Allstate makes leap into personalized auto insurance pricing

Allstate | March 30, 2020

Allstate has done it again. The forward-thinking, tech-savvy firm has become the first insurer to offer auto insurance pricing that fluctuates from week-to-week. This new option, referred to as personalized pricing, is the latest iteration of Allstate’s popular Milewise pay-per-mile insurance policy, which launched in 2018. Milewise is a telematics-based insurance program that uses a plug-in OBD2 dongle to collect driving data, which is then transmitted back to Allstate and presented to customers on the Allstate mobile app. The device records how many miles a driver has travelled and then deducts a set amount of premium for every mile driven using a prepaid system of billing. The program was initially aimed at drivers with low annual mileage, for example stay-at-home parents, retirees, and telecommuters, under the premise that they would achieve cost savings by opting for pay-as-you-go insurance.

Spotlight

Since FL law only requires PIP coverage, many people don’t realize their insurance doesn’t provide the coverage they need until it’s too late. Here are a few things you need to know about accident coverage in the state of Florida.


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WORKERS COMPENSATION

Orchid Insurance Announces Acquisition by Brown & Brown, Inc.

Orchid Insurance | March 01, 2022

Orchid Underwriters Agency, LLC (“Orchid”), a specialty underwriter of catastrophe-exposed property insurance, announced that its financial sponsors, led by TowerBrook Capital Partners L.P. (“TowerBrook”), an international investment management firm, have entered into a definitive agreement to sell the company to Brown & Brown, Inc. (“Brown & Brown”), an insurance brokerage firm. The sale comprises all of Orchid’s Managing General Underwriter (MGU) and wholesaling business, along with its High-Net-Worth segment and CrossCover Insurance Services, LLC (“CrossCover”). Financial terms of the transaction were not disclosed. Established in 1998, Orchid is a leading administrator that represents insurance and reinsurance providers and partners with qualified independent retail brokers and select wholesale brokers. Orchid delivers proprietary and customized insurance solutions for homeowners in coastal zones and for high-net-worth customers. The Orchid management team partnered with industry veteran Scott Hanson to establish CrossCover, which provides Excess and Surplus (E&S) commercial property solutions for customers across the United States. Orchid and CrossCover will be joining Brown & Brown’s National Programs segment. Orchid and CrossCover will continue to operate as independent entities within National Programs, including maintaining principal operations in Vero Beach and Tampa, Florida and Cypress, Texas. “We are proud of what we have achieved at Orchid and the carrier support and confidence we earned in doing so. Brown & Brown recognized our continuing success and the value we have built. It is especially gratifying to know that our leadership group that made this possible will have the opportunity to continue growing Orchid and CrossCover as part of the Brown & Brown National Program segment.” -John Lumelleau, Chairman of Orchid Today’s announcement will help to further advance the company’s strategic growth initiatives that have been developed under the leadership of Chief Executive Officer Steve Carlsen, President & Chief Operating Officer Kathy Cody, Chief Financial Officer Michael Garamoni, Chief Underwriting Officer Ross Bowie, Chief Information Officer Carey Smith and in partnership with Scott Hanson, President of CrossCover. Steve Carlsen added, “The announcement today is a function of the incredible work done by the Orchid team and its sponsors. We are grateful for the financial support and guidance from our partners at TowerBrook and for John Lumelleau’s counsel and mentorship. Orchid and CrossCover have ambitious plans, and we’re eager to join the team at Brown & Brown.” “On behalf of TowerBrook, I would like to thank the entire leadership team at Orchid for their partnership over the past several years. It has been a pleasure working with them and we are grateful for the significant contributions made by Steve Carlsen and the rest of the management team in developing a number of initiatives that have grown Orchid’s business under our ownership, We believe Brown & Brown provides the right platform to foster Orchid’s continued success.” -Jonathan Bilzin, Co-Chief Executive Officer of TowerBrook Capital Partners. The transaction is anticipated to close by April 2022 and is subject to standard closing conditions. About Orchid Insurance Orchid is the largest personal lines E&S managing general underwriter, providing specialty homeowners insurance for coastal risks in the Gulf, Southeast, and Mid-Atlantic states. In partnership with CrossCover Insurance Services, Orchid also offers specialty commercial coverages to middle-market insureds. Orchid was founded in 1998 and is based in Vero Beach, FL. TowerBrook Capital Partners TowerBrook Capital Partners is a purpose-driven, transatlantic investment firm that works to grow and improve large and middle-market businesses by partnering with management teams and employees to build excellent companies that make a positive impact on society. Since inception in 2001, TowerBrook has raised a total of $18.7 billion and invested in more than 85 companies on both sides of the Atlantic. TowerBrook operates as a single, unified team of experienced investment professionals focused on unlocking value in complex situations. The firm’s highly synergistic family of funds make control and non-control investments across the capital structure, providing capital and resources to transform the capabilities and prospects of its portfolio companies.

