Brown & Brown Acquires Assets of ALMEA Insurance in Washington

Insurance Journal | April 22, 2019

Brown & Brown of Oregon LLC has acquired substantially all of the assets of ALMEA Insurance’s Vancouver, Wash. location. Following the deal, the ALMEA Insurance team will continue doing business from its existing Vancouver location as a branch location of Brown & Brown’s Portland, Ore., office and will operate under the leadership of Jessica Getman, president of Brown & Brown of Oregon. ALMEA Insurance offers a variety of personal and business insurance products and services to customers in Washington and Oregon. The firm has reported annual revenues of roughly $2 million. Brown & Brown of Oregon is part of Brown & Brown Inc., an insurance brokerage firm providing risk management solutions to individuals and businesses.

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CORE INSURANCE

Truist Insurance Holdings to acquire Kensington Vanguard National Land Services

Truist Insurance Holdings, Inc. | February 09, 2022

Truist Insurance Holdings, Inc., a subsidiary of Truist Financial Corporation and the sixth-largest insurance brokerage in the U.S., announced today that it has signed a definitive agreement to acquire Kensington Vanguard National Land Services, one of the country's largest independent full-service national title insurance agencies. The transaction significantly expands Truist Insurance Holdings' presence in the title insurance market. Truist's existing title operation, BridgeTrust Title, will be integrated into the Kensington Vanguard platform. "Kensington Vanguard has grown considerably over the past 15 years through a successful strategy built around geographic expansion, talent recruitment, and acquisitions, Its industry-leading expertise in both the commercial and residential title sectors will enable us to offer title and real estate services across the full market spectrum. The combined business will be one of the largest full-service real estate service agencies in the U.S." -John Howard, chairman and chief executive officer of Truist Insurance Holdings. The transaction is expected to close later in the first quarter. The terms of the sale were not disclosed. About Truist Insurance Holdings Truist Insurance Holdings, Inc., the sixth-largest insurance broker in the U.S. and seventh-largest in the world, is a subsidiary of Truist Financial Corporation (NYSE: TFC). Headquartered in Charlotte, NC, Truist Insurance Holdings operates more than 240 offices through its subsidiaries: McGriff Insurance Services, Inc.; CRC Insurance Services, Inc.; Crump Life Insurance Services, Inc.; AmRisc, LLC; and its Premium Finance companies (AFCO Credit Corporation, Prime Rate Premium Finance Corporation, Inc., and CAFO Inc.). About Kensington Vanguard National Land Services Kensington Vanguard National Land Services, LLC, headquartered in New York City, has offices in Arizona, Florida, New Jersey, Virginia, and Texas. It is one of the largest full-service national title insurance and settlement agencies in the U.S. Founded in 2002, Kensington Vanguard provides commercial and residential title insurance, settlement, escrow and 1031 exchange services. After a strategic investment by private equity firm Stone Point Capital in 2016, Kensington Vanguard has continued to be a consolidator driven by industry leadership and financial strength.

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INSURANCE TECHNOLOGY

IMG Launches iTravelInsured Essential, an Economical Travel Insurance Product

IMG | May 27, 2022

International Medical Group® (IMG®), an award-winning global insurance benefits and assistance services company, is excited to introduce iTravelInsured Essential, a new cost-effective travel insurance offering ideal for price-conscious travelers seeking only the most vital trip protection benefits. IMG's lowest-priced travel protection program, iTravelInsured Essential allows travelers, such as U.S. residents traveling within the U.S., to protect their prepaid, non-refundable trip costs with the most fundamental travel insurance benefits. We are thrilled to introduce our new iTravelInsured Essential plan to travelers that have been long awaiting an economical travel insurance option in the market, Customers who purchase iTravelInsured Essential are able to attain essential coverage at a reasonable price and can still have the same Global Peace of Mind® that comes with the other travel and health safety solutions we offer." Grant Hayes, IMG Director of International Sales – Travel. The iTravelInsured Essential plan provides limited travel protection with coverage for trip cancellation and interruption, travel delay, and accidental death and dismemberment. The plan also includes access to IMG's 24/7 emergency non-insurance travel assistance service. With this service, travelers are just a call away from IMG's world-class customer service team that can help with lost luggage, emergency translations, emergency cash transfers, and much more. The iTravelInsured Essential plan is a fantastic addition to IMG's market-leading travel insurance product suite, We know that some travelers want coverage for a select few scenarios, and the iTravelInsured Essential plan provides exactly that." Amanda Winkle, IMG Chief Commercial Officer. About International Medical Group® (IMG®) International Medical Group® (IMG®), a SiriusPoint company, is an award-winning global insurance benefits and assistance services company that has served millions of members worldwide since its founding in 1990. The preeminent provider of travel and health safety solutions, IMG offers a wide range of insurance programs, including international private medical insurance, travel medical insurance, and travel insurance, as well as enterprise services, including insurance administrative services and 24/7 emergency medical, security, and travel assistance. IMG's world-class services, combined with an extensive product portfolio, provide Global Peace of Mind® for travelers, students, missionaries, marine crews, and any other individuals or groups traveling, working, or living away from home.

