Gallagher reveals major Texas acquisition

Gallagher | September 10, 2019

Arthur J. Gallagher & Co. has acquired Serna Insurance Agency in Humble, TX. Terms of the transaction were not disclosed. Serna Insurance Agency, founded in 2001, provides private client, personal lines and commercial insurance products and services to clients in Texas and other surrounding states. Founders Pete and Martha Serna, as well as their associates, will continue to operate from their current location under the administration of Gallagher US personal lines operations head Jeff Saunders.


Insurance agency technology has been changing drastically over the last few years. We conducted a survey to find out what agents and agency owners are planning to do in 2017 when it comes to database management, commissions processing, and marketing & workflow automation.

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U.S. Insurance Commissioners Endorse Internationally Recognized Climate Risk Disclosure Standard for Insurance Companies | April 11, 2022

A bipartisan group of state insurance regulators led by Insurance Commissioners Ricardo Lara of California and David Altmaier of Florida adopted a new standard for insurance companies to report their climate-related risks, in alignment with the international Task Force on Climate-Related Financial Disclosures (TCFD). The TCFD standard is the international benchmark for climate risk disclosure and will help insurance regulators and the public to better understand the climate-related risks to the U.S. insurance market, which is the largest in the world. This announcement during the National Association of Insurance Commissioners' (NAIC) spring meeting in Kansas City, Missouri, puts U.S. state insurance regulators on the forefront of climate risk disclosure to protect consumers. Commissioners Lara and Altmaier are co-chairs of the NAIC Climate Risk & Resiliency Task Force (Task Force), which was established in 2020 to coordinate all of the NAIC's domestic and international efforts on climate-related risk and resiliency issues. The Task Force developed the new TCFD-aligned survey over a 14-month public participation process led by Oregon Insurance Commissioner Andrew Stolfi and Rhode Island Superintendent Elizabeth Dwyer in coordination with Commissioners Lara and Altmaier, and marks the first update to the NAIC's Climate Risk Disclosure Survey approach since it was created in 2010. The Task Force determined that implementing a TCFD-aligned disclosure framework would enhance transparency about how insurance companies manage climate-related risks and opportunities and incorporate international best practices, among other benefits that the Task Force identified in the new standard. Insurance regulators from France, Switzerland, and the United Kingdom currently require TCFD-aligned reports. U.S. financial regulators such as the U.S. Securities and Exchange Commission are also taking steps toward requiring TCFD-aligned disclosures for other financial institutions. Our global climate crisis affects every state, requiring us to reach across partisan divides to find solutions that protect all people, By holding insurance companies to this global standard for climate disclosure, insurance regulators are showing the power of united leadership in our efforts to address climate change and reduce the negative impacts on insurance consumers." California Insurance Commissioner Ricardo Lara. The NAIC's action shows that our system of state-based insurance regulation remains strong and flexible in responding to changing conditions in our markets and our world, Thank you to my fellow regulators for your commitment to work together to protect consumers." Florida Insurance Commissioner David Altmaier. We have all been affected by climate-related events, including wildfires, floods, and increased extreme weather. The first NAIC climate risk survey, created more than 10 years ago, led the way at the time, and it's great to see the NAIC lead again by being the first U.S. financial system regulator to adopt TCFD-aligned disclosure requirements, I'm grateful for the robust participation in this process over the past year and the strong support to adopt internationally aligned climate risk disclosures, and I look forward to continuing our work by supporting insurers in shifting to this new reporting framework." Oregon Insurance Commissioner Andrew Stolfi. Aligning U.S. insurance companies' climate disclosures with the global norm is a major step forward to protect financial markets and consumers who rely on insurance for safety and security, The bipartisan leadership of Commissioner Lara of California and Commissioner Altmaier of Florida is in short supply around the globe. It is needed more than ever before as we address climate-related financial risks across investment portfolios and global supply chains." Steven Rothstein, Managing Director, Ceres Accelerator for Sustainable Capital Markets

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Mutual of America Financial Group Announces Agreement to Acquire Landmark Life Insurance Company

Mutual of America | April 27, 2022

Mutual of America Financial Group announced today that it has entered into a Stock Purchase Agreement to acquire Landmark Life Insurance Company, a widely licensed Texas life and annuity insurance company ("Landmark Life"). The transaction is expected to close during the third quarter of 2022, subject to customary closing conditions, including regulatory approval. The acquisition of Landmark Life represents another positive step toward achieving Mutual of America's strategic growth plans in the guaranteed retirement income space." John R. Greed, Chairman, President and CEO of Mutual of America Financial Group. This transaction will enhance our financial and distribution capacities to provide guaranteed income solutions and other products to individuals outside the state of New York. Simpa Baiye, Executive Vice President and Chief Actuary of Mutual of America Financial Group. The sale of Landmark Life represents a meaningful step toward our plans to focus on providing high-value, third-party administrative services to life insurers nationwide." Tom Munson, CEO of Landmark Life and Jarvis Family general partner. Merger & Acquisition Services, Inc., served as the financial advisor, and Eversheds Sutherland (US) LLP served as the legal advisor to Mutual of America for the acquisition. Propel Advisory Group, Inc., served as the financial advisor, and Winstead PC served as the legal advisor to The Jarvis Family Limited Partnership. About Mutual of America Financial Group Mutual of America Financial Group is a leading provider of retirement services and investments to employers, employees and individuals. We provide high-quality, innovative products and services, together with outstanding personalized service, at a competitive price to help our customers build and preserve assets to meet their retirement and investment related needs for a financially secure future. Our mission is built upon our values—integrity, prudence, reliability, excellence and social responsibility—which have guided us since 1945 and continue to serve us and our customers well. About Landmark Life Landmark Life, based in Brownwood, Texas, is a wholly owned subsidiary of The Jarvis Family Limited Partnership. Founded in 1964, Landmark Life underwrites life insurance and annuities in 36 states. Landmark Life solicits annuity and life business via an independent agency force.