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COMPLIANCE

Brightway Insurance Announces Majority Investment From GrowthCurve Capital To Accelerate Growth

GrowthCurve Capital | December 18, 2021

Brightway Insurance, a leading personal lines focused insurance franchisor, announced today the completion of a majority investment from GrowthCurve Capital to accelerate the company's growth trajectory. The partnership with GrowthCurve will enable Brightway to continue its national expansion strategy and invest in its technology platform to further enhance its strong value proposition to customers, franchisees and carrier partners. "On behalf of my brother David and I, we are thrilled to take the next step in our journey and partner with GrowthCurve Capital, Our goal has always been to ensure the company – and everyone associated with it – reaches its potential. We strongly believe that GrowthCurve is the right partner for Brightway to create a Win, Win, Win for franchisees, customers and team members, and take the business to the next level given the firm's unique model of combining functional expertise with deep investment and industry experience." -Michael Miller, co-founder of Brightway Insurance. Brothers David and Michael Miller invented the "you sell, we service" model in the insurance agency space and began franchising the concept as Brightway Insurance in 2008. Today, Brightway is the most-recognized insurance franchise system and one of the largest personal lines insurance agencies in the U.S. With more than 331 franchises in 29 states, the company manages nearly $900 million of annualized written premiums. GrowthCurve Capital is a unique, control-oriented, private equity firm focused on building world-class businesses by leveraging data, analytics and machine learning, combined with a comprehensive approach to human capital, to accelerate growth and drive value creation. Under the new partnership, the Millers will continue to hold significant minority ownership of the company. Michael Miller will join David Miller on the board of directors, and together they will work closely with GrowthCurve in setting the strategic vision for Brightway to accelerate the company's growth. Effective immediately, Mark Cantin, GrowthCurve's lead operating executive in insurance distribution, becomes the new president and CEO of Brightway Insurance. Cantin had been working closely with GrowthCurve over the last several months to identify high growth insurance distribution businesses that ultimately resulted in this partnership. An industry veteran, Cantin brings more than 30 years of experience in both insurance distribution and underwriting to the position. Prior to joining GrowthCurve, Cantin was a member of the executive committee and president of field operations at QBE North America, a division of QBE Insurance Group, one of the 20 largest global insurance and reinsurance companies. Prior to joining QBE, Cantin was chief marketing officer at USI Insurance, one of the largest and fastest growing domestic brokers. "We have been very impressed with what David, Michael and the Brightway team have built. The company pioneered the franchisor model in the insurance space and has generated attractive outcomes for its franchisees, customers and carrier partners, We seek to accelerate the company's growth trajectory by leveraging the company's rich data assets and our expertise in AI, data enablement and digital transformation to introduce new solutions and capabilities to our franchisees and customers and to scale the platform nationally." -Sumit Rajpal, founder and CEO, GrowthCurve Capital. About Brightway Insurance Brightway Insurance is a national property/casualty insurance distribution company with nearly $900 million in annualized written premium, making it one of the largest personal lines agencies in the U.S. Brightway's focus is on producing Win, Win, Win outcomes for consumers by offering customized insurance solutions and for people wishing to sell insurance by providing business opportunities that span from single agent to multi-unit enterprises. Regardless of the path taken, Brightway provides the support necessary to consistently outsell other insurance agents. About GrowthCurve Capital GrowthCurve Capital is a private equity firm focused on building world-class businesses by leveraging data, analytics, and machine learning, combined with a comprehensive approach to human capital, to accelerate growth and drive value creation. Founded by Sumit Rajpal, former global co-head of the Goldman Sachs Merchant Banking Division, the firm focuses on control-oriented private equity investments primarily across the financial and information services, healthcare, and technology sectors.

