National Alliance postpones classroom programs amid COVID-19 outbreak

The National Alliance for Insurance Education & Research | April 03, 2020

The National Alliance for Insurance Education & Research has announced the postponement of all classroom programs until May 01 as a result of the COVID-19 outbreak. However, the National Alliance is providing online offerings in response to the industry’s need for continuing education and credentialing updates. The National Alliance will continue to provide online, self-study courses as well as live, instructor-led webinars. The organization’s newest instructor-led product offering is the Certified Insurance Service Representative (CISR) course and designation program.

Spotlight

Uniquely focused on hospitals and health systems, the Executive Benefits Practices section of this survey provides comprehensive insight into emerging trends in retirement plans, severance policies, life insurance, paid time off, perquisites and other important executive benefit offerings.

Spotlight

Uniquely focused on hospitals and health systems, the Executive Benefits Practices section of this survey provides comprehensive insight into emerging trends in retirement plans, severance policies, life insurance, paid time off, perquisites and other important executive benefit offerings.

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Arthur J. Gallagher & Co. Announces Agreement To Acquire Willis Towers Watson plc Treaty Reinsurance Brokerage Operations

Arthur J. Gallagher & Co. | August 16, 2021

Arthur J. Gallagher & Co. today announced an agreement to acquire the treaty reinsurance brokerage operations of Willis Towers Watson plc. The transaction is expected to close during the fourth quarter of 2021. "Broadening our reinsurance brokerage offerings has been a strategic objective at Gallagher and this acquisition will significantly enhance our global value proposition," said J. Patrick Gallagher, Jr., Chairman, President and CEO. "We were very impressed with the Willis Towers Watson reinsurance professionals we met during our initial due diligence and strongly believe a combination will significantly enhance our offerings to clients and prospects. I look forward to welcoming the 2,200 new colleagues joining us as part of this transaction to our growing Gallagher family of professionals." Benefits of the acquisition are expected to include: Expanded global value proposition within reinsurance brokerage A broad suite of analytics capabilities including actuarial services, catastrophe modeling, dynamic financial analysis, rating agency analysis and capital modeling Addition of talented management team Increased product breadth & offerings Further leveraging of Gallagher's industry-leading alternative risk and ILS business Strengthened relationships with major insurance carriers Acquired Operations The operations include all of Willis Re's treaty reinsurance brokerage operations. For the year ended December 31, 2020, these operations generated $745 million of estimated pro forma revenue and $265 million of estimated pro forma EBITDAC. The pro forma 2020 figures include revenues reported in Wills Re's 2020 unaudited financial information, and reflect known growth, as well as Gallagher's estimate of "breakage", defined as known lost business and the departure of key brokers and other employees, as well as normalization of operating expenses and additional investments. Willis Re's treaty reinsurance business operates in 24 countries, places over $10 billion of premium annually and represents over 750 insurance and reinsurance company clients. Key Transaction Terms Under the agreement, Gallagher will acquire the combined operations for an initial gross consideration of $3.25 billion, and potential additional consideration of $750 million subject to certain third-year revenue targets. Gallagher intends to finance the transaction using cash on hand, including the $1.4 billion of net cash raised via its May 17, 2021 follow-on common stock offering and the $850 million of net cash borrowed via its May 20, 2021 30-year senior note issuance, short-term borrowings and additional free cash generated before close. The funding contemplates Gallagher maintaining its investment grade debt rating. Integration is expected to take approximately 3 years with total non-recurring integration costs estimated to be approximately $250 million. After giving effect to these assumptions and pro forma results discussed above, the acquired operations would have been approximately 5% accretive to Gallagher's 2020 adjusted GAAP EPS excluding earnings from clean energy investments and 9% accretive to Gallagher's 2020 adjusted GAAP EPS excluding amortization and earnings from clean energy investments. Pro forma revenues – Pro forma revenues reflect Gallagher's estimate of revenues reported in the acquired operations' 2020 unaudited financial information, reflecting known growth, as well as "breakage", defined as known lost business and the departure of key brokers and other employees. Other Cost Adjustments - In addition, specific costs have been identified as adjustments to the acquired operations' 2020 financial statements in order to better reflect Gallagher's estimate of pro forma. Specifically, these cost adjustments include the normalization of operating expenses to reflect the extraordinary impact of the COVID-19 pandemic in 2020 and additional investments in operations attributed to the target business based on the estimated costs to provide specific services from the center. About Arthur J. Gallagher & Co. Arthur J. Gallagher & Co. a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois. The company has operations in 57 countries and offers client service capabilities in more than 150 countries around the world through a network of correspondent brokers and consultants.

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CORE INSURANCE

Hub International Acquires CAPAX Management and Insurance Services

Hub International, CAPAX Management and Insurance Services | January 11, 2021

Hub International Limited (Hub), a leading full-service global insurance broker, reported today that it has acquired CAPAX Management and Insurance Services, Inc. (CAPAX). Terms of the exchange were not revealed. Situated in Modesto, California, CAPAX is one of the biggest privately claimed insurance brokerage and representative advantages counseling associations situated in Central California. CAPAX gives multi-line insurance solutions, including personal and commercial, worker benefits items and risk management solutions for their customers. CAPAX's ability in carrying hostage solutions to their customers and their attention on different ventures, for example, agribusiness (crop), supplements and fortifies Hub's current capacities. "CAPAX is a great addition to the Hub family as we continue our growth strategy in the region by adding specialized capabilities that will expand the depth of our insurance and risk management solutions," said Michael Der Manouel, Executive Vice President of Hub California Central Valley. "We look forward to joining Hub – a leading brokerage firm with strong values and an utmost commitment to clients," said Mr. Geddes. "With Hub, we will be well-positioned to provide a full suite of services to fit our clients' growing needs." 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. For more information on the Hub M&A experience. About Hub International Headquartered in Chicago, Illinois, Hub International Limited is a leading full-service global insurance broker providing risk management, insurance, employee benefits, retirement and wealth management products and services. With more than 12,000 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. For more information.

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CORE INSURANCE

High Street Insurance Partners Successfully Acquires GTA Insurance Group

High Street Insurance Partners | December 14, 2021

High Street Insurance Partners ("HSIP") announced today that it has acquired Nebraska-based GTA Insurance Group. GTA Insurance Group provides comprehensive insurance and risk management solutions across Nebraska. It has an extensive agricultural practice and offers business and personal insurance, as well as benefits. "We are thrilled to have GTA Insurance Group join HSIP, This represents over 30 new offices across Nebraska, which greatly expands our footprint in communities across the Midwest. More importantly, this partnership allows us to provide deep agricultural expertise to our clients." -Scott Wick, CEO of HSIP. We are excited to join HSIP. Together we will be able to better serve our clients, our employees, and our communities. We'll also be able to add new clients who will benefit greatly from this partnership and its shared, community focused philosophy. - Krae Dutoit, President, GTA Insurance Group HSIP is one of the fastest growing insurance brokerages in North America. The firm has now completed 83 acquisitions since forming the company in mid-2018. About High Street Insurance Partners High Street Insurance Partners (HSIP) is a full-service, independent insurance brokerage firm. Founded in 2018, the Traverse City, Michigan-based company provides a broad array of business insurance & risk management; employee benefits & human capital management; financial & retirement services; and personal insurance solutions delivered through community-focused agencies. HSIP employs over 1,700 insurance specialists & consultants in offices based in Arkansas, Colorado, Connecticut, Florida, Georgia, Illinois, Iowa, Maryland, Michigan, Mississippi, Missouri, Nebraska, New Hampshire, New Jersey, New York, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, & Washington.

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