Around the property and casualty insurance industry: June 16, 2021
Spencer Educational Foundation launched its second annual comprehensive fundraising campaign, Funding Their Future, on Tuesday, June 15, 2021. Spencer’s Funding Their Future campaign, which aims to raise $ 1 million, will honor Peter Garvey (EPIC Insurance Brokers and Consultants) and Mary Roth (RIMS) for their immense dedication to supporting the next generation of risk management and insurance professionals.
Certified completed an oversubscribed $ 5.8 million Series A financing round. Investors understand IA Capital, a New York-based private investment firm specializing in InsurTech and FinTech, as well as At national scale, Co-founders’ capital, End of VC and Cameron Ventures.
Charles Taylor created a new division to provide environmental services before and after disaster. The new company will be known as Charles Taylor Environmental Technical Services and will be led by Kellie Vazquez, senior vice president of environmental technical services.
iBynd launched with BlinkSM by Chubb, a Chubb brand that provides personal cyber insurance coverage to consumers. the cyber insurance PlusSM, a proprietary platform created by iBynd, has integrated Blink’s personal cyber insurance into its cyber protection product line, representing a whole new direction in providing “easy, effortless and affordable consumer insurance products.” According to the company.
Sedgwick, a global provider of integrated business, risk and benefit management technology solutions, has acquired regional automotive valuation companies Southwest Auto Damage Appraisers and Metro evaluation.
Embroiderer secured $ 100 million in Series C funding. The funding round was led by FTV Capital with additional investment from HSCM Bermuda and Gaingels. Embroker plans to use the new funding to grow the business into a full InsurTech by creating its own insurance company.
Tower stone acquired Specialists in the subscription of professional lines, Inc. (PLUS), an Austin, Texas-based wholesale insurance brokerage firm specializing in professional liability management and liability. The partnership opens new markets for Towerstone and PLUS and provides Towerstone with the expertise to address new and increasingly important risk solutions sought by commercial insurance brokers, such as cyber coverage, directors and officers insurance, professional liability and employment practices.
CFC launched a transaction liability solution aimed at unlocking the micro-segment of the M&A market. CFC’s premier transaction liability solution in the market is designed to seize this important opportunity for brokers. Its new private business policy covers sellers of small businesses with an enterprise value between $ 250,000 and $ 10 million for damages and defense costs resulting from a claim against the seller for breach of representation. or warranty (R&W) in the purchase contract.
Branch insurance closed a $ 50 million Series B fundraiser to fuel the expansion of its domestic channels and partners. The tour was led by Anthémis Group with participation from Acrew, Cherry Creek Holdings and existing investors. The branch has raised $ 82.5 million to date.
Inter-Company Marketing Group, the non-profit association that fosters and promotes business networking between insurance and financial services professionals and companies, hosted its first-ever mid-year insurance networking event on May 25 2021. The gathering of senior executives and decision makers from insurance companies, fraternal and financial organizations, marketing organizations and distributors, providers of operational and business support and others involved in building business relationships and strategic alliances was held at Texas Live! in Arlington, Texas. The following companies were sponsors of the event:
- PNJ, Inc.
- Health care now
- National Track Association
- Crum & Forster
- Gallagher Affinity | PANA
Racine, Inc. celebrated more ways for connected car drivers to get quotes based on their driving behavior with RootReady. RootReady combines sensors from connected cars with the Root experience, allowing drivers who own a 2015 or newer General Motors vehicle, including Chevrolet, GMC, Buick, and Cadillac models, to get an instant quote in the Root app without doing the Root test. This means that drivers of 2015 or newer GM vehicles can receive a quote from Root today using data from their connected cars.
Risk investment services has launched a new professional liability insurance agents and brokers program with ISMIE Indemnity Company, a subsidiary of ISMIE Mutual Insurance Company.
Canopie Group launched its algorithmic subscription platform, Vave, as an MGA. Vave provides US wholesale brokers with access to Lloyd’s of London to provide better access to disaster risk property insurance coverage. It is currently connected to half of the US wholesale broker market.
AEGIS London has launched a new active aggressor parametric. This is the first such policy launched by the union. The Parametric Active Attacker product is initially aimed at small to medium-sized businesses in the Dallas area with portfolios of up to 10 properties. INSDEX Active Response, which is distributed through partner brokers and over time via AEGIS ‘Opal platform in London, was developed in collaboration with Skyline Partners, a recent graduate of Lloyd’s Lab. Skyline’s Parametric Platform monitors open source data from the Dallas Police Department to identify when a trigger event has occurred.
Alliance of First Choice Agents donated $ 10,000 to Invest, a non-profit organization administered by the Big “I”. Invest educates high school and community college students about insurance and encourages them to pursue careers with independent agents and brokers.
Battleface Inc. launched Explorer Travel Insurance in the United States, designed specifically for the world’s most adventurous travelers. The new Explorer product is essential for active travelers looking for coverage that would otherwise be excluded, such as sports, emergency medical treatment, evacuations and accidents, as well as travel to some of the more isolated destinations.
Cornerstone Risk Solutions LLC acquired CLIC Management SA, LLC, a general agent for managing group insurance programs for the legalized cannabis industry. The transaction has been effective since April 15, 2021.
Physio on site announced a major breakthrough for the company with the launch of a new brand identity and a name change to PhysNet. PhysNet will continue to offer its unique “benchmark triage” program, whereby injured workers are placed in the optimal care setting based on expected clinical efficacy and patient preferences.
Related: Around the P&C Insurance Industry: June 9, 2021