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CORE INSURANCE

CITIZENS NATIONAL ANNOUNCES LAUNCH OF CRITICAL ILLNESS PRODUCT

Citizens National Life Insurance Company | January 24, 2022

Citizens National Life Insurance Company ("Citizens National"), a subsidiary of Citizens, Inc. (NYSE: CIA) announces the launch of its new Critical Illness Coverage product. This will be Citizens National's third product launched in the past 12 months. The company is focused on developing products that provide value and benefits for their policyholders. Citizens National new Critical Illness Coverage product pays benefits directly to the policyholder to assist with added expenses in the event of a qualifying critical illness. The Critical Illness Coverage is unique in that a policyholder with a qualifying illness is directly paid benefits and decides where to spend the money – its uses are flexible and can be used for anything from medical deductibles to everyday expenses such as rent, food or childcare. "We are excited to be launching our third product just months after our Whole Life product Longevity Max. Critical Illness is an exceptional product designed to give policyholders coverage where they need it and help supplement their Health insurance to give them protection if they were to have a critical illness. One of the best features is it gives the policyholder the power to decide where to spend it. We are proud to continue to develop products that can help our policyholders." -Bob Mauldin, President and Chief Marketing Officer of Citizens National Citizens National offers an exclusive, customized service with its understanding of the Spanish and Portuguese languages and the Hispanic culture so customers can be confident in making the most informed decisions. The entire customer and agent experience is provided in a choice of Spanish, Portuguese and English languages. Our broad trajectory and experience in the life insurance market in Latin American, along with our excellent digital and customized service, make Citizens National a top option. About Citizens National Life Insurance Company Citizens National Life Insurance Company is a member of the Citizens, Inc. group of life insurance Companies. Citizens National was incorporated in the State of Texas on June 2, 1965 and began transacting business in 1966. CNLIC is licensed in 9 states. The company gains additional financial stability through the long trajectory and strength of its holding company, Citizens, Inc., which adds value to each of our policies by providing state-of-the-art technology systems, strong investment strategies and streamlined operational leadership. About Citizens, Inc. Citizens, Inc. is an insurance holding company listed on the New York Stock Exchange under the symbol CIA. The Company utilizes a three-pronged strategy for growth based upon worldwide sales of U.S. Dollar-denominated whole life cash value insurance policies, life insurance product sales in the U.S. and final expense and limited liability property product sales in the U.S.

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CLAIMS

eAssist Dental Solutions Exceeds $1 Billion Insurance Collections for Dental Practices Nationwide in 2021

eAssist Dental Solutions | January 03, 2022

eAssist Dental Solutions, the nation's leading platform for remote dental billing and patient billing services for dental offices, closes 2021 with an A-Plus scorecard across its current client base of more than 2000 general and specialty dental practices, as well as Dental Service Organizations (DSOs). "This year's metrics tell a great story, but the real story is about the people who achieved them, It takes experience, skill, commitment, and tenacity to fulfill our brand promise by collecting 100% of what is rightfully owed to each of our clients. It's not easy. Our dedicated teams and proprietary technology are the best in the business, and our collective results clearly reflect that. I could not be more grateful or more thankful to the dedicated professionals who work so hard to bring peace of mind to practice owners in the form of stronger cash flow, simplified operations and reduced stress." -co-founder James Anderson, DMD. The eAssist platform supports dental billing professionals working remotely across the country. The vetting process to join the eAssist platform includes a rigorous assessment of job knowledge, technical/software acumen, communication and team skills, and entrepreneurial spirit. Only about 35% of applicants meet eAssist's high expectations. Culture fit is also essential, as stated on their website: "To join eAssist, you must align with our purpose, our mission and our values. We're looking for incredible people who are positive, ambitious, servant leaders, caring, growth-oriented and motivated to do the right thing – for fellow team members, for our clients, for the company, and for you." While 2021 results were the best in the company's 13-year history, eAssist's rapid growth trajectory has been acknowledged consistently over the past six years. This year eAssist was named as a fastest growing private company by Inc 5000 for the sixth consecutive year, by MountainWest Capital Network for the fifth year, by Utah Business for the fourth year, and by Financial Times a second time. eAssist also received the HIPAA Seal of Compliance issued by the Compliancy Group. Especially gratifying to the company's management is that eAssist was once again Certified™ as a Great Place to Work®, and named by Great Place to Work® and Fortune as one of America's Best Workplaces in Health Care & Biopharma™, with 92% of employees rating eAssist as a great place to work – 6 points higher than the average U.S. company. About eAssist Dental Solutions eAssist Dental Solutions, a Henry Schein company, is the nation's leading platform for remote dental billing and patient billing services for dental offices. eAssist serves over 2000 dental practices through a unique proprietary technology platform that connects dental practices to vetted dental billing professionals, allowing practice owners to fully outsource their billing department using the eAssist platform. The end-to-end solution enhances a dental practice's revenue cycle management and eases the burden on office staff, ultimately helping practices be more efficient, profitable, and patient-focused.

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Spotlight

Since FL law only requires PIP coverage, many people don’t realize their insurance doesn’t provide the coverage they need until it’s too late. Here are a few things you need to know about accident coverage in the state of Florida.

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