Cyber coverage seen as loophole in proposed NY ransomware bill

Insurance Business Magazine | January 28, 2020

Cyber insurance coverage is seen as a loophole in a proposed New York bill that bans municipalities from paying ransomware demands. Senate Bill S7246 (SB S7246) was introduced earlier this month in the New York State Senate in response to a wave of ransomware attacks that have hit Riviera Beach and Lake City in Florida, New Bedford in Massachusetts, and Atlanta in Georgia. The bill was introduced by state senators Phil Boyle, George Borrello, and Sue Serino with the goal of funding necessary upgrades to a city or municipality’s cyber defences and thereby mitigating the incentive for ransomware operators to target them – at the cost of preventing local governments from paying ransomware demands.

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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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CORE INSURANCE

Brightway Insurance is the only insurance agency franchisor named to a listing of the smartest-growing franchises in the country by Franchise Times

Brightway Insurance | January 25, 2022

Brightway Insurance, a national insurance agency franchisor, is the only insurance franchisor and one of only 40 brands Franchise Times recognized on its eighth annual Fast and Serious list of the smartest-growing franchises in the U.S. Brightway ranks No. 23 on the list. The list is derived using a proprietary 10-point formula that includes financial results over the past three years. Click here to review Brightway's profile on Franchise Times' website. "The financial results that put us on this list are the result of the investments we make in empowering our franchisees to reach their potential. They chose Brightway because of the set of tools they can leverage to help people in their communities while building their own business for themselves and their families," - Mark Cantin, Brightway's President and CEO. Brightway's customer service, back-office support and wide variety of carrier partners enable Brightway Agents to ensure their customers are properly covered and cared for while they build their businesses. In traditional agencies, countless hours are spent servicing existing customers' needs. Brightway handles that work on behalf of its agents, empowering them to focus on new policy sales while building a residual income stream that pays every time policies renew. This results in unlimited earning potential in a recession- and pandemic-proof industry. Regardless of background, Brightway's team of experts can help anyone be successful in insurance. In fact, half of Brightway's largest Agencies are owned by people with no insurance background; their average agency book size is $18.3 million. About Brightway Insurance Brightway Insurance is a national property/casualty insurance distribution company with nearly $900 million in annualized written premium, making it one of the largest Personal Lines agencies in the U.S. Brightway's focus is on building unparalleled tools that empower its franchisees to help people in their communities understand and value insurance while reaching their potential in business. Brightway got its start in 2008 and has since grown to 1,200 people in 316 offices across 29 states serving customers in all 50 states.

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INSURANCE TECHNOLOGY

AM Best Affirms Financial Strength Rating of CopperPoint Insurance Company

CopperPoint | January 31, 2022

CopperPoint Insurance Companies, a western-based super regional commercial insurance company, announced today that AM Best has affirmed the Financial Strength Rating of A (Excellent) for CopperPoint Insurance Company and its subsidiaries with a stable outlook. Alaska National Insurance Company has also been added as a new member to Best's rating for CopperPoint Insurance Group. These ratings reflect the strength of CopperPoint's balance sheet, risk appetite and operating results over the last several years. CopperPoint maintains the strongest level of risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), supported by a conservative investment portfolio, favorable reserve development and strong reinsurance program. AM Best is a widely recognized provider of insurance industry ratings and financial data. "We're pleased with AM Best's review of our enterprise, the resulting rating affirmation, and the rating agency's inclusion of Alaska National within our rating group. Since its acquisition in 2019, Alaska National has become even more integrated with our family of companies and continues to enhance our already strong balance sheet and operating results, The differentiated expertise of our now over 750 employees, enables us to continue offering best-in-class workers' compensation coverage, comprehensive risk management solutions and an expanded commercial property and casualty product offering, while providing exceptional service to policyholders, injured workers and agency partners." -Marc Schmittlein, President and CEO, CopperPoint Insurance Companies. About CopperPoint Insurance Companies Founded in 1925, CopperPoint Insurance Companies, www.copperpoint.com, is a leading provider of workers' compensation and commercial property and casualty insurance solutions. With an expanded line of insurance products and a growing 26-state footprint, CopperPoint is in a strong position to meet the evolving needs of its agents, brokers, and customers. It has $5.1 billion in total assets and an enterprise surplus of approximately $1.6 billion.CopperPoint Mutual Insurance Holding Company is the corporate parent of CopperPoint Insurance Companies, Pacific Compensation Insurance Company and Alaska National Insurance Company. All companies are rated A (Excellent) by AM Best.

