INSURANCE TECHNOLOGY

Lighthouse Expands Into Insurtech Space

Topa Insurance Group | December 10, 2021

Topa News
Lighthouse, the Los Angeles-based software for landlords and tenants, announced a new partnership with Topa Insurance Company to offer security deposit insurance. The partnership marks a significant step for Lighthouse into the insurtech space, making them a licensed insurance provider.

My Lighthouse is rolling out this product in response to rising inflation and skyrocketing rental prices. Security deposit insurance will replace the need for high sum security cash deposit, resulting in more affordable residential rentals. Tenants will pay an affordable monthly premium to My Lighthouse for insurance to cover lost rent or property damage, which the tenant is ultimately responsible for. The partners are confident this new service will connect more potential tenants with rental units they can afford as well as help landlords and property managers fill vacancies.

The partnership between My Lighthouse and Topa Insurance is indicative of the growing model of insurtech (a combination of "insurance" and "technology").

"We're excited to partner with My Lighthouse in the launch of this innovative product."

- Denise Pavlov, COO of Topa Insurance Company.

The deal will help My Lighthouse expand into the emerging security deposit insurance marketplace, where there are not enough suppliers of this increasingly in-demand product. Both parties are excited by the possibility of alleviating some of the financial pressures tenants may feel when moving into a new home, especially given the rent pricing increases across the country.

"This important step allows us to get one step closer to our goal of simplifying the landlord-tenant relationship," 

- Tomer Simonov, CEO of Lighthouse.

My Lighthouse is a platform through which landlords and tenants can connect to communicate, manage rent payments, track maintenance requests, and more. The company believes in empowering landlords and tenants by reducing vacancies and enabling tenants to afford more housing options. This insurance allows tenants to hold on to their cash security deposits and protects landlords' investments while expanding their potential tenant market.

About Lighthouse
Lighthouse is a Los Angeles-based software company designed to connect landlords and tenants by simplifying every aspect of their relationship. Using Lighthouse, tenants can pay their rent with scheduled reminders, schedule maintenance requests with progress reports, and communicate with their landlord with ease. Landlords can screen potential tenants, manage their finances across multiple properties, respond to tenant messages, and request late rent payments at the touch of a button. Their new security deposit insurance allows tenants to afford move-in costs more easily, further facilitating connection with potential landlords.

About Topa Insurance Group
Topa Insurance Group is a boutique insurance holding company, made up of core company Topa Insurance Company, as well as Dorchester Insurance Company (USVI), and Topa Insurance Services (USVI). Topa provides insurance products through the wholesale market. Topa Insurance Group is focused on underwriting profit, operational excellence, and agility for continuous growth. The group is led by President and Chief Executive Officer, Michael Day.

Spotlight

Every tax professional has to balance complex regulations and a to-do list that only seems to get longer, but the best tax professionals get a little help from smart technology to give them the leading edge. Download our Tax Department Checklist today to see where you rank among your colleagues and learn how you can work smarte

Spotlight

Every tax professional has to balance complex regulations and a to-do list that only seems to get longer, but the best tax professionals get a little help from smart technology to give them the leading edge. Download our Tax Department Checklist today to see where you rank among your colleagues and learn how you can work smarte

Related News

CORE INSURANCE

Keystone Agency Partners Debuts in Business Insurance’s Ranking of Top 100 Insurance Brokers of U.S. Business

Keystone Agency Partners | July 27, 2022

Keystone Agency Partners (KAP), a rapidly growing insurance brokerage platform, today announced it was named to Business Insurance’s ranking of the world’s Top 100 Insurance Brokers of U.S. Business for 2022. Reporting 233 percent year-over-year growth in 2021, KAP is among only a few brokers reporting triple-digit growth, earning a ranking of 56th in KAP’s first year of eligibility for the Top 100 list. KAP also earned the distinction of being the top first-time participant in this year’s list. The ranking highlights independent insurance agency demand for the company’s differentiated value proposition. Through a partnership with KAP, agency owners can retain ownership in their agency, take ownership in a portion of KAP, maintain their local brand, and gain the strategic direction, capital investment, operational support and collaborative resources of KAP. “We are proud to be included in Business Insurance’s list of the world’s premier insurance brokers,” said Jeff Turner, Chief Executive Officer of KAP. “We are proud to be included in Business Insurance’s list of the world’s premier insurance brokers,” said Jeff Turner, Chief Executive Officer of KAP. “Our first full year of operation reflects the interest in our differentiated model and our leadership’s ability to drive exponential growth with our Platform Partners. KAP’s aligned incentives and Connected Autonomy operating model, have attracted agency owners from some of the highest performing agencies in the country and we’re thrilled to bring such a compelling offering to the market.” In the first half of 2022, KAP added five platform partner agencies – growing its footprint in key geographic states of Florida, Michigan, Missouri, and New Jersey. This geographic expansion allows for future tuck-in opportunity to be realized through additional geographic depth and diversity of line of business coverage. The company plans to drive accelerated growth by leveraging the power of the collective platform, realizing operational efficiencies and delivering even greater value for partner agency clients and employees. About Keystone Agency Partners Keystone Agency Partners (KAP) is a rapidly growing insurance brokerage platform that acquires and partners with independent insurance agencies throughout the United States. KAP provides best-in-class services and capital investment that unlocks potential and delivers outsized and profitable growth within its platform agencies. KAP was founded in 2020 in partnership with Keystone Insurers Group, Inc. and affiliates of Bain Capital, LP. For more information, please visit: www.keystoneagencypartners.com.

