The Penn Mutual Life Insurance Company | November 23, 2021
The Penn Mutual Life Insurance Company (Penn Mutual), a Fortune 1000 company, is pleased to announce that the company has maintained its dividend scale for 2022 and the Board of Trustees has approved a $123 million payout to eligible policyholders in 2022.
Dividends are a key measure of a mutual company's performance and Penn Mutual has consistently paid dividends to eligible policyholders for nearly 175 years. This announcement extends the company's long track record of delivering strong performance and value to policyholders.
"We're proud to continue our track record of financial strength and maintain our dividend scale, A mutual life insurance company's ability to consistently pay dividends is a solid indicator of its financial strength. Over the last 20 years, our dividend action remains one of the strongest and most consistent in the industry, reinforcing our commitment to serving the best interests of our policyholders and financial professionals now and into the future."
- Eileen McDonnell, chairman and CEO.
About The Penn Mutual Life Insurance Company
Penn Mutual helps people become stronger. Our expertly crafted life insurance is vital to long-term financial health and strengthens people's ability to enjoy every day. Working with our trusted network of financial professionals, we take the long view, building customized solutions for individuals, their families, and their businesses. Penn Mutual supports its financial professionals with retirement and investment services through its wholly-owned subsidiary Hornor, Townsend & Kent, LLC, member FINRA/SIPC.
Hiro | September 09, 2021
Hiro, the prevention-first smart insurtech, is announcing a partnership with StepLadder, the collaborative finance company. The relationship offers StepLadder members access to Hiro's innovative insurance, and paves the way for further collaboration between the two companies.
This is another exciting partnership for Hiro, which also has relationships with a number of smart home vendors including Ring, Philips Hue, Netatmo and Abode. The insurtech empowers its members to adopt a prevention-first approach, offering discounts on smart tech which enables them to proactively protect their homes, and giving members a fairer price on insurance for doing so. StepLadder invites members into collaborative Circles to fund particular home-related finance projects, whether that be raising money for a deposit on a house, or funding some home improvement or renovation. Each Circle Member puts a set amount of money into a pot each month, which is then awarded as a lump sum to one Member of the Circle per month, meaning 90% of members reach their savings target faster.
"As we do with insurance, StepLadder is taking on a traditional industry – lending – and burning the rulebook in a truly innovative way. We're always looking to develop relationships with like-minded companies, so it really stood out to us," says Hamza Abbas, Head of Partnerships at Hiro. "We understand that money can't replace invaluable items, or buy back the hard work people put into buying a home. This is why we're delighted to offer StepLadder members insurance that not only pays out should something bad happen, but that helps them to proactively protect their homes and prized possessions." There is also scope for the partnership between the companies to grow, with Hiro members potentially set to benefit from StepLadder's collaborative finance in the future.
"We're excited to work with Hiro as it shares our ethos of truly helping people to improve their lives. Of course, there is a natural link between our businesses, and it is great that our Members can now benefit from Hiro's forward-thinking insurance," says Matthew Addison, CEO at StepLadder. "Hopefully, this is just the start. We have some ideas in the pipeline that will enable as many people as possible to reap the rewards of our shared innovation."
Hiro is swapping reactive for proactive. It helps you to defend the things you hold dear – the things that money can't replace – and empowers you with smart tech that prevents bad things from happening. It'll even reward you with lower prices, just for being a safer homeowner – and give you access to amazing discounts on tech to help you get the most out of your insurance, whether you claim or not. And if you decide Hiro isn't for you, it won't be held against you. You can cancel your monthly subscription whenever you like, straight from the Hiro app. No cancellation fees, no nonsense. This is simple, transparent home insurance that helps to protect not just your valuables, but your invaluables.
StepLadder is a fast growing and award-winning company pioneering collaborative finance and revolutionising the home buying process. Through their collaborative lending Circles StepLadder are supporting people to buy their first home faster, reach their financial goals, and championing financial wellbeing.
Core Specialty Insurance Holdings | October 18, 2021
Core Specialty Insurance Holdings, Inc. and its subsidiaries is pleased to announce to its brokers a new agreement with Risk Placement Services ("RPS") to provide lawyers professional liability. RPS is a leading specialty program manager in the professional liability and errors & omissions marketplace. The new relationship will build on RPS's underwriting and marketing experience in this niche. The program is now available on a non-admitted basis and the Company plans on offering admitted based coverage upon completion of its filings. This program, for standard market lawyers business with RPS, was established to complement Core Specialty's non-standard lawyers product, offered through the Company's limited distribution, and Core Specialty remains committed to servicing this market segment long-term.
This new RPS Signature Programs offering will be available Nationwide (except AK) on A-(Excellent) AM Best Rating, Financial Size Category XI, and will provide Lawyers Professional Liability (LPL) coverage for small- to mid-sized Law Firms.
Highlights of the Lawyers Professional Liability Program are:
1 to 50 Attorney Firms
Broad Definition of Professional Services
Claims Expenses in addition to the limit of liability available
First Dollar Defense deductible available
50% reduction for agreement to use mediation and the claim is settled at mediation (Up to $25,000)
Per Claim and Aggregate deductible options
Relaxed Consent to Settle Clause 50/50
Limits of Liability up to $5,000,000 available
"RPS Signature Programs has more than 35 years of underwriting experience with the primary focus on this line of business. We are using our expertise in professional liability writing $30,000,000 in premium placed this past year, which means that when you have questions, we have answers,"
- Adrienne Woodhull, area president with RPS Signature Programs.
Jeff Consolino, President and Chief Executive Officer of Core Specialty commented, "When Core Specialty completed the recapitalization of StarStone U.S. Holdings, Inc. on November 30, 2020, we established the Errors & Omissions Professional Liability Division and recruited Jeff Jacobs as Division President to increase our focus on these product lines. We believe many professional liability classes are continuing to see strong opportunity after changes in appetite in the admitted market created a void that has not yet been filled by E&S markets."
About Core Specialty
Core Specialty offers a diversified range of property and casualty insurance products for small to mid-sized businesses. From underwriting offices spanning the U.S., the Company focuses on niche markets, local distribution, and superior underwriting knowledge, offering traditional as well as innovative insurance solutions to meet the needs of its customers and brokers. Core Specialty is an insurance holding company operating through StarStone Specialty Insurance Company, a U.S. excess and surplus lines insurer, and StarStone National Insurance Company, a U.S. admitted markets insurer. The Company is rated A- (Excellent) by AM Best.
About RPS Signature Program
RPS Signature Programs manages a variety of specialized programs on behalf of highly rated carriers, offering proprietary insurance solutions in niche markets. Headquartered in Rolling Meadows, Illinois, RPS Signature Programs is a division of Risk Placement Services, one of the nation's largest specialty insurance product distributors.