Two Miami-based agencies join Renaissance Alliance

Insurance Business Magazine | August 16, 2019

Renaissance Alliance Insurance Services, a membership alliance of independent insurance agencies, has announced that two Miami-based independent insurance agencies have joined. Signing up are family-owned Gil & Associates Insurance Consultants and property and casualty agency Madison Insurance & Financial Group. The two agencies are the latest to join Renaissance Alliance’s growing presence Florida, with Miami-based firms NEA Insurance Group and Avante Insurance Agency having earlier joined the alliance in May. Kevin Callahan, executive chairman of Renaissance Alliance, said that there continues to be great interest in the alliance’s model. “Member agencies can maintain complete independence while leveraging the power of large numbers to accelerate growth,” he said. “The Renaissance Alliance proprietary growth acceleration process allows progressive agencies to grow at a rate well beyond their competitors.”

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RISK MANAGEMENT

Applied Underwriters Sets Acquisition of Catlin Specialty Insurance Company

AXA XL | February 24, 2022

Applied Underwriters has announced that it will acquire Catlin Specialty Insurance Company ('A+' rated) from the AXA XL group of companies, consolidating the company into the North American Casualty group of companies ('A' rated) in a move intended to bolster Applied's operating capabilities in support of its strategic partners as the E&S market hardens. The transaction is scheduled to close during Q2 as anticipated regulatory approvals are received. Mr. Jamie Sahara, President of Applied Underwriters, characterized the acquisition as a major advantage to Applied, its emerging E&S market leadership and its growing collaboration with channel partners in the sector: "Applied has consistently executed our commitment to sustaining and growing our national platform for E&S business and to intensifying our relationships with our strategic partners with whom we have impacted the sector. This is an important development for us and for our partners in the E&S market." -Mr. Jamie Sahara, President of Applied Underwriters Mr. Steve Menzies, Chairman of Applied Underwriters, noted that the structure for the transaction drew upon a business transfer process used in Oklahoma that is based upon the successful Part VII transfer procedure used in the UK and the EU: "We found great potential in the Oklahoma Insurance Business Transfer (IBT) Act's regulatory process and its regulators' application of it. Uniquely, the IBT process permits insurers the ability to effect the absolute transfer of blocks of insurance business from one insurer to another, providing both the transferring and assuming companies an efficient, transparent and straightforward process, while also realizing a legal finality. Our deal was complex and the Oklahoma regulatory format really helped facilitate this." -Mr. Steve Menzies, Chairman of Applied Underwriters According to Mr. Menzies, the transaction required the redomestication of the company: "The Catlin Specialty Insurance Company is licensed as an E&S carrier in all states except Oklahoma where it will be domiciled and where it holds a large number of surplus lines authorizations. To effect the acquisition, Applied and AXA XL worked with Delaware and Oklahoma regulators to redomesticate Catlin from Delaware to Oklahoma, so that Oklahoma's IBT process could be used. We thank the regulators involved in these states in acting to benefit the sector and, ultimately, the clients we serve." Formed in the 1950s, the Company that is Catlin Specialty Insurance Company today was the subject of a series of transactions that culminated in its acquisition in 2006 by Catlin Group Limited. In 2015, the Company became part of what is now AXA XL. Catlin Specialty Insurance Company currently holds an 'A+' rating from AM Best. The North American Casualty companies are rated 'A' by AM Best. About Applied Underwriters Applied Underwriters® is a global risk services firm that helps businesses and people manage uncertainty through its business services, insurance and reinsurance solutions. As a company, Applied Underwriters has been distinguished by its innovative approaches to client care and by its strong financial strength. Applied Underwriters operates widely throughout the US, UK, EU and Middle East. Its operational headquarters is located in Omaha, Nebraska. About AXA XL AXA XL, the property & casualty and specialty risk division of AXA, provides insurance and risk management products and services for mid-sized companies through to large multinationals, and reinsurance solutions to insurance companies globally. AXA XL partners with those who move the world forward.

