Novacap Announced Acquisition of Majority Interest in GroupAssur

Cision PR Newswire | September 18, 2020

Novacap, one of Canada's leading private equity firms, announced today that it has entered into a definitive agreement for the acquisition of a majority interest in GroupAssur Inc., a Canadian managing general agent ("MGA") specializing in the Property and Casualty ("P&C") insurance lines, and offering distinctive insurance products across Canada.  Headquartered in Montreal, QC, with additional services offices, located in Quebec City and Brossard, QC and Markham, ON, GroupAssur provides comprehensive, innovative, and efficient insurance solutions to its country-wide network of Canadian brokers.

Spotlight

For employers, offering benefits packages which include types of insurance, such as PMI and Income Protection, can be beneficial for all parties. Insurance tends to protect us from worst-case scenarios and ensure we’re prepared for almost every eventuality. However, home, health, and life insurance are just the tip of the iceberg, and there are far more unusual types of insurance out there.

Spotlight

For employers, offering benefits packages which include types of insurance, such as PMI and Income Protection, can be beneficial for all parties. Insurance tends to protect us from worst-case scenarios and ensure we’re prepared for almost every eventuality. However, home, health, and life insurance are just the tip of the iceberg, and there are far more unusual types of insurance out there.

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INSURANCE TECHNOLOGY

Cybercube and Kroll Collaborated to Launch a Response Service for the Cyber Insurance Industry

CyberCube | May 31, 2022

CyberCube, a provider of cyber risk analytics, has announced the debut of CAERS, a new cyber incident response service for customers of the company's SaaS products. CyberCube will join with Kroll, a renowned provider of data, technology, and insights linked to risk, governance, and growth, to deliver information and assistance on important cyber aggregation events to CyberCube's clients through the Cyber Aggregation Event Response Service (CAERS). Kroll will give frontline threat intelligence derived from its tens of thousands of incident response cases each year. After a big cyber event, the CAERS team will give CyberCube's clients the most up-to-date information, and CyberCube's SaaS solutions, such as Broker Manager, Account Manager, and Portfolio Manager, will help with any impending cyber disasters. Darren Thomson, CyberCube’s Head of Cyber Intelligence Services, expressed, “With cyber events becoming increasingly common, the speed and accuracy with which organisations respond to them is critical. That’s why we’ve launched this response service, specifically tailored to CyberCube’s growing client base. The pressure on our clients during a major cyberattack can be extreme. With CAERS, our team—comprising data scientists, actuaries, engineers, economists, and cyber security experts—will become an extension of our clients’ teams, providing the updates they need and sharing both our expertise and data.” We’re pleased to be contributing to CAERS because effective incident response depends on the most current and relevant threat intelligence available. In our most recent Threat Landscape Report, we saw a 356% growth in the number of attacks quarter-on-quarter where the infection vector was a zero-day or freshly-announced software exploit. Ransomware groups have also been found to be leveraging newly announced vulnerabilities just days after release. It is only with access to frontline intelligence that firms can prioritize resources, mitigate the risk of a cyberattack and react appropriately if the worst happens.” Benedetto Demonte, Chief Operating Officer for Kroll’s Cyber Risk practice

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CORE INSURANCE

Integrity Expands Life Insurance Distribution by Partnering with Richman Insurance Agency

