Hartford Steam Boiler introduces cyber insurance for farmers

insurancebusinessmag | May 17, 2019

Hartford Steam Boiler (HSB), a Munich Re company, has announced a new cyber insurance product made specifically for farmers. The HSB Farm Cyber Insurance solution will help protect farmers and farm technology from hackers, malware, and other cyber attacks. Exposures covered by the insurance include losses due to a data breach, computer attack, cyber extortion, or misdirected payment fraud. Data collected across the farm - from farm machinery to drones - is protected by the product. The insurance will also provide coverage for the costs of restoring data and systems in the event of a cyber attack, as well as for the loss of income.

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CORE INSURANCE

Data-fueled Insurance Platform Accelerant Announces Growth Funding Round in Excess of $190M

ELDRIDGE | January 13, 2022

Accelerant, the insurtech empowering underwriters with superior risk exchange and data analytics coupled with long-term capacity commitments, today announced it has raised in excess of $190 million at a $2 billion pre-money valuation led by Eldridge, with participation from Deer Park, Marshall Wace, MS&AD Ventures, and others. Existing majority investor Altamont Capital Partners also participated in the round. Accelerant will deploy the capital to continue to rebuild the way that underwriters share and exchange risk to improve outcomes for program managers, primary issuing carriers, and ultimate risk-bearers. "Aspects of the insurance industry have been broken for a long time, At Accelerant our approach is pretty simple — which is maybe what makes it a little radical: We're bringing transparency, data, and shared incentives back into the equation, serving MGUs as important partners in the insurance ecosystem, and overall making it easier and more efficient to exchange risk. The approach is clearly resonating and successfully aligning incentives. I'm thrilled by this endorsement of our strategy and to have the opportunity to put this capital to work on behalf of our current and prospective Members in service of the industry at large. We look forward to working with new partners to apply our differentiated approach and technology to lines of insurance beyond SME within which we can have an equally significant impact." -Jeff Radke, CEO and co-founder of Accelerant. Historically, underwriting teams supporting complex or niche lines of business have lacked the modern solutions needed to facilitate their work, which has hindered their ability to get capacity and to properly understand and exchange risk. With a partner-first approach, Accelerant specializes in serving a carefully selected and managed network of managing general underwriters (MGU) and program administrators (PA) that it refers to as its Members. Accelerant's InSightFull™ data platform helps members better understand risk, benefit from insights, and handle operational and regulatory complexity. Together, Accelerant works with its Members to drive market-leading profitable growth, focusing on the small and medium-sized businesses that power our global economy and their niche insurance needs. "The Accelerant team understands the challenges that MGUs and PAs face with conventional carriers, and they've built an offering to address those needs. With cutting-edge data and analytic capabilities, Accelerant's platform eliminates bureaucracy to offer an experience that prioritizes velocity and collaboration, We're excited to support Accelerant as they enter their next phase of growth and create value throughout the insurance ecosystem with their member-centric, collaborative approach." -Todd Boehly, co-founder and CEO of Eldridge. ABOUT ACCELERANT Accelerant is a data-driven, technology-fueled insurance platform that empowers underwriters to more effectively serve their insureds. We're using advanced data intelligence tools to rebuild the way that underwriters share and exchange risk. With a current focus on the small and medium-sized businesses that power our global economy and their niche insurance needs, we align incentives to improve outcomes for everyone. Our full-service risk exchange supports our carefully selected, best-in-class network of underwriting teams. We leverage granular information on each policy to deliver unprecedented insight into insurance pools, and our specialty portfolio is fully diversified with very low catastrophe, aggregation, or systemic risk. We're proud to have been awarded an AM Best A- (Excellent) rating. ABOUT ELDRIDGE Eldridge invests in businesses across the Insurance, Asset Management, Technology, Mobility, Sports & Gaming, Media & Music, Real Estate, and Consumer landscapes. The firm seeks to build and grow businesses led by proven management teams that have demonstrated leadership and experience to scale an enterprise. Eldridge is headquartered in Greenwich, Connecticut, with additional offices in Beverly Hills, New York, and London.

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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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RISK MANAGEMENT

Truist Insurance Holdings launches new Insurance Services Division with close of Kensington Vanguard acquisition

