Moelis Capital Partners Sub-Advisor NexPhase Capital Announces Sale of Insurance Technologies

Cision PR Newswire | September 15, 2020

NexPhase Capital, LP, an operationally focused private equity firm and sub-advisor to the Moelis Capital Partners ("MCP") Opportunity Funds, today announced that it has entered into a definitive agreement to sell Insurance Technologies, LLC a provider of sales and regulatory automation solutions for the insurance and financial services industries, to Thomas H. Lee Partners. Through investments in people, processes, and products, NexPhase has worked closely with InsTech's management team to drive dynamic advancement of a truly digital sales lifecycle solution within a single platform. NexPhase has also supported the Company's efforts to further expand both the FireLight® and ForeSight® solutions, which have provided and continue to provide value to InsTech's clients and the insurance and financial services industries. Since partnering with the NexPhase team in 2014, the Company has experienced significant growth by expanding its carrier and distributor client bases.

Spotlight

Life insurance is one of the least purchased coverages in the United States. In fact, less than 3 in 5 people in the US have any type of life insurance.1 Of the 59% of people with coverage, 1/3 just have a basic group policy in place2 the vast majority of which are employee-sponsored. This number is progressively lowering as the younger generations grow. The Millennial generation, although the largest, is also the most underinsured generation with only 33% of Millennials possessing any form of life insurance coverage.

Spotlight

Life insurance is one of the least purchased coverages in the United States. In fact, less than 3 in 5 people in the US have any type of life insurance.1 Of the 59% of people with coverage, 1/3 just have a basic group policy in place2 the vast majority of which are employee-sponsored. This number is progressively lowering as the younger generations grow. The Millennial generation, although the largest, is also the most underinsured generation with only 33% of Millennials possessing any form of life insurance coverage.

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CORE INSURANCE

Wright National Flood Insurance Company announces agreement with Westfield

Westfield | December 30, 2021

Wright National Flood Insurance Company, the nation's leading provider of federal flood insurance, has announced an agreement to acquire the flood insurance policy book from Westfield Insurance Company ("Westfield"). Wright Flood will service, administer and issue flood coverage under the National Flood Insurance Program for Westfield policyholders and agents. Additionally, Wright will also assume the servicing of Westfield's private flood business. Wright Flood has more than 40 years of experience exclusively in the flood insurance industry. It is widely recognized for its experience, claims response and long-standing commitment to partner with agents and policyholders, especially at the time of a flood loss. Wright Flood takes pride in user-friendly technology, exceptional claims reputation and providing service clients deserve. Patricia Templeton-Jones, the president of Wright National Flood Insurance Services, said she is excited about the partnership with Westfield agents. "Westfield has provided flood coverage solutions for the past 20 years for its agent partners and policyholders. We look forward to continuing their long history and providing their agents with our experience in the flood insurance industry, Since the inception of the National Flood Insurance Program, Wright Flood has been a premier provider of NFIP flood coverage and private flood options for homeowners and business owners." -Templeton-Jones. "Wright has a well-established reputation of providing excellent service to customers and agents, especially at the time of a flood loss. We are confident customers will continue appreciating the peace of mind that comes with having flood coverage," - Craig Welsh, Westfield's chief distribution officer. Beginning in early 2022, Wright Flood will manage Westfield's NFIP flood placements. All new policies and renewals will be issued by Wright National Flood Insurance Company, which is A.M. Best rated as A- (Excellent) for financial strength. For retail agents accessing flood coverage through Westfield, there will be minimal change in the process to continue to provide NFIP flood insurance coverage for policyholders. Wright and Westfield representatives together will be in contact with their agents. About Wright National Flood Insurance Company Wright National Flood Insurance Company, the largest flood insurance provider in the nation, offers federal, excess and private flood insurance with leading industry expertise, rated A- (Excellent) by A.M. Best. Wright Flood takes pride in user-friendly technology, exceptional claims reputation and providing service clients deserve. About Westfield Westfield was founded in 1848 by a small group of hard-working farmers who believed in the promise of the future and the power of the individual. Today, as one of the nation's leading property and casualty (P&C) companies, we remain true to their vision and are dedicated to making a positive difference in our customers' lives.

