Trov selected to provide on-demand insurance for electric rideshare company Zerology

Trov | March 12, 2020

Trov, an insurance technology firm focused on providing on-demand insurance, has announced that it has been selected by Mobility Transformation (parent company of Zerology) to provide coverage for zero-emissions rideshare company Zerology. A release said that Trov will use anonymized vehicle data from Zerology’s fleet of Tesla Model 3 cars in Madison, WI to address the rideshare company’s complex risk management challenges. Zerology is headquartered in Madison, WI, where it offers ride-hail, car-share, and van-pool services to consumers. The company is focused on helping consumers find eco-friendly ways to travel around. The collaboration with Trov makes Zerology’s fleet the first to utilize individual Tesla vehicle data to inform an on-demand commercial insurance product. “We’re delighted to partner with Zerology to unleash the power of their connected vehicle data to assign just-right, just-in-time insurance, to generate meaningful efficiencies and to power digital risk management,” remarked Trov Mobility SVP and general manager Ian Sweeney.

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CORE INSURANCE

Truist Insurance Holdings to acquire Kensington Vanguard National Land Services

Truist Insurance Holdings, Inc. | February 09, 2022

Truist Insurance Holdings, Inc., a subsidiary of Truist Financial Corporation and the sixth-largest insurance brokerage in the U.S., announced today that it has signed a definitive agreement to acquire Kensington Vanguard National Land Services, one of the country's largest independent full-service national title insurance agencies. The transaction significantly expands Truist Insurance Holdings' presence in the title insurance market. Truist's existing title operation, BridgeTrust Title, will be integrated into the Kensington Vanguard platform. "Kensington Vanguard has grown considerably over the past 15 years through a successful strategy built around geographic expansion, talent recruitment, and acquisitions, Its industry-leading expertise in both the commercial and residential title sectors will enable us to offer title and real estate services across the full market spectrum. The combined business will be one of the largest full-service real estate service agencies in the U.S." -John Howard, chairman and chief executive officer of Truist Insurance Holdings. The transaction is expected to close later in the first quarter. The terms of the sale were not disclosed. About Truist Insurance Holdings Truist Insurance Holdings, Inc., the sixth-largest insurance broker in the U.S. and seventh-largest in the world, is a subsidiary of Truist Financial Corporation (NYSE: TFC). Headquartered in Charlotte, NC, Truist Insurance Holdings operates more than 240 offices through its subsidiaries: McGriff Insurance Services, Inc.; CRC Insurance Services, Inc.; Crump Life Insurance Services, Inc.; AmRisc, LLC; and its Premium Finance companies (AFCO Credit Corporation, Prime Rate Premium Finance Corporation, Inc., and CAFO Inc.). About Kensington Vanguard National Land Services Kensington Vanguard National Land Services, LLC, headquartered in New York City, has offices in Arizona, Florida, New Jersey, Virginia, and Texas. It is one of the largest full-service national title insurance and settlement agencies in the U.S. Founded in 2002, Kensington Vanguard provides commercial and residential title insurance, settlement, escrow and 1031 exchange services. After a strategic investment by private equity firm Stone Point Capital in 2016, Kensington Vanguard has continued to be a consolidator driven by industry leadership and financial strength.

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CORE INSURANCE

CITIZENS NATIONAL ANNOUNCES LAUNCH OF CRITICAL ILLNESS PRODUCT

Citizens National Life Insurance Company | January 24, 2022

Citizens National Life Insurance Company ("Citizens National"), a subsidiary of Citizens, Inc. (NYSE: CIA) announces the launch of its new Critical Illness Coverage product. This will be Citizens National's third product launched in the past 12 months. The company is focused on developing products that provide value and benefits for their policyholders. Citizens National new Critical Illness Coverage product pays benefits directly to the policyholder to assist with added expenses in the event of a qualifying critical illness. The Critical Illness Coverage is unique in that a policyholder with a qualifying illness is directly paid benefits and decides where to spend the money – its uses are flexible and can be used for anything from medical deductibles to everyday expenses such as rent, food or childcare. "We are excited to be launching our third product just months after our Whole Life product Longevity Max. Critical Illness is an exceptional product designed to give policyholders coverage where they need it and help supplement their Health insurance to give them protection if they were to have a critical illness. One of the best features is it gives the policyholder the power to decide where to spend it. We are proud to continue to develop products that can help our policyholders." -Bob Mauldin, President and Chief Marketing Officer of Citizens National Citizens National offers an exclusive, customized service with its understanding of the Spanish and Portuguese languages and the Hispanic culture so customers can be confident in making the most informed decisions. The entire customer and agent experience is provided in a choice of Spanish, Portuguese and English languages. Our broad trajectory and experience in the life insurance market in Latin American, along with our excellent digital and customized service, make Citizens National a top option. About Citizens National Life Insurance Company Citizens National Life Insurance Company is a member of the Citizens, Inc. group of life insurance Companies. Citizens National was incorporated in the State of Texas on June 2, 1965 and began transacting business in 1966. CNLIC is licensed in 9 states. The company gains additional financial stability through the long trajectory and strength of its holding company, Citizens, Inc., which adds value to each of our policies by providing state-of-the-art technology systems, strong investment strategies and streamlined operational leadership. About Citizens, Inc. Citizens, Inc. is an insurance holding company listed on the New York Stock Exchange under the symbol CIA. The Company utilizes a three-pronged strategy for growth based upon worldwide sales of U.S. Dollar-denominated whole life cash value insurance policies, life insurance product sales in the U.S. and final expense and limited liability property product sales in the U.S.

