Four insurance brokers given subpoenas in major US investigation

insurancebusinessmag | May 24, 2019

The New York State Department of Financial Services (NYDFS) has issued subpoenas to four insurance brokers as part of an investigation into pension risk transfer deals.The subpoenas were issued Wednesday to units of Morgan Stanley, Aon, Willis Towers Watson, and Mercer – a Marsh & McLennan company. The regulator is seeking documents about their communications with insurer Athene Holding, people close to the matter told Reuters.Pension risk transfers allow insurers to take over a plan and transfer the risk, with the hope that they can make more in investments than they pay out in pensions. To take over a plan, an insurer usually has to write a group annuity contract to cover those pensions.

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INSURANCE TECHNOLOGY

Segal Has Acquired Michigan Insurance Broker Union Services Agency

Segal | June 09, 2022

Segal, a leading benefits and HR consulting firm, has acquired Bayview Insurance Group d/b/a Union Services Agency (USA), a Michigan-based insurance brokerage firm. The brokerage has focused on serving the insurance needs of labor organizations, multiemployer funds and public sector entities for more than 25 years. The acquisition of Union Services Agency better positions Segal to serve the insurance and risk needs of our current and future clients, This is an important addition to our company and the Union Services Agency team’s expertise helps further our mission of delivering trusted advice to clients.” David Blumenstein, President and CEO of Segal. The entire USA team has become part of Segal’s Insurance Brokerage Practice, under the leadership of Diane McNally, Senior Vice President, Segal’s National Insurance Brokerage Services Leader. Segal will now have additional resources to better support clients and expand client relationships in the Midwest. We look forward to offering clients access to Segal’s extensive consulting offerings, Both firms are known for possessing a deep understanding of client needs and developing solutions to address those needs.” Sally Corbin, former CEO of Union Services Agency, who has joined Segal as Senior Vice President and Director of Insurance Relations. Corbin, reporting to McNally, is now responsible for providing brokerage placement consulting and administrative services for property and casualty programs in all markets. This includes the major financial lines of fiduciary liability, cyber liability, fidelity bonds, professional liability and union liability insurance.

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INSURANCE TECHNOLOGY

Vantis Life announces distribution agreement with Everdays

Vantis Life | May 26, 2022

Vantis Life Insurance Company, a Penn Mutual company, announces a strategic marketing agreement with Everdays, an insurtech firm providing retirement, health and end-of-life planning solutions focused on seniors that are entering or planning for retirement. As part of the agreement, Everdays will market Vantis Life insurance products through its online, digital planning platform. Vantis will provide accelerated digital approval, life insurance product underwriting, policy issue and support through Everdays' easy-to-use digital planning platform. We're excited to work with Everdays to help provide life insurance solutions for an underserved and fast-growing market, Everdays delivers a one-of-kind, digital planning platform to reach people who otherwise may not be aware of our products that fit the needs of their life-stage. This innovation puts planning and insurance products together and aligns with Vantis' goal to provide simple, easy-to-afford protection to more American families." Tom Harris, president of life insurance and annuities for The Penn Mutual Life Insurance Company, the parent company of Vantis Life. We couldn't be happier about working with Vantis Life and the backing of Penn Mutual, As the fastest growing insurtech platform focused on young seniors and individuals planning their retirement, we wanted a partner that shared our vision. With its consumer-focused, tech-savvy orientation, Vantis Life is the ideal partner for us. Combining our proprietary digital planning and funding platform, Vantis Life's products and accelerated underwriting process with Penn Mutual's history, stability and strength is a unique offering. Our cultures are perfectly aligned." Mark Alhermizi, CEO and founder of Everdays. Over the coming months, the two companies will work together to launch a seamless, easy-to-use digital experience that offers unique retirement planning and life insurance purchasing solutions through a comprehensive online platform aimed at young, thriving seniors looking for a fulfilling life and secure retirement. About Vantis Life Since 1942, Vantis Life Insurance Company has specialized in providing families with affordable life insurance and annuity products that offer protection and guarantees. Vantis Life provides a convenient, seamless online purchasing experience and offers simple, easy-to-afford products to middle-income American families. The company takes pride in supporting these products with attentive and personal customer service. Vantis Life is a wholly-owned subsidiary of The Penn Mutual Life Insurance Company, backed by 175 years of financial strength and stability. About Everdays Everdays is imagining a new way for young seniors to plan for their golden years on a digital platform purpose-built just for them. As the fastest-growing insurtech platform in retirement, health and end of life planning, we are the only consumer-first and senior-friendly brand to captivate and engage with millions of people 60+ who are looking for a modern solution that fits their lifestyle and needs. The 100% digital platform provides advanced planning tools and Everdays Assured branded insurance products that are designed to bring the customers plans to life, allowing them to live fulfilling lives and secure their futures no matter what lies ahead. Everdays was founded in 2017 by entrepreneur Mark Alhermizi, and is based in metropolitan Detroit, MI.

