Prudential announces plan for minority IPO of US business

Prudential | March 12, 2020

Prudential Plc has today revealed official plans for a minority initial public offering (IPO) of its US subsidiary, Jackson. The London-based firm, which recently described itself “an Asia-led portfolio of businesses” after demerging from its UK and European savings and investments arm last year, has made the decision to float part of its US business amidst pressure from investors to cut ties. According to Reuters, one “rebel investor” – a US hedge fund named Third Point – has demanded that Prudential release Jackson in its entirety. However, this does not seem to be the plan at present. Speaking on a media call on Wednesday (March 11), Prudential CEO Mike Wells announced plans for a minority IPO following a 20% rise in Jackson’s operating profit in 2019. He said the US business has been preparing for a potential IPO since August 2019, and that Jackson has “undertaken significant work with [it’s] advisors” to get in the best possible position for a minority IPO. Wells added: “In order to diversify at pace, Jackson will need access to additional investment.”

Spotlight

What is Contract Works Insurance? When you’re working on a construction site, plenty of things can go wrong. Damage or loss to a building could cost you time, money and even your reputation. Meanwhile, an onsite injury can result in considerable pain, stress and financial loss. That’s why having the right amount and type of contract works insurance is an important part of your business toolkit, allowing you to get on with the job with less stress and worry.

Spotlight

What is Contract Works Insurance? When you’re working on a construction site, plenty of things can go wrong. Damage or loss to a building could cost you time, money and even your reputation. Meanwhile, an onsite injury can result in considerable pain, stress and financial loss. That’s why having the right amount and type of contract works insurance is an important part of your business toolkit, allowing you to get on with the job with less stress and worry.

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LIFE INSURANCE

Carothers Insurance Agency Builds on Historic Legacy by Joining Integrity's Leading Platform

Integrity Marketing | March 07, 2022

Integrity Marketing Group, LLC ("Integrity"), an omnichannel insurtech leader in life, health and wealth solutions, today announced it has acquired Carothers Insurance Agency, a leading independent marketing organization ("IMO") based in Las Vegas, Nevada. As part of the acquisition, Chris Carothers, President of Carothers Insurance Agency, will become a Managing Partner in Integrity. Financial terms of the transaction were not disclosed. It's so meaningful to partner with a company with the longevity of Carothers Insurance Agency, which has been making a difference in its community for half a century, Chris and his team focus on fostering personal interactions with every one of their customers. They have been incredibly proactive in the insurance community and bring a strong reputation for hard work. Carothers Insurance Agency can help us make our vision of innovating insurance a reality — all while utilizing Integrity's industry-leading technology and resources to fuel their growth. They have a rich legacy in Las Vegas, and we can't wait to extend that legacy another 50 years and beyond." Bryan W. Adams, Co-Founder and CEO of Integrity. Founder Michael D. Carothers opened Carothers Insurance Agency in 1969, offering health and life insurance products to seniors in the Las Vegas market. His son, Chris Carothers, joined the team more than 30 years ago and has continued to build on his father's deep personal commitment to love and serve, while establishing a strong national presence. Under Chris's direction, the agency provides incomparable industry knowledge, resources and training to help their brokers succeed. Additionally, the business has expanded to include Your Insurance Agency centers — retail locations where brokers can interact face-to-face with clients, matching Integrity's focus on meeting clients where they are. Chris has also led Carothers Insurance Agency toward regional and national positions of industry leadership. Our agents and employees love to serve — whether it's our community, our industry organizations or our clients — and we feel like extended family with the people we serve, We've already built a time-honored company. What we needed was a partner who matched our commitment to service and could provide the rocket fuel for thoughtful expansion. Integrity offers our brokers innovative thinking and systems to help them succeed while staying ahead of changes in the industry. We're proud of our past and, as an Integrity partner, we have the world-class resources we need to look to the future with excitement." Chris Carothers, President of Carothers Insurance Agency. Integrity's partnership platform is designed to help successful companies like Carothers Insurance Agency reach their full potential. Integrity's infrastructure of business services, including finance, Technology & Innovation, People & Culture, legal and compliance, ensure partners are focused more on agents and consumers rather than on administration and back-office tasks. As an insurtech leader, Integrity offers robust technology-driven solutions for all stakeholders, encompassing data and analytics, proprietary customer relationship management systems, and quoting and enrollment solutions, as well as access to a industry-expert advertising and marketing firm. To offer perspective and refine best practices, innovators and legends collaborate through Integrity's fast-growing partner network. These leading companies develop and optimize insurance and financial systems and help American consumers prepare for the good days ahead by offering life, health and wealth solutions. out Integrity Marketing Group Integrity, headquartered in Dallas, Texas, is an omnichannel insurtech leader of life and health insurance, and provider of innovative solutions for wealth management and retirement planning. Through its partner network, Integrity helps millions of Americans protect their life, health and wealth with a commitment to meet them wherever they are — in person, over the phone and online. Integrity's cutting-edge technology helps streamline the insurance and financial planning experience for all stakeholders. In addition, Integrity develops products with carrier partners and markets them through its distribution network of agencies, brokerages and RIAs throughout the nation. Integrity's nearly 5,500 employees work with more than 420,000 agents and advisors who serve over 10 million clients annually. In 2021, Integrity helped carriers place more than $7 billion in new sales and oversaw more than $20 billion of assets under management and advisement through its RIA and broker-dealer platforms.

