Prime Insurance Company | June 13, 2022
Prime Insurance Company announced today that it has been assigned a Financial Stability Rating® of A" (A Double Prime), Unsurpassed, from Demotech, Inc.
Demotech, Inc., is a financial analysis firm that provides Financial Stability Ratings® (FSRs) for Property & Casualty insurance companies, Title underwriters, and other risk-bearing entities.
In addition, Prime Insurance Company's affiliate Prime Property & Casualty Insurance Company Inc. has been assigned a Financial Stability Rating® of A, Exceptional, from Demotech, Inc.
Regardless of the severity of a general economic downturn or deterioration in the insurance cycle, underwriters receiving an A" (A Double Prime) or an A, Exceptional rating possess unsurpassed financial stability related to maintaining positive surplus as regards policyholders." "We couldn't be more pleased, as Demotech's ratings reflect our unyielding commitment to our customers and growth."
Rick J. Lindsey, President, CEO and Chairman of Prime Insurance Company.
Prime Insurance Company provides innovative liability solutions for specialty risks. For over 40 years, Prime Insurance Company has been a leader in excess and surplus lines insurance, providing coverage for many who would otherwise be forced to go uninsured or self-insure their risk.
Prime Property & Casualty Insurance Inc. writes commercial auto coverage on an admitted basis in the following states: Florida, Illinois, Kansas, Kentucky, Massachusetts, Minnesota, North Carolina, New Jersey, New Mexico, Nevada, and South Carolina.
With more than 40 years behind us, we've handled over 70,000 claims. We look forward to continuing to serve our customers with our proven partnership approach and financial stability they can count on."
The Prime Insurance Companies have offices in Salt Lake City, UT; Chicago, IL; Naples, FL and Exton, PA.
Creative Planning | June 14, 2022
Rosen Capital Management has joined forces with Creative Planning LLC, one of the largest Registered Investment Advisers ("RIA") in the country. Rosen Capital Management has $114 million in AUM and brings 2 new employees into the Creative Planning fold, including the firm's CEO, Glenn Rosen.
Rosen Capital Management is a third-generation family business that began in 1948 as a life and health insurance agency, ultimately transitioning into a full-fledged financial planning and money management firm. They specialize in complete financial planning to include tax minimization strategies, wealth management, insurance needs and estate planning.
Creative Planning is excited to bring on the Rosen Capital Management team who will help us break deeper into the Georgia market, From our first conversations with the Rosen team, we knew that the fit would be perfect due to their work ethic, dedication to clients, and overall core values."
Peter Mallouk, CEO of Creative Planning.
We are excited to join the Creative Planning team and utilize their expanded resources and talent to better serve our clients, Rosen Capital Management is a family business, and we are excited to join Creative Planning and have our family grow with Peter and the rest of the team!"
With its latest acquisition, the second in just two short weeks, Creative Planning manages or advises on over $225 billion in assets across all 50 states and 65 countries with continued plans for growth throughout 2022. Additionally, Incap (Baltimore) served as financial advisor to Rosen Capital Management on the transaction.
About Creative Planning
Creative Planning, LLC is an independent wealth management firm that provides a financial planning led investment management approach, retirement planning, estate planning, trust services, tax planning and family office services for individuals as well as 401(k) and institutional clients. Creative Planning manages or advises on over $225 billion in assets across all 50 states and 65 countries, as of December 31, 2021.
Akur8 | May 31, 2022
AXA Tianping Property & Casualty Insurance Co., Ltd. (“AXA Tianping”), one of China's largest and most diversified P&C insurers, and Akur8, an AI-driven insurance pricing technology company, are delighted to announce their collaboration to further enhance AXA Tianping’s pricing process with Akur8’s high-performing AI technologies. With this partnership, AXA Tianping’s actuaries and pricing team will officially deploy Akur8 to unlock new potential with unique analytical insights and advanced pricing automation. AXA Tianping will become the 13th AXA entity and the first insurer in China to use Akur8 - a testament to its commitment to continuous innovation and improvement to better serve its customers.
Thanks to Akur8’s Transparent Artificial Intelligence proprietary technology, AXA Tianping will be able to shorten the time-to-market by automating rate modeling with machine learning in the pricing process, as well as improve the performance of policies with robust AI-driven predictive power. Staying true to its customer-centric approach to products and services, AXA Tianping will leverage Akur8’s next-generation technologies to respond more promptly to dynamic risk environment. It will also roll out a diverse portfolio of well-priced products to meet evolving customer demands, while maintaining full transparency and strong control.
AXA Tianping and Akur8 share the same global expertise and strong commitment to grow in the Chinese market. Fully owned by AXA Group, AXA Tianping provides a comprehensive range of high-quality, personalized products and services across health, motor, lifestyle, and commercial lines. Deeply rooted in China for more than 20 years, the company currently serves over three million customers nationwide and boasts a footprint of 25 branches across China. As AXA Tianping deepens its “Payer-to-Partner” strategy and strives to empower clients in every aspect of their lives, this partnership with Akur8 will enable the company’s professional actuaries and pricing team to focus on what matters the most – customers and products - and make the most informed decisions at a faster speed, driving tangible business impact and growth in the Chinese market.
Akur8 brings in cutting-edge technologies to our pricing process, which helps us continue to strive for technical sophistication and empowers us to deliver valuable insurance solutions to our customers more efficiently while ensuring utmost transparency and control. We believe Akur8 will not only be an important asset to our team’s work along the whole pricing value chain, but also of great value to our customers for providing increased personalization and targeted pricing in a dynamic marketplace. We look forward to working with Akur8 in unlocking the potential of our business.”
Scott Yin, Chief Pricing Officer & Chief Actuary at AXA Tianping.
