Catastrophe Insurer Palomar Announces IPO Pricing, Shares Rise 1st Day of Trading

Insurance Journal | April 17, 2019

La Jolla, Calif.-based Palomar Holdings Inc. this week announced the pricing of its initial public offering of its common stock at a price of $15 per share and in its first day of trading on Wednesday it had at one point reached nearly $20 per share. Palomar is offering 5,625,000 shares of its common stock, plus up to an additional 843,750 shares that the underwriters have the option to purchase. Shares of the firm closed at $18.99, up $3.99, on a trading volume of more than 3.3 million shares. Shares reached a high of $19.96 on the day. The shares began on the Nasdaq Global Select Market on under the ticker symbol “PLMR.” The offering is expected to close on April 22, 2019, subject to customary closing conditions. The company offers insurance for earthquake, wind and flood risk. Palomar uses data analytics and a technology platform to offer customers flexible products “with customized and granular pricing on admitted basis.” Palomar sells its coverage through retail agents, program administrators, wholesale brokers, and in partnership with other insurance companies.

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INSURANCE TECHNOLOGY

New Industry Initiative Launches to Advance Racial Diversity and Equity

Insurance Information Institute | April 28, 2022

The Black Insurance Industry Collective (BIIC), a newly-formed non-profit organization affiliated with The Institutes, today announced its launch. The BIIC is focused on accelerating the advancement of Black insurance professionals. BIIC's mission is to empower Black insurance professionals to expand their leadership development opportunities by emphasizing mentorship and sponsorship while collaborating with other organizations that are also working toward those goals. The group will provide customized programs that address the unique needs and experiences of these professionals to tangibly improve the representation of Black insurance industry talent. This initiative, created under the leadership of four insurance industry diversity and human capital leaders, has been two years in the making, and included input from over 50 participants from insurance, talent development, and academia. BIIC will partner with the University of Virginia Darden School of Business to create a specialized leadership development program focused on developing skills necessary for career progression. The leadership program at Darden, part of BIIC's suite of offerings, will provide insurance professionals with the benefits of a supportive community of colleagues. Insurance is an ever-changing industry. No one should have to navigate it alone. With a strong network of peers who share similar interests, BIIC offers the support to learn from executive leaders in the insurance industry while developing critical skills through our strategic partnership with the Darden School of Business at The University of Virginia." Ronald Reeves, Chief Diversity Officer at AIG. The Institutes are excited to contribute to the formation of the BIIC as part of our overall DEI initiative. We look forward to working with the BIIC Leadership Council as they cultivate and preserve a culture of inclusion for all who work in and are served by the risk management and insurance community." Peter L. Miller, CPCU, President and Chief Executive Officer of The Institutes. A lack of exposure to the insurance industry and professional networks are the top two barriers for Black professionals, according to a study conducted by Marsh, The Journey of African-American Insurance Professionals. BIIC is built from the ground up by insurance leaders, We are focused on spotlighting top talent to key leaders and insurance industry role models who share similar cultural experiences." Susan Johnson, Chief Diversity, Equity & Inclusion Officer at The Hartford. Obstacles for Black insurance professionals are greater than for other people of color, according to the Marsh study. These obstacles impact individuals and have far-reaching business impacts. Black employees are also nearly twice as likely as other people of color to perceive their race will make it harder to achieve their goals, according to a recent study by McKinsey, Race in the Workplace: The Black Experience in the U.S. Private Sector. This initiative was named as a collective because we believe we can achieve more together than separately, We seek to address the unique, cultural, mental, and psychological experiences and challenges encountered by Black insurance professionals in achieving their career aspirations." Ivy Kusinga, Chief Culture Officer at Chubb. BIIC is committed to empowering and positioning Black professionals to lead and inspire excellence across the industry by bringing together top talent, mentors, sponsors, and allies, Although we have more work to do, by working together, we can equip leaders with a developmental roadmap, putting them on a path to success." Tony Steadman, Managing Director, Accenture. BIIC invites organizations to join as Founding Year Sponsors in order to grow this critical program. Sponsorship will facilitate funding for BICC's key education and leadership development initiatives.

