Green Insurance Group acquisitions secure regulatory nod

Insurance Business America | May 03, 2019

Reid Briggs Insurance Brokers Ltd and Clifton Morley Associates Ltd are now part of Global Risk Partners (GRP) company Green Insurance Group (Greens). Regulatory approval has been granted to both deals, financial terms of which were not disclosed. The completion of the transactions will see the immediate transfer of Welling-based Clifton Morley to the Dartford office of Greens, while Reid Briggs is staying put in its existing Eastbourne location. “We are delighted to welcome Andrew Briggs, Kevin Barnard, and the Reid Briggs team to Greens, and extend the same welcome to Bill Morley and the Clifton Morley team,” commented Greens chief executive Duncan Coleman. “They are experienced professionals with strong and longstanding relationships in the local business communities they serve.” The CEO, who noted that the acquisitions bring £9.2 million in gross written premium to Greens, added: “We look forward to them playing an active role in extending our reach across the South East.” He stated further that they will continue to snap up businesses that will advance the firm’s ambitious growth plans.

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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

Cogitate further expands Digital Solutions for the P&C insurance sector with the acquisition of Axiom, Inc.

Cogitate | May 10, 2022

Cogitate, a leader in accelerating digital insurance for Wholesale Brokers, MGAs, and Carriers, has announced the acquisition of Axiom, a Claims & Billing software provider for Property and Casualty Insurance. With this acquisition, Cogitate will offer full stack, cloud native digital underwriting, distribution, billing and claims solutions within its DigitalEdge insurance platform. Cogitate DigitalEdge is an industry-leading insurance digitalization platform that incorporates digital underwriting and distribution capabilities across the value chain, including third-party data and carrier integrations, core system integration capabilities. DigitalEdge also includes powerful low code no code functionality and analytics for business users. Cogitate's digital insurance solution supports complete policy life-cycle functionality from rating and quoting to binding and post-sale services including renewal and endorsement processing and more for personal and commercial lines products. Axiom's DotClaim & DotBill solutions when integrated with DigitalEdge will complete the full stack digital underwriting, distribution, billing and claims software with true native cloud capability. Exciting times! We are delighted to add Axiom to our Cogitate family. This acquisition is a significant milestone in our mission to accelerate digitalization of insurance and bring greater efficiency, ease of doing business, speed-to-market, with an incredible user experience (UX) for all customers across the value chain, With the addition of Axiom's claims and billing solutions we are enhancing Cogitate DigitalEdge Insurance Platform, and we will be positioned well to bring modern core system capabilities for any personal and commercial product with an end-to-end digital platform to insurers of all sizes." Arvind Kaushal, CEO & Co-Founder of Cogitate. Harnessing the synergy, the experience and the potential of both sets of technologies at Cogitate and Axiom is very thrilling, We will quickly capitalize on this synergy to expand our systems functionality to enable us to provide more comprehensive solutions to our insurance partners and their users. We are very excited to begin this new journey and to be part of this team which holds innovation and customer expectations at its core." Samir Salem, CEO of Axiom. About Cogitate Technology Solutions® Cogitate Technology Solutions, Inc., is a full stack, cloud native digital underwriting and distribution software provider for Property & Casualty Insurance Industry. Cogitate develops modern and innovative technology products and solutions to transform insurance business models to create a competitive advantage in a time of rapid industry change. Cogitate's next-generation technology integrates seamlessly with existing core and legacy systems to accelerate digitalization and expand business for insurance carriers, wholesale brokers, MGAs, and agents of all sizes.

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INSURANCE TECHNOLOGY

Integrity Expands Retail Insurance Presence by Partnering with The Health Insurance Place

