La Capitale and SSQ Insurance Merger of Equals is Now Official

La Capitale | July 06, 2020

La Capitale and SSQ Insurance have jointly announced that their merger is now official creating Canada’s largest mutual insurance company with more than 3.5 million members and clients. Mutual members of the respective companies gave their approval for the deal in March. And last month, the merger received regulatory approval from the National Assembly of Quebec, followed by the Autorité des marchés financiers and the Minister of Finance.

Spotlight

Overcoming Predictive Modeling Stumbling Blocks in Small Commercial Insurance. while predictive modeling has proven itself to be an invaluable risk assessment tool in personal lines insurance, adoption of predictive modeling has been relatively slow in commercial insurance. Particularly for carriers writing small business policies, the lag in adoption is due to a lack of resources. Other times, it’s because an insurer doesn’t understand how to build an effective model. Or, there may simply be concerns about engaging the organization in the process.

Spotlight

Overcoming Predictive Modeling Stumbling Blocks in Small Commercial Insurance. while predictive modeling has proven itself to be an invaluable risk assessment tool in personal lines insurance, adoption of predictive modeling has been relatively slow in commercial insurance. Particularly for carriers writing small business policies, the lag in adoption is due to a lack of resources. Other times, it’s because an insurer doesn’t understand how to build an effective model. Or, there may simply be concerns about engaging the organization in the process.

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INSURANCE TECHNOLOGY

Kanverse joins Guidewire Insurtech Vanguards Program – “Highlights its Zero-Touch Insurance Documents Processing for Insurers.”

Kanverse.ai | September 13, 2022

Kanverse.ai, a leading Hyperautomation platform, is pleased to announce that it has joined Guidewire’s Insurtech Vanguards Program. Through Insurtech Vanguards, Guidewire identifies and highlights the hottest insurance technology innovation in the P&C industry. The Insurtech Vanguards program takes this effort to the next level by offering a direct channel - that connects insurers with insurance technology companies. This program ensures that insurers can have exponential business impact through quick and decisive access to disruptive, cutting-edge insurance technology. “We are honored to showcase our product as an Insurtech Vanguard, Carriers can turbocharge insurance forms processing workflows with Kanverse Hyperautomation. Insurers can seamlessly integrate Kanverse across their business environments and witness zero-touch processing of inbound ACORD and supplemental forms with 99.5% accuracy.” -Dr. Akhil Sahai, Kanverse.ai CPO and Founding member We are thrilled to welcome Kanverse.ai to our Insurtech Vanguard Program, We launched Insurtech Vanguards to help P&C insurers gain new visibility into insurtechs’ cutting-edge technology and we are excited to introduce Kanverse to our customers,said Laura Drabik, chief evangelist, Guidewire. Insurers can now reimagine the insurance submission process with Kanverse. They can process ACORD and other supplemental forms with the Kanverse Insurance Document Processing product powered by hyperautomation. It automates ACORD and supplemental forms' ingestion, classification, and data extraction, approvals and filing. Kanverse Package View groups insurance forms for the submission intake process using AI (Artificial Intelligence). Furthermore, Kanverse AI can automatically adapt to changes witnessed in insurance forms without manual intervention or fine-tuning the system. About Kanverse.ai Kanverse.ai, a Hyperautomation company, offers a suite of AI-powered products. Key offerings include AP (Accounts Payable) Invoice Automation and Insurance Document Processing products. Kanverse supports various use cases across the enterprise to remove bottlenecks, streamline business processes, and minimize manual touchpoints across document processing heavy workflows.

