Canopius boosts political risk unit with Swiss Re swoop

Swiss Re | December 11, 2019

Canopius has appointed Andrew Tongue as underwriter, trade & political risk, acting as deputy to Crispin Hodges, head of trade & political risk. Tongue brings almost a decade of industry experience to Canopius’s newly created trade & political risk unit. He joins from Swiss Re where most recently he served as senior underwriter, political risks and trade credit. He also held senior underwriter positions at AXA Africa Specialty Risks and CNA Hardy previously. “Andrew is exactly the calibre of underwriter we wish to attract, and his extensive expertise and experience will be a huge advantage as we develop the proposition further,” said Hodges. “We are delighted to announce he will be joining the team.”

Spotlight

Conventionally, if one is looking for ways to save tax, he/she would think of anything but health insurance. Isn’t it amazing that health insurance will not only help you save tax, but will also provide you with safety and security? Usually, people do not understand how health can save tax. This infographic will explain to you how this happens.


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INSURANCE TECHNOLOGY

HealthComp Acquires Gilsbar’s TPA Division

HealthComp | January 18, 2022

HealthComp Holding Company LLC (“HealthComp” or “the Company”), a New Mountain Capital company and a leading Third-Party Administrator (TPA) of healthcare benefits for self-funded employers, today announced that it has acquired Gilsbar’s TPA and Care Management (MedCom) divisions (Gilsbar, LLC). Together, the combined business will continue to deliver on two critical priorities for its clients: managing healthcare costs and delivering a best-in-class member experience. “HealthComp has chosen to invest in Gilsbar’s TPA because of its exceptional reputation, its outstanding market performance, and its high caliber of talent, By combining the strengths of both our organizations, we’ll be able to deliver unmatched expertise and innovation in the field of health benefit administration, particularly in regard to healthcare cost containment, member engagement, and care management. In addition, Gilsbar’s geographic location will give HealthComp the local presence to better serve clients and brokers in the South and Southeast.” -Jose Rivero, CEO of HealthComp. Gilsbar’s TPA offers a fully-integrated approach to benefit plan administration, which includes sophisticated technology and personalized service. Through MedCom, Gilsbar’s in-house care management division, the company delivers care management programs that positively impact employee health and wellbeing. It has successfully provided clients with savings, process efficiencies, and member satisfaction. Gilsbar’s strong national presence and care management capabilities will move HealthComp one step closer to building a leading, national TPA of self-insured health plans. “It’s a phenomenal fit – both HealthComp and Gilsbar are forward-thinking companies, delivering value through a now shared vision of operational excellence, clinical expertise, and technological advancements, HealthComp’s financial and operational support will enable additional investment in technology and enhanced service offerings. Additionally, HealthComp will bring its leading-edge technology and capabilities to Gilsbar clients, including a proprietary analytics platform and digital tools. More importantly, we remain committed to delivering the same level of service our clients have come to expect and rely on.” -Ryan Haun, CEO and President of Gilsbar Holdings, LLC. Moving forward, HealthComp and Gilsbar will work together to enhance products, services, and support for their customers. Whereas traditional health plans have been unable to deliver tailored offerings, these companies fill the need for highly customizable solutions, as employers want health benefits configured to the needs of their unique member populations. Gilsbar Holdings and its remaining subsidiaries will continue their core businesses. Gilsbar Specialty Insurance is a nationally recognized retailer of professional liability and commercial insurance products to attorneys, CPA’s and other professionals. Gilsbar Group Benefits will maintain its presence in the Southeastern US as a full-service benefits brokerage house to employer and association groups. About Gilsbar Established in 1959, Gilsbar Holdings, LLC® is one of the largest privately held insurance services organizations in the country. Recognized as a catalyst for creating healthy businesses while delivering health plan savings, Gilsbar, LLC offers self-funded and fully-insured benefit plan management services, along with Wellness, Advocacy, and overall Population Health Management. Gilsbar Specialty Insurance, LLC and Gilsbar Group Benefits, LLC are industry leaders in their fields of professional liability insurance retail and benefits advisory and brokerage, respectively. Gilsbar has been honored by Inc. magazine for its sustained growth, Modern Healthcare and Business Insurance magazines as a Best Place to Work, and WELCOA and the American Heart Association for its proven wellness methodology. About HealthComp HealthComp, a New Mountain Capital company, is a leading independent health plan administrator for self-funded employer groups. For more than 25 years, HealthComp has been dedicated to transforming benefits administration. Our solution brings together concierge-level service, best-in-class operations, powerful analytics and expert medical cost management and integrates seamlessly with any benefits ecosystem. The result is an industry-leading experience that delivers better clinical outcomes for our members and higher savings for our book of business. HealthComp has offices in California, Illinois, Kentucky, West Virginia and Pennsylvania.

