Around the industry: July 22, 2015

The Hanover Insurance Group, Inc. announced the launch of a new Fidelity & Crime Advantage coverage program. Offered within its management liability portfolio, the coverage provides businesses with an enhanced product suite that helps to protect their employees and companies against possible fraud and dishonesty.

Through the Fidelity & Crime Advantage coverage program, independent agents are able to build customized insurance programs to best serve their clients' needs.

AIG Private Client Group, a division of American International Group, introduced the insurance industry's first risk management and mitigation service for residential construction projects with budgets of $5 million or more. As part of its Smart Building effort, AIG risk experts consult with policyholders, contractors, architects and other building professionals during early residential construction stages. The service's ultimate goal is to minimize risks related to natural catastrophe, water damage, security, fire and life safety and potential threat to fine art or other collections kept in the home.

AssuredPartners announced that it has entered into an agreement to be acquired by fund advised by Apax Partners, a global private equity firm. Under the terms of the agreement, although members of Assured's senior management will continue to have a significant equity position, funds advised by Apax will hold a majority interest in the company. Upon completion, the co-founders of assured—CEO and Chairman Jim Henderson, President and Chief Operating Officer Tom Riley—along with the current management team, will continue to lead the company, from its Lake Mary, Fla. headquarters.

A new study released by Conning revealed that as risk data becomes more widely available and as new capital sources disrupt traditional insurers, property & casualty insurers are eroded by barriers to entry in their markets. The Conning study—”Innovation in Property-Casualty Insurance: Responding to a Changing Value Proposition”—explores the relevance and value proposition of the property/casualty insurance industry as it relates to today's unprecedented challenges. It includes responses from a variety of leading insurers, as well as scenarios for future outcomes and solutions. For more information on the study call (888) 707 1177 or visit www.conningresearch.com.

CFC announced its formal partnership with Bitsight Technologies. CFC will use Bitsight's ratings tool to provide unparalleled levels of insight into cyber threats faced by their clients. As part of the partnership, CFC's clients will receive pro-active alerts in addition to actionable information to mitigate risks when their security ratings experience significant decline. CFC's clients will access Bitsight services as an added resource.

The American Insurance Marketing and Sales (AIMS) Society announced that since the inception of CPIA designation, nearly 10,000 individuals have enrolled in the Certified Professional Insurance Agent (CPIA) seminars. Currently, there are 5,400 CPIA designees across the country, an increase of 17% since last year. New members of the AIMS Society board include vice president/treasurer, Robert Klinger, CPIA, LUTCF, Klinger & Associates Inc. in Germantown, Md.; and secretary, Carlos F. Vargas, CPIA, of Vargas & Vargas Insurance Agency Inc. in Dorchester, Mass.

AssuredPartners Inc. announced the acquisition of Founders Insurance Group, an independent insurance broker that has been providing full service insurance solutions to businesses and families in the New England region, and beyond, for more than a century. Founders' staff and leadership will continue to operate from their existing locations in Torrington and Lakeville, Conn. The agency has a diverse clientele, and ranges from small firms to international corporations.