AXA XL | January 10, 2022
AXA XL Insurance has promoted Maria Duhart to lead its Specialty Niche insurance business in the Americas. Ms. Duhart steps into the role of Chief Underwriting Officer for Specialty Niche from her previous role as head of AXA XL's Commercial Bonds business.
In her new role, Ms. Duhart reports to Donna Nadeau, Chief Underwriting Officer for the Americas and assumes multi-line underwriting management responsibility of AXA XL's collective Specialty Niche insurance lines in the Americas which includes Political Risk, Trade Credit and Commercial Bonds; War, Terrorism and Political Violence; Fine Art & Specie, Leisure and Entertainment and Structured Risk Solutions.
"Since joining us in 2017, Maria has led our Commercial Bond business, impressively growing this business and building a talented underwriting team. With more than 20 years of insurance, business strategy and finance experience, Maria is well prepared for her new responsibilities, already having a strong grasp of our specialty lines businesses and the respect of our brokers, reinsurers, and colleagues."
Before joining AXA XL, Ms. Duhart served as Head of Commercial Surety at Nationwide. She also previously held the roles of Regional Commercial Surety Manager, Assistant Vice President – Surety and Senior Surety Underwriting Specialist at Chubb. She is a graduate from the Catholic University of Argentina and holds a Master's in Business Administration from New York University.
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.
Sun Life | January 04, 2022
Sun Life Financial Inc. (TSX: SLF) (NYSE: SLF) announced today that it completed the redemption of all of its issued and outstanding Class A Non-Cumulative Rate Reset Preferred Shares Series 12R.
About Sun Life
Sun Life is a leading international financial services organization providing insurance, wealth and asset management solutions to individual and corporate Clients. Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of September 30, 2021, Sun Life had total assets under management of $1.39 trillion.
Integrity Marketing Group, LLC | April 22, 2022
Integrity Marketing Group, LLC ("Integrity"), a leading distributor of life and health insurance, and provider of wealth management and retirement planning solutions, today announced it has entered into an agreement to acquire Limitless Insurance Services, a fast-growing independent marketing organization ("IMO") based in Scottsdale, Arizona. As part of the acquisition, Hayden Hill, President of Limitless Insurance Services, and Nina Damjanovic, Vice President of Limitless Insurance Services, will become Managing Partners in Integrity. Financial terms of the transaction were not disclosed.
From their first days as agents in the field, Nina and Hayden recognized how gratifying it is to serve other people, Their work ethic is second to none, and they have already made an unbelievable impact by helping agents reach their full potential. As Integrity partners, Nina and Hayden will now have powerful technology and the support of other top industry leaders to empower their growth. Integrity's best-in-class marketing and back-office resources place Limitless Insurance Services in a position to focus on exactly what they're phenomenal at — supporting agents and serving clients. I'm beyond excited to see where they will progress with Integrity and grateful to have such a hardworking, energetic agency join our team."
Bryan W. Adams, Co-Founder and CEO of Integrity.
Limitless Insurance Services specializes in providing life insurance, final expense insurance, mortgage protection and annuities to families across the United States. The firm pioneered a unique approach to recruiting by using social media platforms to help make potential agents aware of the opportunities an insurance career can provide. Recently, Limitless Insurance Services also launched an easy-to-use virtual sales platform that helps agents provide solutions to clients remotely. The virtual platform perfectly aligns with Integrity's long-held commitment to meet consumers where they are — in person, online and over the phone. Limitless Insurance Service's boundless energy and innovative spirit has propelled the firm to reach significant growth milestones each year, as it consistently meets the protection needs of thousands of Americans.
Partnering with Integrity will allow Nina and me to excel at what we do best — hiring new agents and training them to be the best they can be, We can now expand our product portfolio to serve even more Americans, which motivates our current agents to sell at an even higher level and build their own businesses. Adding Integrity's innovative marketing capabilities and ever-expanding suite of technology to our virtual sales platform and online recruiting approach positions us for sustained future success. We have an amazing journey ahead of us with plenty of fuel in our tank and we can't wait to get started."
Hayden Hill, President of Limitless Insurance Services.
The insurance industry has been an amazing ride for us already and we have unlimited room for success ahead of us, We've watched other partners experience successful growth, and we're excited to see what Integrity's resources will do for us and the agents we serve. With Integrity's partner network and business operations supporting us, we are confident our growth will become exponential. With Integrity, there is nothing but an open horizon of opportunity for our agents, and I'm so excited to see what this partnership will help us achieve!"
Nina Damjanovic, Vice President of Limitless Insurance Services.
Hill and Damjanovic join an impressive group of industry icons and legends who are carrying out Integrity's mission to innovate and improve insurance and financial processes. Integrity's partner network is comprised of leading companies who work collaboratively to strategize on best practices and develop solutions that help more Americans plan for the good days ahead.
Limitless Insurance Services can now access Integrity's end-to-end technology platform to offer an even more compelling future for their agents. With real-time quoting and enrollment capabilities, customer-focused product development and insightful data and analytics, Integrity's insurtech platform provides the resources agents need to reach Americans in whatever way they prefer. Limitless Insurance Services can also utilize Integrity's shared business services, such as Technology & Innovation, People & Culture, finance, legal and compliance, as well as a world-class marketing and advertising agency.
About Integrity Marketing Group
Integrity, headquartered in Dallas, Texas, is a leading distributor 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 Limitless Insurance Services
Limitless Insurance Services, based in Scottsdale, Arizona, is a leader in the life insurance space. They specialize in mortgage protection, final expense, life insurance and safe money retirement for clients, providing support both in person and virtually. With agents across the country, Limitless Insurance Services helps make the shopping process for life insurance as simple as possible for the over 50,000 clients they serve.