Patriot National has acquired Infinity Insurance Solutions, an auditing and underwriting survey agency based in Overland Park, Kansas serving providers of workers' compensation, general liability and property and casualty insurance. Infinity's president, Steve Sales, will continue to operate the business with his team and will become part of Patriot Underwriters, a subsidiary of Patriot National.
GC Securities, a division of MMC Securities Corp., a U.S. registered broker-dealer and member FINRA/NFA/SIPC, placed Series 2015-1 Notes with notional principal at $100,000,000 through a newly formed Bermuda domiciled catastrophe bond shelf program, Pelican III Re Ltd., to benefit Louisiana Citizens Property Insurance Corporation. This is the third time that LA Citizens has utilized the cat bond market to manage its tropical cyclone risks.
RFIB Holdings Limited, the international Lloyd's insurance and reinsurance broker, is pleased to announce that it has agreed to terms with Calera Capital, a private investment firm with offices in San Francisco and Boston, for the sale of a majority share in the business. As part of Calera's investment, Dennis Mahoney will join as Executive Chairman, subject to FCA approval.
Willis North America, a unit of Willis Group Holdings plc, the global risk advisory, reinsurance broking, and human capital and benefits firm, announced the acquisition of Evolution Benefits Consulting, a Malvern, PA-based strategic health and welfare benefit advisory firm. Founded in 2001, Evolution Benefits Consulting specializes in providing cost-effective, strategic health and welfare benefit advisory services to employers across various segments including education, government, health care, financial services, manufacturing and religious organizations.
Marsh & McLennan Agency LLC, a subsidiary of Marsh LLC, a global leader in insurance broking and risk management, has acquired Dallas, Texas-based MHBT Inc. one of the nation's largest independent insurance brokers. MHBT is a leading provider of insurance, risk management, and employee benefits solutions to businesses and individuals throughout the U.S. MHBT will serve as MMA's Southwest regional hub under the leadership of MHBT CEO Bill Henry.
V3 Insurance Partners has launched V3 CAPP+, a new package program for condominium and homeowner associations, cooperative apartments and office condominium associations. V3 CAPP+ is backed by Hiscox Insurance Company and designed to cover the needs of community associations, insuring the property, crime, general liability and directors and officers needs of targeted community association clients.
ISO announced that its new coverage and exclusion options for commercial drones took effect this month in most ISO jurisdictions, providing insurers with tools to help develop innovative solutions for businesses that may use drones. The new options address the growing liability exposures of commercial drones. The options modify coverage under ISO's Commercial General Liability and Commercial Liability Umbrella/Excess programs. Six core options are available under each program (three optional exclusions and three limited-coverage endorsements) and can be used to address a number of potential exposures with respect to bodily injury, property damage, and other potential liability related to drones.
The Association of Addiction Professionals has endorsed American Professional Agency, Inc. as their exclusive provider to administer a professional liability program for addiction counselors who are members of the NAADAC. The latest in a suite of products developed specifically for mental health professionals, this program provides coverage that is tailored to the unique exposures faced by substance abuse disorder counselors. Coverage includes legal liability, premises liability, licensing board complaint coverage and personal injury coverage.
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