Around the P&C insurance industry: November 23, 2022

Around the P&C insurance industry: November 23, 2022

Insurance industry news from Ryan Specialty, MarshBerry, Pinnacol Assurance and more. (Photo: Shutterstock)

Ryan Specialty Transactional Risks International expanded their presence with an office in Copenhagen, Denmark, which is the business’ fourth office. Transactional Risks International is a part of Ryan Specialty’s Underwriting Managers platform and specialises in the core transactional risk products of warranty and indemnity insurance and commercial tax liability insurance, servicing brokers internationally.

MarshBerry congratulated Relation Insurance Services on the successful sale of its Relation Education Solutions business to Risk Strategies. MarshBerry served as the exclusive financial advisor to Relation on the transaction, which was closed on September 2, 2022.

PCF Insurance Services acquired Milz Health Group, a full-service health insurance agency providing coverage to Wisconsin Medicare-eligible individuals and coverage through the Affordable Care Act. Milz provides affordable health care coverage for individuals through an integrated suite of online services. Offering Medicare Advantage Plans, Medicare Supplemental Insurance policies, and Medicare Part D prescription drug plans, Milz Health Group uses a unique, proprietary process to design plans with top insurance carriers that are affordable and effective.

Pinnacol Assurance was announced as an honoree of The Civic 50 Colorado by CSR Solutions of Colorado and Points of Light for its robust corporate citizenship programming. Pinnacol’s grantmaking, corporate volunteerism, scholarships program, compassionate support for injured workers, sustainability efforts and championing of diversity, equity and inclusion are all ways it cares for Colorado. This is the fourth consecutive year Pinnacol has received this recognition.

M&T Insurance Agency merged with Powers Insurance & Risk Management, family owned and operated independent insurance agencies in the bi-state region. M&T Insurance agency owner Mark Tomlin will continue to serve his clients in a new role as Powers’ Risk Management Advisor. M&T Insurance Agency was based in St. Peters, Mo. and specialized in personal and business insurance.

Asta announced that Trium Cyber, a new risk carrier backed by Jim Stanard’s Pelican Ventures that was first announced in September, has received approval from Lloyd’s to commence underwriting business incepting on or after January 1, 2023. Trium Cyber plans to write $50 million USD of gross premiums during its first year.

INCENTER Insurance Solutions announced the opening of an office in Plano, Texas, which will serve the entire state. The new office opens its doors with five staff members born and raised in Texas. In the coming months, the company will add up to 20 more employees.

Sensovium Inc. launched its new app OtoZen, which is designed to help drivers stay safe on the road. The app provides real-time warnings for unsafe driving behavior, such as texting and driving, and also features a speed limit warning system that beeps when the driver exceeds the speed limit. New drivers are considered high-risk because they lack experience behind the wheel. They’re more likely to take risks like speeding, as the proportion of fatal crashes that involved speeding was reported higher for teenage drivers than for other age groups. Drivers are more likely to be in a crash during the first year of driving than at any other time, and teens are more likely than any other age group to be involved in a distracted driving crash.

InsurTech Hartford announced the winners of the 2022 InsurTech Hartford Innovation Challenge, in collaboration with ACORD, the industry’s oldest standards association.

Ahoy! was named “Best Emerging InsurTech” by InsurTech Hartford as part of the Innovation Challenge Awards. The Innovation Challenge recognizes the best revolutionary ideas and innovations from the insurance industry every year.

NFP acquired Juno Search Partners, LLC, a Philadelphia-based search and staffing firm. Juno specializes in contingent search, contractor placement, executive search and custom talent solutions for employers to grow and sustain their workforce. Co-founders Mikal C. Harden and Vicki Sack will join NFP as senior vice presidents.

NFP acquired Tailored Finance Limited. This is NFP’s first healthcare-focused acquisition in the Irish market, expanding its portfolio of services, solutions and market-leading advice. Tailored Finance’s managing director, Jeremy Tucker, will join NFP as a director.

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