Read More

INSURANCE TECHNOLOGY

Piper Sandler Expands Insurance Investment Banking Team with Addition of Christopher Grady

Piper Sandler Companies | July 06, 2022

Piper Sandler Companies (NYSE: PIPR), a leading investment bank, is pleased to announce the hiring of Christopher Grady. He is joining the New York office as a director in the financial services group as part of the insurance investment banking team. “We are thrilled to have Chris join the Piper Sandler insurance investment banking team. Having worked closely with Chris over many years, we have enormous respect for his deal acumen and integrity. His experience successfully executing insurance distribution M&A transactions, in particular, is unparalleled,” said John Butler, managing director and co-head of insurance investment banking at Piper Sandler. Grady will be focused on advising clients on strategic M&A and executing M&A and capital raising transactions for insurance distribution clients. Previously, Grady was the head of corporate development for Marsh McLennan Agency, where he was responsible for leading strategy, corporate development, principal investment and M&A activity. In his time with Marsh McLennan Agency, he completed 80 transactions including over 70 acquisitions of insurance distribution firms in the U.S. and Canada. Grady holds a Master of Business Administration degree from NYU Stern School of Business and a bachelor’s degree in finance and corporate accounting from Ithaca College. “I’m very excited to join Piper Sandler and continue to build on the tremendous success they’ve had across the insurance industry. John Butler and George Johns have built an incredible team and I’m looking forward to bringing my expertise into the fold,” said Christopher Grady, director at Piper Sandler. “I’m very excited to join Piper Sandler and continue to build on the tremendous success they’ve had across the insurance industry. John Butler and George Johns have built an incredible team and I’m looking forward to bringing my expertise into the fold,” said Christopher Grady, director at Piper Sandler. The Piper Sandler insurance investment banking group is an industry thought leader providing financial advisory and capital raising services to insurance underwriters, brokers, third-party administrators and other insurance services companies. The team completed 31 M&A and strategic advisory and capital raising transactions in 2021 representing $4.0 billion in aggregate M&A deal value and $4.0 billion in aggregate capital raised.** ABOUT PIPER SANDLER Piper Sandler Companies (NYSE: PIPR) is a leading investment bank driven to help clients Realize the Power of Partnership®. Securities brokerage and investment banking services are offered in the U.S. through Piper Sandler & Co., member SIPC and NYSE; in the U.K. through Piper Sandler Ltd., authorized and regulated by the U.K. Financial Conduct Authority; and in Hong Kong through Piper Sandler Hong Kong Ltd., authorized and regulated by the Securities and Futures Commission. Private equity strategies and fixed income advisory services are offered through separately registered advisory affiliates.

Read More

CORE INSURANCE

HUB INTERNATIONAL EXPANDS TRADE CREDIT INSURANCE CAPABILITIES WITH ACQUISITION OF INTERCONTINENTAL GROWTH STRATEGIES, LLC IN ILLINOIS

HUB INTERNATIONAL | August 09, 2022

HUB International Limited, a leading full-service global insurance brokerage and financial services firm, announced today that it has acquired the assets of Intercontinental Growth Strategies, LLC (IGS). Terms of the transaction were not disclosed. Located in Chicago, Illinois, IGS is a trade credit insurance brokerage helping clients grow sales safely and aggressively while protecting against any bad debt loss coming from bankruptcy or non-payment. "We're excited for IGS to join us, Their industry focus supports our Financial Institutions Specialty and Complex Risk practice by complementing and strengthening our existing capabilities." -Seth Hopkins, Chief Marketing Officer & Property Casualty Practice Leader for Hub International Midwest Limited 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. About Hub International Headquartered in Chicago, Illinois, Hub International Limited is a leading full-service global insurance broker and financial services firm providing risk management, insurance, employee benefits, retirement and wealth management products and services. With more than 14,000 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.

Read More