Marsh & McLennan Agency makes Momentous acquisition

Marsh & McLennan Agency | January 31, 2020

Marsh & McLennan Agency LLC (MMA), the middle market agency subsidiary of Marsh, has today announced its purchase of Momentous Insurance Brokerage, a Los Angeles-based independent insurance agency with particular expertise in the entertainment industry. Momentous provides full-service risk management, insurance and employee benefits solutions. It’s target sectors are high net worth private clients – a known focus within MMA – and the entertainment sector. The brokerage was founded in 2008, and currently has 220 colleagues in three offices in Los Angeles and Torrance, California, and New York City. Following the deal, all 220 Momentous colleagues will join MMA. They will continue under the leadership of Diane Brinson, the agency’s president and CEO. Commenting on the deal, Brinson said: “MMA and Momentous share a commitment to serving clients, finding innovative solutions, and delivering on our promises. I’m thrilled to join a firm that can not only provide additional resources to our clients, but can also present new opportunities to our colleagues.”

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INSURANCE TECHNOLOGY

Roamly Launches Nationwide Pet Insurance Product

Roamly | March 24, 2022

Today, Roamly, the first embedded insurtech for travel enthusiasts with unique RV insurance offerings, announced it is marking new territory with the launch of its pet insurance product. Roamly will market pet insurance to all U.S. pet owners, including customers of Outdoorsy, the most-trusted online recreational vehicle rental and outdoor travel marketplace. Since Outdoorsy's inception in 2014, we've noticed a glaring disparity in the amount of Outdoorsy guests opting to hit the road with their pets and the percentage of those pets who are covered by insurance." says Roamly's Chief Insurance Officer Aaron Ammar Roamly is now unlocking the ability for American pet owners to purchase the right insurance for their pets. More information on the pet insurance product offered through Roamly can be found online at roamly.com/pet-insurance. According to the most recent RV Industry Association survey, 72 million Americans plan to go RVing over the next year, up from 61 million in 2020. As the number of Americans hitting the road continues to grow, so does the number of travelers taking their four-legged friends on the road with them — and the travel industry is responding by making more accommodations for pet owners. Starting today, pet insurance offered through Roamly will be marketed to Outdoorsy customers as well as all U.S. pet owners, allowing both Outdoorsy guests and hosts to put in place insurance that covers their pets for illnesses, accidents, dental diseases, and behavioral issues. Before we founded Outdoorsy, my co-founder Jen Young and I hit the road in an Airstream with our cockapoo puppy, Lucy, and we've taken her on every road trip since, One of our goals in starting Outdoorsy was to make the road trip experience as stress-free as possible for all guests. Through Roamly, we've been able to bring a product to market that helps insure travelers and now we're thrilled to be able to help them look after the wellbeing of their most loyal companions — their pets." Outdoorsy's Co-founder and CEO Jeff Cavins. Through the Roamly Pet Insurance program, pet parents can select plans for dogs and cats that includes coverage for exam fees, diagnostics, and treatments for accidents, illnesses, cancer, hereditary conditions, behavioral issues and dental disease. Pet parents can also add preventive care coverage for an additional cost to help cover pet care necessities such as vaccines, flea, tick and heartworm medication, and dental cleanings. Other coverage offerings include wellness exams and screenings. This new addition to Roamly's suite of product offerings comes after the insurtech's parent company, Outdoorsy Holdings, received $125M in fresh funding last June to accelerate the company's product innovation and international expansion. In January, Roamly announced it had completed an insurance integration with Wheelbase, the RV industry's most powerful professional software product for fleet operators. In February, the insurtech announced it had booked $40 million in premium in the past year. About Roamly Roamly Insurance Group (Roamly) is the first full stack insurtech for enthusiasts with an embedded offering, unlocking RV insurance to make owners' vehicles 'rent ready.' Roamly provides unique digital insurance products that eliminate the commercial use exclusion clause that prohibits online renting activity. Our insurance provides the clarity that owners need to ensure their vehicles are affirmatively allowed to be rented on platforms like Outdoorsy. About Outdoorsy Outdoorsy is the most trusted on-demand RV rental and outdoor travel marketplace on the planet. Founded in 2015, we have offices worldwide in the U.S., Canada, Australia, France, and the UK. Our mission is to mobilize the 54+ million idle RVs around the world to ensure everyone has the access, choice, and opportunity to safely enjoy outdoor experiences and travel while we empower RV owners to realize life-changing financial benefits.

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INSURANCE TECHNOLOGY

Cogitate further expands Digital Solutions for the P&C insurance sector with the acquisition of Axiom, Inc.

Cogitate | May 10, 2022

Cogitate, a leader in accelerating digital insurance for Wholesale Brokers, MGAs, and Carriers, has announced the acquisition of Axiom, a Claims & Billing software provider for Property and Casualty Insurance. With this acquisition, Cogitate will offer full stack, cloud native digital underwriting, distribution, billing and claims solutions within its DigitalEdge insurance platform. Cogitate DigitalEdge is an industry-leading insurance digitalization platform that incorporates digital underwriting and distribution capabilities across the value chain, including third-party data and carrier integrations, core system integration capabilities. DigitalEdge also includes powerful low code no code functionality and analytics for business users. Cogitate's digital insurance solution supports complete policy life-cycle functionality from rating and quoting to binding and post-sale services including renewal and endorsement processing and more for personal and commercial lines products. Axiom's DotClaim & DotBill solutions when integrated with DigitalEdge will complete the full stack digital underwriting, distribution, billing and claims software with true native cloud capability. Exciting times! We are delighted to add Axiom to our Cogitate family. This acquisition is a significant milestone in our mission to accelerate digitalization of insurance and bring greater efficiency, ease of doing business, speed-to-market, with an incredible user experience (UX) for all customers across the value chain, With the addition of Axiom's claims and billing solutions we are enhancing Cogitate DigitalEdge Insurance Platform, and we will be positioned well to bring modern core system capabilities for any personal and commercial product with an end-to-end digital platform to insurers of all sizes." Arvind Kaushal, CEO & Co-Founder of Cogitate. Harnessing the synergy, the experience and the potential of both sets of technologies at Cogitate and Axiom is very thrilling, We will quickly capitalize on this synergy to expand our systems functionality to enable us to provide more comprehensive solutions to our insurance partners and their users. We are very excited to begin this new journey and to be part of this team which holds innovation and customer expectations at its core." Samir Salem, CEO of Axiom. About Cogitate Technology Solutions® Cogitate Technology Solutions, Inc., is a full stack, cloud native digital underwriting and distribution software provider for Property & Casualty Insurance Industry. Cogitate develops modern and innovative technology products and solutions to transform insurance business models to create a competitive advantage in a time of rapid industry change. Cogitate's next-generation technology integrates seamlessly with existing core and legacy systems to accelerate digitalization and expand business for insurance carriers, wholesale brokers, MGAs, and agents of all sizes.

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INSURANCE TECHNOLOGY

Arthur J. Gallagher & Co. Acquires Commercial Insurance Underwriters, Inc.

Arthur J. Gallagher | March 25, 2022

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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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