Hub International takes assets of independent specialty insurance agency

Insurance Business America | May 03, 2019

Hub International has acquired the assets of South Dakota-based First Western Insurance Agency. With 10 locations throughout the Black Hills area, First Western Insurance provides multi-line insurance solutions, which include personal, commercial and employee benefits products, for their clients. A release said that the agency specializes in serving several industries – particularly agribusiness, construction, healthcare, and transportation. The acquisition of First Western Insurance supports Hub’s specialty practices by complementing and strengthening the latter’s capabilities, a release said. As part of the transaction, First Western Insurance president Kyle Prewitt will join Hub Mountain, reporting to Hub Mountain president Rene LeVeaux. “We’re delighted to have First Western Insurance Agency join us, because their capabilities are so complementary, it makes sense to unite our firms,” remarked LeVeaux. “There are considerable synergies between us that will meet a wide range of our clients’ needs and allow us to continue to provide exceptional client service.” Prewitt said in a statement that joining Hub not only enhances First Western Insurance’s commitment to the local community, but also bolsters its presence in the region.

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CORE INSURANCE

Kuvare Insurance Services Launches Third-Party Asset Management Business

Kuvare | February 08, 2022

Kuvare Insurance Services (KIS), a boutique asset manager that oversees approximately $19 billion in assets for various insurance operating companies owned by or affiliated with Kuvare US Holdings (Kuvare), today announced the launch of its third-party asset management business. “Insurance investors continue to be motivated to search for yield against a backdrop that remains challenging. KIS has constructed bespoke private credit solutions in-house to augment Kuvare’s core fixed income assets, originating approximately $5 billion[1] in primarily investment grade private credit at attractive book yields vs. publicly-traded comparables,” -Brian Roelke, President and Chief Investment Officer KIS now plans to extend its experience across private asset-backed and structured credit, private corporates, and commercial mortgage debt to non-affiliated insurance clients. In conjunction with the launch, Roelke has recently added three key members to his executive leadership team. Ana Morales joins KIS as Managing Director, Head of Business Development and Product Strategy. She will be responsible for leading client relationships and advancing the growth of the KIS third-party asset management platform. Morales, who has 17 years of industry experience, joins from Goldman Sachs where she was a Managing Director, Senior Relationship Manager in the firm’s insurance asset management business. Prior to that, Morales built and led BlackRock’s exchange-traded funds insurance distribution team. Joseph Orofino joins as Managing Director, Head of Investment Risk Management. He has over 20 years of industry experience, most recently at Further Global Capital Management where he was part of the executive team for two operating companies. Prior to that, Orofino led Aflac’s investment initiatives in non-core fixed income, alternatives, and public equities. He also held senior investment and risk management roles at Swiss Re. Thomas Pasuit joins as Chief Legal Officer. Prior to joining KIS, Pasuit spent over 16 years at MetLife, most recently as Head of MetLife Investment Management’s Fixed Income and Alternatives legal team. He began his legal career at Connell Foley, LLP, where he specialized in bankruptcy and financial restructuring. “The launch of the third-party asset management platform and these new appointments reflect our commitment to attracting an extraordinary team to support outstanding client service and portfolio performance. Our talent bench positions us to address the unique investment objectives of insurers and capitalize on market opportunities to drive portfolio alpha.” -Dhiren Jhaveri, Kuvare founder and Chief Executive Officer, About Kuvare Insurance Services (KIS) Headquartered in New York City, KIS is a boutique asset management firm that specializes in building tailored solutions for insurance companies with the goal to deliver superior risk-adjusted returns. Led by a seasoned team of insurance industry investment professionals and asset class specialists, KIS oversees all investment activities for Kuvare’s operating companies. This represents approximately $19 billion in total assets as of December 31, 2021, including core fixed income assets, where KIS partners with leading global asset managers. For more information about KIS, please visit https://kuvare.com/insurance-services. About Kuvare Kuvare is a technology-enabled financial services platform that provides insurance, reinsurance, and asset management solutions. Headquartered in Chicago, IL, Kuvare focuses on delivering value-oriented solutions to the middle market. Founded in 2015, Kuvare is committed to a sustainable growth strategy, backed by a consortium of long-term capital partners. The family of Kuvare companies includes Lincoln Benefit Life Company, Guaranty Income Life Insurance Company, United Life Insurance Company, Kuvare Life Re, and KIS.