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CORE INSURANCE

Novea Inc. Closes $55 Million Funding for FinTech Jacana Warranty's InsureTech Platform

Newpoint Financial Group SARL. | December 21, 2021

Novea, Inc., ("Novea") a financial technology (fintech) software company founded in 2015, announced today that it has closed $50 million in equity and $5 million debt financing. The equity proceeds will go towards wholly-owned subsidiaries of Novea, Jacana Warranty and Jacana Insurance, to support a proprietary user application platform it developed which is revolutionizing the consumer warranty and service contracts industry. The debt proceeds will support general corporate overhead expenses. The investment is provided by Swiss-based Newpoint Financial Group, a global diversified financial services firm ("Newpoint") with operations located throughout Europe, United States and West Africa. The investment was made through Newpoint's U.S. subsidiary, Newpoint Financial Corp. In exchange for Newpoint's $50 million equity investment, Novea has issued to Newpoint ten percent of its outstanding common stock and convertible redeemable preferred shares. The investment proceeds are being applied as statutory and solvency capital within Novea's insurance division, Jacana Insurance—bolstering its balance sheet for its global insurance underwriting commitments. As part of the transaction, Newpoint has also provided Novea a $5 million, five-year, revolving line of credit which Novea may draw down and use for corporate operational and overhead expenses. In addition, Newpoint was granted a warrant to purchase additional Novea common stock which may be exercised at Newpoint's discretion in an amount up to $50 million over the next ten years, which if exercised in total, increases the transaction value to $105 million. Other investment conditions include Newpoint having board of directors and risk committee representation rights, and Newpoint's reinsurance company, Newpoint RE having first right of refusal on all Novea reinsurance business opportunities as well as other customary covenants and monitoring rights. "We couldn't have asked for a better financial and reinsurance partner than Newpoint Financial. With this funding, we not only ensure moving Novea to the next level, but we are able to reward our existing long-term investors with a significant appreciation of their Novea shares as this transaction imputes a $500 million market value of Novea. Over the past couple of months, we have been closing multiple new customer contracts which represent significant sales growth for 2022 and we are looking to close out this year's sales pipeline with contracts value in excess of $10 million in potential new sales." -Jim Quinlan, CEO of Novea Keith D. Beekmeyer, CEO of Newpoint stated "2021 has been a landmark year for Newpoint having closed $250 million in solvency capital investments into multiple insurance and reinsurance companies throughout Europe and the United States. We're pleased to end the year on a high note with this $50 million investment into Novea. We believe that Novea's technology and proprietary claims processing will redefine the consumer warranty marketplace and we are looking forward to a long term mutually prosperous partnership with them." Iroko Securities, a Newpoint subsidiary, served as financial advisor to Newpoint. NMS Consulting served as strategic advisor to Novea. About NOVEA, INC. Novea Inc.is a financial services technology (FinTech) software company which has launched its proprietary user app, Jacana Warranty fully backed by Jacana Insurance, both wholly owned subsidiaries of Novea, Inc. Jacana Insurance is a captive specialty insurance carrier that offers warranties and service contracts on consumer products and electronics. Jacana Warranty has put the warranty buying power back into the hands of the consumer with the goal of becoming the consumer's ideal choice. About Newpoint Financial Group SARL. Newpoint Financial Group SARL., together with its global affiliates and subsidiaries is a global diversified financial services holding company which operates across multiple business units including insurance, reinsurance, insurance brokerage, investment banking, wealth management and asset management with operations located throughout Europe, United States and West Africa.

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INTELLECTUAL PROPERTY

Keystone Expands in Michigan, Signing on Iott Insurance Agency

Keystone | February 08, 2022

Keystone, the fourth largest participant-owned insurance agency network in the nation, continued its expansion in the Great Lakes Region by signing on new Michigan agency, Iott Insurance Agency of Blissfield, Lambertville, and Petersburg. “In keeping with our tradition of excellence, we have upheld and stayed true to our core values by bringing Iott Insurance Agency into our Michigan family, Brian Iott, Kurt Diver, and Tim Miller are exemplary leaders in the communities they serve and are a natural fit for Keystone. Located in lower southeast Michigan, this relationship expands our geographic presence and provides the Iott team and their clients access to tools and resources that complement the world-class service they have delivered since day one. We look forward to a long, prosperous relationship!” -Aaron Vorce, Michigan state vice president. “We are so excited about our new relationship with Keystone and their member agencies, The tools and resources Keystone provides its agency force is second to none in the industry. We look forward to all the opportunities this new relationship will bring to our agency.” -Principal Tim Miller. About Iott Insurance Agency– Iott Insurance Agency dates to 1950 when Brian Iott’s father Francis became licensed and eventually opened a small agency in Blissfield. In 1970, Francis partnered with Virgil Diver to expand locations and services. Today, the agency has a staff of 25 experienced professionals dedicated to customer service. About Keystone Insurers Group (Keystone): Keystone started in 1983 when four independent insurance agencies teamed up to pool their experience and expertise. This small group believed that agencies could be stronger and more successful if they linked arms – a passion and spirit that continues. Growing to almost 300 independent agencies in 17 states, Keystone provides its agents with a community of like-minded agencies, industry expertise and access to specialized products for their clients. Keystone is ranked number four on Insurance Journal's 2020 list of Top 20 Property/Casualty Agency Partnerships.

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These are the 5 auto insurance discounts that clients most commonly don't receive even when they deserve them. If you qualify for any of these discounts and are not getting them on your current insurance contact your agent or give us a call today!

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