage's CEO, said, "We're excited to partner with Slide and our former colleague on this win-win opportunity. We believe this partnership will significantly accelerate development of our InsurTech capabilities, while providing us with an equity stake in an impressive startup that is developing cutting edge technology." Financial information, including material announcements about Heritage, is routinely posted on investors.heritagepci.com. About Heritage Heritage Insurance Holdings, Inc. is a super-regional property and casualty insurance holding company. Through its insurance subsidiaries and a large network of experienced agents, the Company writes approximately $1.2 billion of gross personal and commercial residential premiums across its multi-state footprint.

Read More

INSURANCE TECHNOLOGY

B2B Insurtech Platform Boost Raises $20M in Series B to Make the Insurance Market More Accessible for All Companies

Boost | May 21, 2021

Boost Insurance, the leading B2B digital insurance platform, today announced that it's completed a $20 million Series B financing round to fuel the growth of its platform, new development, and partner marketing. The round was led by RRE Ventures and included new investors Fin VC, Gaingels, Hack VC, and a worldwide publicly traded reinsurance company alongside existing investors Greycroft, Coatue, and Conversion Capital. Boost's funding since inception totals $37 million. Founded in 2017, Boost's integrated insurance-as-a-service platform unlocks the $700 billion property and casualty insurance market, allowing innovative companies from any industry to create, embed, and manage insurance programs for his or her customers. Its simple API integration packages the required operational, compliance, and capital components to permit companies to deliver highly configurable insurance products to consumers through an embedded experience within their front-end environments. Boost powers dozens of digital distribution clients across all industries and stages, including notable insurtechs Hippo, Aon's CoverWallet, Cowbell Cyber, and Wagmo, and leaders in diverse fintech, proptech, and other B2B and consumer segments. Companies that leverage Boost's infrastructure reduce the value of building and managing their insurance businesses by over 90%, with integrations taking as little as a fortnight . in comparison to the 12-48 months typically required to create a managing general agency (MGA), Boost's platform dramatically reduces the barriers to entry for both new entrants and high-growth emerging players in what has historically been a slow-moving and analog insurance industry. Mordor Intelligence1 estimates that venture and growth investment within the insurtech segment is predicted to grow at a compound annual rate of growth of 48.8% from 2021 to 2028, reaching USD 60.9 billion by 2028, as tech-enabled companies across industries search for embedded insurance and financial products to diversify revenues and enhance their customer experience. Boost follows within the footsteps of companies like Plaid (banking-as-a-service) and Affirm (point-of-sale financing) in offering cost-effective, efficient digital solutions for insurance-as-a-service across commercial lines products (business owners policy and startup D&O insurance), personal lines products (renters insurance, pet insurance, and crypto wallet theft protection), and an e-commerce bundle (warranties, shipping, and package theft). Since its launch, Boost has insured over $5 billion useful across a good range of proprietary commercial and private lines insurance products. Boost plans to double its team over subsequent 12-18 months to support growth across its insurtech and embedded partner channels while continuing to expand its API platform features. The corporate also expects to roll out a variety of additional insurance products in 2021 together with its partners within the insurtech and broader technology industries. About Boost Insurance Boost enables companies across all segments to create, embed and manage digital insurance products, and deliver them through an embedded experience within their front-end environments. Boost's infrastructure-as-a-service platform significantly reduces the value of building and managing an insurance firm by packaging the required operational, compliance, and capital components and making them accessible through easy API integration. Through its managing, general agency subsidiary, Boost Insurance Agency, Inc., Boost is licensed and authorized to supply any sort of insurance across all 50 states. Boost is appointed by 'A'-rated fronting carriers and has its dedicated reinsurance facility backed by global reinsurers.

Read More