Construction firm unable to find insurance due to lack of capacity

Insurance Age | July 18, 2019

Howden says current situation has put "incredible pressure" on the only compliant scheme available to customers. A shortage of capacity in the professional indemnity insurance and public liability insurance space has resulted in approved inspector Aedis Regulatory Services being left without insurance. The building control service business said in a statement on its website that the type of insurance needed can only be accessed through a scheme approved by the government. The statement continued: “Currently, there is only one insurance broker able to offer insurance to approved inspectors. “The underwriters of this scheme have been reviewing their position and several approved inspectors (including Aedis) have been unable to secure cover upon renewal.” Aedis further stated that the situation could not have been anticipated, adding that it is working on a solution.

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stems through the AWS GovCloud (US) offering. GovCloud (US) is compliant with the Defense Department‘s cloud security information impact levels 2, 4 and 5. Steve Porter, an engineering fellow at Raytheon, said the company used AWS’ authorization, authentication, and logging services to manage security requirements and meet customers’ individual needs. GovCloud is designed to help Raytheon provision network, storage and compute resources on demand as well as grow and decrease those resources as nee


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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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INSURANCE TECHNOLOGY

Pacific Life to Discontinue New Sales of Pacific PremierCare Choice and Pacific PremierCare Advantage Life Insurance Products

Pacific Life | April 19, 2022

Effective May 2, 2022, Pacific Life’s Pacific PremierCare suite of products will no longer be available for new sales. This includes Pacific PremierCare® Choice one-year, five-year, 10-year, and lifetime premium whole life insurance products with long-term care (LTC) benefits1 and Pacific PremierCare Advantage Universal Life Insurance with Long-Term Care Benefits2 in California. Pacific Life remains committed to the long-term care market as we continue to recognize U.S. consumers’ large, unmet need in this area, We conducted a thorough strategic review of the LTC marketplace and see great potential in the market for chronic health (CHR) and LTC riders on cash value life insurance policies.” Greg Reber, Pacific Life senior vice president and chief distribution officer, life insurance business. Pacific Life has seen sales of hybrid LTC products decline as the current environment has made it difficult to be both competitive and profitable. By focusing solely on riders for our cash value products to meet the LTC need, the company can prioritize and utilize resources more effectively. Pacific Life will continue to service all in-force Pacific PremierCare policies. For existing policyowners, there will be no change and they will continue to receive the exceptional service they’ve come to expect from Pacific Life. About Pacific Life For more than 150 years, Pacific Life has helped millions of individuals and families with their financial needs through a wide range of life insurance products, annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans. Whether your goal is to protect loved ones or grow your assets for retirement, Pacific Life offers innovative products and services that provide value and financial security for current and future generations. Pacific Life counts more than half of the 100 largest U.S. companies as its clients and has been named one of the 2022 World’s Most Ethical Companies® by the Ethisphere Institute. Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Client count as of June 2021 is compiled by Pacific Life using the 2021 FORTUNE 500® list. Policy Form P17PCH and S17PCHMAXM or ICC17 P17PCH and ICC17 S17PCHMAXM; P17PCH and S17PCH100S or ICC17 P17PCH and ICC17 S17PCH100S; P17PCH and S17PCHMAXS or ICC17 P17PCH and ICC17 S17PCHMAXS; based on product and state of policy issue. Pacific Life Insurance Company’s Pacific PremierCare Advantage (Policy Form #P12PPC-CA) is a flexible premium adjustable life insurance policy with long-term care insurance payable through reimbursements. These products are subject to underwriting and approval of the application and may include obtaining records from a physician. No medical exam is required, but a Medical Information Bureau (MIB) and prescription report will be ordered and a Personal History Interview and Cognitive Assessment will be performed via telephone as part of the underwriting process. These products are intended to provide federally tax-qualified long-term care insurance as defined in IRC Section 7702B(b). Tax treatment of long-term care benefits may depend on factors such as the amount of benefits in relation to certain IRS limitations (referred to as "per diem" limitations), the amount of qualified expenses incurred or if similar benefits are being received under other contracts. When benefits are received from multiple policies providing long-term care for a given insured, including policies with different owners, those benefits must be aggregated to determine their taxability. Pacific Life cannot determine whether the benefits are taxable.

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WORKERS COMPENSATION

Orchid Insurance Announces Acquisition by Brown & Brown, Inc.

