Around the P&C insurance industry: June 29, 2022

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News from Acrisure, Brokerslink, Openly and more. (Photo: Shutterstock)

Acrisure acquired Russell Scanlan, the distinguished bespoke insurance brokerage and risk manager. The deal is expected to close in the near term, pending FCA regulatory approvals. To date in 2022, Acrisure has completed or has under letter of intent 100 acquisitions, continuing its industry-leading M&A pace. Established in Nottingham in 1881, Russell Scanlan prides itself on a strong professional pedigree built through advising on all forms of commercial insurance, from large corporates through to SMEs, across multiple and specialist sectors and also for private clients.

Brokerslink added PRFC Limited from Trinidad & Tobago as a new affiliate to its international network. The independent broking business, headquartered in Port of Spain, was launched in 2000 by Managing Director Rodney Farah and former Chairman Peter Farah. PRFC offers comprehensive insurance broking services for high net worth, corporate and large group clients in Trinidad & Tobago, along with risk management and business continuity solutions for companies throughout the wider region.

Openly announced that it has closed a $75 million Series C investment. The round involves a mix of current and new investors, including Advance Venture Partners, Clocktower Ventures, Obvious Ventures, Gradient Ventures, PJC Ventures, Techstars and Mtech.

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Openly announced it is now available to independent insurance agents and homeowners in the state of Maine. Independent insurance agents across the state can now access Openly’s premium, transparent and comprehensive coverage, obtaining quotes in 15 seconds.

Five Sigma released a new no-code notifications builder tool within its management console that enabled claims managers to easily configure and manage their CMS notifications. The feature release gives Five Sigma CMS admins the freedom to build their own notification workflows, instead of being dependent on IT resources or development. In addition to simplifying the course of the day, the new feature maximizes each company’s claims operational efficiency by better aligning to workflows and regulations.

Betterview announced the addition of Hurricane Risk Insights to the Betterview Property Intelligence & Risk Management Platform. In response to a dramatic increase in catastrophic weather events caused by climate change, Betterview continues to add new peril-specific insights to the Betterview Platform help insurers and policyholders better gauge risk and protect against potential damage.

Everest Insurance entered the Asian market after receiving regulatory approval from the Monetary Authority of Singapore to operate in Singapore. The entity will be headquartered in Singapore, and Senior Vice President and Regional Head of Insurance in Asia Ben Carey will lead operations and a team of seasoned underwriters.

Previsico and Zurich Municipal partnered to boost flood risk resilience across the public sector. The move will provide Zurich Municipal’s customers with a surface water flood warning system for the first time and free of charge. This innovative solution will provide warnings for insured properties at risk of imminent flooding, as well as providing local authorities with a new district flood warning service for roads and parks.

Liberty Company Insurance Brokers partnered with Grove Financial & Associates, Inc. of Mechanicsburg, Pennsylvania. Led by managing partner, Andy Grove, Grove Financial & Associates is a full-service insurance and financial firm with a team that brings many years of combined knowledge to its clients. The company opened its doors over 25 years ago with a commitment to providing clients the exceptional service and professional advice that they would personally want.

NFP partnered with Palm Beach North Athletic Foundation. PBNAF is a 501(c)(3) not-for-profit corporation with a mission to develop and operate the PBN Sportsplex, a world-class indoor community recreation facility, providing people of all ages and abilities a safe, state-of-the-art environment to help them achieve their goals and develop the skills needed for success in life.

Gallagher Re appointed Antoine Bavandi in the newly created role of global head of public sector, parametric & climate resilience solutions, effective immediately. Based in London, U.K., he will report to Printhan Sothinathan, CEO global analytics and advisory, Gallagher Re and work in close partnership with existing public/private solutions teams and regional specialists located around the world.

SureChoice Underwriters Reciprocal Exchange and SageSure launched its first commercial insurance product for small- and medium-sized businesses in Texas. SURE’s business owners policy combines both property and general liability coverage in one convenient, affordable package, addressing the most common risks for growing businesses. Underwritten and distributed by SageSure, SURE’s first commercial insurance product arrives at a time when other insurers are restricting coastal capacity in response to increased frequency and severity of catastrophe losses from hurricanes, extreme winter storms, and more.

Insurance Industry Charitable Foundation, a non-profit organization dedicated to helping communities and enriching lives, launched their new Global Membership program to insurance professionals in the U.S. and world-wide on June 1, 2022. The IICF Global Membership program represents an opportunity for individuals working in insurance to amplify their efforts to advance social good through IICF. For the first time, those who are passionate about giving back in their communities and forward-thinking about their careers have the unique opportunity to engage on an individual basis with the foundation that serves to unite the insurance industry in philanthropy and leadership.

Duck Creek Technologies acquired Prima XL, France-based Prima Solutions’ flagship commercial reinsurance technology solution. Prima XL will further enhance Duck Creek’s value to current and future customers by simplifying reinsurance management. The transaction terms also include an agreement by Duck Creek to purchase Prima Compliance for Solvency II, a compliance solution which Duck Creek intends to continue offering in the French marketplace.

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