Beacon Hill launches two online agent tools

Beacon Hill | March 31, 2020

Beacon Hill Associates has announced the release of two new online tools for partner agents, available through the company’s agent portal. One service allows agents to receive A+ rated contractors pollution liability quotes online. Agents will also have access to the REAL Environmental Evaluation, an environmental risk assessment that helps agents and their insureds evaluate potential pollution exposures. “We are very excited to bring these unique new tools to our partners,” said Bill Pritchard, president and CEO of Beacon Hill Associates. “These products will help our agents sell this coverage on their schedules, not ours, which is a cornerstone of our 21st Century growth strategy.”


Outsourcing insurance –Reduces the encumbrance over the company’s important resources and amplifies customer satisfaction.

Other News

Hilb Group Acquires Tennessee-based Churchill Agency

Hilb Group | January 05, 2022

The Hilb Group announced today that it has acquired the membership interest in The Churchill Agency, LLC from The Churchill Agency Ventures, LLC based in Brentwood, Tennessee. The transaction became effective December 1, 2021. About Hilb Group: The Hilb Group is a leading property and casualty and employee benefits insurance brokerage and advisory firm headquartered in Richmond, Virginia. Hilb Group is a portfolio company of The Carlyle Group, a global investment firm. Hilb Group seeks to grow through strategic acquisitions and by leveraging its resources and expertise to drive organic growth in its acquired agencies. The company has completed more than 125 acquisitions and now has over 100 offices in 22 states. Hilb Group is rated as one of the Fastest Growing Brokers by Business Insurance, a Top P/C Agency by Insurance Journal, and one of America's Fastest Growing Private Companies in the Inc. 5000.

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Novea Inc. Closes $55 Million Funding for FinTech Jacana Warranty's InsureTech Platform

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 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.

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The Standard Selects Vitech's V3locity To Accelerate Technology Transformation

Vitech® | February 15, 2022

Vitech Systems Group announced that Portland, Oregon-based Standard Insurance Company (The Standard) has selected V3locity, Vitech's cloud-native administration, engagement, and analytics platform, to provide its ongoing policy administration services. The Standard will use V3locity's onboarding, enrollment, policy administration, and billing and commissions capabilities. "V3locity will be instrumental in helping us create new opportunities in our business and market differentiation, We are confident that our partnership with Vitech will help us accomplish our goals of an enhanced customer experience, improved efficiency and quality, and provide a foundation to build intuitive digital experiences." -Graeme Queen, second vice president of Policy Administration Transformation at The Standard. The Standard chose Vitech after an extensive evaluation based on its cloud-based technology, deep functional capability, and organizational fit. Key to their decision was Vitech's proven experience in implementations for group and voluntary benefits insurers leveraging Vitech's accelerated approach and pre-configured products and processes. "V3locity provides a single modern platform that will improve our ability to deliver value to our customers while shrinking our legacy footprint, We look forward to the accelerated and efficient performance resulting from V3locity's unified and robust system." -Cherri Roden, assistant vice president of Applications and Solutions Delivery at The Standard. V3locity is Vitech's cloud-native administration, engagement, and analytics platform. It is a transformative suite of complementary applications that offers full life-cycle business functionality and robust enterprise capabilities. It marries core administration with a revolutionary digital experience. Its modular design enables flexible and agile deployment strategies. V3locity employs an advanced, cloud-native architecture that leverages the unique capabilities of AWS to deliver a solution with unparalleled security, scalability, and resiliency. About Vitech® Vitech is a global provider of cloud-native benefit and investment administration software. We help our insurance, retirement, and investment clients expand their offerings and capabilities, streamline their operations, gain analytical insights, and transform their engagement models. Vitech employs more than 1,600 professionals, serving the world's most successful insurance, retirement, and investment organizations. An innovator and visionary, Vitech's market leadership has been recognized by industry experts such as Gartner, Celent, Aite-Novarica, and ISG. For more information, please visit About The Standard The Standard is a family of companies dedicated to helping customers achieve financial well-being and peace of mind. In business since 1906, we are a leading provider of financial protection products and services for employers and individuals. Our products include group and individual disability insurance, group life, dental and vision insurance, voluntary (employee-paid) benefits, absence management services, and retirement plans and annuities for employers and individuals.

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illumifin to Acquire LTCG to Expand Third-Party Administration Capabilities

Hoplon Capital | February 28, 2022

illumifin, a leading insurance third-party administration and software provider, today announced it has signed a definitive agreement to acquire LTCG, a leading provider of administrative solutions and clinical services to the long-term care (“LTC”) insurance industry. The transaction is expected to close within the next 60 days. The strategic acquisition will make illumifin one of the largest insurance third-party administrators in the country with leading capability in underwriting, policy administration, health risk assessments and claims management. By combining illumifin’s third party administration and technology solutions with LTCG’s proprietary long-term care administration platform and claims capabilities, the company will be well positioned to advance digital capabilities across the market and provide end-to-end administration of next generation hybrid long-term care policies in addition to all the other products currently supported. “The integration of illumifin and LTCG will deliver superior value to customers through our deep insurance knowledge, technology innovation and operational excellence. The combined company will be a true market innovator with unparalleled depth and capabilities to assist insurers as they continue their digital transformations.” -illumifin’s CEO Phil Ratcliff “Given our 25-year history as the leading partner for long-term care insurers and our deep customer relationships, the integrated company will allow us to build more strategic partnerships with our clients and help them enhance the customer experience for both policyholders and distributors,” - Peter Goldstein, LTCG’s CEO. illumifin was formed in July 2021 by Abry Partners and Hoplon Capital to be an innovative partner to the insurance industry, delivering visionary technology enabled services and software solutions, to individual and group insurers. About illumifin illumifin provides third party administration and technology services to individual and group insurers. The company, launched in 2021, blends insurance industry knowledge, technology leadership and operational execution to prepare insurers for the digital future. illumifin is a diverse, passionate and empowered team of insurance specialists committed to the growth and success of its customers. About LTCG LTCG is a leading provider of administrative solutions and clinical services to the long-term care and life insurance industry, with over two decades of experience in this space. The company addresses all types of customer needs and policy requirements—from application processing and underwriting of new business to claims and administration of open and closed blocks. LTCG’s advanced data analytics, actuarial and risk management capabilities and unmatched industry expertise can help organizations manage their business and develop emerging products such as hybrid life/long term care policies. In addition, LTCG provides clients with unique insight about risk management built upon the industry’s largest database of long-term care underwriting and claims outcomes. About Abry Partners Abry is one of the most experienced and successful sector-focused private equity investment firms in North America. Since its founding in 1989, the firm has completed over $90 billion of leveraged transactions and other private equity or preferred equity placements. Currently, the firm manages over $5 billion of capital across its active funds.

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