We are delighted to announce this collaboration with AXA Tianping in China. AXA Tianping is a well-established and renowned insurer, and we are looking forward to supporting its actuarial department in its best-in-class strategy and innovative explorations. APAC has always been a strategic market for us. We have been building our presence there for a while now, across various geographies and insurance lines. This collaboration is an exciting way for Akur8 to enter the Chinese P&C insurance market and to strengthen its global relations with AXA”.
Samuel Falmagne, CEO at Akur8.
By forging this synergetic partnership with Akur8, AXA Tianping demonstrates its strong commitment to embracing best-in-class technologies and leveraging its technical sophistication globally to serve the local market. AXA Tianping will continue to serve its customers with a comprehensive suite of tailor-made products and services efficiently and effectively, safeguarding its customers from all walks of life as a true partner throughout their entire life journey.
About AXA Tianping
A member of AXA Group, AXA Tianping (registered in China as AXA Tianping Property & Casualty Insurance Co., Ltd.) is one of China's largest and most diversified global insurers, providing a comprehensive range of high-quality, personalized products and services to meet the evolving needs of customers across Health, Commercial Lines and Property & Casualty. The company currently serves over five million individual and commercial customers nationwide, and boasts a footprint of 25 branches in 20 provinces across China. Transitioning to a focus on Health, AXA Tianping is today leveraging a customer-centric 'Payer-to-Partner' strategy in China, along with innovative technology and distribution, to empower clients in every aspect of their daily lives. In 2019, China Banking and Insurance Information Technology Management (CBIT) recognized its award-winning services with an "AA" rating, the highest in the country. In 2021, the company was awarded The Insurance Brand of the Year at the 16th Annual Finance Summit of Asia and in 2020, the company was recognized with an 'International General Insurer of the Year' award from Insurance Asia and was also recognized in 2021 and 2020 with an "A-rating" from S&P Global Ratings, reflecting the company’s strong global influence and firm commitment to the local market. AXA Tianping first became a member of the AXA Group as a Joint Venture company in 2014, before becoming fully-owned in 2019. Headquartered in Paris, France, AXA Group itself is today one of the world's leading insurance and asset management groups. In 2021, it was ranked 46th on the Fortune Global 500 List of the world's largest companies. It has been operating in China for over 20 years offering the full range of insurance and protection solutions to its local and global clients.
Akur8 is revolutionizing insurance pricing with transparent AI. Akur8 developed a unique AI-based insurance pricing solution that automates modeling for insurance companies while keeping full transparency and control on the models created, as required by regulators worldwide. Akur8 is the only solution on the market reconciling Machine Learning and Actuarial worlds.
Plymouth Rock | July 27, 2022
The Plymouth Rock Company, parent company of a leading group of auto and home insurance providers in the Northeast, announced that Andrew McElwee has been named President and Chief Operating Officer, taking over responsibility for the firm’s day-to-day operations from Hal Belodoff, following Belodoff’s planned retirement. Based in Boston, McElwee will report directly to Jim Stone, Founder and Chief Executive Officer of The Plymouth Rock Company.
“I have known Andy for some years now and watched him excel as President of Homesite Group,” said Stone.
“I have known Andy for some years now and watched him excel as President of Homesite Group,” said Stone. “We are thrilled to have him join our Plymouth Rock Assurance leadership team. His unique background and proven technical strengths will be invaluable in driving operational excellence and continuous improvement across the company. As COO, Andy will oversee all of our group presidents in formulating and executing strategies for profitable growth. I feel very lucky he has joined us.”
McElwee joins Plymouth Rock from American Family Insurance, where he was most recently the Enterprise Chief Underwriting Officer. Prior to that, he was President and Chief Operating Officer of Homesite Group, an affiliate of American Family.
McElwee has more than 30 years of insurance industry experience, 25 of which were spent within the Chubb Corporation in various roles of increasing responsibility, including Executive Vice President of Chubb & Son and COO of Chubb Personal Insurance and Chubb Accident and Health.
“I have long admired Jim Stone as an entrepreneur, innovator and industry leader,” said McElwee. “I’m delighted to join him by taking on the role of President and COO for The Plymouth Rock Company. In Hal, I succeed a beloved leader, and my immediate focus will be to carry on his great work for our customers, agents, and employees.”
Belodoff is retiring as Plymouth Rock’s President and COO after serving the company in various roles for 31 years. He will continue to support the company as a member of Plymouth Rock’s Board of Directors and in an advisory role.
“Hal has helped build and shape the culture of this company, as well as its results, for over 30 years,” added Stone. “The decision to hire Hal back then was one of the best I’ve made in my life. I am grateful for his partnership and friendship and glad he is remaining on our board and available for occasional assignments.”
“I’m extremely thankful to have had such a fulfilling career working with great people at a place whose mission I believe so deeply in,” said Belodoff. “I’m looking forward to the next chapter of life, spending more time with family and enjoying a slightly slower pace. I have great confidence in Plymouth Rock’s future and believe Andy’s leadership will help the company continue to grow and advance.”
About Plymouth Rock
Plymouth Rock was established to offer its customers a higher level of service and a more innovative set of products and features than they would expect from an insurance company. Plymouth Rock’s innovative approach puts customers’ convenience and satisfaction first, giving them the choice to do business the way they want – online, with a mobile app, by phone, or by contacting their Plymouth Rock agent. Customers can chat, text, or email to get answers quickly and easily.
Plymouth Rock Assurance® and Plymouth Rock® are brand names and service marks used by separate underwriting, managed insurance, and management companies that offer property and casualty insurance in multiple states. Taken together, the companies write and manage more than $1.7 billion in auto and home insurance premiums across Connecticut, Massachusetts, New Hampshire, New Jersey, New York and Pennsylvania.