Integrity | March 15, 2022

Integrity Marketing Group, LLC ("Integrity"), an omnichannel insurtech leader in life, health and wealth solutions, today announced it has acquired The Health Insurance Place, an independent marketing organization ("IMO") based in Johnstown, Pennsylvania. As part of the acquisition, Joe Fortunato, President of The Health Insurance Place, will become a Managing Partner in Integrity. Financial terms of the transaction were not disclosed. Fortunato began selling health insurance more than four decades ago as an individual producer before creating The Health Insurance Place in 1979. Today, his growing network of agents offers life, health as well as annuities. In addition, Fortunato pioneered retail health insurance walk-in locations in his region, staffed by knowledgeable professionals ready to answer questions and find solutions. Recognizing the complexity and constant fluctuation of the industry, Fortunato has maintained a welcoming environment within the centers to help consumers understand and select the right products for their needs and budget. Though Joe has been in the insurance business for 40 years, The Health Insurance Place still displays the energy of a start-up — the entire team is incredibly inspiring to be around, Integrity offers The Health Insurance Place the benefits of a large organization while keeping the innovative spirit and dedication to service that has always been their hallmark. Joe and his team have found enormous success by serving clients where and when they need it. Integrity shares this commitment to making the insurance process more convenient and accessible for everyone, as evidenced by our powerful technology solutions. By tapping into Integrity's end-to-end platform, The Health Insurance Place is positioned for success for years to come, and we're thrilled to welcome them to the team." Bryan W. Adams, Co-Founder and CEO of Integrity. We recognized early on that we could simplify the often-overwhelming insurance process for clients by focusing heavily on service, Integrity is all about keeping insurance streamlined and accessible by creating technology-driven solutions for agents and consumers. Their focus on service extends beyond insurtech to include wealth management and advisory services, which offer new avenues for our team to explore and more ways to help our clients. Integrity will help us further refine what we already do well and enhance the service we provide in the process. I can't wait for this next era of growth for The Health Insurance Place." Joe Fortunato, President of The Health Insurance Place. The Health Insurance Place will add its expertise to Integrity's increasingly broad and diverse network of partners, a peer group of leaders who develop and improve insurance and financial service processes. These forward-thinking companies collaborate to provide innovative solutions that better protect the life, health and wealth of all Americans. Integrity is shaping the future of the industry by creating insurtech systems that improve the experience for all stakeholders. These resources, available exclusively through Integrity's proprietary platform, include MedicareCENTER, customer relationship management systems, quoting and enrollment solutions, and access to a world-class advertising and marketing firm. Integrity will help The Health Insurance Place scale and become more efficient by centralizing business administration functions. Its supportive infrastructure of shared services includes Technology & Innovation, People & Culture, finance, legal and compliance. About Integrity Marketing Group Integrity, headquartered in Dallas, Texas, is an omnichannel insurtech leader of life and health insurance, and provider of innovative solutions for wealth management and retirement planning. Through its partner network, Integrity helps millions of Americans protect their life, health and wealth with a commitment to meet them wherever they are — in person, over the phone and online. Integrity's cutting-edge technology helps streamline the insurance and financial planning experience for all stakeholders. In addition, Integrity develops products with carrier partners and markets them through its distribution network of agencies, brokerages and RIAs throughout the nation. Integrity's nearly 5,500 employees work with more than 420,000 agents and advisors who serve over 10 million clients annually. In 2021, Integrity helped carriers place more than $7 billion in new sales and oversaw more than $20 billion of assets under management and advisement through its RIA and broker-dealer platforms. About The Health Insurance Place The Health Insurance Place is a leading independent marketing organization (IMO) that offers convenient retail walk-in centers for health insurance, life insurance, and annuities. The agency's insurance experts are available to answer questions and provide options that best suit client needs. With a growing network of brokers covering Pennsylvania in full, The Health Insurance Place supports hundreds of agents who currently serve over 23,000 insured members. The company remains focused on servicing two primary customer segments — independent agents and the individual clients they support.

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INSURANCE TECHNOLOGY

Insurance Care Direct Responds to IRS Summons on Insurance Policies Carried by Company

Insurance Care Direct | June 07, 2022

Insurance Care Direct (ICD), one of the nation's leading health benefits providers, today released the below statement in response to a summons enforcement action filed in federal court against corporate officers last month. The summonses, which were issued by the Internal Revenue Service (IRS), relate to captive insurance arrangements used by the company. "Insurance Care Direct (ICD) and all corporate executives, including Seth Cohen, Brad Cohen and Ed Carriero, have fully cooperated with every request from the IRS. To date, the company and its executives have spent hundreds of hours and a significant expenditure of company resources to fully comply with requests from the IRS, including multiple rounds of production encompassing thousands of pages of documents. ICD and corporate leadership continue to fully cooperate with the IRS. Seth Cohen, Brad Cohen and Ed Carriero, by and through counsel Brian Harris of Fogarty Mueller Harris, PLLC, are currently working with the Department of Justice to collaboratively resolve the issues raised in the case. In a motion filed on Friday, the company with the DOJ's agreement requested that the court continue the proceedings to allow the parties more time work together toward a mutual resolution." Captive insurance arrangements are recognized under federal law and provide insurance policies that may not be commonly available or not available at affordable prices for businesses. About Insurance Care Direct Founded in 2001, Insurance Care Direct has grown into one of the largest health and life insurance agencies in the country. The Company offers a wide array of competitive products. Headquartered in Deerfield Beach, Florida, Insurance Care Direct is a family-owned business and is heavily involved in the local Florida community.

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