Around the insurance industry: September 23, 2015.
Torrent Technologies, Inc., in coordination with Torrent's Write-Your-Own (WYO) carriers participating in the National Flood Insurance Program (NFIP), announced the availability of a new excess flood insurance solution that combines broad coverage with real-time quoting and binding functionality. Torrent/DUAL Excess Flood is underwritten by Lloyd's of London coverholder DUAL Commercial LLC, and provides up to $15 million in insurance protection above NFIP limits for residential and commercial property owners and up to $20 million in coverage for condominium owners. Written on a per risk basis, limits can cover damage to buildings and contents. Other coverage options, including loss of income/rents and earthquake, are also available to policyholders.
DLL announced it has sustained its growth in the first half of 2015. The company's strong half-year result is credited to its focus on partnerships, dedicated industry knowledge and a balanced spread of activities across regions. In the first six months of 2015, DLL recorded a net profit of $286 million, an increase of 13.9% compared to the same period last year. DLL is active in more than 35 countries worldwide in 4 different continents and targets 9 different industries: food, agriculture, healthcare, clean technology, construction, industrial, transportation, office technology and automotive. A substantial increase in food, agriculture, construction, transportation and industrial business during the first half of 2015 contributed to a year over year growth of the company's leasing portfolio with 4.7% towards $39.0 million. Geographically, Europe and North America were the primary contributors to this portfolio growth.
Willis Group Holdings announced the launch of Evergreen, an innovative, new insurance approach that removes the need for annual policy renewal. The Evergreen contract was developed by Willis in conjunction with AIG, the underwriters. The contract continues indefinitely, reducing frictional costs and eliminating time consuming administration at renewal. Complemented by risk management support, regular reviews ensure the correct level of protection is maintained at all times. The Evergreen policy also provides a six-month cancellation clause, which gives clients greater flexibility and freedom, unlike a traditional annual insurance policy that cannot be cancelled after inception.
Engle Martin & Associates has acquired a majority share of Eberl's Claim Service Inc. (Eberl) and its related companies. Eberl will continue to run independently within the Engle Martin family of brands via its own stand-alone management team under the name Eberl Claims Service, LLC. Eberl is Engle Martin's fourth acquisition in less than two years, and further solidifies Engle Martin's position as a leading insurance services platform with an enhanced and diversified service offering and a broader client base.
AssuredPartners Inc. announced the acquisition of Sisk & Co. (Sisk) of Denver, Colo. Sisk's 27 employees will continue to operate from their Denver headquarters under the leadership of Principal Thomas J. Sisk. For more than 35 years, the agency has been servicing clients throughout the Rocky Mountain region and across the United States. The broker is a proven leader in providing insurance, risk management, and safety training to oil and gas related companies. In addition to continuing its work for energy clients, Sisk & Co. will use its partnership to diversify and expand its services for the manufacturing, financial services and construction industries.
NAS Insurance celebrates its 40th anniversary as a unique specialty insurance company with roots in Encino and expanding global relationships. In 1975, a leading Lloyd's of London underwriter contacted Ed Robin, chairman of NAS, out of a need to explore the possibility of providing insurance to business owners seeking legal defense coverage. Thereafter, its business and partnership with Lloyd's expanded and evolved.
The Certified Automotive Parts Association (CAPA) performed its 25,000th Vehicle Test Fit (VTF). CAPA reached this historic milestone last month at its 22,000-square-foot Test Fit center in Grand Rapids, Mich. CAPA also has a 14,000-squarefoot Test Fit center in Irvine, Calif. In the mid-1990's, CAPA developed the VTF to confirm the fit quality of the aftermarket parts it had certified, as well as their car company brand counterparts, on actual vehicles. In 1999, CAPA made the test a certification requirement, when the first "VTF B" was performed. Since then, "Vehicle Test Fit" and "VTF" have become recognized terms within the aftermarket industry. Collision repairers have installed over 70 million CAPA Certified parts since 1990.
CAPA's website, capacertified.org has been completely updated with a new look, increased functionality, and more information than before. Collision repair professionals, distributors, insurers, parts manufacturers and consumers can quickly and easily zero in on the information they need to make an informed choice when it comes to collision repair parts.
Assurant, Inc. announced it has entered into a definitive agreement to sell its employee benefits business for $940 million to Sun Life Assurance Company of Canada. In addition, Assurant will enhance its capital management plan and return additional capital to shareholders. The sale of Assurant Employee Benefits to Sun Life Financial is structured as a combination of reinsurance agreements and sale of certain legal entities and assets. The transaction is expected to close by the end of first quarter 2016, subject to regulatory approvals and customary closing conditions. Assurant also will return additional capital to shareholders. Willkie Farr & Gallagher LLP represented Assurant, Inc. The Willkie deal team was led by partner John M. Schwolsky and included partners Rajab S. Abbassi, Donald B. Henderson, Jr., Eugene L. Chang, Christopher J. Peters and Jordan A. Messinger.
Towers Watson has entered into a definitive agreement to acquire Brovada, a Canadian insurance technology business. The acquisition will enhance Towers Watson's position as a leading insurance software provider. Brovada focuses on streamlining the communications between insurance agents and brokers, and property & casualty insurance carriers. Brovada is headquartered in Rothesay, New Brunswick, Canada, with additional offices in Moncton and Toronto.
ArgoGlobal, the Lloyd's insurer and member of Argo Group, and Asia Capital Reinsurance Group Pte. Ltd (Asia Capital Re) announced that they have signed a heads of agreement to establish, subject to Lloyd's and other regulatory approvals, a Special Purpose Syndicate (SPS) at Lloyd's to underwrite Chinese risks. Asia Capital Re has a significant multi-class portfolio of Chinese business. Under the new agreement, Lloyd's China (ArgoGlobal division) will underwrite a selected proportion of this portfolio, with Asia Capital Re providing the underwriting expertise and local risk knowledge of the Chinese market.The portfolio isanticipated to represent approximately PS30-35 million of Gross Net Premium in 2016. The new SPS will then underwrite an 80% quota share of this proportion, with the remaining 20% being retained by ArgoGlobal's Syndicate 1200.
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|Publication:||Property and Casualty 360|
|Date:||Sep 23, 2015|
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