CORE INSURANCE,LIFE INSURANCE

The Penn Mutual Life Insurance Company Announces Record Dividend Payout

The Penn Mutual Life Insurance Company | November 25, 2022 | Read time : 02:00 min

The Penn Mutual Life Insurance Company Announces Record
The Penn Mutual Life Insurance Company (Penn Mutual), a Fortune 1000 company, is pleased to announce that the company has maintained its dividend scale for 2023 and the Board of Trustees has approved a record $163 million payout to eligible policyholders in 2023.

Dividends are a key measure of a mutual company's performance and Penn Mutual has consistently paid dividends to eligible policyholders for nearly 175 years. This announcement extends the company's long track record of delivering strong performance and value to policyholders.

"We're proud that our dividend action over the last 20 years remains one of the strongest and most consistent in the industry, This noteworthy achievement, particularly given today's economic uncertainty, reflects our long-term perspective, a shared commitment to upholding the company's financial strength and serving the best interests of our policyholders."

- Dave O'Malley, President and CEO

About The Penn Mutual Life Insurance Company
For more than 175 years, Penn Mutual has been helping people get stronger. Our expertly crafted life insurance is vital to long-term financial health and strengthens people's ability to enjoy every day. Working with our trusted network of financial professionals, we take the long view, building customized solutions for individuals, their families, and their businesses. Penn Mutual supports its financial professionals with retirement and investment services through its wholly-owned subsidiary Hornor, Townsend & Kent, LLC, member FINRA/SIPC.

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CORE INSURANCE,INSURANCE TECHNOLOGY

Trean Insurance Group Announces Definitive Agreement to be Acquired by Altaris Capital Partners

Trean Insurance Group | December 19, 2022

Trean Insurance Group, Inc. (Nasdaq: TIG) (“Trean” or the “Company”), a leading provider of products and services to the specialty insurance market, today announced that it has entered into a definitive merger agreement with affiliates of Altaris, LLC (collectively with its affiliates, “Altaris”), which currently owns approximately 47% of Trean’s outstanding common stock. Under the terms of the agreement, Altaris will acquire all of the common stock that it does not currently own for $6.15 in cash per share, representing a 97% premium to Trean’s closing price on December 15, 2022, the last trading day prior to this announcement and a 133% premium to the 30-day volume-weighted average price per share of $2.64 as of December 15, 2022. Upon receiving a proposal from Altaris to acquire the Company, which was conditioned on approval by a special committee of independent and disinterested directors and by a majority of the voting power of unaffiliated stockholders, the Board of Directors formed such a Special Committee comprised solely of independent and disinterested directors to evaluate the proposal and alternatives thereto and make a recommendation to the Board of Directors. The Special Committee was advised by its own independent financial and legal advisors. Following the unanimous recommendation of the Special Committee, the Board of Directors of the Company (other than Daniel Tully, who abstained from participating in the deliberations or voting on the matter due to his position as Co-Founder and Managing Director of Altaris) unanimously approved the merger agreement and is recommending to Trean’s stockholders that they adopt and approve the merger agreement. “This agreement with Altaris delivers immediate and substantial value to all stockholders of Trean while positioning the Company to continue its focus on strong partnerships, underwriting discipline and exceptional claims management to drive growth over the long term. As a long-term investor in the Company, Altaris is deeply familiar with our business and recognizes the value of our talented team, and we look forward to Altaris’ continued contributions to Trean as a private company.” -Julie Baron, President and Chief Executive Officer of Trean Daniel Tully, Co-Founder and Managing Director of Altaris, said, We have known Trean for many years and have long admired their disciplined program partner selection, prudent financial management and world-class team. We believe that Trean’s specialty insurance products and services are highly differentiated in the market, and we look forward to contributing our resources and expertise to support the Company’s next phase of growth. About Trean Insurance Group, Inc. Trean Insurance Group, Inc. (Nasdaq: TIG) provides products and services to the specialty insurance market. Trean underwrites specialty casualty insurance products both through its program partners and its own managing general agencies. Trean also provides its program partners with a variety of services including issuing carrier services, claims administration and reinsurance brokerage. Trean is licensed to write business across 49 states and the District of Columbia. About Altaris Altaris is a healthcare investment firm with an exclusive focus on building companies that deliver value to the healthcare system through innovation and efficiency. Since inception in 2003, Altaris has invested in 49 healthcare companies which have generated significant value appreciation for investors. Altaris is headquartered in New York City and manages approximately $5.0 billion of equity capital.