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INSURANCE TECHNOLOGY

Cowbell Cyber Brings Essential Cyber Insurance Coverages to Manufacturing, Construction and Other Classes of Business

Cowbell Cyber | October 29, 2020

Cowbell Cyber, the business' first AI-controlled cyber protection supplier for little to fair sized organizations (SMBs), today declared its arrangement to twofold down on significance and cyber versatility with inclusions explicit to classes of business known for complex cybersecurity measures. This makes Cowbell the first cyber protection firm to bring a conceded protection item that delivers presentations special to assembling, development and different classes of business, shutting the insurability hole for enterprises crucial to the U.S. economy. Cybercriminals cast a wide assault net to invade each class of business and have as of late increase their objectives on organizations like development and assembling developing enterprises progressively turning out to be more innovation subordinate. These indispensable ventures have remarkable necessities that envelop the physical and virtual world and as per the Cyber Insurance. The Market's View 2020 overview, these enterprises are indicating a solid move towards expanded cyber protection schooling and reception. "Every business is at risk of a cyber incident but the exposures and subsequent damages can vary drastically in type and scope by sector. Businesses in every industry are rapidly building awareness about the unique cyber threats they face," said Jack Kudale, CEO and Founder at Cowbell Cyber. "Cowbell Prime 250 goes beyond offering generic coverages, enabling insurance buyers to not benefit from customized policies but also add coverages for cyber incidents unique to their class of business." Unique endorsements available with Cowbell Prime 250 include: Contractual Damages Endorsement for the manufacturing industry: Provides financial protection when the manufacturer faces a cyber event that triggers third party liability caused by the inability to fulfill a contractual requirement, the compromise of customer information or contractual damages that an unfulfilled contract might trigger for the customer. Missed Bid Endorsement for the construction industry: Provides construction with additional financial coverage for missed income when a cyber incident triggers a business interruption that prevents the construction company from bidding for or responding to an RFP. Cowbell Breach Fund with additional separate limit endorsement: Provides separate limit for the coverage of expenses common to many cyber events such as forensic services or notification to individuals and entities impacted by the incident. The limit for this fund can be extended through a Separate Limit Endorsement for classes of business carrying a large population of customers. Utilizing Cowbell, operators and merchants can now quickly and effortlessly convey cyber protection contributions that are exceptionally applicable to their customers. Beginning with three preset industry-explicit bundles - Basic, Popular, Elite - they can, in a couple of snaps, redo strategies or add supports novel to explicit businesses. About Cowbell Cyber Cowbell Cyber is dedicated to providing standalone, admitted, individualized and easy-to-understand cyber insurance for small and mid-size businesses. In its unique AI-based approach to risk selection and pricing, Cowbell's continuous underwriting platform, powered by Cowbell Factors, compresses the insurance process from submission to issue in less than 5 minutes. Cowbell Insurance Agency is currently licensed in 34 U.S. states and provides SMBs with admitted cyber insurance on AM Best "A" rated paper with up to $15 Million in coverage.

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LIFE INSURANCE

MassMutual Accquires the Great American Life Insurance Company

American Financial Group, Inc. MassMutual | May 31, 2021

Massachusetts Mutual life insurance Company announced today the completion of the previously announced acquisition of American Financial Group, Inc.’s wholly-owned subsidiary, Great American life insurance company, and other subsidiaries and affiliated entities, for a purchase price of approximately $3.5 billion. “We are excited to welcome Great American Life to MassMutual and to assist build on its outstanding leadership position in the annuity market,” said Roger Crandall, Chairman, President, and CEO, MassMutual. “This acquisition immediately broadens our product offerings, further diversifies our distribution capabilities and generates additional earnings – enabling us to assist even more people in securing their future and protecting the ones they love.” The acquisition includes Great American Life and its two insurance subsidiaries, Annuity Investors life insurance Company and Manhattan National life insurance Company, as well as a broker-dealer affiliate, Great American Advisors, Inc., an insurance distributor, AAG Insurance Agency, Inc. With the completion of this acquisition, MassMutual, is among the top five individual annuity writers in the U.S.1. Great American Life will operate as an independent subsidiary of MassMutual led by its current president, Mark Muething, who will report to Mike Fanning, head of MassMutual U.S. Its more than 600 employees will continue to support the business and remain headquartered in Cincinnati. “Today marks a new beginning for great American Life as we join MassMutual to make an even greater impact serving the millions of Americans who need our help in building financial security,” said Mark Muething, President and Chief Operating Officer of Great American Life. “This transaction strengthens our position as a leading U.S. annuity company, enhances our ability to deliver compelling solutions for our policyholders and distribution partners, and positions us for future growth with a company that’s committed to our success.” Fanning, who will oversee the great American Life business, added, “Our goal is to ensure a seamless transition for great American Life’s employees, clients, and partners. we look forward to working together with Great American Life to reach more customers in need of lifetime income solutions and deliver ongoing value to our policy owners and customers.” Debevoise & Plimpton LLP served as legal counsel to MassMutual. Skadden, Arps, Slate, Meagher & Flom LLP, and Keating Muething & Klekamp PLL served as legal counsel to AFG. About MassMutual MassMutual is a leading mutual life insurance company that benefits its members and participating policy owners. Founded in 1851, the company has been continually guided by one consistent purpose: we help people secure their future and protect their loved ones. With a focus on delivering long-term value, MassMutual offers a wide range of protection, accumulation, wealth management, and retirement products and services. For more information, visit massmutual.com. About American Financial Group, Inc. American Financial Group is an insurance company based in Cincinnati, Ohio. Through Great American Insurance Group operations, AFG is engaged primarily in property and casualty insurance, focusing on specialized commercial products for businesses. Great American Insurance Group’s roots go back to 1872 with the founding of its flagship company, Great American insurance company.

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