Relation Insurance | May 12, 2022
Relation Insurance Services (“Relation”), one of the largest and fastest-growing national insurance agencies, announced today it acquired the assets of South Carolina-based The Wills Agency (“Wills”). Terms of the transaction were not disclosed.
Wills provides personal and commercial lines insurance solutions to clients throughout South Carolina and is headquartered in Batesburg, SC. James Wills will continue to lead Wills as a part of Relation.
The Wills Agency is a great strategic fit for Relation, and we’re excited to welcome James and the entire team, The addition of Wills brings Relation additional strength in both personal and commercial lines products and adds to our existing footprint in South Carolina.”
Tim Hall, Executive Vice President and Head of Mergers and Acquisitions for Relation.
About Relation Insurance Services
Relation Insurance Services is an insurance brokerage that offers superior risk-management and benefits-consulting services across the United States. It is ranked by Insurance Journal within the top 35 largest agencies in the country by revenue and has approximately 1,200 employees across more than 125 locations nationwide. Relation is a privately held corporation backed by Aquiline Capital Partners, a private equity firm based in New York and London investing in businesses globally across financial services and technology.
RLI | March 10, 2022
Simply Business, Inc., a Boston-based digital insurance agency focused on small businesses, today announced the launch of tailored insurance solutions for home-based businesses. The new offering, RLI Home Business Insurance, is underwritten by specialty insurer RLI and covers home and offsite exposures such as general liability, equipment, furniture, fixtures and inventory. Adequate protection for these risks is not typically provided through standard homeowners' insurance policies.
A record number of new businesses were established in the U.S. last year, and many of those are owned and operated from home, This new offering from RLI is yet another example of the way we listen to our customers' needs and respond with products that help protect, and ultimately grow, their businesses."
David Summers, Group CEO of Simply Business.
We are excited about our partnership with Simply Business, RLI has insured home-based businesses for more than two decades, and we believe the combined expertise of our organizations uniquely positions us to serve small business owners and help protect their livelihoods."
Eric Raudins, Senior Vice President, RLI Transactional Insurance Solutions.
RLI provides tailored home business insurance for a wide range of entrepreneurs, including bakers, photographers, artists, entertainers and more. Coverage is available in all 50 states with limits up to $100,000.
About Simply Business
Simply Business is changing the way small business owners find business insurance by offering customers tailored insurance coverage online. The company began in the United Kingdom and expanded to the United States in 2017, naming Boston home. With over 750,000 customers globally, Simply Business has become a leader in the space through its commitment to a customer-first model, focusing heavily on simplicity, choice and value.
RLI Corp. is a specialty insurer serving niche property, casualty and surety markets. The company provides deep underwriting expertise and superior service to commercial and personal lines customers nationwide. RLI's products are offered through its insurance subsidiaries RLI Insurance Company, Mt. Hawley Insurance Company and Contractors Bonding and Insurance Company. All of RLI's subsidiaries are rated A+ "Superior" by AM Best Company.
CopperPoint | January 31, 2022
CopperPoint Insurance Companies, a western-based super regional commercial insurance company, announced today that AM Best has affirmed the Financial Strength Rating of A (Excellent) for CopperPoint Insurance Company and its subsidiaries with a stable outlook. Alaska National Insurance Company has also been added as a new member to Best's rating for CopperPoint Insurance Group. These ratings reflect the strength of CopperPoint's balance sheet, risk appetite and operating results over the last several years. CopperPoint maintains the strongest level of risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), supported by a conservative investment portfolio, favorable reserve development and strong reinsurance program. AM Best is a widely recognized provider of insurance industry ratings and financial data.
"We're pleased with AM Best's review of our enterprise, the resulting rating affirmation, and the rating agency's inclusion of Alaska National within our rating group. Since its acquisition in 2019, Alaska National has become even more integrated with our family of companies and continues to enhance our already strong balance sheet and operating results, The differentiated expertise of our now over 750 employees, enables us to continue offering best-in-class workers' compensation coverage, comprehensive risk management solutions and an expanded commercial property and casualty product offering, while providing exceptional service to policyholders, injured workers and agency partners."
-Marc Schmittlein, President and CEO, CopperPoint Insurance Companies.
