World Insurance Associates LLC | August 30, 2022
World Insurance Associates LLC (WIA), a Top 50 Insurance Brokerage, announced today that it acquired The Woody Insurance Group (Woody Insurance) of Prairie Village, KS on August 1, 2022. Terms of the transaction were not disclosed.
The Woody Insurance Group has been providing insurance to individuals and businesses in the Kansas and Missouri communities for over 20 years. They also have a focus on the construction industry.
“Our top goal is to make the insurance-buying process easy and thorough for our customers, We provide highly customized solutions to any business or personal need and look forward to continuing this approach as part of World.”
-Chris Woody, President, The Woody Insurance Group
I’m pleased to welcome Woody Insurance to the World family, They are well known for their unparalleled customer service and will be a nice fit within the World company,says Rich Eknoian, CEO and Co-Founder of WIA.
Giordano, Halleran & Ciesla provided legal counsel to WIA. Myers Longhofer LLC provided legal counsel to The Woody Insurance Group. No other advisors, diligence firms or legal counsel were disclosed.
About World Insurance Associates LLC
World Insurance Associates LLC (World) is headquartered in Iselin, N.J., and is a nationally ranked, full-service insurance organization providing individuals and businesses with top products and services across personal and commercial insurance, employee and executive benefits, retirement and financial services and human capital management solutions. Since its founding in 2011, World has completed 155 acquisitions and serves its customers from more than 250 offices across the United States. World is ranked #34 on the 100 Largest Brokers of U.S. Business list by Business Insurance, ranked #2 on the Fastest Growing Brokers list by Business Insurance and is a Top-50 ranked personal lines agency by Insurance Journal.
CORE INSURANCE, LIFE INSURANCE
Vouch Insurance | October 13, 2022
Vouch, a commercial insurance business focused on tech companies, announced its expansion into the life science category with the introduction of new proprietary insurance solutions.
For decades, life science startups have struggled to acquire business insurance. Large insurance carriers typically do not insure early stage life science companies, especially those that are pre-revenue. When they do, minimum premiums are prohibitively expensive.
George Aliaga, Vouch's Health & Life Sciences Vertical Lead, sees tremendous opportunity to support this category during a technological inflection point, as life science startups digitize their business models and increase investment in artificial intelligence to accelerate R&D cycles.
"We believe the most innovative medical advancements are happening right now in incubators around the country, and these startups need help protecting their business in a constantly evolving risk environment, For example, artificial intelligence techniques are being used for drug discovery, disease diagnosis and patient risk identification. AI use in life sciences is rapidly maturing, and groundbreaking startups are emerging with innovative tech as a result."
Vouch is the insurance of the technology industry. Since 2018, Vouch has revolutionized the buying experience and quality of coverage available to tech companies with the introduction of 10 proprietary coverages and a specialty brokerage. Now, the company is offering the same expertise and proprietary capabilities to the underserved life science startup ecosystem.
Life science startups face unique risks. Vouch offers a suite of exposure-driven coverages to ensure comprehensive protection from R&D through product commercialization:
Change in Controlled Environment Coverage - For perishable property prone to spoilage
Vivarium Coverage - For animals used in R&D, breeding or biological product harvesting
Clinical Trials Coverage - When sponsoring or operating human clinical trials
Medical Malpractice Coverage - When offering medical treatment or advice that may create medical malpractice exposure
Specialized Contamination Coverage - For products susceptible to contamination by radiation, bacteria, mildew, mold, microorganisms, viruses or pathogens
Condemnation of Undamaged Stock Insurance - For situations where product is not damaged but is deemed compromised and condemned by the FDA
In addition to the new proprietary coverages launched today, Vouch also offers life science startups access to its specialty brokerage, which can procure additional policies from the broader insurance market to provide comprehensive and holistic insurance solutions.
While insurance provides necessary protection, coupling an insurance program with expert advisory best positions a startup to withstand future risk.
Since they operate in a fast-paced environment with complex and unique risk profiles, life science startups not only require specialized coverage, but an advisor who understands their needs, Our life science Insurance advisors are trained to provide expert guidance for startups through each of their stages and milestones,said Aliaga.
About Vouch Insurance
Vouch is a provider of business insurance to thousands of high-growth companies. Since its inception in 2018, the company has empowered its clients to get risk management right through niche expertise, a proprietary approach to pricing and underwriting, fast, digital-first procurement and coverages that scale as the company grows.
Milliman | November 23, 2022
Milliman, Inc., a premier global consulting and actuarial firm, today announced the release of Milliman Agile ALM. This innovative software package makes asset/liability management (ALM) and stochastic valuation accessible to more insurers, helping them comply with Solvency II, IFRS 17, and other requirements.
"The fundamental advantage of Milliman Agile ALM is that it does not require remodeling the entire portfolio of insurance liabilities, Milliman Agile ALM offers an accessible solution that helps insurers satisfy reporting requirements and make business decisions with greater confidence."
-Ed Morgan, principal and Head of Strategy and M&A for Milliman's practices in Italy and Central and Eastern Europe
Unlike traditional dynamic ALM models, Milliman Agile ALM uses a standalone asset projection model that can be linked to external liability software. Rather than simulating assets interacting with liabilities, the technology runs separate asset and liability models in an iterative process that quickly arrives at a single solution.
Our approach is unique because of our method for separating the asset model from the liability model, This separation is highly efficient as it allows us to take advantage of a client's existing liability modeling and focus the validation directly on the ALM modeling and interactions,said Grzegorz Darkiewicz-Moniuszko, senior consultant at Milliman.
Using Milliman Agile ALM, insurers can test different investment and product strategies, optimize management actions, project capital requirements, and even validate other ALM models, all without significant investment or retraining.
Milliman is among the world's largest providers of actuarial and related products and services. The firm has consulting practices in healthcare, property & casualty insurance, life insurance and financial services, and employee benefits. Founded in 1947, Milliman is an independent firm with offices in major cities around the globe.