Managing general agent

Lucid Insurance Group to Take on Tools from Convr's Underwriting Workbench

Retrieved on: 
Saturday, February 3, 2024

CHICAGO, Feb. 3, 2024 /PRNewswire-PRWeb/ -- Convr AI®, the leading Artificial Intelligence (AI) company serving commercial insurance organizations is pleased to announce Lucid Insurance Group will utilize Convr's Intake AI and Risk 360 AI products to gain greater speed, accuracy and efficiency in their underwriting operations starting in 2024.

Key Points: 
  • Convr is pleased to announce Lucid Insurance Group will utilize its workbench to gain greater speed, accuracy and efficiency in their underwriting operations.
  • "Together, we're going to continue to transform commercial insurance with frictionless underwriting.
  • Lucid Insurance is an innovative and fast-growing Managing General Agent (MGA) and specialty wholesale producer specializing in middle market, commercial insurance.
  • "Our team is passionate about reshaping the insurance landscape and providing tailored solutions for our brokers, and their clients," said Charles Smith, Head of Innovation and Strategy at Lucid Insurance Group.

Onex Reports Third Quarter 2023 Results

Retrieved on: 
Friday, November 10, 2023

TORONTO, Nov. 10, 2023 (GLOBE NEWSWIRE) -- Onex Corporation (TSX: ONEX) today announced its financial results for the third quarter and nine months ended September 30, 2023.

Key Points: 
  • Onex’ investing capital per fully diluted share(6) increased 15% during the 12 months ended September 30, 2023 and 4% from the previous quarter ended June 30, 2023.
  • The value of Onex’ private equity investments increased 4% in the third quarter of 2023(7) (Q3 2022: 2% decrease).
  • Onex’ cash and near-cash(10) balance was $1.5 billion or 19% of Onex’ investing capital as of September 30, 2023 (December 31, 2022 – $1.1 billion or 13% of Onex’ investing capital).
  • Onex management will host a webcast to review Onex’ third quarter 2023 results on Friday, November 10, 2023 at 11:00 a.m.

Onex Partners to Acquire Accredited from R&Q Insurance Holdings

Retrieved on: 
Friday, October 20, 2023

TORONTO, Oct. 20, 2023 (GLOBE NEWSWIRE) -- Onex Corporation (“Onex”) (TSX: ONEX) today announced that Onex Partners V has agreed to acquire Accredited, the global program management business of R&Q Insurance Holdings (“R&Q”).

Key Points: 
  • TORONTO, Oct. 20, 2023 (GLOBE NEWSWIRE) -- Onex Corporation (“Onex”) (TSX: ONEX) today announced that Onex Partners V has agreed to acquire Accredited, the global program management business of R&Q Insurance Holdings (“R&Q”).
  • Accredited operates as a hybrid fronting carrier, retaining a portion of the premium and risk it underwrites while ceding the majority to reinsurance partners.
  • Adam Cobourn, Managing Director at Onex Partners, said, “We are pleased to have the opportunity to establish Accredited as an independent, market-leading program management platform.
  • It will be well positioned for responsible growth with a strong balance sheet and backing from Onex Partners.

Pathlight Unveils Insight Streams: Autonomous Analysts Transforming Millions of Customer Conversations into Executive-Level Business Intelligence

Retrieved on: 
Thursday, October 12, 2023

SAN FRANCISCO, Oct. 12, 2023 /PRNewswire/ -- Pathlight, the leader in Large Language Model (LLM)-based Conversation Intelligence (CI), today announced a game-changing expansion to its platform: "Insight Streams." Unveiled earlier this year, CI now processes millions of customer interactions for some of the largest enterprises in the market, underscoring Pathlight's market leadership as the pioneer in conversational intelligence. Insight Streams now provides businesses with Generative Agent technology that simulates "autonomous analysts" capable of synthesizing millions of customer conversations into impactful business insights and transformative trends.