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Five Sigma Partners with Medlogix to Deliver Seamless Medical Claims Management

Medlogix | February 17, 2022

Five Sigma, an emerging leader in cloud-native Claims Management Solutions (CMS), today announced the launch of native integration with Medlogix, LLC, a national leader in U.S. medical claims management solutions. This innovation connecting the two platforms will help insurers to improve decision making, maximize efficiencies, increase ROI and enhance outcomes in medical claims management. Five Sigma's cloud-native claims management solutions enable property and casualty (P&C) carriers, MGAs, Insurtechs, and self-insurers, to simplify their claims process from first notice of loss to resolution. The partnership with Medlogix provides Five Sigma US-based customers with an out-of-the-box integration to itemize, assess, and aggregate special and general damages for bodily injury claims - to ensure proper, timely settlement and accurate reimbursement while complying with regulations that differ state-by-state. "Five Sigma is on a mission to simplify the claims journey. Our flexible SaaS solution and open APIs allow us to quickly add new partners and integrations to our claims management ecosystem," stated Oded Barak, Co-founder and CEO of Five Sigma. "We are proud to partner with Medlogix to provide our customers a more comprehensive, accurate and efficient claims process." According to Craig Goldstein, President of Medlogix, "Our partnership with Five Sigma represents a strategic combination of two technology-driven organizations that share a dedication to providing innovative, streamlined claims management solutions that exceed the expectations of our customers." About Medlogix Medlogix is a technology-driven, clinically-based medical claims management provider specializing in managed care solutions that deliver exceptional outcomes. Medlogix offers an end to end, integrated medical management solution powered by MyMedlogix™ proprietary technology. Through an exception-based workflow, recommendations from highly qualified medical professionals, and access to a directly contracted network of premier health care providers, Medlogix delivers an efficient, disciplined, and scalable medical claims process suite of solutions. Medlogix develops technology which achieves savings you can measure and see by eliminating redundancies and reducing manual processes. Learn more about the Medlogix story at: About Five Sigma Five Sigma is a cloud-native, data-driven Claims Management Solution (CMS) with embedded AI/ML capabilities to allow intelligent claims processing for the insurance industry. Five Sigma optimizes claims management by adding automated claims processing workflows, using data modeling and AI to provide smart recommendations, improving adjuster's decision-making, and reducing errors. Leading insurance carriers, Insurtech, TPAs and Self-Insured companies use Five Sigma's CMS to modernize their claims management operations, reduce claims leakage, enhance compliance and improve their customers' experience.

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Everspan Partners with Branch to Enhance Branch’s Geographic Expansion

Everspan Group | February 22, 2022

Everspan Insurance Company ("Everspan"), Rated A- (Excellent) by AM Best and part of Everspan Group, announced a partnership with Branch Financial (“Branch”). Branch, which uses data, technology, and automation to make home and auto insurance simpler to buy and less expensive, will offer these products in select states throughout the U.S. "We are proud to partner with Branch on our first personal lines program. Not only are we attracted to the innovative consumer experience Branch’s technology delivers, but Branch’s goal of having insurance be a force for good aligns with our corporate values." -Wyatt Blackburn, President of Everspan Group “Everspan has the insurance expertise and financial backing that will enable Branch to continue our record growth, providing industry-leading service to new customers, Our goal is to use our insurance products to do good across the country, and Everspan will help us meet that goal.” -Steve Lekas, Cofounder and CEO of Branch. Since launching in 2019, Branch has expanded at an unprecedented speed while helping members save an average of $548 a year. Branch’s revolutionary two-questions-to-bind sales process leverages technology and automation to let consumers bundle their home and auto insurance quicker than ever before. About Everspan Group Everspan Group is a specialty property and casualty insurance platform which operates nationwide on an admitted and non-admitted basis. The companies which comprise the Everspan Group are wholly-owned subsidiaries of Ambac Financial Group, Inc. (NYSE:AMBC), a financial services holding company. About Branch Branch is home and auto insurance that’s simple to buy and built for savings. Through its revolutionary instant-bind capability, Branch removes all of the friction associated with getting covered, helping consumers bundle their home and auto with ease. Built as a reciprocal exchange, Branch taps into the power of community to make insurance more accessible and affordable for everyone. Branch was launched in 2019 by insurance veteran Steve Lekas and tech entrepreneur Joe Emison, and is headquartered in Columbus, Ohio. Branch is underwritten by the Branch Insurance Exchange, Everspan Group and General Security National Insurance Company (GSNIC) and backed by SCOR SE.

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Insurance agency technology has been changing drastically over the last few years. We conducted a survey to find out what agents and agency owners are planning to do in 2017 when it comes to database management, commissions processing, and marketing & workflow automation.