Integrity Marketing Group and Richman Insurance Agency | August 10, 2022

Integrity Marketing Group, LLC, a leading distributor of life and health insurance, and provider of wealth management and retirement planning solutions, today announced it has acquired Richman Insurance Agency, an insurance marketing organization ("IMO") based in Dallas, Texas. As part of the acquisition, Rob Richman, President of Richman Insurance Agency, will become a Managing Partner in Integrity. Financial terms of the acquisition were not disclosed. Richman Insurance Agency has quickly become an influential leader in the markets it serves. With more than a decade of experience in the insurance industry, Rob Richman understands how to provide fundamental agent training so his team can best meet client needs. He guides the company's fast-growing network of agents to success through a proven system of in-depth coaching and support. Richman Insurance Agency provides $15 million in mortgage protection, life insurance and final expense products to a wide range of consumers, serving more than 20,000 Americans annually. "A great business needs great leaders, and Rob has proven he has the attitude and passion to make an impact on this industry, His hard work and dedication have built his agency into the success it is today, and his well-trained team is now ready for the next step forward. Adding Integrity's resources and technology will accelerate Richman Insurance Agency's growth path, allowing them to reach more people while enhancing our efforts to serve the life, health and wealth needs of all Americans. We're proud to welcome Rob and his team to Integrity — I'm confident their biggest successes are ahead of them." -shared Bryan W. Adams, Co-Founder and CEO of Integrity At Richman Insurance Agency, we specialize in helping agents maximize their potential, Adding Integrity's world-class support and services to our team's commitment and work ethic creates the perfect combination to supercharge our business. Integrity is pioneering the future of life, health and wealth protection, and we want to be part of it. When we see the group of industry leaders Integrity has assembled, we can't help but be thrilled to join their ranks. We know we're just getting started with what we can achieve,explained Richman, President. Integrity helps Americans prepare for the good days ahead by partnering with industry leaders and icons who come together as peers to optimize insurance processes and financial services. Unified by their common goal of improving insurance and financial services experiences for everyone, members of Integrity's partner network learn from each other and collaborate to design strategies that better protect the life, health and wealth of consumers. Rob has always done his utmost to help his team fulfill their goals — it's what makes him the type of leader we're thrilled to partner with, Richman Insurance Agency is ready to take a big leap forward and grow faster and serve more people than ever before. Partnering with the best minds in the business and gaining access to Integrity's cutting-edge technology and resources will springboard their future success. Richman Insurance Agency will be a great addition to the Integrity family. We're grateful they've chosen to be part of our mission to help more Americans plan for the good days ahead,explained Shawn Meaike, President of Family First Life and Managing Partner at Integrity. To take full advantage of Integrity's partner benefits and agent resources, Richman Insurance Agency will utilize Integrity's vast infrastructure of business services. Partners can streamline administrative functions through centralized areas, such as People & Culture, Technology & Innovation, finance, legal and compliance, and world-class advertising and marketing. In addition, Integrity offers partners access to proprietary technology through its omnichannel insurtech platform. These comprehensive insurance and financial services offerings include valuable agent resources, such as product development, quoting and enrollment systems and customer relationship management software. All these benefits are further accentuated by Integrity's Employee Ownership Plan, which offers employees the exciting opportunity for meaningful company ownership. About Integrity Marketing Group Integrity, headquartered in Dallas, Texas, is a leading distributor of life and health insurance, and provider of innovative solutions for wealth management and retirement planning. Through its partner network, Integrity helps millions of Americans protect their life, health and wealth with a commitment to meet them wherever they are — in person, over the phone and online. Integrity's cutting-edge technology helps streamline the insurance and financial planning experience for all stakeholders. In addition, Integrity develops products with carrier partners and markets them through its nationwide distribution network. Integrity's nearly 6,000 employees work with approximately 500,000 agents and advisors who serve more than 11 million clients annually. In 2022, Integrity will help carriers place almost $20 billion in new sales and oversee more than $30 billion of assets under management and advisement through its RIA and broker-dealer platforms. About Richman Insurance Agency Richman Insurance Agency, founded in 2019, is based in Dallas, Texas and is a leader in the life insurance industry. The agency specializes in mortgage protection, final expense, and retirement planning. To provide the best products and services, Richman Insurance Agency partners with industry leading carriers, and develops agents and leaders to provide quality service in the senior market. In 2021, Richman Insurance Agency served over 20,000 Americans and provided over $15 million in annual paid premium.

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LIFE INSURANCE

Kinly and Haven Life Partners to Make Term Life Insurance More Accessible to African-Americans

Haven Life | June 03, 2022

Kinly and Haven Life, a customer-focused life insurance agency backed and entirely owned by Massachusetts Mutual Life Insurance Company (MassMutual), have announced a new partnership to make term life insurance more accessible to African Americans. Haven Term and Haven Simple term life insurance policies will be offered on the Kinly mobile app for Kinly members because of this partnership. Kinly is a digital bank created with black Americans in mind, who have historically been underserved and underbanked by traditional financial institutions. According to a study commissioned by Haven Life, while black Americans are more likely than white Americans to have life insurance, they are significantly underinsured. The study discovered that white people had a median of $150,000 in life insurance coverage compared to just $50,000 for black people. From our very first day, Haven Life's core mission was to make life insurance more accessible and affordable for everyone. We recognize that systemic barriers still exist for Black Americans when it comes to equitable access to financial planning, banking and insurance products. Seward further added, Our partnership with Kinly is central to our founding mission, and we remain committed to doing everything we can to break down access barriers." Wade Seward, Head of Distribution Strategy at Haven Life. Kinly members can apply for Haven Term and Haven Simple through an online application and, if granted, receive coverage immediately. Haven Term provides coverage of up to $3 million for terms of 5, 15, 20, 25, and 30 years. Haven Simple provides coverage up to $500,000 for 5, 10, or 15 years. Both policies have extremely low rates. For example, a 35-year-old woman in good health could qualify for Haven Term coverage with a 20-year term of $500,000 for only $17.50 per month. Helping Black Americans build generational wealth and financially protect their families was one of our driving principles when launching Kinly, We're excited to be partnering with Haven Life as ensuring access to quality, affordable life insurance is a key part of building such wealth." Donald Hawkins, Founder and CEO.

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