World Insurance Associates Merges with New Jersey’s Professional Insurance Associates

Insurance Journal | April 16, 2019

World Insurance Associates LLC, an independent insurance agency headquartered in Tinton Falls, N.J., merged with Professional Insurance Associates Inc. (PIA) of Carlstadt, N.J., on March 1, 2019. Professional Insurance Associates has been meeting the insurance needs of both commercial and personal lines clients, as well as public entities, for more than 60 years. In addition to benefits and financial services, the company also specializes in providing its contractor clients with a range of contract surety bonding services. PIA President James V. Gardella and his team will continue to support clients from the same location in Carlstadt, N.J. World Insurance Associates LLC offers personal and business insurance in 50 states. The company specializes in transportation, hospitality, self-storage facilities, construction (surety), manufacturers and law firms.

Spotlight

You buy whole life insurance as protection for your loved ones and your legacy. But it can be so much more. Whole life can help address these retirement challenges. Social Security is expected to be depleted by the 2030s. Couples can expect to pay $285,000 in health care costs in retirement (not including long-term care)².

Spotlight

You buy whole life insurance as protection for your loved ones and your legacy. But it can be so much more. Whole life can help address these retirement challenges. Social Security is expected to be depleted by the 2030s. Couples can expect to pay $285,000 in health care costs in retirement (not including long-term care)².

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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

Quility Debuts Porcupine Mascot, Quigley, to Make Life Insurance Less "Prickly"

Quility Insurance | February 25, 2022

Quility Insurance, a digital platform offering financial solutions through an online application or support from a licensed insurance agent, introduced Quigley, the brand's new live porcupine mascot who embodies the company mission of making life insurance less "prickly." Quigley, an adorable, 15-inch porcupine, has been preparing for his leading role in Quility's upcoming national brand campaign (available here) as life insurance has crept toward the forefront of consumer consciousness as a result of the pandemic. Still, only slightly more than half (55%) of consumers have talked with a loved one about life insurance policies since the onset of the pandemic, according to the latest ValuePenguin survey. "Quigley is going to help Quility reach consumers on a national scale and shatter misconceptions about life insurance in a way that industry has never seen, He's a fun-loving character who serves as a powerful metaphor for turning an otherwise 'prickly' conversation into something that consumers can enjoy." -Joe Dendy, Quility Insurance Chief Marketing Officer. The fact remains that many consumers are unsure how to begin the life insurance buying process, something Quigley hopes to change when his series of 30-second television spots air on cable and streaming services beginning on February 24. Outfitted in his signature collar and teal blue tie, Quigley aims to make the life insurance buying process simpler and more enjoyable than most consumers anticipate through Quility's 100% digital experience, with no medical exams and on-the-spot decision in minutes. Quigley will help educate consumers about the value of protecting their loved ones through an affordable and customized life insurance policy. Backed by thousands of licensed insurance agents nationwide and access to more than 80 insurance carriers, Quility provides clients with convenient access to expert advice and support, either online or with an agent. About Quility Insurance Quility uses innovative and proprietary technology to modernize the process of qualifying for and purchasing life insurance. The Quility digital platform offers clients the option to apply for life insurance online through a ten-minute application with the support of a licensed insurance agent.

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ANNUITIES

Everest Group Names Accenture a Leader for Application and Digital Services in Life & Annuities Insurance

Accenture | January 06, 2021

Accenture has been named a Leader and Star Performer for application and digital services in the global life and annuities (L&A) insurance sector in another report from industry analyst firm Everest Group. Everest Group analyzed the vision, capability and market impact of 21 leading IT application and digital service providers for the L&A Insurance Application and Digital Services PEAK Matrix® 2021 report. Accenture is positioned as a Leader and Star Performer for Market Impact, which assesses service providers against criteria, for example, market adoption, portfolio blend and value to clients; and for Vision and Capability, which includes measures, for example, strategy, service scope, innovation and investments, and delivery. “We’re thrilled to be recognized for our leading capabilities in helping insurers embrace change and compete with the latest technologies and digital experiences,” said Steve Murphy, a senior managing director at Accenture and global technology lead for its Insurance industry group. “The pandemic has only accelerated the need for convenient and personalized digital services from life and annuity providers. We’re continuing to help insurers modernize their legacy technology systems with cloud-centric business models and reimagine the customer experience with analytics.” Service providers are positioned on Everest Group's PEAK Matrix®, which measures their vision, capability and market impact. The report and PEAK Matrix assessment furnish organizations with a framework to measure the relative market impact and capabilities of service providers around the world. About Accenture Accenture is a global professional services company with leading capabilities in digital, cloud and security. Combining unmatched experience and specialized skills across more than 40 industries, we offer Strategy and Consulting, Interactive, Technology and Operations services—all powered by the world’s largest network of Advanced Technology and Intelligent Operations centers. Our 514,000 people deliver on the promise of technology and human ingenuity every day, serving clients in more than 120 countries. We embrace the power of change to create value and shared success for our clients, people, shareholders, partners and communities.

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