Philippine insurer’s conservatorship lifted

Insurance Business Magazine | July 19, 2019

The Philippines’ Insurance Commission (IC) has lifted its order that placed Metropolitan Insurance Co. under conservatorship, after an infusion of capital from a Hong Kong-based firm. Streetcorner E-Commerce Ltd invested in the troubled general insurer, allowing Metropolitan to meet the PHP550 million (US$10.7 million) net worth requirement imposed by the IC, the Philippine Star reported. The investment has kick-started the insurer’s rehabilitation. Furthermore, the IC ordered Streetcorner to invest more capital into Metropolitan, in order to meet the next round of increase in capital requirements that will come into effect on December 31. After that date, insurers must have a minimum capital of US$19 million in order to continue operating.

Spotlight

For some time of its earlier years, Big Data has been heralded as the savior to troubling businesses, working its magic throughout the private sector. But the public sector has also been using it to change the way in which public policy is made. The environment has completely changed, which is good news for all of us as policymaking becomes more targeted and relevant.

Spotlight

For some time of its earlier years, Big Data has been heralded as the savior to troubling businesses, working its magic throughout the private sector. But the public sector has also been using it to change the way in which public policy is made. The environment has completely changed, which is good news for all of us as policymaking becomes more targeted and relevant.

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CORE INSURANCE

Oakbridge Insurance Continues Expansion Through New Partnership with Snider Killingsworth Insurance & Risk Management

Oakbridge Insurance | September 17, 2021

Oakbridge Insurance Agency LLC (Oakbridge), one of the largest independent insurance and risk management agencies in the Southeast, today announced a new partnership with Snider Killingsworth Insurance & Risk Management (Snider Killingsworth) based in Griffin, Georgia. The partnership strengthens Oakbridge's footprint in Georgia, particularly within the growing Metro Atlanta region, and sets the stage for continued expansion in the Southeast. The partnership provides both firms with access to a broader pool of resources, industry knowledge, and niche expertise across several specialty insurance offerings, such as specialized construction, non-profit, transportation and logistics, and retail. We are excited for our partnership with Snider Killingsworth and how the combination provides expanded expertise and resources for our clients, At its core, our purpose is about helping people and we do that through providing our clients with the highest levels of service and expertise. By combining forces with Snider Killingsworth, we increase our ability to strategically support our clients with an expanded offering of solutions while also strengthening our already deeply rooted presence in the Griffin community. - Oakbridge CEO Robbie Smith. Founded in 1947 by Otis M. (Pete) Snider Jr., and purchased by Terry L. Killingsworth in 1983, Snider Killingsworth has long been known for excellence in client service, from listening attentively to client needs to providing comprehensive, straightforward, and thoughtful independent risk management solutions to advocating for client interests. In addition to aligning with Oakbridge's values and culture, the firm's existing carrier relationships and industry practice areas are a great complement to Oakbridge's offerings. We are thrilled to become an Oakbridge partner and look forward to the growth and momentum that's ahead for our organization. This partnership will allow us to share best practices, create greater efficiencies and deliver even higher levels of value for our clients. - Snider Killingsworth CEO Terry Killingsworth. As an Oakbridge partner, Snider Killingsworth will maintain its office in Griffin, Georgia. About Snider Killingsworth Insurance Agency Snider Killingsworth is an independent insurance agency in Griffin, Georgia, that has been serving businesses, individuals and families in the southeast since 1947. Snider Killingworth offers personal and business insurance as well as general risk management and is affiliated with the Independent Insurance Agents & Brokers of America (IIABA) and its Trusted Choice program, as well as with the National Association of Professional Insurance Agents (PIA).. About Oakbridge Insurance Agency Founded in 2020 through the merger of four leading insurance and risk management firms in the Southeast, Oakbridge Insurance Agency LLC is a rapidly growing partnership model for firms seeking accelerated growth, access to capital and an expanded suite of resources with which to serve clients. Ranked a "Top 100" insurance brokerage by Business Insurance and Insurance Journal magazines, Oakbridge is now one of the largest privately owned insurance, risk management, and employee benefits agencies in the region. The agency has specific experience in the agriculture, bond/surety, construction, financial, health care, manufacturing, municipalities, non-profit, senior living and transportation industries.

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INSURANCE TECHNOLOGY

Sunset Life Insurance Company to Retitle Ibexis Life & Annuity Insurance Company

Sunset Life Insurance | April 26, 2022

Sunset Life Insurance Company of America announced that it would rename Ibexis Life & Annuity Insurance Company as Ibexis. The renaming will be a part of a brand relaunch under new leadership and direction. Ibexis represents the next chapter for Sunset Life as it seeks to build a best-in-class insurance platform. The process will take place following the appointment of CEO Nate Gemmiti, and significant capital investment from global alternatives firm Investcorp happened in November 2021. Ibexis will launch a new fixed annuity product in the second quarter of 2022. The launch will include insurance licenses in 43 states and the District of Columbia. Ibexis is a long-term stable provider of retirement-oriented fixed annuity products. It has been doing so through a platform that forces innovative technology to provide a better experience for both customers and distribution partners. As the company organizes to launch new products, AM Best recently upgraded Ibexis to an A- (Excellent) Financial Strength Rating and Long-Term Issuer Credit Rating (Excellent). The outlook for both ratings is "stable." The ratings reflect Ibexis' strong balance sheet, Investcorp's $40 billion capital commitments and financial resources, and good financial flexibility and liquidity resources. We are delighted that AM Best recognized our exceptional financial strength and credit. Advisors and clients believe in financial security from the underlying insurance company when selecting a retirement product. We are very pleased that all stakeholders can review this independent assessment as we prepare to launch a new fixed annuity product." Nate Gemmiti, President and CEO of Ibexis.

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InsuraGuest selects Swarts, Manning & Associates Insurance Agency

GlobeNewswire | August 20, 2020

InsuraGuest Technologies, Inc. (TSX.V: ISGI) (the “Company”), under its wholly owned U.S. subsidiary InsuraGuest Insurance Agency, LLC (the “Agency”), has signed Swarts, Manning & Associates (“SMA”) for its agency/broker program, which focuses on agencies and brokers that write general liability polices specifically for hotels. InsuraGuest will utilize SMA’s brokers and business network in Utah, Nevada and California to access SMA’s hotel clients and integrate InsuraGuest’s insurtech software platform to deliver its hospitality liability coverages. Our focus has always been on risk management and improving the risk profile of our hospitality clients,” states Mark Swarts, founder and president of Swarts, Manning & Associates. “Adding InsuraGuest’s products to our partner list will help us reduce their hotel clients’ risk ratios and claim ratios while potentially lowering their GL premiums.” InsuraGuest insurance coverage, which is purchased by a property, automatically delivers hospitality liability coverages through the property’s management system via the Company’s proprietary insurtech (insurance + technology) platform. These coverages address claims from guests and their room occupants during their stay at a hotel; coverages insert a layer of protection on a primary basis should a guest experience an accident or theft.

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