Hilb Group Acquires Arkansas’ Walker Brothers Insurance

Insurance Journal | April 16, 2019

The Hilb Group LLC (THG) has acquired Arkansas-based Walker Brothers Insurance Inc. (WBI), effective April 1, 2019. Formed in 1932, WBI is a full-service retail agency primarily focused on commercial property/casualty insurance for small to medium sized businesses. WBI’s employees, including Agency Leader Mike Luttrell, are joining THG and will continue to operate out of their office located in Springdale, Arkansas. The Hilb Group is a middle market insurance agency headquartered in Richmond, Virginia and is a portfolio company of Boston-based private equity firm, Abry Partners.

Spotlight

Do you know the benefits of full coverage insurance versus the minimum liability requirements?  Most people opt for the cheapest insurance they can get and still meet the legal responsibility. In this short, informative video by attorney David Henn, learn why your cheapest option may not be your best option when you’re involved in an accidental collision.


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INSURANCE TECHNOLOGY

Demotech Withdraws Financial Stability Ratings® Assigned to Lighthouse Property Insurance Corporation and Lighthouse Excalibur Insurance Company

Demotech, Inc. | April 01, 2022

Effective March 29, 2022, Demotech, Inc. withdrew the Financial Stability Ratings® (FSRs) previously assigned to Lighthouse Property Insurance Corporation and Lighthouse Excalibur Insurance Company. Despite a substantial capital contribution in the fourth quarter 2021, the operating loss in 2021, which reflected the evaluation of losses and loss adjustment expenses associated with Hurricane Ida, resulted in a level of capitalization below what was needed to sustain FSRs at the A level." Joseph Petrelli, President, Demotech, Inc. About Demotech, Inc. Demotech, Inc. was the first firm to review independent, regional and specialty insurers. Since 1985, Demotech has served the industry by assigning accurate, reliable, and proven Financial Stability Ratings® to Property & Casualty insurers and Title underwriters. FSRs provide an objective baseline of the solvency of an insurer. Demotech's philosophy is to review and evaluate insurers based on their area of focus and execution of their business model rather than solely on financial size. Demotech's increasing accreditations and acceptances has resulted in its review of more than 450 insurers operating in the US.

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CORE INSURANCE

Safe Harbor Pollution Insurance Partners with Rhode Island Environmental Non-Profit

