Oregon Extends Emergency Orders for Most Common Insurance Policies

Oregon Department of Consumer and Business Services | June 23, 2020

The Oregon Department of Consumer and Business Services’ Division of Financial Regulation extended its emergency orders for property/casualty, long-term care, and life and disability insurance. The orders mean that the most common insurance policies, such as auto, home, term and whole life, and long-term care, provide one-time minimum grace periods for people to pay premiums and protect them by mandating how long claims must be paid.

Spotlight

Growth in the insurance industry has flattened as global GDP growth has slowed and emerging markets have lost their luster.

Spotlight

Growth in the insurance industry has flattened as global GDP growth has slowed and emerging markets have lost their luster.

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INSURANCE TECHNOLOGY

INNOVU Group Holding Company Limited Acquired by Arthur J. Gallagher & Co.

Gallagher | June 28, 2022

Arthur J. Gallagher & Co. announced today the acquisition of INNOVU Group Holding Company Limited, based in Wexford, Ireland ("INNOVU Insurance"). The transaction's terms were not disclosed. INNOVU Insurance, founded in 2018 by Ronan Foley, is a retail insurance broker that provides a wide range of commercial and personal insurance products and services, as well as financial services, to clients in various industry sectors from seven offices across Ireland. Ronan Foley and his colleagues will remain in their current locations and report to Michael Rea, who oversees Gallagher's retail property and casualty brokerage operations in the UK and Ireland. INNOVU gives us our first on-the-ground presence in Ireland and a fantastic opportunity to expand in this growing economic region, We are delighted to welcome Ronan and his colleagues, and look forward to working with them to further expand their client base and service offerings." J. Patrick Gallagher, Jr., Chairman, President, and CEO. The headquarters of Arthur J. Gallagher & Co. (NYSE: AJG), a global insurance brokerage, risk management, and consulting services firm, are in Rolling Meadows, Illinois. Gallagher offers these services in 130 countries via its operations and a network of correspondent brokers and consultants.

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INSURANCE TECHNOLOGY

Patriot Insurance Partners With NXG to Expand in New York

PATRIOT INSURANCE | June 10, 2022

Patriot Growth Insurance Services, LLC (Patriot), one of the nation's largest and fastest-growing insurance agencies, has announced a new partnership with New York-based NXG Insurance Agency Group (NXG). Patriot's reach in New York is expanded, while NXG's resources and capabilities are expanded to a national level because of this relationship. NXG is a commercial property and casualty insurance company based in Kingston, New York, that also offers personal insurance. They also have a specialist loss control and risk management staff, as well as a professional construction crew. "Our partnership with Patriot is exciting because we share the same core values, beliefs and desire to do what is best for our clients," said Joseph Davis, president of NXG. "Like Patriot, we're focused on growing our business and providing our clients with the best service, resources and products." Susan Provost, Executive Vice President and Chief Operating Officer at NXG added, "We're looking forward to collaborating with Patriot's team and their partner agencies. We think it is a great fit that will help accelerate our growth goals while allowing us to stay focused on our clients and their needs like we have done for the past 40 years." Patriot and NXG's alliance expand Patriot's property and casualty business division as well as its construction speciality.

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INSURANCE TECHNOLOGY

Johnson & Johnson All Set to Expand Its Footprint Into Texas and Oklahoma

Johnson & Johnson | June 07, 2022

By acquiring the assets of Midlands Management Corporation's Wholesale Brokerage & Binding and Managing General Underwriting businesses, Johnson & Johnson will expand its footprint into Texas and Oklahoma. Safety National Casualty Corporation's subsidiary Midlands is a completely owned subsidiary of Safety National Casualty Corporation. The transaction is expected to close on April 29, 2022, according to the parties. Midlands' WB&B and MGU units, which were founded in 1990, specialize in specialized lines of coverage for both personal and commercial lines of business, both admitted and non-admitted E&S. These units, which are led by an experienced management team, contain underwriting and operating teams with extensive product knowledge and service skills. Midlands' MGU unit serves as an underwriting manager for several insurance companies, specializing in ICOA insurance, Texas Non-Subscriber insurance, and other similar insurance products. For small-to-mid-sized commercial businesses and people, the WB&B segment provides admitted and non-admitted general, commercial, and personal property and casualty products. Johnson & Johnson, situated in Charleston, South Carolina, is a fourth-generation, family-owned Managing General Agency. Johnson & Johnson has a long history of offering outstanding service and products to Independent Agencies while keeping a family culture, having been founded in 1930. In Texas and Oklahoma, Johnson & Johnson will offer a diverse range of first-class products and services to agencies and insureds. This acquisition by Johnson & Johnson, a leading specialist in related businesses, will accelerate the growth in revenue and profitability of these business units and provide greater professional development and career advancement opportunities for the employees in these divisions. All Midlands' business outside of these units, including excess workers' compensation and related primary workers' compensation, specialty programs and claims administration, are not part of the transaction and will continue to operate under the Midlands name as a Safety National entity." Duane Hercules, President of Safety National. Adding the Midlands Management Corporation Team and their agency network to Johnson & Johnson will provide us with a terrific group of employees and agencies which will enhance our 'service first' approach to the Agents currently served by Midlands." Francis Johnson, CEO, Johnson & Johnson.

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