CORE INSURANCE

Inszone Insurance Services Acquires Pacific Redwood Insurance Agency in Pacifica, CA

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.

About Inszone:
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.

Spotlight

The global war on drugs has failed, with devastating consequences for individuals and societies around the world. Fifty years after the initiation of the UN Single Convention on Narcotic Drugs, and 40 years after President Nixon launched the US government’s war on drugs, fundamental reforms in national and global drug control policies are urgently needed.


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INSURANCE TECHNOLOGY

AXA Tianping Partners with Akur8 to Strengthen Pricing Process

Akur8 | May 31, 2022

AXA Tianping Property & Casualty Insurance Co., Ltd. (“AXA Tianping”), one of China's largest and most diversified P&C insurers, and Akur8, an AI-driven insurance pricing technology company, are delighted to announce their collaboration to further enhance AXA Tianping’s pricing process with Akur8’s high-performing AI technologies. With this partnership, AXA Tianping’s actuaries and pricing team will officially deploy Akur8 to unlock new potential with unique analytical insights and advanced pricing automation. AXA Tianping will become the 13th AXA entity and the first insurer in China to use Akur8 - a testament to its commitment to continuous innovation and improvement to better serve its customers. Thanks to Akur8’s Transparent Artificial Intelligence proprietary technology, AXA Tianping will be able to shorten the time-to-market by automating rate modeling with machine learning in the pricing process, as well as improve the performance of policies with robust AI-driven predictive power. Staying true to its customer-centric approach to products and services, AXA Tianping will leverage Akur8’s next-generation technologies to respond more promptly to dynamic risk environment. It will also roll out a diverse portfolio of well-priced products to meet evolving customer demands, while maintaining full transparency and strong control. AXA Tianping and Akur8 share the same global expertise and strong commitment to grow in the Chinese market. Fully owned by AXA Group, AXA Tianping provides a comprehensive range of high-quality, personalized products and services across health, motor, lifestyle, and commercial lines. Deeply rooted in China for more than 20 years, the company currently serves over three million customers nationwide and boasts a footprint of 25 branches across China. As AXA Tianping deepens its “Payer-to-Partner” strategy and strives to empower clients in every aspect of their lives, this partnership with Akur8 will enable the company’s professional actuaries and pricing team to focus on what matters the most – customers and products - and make the most informed decisions at a faster speed, driving tangible business impact and growth in the Chinese market. Akur8 brings in cutting-edge technologies to our pricing process, which helps us continue to strive for technical sophistication and empowers us to deliver valuable insurance solutions to our customers more efficiently while ensuring utmost transparency and control. We believe Akur8 will not only be an important asset to our team’s work along the whole pricing value chain, but also of great value to our customers for providing increased personalization and targeted pricing in a dynamic marketplace. We look forward to working with Akur8 in unlocking the potential of our business.” Scott Yin, Chief Pricing Officer & Chief Actuary at AXA Tianping. We are delighted to announce this collaboration with AXA Tianping in China. AXA Tianping is a well-established and renowned insurer, and we are looking forward to supporting its actuarial department in its best-in-class strategy and innovative explorations. APAC has always been a strategic market for us. We have been building our presence there for a while now, across various geographies and insurance lines. This collaboration is an exciting way for Akur8 to enter the Chinese P&C insurance market and to strengthen its global relations with AXA”. Samuel Falmagne, CEO at Akur8. By forging this synergetic partnership with Akur8, AXA Tianping demonstrates its strong commitment to embracing best-in-class technologies and leveraging its technical sophistication globally to serve the local market. AXA Tianping will continue to serve its customers with a comprehensive suite of tailor-made products and services efficiently and effectively, safeguarding its customers from all walks of life as a true partner throughout their entire life journey. About AXA Tianping A member of AXA Group, AXA Tianping (registered in China as AXA Tianping Property & Casualty Insurance Co., Ltd.) is one of China's largest and most diversified global insurers, providing a comprehensive range of high-quality, personalized products and services to meet the evolving needs of customers across Health, Commercial Lines and Property & Casualty. The company currently serves over five million individual and commercial customers nationwide, and boasts a footprint of 25 branches in 20 provinces across China. Transitioning to a focus on Health, AXA Tianping is today leveraging a customer-centric 'Payer-to-Partner' strategy in China, along with innovative technology and distribution, to empower clients in every aspect of their daily lives. In 2019, China Banking and Insurance Information Technology Management (CBIT) recognized its award-winning services with an "AA" rating, the highest in the country. In 2021, the company was awarded The Insurance Brand of the Year at the 16th Annual Finance Summit of Asia and in 2020, the company was recognized with an 'International General Insurer of the Year' award from Insurance Asia and was also recognized in 2021 and 2020 with an "A-rating" from S&P Global Ratings, reflecting the company’s strong global influence and firm commitment to the local market. AXA Tianping first became a member of the AXA Group as a Joint Venture company in 2014, before becoming fully-owned in 2019. Headquartered in Paris, France, AXA Group itself is today one of the world's leading insurance and asset management groups. In 2021, it was ranked 46th on the Fortune Global 500 List of the world's largest companies. It has been operating in China for over 20 years offering the full range of insurance and protection solutions to its local and global clients. About Akur8 Akur8 is revolutionizing insurance pricing with transparent AI. Akur8 developed a unique AI-based insurance pricing solution that automates modeling for insurance companies while keeping full transparency and control on the models created, as required by regulators worldwide. Akur8 is the only solution on the market reconciling Machine Learning and Actuarial worlds.

