Hub International acquires assets of Cosaint Insurance Partners

Hub International | July 11, 2019

Hub International Limited has acquired the assets of Cosaint Insurance Partners in Conshohocken, PA. Terms of the transaction were not disclosed. According to a release, the principal owners of Cosaint were previously part of Nationwide Mutual Insurance Company’s exclusive distribution model. The acquisition of Cosaint coincides with the agency’s shift to being an independent broker. Cosaint Insurance Partners is an independent insurance agency whose partners boast a combined experience of over 100 years. The agency offers both personal and commercial insurance in Pennsylvania and the surrounding states. Following the acquisition, Cosaint Insurance Partners president and COO Robert Bush, as well as chairman and CEO Dennis O’Neill will join Hub. Both of them will report to Hub International US Central Region president Neil Hughes.

Spotlight

In fact, the Coalition Against Insurance Fraud indicates $80 billion of insurance fraud occurs in the U.S. every year.1 But given the often-intangible nature of insurance fraud, this is hardly a firm figure and doesn’t precisely identify operational costs incurred. With many forms of insurance fraud going unchecked, the actual amount of fraud loss insurers is dealing with — both in the U.S. and abroad — is often an educated guess at best.


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INSURANCE TECHNOLOGY

Berkshire Hathaway GUARD Insurance Companies Expands Connectivity with Ivans for Workers’ Compensation Business

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. About 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.

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INSURANCE TECHNOLOGY

NSI Insurance Group Acquires Majority Stake in InsurTech Startup HoneyQuote

NSI | March 28, 2022

Florida-based digital insurance agency HoneyQuote.com has been acquired by one of the largest independent insurance agencies, NSI Insurance Group – a move that will enable the startup to expand its operations nationally, launch new product lines, and facilitate larger distribution partnerships. HoneyQuote’s machine learning algorithm matches users with property insurance carriers in real-time. Its proprietary search engine allows consumers to shop and purchase homeowners' insurance online. Since its launch in 2019, HoneyQuote has partnered with 30 of the top insurance carriers in Florida and has insured over $1 billion in property value. The startup now has its sights set on expanding nationally with additional insurance products in the works, including condominium-owners, renters, personal umbrella, pet, and auto insurance. We could not be more thrilled about the acquisition, Partnering with such an established player in the market with similar entrepreneurial roots poises HoneyQuote to grow exponentially.” HoneyQuote co-founder Franklyn Taveras. We’ve designed a digital experience that lets online shoppers compare real quotes and purchase policies instantaneously from a wide range of regional, national, and technology enabled insurance providers. With NSI, we’re able to deliver this seamless experience to customers across new geographies, products, and embedded partnerships.” Sean D’Sa, HoneyQuote’s co-founder and Chief Technology Officer. NSI Insurance Group’s acquisition of HoneyQuote marks its entrance into the InsurTech space, where the firm’s CEO Oscar Seikaly believes the industry is heading. About NSI Insurance Group NSI Insurance Group is among the largest privately-owned insurance brokerage firms. Founded in 1958, the firm operates in over 85 countries with five business segments, including personal and commercial insurance, employee benefits, and specialty programs. About HoneyQuote HoneyQuote is a digital insurance agency powered by a proprietary search engine allowing clients to compare and purchase insurance coverage in an online marketplace. Licensed in Florida and Texas, HoneyQuote’s products include homeowners and flood insurance across 30 of the top insurance carriers.

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INSURANCE TECHNOLOGY

U.S. Insurance Commissioners Endorse Internationally Recognized Climate Risk Disclosure Standard for Insurance Companies