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CORE INSURANCE

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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RISK MANAGEMENT

Westwood Insurance Agency Achieves Exceptional 2021 Net Promoter Score®

Westwood Insurance Agency | January 20, 2022

Westwood Insurance Agency is pleased to announce its year-end, industry-leading Net Promoter Score® (NPS®) of 91. The NPS® indicates customers' likelihood of recommending a company or product to others. Bain & Company, creators of the NPS®, define a score of 20 and above as favorable, 50 and above as excellent, and 80 and above as world-class. "We are extremely proud to have achieved such an outstanding NPS® score. It's a testament to our team members, who have remained dedicated to providing exceptional customer service, Westwood has always stood for innovating the way insurance is done, and our people complement our technology." -Alan Umaly, President of Westwood Insurance Agency, Westwood Insurance Agency accomplishes this high-quality performance by keeping customers at the heart of its business and prioritizing an improved user experience. "We're making insurance easy to navigate for our customers. We offer a fully digital process that's backed by highly knowledgeable agents. Because we work with more than 40 insurance companies, we can combine our user-friendly platform and exceptional service with the best coverage and rates." -Vice President of National Sales and Growth Christi Burkhardt Westwood Insurance Agency plans to continue its exceptional quality of service in 2022 and beyond by investing in the highest quality talent and technology to help customers address their insurance needs efficiently and with the best available options and prices. About Westwood Insurance Agency Westwood Insurance Agency is one of the largest personal lines agencies in the United States, having helped more than a million people protect what matters most since its founding in 1952. As a full-service agency, Westwood offers a complete array of personal, commercial, and surplus line products. Westwood partners with the world's leading insurance companies to offer its customers choice and competitively priced insurance products. About Net Promoter Score (NPS) A company's NPS® measures customer experience and satisfaction by asking customers to rate their likelihood of recommending the brand on a scale of one to ten and subtracting the percentage of detractors from the percentage of promoters. Net Promoter®, NPS®, NPS Prism®, and the NPS-related emoticons are registered trademarks of Bain & Company, Inc., Satmetrix Systems, Inc., and Fred Reichheld. Net Promoter Score℠ and Net Promoter System℠ are service marks of Bain & Company, Inc., Satmetrix Systems, Inc., and Fred Reichheld.

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ANNUITIES

King Insurance expands into Georgia with the acquisition of Piedmont Insurance Associates

King | December 24, 2021

King Insurance ("King" or the "Company"), a fast-growing full-service insurance brokerage firm that provides a variety of property & casualty as well as employee benefits solutions, announced the acquisition of Piedmont Insurance Associates ("Piedmont"). Piedmont has offices in Covington, GA and Newnan, GA and marks King's first expansion outside of Florida. Piedmont's roots go back to 1948 when it was the Spillers Agency and today is led by David Wilson and Phil Boswell, each of whom merged their respective agencies together in the mid 90's to form Piedmont. Piedmont is a full-service agency offering insurance products to commercial and personal lines customers from its lineup of top-tier insurance carrier partners. Phil, David and their team will continue operating out of their current locations. "We are excited to expand into Georgia with such a high-quality agency, This is an important milestone for us as we execute on our strategy to be a major player in the Southeast." -Chad King, Chief Executive Officer of King Insurance. This acquisition marks King's eleventh acquisition over the past year and the fourth since the Company's partnership with BHMS Investments, LP. The Company plans to continue to broaden its footprint across the southeastern U.S. and expects to announce a number of important acquisitions in the upcoming months. About King: Founded in 1974 and headquartered in Gainesville, Florida, King is a full-service insurance brokerage firm which provides a broad array of property & casualty and employee benefits solutions.

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