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INSURANCE TECHNOLOGY

CRAWFORD® Acquires edjuster, Contents Valuation Service and Platform

-Crawford & Company | August 24, 2021

Crawford & Company, the world’s largest publicly listed independent provider of claims management and outsourcing solutions to carriers, brokers and corporations, has acquired edjuster, a technology-driven field and desktop contents claims handling solutions company. edjuster is the established leader in contents services with 20 years of recognized experience in both the U.S. and Canada. This solution operates on a proprietary contents management platform that offers a full-featured, easy-to-use contents inventory and valuation solution for both high severity complex claims and high-volume, small claims. The acquisition of edjuster adds a digital component to Crawford’s existing contents valuation service, expands Crawford’s current capabilities in North America and supports its purpose to restore and enhance lives, businesses and communities. According to Pat Van Bakel, president, Loss Adjusting, North America, “This combination will bring together Crawford’s global reach and expansive services with edjuster’s digital capabilities and niche expertise. We are excited to join forces with this established and expanding company. Their proven execution capability, strong client relationships, solid technology platform and scalable operating model will allow us to offer more robust digital services to Crawford customers.” “This acquisition is a tremendous fit for edjuster given the synergies between our organizations. The opportunity to become part of a much larger claims operation covering all of North America provides invaluable expertise to the Crawford suite of services and adds enormous depth and flexibility to our existing capabilities both in the field and behind the desk,” said Andy Williams, edjuster’s chief executive officer. Crawford Chief Executive Officer, Rohit Verma added, “At Crawford, we have a relentless pursuit of service excellence, and edjuster’s ability to combine technology and people takes us one step closer to our goal to reimagine the claims ecosystem. Additionally, this combination will help us achieve our envisioned future and brand promise, making Crawford the embedded partner of choice in the insurance industry.” About Crawford® Based in Atlanta, Crawford & Company is the world’s largest publicly listed independent provider of claims management and outsourcing solutions to carriers, brokers and corporations with an expansive global network serving clients in more than 70 countries. The Company’s two classes of stock are substantially identical, except with respect to voting rights and the Company’s ability to pay greater cash dividends on the non-voting Class A Common Stock (CRD-A) than on the voting Class B Common Stock (CRD-B), subject to certain limitations. In addition, with respect to mergers or similar transactions, holders of CRD-A must receive the same type and amount of consideration as holders of CRD-B, unless different consideration is approved by the holders of 75 percent of CRD-A, voting as a class.

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INSURANCE TECHNOLOGY

FCCI Insurance Group and Michigan Partner to Offer Commercial Insurance Products

FCCI Insurance | March 11, 2022

FCCI Insurance Group announces its partnership with the Michigan Manufacturers Association (MMA) to offer the members of MMA commercial products and services. The designated and eligible MMA members will access local, designated insurance services, risk control options, and other expertise functionalities. In addition to it, FCCI also promises to offer manufacturers' educational seminars, FCCI Employers EdgeSM, online risk management resources, and online resources providing HR management and employment law information. FCCI's Manufacturers Premier Program thus will feature a group dividend plan based on the combined loss experience of participating MMA members. The Michigan Manufacturers Association is the state's leading advocate. It focuses on securing a prosperous future for Michigan manufacturers through multiple capabilities such as meaningful education provision, effective advocacy, and strategic business services. MMA was established in 1902. it represents the interests and needs of more than 1,700 member companies. The companies range from small manufacturers to the world's most well-known corporations. We're thrilled to announce this partnership with FCCI. The Michigan Manufacturers Association strives to provide only the best business programs for our members. We’re proud to add FCCI to our growing high-value member benefits and partnerships list. John J. Walsh, MMA president & CEO. FCCI has been offering commercial property and casualty insurance since 1959. It has also provided insurance coverages and services to many businesses worldwide. FCCI is evaluated at $2.5 billion in total assets and can be trusted by every client and company. FCCI has always supported association programs that recognize the valuable associations for their members and the contributions of skilled workers in the manufacturing industry. FCCI also provides a broad scope of insurance coverages to more than 3,000 manufacturers. Doing this enables manufacturing companies to understand the needs and unique exposures significantly. We appreciate the confidence that MMA has placed in FCCI. In collaborating with FCCI as its commercial insurance partner, MMA has ensured its members are entrusted to a carrier to meet their needs. We pledge to uphold that trust and look forward to bringing our coverages and service to MMA members. Greg Kramer, senior vice president for FCCI's Midwest Region.

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