Inszone | January 15, 2022
Inszone Insurance Services: a rapidly growing, national provider of benefits, personal and commercial lines insurance, announced the acquisition of Pacific Redwood Insurance.
Pacific Redwood Insurance Agency was incorporated in 2002 under the direction of agent Lynne Fried. The agency grew organically through the years, with a focus on providing first-class service to both personal and commercial insurance customers. Pacific Redwood Insurance Agency customers will continue to receive the service they are accustomed to under the Inszone Insurance brand.
“Pacific Redwood Insurance Agency has done phenomenal work connecting and growing locally, We are looking to build and connect Pacific Redwood customers to our expanding network in California and provide them with expanded resources to better serve their needs.”
-Norm Hudson, CEO of Inszone Insurance
The acquisition continues Inszone Insurance Services rapid growth within its home state of California as the company continues to broaden its national footprint and continues its steady growth trajectory. A number of important transactions will be completed and announced in the upcoming months.
Founded in 2002 and headquartered in Sacramento, California, Inszone is a full-service insurance brokerage firm which provides a broad array of property & casualty insurance, along with employee benefits solutions. With a strong, experienced management team, Inszone continues to grow organically, as well as through acquisitions. With 26 locations across California, Arizona, Nevada, Utah, Colorado, Missouri, Texas and Illinois, the company is looking to further expand throughout the United States.
Polly | May 17, 2022
Polly, a leading provider of innovative SaaS technology for the mortgage capital markets space, today announced its integration with the six primary mortgage insurance (MI) providers: Arch MI, Enact, Essent, MGIC, National MI, and Radian. These staple integrations come highly requested, not only by the mortgage originators that have contributed to the rapid adoption of Polly’s end-to-end capital markets ecosystem to date, but also by the principal companies leading the private mortgage insurance industry.
By embedding each MI company’s quoting capabilities into its state-of-the-art Product and Pricing Engine (PPE), Polly streamlines the process of calculating, quoting, and comparing MI offerings across all providers to save valuable time and effort for the loan officer and mortgage lender, and ultimately, provide the optimal options to the borrower. Users receive a comprehensive list of rates, premiums, summaries on DNI impact, and more from each MI provider with the single click of a button. Polly’s cloud-native PPE will also provide an explanation when a quote is not provided, as well as actionable suggestions for changing parameters. When a quote is selected, the user will instantaneously receive documentation from the applicable MI provider. These integrations are part of Polly’s core service offering and demand no additional cost from the MI companies that populate in the search results.
At MGIC, we are dedicated to enabling efficiencies for our customers and are thankful for the opportunity from Polly to meet our customers where they need us most."
Leslie Malicki, Director-Partner Solutions at MGIC.
Polly is proud to have established a strong partnership with each MI provider, and all share a mutual dedication to providing joint customers with a superior experience. This commitment to industry collaboration, paired with its team of experienced mortgage professionals and first-hand knowledge of the market’s evolution, will serve to further accelerate Polly’s goal to drive true transformation across the mortgage industry.
We are committed to our customers’ success and equipping them with the right tools and workflow automation to navigate an ever-changing market, We often receive feedback that legacy processes remain cumbersome and time consuming, so we are thrilled to partner with all six essential MI providers to streamline the mortgage insurance process for lenders and borrowers."
Adam Carmel, Founder and Chief Executive Officer of Polly.
Polly is transforming the mortgage industry with its modern, data-driven capital markets ecosystem. Lenders trust Polly’s Product and Pricing Engine (PPE), Loan Trading Exchange, Analytics Platform, and Partner Platform to optimize performance from rate lock to loan sale and delivery, increase gain-on-sale execution, automate workflows, and provide actionable data and analytics. Polly was founded in 2019 by a seasoned team of technology and mortgage experts, and is based in San Francisco, California.
Embroker | June 14, 2021
Embroker, the digital business insurance platform that makes getting insured radically simple, announced today that it had raised $100 million in Series C funding. The round was headed by FTV Capital, with participation from HSCM Bermuda and Gaingels and Tola Capital, Canaan Partners, Bee Partners, and MassMutual Ventures. Embroker intends to use the new funding to develop its insurance carrier, transforming the company into a full-stack insurtech.
Embroker's revolutionary platform and products are generating significant market growth and creating industry-leading customer satisfaction. Embroker exceeded $20 million in gross written premium for the first quarter of 2021 across all products and achieved over 100% retention. Year to date, the company's digital products have expanded more than 300 percent, garnering an NPS score of 77. This latest funding announcement will support Embroker Access, a vital component of the company's platform that enables retail and wholesale brokers to deliver Embroker's digital insurance products to customers.
Embroker uses new data-driven underwriting algorithms to analyze better risk and design policies and premiums that protect companies from that risk. This one-of-a-kind algorithmic-based risk management reduces premiums for businesses by up to 20%. The Embroker experience is both digital and personal, depending on whether customers want the convenience of technology or the guidance of experts. Embroker's digital insurance products are underwritten quickly by Embroker's insurance platform and fully backed by A+ rated reinsurers such as Munich Re and Everest Re.
Embroker is revolutionizing commercial insurance by making it very simple for businesses to find the best insurance at the most excellent price. Embroker specializes in industry-specific coverage for the most complicated and inefficient insurance lines, such as Directors and Officers, Employment Practices Liability, Cyber, and Professional Liability. Embroker offers patented technology and predictive modeling to automate underwriting and make the buying process easy, fast, and affordable. Embroker Access enables Embroker's partner agencies and wholesalers to sell all of Embroker's industry-leading insurance products to their customers. Embroker, founded in 2015 and located in San Francisco, has secured more than $140 million in funding from major Fintech and Insurtech investors.
TRICHOME | June 06, 2022
Attender Underwriting Managers dba TRICHOME, a managing general agency, with the only cannabis dispensary insurance product endorsed by the National Cannabis Risk Management Association, today announced new initiatives designed to improve its ability to offer its unique products to a cannabis marketplace in need of broader solutions.
Jeffrey C. Conway will assume the combined role of CEO and President of TRICHOME. Conway is currently the CEO and a founding member the company with over 30 years of underwriting, reinsurance, wholesale, program, and captive management experience. He replaces Rocco Petrilli who served in a role as interim president before accepting the role of CEO and president of National Cannabis Risk Prevention Services (NCRPS). Conway is joined by Thomas Cioletti, who was recently promoted to Vice President of Underwriting and Operations. Together they lead a team that builds, underwrites, launches, and manages property and casualty insurance coverages focused solely on cannabis.
TRICHOME has upgraded its dispensary offering to "A" rated paper and continues to make improvements to its easy-to-use agent platform and extremely user-friendly application process. TRICHOME features extensive risk management and loss control, broad coverage enhancements, a proprietary property rating systems that rates perils from a single point geographic location, and a pseudo-Insurtech approach to dispensaries, which enables their team to turn quotations around within 24 hours.
"We are wildly excited about the future and extremely thankful to Rocco Petrilli for his leadership and brilliant approach to truly risk management-based insurance products", stated Conway. "We will continue the vision to build and offer risk management and insurance that promotes the long term sustainability needed in the cannabis marketplace."