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INSURANCE TECHNOLOGY

Spot Pet Insurance Enters the Global Pet Insurance Market

Spot Pet Insurance | April 08, 2022

Spot Pet Insurance, a digital-first pet insurance provider in the United States has strengthened its reach internationally with the launch of its services across Canada. With an estimated 8.3 million Canadian households that own cats, and 8.2 million that include a dog, Spot offers affordable plan options for the pet-centric community to help them secure their pet's well-being so they may enjoy healthier lives together. Only 3% of pet parents have pet insurance for their furry friends in Canada[ii]. Spot's mission is to help protect pet parents while continuing to help build strong communities of pet lovers. Through pet health-focused education, we spread the importance of peace of mind, to enjoy many years of pet health together." Trey Ferro, CEO at Spot. Caring for pet parents is just as much a priority for Spot as caring for their pets. With that in mind, the business focuses on a 'Love Brand' approach to pet health and supports policyholders in the U.S. with personal calls welcoming them to Spot, and bereavement calls when their pet has passed away. The pet insurance provider recognizes the many challenges of pet parenting, and aims to reduce difficult decision-making when it comes to the love for their furry family members. Through a holistic approach to pet health, plan options in the U.S. provide coverage for behavioral problems, alternative therapies for covered conditions, and additional options for Preventative Care coverage at a nominal extra fee. Pet insurance plans provided by Spot in the U.S. feature: Easy claims submission through the Spot App., website or email. 24/7 VetConnect™ telehealth support whenever you need it. Up to 90% reimbursement rate. 30-Day money-back guarantee[1] if the policy is cancelled within the first month. Technology and innovation is at the forefront of Spot's approach to pet wellness, conveniently enabling pet owners to create custom plans and easily manage their entire account on https://spotpetins.com/. Claims submissions are processed fast in a secure, dedicated web platform and mobile app. Assisted by automation processes, the claims team works to speed up reimbursements whenever possible. The user-friendly site is also able to quickly generate a free quote in under 30 seconds, and additional pets receive a 10% multi-pet discount with plans in the U.S. Spot's digital-first, self-service members portal allows pet parents to easily access its cat insurance and dog insurance offerings, and rest assured of reimbursements of covered vet costs. Spot's agile business model allows us to react quickly to market trends and drive technology and innovation, which has helped us enhance critical processes such as the user experience, customer service, and digital claims, As an insurtech our focus on technology, innovation, and people sets us apart from other businesses and helps Spot stand out." Spot President, Scott Taylor. Administering the claims for U.S. pet insurance policies offered by Spot is one of the trusted industry veterans and specialists in insurance policies for cats and dogs, C&F Insurance Agency, Inc. U.S. pet insurance policies offered by Spot are underwritten by United States Fire Insurance Company. Canadian pet insurance policies offered by Spot are underwritten by Northbridge General Insurance Corporation and administered by PTZ Insurance Services Ltd. About Spot Pet Services, LLC: Spot Pet Services, LLC is an insurance producer founded in Miami and West Palm Beach, Fl. In the U.S., Spot offers plan options that include Accident-Only and Accident & Illness insurance. Spot provides insurance plan options, communications, and employees that support humans in forming the best relationship with their pets over a long, healthy life together. Pre-existing conditions are not covered. Waiting periods, annual deductible, co-insurance, annual limits and exclusions may apply. For all terms and conditions visit spotpetins.com/sample-policy. Preventive Care reimbursements are based on a schedule. Accident and Illness coverage reimbursements are based on the invoice. Products, schedules, discounts, and rates may vary and are subject to change. More information available at checkout. About Spot Pet Insurance Services, ULC: Spot Pet Insurance Services, ULC is a company with an Ontario, Canada-based team that offers products in Canada. In Canada, Spot Pet Insurance plan options include Accident-Only, and Accident & Illness insurance with optional Routine or Preventative Wellness Rider. Spot pet insurance plan options, communications, and employees help support humans in forming the best relationship with their pets over a long, healthy life together.

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INSURANCE TECHNOLOGY

Pinpoint Predictive Announces Partnership With Ohio Mutual Insurance Group

Pinpoint | April 21, 2022

Pinpoint Predictive is pleased to announce a new partnership with Ohio Mutual Insurance Group, through which the two organizations will use applied data and analytics to more accurately predict and evaluate loss risk for the mutual insurer. Industry experts estimate that the average U.S. family pays up to $700 in extra insurance premiums each year to account for the $80 billion in losses experienced due to fraud and premium leakage (underpriced policies due to both intentional and inadvertent mischaracterization of a customer’s insured risks). Pinpoint Predictive offers a unique, turnkey solution that allows carriers to leverage the predictive power of behavioral economics, big data, and deep learning for risk selection and determination of customer journey, while maintaining the highest standards in privacy safeguards. These cutting-edge capabilities enable insurers to more precisely identify loss and other unreported/underreported risk, and to create more satisfactory customer experiences for the majority of customers. This new tool offered by Pinpoint Predictive is a promising approach, and we believe it’s an innovative way for us to be even more precise in our identification and mediation of circumstances where loss is more likely to occur. Through the thoughtful application of this technology, we hope to ultimately create even more equitable experiences and products for our members.” Ohio Mutual Chief Analytics Officer Susan Kent. We are excited about working with Ohio Mutual and deploying the predictive power of Pinpoint to identify premium leakage and avoid unnecessary loss, We are proud to add a forward-thinking organization such as Ohio Mutual to our growing list of insurers and MGAs who are leveraging the Pinpoint platform for unmatched risk selection.” Scott Ham, CEO of Pinpoint Predictive. About Ohio Mutual Insurance Group Ohio Mutual Insurance Group, founded in 1901 and based in Bucyrus, OH, partners with nearly 400 independent agencies to distribute quality property and casualty insurance products throughout Connecticut, Indiana, Maine, New Hampshire, Ohio, Rhode Island, and Vermont. Ohio Mutual has maintained a rating of “A / Stable” from A.M. Best Co. for 29 consecutive years and has been named to the Ward’s 50® eight times since 2009. About Pinpoint Predictive, Inc. Pinpoint Predictive brings individualized intelligence to insurers by applying deep learning, big data and behavioral economics to accurately predict risk propensities at the top of the funnel and pre-renewal process. This AI-powered platform has revealed $100s of millions in bottom-line value for Top 10 insurers by assessing key actionable areas for loss ratio improvement, including predictions of loss cost, premium leakage and SIU referral as well as an individual’s likelihood of early cancellation, likelihood to commit fraud, or litigiousness.

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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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