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CORE INSURANCE

Data-fueled Insurance Platform Accelerant Announces Growth Funding Round in Excess of $190M

ELDRIDGE | January 13, 2022

Accelerant, the insurtech empowering underwriters with superior risk exchange and data analytics coupled with long-term capacity commitments, today announced it has raised in excess of $190 million at a $2 billion pre-money valuation led by Eldridge, with participation from Deer Park, Marshall Wace, MS&AD Ventures, and others. Existing majority investor Altamont Capital Partners also participated in the round. Accelerant will deploy the capital to continue to rebuild the way that underwriters share and exchange risk to improve outcomes for program managers, primary issuing carriers, and ultimate risk-bearers. "Aspects of the insurance industry have been broken for a long time, At Accelerant our approach is pretty simple — which is maybe what makes it a little radical: We're bringing transparency, data, and shared incentives back into the equation, serving MGUs as important partners in the insurance ecosystem, and overall making it easier and more efficient to exchange risk. The approach is clearly resonating and successfully aligning incentives. I'm thrilled by this endorsement of our strategy and to have the opportunity to put this capital to work on behalf of our current and prospective Members in service of the industry at large. We look forward to working with new partners to apply our differentiated approach and technology to lines of insurance beyond SME within which we can have an equally significant impact." -Jeff Radke, CEO and co-founder of Accelerant. Historically, underwriting teams supporting complex or niche lines of business have lacked the modern solutions needed to facilitate their work, which has hindered their ability to get capacity and to properly understand and exchange risk. With a partner-first approach, Accelerant specializes in serving a carefully selected and managed network of managing general underwriters (MGU) and program administrators (PA) that it refers to as its Members. Accelerant's InSightFull™ data platform helps members better understand risk, benefit from insights, and handle operational and regulatory complexity. Together, Accelerant works with its Members to drive market-leading profitable growth, focusing on the small and medium-sized businesses that power our global economy and their niche insurance needs. "The Accelerant team understands the challenges that MGUs and PAs face with conventional carriers, and they've built an offering to address those needs. With cutting-edge data and analytic capabilities, Accelerant's platform eliminates bureaucracy to offer an experience that prioritizes velocity and collaboration, We're excited to support Accelerant as they enter their next phase of growth and create value throughout the insurance ecosystem with their member-centric, collaborative approach." -Todd Boehly, co-founder and CEO of Eldridge. ABOUT ACCELERANT Accelerant is a data-driven, technology-fueled insurance platform that empowers underwriters to more effectively serve their insureds. We're using advanced data intelligence tools to rebuild the way that underwriters share and exchange risk. With a current focus on the small and medium-sized businesses that power our global economy and their niche insurance needs, we align incentives to improve outcomes for everyone. Our full-service risk exchange supports our carefully selected, best-in-class network of underwriting teams. We leverage granular information on each policy to deliver unprecedented insight into insurance pools, and our specialty portfolio is fully diversified with very low catastrophe, aggregation, or systemic risk. We're proud to have been awarded an AM Best A- (Excellent) rating. ABOUT ELDRIDGE Eldridge invests in businesses across the Insurance, Asset Management, Technology, Mobility, Sports & Gaming, Media & Music, Real Estate, and Consumer landscapes. The firm seeks to build and grow businesses led by proven management teams that have demonstrated leadership and experience to scale an enterprise. Eldridge is headquartered in Greenwich, Connecticut, with additional offices in Beverly Hills, New York, and London.

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