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LIFE INSURANCE

Finally, a variable universal life insurance product built for fee-based investment advisors

Nationwide | March 07, 2022

Nationwide has launched a new variable universal life (VUL) insurance product built specifically for fee-based investment advisors that allows for management of funds within the product without a life license. Nationwide Advisory Variable Universal Life is a permanent life insurance policy with a customizable guarantee that keeps the cost of the protection separate from the rest of the investment. This is the first fee-based VUL fully integrated within the registered investment advisor's operating system and it can also be sold by dually registered and hybrid advisors. With no surrender charges Nationwide Advisory VUL keeps your clients' investment money completely liquid, It also has an investment component and allows you to integrate the policy's subaccounts into your assets under management and collect your customary asset management fee." Holly Snyder, president of Nationwide's life insurance business. The product features a diverse fund lineup comprised of over 30 of the most recognizable fund managers in the industry such as Vanguard, DFA, PIMCO, American Funds and Fidelity. Because the cost of protection is separate from the rest of the investment, it can give investment dollars the opportunity to grow more quickly and efficiently. There are fewer fees associated with this product compared with a traditional VUL, There are also no surrender charges upon full surrender of the contract, and no sales loads, which allows more money to be contributed and go to work for your client faster." Snyder. Nationwide Advisory VUL also provides clients the ability to authorize their investment advisor to take their advisory fee from the policy as an advisory loan or as a withdrawal. About Nationwide Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the United States. Nationwide is rated A+ by both A.M. Best and Standard & Poor's. An industry leader in driving customer-focused innovation, Nationwide provides a full range of insurance and financial services products including auto, business, homeowners, farm and life insurance; public and private sector retirement plans, annuities, mutual funds and ETFs; excess & surplus, specialty and surety; and pet, motorcycle and boat insurance.

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RISK MANAGEMENT

Liberty Mutual Insurance Completes Acquisition of State Auto Group

Liberty Mutual Insurance | March 02, 2022

Liberty Mutual Insurance has completed the acquisition of State Auto Group, a super-regional property and casualty insurance holding company headquartered in Columbus, Ohio that distributes personal and small commercial coverages in 33 states through approximately 3,400 independent agents. More than 2,000 State Auto employees will join Liberty Mutual's Global Retail Markets US business unit. Through the mutual transaction and merger, originally announced in July, Liberty Mutual adds $2.3 billion in premium and becomes the second-largest carrier in the independent agent channel. Under the terms of the agreement – which received all required regulatory approvals – State Automobile Mutual Insurance Company members became mutual members of Liberty Mutual Holding Company Inc. and Liberty Mutual acquired all of the publicly held shares of common stock of State Auto Financial Corp. (NASDAQ: STFC) for $52 per share in an all-cash-deal of approximately $1 billion. The companies will continue to operate as separate businesses throughout most of 2022. "Across Liberty Mutual and State Auto, we have a shared commitment to the Independent Agency channel and being the carrier of choice for independent agents, We are closely aligned in how we put people first, strive to make things better, and behave with integrity every day. Together, we'll be a leader in both the personal lines and small commercial insurance markets, helping policyholders when they need it most and giving our people more opportunities to grow and thrive." -Liberty Mutual President & COO, Global Retail Markets US, Hamid Mirza. With the completion of the acquisition, Liberty Mutual also confirms the immediate appointment of Kim Garland as president of State Auto. Garland was most recently the company's senior vice president of personal and commercial lines and managing director of State Auto Labs. He added, "We bring together two organizations of passionate, driven, and talented individuals. Our combined strength allows us to significantly expand our relationships with independent agents and brokers, and make more strategic investments in the independent agent channel to continue driving profitable growth." Waller Helms Advisors LLC and Goldman Sachs & Co. LLC acted as financial advisors and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to Liberty Mutual in the transaction. Houlihan Lokey Capital, Inc. acted as financial advisor and Kirkland & Ellis LLP acted as legal advisor to the Special Committee of Independent Directors of State Auto Financial Corp. in the transaction. Keefe, Bruyette & Woods, a Stifel Company, and BofA Securities, Inc. acted as financial advisors and Squire Patton Boggs (US) LLP acted as legal advisor to the Special Committee of Independent Directors of State Auto Mutual in the transaction. About Liberty Mutual Insurance At Liberty Mutual, we believe progress happens when people feel secure. By providing protection for the unexpected and delivering it with care, we help people embrace today and confidently pursue tomorrow. In business since 1912, and headquartered in Boston, today we are the sixth largest global property and casualty insurer based on 2020 gross written premium. We also rank 71 on the Fortune 100 list of largest corporations in the U.S. based on 2020 revenue. As of December 31, 2021, we had $48.2 billion in annual consolidated revenue. We employ over 45,000 people in 29 countries and economies around the world. We offer a wide range of insurance products and services, including personal automobile, homeowners, specialty lines, reinsurance, commercial multiple-peril, workers compensation, commercial automobile, general liability, surety, and commercial property.

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