Tokio Marine HCC CEO on firm’s “crown jewels” M&A strategy

Insurance Business Magazine | December 27, 2019

What a year 2019 has been for Tokio Marine HCC. The global specialty insurance arm of Tokio Marine Holdings landed two blockbuster acquisitions in the United States, expanded various specialty product areas, and made a number of key leadership appointments. As chief executive officer, Susan Rivera (pictured) summarized: “It has been a very busy and exciting year.” The insurer’s landmark deal of the year came in April with the acquisition of NAS Insurance Services, LLC (NAS), a Lloyd’s coverholder and leading provider of cyber and professional liability insurance solutions. A few months later, Tokio Marine HCC announced the formation of a new Cyber and Professional Lines Group, which combined the operations of its existing Professional Lines Group with the acquired operations of NAS. Richard Robin, former CEO of NAS, was named the new group’s president and has been granted autonomy to inject his innovative and entrepreneurial spirit into the operation.

Spotlight

Fannie Mae and Freddie Mac (the Enterprises) operate under congressional charters to provide liquidity, stability, and affordability to the mortgage market. Those charters, which have been amended from time to time, authorize the Enterprises to purchase residential mortgages and codify an affirmative obligation to facilitate the financing of affordable housing for low and moderate-income families. Pursuant to their charters, the Enterprises may purchase single-family residential mortgages with loan-to-value (LTV) ratios above 80%, provided that these mortgages are supported by one of several credit enhancements identified in their charters. A credit enhancement is a method or tool to reduce the risk of extending credit to a borrower; mortgage insurance is one such method.

Spotlight

Fannie Mae and Freddie Mac (the Enterprises) operate under congressional charters to provide liquidity, stability, and affordability to the mortgage market. Those charters, which have been amended from time to time, authorize the Enterprises to purchase residential mortgages and codify an affirmative obligation to facilitate the financing of affordable housing for low and moderate-income families. Pursuant to their charters, the Enterprises may purchase single-family residential mortgages with loan-to-value (LTV) ratios above 80%, provided that these mortgages are supported by one of several credit enhancements identified in their charters. A credit enhancement is a method or tool to reduce the risk of extending credit to a borrower; mortgage insurance is one such method.

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INSURANCE TECHNOLOGY

Bluefire Insurance Implements Insured.io’s Customer Engagement Platform

November 20, 2020

insured.io, a supplier of cloud-based, customer engagement solutions for the protection business, is satisfied to report that Bluefire Insurance (Bluefire) has effectively actualized the organization's Customer Engagement Platform. Bluefire is an overseeing general organization (MGA) framed from an organization of viable offices offering a wide assortment of creative protection solutions over different states. The organization is centered around giving extraordinary items, top tier claims dealing with, and first class, customized administration. Bluefire was established through a progression of acquisitions which brought about the organization's business being run on different, dissimilar center administration frameworks. "Our policyholder data was spread across a number of different systems,” said Lola Misicka, vice president of strategic project delivery at Bluefire. “Insured.io helped us to unify the customer experience under one platform and streamlined the customer journey for the Bluefire brand. It also gave us the ability to see all of our customer data consistently and immediately. Our customer behavior patterns and metrics are now available at our fingertips." As a component of this implementation, insured.io had the option to illuminate Bluefire's requirement for an all encompassing policyholder solution. With various inheritance center frameworks and different sellers offering types of assistance, the customer venture was superfluously confounded. Insured.io's Customer Engagement Platform smoothed out the experience by connecting the entirety of Bluefire's current frameworks to give a solitary solution to customer engagement, including a customer entryway, coordinated voice reaction (IVR), repeating installments, electronic records, announcing and investigation modules, and that's just the beginning. The fast implementation was finished on-schedule, on-spending plan, and with no disruption to Bluefire's business cycles or IT assets. "Bluefire needed an entirely new customer experience," said Steve Johnson, co-founder and head of product for insured.io. "We provided a SaaS, cloud-based solution which enhanced their customer journey and didn’t require them to replace any of their existing core systems. It’s a relationship which we look forward to growing in the future." Insured.io gives insurers a platform which interfaces and brings together customers, makers, and workers by means of any channel. Equipped for integration with any current center administration framework, insured.io's Customer Engagement Platform changes the customer venture, improves interior capacities, augments capital speculations, and expands measure straightforwardness for protection organizations over all lines of business. Insured.io quickens advanced transformation by giving a platform that works flawlessly with any framework, yet additionally makes a versatile well disposed client experience, and builds oneself help and engagement open doors for all protection cycle stakeholders. About insured.io Insured.io accelerates digital transformation for insurance organizations with a 360-degree suite of SaaS solutions built on a modern, cloud-based platform. The insured.io Customer Engagement Platform integrates seamlessly with multiple core administration systems and includes interactive voice response (IVR), policyholder and producer portals, direct-to-consumer sales, recurring payments, first notice of loss (FNOL), and analytics.

