AUTOMOBILE INSURANCE
Plymouth Rock | July 27, 2022
The Plymouth Rock Company, parent company of a leading group of auto and home insurance providers in the Northeast, announced that Andrew McElwee has been named President and Chief Operating Officer, taking over responsibility for the firm’s day-to-day operations from Hal Belodoff, following Belodoff’s planned retirement. Based in Boston, McElwee will report directly to Jim Stone, Founder and Chief Executive Officer of The Plymouth Rock Company.
“I have known Andy for some years now and watched him excel as President of Homesite Group,” said Stone.
“I have known Andy for some years now and watched him excel as President of Homesite Group,” said Stone. “We are thrilled to have him join our Plymouth Rock Assurance leadership team. His unique background and proven technical strengths will be invaluable in driving operational excellence and continuous improvement across the company. As COO, Andy will oversee all of our group presidents in formulating and executing strategies for profitable growth. I feel very lucky he has joined us.”
McElwee joins Plymouth Rock from American Family Insurance, where he was most recently the Enterprise Chief Underwriting Officer. Prior to that, he was President and Chief Operating Officer of Homesite Group, an affiliate of American Family.
McElwee has more than 30 years of insurance industry experience, 25 of which were spent within the Chubb Corporation in various roles of increasing responsibility, including Executive Vice President of Chubb & Son and COO of Chubb Personal Insurance and Chubb Accident and Health.
“I have long admired Jim Stone as an entrepreneur, innovator and industry leader,” said McElwee. “I’m delighted to join him by taking on the role of President and COO for The Plymouth Rock Company. In Hal, I succeed a beloved leader, and my immediate focus will be to carry on his great work for our customers, agents, and employees.”
Belodoff is retiring as Plymouth Rock’s President and COO after serving the company in various roles for 31 years. He will continue to support the company as a member of Plymouth Rock’s Board of Directors and in an advisory role.
“Hal has helped build and shape the culture of this company, as well as its results, for over 30 years,” added Stone. “The decision to hire Hal back then was one of the best I’ve made in my life. I am grateful for his partnership and friendship and glad he is remaining on our board and available for occasional assignments.”
“I’m extremely thankful to have had such a fulfilling career working with great people at a place whose mission I believe so deeply in,” said Belodoff. “I’m looking forward to the next chapter of life, spending more time with family and enjoying a slightly slower pace. I have great confidence in Plymouth Rock’s future and believe Andy’s leadership will help the company continue to grow and advance.”
About Plymouth Rock
Plymouth Rock was established to offer its customers a higher level of service and a more innovative set of products and features than they would expect from an insurance company. Plymouth Rock’s innovative approach puts customers’ convenience and satisfaction first, giving them the choice to do business the way they want – online, with a mobile app, by phone, or by contacting their Plymouth Rock agent. Customers can chat, text, or email to get answers quickly and easily.
Plymouth Rock Assurance® and Plymouth Rock® are brand names and service marks used by separate underwriting, managed insurance, and management companies that offer property and casualty insurance in multiple states. Taken together, the companies write and manage more than $1.7 billion in auto and home insurance premiums across Connecticut, Massachusetts, New Hampshire, New Jersey, New York and Pennsylvania.
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INSURANCE TECHNOLOGY
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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CORE INSURANCE
Canadian Institute of Actuaries | July 07, 2022
A new statement from the Canadian Institute of Actuaries (CIA), Big data and risk classification: Understanding the actuarial and social issues, says that using big data derived from new technologies can contribute to the healthy functioning of insurance markets.
Insurance companies establish different classes of risks to determine the availability and pricing of insurance coverage. This ensures that policy owners have coverage that appropriately matches their level of risk.
“As big data becomes increasingly available through new technologies, insurers can use it to further refine their classes of risks and offer insurance that is more aligned with the different needs and situations of policy owners,” says Matthew Buchalter, FCIA, Co-Champion of the CIA’s task force on this issue.
“As big data becomes increasingly available through new technologies, insurers can use it to further refine their classes of risks and offer insurance that is more aligned with the different needs and situations of policy owners,” says Matthew Buchalter, FCIA, Co-Champion of the CIA’s task force on this issue.
The CIA believes that the use of big data is appropriate in insurance ratemaking, and that access to such data creates improved insight about risk and its contributing factors. Conversely, restricting access to this data could adversely impact the availability or price of insurance for individuals.
“The foundation of actuarial work is to analyze risks based on complex datasets. Access to more data means insurance ratemaking can be based on more appropriate factors, ultimately reducing risk and setting more refined insurance costs,” says Emile Elefteriadis, FCIA, task force Co-Champion.
Canada’s actuaries stress that big data – like all data used in ratemaking – is subject to the ethical data collection practices, privacy laws, and information security requirements necessary to protect consumers.
“We believe in thoughtful innovation and evolution in the use of big data, while ensuring that the public interest is at the forefront of insurance and policymaking,” says Hélène Pouliot, FCIA, CIA President.
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INSURANCE TECHNOLOGY
Intact Insurance | June 18, 2022
Intact Insurance Group USA LLC (Intact), doing business under the brand name Intact Insurance Specialty Solutions, announced today that it has entered into a definitive agreement to acquire Highland Insurance Solutions ("Highland"), the U.S. construction division of Tokio Marine Highland (TMH), from Tokio Marine Kiln (TMK). Highland is a managing general agent specializing in the builders risk segment of the construction market, and will expand Intact's portfolio of owned distribution assets. The transaction is expected to close in the second half of 2022, subject to regulatory approval and the satisfaction of other closing conditions.
The acquisition of Highland is well aligned with our global specialty lines strategy and supports our growth, distribution and outperformance objectives, Highland has established itself in providing specialized insurance and adds a complementary offering to the more than 20 specialty lines available to our brokers and customers. We look forward to welcoming the exemplary Highland team, led by Rick Girden and Kaileigh Bowe, to Intact."
T. Michael Miller, Chief Executive Officer, Global Specialty Lines, Intact.
Highland will operate as a standalone managing general agent, available to serve the risk management needs of its clients and broker partners through its current select markets, and now additionally though Intact.
About Intact Insurance Specialty Solutions: Throughout the United States, Intact Insurance Specialty Solutions' underwriting companies offer a broad range of specialty insurance products through independent agencies, regional and national brokers, wholesalers and managing general agencies. Each business is managed by an experienced team of specialty insurance professionals focused on a specific customer group or industry segment and providing distinct products and tailored coverages and services. Targeted solutions include group accident and health; commercial and contract surety; entertainment; environmental; excess property; financial institutions; financial services; inland marine; management liability; ocean marine; technology; and tuition refund. For further information about U.S. products and services visit: intactspecialty.com.
Intact Insurance Specialty Solutions is the marketing brand for the insurance company subsidiaries of Intact Insurance Group USA LLC, a subsidiary of Intact Financial Corporation (TSX: IFC), the largest provider of property and casualty insurance in Canada, a leading provider of global specialty insurance, and, with RSA, a leader in the U.K. and Ireland. The insurance company subsidiaries of Intact Insurance Group USA LLC include Atlantic Specialty Insurance Company, a New York insurer, Homeland Insurance Company of New York, a New York insurer, Homeland Insurance Company of Delaware, a Delaware insurer, OBI America Insurance Company, a Pennsylvania insurer, OBI National Insurance Company, a Pennsylvania insurer, and The Guarantee Company of North America USA, a Michigan insurer. Each of these insurers maintains its principal place of business at 605 Highway 169 N, Plymouth, MN 55441, except The Guarantee Company of North America USA, which is located at One Towne Square, Southfield, MI 48076.
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