About CopperPoint Insurance Companies
Founded in 1925, CopperPoint Insurance Companies, www.copperpoint.com, is a leading provider of workers' compensation and commercial property and casualty insurance solutions. With an expanded line of insurance products and a growing 26-state footprint, CopperPoint is in a strong position to meet the evolving needs of its agents, brokers, and customers. It has $5.1 billion in total assets and an enterprise surplus of approximately $1.6 billion.CopperPoint Mutual Insurance Holding Company is the corporate parent of CopperPoint Insurance Companies, Pacific Compensation Insurance Company and Alaska National Insurance Company. All companies are rated A (Excellent) by AM Best.
Honeycomb | January 21, 2022
Honeycomb announced that it has raised $15.4 million in a Series A funding round led by Ibex Investors. The fast-growing digital insurance provider has developed the first technology stack for multi-family properties that dramatically streamlines the arduous, time-consuming process faced by landlords and condo owners associations seeking insurance. Moreover, Honeycomb's proprietary AI-driven technology also is the first to enable the delivery of bespoke, "right-priced" insurance coverages – instantly.
The U.S. and Israel-based company, which only began writing U.S. policies in June of 2021, now operates in four states -- Illinois, Arizona, Michigan, and Ohio – with plans this year to launch in ten more states covering 60% of the country. Honeycomb expects to insure more than $1B of real estate assets by the end of Q1 2022.
"Commercial lines insurance and specifically insurance for multi-family properties is ripe for disruption given the sheer complexity entailed in underwriting this class of risk, its manual processing legacy, and the absence of a leader in the market, At Honeycomb, we have succeeded in converting the institutional knowledge of our team of industry veterans into algorithms that parse deep, first-party, location-specific data to more accurately evaluate risk. As a result, we can perform more robust underwriting quicker and at a lower cost structure than previously possible,"
-Honeycomb's co-founder and CEO Itai Ben-Zaken.
SiriusPoint Ltd, a global insurer and reinsurer, and Honeycomb's own lead underwriting capacity provider, will also participate in this funding round as a new investor alongside lead investor Ibex Investors, and existing investors Phoenix Insurance, Distributed Ventures (FKA NFP Ventures), IT-Farm, and Sure Ventures, all of which have increased their stakes. With this new round, Honeycomb has to date raised $19 million.
"Honeycomb is poised to change the game of real estate insurance, Their platform uniquely leverages both first and third-party data to disaggregate risk in ways that are totally different from the rest of the industry. Honeycomb is growing at a rapid pace since its launch, and we believe they will become the dominant platform in this market,"
-Gal Gitter, partner at Ibex Investors.
In a market segment estimated to be worth $26 billion in the U.S. alone, Honeycomb is the first multi-family property insurance provider to innovate simultaneously on 3 distinct fronts: (1) Streamlining the customer and broker experience; (2) Leveraging unique proprietary underwriting technology that accurately "right-prices" every individual risk and provides discounts no other provider gives, and; (3) Offering bespoke insurance coverage that adapts to ever-changing client needs.
For example, Honeycomb allows for customized policies that hadn't existed within the segment's traditional "one-size-fits-all" approach. These include insuring properties with Airbnb rentals while offering enhanced Ordinance and Law coverage, distinct Business Income and Extra Expense coverages, and a right-sized approach to deductibles in risk-prone areas.
Multi-family property owners, condo and homeowners associations that follow Honeycomb's guidelines and mitigation requests continue to get deeper discounts as time goes by. This model is a win-win because it encourages positive self-selection. Customers who take great care of their properties will receive prices with which other insurance providers can't compete.
The company sells its policies directly via its own platform and through a hand-picked and growing group of best-in-class insurance brokers who enjoy distinct advantages. With Honeycomb, they can provide as many as 30 bindable quotes per hour, and in real time – a vast improvement over a process that historically took weeks with multiple "touches" and follow-ups to produce a single quote. This translates to greater profitability for brokers, and accounts for the extraordinary interest the company is now receiving from the brokerage community.
Honeycomb is a reinsurance-backed MGA providing simple, fair, and affordable multi-family property insurance through its end-to-end digital platform. With offices in Denver, San Francisco and Tel Aviv, Honeycomb leverages proprietary user-generated data, advanced AI, and computer-vision to automate the normally arduous and costly underwriting process. Honeycomb significantly improves the customer experience and provides tailored coverage at a competitive price point and at improved profit margins through its real-time rate/quote/bind offering and its data-driven "right-pricing" advantage.