Around the P&C Industry: July 6, 2022

Around the P&C Industry: July 6, 2022 Around the Industry 1 News from Vertafore, Allianz, Europ Assistance and more. (Photo: Shutterstock)

Vertafore acquired MGA systems, provider of software specially designed for MGA. The MGA market has seen steady growth in recent years, and continues to expand in the face of headwinds and disruptions in the broader economy with more room for growth. Vertafore’s acquisition of MGA Systems will enable accelerated investment and innovation in both companies’ solutions to address the changing needs of insurance professionals.

Allianz was associated with Coalition, based in San Francisco. Allianz provides Coalition with a long-term committed capability for its US cyber insurance programs and will lead Coalition’s UK cyber program when it launches later this year. Coalition combines cyber coverage with AI-powered security tools to help clients detect, prevent, and respond to cyber risk. Proactive, real-time risk assessments provide accurate information about digital risks, while 24/7 access to incident response experts enables organizations to respond to threats at an early stage. As a result, customers experience a substantially lower frequency of claims compared to the cyber market average.

European assistance announced the acquisition of MAPFRE Assistance a 74.6% stake in Bahrain-based Gulf Assist WLL; Gulf Assist also owns Arab Assist WLL in Jordan and has a commercial branch in Dubai. With this operation, Europ Assistance becomes the new leader in assistance in the Middle East, with a diversified B2B2C operating model both in terms of its offer (road assistance, travel assistance and insurance, mobile phone insurance) and geographically, with income generated in 10 countries. in the region.

NFP acquired Newport Private Wealth Inc., a Toronto-based private wealth management firm with approximately $4.3 billion in assets under management and offices in Waterloo, ON; Kingston, ON; Calgary, AB; and Kelowna, BC. Newport offers comprehensive wealth management services, including investment management, wealth, retirement and tax planning, insurance solutions and philanthropic advisory services for high net worth individuals and families. The transaction closed on June 30, 2022.

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PCF insurance services acquired a Utah-based property and casualty management general agent united subscribers. Sherman and company advised United Underwriters on the transaction. Founded in 1998, United Underwriters provides more than 150 agencies throughout the Western United States with property and casualty MGA programs and services that include homeowners, renters, residential, commercial, personal, earthquake and auto insurance.

Wattersona holding company high view capital acquired Bassett Creek Amenities, Inc., a leader in restoration and renovation services. Headquartered in Chicago, Illinois, Bassett Creek provides mission-critical restoration, renovation, and specialty services to a diverse group of commercial and residential clients. The company is comprised of five leading brands: JR Johnson, Cornerstone Renovation Group, Region Construction Group, Baxter Restoration and Disaster Restoration Pros, with complementary skills and experience that enable BCS to provide comprehensive service to clients across the country.

MarshBerry selected Imperial PFS as your strategic provider of choice for insurance premium financing for MarshBerry Connect members and MarshBerry Platform subscribers. IPFS is the largest independent premium finance company in North America. The IPFS One Platform approach offers the best technology solutions on the market, combining premium financing, payment and electronic signature capabilities in a set of services that streamline operations, shorten the sales cycle, improve the customer experience and foster business growth.