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CORE INSURANCE

Acclaimed Central Coast Insurance Agency, Morris & Garritano, Expands its Reach to Serve Orange County and San Diego Clients

Morris & Garritano Insurance Agency | December 22, 2021

Morris & Garritano Insurance has a longstanding legacy of more than 135 years insuring and protecting many of the region's most valuable businesses. A four-time winner of Insurance Journal's Best Agency to Work For as well as being named the 2021 "Large Business of the Year" by the Santa Maria Chamber of Commerce, the agency is routinely recognized for its incredible service, culture, and advocacy, particularly during these last few difficult years. The company's longtime headquarters is based in San Luis Obispo, but the agency is rapidly expanding its service and presence into neighboring regions. Providing coverage for businesses of all sizes, Morris & Garritano goes above and beyond offering personalized education and advocacy for their clients regarding commercial coverages, employee benefits, workers' compensation, human resources, and compliance services. "We are really proud of the work we do here at Morris & Garritano,To us, providing insurance coverage is protecting what matters most. We do that for our clients through building meaningful relationships, being a trusted advisor and a fierce advocate in their time of need." When asked about the agency's goals moving forward, he says, "We are passionate about supporting the communities we serve and through that we are thrilled about the opportunities this expansion into Southern California holds. We look forward to further developing connections with the region's best and brightest." -CEO Brendan Morris. Longtime commercial advisor, Mark Anelli, is heading up Morris & Garritano's expansion into Orange County and the surrounding territory. Relocating to head up the company's efforts, Anelli will lead the agency's presence and client services in the region, building relationships with clients and local businesses. "I'm looking forward to connecting with clients and extending Morris & Garritano's exceptional service to the valuable businesses of Orange County. Our goal isn't just to generate clients but to build genuine relationships," Anelli says. "The opportunity to serve San Diego County as an Employee Benefits Advisor representing Morris & Garritano Insurance is very exciting for me, Becoming a trusted advisor for clients is something I am very passionate about. Developing meaningful relationships is certainly the highest priority for me, but it is clear that it is a high priority for the people of San Diego as well. I am excited to see Morris & Garritano grow with San Diego, and to see the community of San Diego grow with us." -Benefits Advisor Daniel Miller With this growth and development, businesses in Southern California will have increased access to the service and resources offered by Morris & Garritano allowing for premium employee benefits brokerage as well as stronger, comprehensive, and more competitive commercial insurance to better protect their assets and advocate for their employees. About Morris & Garritano: Founded in 1885, Morris & Garritano is an independent, full-service insurance agency focusing on business insurance, workers' compensation, employee benefits, personal lines, surety, and life insurance. This includes services in the areas of loss control, compliance, claims management, and human resources.

