CORE INSURANCE,INSURANCE TECHNOLOGY
PCF Insurance Services | December 08, 2022
PCF Insurance Services (PCF), a top 20 U.S. insurance brokerage firm, has acquired Direct Dealer Services (DDS), an automotive finance and insurance (F&I) firm providing industry-leading technologies, products, solutions and training.
DDS offers national automotive dealers, agents, and lender partners innovative F&I programs that promote employee confidence, fewer regulatory risks, and improved customer sales and satisfaction.
"Direct Dealer Services has a strong foothold in a unique market, The experience and knowledge that DDS brings will help position PCF as a leader in the F&I space and continue our geographical expansion of these product offerings."
-Peter C. Foy, Chairman, Founder and CEO of PCF Insurance
PCF Insurance has enhanced market access to national and regional carriers, providing value for its Agency Partners through a full spectrum of insurance and risk management solutions and program capabilities. Through collaboration, Agency Partners can focus on what they do best, knowing there is a support network of skilled professionals bringing forth industry knowledge and experience to provide world-class benefits design, insurance and risk management services.
We are extremely pleased to become an Agency Partner of PCF Insurance Services, We look forward to continuing working with our customers while bringing substantial new resources, exciting new products, and an unmatched level of service,said Pat Kane, Principal of Direct Dealer Services.
About Direct Dealer Services
Headquartered in Hoffman Estates, Illinois, Direct Dealer Services, Inc. (DDS) was founded in 1992 to help dealers, agents, and lender partners across the U.S. realize their maximum profit potential by providing industry-leading technologies, products, solutions and training. Every product in its portfolio complies with applicable regulatory requirements, and all are underwritten by insurance carriers rated "A-" (Excellent) or better by A.M. Best.
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. Ranked #20 on Business Insurance's 2022 Top 100 Brokers and #13 on Insurance Journal's 2022 Top Property/Casualty Agencies, PCF Insurance is a notable leader in the insurance space.
CORE INSURANCE, LIFE INSURANCE
Vouch Insurance | October 13, 2022
Vouch, a commercial insurance business focused on tech companies, announced its expansion into the life science category with the introduction of new proprietary insurance solutions.
For decades, life science startups have struggled to acquire business insurance. Large insurance carriers typically do not insure early stage life science companies, especially those that are pre-revenue. When they do, minimum premiums are prohibitively expensive.
George Aliaga, Vouch's Health & Life Sciences Vertical Lead, sees tremendous opportunity to support this category during a technological inflection point, as life science startups digitize their business models and increase investment in artificial intelligence to accelerate R&D cycles.
"We believe the most innovative medical advancements are happening right now in incubators around the country, and these startups need help protecting their business in a constantly evolving risk environment, For example, artificial intelligence techniques are being used for drug discovery, disease diagnosis and patient risk identification. AI use in life sciences is rapidly maturing, and groundbreaking startups are emerging with innovative tech as a result."
Vouch is the insurance of the technology industry. Since 2018, Vouch has revolutionized the buying experience and quality of coverage available to tech companies with the introduction of 10 proprietary coverages and a specialty brokerage. Now, the company is offering the same expertise and proprietary capabilities to the underserved life science startup ecosystem.
Life science startups face unique risks. Vouch offers a suite of exposure-driven coverages to ensure comprehensive protection from R&D through product commercialization:
Change in Controlled Environment Coverage - For perishable property prone to spoilage
Vivarium Coverage - For animals used in R&D, breeding or biological product harvesting
Clinical Trials Coverage - When sponsoring or operating human clinical trials
Medical Malpractice Coverage - When offering medical treatment or advice that may create medical malpractice exposure
Specialized Contamination Coverage - For products susceptible to contamination by radiation, bacteria, mildew, mold, microorganisms, viruses or pathogens
Condemnation of Undamaged Stock Insurance - For situations where product is not damaged but is deemed compromised and condemned by the FDA
In addition to the new proprietary coverages launched today, Vouch also offers life science startups access to its specialty brokerage, which can procure additional policies from the broader insurance market to provide comprehensive and holistic insurance solutions.
While insurance provides necessary protection, coupling an insurance program with expert advisory best positions a startup to withstand future risk.
Since they operate in a fast-paced environment with complex and unique risk profiles, life science startups not only require specialized coverage, but an advisor who understands their needs, Our life science Insurance advisors are trained to provide expert guidance for startups through each of their stages and milestones,said Aliaga.
About Vouch Insurance
Vouch is a provider of business insurance to thousands of high-growth companies. Since its inception in 2018, the company has empowered its clients to get risk management right through niche expertise, a proprietary approach to pricing and underwriting, fast, digital-first procurement and coverages that scale as the company grows.
NFP | October 19, 2022
NFP, a leading property and casualty broker, benefits consultant, wealth manager, and retirement plan advisor, today announced it has acquired Mason James Insurance Services Limited (doing business as Bentley Insurance Services), one of the largest brokers in Staffordshire. Bentley has provided complex commercial and personal insurance solutions since 1922. Mike Rostron, managing director at Bentley, will join NFP's commercial insurance leadership team in the UK and continue to drive company growth across Staffordshire and beyond.
"Bentley Insurance Services has a longstanding presence in Staffordshire, a great reputation, strong leadership and well-earned trust in the region, making them a perfect partner for NFP, We are proud to welcome Bentley, a broker that embodies our ethos, to our growing global group."
- John Paul Allcock, UK and Ireland managing director at NFP
This acquisition aligns with NFP's growth strategy and brings another respected, service-orientated broker to NFP's UK operations. With this deal, NFP grows its roster of exceptionally skilled brokers, furthering its commitment to bringing bespoke risk management solutions to more businesses and individuals across the UK.
The last two years have been particularly challenging for organisations and consumers alike, and their insurance needs have evolved, This partnership allows us to offer services to businesses in the Midlands that more effectively meet the challenges our clients face today, said Allcock.
Bentley will maintain its local office presence in Staffordshire, and all existing Bentley customers will continue to be advised and managed by their current broker in the same way they always have. Through NFP, clients will also have full access to enhanced products and a broader range of solutions designed for their specific needs.
We're excited to join the NFP family and collaborate with colleagues that share our commitment to providing client-centric solutions and maintaining a people-first work culture, This incredible opportunity also allows us to offer our clients access to NFP's broad network of integrated insurance, benefits, wealth management and retirement solutions, said Rostron.
NFP is a leading property and casualty broker, benefits consultant, wealth manager, and retirement plan advisor that provides solutions enabling client success through the expertise of over 7,000 global employees, investments in innovative technologies, and enduring relationships with highly rated insurers, vendors and financial institutions. NFP is the 9th best place to work for large employers in insurance, 7th largest privately-owned broker, 5th largest benefits broker by global revenue and 13th largest broker of US business (all rankings according to Business Insurance).
About Bentley Insurance Services
Bentley Insurance Services is one of the largest independent insurance intermediaries in Staffordshire and has been dealing with personal and commercial insurances since 1922.
We specialise in providing bespoke insurance solutions for private cars (including high performance and high value vehicles), household insurance, commercial insurance, industrial insurance, self-employed tradespeople and liability.