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AUTOMOBILE INSURANCE,INSURANCE TECHNOLOGY

OPES Insurance partners with IMS for Mobile Telematics Insurance in Vietnam

IMS | November 08, 2022

OPES, the first digital-only insurer in Vietnam, has teamed up with IMS, the global connected insurance solutions business, to supply smartphone app-based telematics insurance to car drivers in Vietnam. The new product, “O∙Car”, using the IMS One App SDK to deliver its core capabilities, launched to market earlier this month>. OPES is owned by Vietnam Prosperity Joint-Stock Commercial Bank (VPBank), and according to Paul Stacy, Chief Executive Officer at IMS, the product will be the first wholly digital, telematics-based insurance offering in Vietnam, and it is aimed at the country’s ~3 million car drivers. “O∙Car leverages the IMS One App SDK along with our patented IMS Wedge (IMS’s patented BLE IOT sensor add-on) which helps identify the insured’s vehicle. Together, this connected insurance technology evaluates driving style and the resulting data is used to personalize the insurance product offered to OPES customers.” Paul said that OPES will also run competitions and other campaigns outside the app to reward good driving behavior. -Paul Stacy, Chief Executive Officer at IMS He continued: We’ve been working with OPES and their parent VPBank to trial the app among their own employees and customers. Because the traffic in Vietnam is highly congested and slow moving, the IMS analytics team had to develop a whole new driver behavior scoring system that is unique to the Vietnamese market. OPES and IMS tested with thousands of drivers and more than 60,000 trips to develop the scoring criteria. Mr. Dang Hoang Tung, Chief Executive Officer of OPES said: This is a ground breaking opportunity for telematics-motor insurance in Vietnam and we are very excited to be pioneering the new OPES insurance app in partnership with IMS after a successful trial. Not only are we excited to join the motor insurance market with this innovative, new product but we also want to help promote and build a safe driving culture among Vietnamese drivers to help reduce the accident rate in the long run. Paul Stacy continued: Having developed the process for Vietnam, we think something very similar will apply to other Southeast Asian markets where traffic flow is very different from the West.” He also noted that there are around 76 million registered car drivers in ASEAN nations, representing a huge untapped market for telematics and connected insurance. Turning to the OPES deal, Paul said OPES will be working with IMS to offer a number of different services using our core technologies, including our ‘try-before-you-buy’ functionality and behaviorally based rewards program. We are also expecting to help OPES in introducing mileage-based insurance to their policyholders in the future. Paul Stacy said the OPES deal underscored IMS’ growing international presence beyond the UK, Europe and North America. Our approach to deal making is consultative and leverages our own deep insurance expertise. We prefer to work collaboratively with clients, such as OPES, and implement solutions that achieve the insurer’s desired outcomes - for the present day, but also with an eye to the future.

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CORE INSURANCE,INSURANCE TECHNOLOGY

Arthur J. Gallagher & Co. Acquires Mahowald Insurance, LLC

Arthur J. Gallagher & Co. | December 14, 2022

Arthur J. Gallagher & Co. today announced the acquisition of St. Cloud, Minnesota-based Mahowald Insurance, LLC. Terms of the transaction were not disclosed. Founded in 1930, Mahowald is a retail insurance agency offering commercial and personal products, employee benefit packages and risk management services for clients across the Midwest. Bob Mahowald, Jr., and his team will remain in their current location under the direction of Sean Gallagher, head of Gallagher's Great Lakes region retail property/casualty brokerage operations, and Tom Lannen, head of Gallagher's Midwest region employee benefits consulting operations. "Mahowald has an outstanding reputation as a fourth-generation broker whose health care market expertise will enhance our capabilities in the region, I am very pleased to welcome Mahowald to Gallagher." -J. Patrick Gallagher, Jr., Chairman, President and CEO Arthur J. Gallagher & Co. (NYSE: AJG), a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois. Gallagher provides these services in approximately 130 countries around the world through its owned operations and a network of correspondent brokers and consultants.

