CORE INSURANCE,RISK MANAGEMENT
Inszone Insurance Services | January 09, 2023
Inszone Insurance Services, a national provider of personal and commercial lines insurance, acquired Carmichael Associates, Inc., a long-time employee benefits insurance company.
Inszone will gain from the acquisition of Carmichael because it is well-known among the locally-owned businesses in the Los Angeles area. In addition, the company is popular for its eased and simplified services in managing human resources and determining appropriate insurance plans for the employees and workers of the local business owners.
Carmichael's customers will continue to receive the same level of service under the Inszone Insurance Services brand, located in Lakewood (California). The company offers customers a genuine one-stop buying experience designed to simplify and streamline a complex process.
Employee benefits remain a crucial area of growth for Inszone Insurance Services. As a rapidly growing and expanding insurance service provider in all 50 states of the United States, the company looks forward to the work that will help it achieve its goals and acquire more benefits-focused agencies in the future.
"Carmichael's team of professionals have been exceptional in the field, and we are thrilled to incorporate their innovation into the Inszone's framework,"
- Chris Walters, CEO of Inszone Insurance Services
About Inszone Insurance Services
Founded in 2022, Inszone Insurance Services is a full-service insurance brokerage firm that offers a wide range of property, casualty insurance, and employee benefits solutions. With an experienced management team focused on the goals, it grows organically through acquisitions. With 35 locations in California, Arizona, Utah, Nevada, Colorado, Illinois, Texas, and Missouri, the company is looking to expand further across the country. It is focused on helping each customer understand and make sense of their insurance needs, the coverage they need, and the policy they are buying.
CORE INSURANCE, INSURANCE TECHNOLOGY
Boston Mutual Life and Majesco | January 27, 2023
In a statement released on January 26, 2023, Majesco informed that Boston Mutual Life has chosen the company to modernize its core business platform and improve customer experience and engagement.
Paul A. Quaranto, Jr., Chairman, CEO, and President at Boston Mutual Life, stated, "By partnering with Majesco, we're able to transform our business and legacy solutions that will offer enhanced experiences for our policyholders, producers and employees." He added, "We're focused on doing what's best for our stakeholders, so we're excited to invest in advanced technology that enriches the customer experience and empowers us to leverage innovation to better support our mission to make it easier to do business with Boston Mutual Life."
(Source – Business Wire)
Boston Mutual Life Insurance Firm, a nationwide carrier that offers insurance solutions for working Americans and their families, was established as a progressive life insurance company in 1891. As a mutual company with locations in Canton, Massachusetts, and Omaha, Nebraska, it is committed to acting in the interests of its policyholders, producers, workers, and communities.
Adam Elster, CEO at Majesco, remarked, "We are looking forward to partnering with Boston Mutual Life on their transformation journey."
"They have over 131 years of experience and success and continue to invest in solutions that keep them at the forefront of the industry. We are honored they selected Majesco to not only address their current needs but to also provide a foundation for innovation and enhance the customer experience of the future," he concluded.
(Source – Business Wire)
Majesco is one of the partners that P&C and L&A insurers choose to create and deliver great customer experiences. Its SaaS platform solutions for core, digital, data & analytics, distribution, and a rich ecosystem of partners are used by more than 350 insurers, reinsurers, brokers, MGAs, and greenfields/startups to create their next now. With more than 900 successful implementations, it is one of those companies that can bridge the gap between the old way of doing things in the insurance industry and a digital-only mindset.
About Boston Mutual Life Insurance
Boston Mutual Life Insurance Company, a prominent US insurer, offers a variety of insurance alternatives to industrious families and individuals. The progressive life insurance company, founded in 1891, provides insurance products and services to working Americans and their families with convenient enrollment and billing options through the workplace. Its headquarters are in Canton, Massachusetts, and Omaha, Nebraska. Boston Mutual Life puts policyholders, clients, employees, and communities first.
CORE INSURANCE,RISK MANAGEMENT
Arthur J. Gallagher & Co. | December 21, 2022
Arthur J. Gallagher & Co. (NYSE: AJG) today announced an agreement to acquire the partnership interests of BCHR Holdings, L.P., dba Buck. The transaction is expected to close during the first half of 2023, subject to customary regulatory approvals.
Buck is a leading provider of retirement, HR and employee benefits consulting and administration services. The organization has a long history, dating back more than 100 years, with a diverse client base by both size and industry. With over 2,300 employees, including more than 220 credentialed actuaries, Buck primarily serves customers throughout the US, Canada and the UK.
"Providing a comprehensive suite of products and services that allows employers to attract, engage and retain talent is at the heart of Gallagher Benefit Services' mission and our global Gallagher Better Works value proposition, Through the complementary strengths of Buck's defined benefit offerings, investment consulting, digital employee engagement platform and international footprint, the acquisition will broaden, deepen and enhance our client offerings. I look forward to welcoming the 2,300 new colleagues joining us as part of this transaction to our growing Gallagher family of professionals."
-J. Patrick Gallagher, Jr., Chairman, President and CEO
Benefits of the acquisition are expected to include:
Expanding Gallagher's value proposition within retirement, benefits & HR consulting, administration, and technology
Enhancing and deepening Gallagher's broad suite of professional services including: defined benefits consulting, plan administration, defined contribution and executive benefit consulting, investment consulting, benefits strategy, compliance, employee engagement consulting and total rewards optimization
Adding "bSuite," a leading, proprietary software platform for benefits administration and employee engagement
Potential cross-selling opportunities across current benefits and property & casualty clients
Combining similar sales cultures, both focused on outstanding client service, employee engagement and innovation
Deepening the employee benefits management team.
Under the agreement, Gallagher will acquire the partnership interests of BCHR Holdings, L.P. and its subsidiaries, for a gross consideration of $660 million or approximately $585 million net of agreed seller funded expenses and net working capital. Gallagher expects to fund the transaction via free cash flow and short-term borrowings. The transaction is estimated to be approximately 2% accretive to adjusted diluted earnings per share over the trailing twelve month period ended September 30, 2022, assuming expense synergies discussed below.
Prior to expected expense synergies of approximately $20 million, Buck's pro forma adjusted trailing twelve month revenues and EBITDAC ending September 30, 2022 were approximately $280 million and $34 million, respectively. Including synergies, the purchase multiple is approximately 10.8x of trailing twelve month September 30, 2022 pro forma adjusted EBITDAC, or 13.1x including expected integration expense of approximately $125 million.
About Arthur J. Gallagher & Co.
Arthur J. Gallagher & Co. (NYSE:AJG), a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois. Gallagher provides these services in approximately 130 countries around the world through its owned operations and a network of correspondent brokers and consultants.