Orchid Insurance | March 01, 2022

Orchid Underwriters Agency, LLC (“Orchid”), a specialty underwriter of catastrophe-exposed property insurance, announced that its financial sponsors, led by TowerBrook Capital Partners L.P. (“TowerBrook”), an international investment management firm, have entered into a definitive agreement to sell the company to Brown & Brown, Inc. (“Brown & Brown”), an insurance brokerage firm. The sale comprises all of Orchid’s Managing General Underwriter (MGU) and wholesaling business, along with its High-Net-Worth segment and CrossCover Insurance Services, LLC (“CrossCover”). Financial terms of the transaction were not disclosed. Established in 1998, Orchid is a leading administrator that represents insurance and reinsurance providers and partners with qualified independent retail brokers and select wholesale brokers. Orchid delivers proprietary and customized insurance solutions for homeowners in coastal zones and for high-net-worth customers. The Orchid management team partnered with industry veteran Scott Hanson to establish CrossCover, which provides Excess and Surplus (E&S) commercial property solutions for customers across the United States. Orchid and CrossCover will be joining Brown & Brown’s National Programs segment. Orchid and CrossCover will continue to operate as independent entities within National Programs, including maintaining principal operations in Vero Beach and Tampa, Florida and Cypress, Texas. “We are proud of what we have achieved at Orchid and the carrier support and confidence we earned in doing so. Brown & Brown recognized our continuing success and the value we have built. It is especially gratifying to know that our leadership group that made this possible will have the opportunity to continue growing Orchid and CrossCover as part of the Brown & Brown National Program segment.” -John Lumelleau, Chairman of Orchid Today’s announcement will help to further advance the company’s strategic growth initiatives that have been developed under the leadership of Chief Executive Officer Steve Carlsen, President & Chief Operating Officer Kathy Cody, Chief Financial Officer Michael Garamoni, Chief Underwriting Officer Ross Bowie, Chief Information Officer Carey Smith and in partnership with Scott Hanson, President of CrossCover. Steve Carlsen added, “The announcement today is a function of the incredible work done by the Orchid team and its sponsors. We are grateful for the financial support and guidance from our partners at TowerBrook and for John Lumelleau’s counsel and mentorship. Orchid and CrossCover have ambitious plans, and we’re eager to join the team at Brown & Brown.” “On behalf of TowerBrook, I would like to thank the entire leadership team at Orchid for their partnership over the past several years. It has been a pleasure working with them and we are grateful for the significant contributions made by Steve Carlsen and the rest of the management team in developing a number of initiatives that have grown Orchid’s business under our ownership, We believe Brown & Brown provides the right platform to foster Orchid’s continued success.” -Jonathan Bilzin, Co-Chief Executive Officer of TowerBrook Capital Partners. The transaction is anticipated to close by April 2022 and is subject to standard closing conditions. About Orchid Insurance Orchid is the largest personal lines E&S managing general underwriter, providing specialty homeowners insurance for coastal risks in the Gulf, Southeast, and Mid-Atlantic states. In partnership with CrossCover Insurance Services, Orchid also offers specialty commercial coverages to middle-market insureds. Orchid was founded in 1998 and is based in Vero Beach, FL. TowerBrook Capital Partners TowerBrook Capital Partners is a purpose-driven, transatlantic investment firm that works to grow and improve large and middle-market businesses by partnering with management teams and employees to build excellent companies that make a positive impact on society. Since inception in 2001, TowerBrook has raised a total of $18.7 billion and invested in more than 85 companies on both sides of the Atlantic. TowerBrook operates as a single, unified team of experienced investment professionals focused on unlocking value in complex situations. The firm’s highly synergistic family of funds make control and non-control investments across the capital structure, providing capital and resources to transform the capabilities and prospects of its portfolio companies.

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INTELLECTUAL PROPERTY

Keystone Expands in Michigan, Signing on Iott Insurance Agency

Keystone | February 08, 2022

Keystone, the fourth largest participant-owned insurance agency network in the nation, continued its expansion in the Great Lakes Region by signing on new Michigan agency, Iott Insurance Agency of Blissfield, Lambertville, and Petersburg. “In keeping with our tradition of excellence, we have upheld and stayed true to our core values by bringing Iott Insurance Agency into our Michigan family, Brian Iott, Kurt Diver, and Tim Miller are exemplary leaders in the communities they serve and are a natural fit for Keystone. Located in lower southeast Michigan, this relationship expands our geographic presence and provides the Iott team and their clients access to tools and resources that complement the world-class service they have delivered since day one. We look forward to a long, prosperous relationship!” -Aaron Vorce, Michigan state vice president. “We are so excited about our new relationship with Keystone and their member agencies, The tools and resources Keystone provides its agency force is second to none in the industry. We look forward to all the opportunities this new relationship will bring to our agency.” -Principal Tim Miller. About Iott Insurance Agency– Iott Insurance Agency dates to 1950 when Brian Iott’s father Francis became licensed and eventually opened a small agency in Blissfield. In 1970, Francis partnered with Virgil Diver to expand locations and services. Today, the agency has a staff of 25 experienced professionals dedicated to customer service. About Keystone Insurers Group (Keystone): Keystone started in 1983 when four independent insurance agencies teamed up to pool their experience and expertise. This small group believed that agencies could be stronger and more successful if they linked arms – a passion and spirit that continues. Growing to almost 300 independent agencies in 17 states, Keystone provides its agents with a community of like-minded agencies, industry expertise and access to specialized products for their clients. Keystone is ranked number four on Insurance Journal's 2020 list of Top 20 Property/Casualty Agency Partnerships.

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stems through the AWS GovCloud (US) offering. GovCloud (US) is compliant with the Defense Department‘s cloud security information impact levels 2, 4 and 5. Steve Porter, an engineering fellow at Raytheon, said the company used AWS’ authorization, authentication, and logging services to manage security requirements and meet customers’ individual needs. GovCloud is designed to help Raytheon provision network, storage and compute resources on demand as well as grow and decrease those resources as nee

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