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CORE INSURANCE,RISK MANAGEMENT

Munich Re and HSB Team Up with Schneider Electric to Enable Risk Innovation

Munich Re and HSB | December 09, 2022

HSB, a provider of specialty insurance and technology services and a U.S. subsidiary of global reinsurer Munich Re, today announced they will expand their suite of risk management technologies and financial protections through a strategic agreement with Schneider Electric. HSB and Schneider Electric, a global leader in digital transformation of energy management and automation, will distribute their respective solutions and technologies to each other’s clients. Through their collaboration, the companies will bring their customers a combination of technology products and services for electrical and equipment risks. HSB also will create new financial products, including warranties and performance guarantees, for customers of Schneider Electric EcoStruxure™ Power solutions. In addition, the companies will explore new data products that benefit insurers and their policyholders. “Schneider Electric’s class-leading solutions and expertise have the potential to change the traditional insurance paradigm, Together, we will deliver innovative IoT technologies, financial products, and data-driven solutions to help transform electrical and equipment risks across a variety of industries and geographies.” -Greg Barats, president and chief executive officer of HSB and head of Munich Re’s global IoT business ArcBlok™ Protection Backed by HSB In their first joint effort, HSB will provide performance guarantees for Schneider Electric’s ArcBlok™ 2500 electrical risk management technology, which helps prevent and limit dangerous electrical arc flashes occurring within industrial motor control centers and electrical switchboards. ArcBlok’s arc flash isolation technology includes innovative safety and loss prevention features, provides a low carbon footprint, and is designed to deliver a long lifecycle of protection. HSB’s expertise and solutions in risk management has provided a unique value for our EcoStruxure clients to become more technically and financially resilient, As a global business we understand the challenges our customers are facing around the world because of the economic landscape. Munich Re’s world-class risk management products, when utilized with EcoStruxure based solutions powering innovations like ArcBlock, will drastically reduce asset exposure and facility downtime risk caused by catastrophic events, whilst also remaining economically viable,said Rohan Kelkar, executive vice president, power products, at Schneider Electric. A Global Ecosystem of IoT Providers The strategic alliance with Schneider Electric will serve as an anchor for expanding Munich Re and HSB’s IoT solution ecosystem, which spans risk management technologies for non-weather water, fire, and equipment failure. We see Schneider Electric as a cornerstone partner in the ongoing extension of our global ecosystem of IoT solution providers, This ecosystem holds the potential for providing a full suite of IoT solutions that address the key perils of our valued insurance partners and end-customers, while providing a solid foundation to drive efficient IoT solution provider evaluation and integration, while also collaboratively developing innovative data monetization methods,said John Riggs, HSB chief technology officer and senior vice president of Applied Technology Solutions. Hartford Steam Boiler (HSB) HSB, part of Munich Re, is a multi-line specialty insurer and provider of inspection, risk management and IoT technology services. HSB insurance offerings include equipment breakdown, cyber risk, specialty liability and other coverages. HSB blends its engineering expertise, technology and data to craft inventive insurance and service solutions for existing and emerging risks posed by technological change. Throughout its 150-year history HSB’s mission has been to help clients prevent loss, advance sustainable use of energy and build deeper relationships that benefit business, public institutions and consumers. HSB holds A.M. Best Company’s highest financial rating, A++ (Superior). Munich Re Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. The group consists of the reinsurance and ERGO business segments, as well as the asset management company MEAG. Munich Re is globally active and operates in all lines of the insurance business. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. It offers customers financial protection when faced with exceptional levels of damage – from the 1906 San Francisco earthquake through Hurricane Ida in 2021. Munich Re possesses outstanding innovative strength, which enables it to also provide coverage for extraordinary risks such as rocket launches, renewable energies or cyber risks. The company is playing a key role in driving forward the digital transformation of the insurance industry, and in doing so has further expanded its ability to assess risks and the range of services that it offers. Its tailor-made solutions and close proximity to its customers make Munich Re one of the world’s most sought-after risk partners for businesses, institutions, and private individuals.

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Spotlight

HSP Group has come up with an engaging checklist of compliance questions one must follow to ensure a successful global operation. Read ‘Global Compliance Queries in Mind? HSP Group Comes to Your Rescue!’ to get a bird’s-eye view of the article. Some of the exciting topics that we have covered in our piece include the following:

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