Enhanced insurance platform for QuickBooks customers in Australia launched

insurancebusinessmag | June 26, 2019

Intuit Australia and Expense Check have upgraded the Expense Check insurance platform to enable accountants and bookkeepers to support their clients who dont have the time, knowledge, or resources to find the right insurance protection through traditional processes.

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The Solutions Initiative brings together leading policy organizations from across the political spectrum to put forward comprehensive plans to put America on a stronger, more sustainable fiscal path.


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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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INSURANCE TECHNOLOGY

HUB INTERNATIONAL STRENGTHENS COMMERCIAL INSURANCE CAPABILITIES WITH ACQUISITION OF KUHL INSURANCE AGENCY, INC. IN ILLINOIS

Hub International | March 08, 2022

Hub International Limited (Hub), a leading global insurance brokerage and financial services firm, announced today that it has acquired the assets of Kuhl Insurance Agency, Inc. (Kuhl Insurance). Terms of the transaction were not disclosed. Located in Morton, Illinois, Kuhl Insurance is an independent agency providing commercial and personal insurance, and employee benefits services. Kuhl Insurance specializes in the manufacturing, healthcare, social services, and construction industries, which supports Hub's Specialty practices by complementing and strengthening its existing capabilities. The Kuhl Insurance team is highly regarded in southern Illinois, and they will be a strong addition to our team as we continue to expand further in the state, We look forward to offering our clients the benefits of their talent and experience." Lerone Sidberry, CEO, Hub Midwest West. Mike Kuhl, President of Kuhl Insurance, and the Kuhl Insurance team will join Hub Midwest West. Joining Hub will provide us with additional depth of insurance carrier markets, resources and services necessary to expand our offerings to clients and continue growing our business." Kuhl. Kuhl Insurance was represented by the consulting firm MarshBerry for the transaction About Hub's M&A Activities Hub International Limited is committed to growing organically and through acquisitions to expand its geographic footprint and strengthen industry and product expertise. About Hub International Headquartered in Chicago, Illinois, Hub International Limited is a leading full-service global insurance broker and financial services firm providing risk management, insurance, employee benefits, retirement and wealth management products and services. With more than 14,000 employees in offices located throughout North America, Hub's vast network of specialists brings clarity to a changing world with tailored solutions and unrelenting advocacy, so clients are ready for tomorrow.

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INSURANCE TECHNOLOGY

Empathy and New York Life Group Benefit Solutions Partner to Provide Bereavement Care to More Employees

Empathy | June 15, 2022

Empathy, a platform helping families navigate the journey they face after losing a loved one, today announced a partnership with New York Life Group Benefit Solutions, a leader in the group insurance market. The partnership is an expansion of the partnership announced between Empathy and New York Life1 last year to provide beneficiaries with logistical and emotional support after the loss of their loved ones. Bereaved employees and their families are often left grieving and in distress, not just from the loss itself, but also from the logistical challenges that follow. According to Empathy's recently released Cost of Dying 2022 Report, families spend, on average, 420 hours tending to their loved one's affairs in the weeks and months following the loss. Moreover, the same report found that returning to work created additional stress, with 70% of younger respondents reporting either lowered performance, concern for their job, or both. New York Life Group Benefit Solutions offers compassion and caring guidance to help employees and their families navigate a loss. Through their partnership, Group Benefit Solutions will bring Empathy's award-winning platform to their employer clients and their employees in need of support. Empathy offers a holistic approach to bereavement care, helping simplify end-of-life bureaucracy, minimizing tedious tasks, and automating processes involved in the administration of an estate—while providing emotional support throughout. Dedicated care specialists are available to support families through every aspect of loss, both emotionally and logistically, 24/7. Going back to work after losing a loved one can be extremely challenging. There are so many logistical burdens that still need to be navigated that it often feels like you are working two jobs when you are grieving and at your most vulnerable. We have seen, unequivocally, the quantifiable impact technology can have in easing the burdens on bereaved employees, Employers who acknowledge and support their grieving team members are doing more than extending a kindness. They are also making a decision that is good for their organization. We are delighted to further our work with New York Life and proud of our shared dedication to supporting bereaved families across the U.S." Ron Gura, Co-Founder & CEO of Empathy. Empathy's partnership with Group Benefit Solutions follows its ongoing work with New York Life's Group Membership Association Division, an operation dedicated to delivering protection products to group and affinity organizations. The Group Membership business provides life insurance beneficiaries with loss support through access to the Empathy app. New York Life Group Benefit Solutions provides services and caring guidance through efforts and opportunities that align with the values of our company, Our partnership with Empathy, plus grief resources from the New York Life Foundation, highlight the breadth of bereavement programs and tools available to our clients and their employees." Meghan Shea, head of strategy, product, and marketing for Group Benefit Solutions. About Empathy Empathy's mission is to help families deal with loss, incorporating both emotional and logistical support for the families in their time of need. Powered by technology and driven by purpose, Empathy's application, awarded Google Play's 2021 "Best App for Good" and CB Insights' "Top Digital Health Companies Of 2021," simplifies and streamlines end-of-life bureaucracy with personalized plans and grief support. Launched in 2021 and headquartered in New York and Tel Aviv, Empathy is backed by top tier VC firms and serves Fortune 100 enterprise customers alongside its direct-to-consumer offering.

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INSURANCE TECHNOLOGY

Relation Insurance Services Acquires the Assets of The Wills Agency

Relation Insurance | May 12, 2022

Relation Insurance Services (“Relation”), one of the largest and fastest-growing national insurance agencies, announced today it acquired the assets of South Carolina-based The Wills Agency (“Wills”). Terms of the transaction were not disclosed. Wills provides personal and commercial lines insurance solutions to clients throughout South Carolina and is headquartered in Batesburg, SC. James Wills will continue to lead Wills as a part of Relation. The Wills Agency is a great strategic fit for Relation, and we’re excited to welcome James and the entire team, The addition of Wills brings Relation additional strength in both personal and commercial lines products and adds to our existing footprint in South Carolina.” Tim Hall, Executive Vice President and Head of Mergers and Acquisitions for Relation. About Relation Insurance Services Relation Insurance Services is an insurance brokerage that offers superior risk-management and benefits-consulting services across the United States. It is ranked by Insurance Journal within the top 35 largest agencies in the country by revenue and has approximately 1,200 employees across more than 125 locations nationwide. Relation is a privately held corporation backed by Aquiline Capital Partners, a private equity firm based in New York and London investing in businesses globally across financial services and technology.

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The Solutions Initiative brings together leading policy organizations from across the political spectrum to put forward comprehensive plans to put America on a stronger, more sustainable fiscal path.

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