naic.org | April 11, 2022

A bipartisan group of state insurance regulators led by Insurance Commissioners Ricardo Lara of California and David Altmaier of Florida adopted a new standard for insurance companies to report their climate-related risks, in alignment with the international Task Force on Climate-Related Financial Disclosures (TCFD). The TCFD standard is the international benchmark for climate risk disclosure and will help insurance regulators and the public to better understand the climate-related risks to the U.S. insurance market, which is the largest in the world. This announcement during the National Association of Insurance Commissioners' (NAIC) spring meeting in Kansas City, Missouri, puts U.S. state insurance regulators on the forefront of climate risk disclosure to protect consumers. Commissioners Lara and Altmaier are co-chairs of the NAIC Climate Risk & Resiliency Task Force (Task Force), which was established in 2020 to coordinate all of the NAIC's domestic and international efforts on climate-related risk and resiliency issues. The Task Force developed the new TCFD-aligned survey over a 14-month public participation process led by Oregon Insurance Commissioner Andrew Stolfi and Rhode Island Superintendent Elizabeth Dwyer in coordination with Commissioners Lara and Altmaier, and marks the first update to the NAIC's Climate Risk Disclosure Survey approach since it was created in 2010. The Task Force determined that implementing a TCFD-aligned disclosure framework would enhance transparency about how insurance companies manage climate-related risks and opportunities and incorporate international best practices, among other benefits that the Task Force identified in the new standard. Insurance regulators from France, Switzerland, and the United Kingdom currently require TCFD-aligned reports. U.S. financial regulators such as the U.S. Securities and Exchange Commission are also taking steps toward requiring TCFD-aligned disclosures for other financial institutions. Our global climate crisis affects every state, requiring us to reach across partisan divides to find solutions that protect all people, By holding insurance companies to this global standard for climate disclosure, insurance regulators are showing the power of united leadership in our efforts to address climate change and reduce the negative impacts on insurance consumers." California Insurance Commissioner Ricardo Lara. The NAIC's action shows that our system of state-based insurance regulation remains strong and flexible in responding to changing conditions in our markets and our world, Thank you to my fellow regulators for your commitment to work together to protect consumers." Florida Insurance Commissioner David Altmaier. We have all been affected by climate-related events, including wildfires, floods, and increased extreme weather. The first NAIC climate risk survey, created more than 10 years ago, led the way at the time, and it's great to see the NAIC lead again by being the first U.S. financial system regulator to adopt TCFD-aligned disclosure requirements, I'm grateful for the robust participation in this process over the past year and the strong support to adopt internationally aligned climate risk disclosures, and I look forward to continuing our work by supporting insurers in shifting to this new reporting framework." Oregon Insurance Commissioner Andrew Stolfi. Aligning U.S. insurance companies' climate disclosures with the global norm is a major step forward to protect financial markets and consumers who rely on insurance for safety and security, The bipartisan leadership of Commissioner Lara of California and Commissioner Altmaier of Florida is in short supply around the globe. It is needed more than ever before as we address climate-related financial risks across investment portfolios and global supply chains." Steven Rothstein, Managing Director, Ceres Accelerator for Sustainable Capital Markets

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INSURANCE TECHNOLOGY

Vantis Life announces distribution agreement with Everdays

Vantis Life | May 26, 2022

Vantis Life Insurance Company, a Penn Mutual company, announces a strategic marketing agreement with Everdays, an insurtech firm providing retirement, health and end-of-life planning solutions focused on seniors that are entering or planning for retirement. As part of the agreement, Everdays will market Vantis Life insurance products through its online, digital planning platform. Vantis will provide accelerated digital approval, life insurance product underwriting, policy issue and support through Everdays' easy-to-use digital planning platform. We're excited to work with Everdays to help provide life insurance solutions for an underserved and fast-growing market, Everdays delivers a one-of-kind, digital planning platform to reach people who otherwise may not be aware of our products that fit the needs of their life-stage. This innovation puts planning and insurance products together and aligns with Vantis' goal to provide simple, easy-to-afford protection to more American families." Tom Harris, president of life insurance and annuities for The Penn Mutual Life Insurance Company, the parent company of Vantis Life. We couldn't be happier about working with Vantis Life and the backing of Penn Mutual, As the fastest growing insurtech platform focused on young seniors and individuals planning their retirement, we wanted a partner that shared our vision. With its consumer-focused, tech-savvy orientation, Vantis Life is the ideal partner for us. Combining our proprietary digital planning and funding platform, Vantis Life's products and accelerated underwriting process with Penn Mutual's history, stability and strength is a unique offering. Our cultures are perfectly aligned." Mark Alhermizi, CEO and founder of Everdays. Over the coming months, the two companies will work together to launch a seamless, easy-to-use digital experience that offers unique retirement planning and life insurance purchasing solutions through a comprehensive online platform aimed at young, thriving seniors looking for a fulfilling life and secure retirement. About Vantis Life Since 1942, Vantis Life Insurance Company has specialized in providing families with affordable life insurance and annuity products that offer protection and guarantees. Vantis Life provides a convenient, seamless online purchasing experience and offers simple, easy-to-afford products to middle-income American families. The company takes pride in supporting these products with attentive and personal customer service. Vantis Life is a wholly-owned subsidiary of The Penn Mutual Life Insurance Company, backed by 175 years of financial strength and stability. About Everdays Everdays is imagining a new way for young seniors to plan for their golden years on a digital platform purpose-built just for them. As the fastest-growing insurtech platform in retirement, health and end of life planning, we are the only consumer-first and senior-friendly brand to captivate and engage with millions of people 60+ who are looking for a modern solution that fits their lifestyle and needs. The 100% digital platform provides advanced planning tools and Everdays Assured branded insurance products that are designed to bring the customers plans to life, allowing them to live fulfilling lives and secure their futures no matter what lies ahead. Everdays was founded in 2017 by entrepreneur Mark Alhermizi, and is based in metropolitan Detroit, MI.

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Spotlight

In fact, the Coalition Against Insurance Fraud indicates $80 billion of insurance fraud occurs in the U.S. every year.1 But given the often-intangible nature of insurance fraud, this is hardly a firm figure and doesn’t precisely identify operational costs incurred. With many forms of insurance fraud going unchecked, the actual amount of fraud loss insurers is dealing with — both in the U.S. and abroad — is often an educated guess at best.

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