Prominent New York family charged with $3 million insurance fraud

insurancebusinessmag | May 23, 2019

Prominent upstate New York landlord Robert Morgan was charged Wednesday in a 114-count federal indictment with inflating property values in his expansive real estate portfolio to secure more than $500 million in loans.The indictment also named Morgan’s son, Todd Morgan, and two other principals of his Pittsford-based Morgan Management, LLC.The Morgans, along with broker Frank Giacobbe and former finance director Michael Tremiti, pleaded not guilty Wednesday.
Today’s charges allege Robert Morgan and the men he surrounded himself with in business worked hard with the desire to creatively subvert the integrity of the financial industry,FBI Special Agent-in-Charge Gary Loeffert said at a news conference.

Spotlight

This survey identifies the risks, or "Banana Skins", facing the global insurance industry in the first half of 2017 as seen by a sample of 836 practitioners and close observers of the scene in 52 countries. It comes at a time when the world economy is showing stronger signs of growth but the industry itself faces the pressures of structural and technological change, along with a difficult investment climate and a heavy regulatory agenda.

Spotlight

This survey identifies the risks, or "Banana Skins", facing the global insurance industry in the first half of 2017 as seen by a sample of 836 practitioners and close observers of the scene in 52 countries. It comes at a time when the world economy is showing stronger signs of growth but the industry itself faces the pressures of structural and technological change, along with a difficult investment climate and a heavy regulatory agenda.

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FastTrack, Insuretech leader announced its migration to a cloud computing platform.

Cision PR Newswire | September 04, 2020

FastTrack, a leading provider of insurtech solutions for the Life & Disability insurance industry, announced today the completion of their migration to a cloud-computing platform. The project resulted in a transition to Microsoft Azure for their entire suite of solutions and was completed without any service disruption to its customers. Leveraging the hosting platform's ability to handle the multiple coding languages employed by FastTrack demonstrates their continued dedication to using all resources at their disposal to create a flexible, easy-to-use platform for their client base without compromising on security. The new model also allows for a system that will seamlessly scale computing needs to match the growth of FastTrack, who has seen a 60% increase in insurance claims under management over the last 12 months.

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Specialist Risk Group to be acquired by HGGC

Specialist Risk Group, HGGC | December 21, 2020

Specialist Risk Group, a quickly developing specialist insurance broker, today reported that it has consented to a complete arrangement to be procured by driving center market private value firm HGGC. SRG's supervisory crew will contribute close by HGGC and keep on holding a huge stake in the business. The private exchange is relied upon to shut in Q1 2021, subject to administrative endorsement. As a component of the exchange, existing financial specialist Pollen Street Capital will leave the business. SRG was framed by Pollen Street Capital through the acquisition of Miles Smith in 2018 and The Underwriting Exchange in 2019. Under the administration of Group CEO Warren Downey, SRG is situated for quick organic and acquisition-based growth. "We are delighted to partner with HGGC, a firm that is completely aligned with our values as a culture and people-driven company," said Warren Downey, SRG Group CEO. "We share a common ethos and expansive ambition, and I am tremendously excited for the next chapter of the SRG story. I would like to thank the team at Pollen Street for their support of the business through this foundational stage of SRG's history." "SRG has been an outstanding investment and a great example of Pollen Street's track record of investing in high growth specialists in the financial and business services sectors," added Ian Gascoigne, Partner at Pollen Street Capital. "We have enjoyed a great partnership with Warren and the team and believe that HGGC is a great partner to support the business to achieve its considerable potential." HGGC was prompted by Evercore and Kirkland and Ellis and Pollen Street was exhorted by Macquarie Capital and Proskauer. About Specialist Risk Group SRG is an integrated group of insurance intermediaries arranging specialist insurance for corporates operating in the UK and internationally. The group serves over 18,000 end policyholders across multiple lines of business and specialises in creating solutions to challenging risk transfer questions. For more information, please visit: www.specialistrisk.com. About HGGC HGGC is a leading middle-market private equity firm with $5.4 billion in cumulative capital commitments. Based in Palo Alto, Calif., HGGC is distinguished by its Advantaged Investing approach that enables the firm to source and acquire scalable businesses through partnerships with management teams, founders and sponsors who reinvest alongside HGGC, creating a strong alignment of interests. Over its history, HGGC has completed more than 200 platform investments, add-on acquisitions, recapitalisations, and liquidity events with an aggregate transaction value of over $27 billion. More information, including a complete list of current and former portfolio companies is available at www.hggc.com. About Pollen Street Capital Pollen Street is an independent alternative investment management company with significant experience in specialty finance, focused on accelerating the progress of the financial and business services sectors. It was established in 2013 and operates across private equity and credit strategies on behalf of investors including leading pension funds, asset managers, banks, and family offices from around the world. Pollen Street has a team of 70+ professionals with offices in London and New York City.

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South Risk Management is Acquired by Propel Insurance

Propel Insurance | June 07, 2021

Propel Insurance, one of the nation's largest privately-owned insurance agencies and a portfolio company of Flexpoint Ford, announced today it had acquired South Carolina-based South Risk Management ("SRM"), a leading construction-focused insurance consulting firm. The acquisition of SRM expands Propel's presence into South Carolina and adds to the Company's existing Southeast footprint, which includes Knoxville, Charlotte, Atlanta, and Orlando. The SRM team will be a valuable addition to Propel's industry-leading construction risk practice. "We are pleased to welcome SRM into the Propel family, underscoring our commitment to growing our specialties nationwide by welcoming strategic partnerships and top industry talent," said Kurt Carlson, President, and CEO of Propel. "Propel is recognized as a leader in providing creative insurance solutions for our clients. Our long-standing partnerships with many of the nation's leading carriers, combined with our valuable services, translate into a competitive edge for our clients." "We are thrilled to be joining Propel, a highly-respected and innovative leader in the insurance industry," said Patrick McKain, a founding partner of SRM. "We have shared values and a like-minded approach to delivering unparalleled advice and solutions to our clients." SRM founding partners David Wells, Tripp Hafner, and W.D. Morris looks forward to expanding Propel's existing construction practice with John Babson taking on a leadership role. The team will leverage the broader pool of resources available at Propel to continue providing risk management services to help their clients address complex issues and support their business growth. In Propel's Charlotte office, Richard Todd, Regional Director, added, "This transaction will complement our footprint in the Southeast. We remain excited about our growth and will continue to provide a compelling opportunity for insurance advisors who are looking to join a national leader." About Propel Insurance Propel insurance is one of the nation's largest privately-owned insurance agencies. It provides a broad array of property, casualty, risk management, workers' comp, employee benefits, personal insurance, and other products across North America. Propel is dedicated to helping businesses and individuals manage their insurance needs and find their momentum. About Flexpoint Ford Flexpoint Ford is a private equity investment firm that has raised more than $5.0 billion in capital and specializes in privately negotiated investments in the financial services and healthcare industries. Since the firm's formation in 2005, Flexpoint Ford has completed investments in more than 30 companies across a broad range of investment sizes, structures, and asset classes. Flexpoint Ford is headquartered in Chicago, Illinois, with additional offices in New York, New York.

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