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INSURANCE TECHNOLOGY

RVOS Insurance Selects Majesco’s CloudInsurer® Platform to Transform its Core Operations

Rvos Insurance, Majesco | January 18, 2021

Majesco, a worldwide head of cloud insurance programming, today announced that RVOS Farm Mutual Insurance Company (RVOS), a long-lasting multi-line customer of Majesco's has selected Majesco P&C Core Suite Version 11 and will implement Majesco Enterprise Data Warehouse (EDW) on Majesco CloudInsurer® as part of their business change. The new platform will support their personal, farm and commercial lines of business including farm and ranch property, farm obligation, comprehensive personal risk, mortgage holders, abiding policy, commercial property fire, and commercial general risk. This includes ISO and non-ISO based products. This followed a multi-month market appraisal bringing about the selection of Majesco arrangements. Situated in Texas in the course of recent years, RVOS has developed from a solitary company offering a basic fire insurance policy to a group of companies offering inventive and competitively priced insurance products to address the issues of property proprietors across the state. RVOS is committed to providing peace of brain to property holders, farmers and ranchers. As a farm mutual, they have an interesting capacity to adapt quickly to new circumstances and offer an assortment of insurance products to address different issues and spending plans. “To successfully address ever-changing market conditions and evolving customer demands, we needed a next-generation platform that was flexible, agile and would rapidly support product, customer and new market demands,” says Jamie Smith, Corporate Secretary of Information Technology at RVOS. “The combination of Majesco P&C Core Suite and Enterprise Data Warehouse on CloudInsurer® will provide a next-generation platform with robust business and data capabilities that are crucial as a digital insurer. As a long-time Majesco customer, we’re confident that the Majesco platform is the right solution to expedite our digital transformation and meet the demands of a new generation of insurance customers.” The upgrade and implementation will use broad prepared to-utilize content and capabilities of Majesco P&C Core Suite and rollout to CloudInsurer® that will facilitate a successful change and provide an establishment to rapidly scale as their business develops. Majesco EDW provides a hearty data structure that is pre-incorporated with P&C Core Suite helping to unlock bits of knowledge to optimize the business. “We’re honored that RVOS will continue and expand our long-standing partnership as they transform their business to a new era of digital insurance,” says Prateek Kumar, Executive Vice President of Sales at Majesco. “In an increasingly competitive and rapidly changing insurance marketplace, the powerful combination of our P&C Core Suite, EDW and CloudInsurer® solutions provide a powerful platform to modernize and optimize RVOS’ business while positioning them to capture growth opportunities with new products that their customers, agents and brokers demand in a new digital era of insurance, helping them surpass their competition.” About Majesco Majesco, provides technology, expertise, and leadership that helps insurers modernize, innovate and connect to build the future of their business – and the future of insurance – at speed and scale. Our platforms connect people and businesses to insurance in ways that are innovative, hyper-relevant, compelling and personal. Over 200 insurance companies worldwide in P&C, L&A and Group Benefits are transforming their businesses by modernizing, optimizing or creating new business models with Majesco. Our market-leading solutions include CloudInsurer® P&C Core Suite (Policy, Billing, Claims); CloudInsurer® LifePlus Solutions (AdminPlus, AdvicePlus, IllustratePlus, DistributionPlus); CloudInsurer® L&A and Group Core Suite (Policy, Billing, Claims); Digital1st® Insurance with Digital1st® Engagement, Digital1st® EcoExchange and Digital1st® Platform – a cloud-native, microservices and open API platform; Distribution Management, Data and Analytics and an Enterprise Data Warehouse.

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Lockton Rolls Out CyberCube’s Broking Manager

Business Wire | October 12, 2020

Lockton, the world’s largest independent broker, is rolling out CyberCube’s Broking Manager, the cyber risks analytics platform for insurance intermediaries. Established in 1966, Lockton has over 60,000 clients globally and is the world’s eighth-largest insurance brokerage. The business has over 100 offices in over 125 countries. CyberCube has designed and tailored Broking Manager specifically to the needs of the insurance broking community. It offers a streamlined approach to generating financial exposure impact that helps clients make informed decisions on coverages and limits. Broking Manager will allow Lockton’s teams to quantify the sources and financial impact of cyber risk exposure and educate clients accordingly. The platform also produces reports that can be used to educate prospects and clients on potential sources of loss, recent and relevant cyber events, and peer-to-peer benchmarking.

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