Newpoint Financial Group SARL. | December 21, 2021
Novea, Inc., ("Novea") a financial technology (fintech) software company founded in 2015, announced today that it has closed $50 million in equity and $5 million debt financing. The equity proceeds will go towards wholly-owned subsidiaries of Novea, Jacana Warranty and Jacana Insurance, to support a proprietary user application platform it developed which is revolutionizing the consumer warranty and service contracts industry. The debt proceeds will support general corporate overhead expenses.
The investment is provided by Swiss-based Newpoint Financial Group, a global diversified financial services firm ("Newpoint") with operations located throughout Europe, United States and West Africa. The investment was made through Newpoint's U.S. subsidiary, Newpoint Financial Corp.
In exchange for Newpoint's $50 million equity investment, Novea has issued to Newpoint ten percent of its outstanding common stock and convertible redeemable preferred shares. The investment proceeds are being applied as statutory and solvency capital within Novea's insurance division, Jacana Insurance—bolstering its balance sheet for its global insurance underwriting commitments. As part of the transaction, Newpoint has also provided Novea a $5 million, five-year, revolving line of credit which Novea may draw down and use for corporate operational and overhead expenses. In addition, Newpoint was granted a warrant to purchase additional Novea common stock which may be exercised at Newpoint's discretion in an amount up to $50 million over the next ten years, which if exercised in total, increases the transaction value to $105 million. Other investment conditions include Newpoint having board of directors and risk committee representation rights, and Newpoint's reinsurance company, Newpoint RE having first right of refusal on all Novea reinsurance business opportunities as well as other customary covenants and monitoring rights.
"We couldn't have asked for a better financial and reinsurance partner than Newpoint Financial. With this funding, we not only ensure moving Novea to the next level, but we are able to reward our existing long-term investors with a significant appreciation of their Novea shares as this transaction imputes a $500 million market value of Novea. Over the past couple of months, we have been closing multiple new customer contracts which represent significant sales growth for 2022 and we are looking to close out this year's sales pipeline with contracts value in excess of $10 million in potential new sales."
-Jim Quinlan, CEO of Novea
Keith D. Beekmeyer, CEO of Newpoint stated "2021 has been a landmark year for Newpoint having closed $250 million in solvency capital investments into multiple insurance and reinsurance companies throughout Europe and the United States. We're pleased to end the year on a high note with this $50 million investment into Novea. We believe that Novea's technology and proprietary claims processing will redefine the consumer warranty marketplace and we are looking forward to a long term mutually prosperous partnership with them."
Iroko Securities, a Newpoint subsidiary, served as financial advisor to Newpoint. NMS Consulting served as strategic advisor to Novea.
About NOVEA, INC.
Novea Inc.is a financial services technology (FinTech) software company which has launched its proprietary user app, Jacana Warranty fully backed by Jacana Insurance, both wholly owned subsidiaries of Novea, Inc. Jacana Insurance is a captive specialty insurance carrier that offers warranties and service contracts on consumer products and electronics. Jacana Warranty has put the warranty buying power back into the hands of the consumer with the goal of becoming the consumer's ideal choice.
About Newpoint Financial Group SARL.
Newpoint Financial Group SARL., together with its global affiliates and subsidiaries is a global diversified financial services holding company which operates across multiple business units including insurance, reinsurance, insurance brokerage, investment banking, wealth management and asset management with operations located throughout Europe, United States and West Africa.
Woodruff Sawyer | January 28, 2022
Woodruff Sawyer, one of the largest independent insurance brokerages in the US, today announced Ryan Meissner has been promoted to Vice President, SoCal Employee Benefits Practice Leader. Prior to his promotion, Ryan served four years as the Vice President of Data Analytics for Woodruff Sawyer.
Previous to his roles at Woodruff Sawyer, Ryan held underwriting positions at Burnham Benefits and UnitedHealth Group.
As Southern California Employee Benefits Practice Leader, Ryan plans to focus on "making clients' lives easier" through better analytics tools, automation, and continuing the focus on employee needs as well as those of our HR clients.
"Ryan has been a substantial contributor to the Employee Benefits Practice since he joined our firm four years ago. His client focus, financial and business acumen along with his ability to improve outcomes for how we serve clients and address client solutions makes him the right person to lead our SoCal Employee Benefits Practice. We're looking forward to seeing his positive impact on our business."
-Kathy Prosser, Woodruff Sawyer Senior Vice President and National Employee Benefits Practice Leader
About Woodruff Sawyer
As one of the largest insurance brokerage and consulting firms in the US, Woodruff Sawyer protects the people and assets of more than 4,000 companies. We provide expert counsel and fierce advocacy to protect clients against their most critical risks in property & casualty, management liability, cyber liability, employee benefits, and personal wealth management. An active partner of Assurex Global and International Benefits Network, we provide expertise and customized solutions where clients need it, with headquarters in San Francisco, offices throughout the US, and global reach on six continents.
