People & Places
Jamie Hopkins joined the faculty at The American College as an assistant professor of taxation. He will develop curricula associated with the College’s new retirement income certified professional designation.
Willis‘s agri-business division, Hughes-Gibb, appointed Dan Fairweather to head its expanding aquaculture insurance broking and risk management division. The expansion is in response to new studies showing decline in wild fish stocks is occuring faster than previously believed; more than half of all seafood consumed today is produced by aquaculture.
Mergers & Acqusitions
Markel Corp. entered into a definitive agreement to acquire Essentia Insurance Co. from OneBeacon Insurance Group. The transaction is expected to be complete by January 2013. Essentia will continue to underwrite exclusively for Hagerty Insurance Agency and Hagerty Classic Marien Insurance Agency.
Aon Risk Solutions will distribute non-practicing entity patent litigation insurance in partnership with RPX Corp. The program will help small- to medium-sized tech clients manage and minimize risk and comes at a time when expenses related to patent infringement lawsuits have tripled in size since 2005.
Enservio expanded its on-site inventory services to a nationwide coverage. The change reflects full integration of Insurer’s World’s Service On Site (SOS) content offerings. SOS believes its claims process has improved, leading to faster and more accurate settlements. Other improvements include:
- Forensic reconstruction and public adjuster reconciliation of loss
- Lock down of loss site to prevent further damage
- Guidance for representatives and adjusters on repairing and replacing
- On-site product experts
- Shorter cycle times
- Empathetic customer service during traumatic periods.
ISO announced revisions to and introduced optional endorsments as part of its Businessowners product (BOP) including the following:
- Broadened debris removal coverage to include removal of debris of the property of others and increase removal limit to $25,000
- Increased extended business income coverage to 60 days
- Introduced new coverage extension for business personal property temporarily stored in portable storage units
- Updated provisions to compliment ISO’s commercial property and commercial GL programs.
New Level Partners teamed up with Project Consumer Agent Portal (CAP) to build an online series for independent agents and brokers. The Project CAP resource center is expected to use interactive, narrated modules to assist agencies in educating staff about the basics of digital marketing, such as generating more online prospects and revenue.
Affinity Healthcare programs are now providing service to insurance brokers nationwide. The programs serve:
- Physical therapy and rehabilitation centers
- Allied healthcare businesses
- Allied healthcare schools
- Aesthetic businesses
- Homes and services for the aging
- Orthotic and prosthetic suppliers and manufacturers and more.