PR Newswire | October 03, 2023
NSM Insurance Group, a global specialty insurance provider with more than $1.6B in premium across 25+ niche insurance programs, today announced the completion of its acquisition of Envisage International. Based in Neptune Beach, Fla., Envisage is a leading provider of global health and travel insurance plans for international students and cultural exchange participants around the world.
"The travel insurance market is booming and will continue to grow at a rapid pace — with the industry predicted to reach $41B by 2027. We plan to seize this market opportunity and become a dominant player in the space," said Bill McKernan, President of NSM Insurance Group. "Envisage is a market leader in international education and cultural exchange insurance with a talented team, strong customer base, established revenue relationships and cutting-edge technology infrastructure. They are an enterprising addition to our portfolio as we look to build our footprint in the international health and travel insurance space."
Envisage offers a wide range of international health and travel medical insurance products through its two brands, International Student Insurance (ISI) and Envisage Global Insurance (EGI). ISI serves colleges, universities, ESL programs, study abroad programs, students, teachers and scholars with A+ rated plans and best-in-class resources. EGI is the leading provider of group insurance plans to organizations in the J1 cultural exchange and global youth travel market, offering unparalleled service and custom-built technology to its clients around the world.
"We're absolutely thrilled to join forces with NSM to help us continue to grow and scale the business," said Keith Clausen, President of Envisage International. "Over the last two decades, our dedicated and talented team has helped us grow into the force we are today, and we look forward to extending that growth with NSM. NSM has the prowess and proven track record to help ISI and EGI grow by expanding our distribution channels, further enhancing our technology platforms and expanding our global market reach."
Over the past 33 years, NSM has developed a winning formula for building the industry's most successful and sustainable insurance programs, consistently outperforming competitors and driving industry-leading growth and profitability over the last four years. This latest acquisition complements NSM's robust portfolio of specialty insurance programs and brands for the commercial P&C industry and consumer insurance — backed by the company's state-of-the-art resources, including IT, operations, marketing, HR and finance.
For more information about NSM or for investment opportunities, please visit nsminc.com.
About NSM Insurance Group
NSM Insurance Group is a global specialty insurance provider, exclusively focused on building successful insurance programs. For more than 30 years, NSM has been committed to delivering industry-specific insurance programs that help agents meet the unique needs of their customers and fuel market growth through innovative development, underwriting, distribution and claims expertise. The company has built more than $1.6 billion in premium across 25+ specialty insurance programs and brands around the world focused on collector cars; pets; social services and behavioral health; addiction treatment; coastal condominiums; towing and garage; trucking; sports and fitness; professional liability for contractors, architects and engineers; habitational; general contractors; medical stop loss and managed care; staffing; and workers' compensation. For more information on NSM, visit nsminc.com.
About Envisage International
Envisage International Corporation specializes in international health and travel insurance under its two key brands, International Student Insurance (ISI) and Envisage Global Insurance (EGI). With more than 20 years of experience, we take a consultative approach to helping our clients understand their insurance needs, creating customized solutions and providing support every step of the way. With offices in the United States, Mexico, China and Europe, Envisage is well placed to help organizations around the world with their international insurance needs. You can find more information about Envisage, ISI and EGI at envisageinternational.com
Risk Management, Insurance Technology
PRnewswire | July 06, 2023
Oakbridge Insurance Agency LLC (Oakbridge), one of the largest independent insurance and risk management agencies in the United States, today announced a new partnership with JHA Risk Management (JHARM), a personal and commercial property and casualty insurance agency in Rocky Mount, North Carolina.
Specializing in risk management solutions, surety bonds, employee benefits and construction and educational coverage, JHA Risk Management has deep roots in North Carolina.
"JHA Risk Management is a great agency and we're excited to partner with them in North Carolina," said Oakbridge CEO Robbie Smith. "Our shared values and commitment to the community make them an excellent addition."
The partnership provides both firms with access to a broader pool of resources, industry knowledge and continued opportunities for growth in North Carolina.
"In our business, relationships matter and Oakbridge's culture and reputation for outstanding service were key factors in undertaking this partnership," said JHA Risk Management president Paul Bauer.
"Our partnership with Oakbridge is going to help us accelerate growth," adds Thomas Rhodes, JHARM Vice President. "Their back-office resources will free us up to concentrate on service and focus on organic growth. This move allows us to scale our business quickly."
As an Oakbridge partner, JHA Risk Management will maintain its office in Rocky Mount, NC.