Patriot Growth Insurance Services, LLC | January 07, 2022
Patriot Growth Insurance Services, LLC ("Patriot"), one of the country's largest and fastest-growing national insurance agencies, announces the addition of several key partners to its Florida operations, including Kolisch Marine, Depace Insurance, MacLeish Insurance, Focus Insurance Agency, Herndon Carr & Company, and Crosslet Insurance Services. These six partnerships will work within Patriot's Shapiro Insurance Group (SIG) platform, and significantly expand Patriot's expertise and capabilities throughout the Southeast region.
Kolisch Marine, located in Coral Gables, specializes in marine insurance. Moving forward, Joe Kolisch and the team will share their yacht insurance expertise with Patriot's 1,300 employees across the U.S. Patriot will assist Kolisch Marine clients with a broader array of resources and services to fulfill their insurance needs.
Bob MacLeish and his team join us with over 30 years of industry experience. Based in Orlando, the agency is immersed in community involvement while specializing in both personal and commercial lines. All staff will remain as SIG provides added carriers, technology, and back-office support.
Located in Coral Springs, Depace Insurance provides a full array of personal lines insurance and services to its clients. Founders Joe and Susan Depace will transition to retirement while the entire professional team will continue providing their exceptional level of service. Working with Patriot, Depace will receive significant upgrades to their office automation and administrative support.
Located in Plantation, Florida, Focus Insurance specializes in personal lines with a group of professionals that is fluent in five languages! The entire client service team remains to support existing and new clientele.
Herndon Carr & Company have served the Fort Myers area since 1974. Reed Herndon and Thomas Carr are partners at Patriot and will play a critical role in southwest Florida through their work in personal lines, commercial lines, and employee benefits. Their entire team will remain in place, servicing existing clients and synergizing with other agencies in the region as services expand.
Serving Tampa, St. Petersburg, Clearwater, and surrounding areas, Crosslet Insurance Services will provide ongoing expertise for business and residential communities. SIG broadens the carrier lineup for clients in this region while providing marketing and other essential services.
"These six partner agencies joining the Patriot family represent a milestone in growing our talent and reach across the entire state of Florida, Each of these agencies and leadership teams bring a unique expertise and are closely aligned with the communities that they serve. We are beyond thrilled to welcome them to the Patriot family."
-Steve Carroll, SVP of M&A for Patriot.
About Patriot Growth Insurance Services
Founded in 2019, Patriot is a growth-focused national insurance services firm that partners with employee benefits and property & casualty agencies across the United States. In its second year of operation, Patriot was ranked in the top-40 largest insurance brokers in the U.S. by Business Insurance. With over 1,350 employees operating in 110 locations across 19 states, Patriot's collaborative model delivers resources and strategic support to its agencies, whose leaders continue to operate with a high degree of autonomy in their local markets. Patriot creates true alignment with its partner agencies, and its operating philosophy fosters enhanced career opportunities for its dedicated and professional team. Patriot is backed by GI Partners and Summit Partners.
Verisk | May 13, 2022
Insurers can now aim to reduce the inefficiencies and challenges involved in settling total-loss vehicle claims with Lien Check, a new solution from Verisk (Nasdaq: VRSK). The tool automatically provides claim handlers with critical lender data points to streamline the total-loss process.
Total-loss claims are often inefficient, as claim handlers must manually verify lienholder information and obtain payoff data, which delays settlement payments to policyholders. Lien Check provides critical lien holder data such as payoff amounts, title and registered owner information. The solution uses Verisk’s ClaimSearch® platform to automatically notify participating insurance carriers when lender data is available for a total-loss claim.
This exciting new feature will facilitate the reduction of manual processes for both carriers and lenders to help simplify, streamline and automate the total-loss process, Connecting lenders and insurers digitally will help carriers provide faster customer service and take a significant step toward straight-through processing for total-loss vehicle claims.”
Carlos Martins, senior vice president of claim solutions at Verisk.
Lien Check can help solve communication challenges between insurers and lenders, which typically involves multiple phone calls, emails and faxes.
Verisk (Nasdaq: VRSK) provides data-driven analytic insights and solutions for the insurance and energy industries. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk empowers customers to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud and make informed decisions about global issues, including climate change and extreme events as well as political and ESG topics. With offices in more than 30 countries, Verisk consistently earns certification by Great Place to Work and fosters an inclusive culture where all team members feel they belong.