Pearl Insurance partners with The Hanover for lawyer risk purchasing group

Insurance Business America | May 06, 2019

The Hanover has joined as a new carrier partner for Pearl Insurance’s professional liability risk purchasing group for lawyers, Lawyers ProtectionPlus. Effective June 01, 2019, the new program will provide lawyers who are a part of the risk purchasing group with a suite of expanded coverage options – including comprehensive coverage limits of up to $10 million, as well as broad risk management resources, a release said. Other features of the Lawyers ProtectionPlus program include: Lawyers with a clean loss history for three years will be offered a 50% deductible reduction. Multiple extended reporting periods. No hammer clause (insureds’ consent needed to settle a claim). 5% credit for participation in certain risk management activities. Risk management resources, such as seminars, tools, sample documents and more. Pre-claim assistance. “What it comes down to is making sure our customers can live and work worry-free,” commented Pearl Insurance CEO Gary Pearl.

Spotlight

The insurance industry is rapidly approaching a singularity in which the traditional insurance market will be turned on its head. The insurance model is heavily regulated, slow to change, and uses outdated measuring tools to determine and assign appropriate risk. As a result of stagnation, the industry as a whole produces a one-size-fits-all formula product which tends to not be competitive and only provide value to the end user if the worst happens. With the emergence of Artificial Intelligence coupled with blockchain technology geared specifically to address the insurance industry, everything is set to change overnight. Insurance companies who are resistant to embracing this new technological change will find themselves in a very perilous condition.

Spotlight

The insurance industry is rapidly approaching a singularity in which the traditional insurance market will be turned on its head. The insurance model is heavily regulated, slow to change, and uses outdated measuring tools to determine and assign appropriate risk. As a result of stagnation, the industry as a whole produces a one-size-fits-all formula product which tends to not be competitive and only provide value to the end user if the worst happens. With the emergence of Artificial Intelligence coupled with blockchain technology geared specifically to address the insurance industry, everything is set to change overnight. Insurance companies who are resistant to embracing this new technological change will find themselves in a very perilous condition.

Related News

CORE INSURANCE

PCF Insurance Services' Earns Recognition as Industry Leader

PCF Insurance Services | September 22, 2022

PCF Insurance Services (PCF), a leading national insurance brokerage, was recently named a top 20 insurance broker on Business Insurance's "2022 Top 100 Brokers of U.S. Business" list. The list, which ranks companies by their 2021 brokerage revenue generated by U.S.-based clients, identifies the highest-grossing companies in the insurance industry. The company also placed within the top 15 on Insurance Journal's "2022 Top 100 Property/Casualty Agencies" list, which ranks companies by total property and casualty (P&C) agency revenue. With 2021 revenue of $590 million, PCF Insurance increased its Business Insurance ranking from No. 27 last year to No. 20 in 2022, representing the largest year-over-year jump among top 20 companies. The company's year-over-year revenue increase of more than 150% was also the largest percentage increase of any company in the top 20. PCF Insurance's 167% P&C revenue increase from $176 million in 2021 to $470 million in 2022 provided the momentum for the company to boost its standing in the Insurance Journal ranking from No. 20 last year to No. 13 in 2022. Over a three-year period, PCF Insurance has seen a 3,830% growth in revenue. "In just under four years, PCF has scaled from an agency with more than $10 million in revenue to a leading national insurance brokerage with annual revenue exceeding $640 million, This recognition is a testament to our pursuit thoughtful, value-accretive expansion and our partners' commitment to delivering best-in-class services to clients." -Peter C. Foy, Chairman, Founder and CEO of PCF Insurance The rapid ascension among the industry's leading brokerage firms is a testament to PCF Insurance's collaborative partnership model and culture. PCF Insurance has an intentional approach to attracting and bringing on entrepreneurial-minded, growth-focused agency owners who perform at a high level, deliver year-over-year increases in organic growth, and retain clients. PCF Insurance has earned a reputation as being a preferred partner for entrepreneurs because even though our partners are independent, everyone has a stake in the success of our organization, Our Agency Partners are the fuel to our success. They collaborate, share knowledge, and as a result, propel our growth strategy. Because when one of us grows, we all grow.,said Peter C. Foy. In addition to the expansion of its technology and infrastructure investments, PCF Insurance completed six acquisitions in 2019, 36 in 2000, 89 in 2021, and is on pace to complete more than 100 acquisitions this year. Of these acquisitions, XX% of these deals were a direct result of referrals from within the PCF partner network. To continue to add value and diversification to its network of offerings, PCF recently announced acquisitions of California-based Andreini & Company, Utah-based MGA United Underwriters, and specialty MGA Professional Warranty Service Corporation (PWSC). According to analysis by Chicago-based Optis Partners LLC. Through the company's collaborative structure, PCF Insurance currently serves more than 465,000 clients through its network of nearly 165 Agency Partners* across 37 states. About PCF Insurance Services A top 20 U.S. broker headquartered in Lehi, Utah, PCF Insurance Services is a leading full-service consultant and insurance brokerage firm offering a broad array of commercial, life and health, employee benefits, and workers' compensation solutions. Propelled by its people, PCF Insurance's agency-centric operating model and entrepreneurial environment support its tremendous growth profile, offering partners alignment through equity ownership, significant leadership incentives, and resources to over 3,100 employees throughout the U.S. PCF Insurance is a notable leader in the insurance space, ranked #20 on Business Insurance's 2022 Top 100 Brokers and #13 on Insurance Journal's 2022 Top Property/Casualty Agencies.