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CORE INSURANCE

PCF Insurance Services' Earns Recognition as Industry Leader

PCF Insurance Services | September 22, 2022

PCF Insurance Services (PCF), a leading national insurance brokerage, was recently named a top 20 insurance broker on Business Insurance's "2022 Top 100 Brokers of U.S. Business" list. The list, which ranks companies by their 2021 brokerage revenue generated by U.S.-based clients, identifies the highest-grossing companies in the insurance industry. The company also placed within the top 15 on Insurance Journal's "2022 Top 100 Property/Casualty Agencies" list, which ranks companies by total property and casualty (P&C) agency revenue. With 2021 revenue of $590 million, PCF Insurance increased its Business Insurance ranking from No. 27 last year to No. 20 in 2022, representing the largest year-over-year jump among top 20 companies. The company's year-over-year revenue increase of more than 150% was also the largest percentage increase of any company in the top 20. PCF Insurance's 167% P&C revenue increase from $176 million in 2021 to $470 million in 2022 provided the momentum for the company to boost its standing in the Insurance Journal ranking from No. 20 last year to No. 13 in 2022. Over a three-year period, PCF Insurance has seen a 3,830% growth in revenue. "In just under four years, PCF has scaled from an agency with more than $10 million in revenue to a leading national insurance brokerage with annual revenue exceeding $640 million, This recognition is a testament to our pursuit thoughtful, value-accretive expansion and our partners' commitment to delivering best-in-class services to clients." -Peter C. Foy, Chairman, Founder and CEO of PCF Insurance The rapid ascension among the industry's leading brokerage firms is a testament to PCF Insurance's collaborative partnership model and culture. PCF Insurance has an intentional approach to attracting and bringing on entrepreneurial-minded, growth-focused agency owners who perform at a high level, deliver year-over-year increases in organic growth, and retain clients. PCF Insurance has earned a reputation as being a preferred partner for entrepreneurs because even though our partners are independent, everyone has a stake in the success of our organization, Our Agency Partners are the fuel to our success. They collaborate, share knowledge, and as a result, propel our growth strategy. Because when one of us grows, we all grow.,said Peter C. Foy. In addition to the expansion of its technology and infrastructure investments, PCF Insurance completed six acquisitions in 2019, 36 in 2000, 89 in 2021, and is on pace to complete more than 100 acquisitions this year. Of these acquisitions, XX% of these deals were a direct result of referrals from within the PCF partner network. To continue to add value and diversification to its network of offerings, PCF recently announced acquisitions of California-based Andreini & Company, Utah-based MGA United Underwriters, and specialty MGA Professional Warranty Service Corporation (PWSC). According to analysis by Chicago-based Optis Partners LLC. Through the company's collaborative structure, PCF Insurance currently serves more than 465,000 clients through its network of nearly 165 Agency Partners* across 37 states. About PCF Insurance Services A top 20 U.S. broker headquartered in Lehi, Utah, PCF Insurance Services is a leading full-service consultant and insurance brokerage firm offering a broad array of commercial, life and health, employee benefits, and workers' compensation solutions. Propelled by its people, PCF Insurance's agency-centric operating model and entrepreneurial environment support its tremendous growth profile, offering partners alignment through equity ownership, significant leadership incentives, and resources to over 3,100 employees throughout the U.S. PCF Insurance is a notable leader in the insurance space, ranked #20 on Business Insurance's 2022 Top 100 Brokers and #13 on Insurance Journal's 2022 Top Property/Casualty Agencies.

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CORE INSURANCE

American Equity Announces Strategic Partnership With 26North

AMERICAN EQUITY | November 09, 2022

American Equity Investment Life Holding Company (American Equity) (NYSE: AEL), a leading issuer of fixed index annuities (FIAs), announced that it is entering into a long-term partnership with 26North Partners LP (26North), a multi-asset platform founded and led by Josh Harris, in which American Equity has made a strategic investment. Anant Bhalla, Chief Executive Officer and President of American Equity, will join the Board of Directors of 26North. A Bermuda-based reinsurer, AeBe ISA Ltd., which is affiliated with 26North, has reinsured approximately $4.3 billion of GAAP reserves of American Equity fixed indexed annuity policies from 2008 and 2010. American Equity estimates that this will generate an initial capital release in excess of $250 million and generate a positive ceding commission, thereby growing AEL’s revenue-generating reinsured liabilities. “This partnership with 26North is a further step in our AEL 2.0 strategy to deliver significant value to all shareholders. The strategy is aligned with policyholders through our unique go-to-market and investment management approaches and capital-light structure. We continue to refine a capital-efficient business model to deliver superior, sustained returns for our shareholders and further strengthen our robust balance sheet. This deal will enable greater capital flexibility for AEL as we benefit from 26North’s investment expertise to deliver on attractive opportunities across private asset classes. We are proud to add 26North to our outstanding investment partner ecosystem and further advance our transformation into a hybrid, diversified financial services firm.” -Anant Bhalla, Chief Executive Officer and President of American Equity Mr. Bhalla continued, Our agreement with 26North complements the strategic partnerships we have struck to support our unique investment management strategy, with each transaction providing access to a specific asset sector. Partnering with world-class investment firms – Adams Street, Monroe Capital, Pretium and now 26North – allows all AEL shareholders to participate in asset management economics, which is fundamental to our AEL 2.0 strategy. ABOUT AMERICAN EQUITY At American Equity Investment Life Holding Company, we think of ourselves as The Financial Dignity CompanyTM that offers solutions designed to create financial dignity in retirement. Our policyholders work with independent agents, banks and broker-dealers, through our wholly-owned operating subsidiaries, to choose one of our leading annuity products best suited for their personal needs. To deliver on our promises to policyholders, American Equity has reframed its investment focus, building a stronger emphasis on insurance liability driven asset allocation as well as the origination and management of private assets. Our company is headquartered in West Des Moines, Iowa with satellite offices slated to open in 2022 in Charlotte, NC and New York, NY. ABOUT 26NORTH 26North Partners LP is an integrated, multi-asset class investment platform, founded and led by Josh Harris. 26North provides investment advice and opportunities to its clients related to a variety of investment strategies, including, but not limited to, private equity, credit, and insurance and reinsurance solutions. Josh Harris and the 26North team bring decades of experience managing third-party capital to help clients achieve their financial goals while leaving a lasting impact on the communities they serve. 26North has more than $9.5 billion in assets under management.

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