About Oakbridge Insurance Agency
Founded in 2020, Oakbridge Insurance Agency LLC is a rapidly growing partnership model for firms seeking accelerated growth, access to capital and an expanded suite of resources with which to serve clients. Ranked a "Top 100" insurance brokerage by Business Insurance and Insurance Journal magazines, Oakbridge is one of the largest privately owned insurance, risk management and employee benefits agencies in the country. The agency has specific experience in the agriculture, employee benefits, bond/surety, construction, financial, health care, manufacturing, municipalities, nonprofit, senior living, hospitality, and transportation industries. Learn more: oakbridgeinsurance.com.
About JHA Risk Management
For over 115 years, JHA Risk Management has made it their mission to help clients protect themselves from the unique risks they face. By adhering to the principles of exceptional service, integrity, and professionalism, JHA Risk Management is committed to providing clients with insurance solutions that work for them. JHA strives to always exceed the customer's expectations while providing a positive work environment for employees that allows them to achieve their personal goals. Learn more: jharm.com
Workers Compensation, Health Insurance
PRnewswire | July 14, 2023
Hourly.io, a fast-growing startup that is committed to fixing workers' comp for businesses with hourly and mobile workers, has teamed up with insurance and financial services provider Nationwide to expand its workers' comp and payroll service.
In this alliance, Hourly will serve as a Managing General Underwriter (MGU) underwriting skilled trade businesses with mobile and hourly workers using technology and millions of real-time data points from the Hourly platform. While most insurers underwrite workers' comp based on data that is 12-18 months old, Hourly's revolutionary use of big data gives business owners an alternative high-quality insurance partner, fairer and more accurate pricing, with personalized customer service. Businesses that will most benefit from using Hourly include construction, contracted services, transportation and trucking, foodservice, and retail stores among others.
Established in 2018, Hourly offers workers' comp insurance and an integrated platform that connects workers' comp, time tracking, and payroll in real-time—an innovation that ensures premiums are calculated with unprecedented precision. Hourly is first of its kind in the industry to bridge this gap seamlessly with a mobile-first platform.
Through Nationwide, Hourly's platform and advanced underwriting model will help Hourly's network of more than 3,000 appointed independent insurance producers expand their client base, retain more of those clients, generate more revenue, and stand out from competitors.
"We're thrilled to announce our partnership with Nationwide as the next step in Hourly's growth strategy," said Hourly Co-founder and CEO Tom Sagi. "With Nationwide on our side, our growing network of independent insurance agents will finally be able to offer small and medium-sized businesses a service-oriented alternative, ensuring they don't overpay for their coverage. And these same small businesses will better understand their labor costs—including workers' comp premiums—information they can use to bid more accurately on projects and manage their expenses to the penny."
"It's no secret that commercial insurance has been slow to catch up to personal lines in terms of tech," said Jerico Foutch-Vinsonhaler, Chief Underwriting Officer at Hourly. "Insurance companies typically don't have enough data to quote accurate premiums for hourly workers which means that these small businesses are hit with a big audit bill or are overpaying for their coverage. By harnessing more data points than our peers, Hourly is offering a long overdue solution for small business owners."
"We're excited to join forces with Hourly and help hardworking businesses across the country protect their employees," said Nationwide's Vice President Dale Hoppe who leads the company's Excess & Surplus and Specialty WC programs division. "Workers' comp has been hard to appraise in the past because the technology to price risk simply wasn't there. Our collaboration with Hourly's payroll platform sets new industry standards by prioritizing fair pricing, better overall service, and a commitment to continuous innovation. Nationwide and Hourly's much-needed upgrades to the workers' comp space will become the new benchmark for the industry for the mobile workforce, filling a gap that has plagued workers' comp for far too long."
Hourly is appointing select insurance agents across the nation. Please visit hourly.io to learn more and see if your agency qualifies.
Headquartered in Palo Alto, California, Hourly.io is a data driven insurance startup offering workers' comp insurance and full-service payroll for small and medium businesses with hourly workers. Powered by real-time data, Hourly's platform ensures running payroll is as quick as pressing a button and that you get accurate workers' comp premiums down to the penny. For more information, visit www.hourly.io.
Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the United States. Nationwide is rated A+ by both A.M. Best and Standard & Poor's. An industry leader in driving customer-focused innovation, Nationwide provides a full range of insurance and financial services products including auto, business, homeowners, farm and life insurance; public and private sector retirement plans, annuities, mutual funds and ETFs; excess & surplus, specialty and surety; pet, motorcycle and boat insurance. For more information, visit www.nationwide.com. Follow us on Facebook and Twitter.