Read More

CORE INSURANCE

Inszone Insurance Services Continues Expansion in Texas with the Acquisition of Proctor Insurance

Inszone | October 20, 2022

Inszone Insurance Services: a rapidly growing, national provider of benefits, personal and commercial lines insurance, announced today the acquisition of Proctor Insurance, providing the fifth acquisition in the state of Texas. Founded by Jeff Proctor in 1988, Proctor Insurance has been a pillar in the Houston area. Jeff started in his community founding two grocery stores in the Houston area, but when those were sold to a local chain, he begun looking for a change of pace which would allow him to provide for his wife and three small children and lead him away from the 7-day work week. After consulting with a friend in the insurance industry, Jeff decided to open his agency and built it from the ground up. He built a reputation of success among small hotels and motels, who appreciated the honesty and dedication of him and his team. Getting ready to retire, Jeff knew he wanted to find a company to provide opportunity for advancement and further education to his employees while also providing great resources to his clients. Proctor Insurance customers will continue to receive the service they are accustomed to, under the Inszone Insurance brand. “Jeff of Proctor Insurance told us his team was his true success story, and he was 100% right, we couldn’t be happier to provide them with the resources to continue their great work under the Inszone brand, We are excited to see our service footprint grow in the state of Texas and look forward to many years of success with the team from Proctor Insurance.” -Norm Hudson, CEO of Inszone Insurance Services Inszone Insurance is expected to announce a number of important acquisitions in the upcoming months as it continues to build its national presence. About Inszone: Founded in 2002 and headquartered in Sacramento, California, Inszone is a full-service insurance brokerage firm which provides a broad array of property & casualty insurance, along with employee benefits solutions. With a strong, experienced management team, Inszone continues to grow organically, as well as through acquisitions. With 31 locations across California, Arizona, Nevada, Utah, Colorado, Missouri, Texas and Illinois, the company is looking to further expand throughout the United States.

Read More

CORE INSURANCE

Wright National Flood Insurance Company announces agreement with IAT Insurance Group

Wright National Flood Insurance | November 02, 2022

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 IAT Insurance Group Inc. and its affiliate Occidental Fire and Casualty Company of North Carolina ("IAT"). Wright Flood will service, administer and issue flood coverage under the National Flood Insurance Program (NFIP) for IAT policyholders and agents. Additionally, Wright will also assume the servicing of IAT Insurance Group'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 industry-specific knowledge, 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 the service customers deserve. Patricia Templeton-Jones, Wright National Flood Insurance Services president, said she is excited about the partnership with IAT agents. "IAT Insurance Group has provided flood coverage solutions for the past 15 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 NFIP, Wright Flood has been a premier provider of 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, said Joe Tracy, IAT's executive vice president of inland marine, property and aviation. Beginning in early 2023, Wright Flood will manage IAT's NFIP flood placements. Wright National Flood Insurance Company, which is AM Best-rated as A (Excellent) for financial strength, will issue all new policies and renewals. For retail agents accessing flood coverage through IAT, there will be minimal change in the process to continue to provide NFIP coverage for policyholders. 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 experience, rated A (Excellent) by AM Best. Wright Flood takes pride in its exceptional claims reputation, providing superior service customers deserve and its user-friendly technology. About IAT IAT Insurance Group is a privately-owned, specialty insurance group providing property-casualty and surety insurance products for niche markets. With more than 900 employees and office locations across the country, IAT Insurance Group's specialty units include Commercial Transportation, Excess and Surplus, Inland Marine, Reinsurance, Surety and Management Liability. The IAT Insurance Group companies are rated A- (Excellent) by AM Best.

Read More