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INSURANCE TECHNOLOGY

Paychex Wins Two Brandon Hall Group Excellence in Technology Awards

Brandon Hall Group, Inc. | December 23, 2021

Paychex, Inc., a leading provider of human resources, payroll, benefits, and insurance solutions, has won two Brandon Hall Group Excellence in Technology Awards. The company's Employee Retention Tax Credit (ERTC) Service was recognized by Brandon Hall Group with a gold award for Excellence in Technology in the "Best Advance in HR or Workforce Management Technology for Small and Medium-Sized Businesses" category, and Paychex Pre-Check received a silver award for "Best Advance in Business Strategy and Technology Innovation." This is the ninth consecutive year that the research and analyst firm has recognized Paychex technology solutions. "HCM solution providers must be experts and visionaries in technology, but they also must have the ability to anticipate the diverse needs of employers as they work to adapt to ongoing change, This requires a blend of curiosity, empathy and agility that is difficult to achieve. We have seen an extraordinary level of insight and creativity from our Excellence in Technology winners that has been exciting to see." -Brandon Hall Group CEO Mike Cooke As part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Employee Retention Tax Credit (ERTC) helps businesses claim tax credits on qualified wages paid to employees and health plan expenses in 2020 and 2021. Paychex introduced a new offering – the Paychex ERTC Service – to help businesses retroactively identify tax credits and file amended returns to claim the credit based on wages already paid. The Paychex ERTC Service leverages the Paychex Flex® technology to streamline and automate the amendment process, providing support for customers to identify and access government stimulus funds that could keep their business open. To date, the company has helped its customers apply for $6 billion in total tax credits in addition to $65 billion in Paycheck Protection Program (PPP) stimulus funds. "It is an honor for Paychex to be recognized by Brandon Hall Group for our ERTC service, which is a perfect blend of our compliance expertise, leading technology, and powerful customer support, Our team's speed and agility in implementing this solution has resulted in billions of dollars in stimulus for Paychex customers at a time when they need it the most to offset wage increases and address supply chain challenges." -Martin Mucci, Paychex CEO. Also recognized for advancements in technology innovation is Paychex Pre-Check. The Pre-Check technology provides employees the opportunity to preview their paycheck with a self-review of the gross-to-net paystub on a device of their choice to confirm its accuracy before payday. Payroll is the foundation of the employer-employee relationship. When errors occur, employers may increase the risk of losing trust and compromising retention. This critical solution was designed to increase payroll processing accuracy, reduce errors and expenses associated with payroll corrections, and offer a streamlined feedback loop between employers and employees through Paychex Flex. "Finding ways to simplify the business challenges that were amplified by the pandemic has been a driving force behind each innovation released within our cloud-based Paychex Flex software over the past year, Coupled with the human element of what we do as a service provider has led to an incredible opportunity for Paychex to make a difference for small and medium-sized businesses. We're proud of the work done to meet the needs of our customers and thankful for this validation by Brandon Hall Group." -Tom Hammond, Paychex vice president of corporate strategy and product management. A panel of veteran, independent senior industry experts, and Brandon Hall Group senior analysts and executives, evaluated the entries based upon the following criteria: Product: What was the product's breakthrough innovation? Unique differentiators: What makes the product unique, and how does it differ from any competing products? Value proposition: What problem does the product solve and/or what need does this product address? Measurable results: What are the benefits customers can expect to experience as a result of using this product? The complete list of Technology Excellence Award winners can be found on the Brandon Hall Group awards page. About Paychex Paychex, Inc. (Nasdaq: PAYX) is a leading provider of integrated human capital management software solutions for human resources, payroll, benefits, and insurance services. By combining its innovative software-as-a-service technology and mobility platform with dedicated, personal service, Paychex empowers small- and medium-sized business owners to focus on the growth and management of their business. Backed by 50 years of industry expertise, Paychex served more than 710,000 payroll clients as of May 31, 2021 across more than 100 locations in the U.S. and Europe, and pays one out of every 12 American private sector employees. About Brandon Hall Group, Inc. With more than 10,000 clients globally and 20 years of delivering world class research and advisory services, Brandon Hall Group is the most well-known and established research organization in the performance improvement industry. We conduct research that drives performance, and provides strategic insights for executives and practitioners responsible for growth and business results. Brandon Hall Group has an extensive repository of thought leadership, research and expertise in Learning and Development, Talent Management, Leadership Development, Talent Acquisition and Human Resources. At the core of our offerings is a Membership Program that Empowers Excellence Through Content, Collaboration and Community. Our members have access to research that helps them make the right decisions about people, processes, and systems, combined with research-powered advisory services customized to their needs.

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