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CORE INSURANCE

AM Best Revises Outlooks to Stable for Hanwha General Insurance Company Limited

AM Best | July 06, 2022

AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Hanwha General Insurance Company Limited (HGI) (South Korea). The Credit Ratings (ratings) reflect HGI’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. The ratings also reflect various forms of implicit and explicit support that the company receives from its parent, Hanwha Life Insurance Co., Ltd. (Hanwha Life). The revised outlooks to stable mainly reflect HGI’s improved operating performance as a result of the continued execution of various underwriting measures over the past two years, in addition to the positive impact of COVID-19 on claim losses especially in the auto insurance line. In the largest business line of long-term insurance, AM Best expects the loss ratio to improve gradually over the medium term, given that a large portion of its unprofitable legacy medical indemnity policy renewal cycles culminate between 2022 and 2024, reflecting the accumulated effect of rate hikes from recent years. AM Best also expects that the negative impact of its start-up subsidiary, Carrot General Insurance Company Limited (Carrot Insurance), on HGI’s consolidated results will decrease gradually over the coming years as Carrot Insurance continues to build economies of scale. Despite solid growth of retained earnings from improved operating performance, its capital base decreased in 2021, and more sharply in the first quarter of 2022, driven by unrealised losses from available-for-sale bonds due to the unprecedented fast pace of market interest rate rise in 2022. However, AM Best is of the view that the recent capital pressure derived from the interest rate hike does not necessarily indicate an immediate and material deterioration in HGI’s economic balance sheet fundamentals. Its increased focus on asset-liability management over the past two years has led to an expansion of long-term bond assets and a much narrowed asset-liability duration gap. This will help the company better manage capital volatility once IFRS 17 and K-ICS (a new and more stringent solvency regime) go live in 2023, under which assets and liabilities are viewed based on market value. Nonetheless, AM Best will continue to monitor HGI’s risk-adjusted capitalisation and the interest rate environment closely. HGI is the sixth-largest non-life insurance company in South Korea, with a market share of approximately 7% in terms of gross premiums written in 2021. The company receives various forms of implicit and explicit support from its parent company, Hanwha Life, the second-largest life insurer in the nation in terms of premium income, including co-branding to increase operational synergy, product distribution, and capital support. Negative rating actions could occur if the company’s risk-adjusted capitalisation declines to a level that no longer supports the current balance sheet strength assessment. Negative rating actions also could occur if there is a reduced level of support from Hanwha Life, or deterioration in its credit profile that no longer enables it to provide rating lift to HGI.

