Baldwin Risk Partners | January 11, 2022
Performance Bonding Surety & Insurance Brokerage, L.P. ("Performance Bonding") is pleased to announce that its business will now be operated within the BRP Group, Inc. ("BRP Group") (NASDAQ: BRP) family through BRP Group's previously announced Partnership, BRP Group's nomenclature for a strategic acquisition, with Wood Gutmann & Bogart Insurance Brokers and certain of its affiliates and related entities (collectively, including Performance Bonding, "WGB"), which closed on December 1, 2021. BRP Group is an independent insurance distribution firm delivering tailored insurance solutions.
With a strong foundation in surety company underwriting criteria and practices, Performance Bonding provides contract, commercial and miscellaneous surety bonds across a broad client base, including general contractors, subcontractors, developers, service industry professionals, private equity firms and publicly-traded entities.
"This Partnership with Performance Bonding through WGB will add critical bonding and commercial insurance expertise to our national practice, Performance Bonding is highly-respected in their industry, and we are thrilled to welcome their team of experts into the BRP Group family."
-Trevor Baldwin, Chief Executive Officer of BRP Group.
"Performance Bonding could not be more excited to be joining forces with the highly-respected BRP Group organization and their brokerage Partners, We believe this Partnership will enable Performance Bonding to continue to grow while providing expanded resources and expertise to our clients. We look forward to continuing the expansion of our National and Global Surety brokerage platform with an organization that shares a common culture and desire to provide best-in-class service to their Colleagues, Clients, and Carrier Partners."
-Erik Johansson, previously President of Performance Bonding
ABOUT BRP GROUP, INC.
BRP Group, Inc. (NASDAQ: BRP) is an independent insurance distribution firm delivering tailored insurance and risk management insights and solutions that give our clients the peace of mind to pursue their purpose, passion and dreams. We are innovating the industry by taking a holistic and tailored approach to risk management, insurance and employee benefits, and support our clients, Colleagues, Insurance Company Partners and communities through the deployment of vanguard resources and capital to drive our growth. BRP Group represents over 700,000 clients across the United States and internationally.
ABOUT PERFORMANCE BONDING SURETY & INSURANCE BROKERAGE, L.P.
Performance Bonding has a combined 60+ years of surety experience, and an extensive resume of managing bond programs for notable clients in various industries. They specialize in creating custom surety solutions for their clients and insurance brokerage partners. Performance Bonding is a full-service national surety brokerage offering surety solutions for commercial, contract, and developer bond needs for private equity-owned firms, publicly-traded entities, and closely held private companies. Founded in 2014 and headquartered in Orange County, California, Performance Bonding provides a complete range of surety products and services, with access to every major surety carrier in the nation.
SAS | June 28, 2022
Global AI and analytics leader SAS has acquired Honolulu-based Kamakura Corporation. Privately held Kamakura provides specialized software, data and consulting that helps financial organizations across the spectrum – banks, insurance companies, asset managers, pension funds and more – manage a variety of financial risks.
SAS' investment decision comes as post-pandemic optimism is shadowed by war, unyielding supply chain disruption, and the end of many pandemic-era financial and social safety-net programs. Rising inflation and recession rumblings have emerged as dark clouds on the global economic horizon, signaling potential turbulence ahead – a time for financial services organizations large and small to closely examine the liquidity risk and other risks in their portfolios.
This acquisition is an extension of tremendous investments already made in SAS' cloud-ready risk management platform and integrated solutions, It signals our intent to advance market-changing risk solutions to solve the most pressing challenges our financial services customers face. We foresee that the resulting strength of SAS technology, paired with Kamakura's risk analytics and credit models, will prove far greater than the sum of its parts."
SAS co-founder and CEO Jim Goodnight.
In acquiring Kamakura, SAS aims to deliver an unparalleled suite of integrated risk solutions, particularly around asset liability management (ALM), and serve additional facets of the financial services industry.
SAS is the leader in analytics. Through innovative software and services, SAS empowers and inspires customers around the world to transform data into intelligence. SAS gives you THE POWER TO KNOW®.
Ivans | June 20, 2022
Ivans today announced that Berkshire Hathaway GUARD Insurance Companies has expanded its relationship to extend Workers’ Compensation lines connectivity via the Ivans Distribution Platform. Connecting to the platform creates a single submissions interface for quote data collection via insurtechs and agency management systems.
We are happy to work with Ivans on an API for Workers’ Compensation connecting to various agents for real-time quoting.”
Dave Simmons, Senior Vice President of Sales at Berkshire Hathaway GUARD Insurance Companies.
