Global Insurers to invest in commercial warehouses over office space- report

Goldman Sachs Asset Management | July 17, 2020

Global insurers are looking to increase investments in commercial warehouses over office space, according to a Reuters report. Investments in office space have become riskier due to the increase in remote work during the coronavirus pandemic, Goldman Sachs Asset Management (GSAM) said. The COVID-19 outbreak is pushing insurers to exchange “undesirable” real estate investments – including both office space and retail properties – for investments in warehouses, GSAM said.


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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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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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illumifin to Acquire LTCG to Expand Third-Party Administration Capabilities

Hoplon Capital | February 28, 2022

illumifin, a leading insurance third-party administration and software provider, today announced it has signed a definitive agreement to acquire LTCG, a leading provider of administrative solutions and clinical services to the long-term care (“LTC”) insurance industry. The transaction is expected to close within the next 60 days. The strategic acquisition will make illumifin one of the largest insurance third-party administrators in the country with leading capability in underwriting, policy administration, health risk assessments and claims management. By combining illumifin’s third party administration and technology solutions with LTCG’s proprietary long-term care administration platform and claims capabilities, the company will be well positioned to advance digital capabilities across the market and provide end-to-end administration of next generation hybrid long-term care policies in addition to all the other products currently supported. “The integration of illumifin and LTCG will deliver superior value to customers through our deep insurance knowledge, technology innovation and operational excellence. The combined company will be a true market innovator with unparalleled depth and capabilities to assist insurers as they continue their digital transformations.” -illumifin’s CEO Phil Ratcliff “Given our 25-year history as the leading partner for long-term care insurers and our deep customer relationships, the integrated company will allow us to build more strategic partnerships with our clients and help them enhance the customer experience for both policyholders and distributors,” - Peter Goldstein, LTCG’s CEO. illumifin was formed in July 2021 by Abry Partners and Hoplon Capital to be an innovative partner to the insurance industry, delivering visionary technology enabled services and software solutions, to individual and group insurers. About illumifin illumifin provides third party administration and technology services to individual and group insurers. The company, launched in 2021, blends insurance industry knowledge, technology leadership and operational execution to prepare insurers for the digital future. illumifin is a diverse, passionate and empowered team of insurance specialists committed to the growth and success of its customers. About LTCG LTCG is a leading provider of administrative solutions and clinical services to the long-term care and life insurance industry, with over two decades of experience in this space. The company addresses all types of customer needs and policy requirements—from application processing and underwriting of new business to claims and administration of open and closed blocks. LTCG’s advanced data analytics, actuarial and risk management capabilities and unmatched industry expertise can help organizations manage their business and develop emerging products such as hybrid life/long term care policies. In addition, LTCG provides clients with unique insight about risk management built upon the industry’s largest database of long-term care underwriting and claims outcomes. About Abry Partners Abry is one of the most experienced and successful sector-focused private equity investment firms in North America. Since its founding in 1989, the firm has completed over $90 billion of leveraged transactions and other private equity or preferred equity placements. Currently, the firm manages over $5 billion of capital across its active funds.

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Conning--Small Business Insurers Weather the Pandemic Storm

Conning, Inc. | December 29, 2021

The small commercial insurance market is riding out the COVID-19 pandemic in a determined manner positing approximately 4.2% compound growth between 2017-2020, according to a new study by Conning. Additionally, the market continues to be attractive for insurers on the national, regional, and specialty levels. The sheer number of firms and multiple dimensions to split the market—including revenue, industry, and employee count—mean almost all insurers can find at least one niche to participate in. "The impact of the recession on the small business community was severe, and small business tends to be overrepresented in the hardest–hit sectors of the economy, such as retail, hospitality, and food services, Our analysis of the market, however, shows much more favorable results than might have been anticipated, with strong support from the Treasury during the depths of the crisis and a sharp rebound in the small business segment in the second half of 2020 that was stronger than for either the midsized or large segments." -Alan Walters, a Vice President, Insurance Research at Conning. The Conning study, "Small Commercial Insurance: Weathering the Pandemic Storm," analyzes the small commercial insurance marketplace, including insurer market share, key insured segment trends, insurer responses to the pandemic, and evolving go-to-market strategies. As in prior editions of the study, quantitative market analysis of statutory data coupled with in-depth-interviews of key market participants provide the foundation of the research. "The small commercial market remains a compelling segment due to the lack of a clear market leader, and the ongoing entrepreneurial spirit and competitive intensity of market participants, The pandemic served to accelerate innovation in this space, driving greater and faster adoption of technology for sales and service, while also continuing to focus on agents and brokers as the primary distribution channel for the segment." -Steve Webersen, Head of Insurance Research at Conning.

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