Save The Bay | January 27, 2022

Advocacy of clean waterways is top priority for Safe Harbor Pollution Insurance, which is why a partnership with Save The Bay is a natural fit. Safe Harbor offers the largest spill response network in the vessel pollution industry, which allows for the opportune response in the crucial first moments of marine oil spills. Additionally, most of its staff are based in North Kingstown, RI – where the office overlooks Narragansett Bay – the very body of water Save The Bay actively works to clean and protect every day. Much of Save The Bay's mission-based work seeks to address the ongoing threats to Narragansett Bay including: "polluted runoff, excessive nutrients, accumulating toxins, overfishing, declining biodiversity, warming sea temperatures, and coastal inundation—all of which represent urgent perils that demand our attention." Safe Harbor and the extended Falvey Insurance Group staff plan to support Save The Bay through local beach cleanups, volunteer hours dedicated to removing garbage and debris from the Bay's coastline. Safe Harbor is also proud to support Save The Bay by hosting and serving as the presenting sponsor of "Fore the Bay" – a charity golf tournament planned for Monday, July 25, 2022. The tournament will be hosted at Wanumetonomy Golf & Country Club in Middletown, RI, which overlooks the same body of water the event will support – Narragansett Bay. All proceeds will be donated to Save The Bay. Golf registration and sponsorship opportunities are available at safeharborpollutioninsurance.com/save-the-bay. This partnership is a continuation of Falvey Insurance Group's, parent company of Safe Harbor Pollution Insurance, effort to directly align its 2021 philanthropy with causes related to its business operations. About Safe Harbor Pollution Insurance At Safe Harbor, we are more than paper, we are a partner. With roughly 50 cumulative years of experience, Safe Harbor offers the strongest and longest track record of continuous applied expertise in the vessel pollution industry. Safe Harbor supports clients with the industry's leading infrastructure and institutional knowledge available in the market today. Offering the broadest coverage, largest spill response network and most transparent claims process in the industry, Safe Harbor is more than paper, we are a partner and vessel pollution expert you can trust. Learn more about Safe Harbor at: safeharborpollutioninsurance.com About Falvey Insurance Group Falvey Insurance Group began as a single division, Falvey Cargo Underwriting, opening its first office in 1995 in Wakefield, RI by the company's founder: Mike Falvey. After 25 years, the company has evolved into Falvey Insurance Group, comprised of four divisions: Falvey Cargo Underwriting, Falvey Shippers Insurance, Safe Harbor Pollution Insurance, and Falvey Insurance Services. "The Specialized Insurance Experts" underwrite on behalf of Lloyd's of London, C.V. Starr, Nationwide, Beazley Insurance Company, Hiscox, Ascot Group and State National. The flexibility, World-Class customer service, claims processing excellence, and comprehensive knowledge and expertise that Falvey companies are known for is unparalleled in the insurance industry. Falvey was also named Insurance Insider's MGA of the Year in 2020. About Save The Bay Founded in 1970, the Rhode Island-based nonprofit Save The Bay seeks to protect and improve Narragansett Bay and its 1,705-square-mile watershed. The organization works to achieve its vision of a fully swimmable, fishable Narragansett Bay, accessible to all, through its advocacy, education, and habitat restoration and adaptation work.

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LIFE INSURANCE

Finally, a variable universal life insurance product built for fee-based investment advisors

Nationwide | March 07, 2022

Nationwide has launched a new variable universal life (VUL) insurance product built specifically for fee-based investment advisors that allows for management of funds within the product without a life license. Nationwide Advisory Variable Universal Life is a permanent life insurance policy with a customizable guarantee that keeps the cost of the protection separate from the rest of the investment. This is the first fee-based VUL fully integrated within the registered investment advisor's operating system and it can also be sold by dually registered and hybrid advisors. With no surrender charges Nationwide Advisory VUL keeps your clients' investment money completely liquid, It also has an investment component and allows you to integrate the policy's subaccounts into your assets under management and collect your customary asset management fee." Holly Snyder, president of Nationwide's life insurance business. The product features a diverse fund lineup comprised of over 30 of the most recognizable fund managers in the industry such as Vanguard, DFA, PIMCO, American Funds and Fidelity. Because the cost of protection is separate from the rest of the investment, it can give investment dollars the opportunity to grow more quickly and efficiently. There are fewer fees associated with this product compared with a traditional VUL, There are also no surrender charges upon full surrender of the contract, and no sales loads, which allows more money to be contributed and go to work for your client faster." Snyder. Nationwide Advisory VUL also provides clients the ability to authorize their investment advisor to take their advisory fee from the policy as an advisory loan or as a withdrawal. About Nationwide Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the United States. Nationwide is rated A+ by both A.M. Best and Standard & Poor's. An industry leader in driving customer-focused innovation, Nationwide provides a full range of insurance and financial services products including auto, business, homeowners, farm and life insurance; public and private sector retirement plans, annuities, mutual funds and ETFs; excess & surplus, specialty and surety; and pet, motorcycle and boat insurance.

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CORE INSURANCE

Assurely Enters Relationship with Relm Insurance Ltd.

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. About Assurely 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.

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Spotlight

Do you know the benefits of full coverage insurance versus the minimum liability requirements?  Most people opt for the cheapest insurance they can get and still meet the legal responsibility. In this short, informative video by attorney David Henn, learn why your cheapest option may not be your best option when you’re involved in an accidental collision.

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