Filed Under:Agent Broker, Agency Management

Around the P&C insurance industry: Jan. 11, 2017

(Photo: Shutterstock)
(Photo: Shutterstock)

Itasca, Illinois-based insurance brokerage and risk management services company Arthur J. Gallagher & Co. said it has acquired Chicago-based consulting firm Gruppo Marcucci, LLC. Terms of the transaction were not disclosed.

New York City-based homeowners' and rental insurance company Lemonade said it has set a world record for the speed of paying a claim. In three seconds, a Lemonade claims bot reviewed the claim, cross referenced it with the policy, ran 18 anti-fraud algorithms on it, approved the claim, sent wiring instructions to the bank, and informed the client the claim was closed.

Valhalla, New York-based insurance brokerage and consulting company USI Insurance Services said Todd R. Johnson has been appointed to a two-year term as chairman of the Massachusetts Workers’ Compensation Advisory Council (WCAC). He is senior vice president and property-casualty practice leader of the USI Massachusetts offices.

Coconut Creek, Florida-based Vue Software said Columbus, Georgia-based Aflac will use its Distribution Management Suite to encompass their individual and group systems on a single platform.

Chicago-based insurance brokerage Hub International Ltd. said it has acquired the following agency and brokerage firms:

  • Mainline Insurance Brokers Inc.
  • Indian Head Agencies (1980) Ltd.
  • R&J McKay Agencies Ltd.
  • Cathedral Insurance Services (1995) Ltd.

Terms of the transaction were not disclosed.

Foster City, California-based Guidewire Software, Inc. said the Alberta Motor Association will use its Guidewire DataHub and InfoCenter to support data and analytics strategies, as well as Guidewire Quote and Buy Portal for Policyholders and Account Management Portal for Policyholders.

Buffalo, New York-based commercial insurance provider Merchants Insurance Group said it has joined the Alexandria, Virginia-based Independent Insurance Agents & Brokers of America's Agents Council for Technology.

Richmond, Virginia-based specialty insurer Kinsale Insurance Co. said it is now offering Educational Institution (School Board) Liability Coverage through its Public Entity Division.

Broomfield, Colorado-based property catastrophe insurance underwriter Icat said its Syndicate 4242 at London-based Lloyd’s of London is partnering with London-based insurer Neon in a reciprocal capacity arrangement to bring additional per risk capacity to the Bermuda Property D&F market. The arrangement allows Neon to offer up to $40 million per account on properties underwritten from the Bermuda office, and ICAT Syndicate 4242 now delegates authority to Neon to underwrite larger property schedules.

Scottsdale, Arizona-based management consulting firm IDT911 announced it has changed its name to CyberScout.

Boston-based insurance research and advisory firm Novarica said it found one in four insurers is planning a pilot in analytics, SaaS or mobile in 2017, while the use of social media for data analysis has more than doubled since 2014. More results can be found in its fourth annual emerging technology report “Hot Topics” for Insurers: Social, Mobile, Analytics, Big Data, Cloud, Digital, and IoT/Drones.”

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