Truist Insurance Holdings, Inc | March 03, 2022

Truist Insurance Holdings, Inc., a subsidiary of Truist Financial Corporation and the sixth-largest insurance brokerage in the U.S., announced todaythat it has closed on the acquisition of Kensington Vanguard National Land Services (KV), one of the country's largest independent full-service national title insurance agencies. BridgeTrust Title Group, the company's existing title and settlement services business, will be integrated into and operate under the KV brand. The consolidated operation will be one of the largest real estate service agencies in the U.S. Concurrent with the close of this transaction, Truist Insurance Holdings announced the creation of a new Insurance Services Division, which will include not only the combined KV organization but also its Premium Finance business, which is marketed through its AFCO brand in the U.S. and CAFO brand in Canada. The new division will report to Todd Wartchow, executive vice president of business development and strategy for Insurance Holdings. "At Truist Insurance Holdings, we serve our clients across a broad and diversified portfolio of businesses, augmented with value-added services like real estate transaction support and premium financing, We're excited about how our expanded title insurance business and our new division allow us to deliver on our purpose of inspiring and building better lives and communities." -John Howard, the company's chairman and CEO. The newly combined KV business will be led by Brian Cooper and Jarett Fein, currently co-chief executive officers of KV. Barbara Jones, title insurance manager at BridgeTrust, will delay a previously planned retirement until year-end to support the transition. Additional KV leadership announcements will follow as the business integrates into Truist Insurance. There are no changes to the Premium Finance organization and leadership as part of its transition to the new Insurance Services Division. About Truist Insurance Holdings Truist Insurance Holdings, Inc., the sixth-largest insurance broker in the U.S. and seventh-largest in the world, is a subsidiary of Truist Financial Corporation (NYSE: TFC). Headquartered in Charlotte, NC, Truist Insurance Holdings operates more than 240 offices through its subsidiaries: McGriff Insurance Services, Inc.; CRC Insurance Services, Inc.; Crump Life Insurance Services, Inc.; AmRisc, LLC; and its Premium Finance companies (AFCO Credit Corporation and CAFO Inc.). To learn more, visit www.truistins About Kensington Vanguard National Land Services Kensington Vanguard National Land Services, LLC, headquartered in New York City with 400 employees, is one of the largest full-service national title insurance and settlement agencies in the U.S. Founded in 2002, Kensington Vanguard provides commercial and residential title insurance, settlement, escrow and 1031 exchange services.

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INSURANCE TECHNOLOGY

Aflac partners with NeuroFlow to enhance Group Long-Term Disability offering with innovative mental health solution

NeuroFlow | February 25, 2022

Mental health and emotional well-being challenges are on the rise, and that's why Aflac, a leading provider of supplemental insurance in the U.S., entered into a strategic relationship with NeuroFlow that adds an innovative mental health solution designed to help individuals screen and monitor existing and undetected behavioral health conditions. With NeuroFlow, employees are empowered through self-service resources that provide insight into the "what" and "why" of their wellness plans to help reduce the impact of behavioral health conditions. "According to the American Psychological Association, 67% of Americans report increased stress over the course of the pandemic, creating a tremendous need to proactively address mental and emotional health challenges, particularly in the workplace, We are excited to partner with NeuroFlow to offer a solution that increases value to our customers before they have ever filed a claim. This program will undoubtedly help people navigate daily stresses, especially as the pandemic continues to shine a spotlight on the need for greater mental and emotional well-being." -Aflac Senior Vice President, Premier Life, Absence and Disability Solutions, Scott A. Beeman. The NeuroFlow solution is designed to help fill gaps that may exist in an employer's behavioral health program by proactively detecting potential issues while also offering digital educational content for general wellness, as well as for conditions like depression, anxiety, sleep disorders and more. To get ahead of preventable adverse events before an individual's condition worsens, NeuroFlow's Response Services provide high-touch telephonic outreach to AI-identified, high-risk individuals to route them to the appropriate level of care. "Organizations like Aflac are setting a new standard of care for their customers by supporting the overall mental wellness of employees, We're thrilled to work with innovative organizations, like Aflac, as they embrace behavioral health, help close the gaps in care, challenge the stigma around mental health, and support customers in a holistic way." -NeuroFlow CEO Chris Molaro. Through its initial offering beginning in Q3 of 2022, NeuroFlow will be available to new and existing clients that have fully insured Group Long-Term Disability policies with more than 1,000 covered lives. Aflac's goal is to be a market leader by providing NeuroFlow to clients meeting these criteria. By offering NeuroFlow widely to qualified accounts, Aflac aims to support and improve employee health. NeuroFlow creates a digital experience that offers tailored activities and assessments to help individuals improve their health and track their progress. These services are not a substitute for treatment, psychological or physician advice. NeuroFlow may not be available in some states in connection with this partnership. ABOUT AFLAC INCORPORATED Aflac Incorporated (NYSE: AFL) is a Fortune 500 company helping provide protection to more than 50 million people through its subsidiaries in Japan and the U.S., where it is a leading supplemental insurer by paying cash fast when policyholders get sick or injured. For more than six decades, insurance policies of Aflac Incorporated's subsidiaries have given policyholders the opportunity to focus on recovery, not financial stress. In the U.S., Aflac is the number one provider of voluntary/worksite insurance products. Aflac Life Insurance Japan is the leading provider of medical and cancer insurance in Japan, where it insures 1 in 4 households. In 2021, Aflac Incorporated was proud to be included as one of the World's Most Ethical Companies by Ethisphere for the 15th consecutive year. Also in 2021, the company was included in the Dow Jones Sustainability North America Index and became a signatory of the Principles for Responsible Investment (PRI). In 2022, Aflac Incorporated was included on Fortune's list of World's Most Admired Companies for the 21st time and Bloomberg's Gender-Equality Index for the third consecutive year. To find out how to get help with expenses health insurance doesn't cover, get to know us at aflac.com or aflac.com/espanol. Investors may learn more about Aflac Incorporated and its commitment to ESG and social responsibility at investors.aflac.com under "Sustainability." About NeuroFlow NeuroFlow provides best-in-class technology and care services for the effective integration of behavioral health. NeuroFlow's HIPAA-compliant platform supports over 14 million users across 300 health systems, payors, and organizations, helping them capture behavioral health insights and take action to proactively manage individuals and populations holistically.

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Spotlight

My Lifestyle. I enjoy the FI¬ner things in life and want to protect my lifestyle. I travel frequently – business conventions – cycling – diving – golf trips. I own a collection – musical instruments – audio equipment – wine, whisky – ¬ne art and sculptures – sports equipment.

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