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INSURANCE TECHNOLOGY

Arthur J. Gallagher & Co. Acquires Colorado-based Ryan Insurance Strategy Consultants

Arthur J. Gallagher | April 26, 2022

Arthur J. Gallagher & Co. today announced the acquisition of Greenwood Village, Colorado-based Ryan Insurance Strategy Consultants. Terms of the transaction were not disclosed. Founded in 1990, Ryan Insurance Strategy Consultants assists financial advisors with insurance recommendations for their clients. With its research focused on life, disability and long-term care insurance planning, the Ryan team performs due diligence on new and existing insurance plans prior to recommending any insurance solution. Ryan also helps administer association group insurance benefit programs that insure thousands of financial advisors for their own personal insurance needs. John Ryan and his associates will continue operating from their current location under the direction of Kevin Garvin, head of Affinity North America for Gallagher's retail property/casualty brokerage operations. Ryan's strong relationships with leading financial planning associations will help us deepen and expand our existing footprint in professional lines programs into new and growing segments, I am excited to welcome John and his colleagues to Gallagher." J. Patrick Gallagher, Jr., Chairman, President and CEO. Arthur J. Gallagher & Co. (NYSE: AJG), a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois. The company has operations in 68 countries and offers client service capabilities in more than 150 countries around the world through a network of correspondent brokers and consultants.

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INSURANCE TECHNOLOGY

SAS acquires Kamakura to propel risk technology innovation as financial sector braces for volatility

SAS | June 28, 2022

Global AI and analytics leader SAS has acquired Honolulu-based Kamakura Corporation. Privately held Kamakura provides specialized software, data and consulting that helps financial organizations across the spectrum – banks, insurance companies, asset managers, pension funds and more – manage a variety of financial risks. SAS' investment decision comes as post-pandemic optimism is shadowed by war, unyielding supply chain disruption, and the end of many pandemic-era financial and social safety-net programs. Rising inflation and recession rumblings have emerged as dark clouds on the global economic horizon, signaling potential turbulence ahead – a time for financial services organizations large and small to closely examine the liquidity risk and other risks in their portfolios. This acquisition is an extension of tremendous investments already made in SAS' cloud-ready risk management platform and integrated solutions, It signals our intent to advance market-changing risk solutions to solve the most pressing challenges our financial services customers face. We foresee that the resulting strength of SAS technology, paired with Kamakura's risk analytics and credit models, will prove far greater than the sum of its parts." SAS co-founder and CEO Jim Goodnight. In acquiring Kamakura, SAS aims to deliver an unparalleled suite of integrated risk solutions, particularly around asset liability management (ALM), and serve additional facets of the financial services industry. About SAS SAS is the leader in analytics. Through innovative software and services, SAS empowers and inspires customers around the world to transform data into intelligence. SAS gives you THE POWER TO KNOW®.

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HEALTH INSURANCE

HealthSmart® Launches Houston SmartCare™ Health Plan

HealthSmart | June 02, 2022

HealthSmart, one of the nation's largest third party administrators of health plans for employers and plan sponsors, announced the launch of Houston SmartCare™, a comprehensive level-funded health plan that offers market leading discounts to Houston-area small to mid-sized employers. The plan offers significant savings and protection for plan sponsors and features access to leading hospitals, facilities and providers in Greater Houston through Employers Health Network (EHN). Houston SmartCare delivers a transparent, all-inclusive model that offers predictable costs through a level-funded plan with no additional risk for employers and significantly lower premiums than mainstream fully-insured programs. The program also offers financial security with stop loss coverage to protect plans from catastrophic claims. In addition to a comprehensive health benefits plan, Houston SmartCare boasts a superior member experience through its Concierge Advisor Team who works to guide members and help them navigate their healthcare journey every step of the way. This new health plan designed especially for the Greater Houston area is another example of how HealthSmart approaches our organizational mission of reducing costs for plan sponsors and delivering premium healthcare solutions to our members, This program demonstrates an innovative approach to help plan sponsors in the Houston area control their health benefit costs by providing deeply discounted access to the area's top hospitals and providers through EHN. This is big news for small and medium employer groups and Houston SmartCare is truly a game-changer for our broker community in terms of providing quality healthcare options with deep discounts." Craig Julien, CEO for HealthSmart. Plan sponsors typically must work with several players to build their health plans, By bringing together experts in the areas of most concern to small and mid-sized plan sponsors, we have created a one-stop solution that offers a top-quality, focused provider network, critical stop loss coverage, and comprehensive third-party administration services, relieving area health plan sponsors of the burden of shopping for these services individually." Omar Haedo, president of Elan Insurance Group About HealthSmart HealthSmart is one of the largest third party administrators in the country and the premier provider of innovative, customizable and scalable healthcare solutions for employers, brokers and payers. We partner with plan sponsors to provide key services needed to reduce healthcare costs and manage members with dignity and respect. HealthSmart is the one-stop source for health plan needs, including health plan benefit administration, pharmacy benefit management, care management and wellness programs and provider networks. About EHN Employers Health Network (EHN) embraces a high-performance network model that helps employers provide exceptional quality healthcare benefits at lower cost. Our unique network model helps both employers and members save immediately and save over time through a sustainable model with our high-quality and accountable network partners. About Elan Insurance Group ELAN Insurance Group is a group of companies headquartered in Miami collaborating to bring competitive, cutting-edge health insurance products to the marketplace. From traditional comprehensive plans to self-funded plans, ELAN tailors its offering to meet the needs of employers and individuals across the Caribbean and the United States.

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Spotlight

Conventionally, if one is looking for ways to save tax, he/she would think of anything but health insurance. Isn’t it amazing that health insurance will not only help you save tax, but will also provide you with safety and security? Usually, people do not understand how health can save tax. This infographic will explain to you how this happens.

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