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Roamly and Wheelbase Partner to Bring New Digital RV Insurance Offerings to Professional Rental Operators

Wheelbase | January 27, 2022

The insurtech company Roamly today announced its new professional insurance product for the rapidly growing market of professional RV rental companies worldwide. Wheelbase, the professional software product for RV fleet operators, will now embed Roamly into its software to make insurance painless, simple, and economical. New, tailored RV insurance product brings digital insurance to commercial RV operations. The new partnership offers Roamly, the only tailored RV insurance product, directly to commercial RV rental operators, tour companies, and booking agencies. In addition, Roamly is made available directly from the software for any consumer who books trips and vacations through a rental company utilizing the Wheelbase software. With embedded digital insurance, commercial RV operators and their customers no longer have to navigate insurance solutions that can be costly, cumbersome, and complex. Roamly also includes trip cancellation coverage and interior damage coverage for renters – making for a seamless and worry-free vacation for travelers. Roamly also provides benefits that reimburse the traveler for unused, prepaid, and non-refundable insured travel arrangements. "With the growth of commercial RV rental operations worldwide stemming from an environment where people want to travel, as well as the dominant position that Wheelbase enjoys in the professional market, this partnership made logical sense for consumers who want an easy-to-book and fully protected trip without the arduous task of sorting out insurance with agents and brokers," - Roamly's Chief Insurance Officer Aaron Ammar. Now consumers have a way to protect their trips, and fleet operators can focus on customer operations without chasing insurance products through insurance carriers, which are commonly expensive and complex to purchase. Operators utilizing Wheelbase software and Roamly insurance include Road Adventures by Mark Wahlberg, a rapidly expanding RV rental business in Ohio partially owned by Hollywood actor Mark Wahlberg. "When you dive into the RV rental business, it is a priority for your fleet to be insured both during and outside of rentals to mitigate all risks, It can be a bit gut wrenching to hand your keys over to a stranger, and hope they will properly care for your unit. However, utilizing Roamly insurance for both our renters and our company has cultivated a peace of mind for us. The transition was seamless and simple, and the Wheelbase team was there to help every step of the way." -Chris Haydocy, Managing Member of Road Adventures by Mark Wahlberg. In 2021, more than 240 new companies started using Wheelbase software to run their business – amounting to roughing one new RV rental business onboarded every other day. Roamly has grown rapidly over the past year. Having recently come out of beta, it's already produced more than $7M in written premium. About Roamly Roamly is the first RV-focused insurtech in the world, unlocking RV insurance to make owners' vehicles 'rent ready.' Roamly provides unique digital insurance products that eliminate the commercial use exclusion clause that prohibits online renting activity. Our insurance provides the clarity that owners need to ensure their vehicles which are affirmatively allowed to be rented on platforms like Outdoorsy. For more information, visit www.roamly.com. About Wheelbase Wheelbase is the RV industry's most powerful fleet management and rental software that streamlines the way small, medium, and large RV businesses operate. Wheelbase provides RV rental companies with a cloud-based complete suite of rental management tools to optimally run businesses from the first point of customer contact to key return. The software provides rental companies with fleet management, payment processing, web hosting, online booking, insurance protection for domestic and international renters — all from one simple dashboard. The software is used by 1,000+ companies in the US, Canada, Australia and throughout Europe.

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INSURANCE TECHNOLOGY

Agentero Partners with Digital Insurance Carriers

Agentero | December 03, 2020

Agentero, a tech-enabled insurance aggregator, announced that it has integrated with five leading digital carriers and partners, including Openly, Clearcover, Cover, Haven Life Insurance Agency and Aon Edge to provide tech-enabled market access for independent insurance agents on its platform. Agentero's platform combines market access to digital carriers with data-driven technology that proactively identifies the needs of policyholders, matches them to the best products and streamlines the selling process for agents. Founded in 2017, the company raised a $10 million seed round of funding led by Foundation Capital and Union Square Ventures in early 2020. Today it works with more than 500 independent agencies and is growing rapidly. Through its network of insurance carriers, Agentero provides access to homeowners, auto, flood, and life insurance, and is continually adding tech-forward carriers to help agents meet the needs of the modern consumer. "Agents, which today sell more than 50% of P&C and life insurance in the US, are the present and future of insurance distribution, helping consumers select the right coverage for their risks. At the same time, most consumers are seeking a highly customized, digital buying experience. Our vision is to create a smarter, more intuitive insurance ecosystem that is built on strengthening agents' ability to compete in the digital market by giving them best-in-class data-driven technology combined with direct access to today's most innovative leading digital carriers," said Luis Pino, CEO of Agentero. "Openly's value proposition to independent agents is a transparent and efficient platform that provides agents' customers with superior and comprehensive coverages," said Matt Wielbut, Openly CTO and co-founder. "Partnering with Agentero brings together two teams that are focusing on revolutionizing the insurance purchasing process by aligning cutting-edge technology and superior products. About Agentero With more than 500 insurance agencies, Agentero uses robust data and analytics enabling agents to proactively offer insurance choices to customers at the right time, every time, mitigating risks for consumers while growing relationships and revenue for agents. Founder and CEO Luis Pino was the first employee at insurtech CoverWallet, and has also worked for McKinsey & Co. The company is backed by Foundation Capital, Union Square Ventures in addition to other investors.

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