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INSURANCE TECHNOLOGY

SAS acquires Kamakura to propel risk technology innovation as financial sector braces for volatility

SAS | June 28, 2022

Global AI and analytics leader SAS has acquired Honolulu-based Kamakura Corporation. Privately held Kamakura provides specialized software, data and consulting that helps financial organizations across the spectrum – banks, insurance companies, asset managers, pension funds and more – manage a variety of financial risks. SAS' investment decision comes as post-pandemic optimism is shadowed by war, unyielding supply chain disruption, and the end of many pandemic-era financial and social safety-net programs. Rising inflation and recession rumblings have emerged as dark clouds on the global economic horizon, signaling potential turbulence ahead – a time for financial services organizations large and small to closely examine the liquidity risk and other risks in their portfolios. This acquisition is an extension of tremendous investments already made in SAS' cloud-ready risk management platform and integrated solutions, It signals our intent to advance market-changing risk solutions to solve the most pressing challenges our financial services customers face. We foresee that the resulting strength of SAS technology, paired with Kamakura's risk analytics and credit models, will prove far greater than the sum of its parts." SAS co-founder and CEO Jim Goodnight. In acquiring Kamakura, SAS aims to deliver an unparalleled suite of integrated risk solutions, particularly around asset liability management (ALM), and serve additional facets of the financial services industry. About SAS SAS is the leader in analytics. Through innovative software and services, SAS empowers and inspires customers around the world to transform data into intelligence. SAS gives you THE POWER TO KNOW®.

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INSURANCE TECHNOLOGY

Prime Insurance Company Assigned Financial Stability Ratings® from Demotech, Inc.

Prime Insurance Company | June 13, 2022

Prime Insurance Company announced today that it has been assigned a Financial Stability Rating® of A" (A Double Prime), Unsurpassed, from Demotech, Inc. Demotech, Inc., is a financial analysis firm that provides Financial Stability Ratings® (FSRs) for Property & Casualty insurance companies, Title underwriters, and other risk-bearing entities. In addition, Prime Insurance Company's affiliate Prime Property & Casualty Insurance Company Inc. has been assigned a Financial Stability Rating® of A, Exceptional, from Demotech, Inc. Regardless of the severity of a general economic downturn or deterioration in the insurance cycle, underwriters receiving an A" (A Double Prime) or an A, Exceptional rating possess unsurpassed financial stability related to maintaining positive surplus as regards policyholders." "We couldn't be more pleased, as Demotech's ratings reflect our unyielding commitment to our customers and growth." Rick J. Lindsey, President, CEO and Chairman of Prime Insurance Company. Prime Insurance Company provides innovative liability solutions for specialty risks. For over 40 years, Prime Insurance Company has been a leader in excess and surplus lines insurance, providing coverage for many who would otherwise be forced to go uninsured or self-insure their risk. Prime Property & Casualty Insurance Inc. writes commercial auto coverage on an admitted basis in the following states: Florida, Illinois, Kansas, Kentucky, Massachusetts, Minnesota, North Carolina, New Jersey, New Mexico, Nevada, and South Carolina. With more than 40 years behind us, we've handled over 70,000 claims. We look forward to continuing to serve our customers with our proven partnership approach and financial stability they can count on." Lindsey. The Prime Insurance Companies have offices in Salt Lake City, UT; Chicago, IL; Naples, FL and Exton, PA.

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Spotlight

The global war on drugs has failed, with devastating consequences for individuals and societies around the world. Fifty years after the initiation of the UN Single Convention on Narcotic Drugs, and 40 years after President Nixon launched the US government’s war on drugs, fundamental reforms in national and global drug control policies are urgently needed.

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