Ivans Distribution Platform improves the entire commercial lines policy lifecycle. Unlike point solutions available in the market, the Ivans solution supports both straight-through processing as well as more complex risks that require an underwriter’s attention.
True industry connectivity has been held back by the need for carriers and MGAs to individually connect to each insurtech and agency management system partner, The Ivans Distribution Platform provides the one-to-many connection that carriers require to connect to thousands of agents on various platforms, making work easier between the carrier and agents and creating opportunities for all to win more business.”
Reid Holzworth, chief executive officer, Ivans.
Ivans is where insurance carriers, agents, and MGAs come together to grow their businesses. Every day, our 34,000 agents and 450 carrier partners plug into technology that empowers them to better determine appetite and eligibility, swiftly produce quotes, get accurate claims and commission updates, automatically communicate policy data, and connect to one another to drive new business. With easier ways to get the day’s work done, insurance professionals can open the door to more revenue without letting complexity in behind it.
About Berkshire Hathaway GUARD Insurance Companies
Berkshire Hathaway GUARD Insurance Companies is a property and casualty insurance specialist writing $2 billion in premium nationwide. GUARD offers a variety of products for both commercial and personal lines of insurance.
Assurely | February 14, 2022
Assurely of Bermuda, a wholly-owned subsidiary of Assurely, announced an expansion of the group’s TigerMark™ Directors and Officers (D&O) insurance program (TigerMark), in collaboration with the Bermuda-based ‘A (Exceptional) rated’ Relm Insurance Ltd. This new Managing General Agent (MGA) relationship continues TigerMark's momentum over recent years and underscores Assurely’s commitment to offer protection to private companies raising capital via online platforms and portals through Reg A, Reg CF, and Reg506(c) offerings.
The relationship with Relm further illustrates a commitment to the marketplace, doubling the capacity available through the TigerMark D&O insurance program, and offering higher limits to those companies raising capital. The addition to TigerMark through Relm also provides more comprehensive and traditional D&O insurance coverage options to protect against exposures beyond the capital raise.
Expansion of TigerMark comes at a crucial time when global crowdfunding has grown from $8.61 billion to $113.52 billion between 2020 and 2021, resulting in the need for higher limits and the broadened appetite of companies and projects.
Assurely’s relationship with Relm, combined with its earlier announced relationship with Great American Insurance Group, evidences the strong marketplace support provided to TigerMark. The added capacity and expanded coverage from Relm Insurance Ltd. allows Assurely to strengthen its support of stakeholders and continuously support the crowdfunding industry’s contribution to the nation’s future economic growth.
"The crowdfunding industry is experiencing rapid growth that is generating an acute requirement for protection against the increased risks for startups and projects. By expanding through our agreement with Relm, TigerMark’s strengthened capability fully supports the arising risks these companies face, making the industry and its stakeholders safer, Here at Assurely, we are excited to provide the only D&O insurance that properly meets the needs of stakeholders within an industry that is shaping how individuals invest and how companies begin."
-Ty Sagalow, chief insurance officer and co-founder of Assurely.
“We are excited to support the protection TigerMark provides and to be a part of the positive impact it has across the crowdfunding industry, This program will allow businesses to raise tech-enabled capital for the first time so they can grow and scale, opening up huge opportunities and new business platforms. This aligns with Relm’s mission to energize emerging risk businesses to execute on their strategy and grow.”
-Joe Ziolkowski, CEO of Relm Insurance Ltd.
World Trade Labs, Inc. d/b/a Assurely creates and distributes insurance products for changing industries and innovative companies. Created by prominent insurance leaders, Assurely’s accomplished team and technology are adept at building, providing, and executing precise, cost-effective insurance coverage for businesses and marketplaces, small and large.
About Assurely of Bermuda
World Trade Labs of Bermuda dba Assurely of Bermuda is an insurance agency licensed and regulated by the Bermuda Monetary Authority. World Trade Labs of Bermuda is a wholly-owned subsidiary of World Trade Labs, Inc.
About Relm Insurance Ltd.
Domiciled in Bermuda, Relm Insurance Ltd. (Relm) is a global insurer that provides unique insurance solutions for new and emerging business sectors with a focus on the crypto /blockchain and cannabis industries. Relm is the world’s leading insurance provider to the crypto sector and is currently the only insurer globally to hold Bermuda’s IIGB License which enables the business to accept premiums and pay claims in cryptocurrency. Relm has been awarded an ‘A Exceptional’ Financial Stability Rating (FSR) by Demotech. Relm is owned by Deltec International Group and was founded by CEO Joe Ziolkowski.