Key Points: 
  • Insight Streams now provides businesses with Generative Agent technology that simulates "autonomous analysts" capable of synthesizing millions of customer conversations into impactful business insights and transformative trends.
  • But as organizations scale, the gap between leadership and the customer just becomes wider and wider," said Alex Kvamme, CEO and co-founder, Pathlight.
  • "We've achieved a breakthrough in LLM-based conversational intelligence," said Trey Doig, CTO and co-founder, Pathlight.
  • "With the initial release of CI, we proved that LLMs can analyze millions of conversations with human-level accuracy.

K2 INSURANCE SERVICES ANNOUNCES STRATEGIC INVESTMENT IN TITAN FLOOD

Retrieved on: 
Wednesday, September 27, 2023

TAMPA, Fla., Sept. 27, 2023 /PRNewswire/ -- K2 Insurance Services (K2) today announced a strategic investment in Titan Flood Inc., a new Managing General Agent (MGA) specializing in the Private Residential Flood market. K2 has agreed to make an equity investment in Titan Flood and will oversee its long-term strategy through participation on its board of directors.

Key Points: 
  • TAMPA, Fla., Sept. 27, 2023 /PRNewswire/ -- K2 Insurance Services (K2) today announced a strategic investment in Titan Flood Inc., a new Managing General Agent (MGA) specializing in the Private Residential Flood market.
  • K2 has agreed to make an equity investment in Titan Flood and will oversee its long-term strategy through participation on its board of directors.
  • Titan has built an AI-based rating engine to evaluate and to dynamically price residential flood insurance - in seconds.
  • Titan will initially be available as a surplus lines product for residential risks in 15 states, representing an estimated 80% of the addressable market for residential flood insurance.

Mark Kollar Consulting Group Adds Mark Brostowitz to the Team as Consultant

Retrieved on: 
Tuesday, September 12, 2023

INDIANAPOLIS, Sept. 12, 2023 /PRNewswire-PRWeb/ -- To meet the demand of marketplace continued growth, Mark Brostowitz has joined the Mark Kollar Consulting Group as a Consultant providing a variety of insurance-based consulting services. With over 40 years experience in the insurance industry, Mark brings a wealth of knowledge and expertise to the team.

Key Points: 
  • INDIANAPOLIS, Sept. 12, 2023 /PRNewswire-PRWeb/ -- To meet the demand of marketplace continued growth, Mark Brostowitz has joined the Mark Kollar Consulting Group as a Consultant providing a variety of insurance-based consulting services.
  • With over 40 years experience in the insurance industry, Mark brings a wealth of knowledge and expertise to the team.
  • He will help us continue our planned growth model," said Mark Kollar, Founder.
  • Our future clients and carrier partners will experience the same historical dedication to excellence and superior results," said Mark Brostowitz.

One80 Intermediaries Expands Transportation Practice With Acquisition of GMI Insurance

Retrieved on: 
Tuesday, August 29, 2023

One80 Intermediaries (One80), a specialty insurance broker headquartered in Boston, today announced that it has acquired GMI Insurance.

Key Points: 
  • One80 Intermediaries (One80), a specialty insurance broker headquartered in Boston, today announced that it has acquired GMI Insurance.
  • Established in 1980, GMI Insurance (GMI) is a Pennsylvania-based Managing General Agent specializing in commercial transportation and related insurance.
  • “One80 is committed to the transportation space, and we have made significant investment into our Transportation Practice over the past four years,” said Matthew F. Power, President, One80 Intermediaries.
  • “We are confident that joining the One80 family will enable us to continue to deliver market leading transportation insurance solutions at scale,” he continued.

Conning: U.S. MGA market grows swiftly, exceeds $85 billion in premium in 2022

Retrieved on: 
Wednesday, August 2, 2023

HARTFORD, Conn., Aug. 2, 2023 /PRNewswire/ -- Premiums sourced by Managing General Agents (MGAs), a key distribution channel for U.S. property-casualty (P&C) insurers, grew significantly in 2022, according to a new Conning study. At 24%, growth was well beyond the robust growth achieved in the P&C market as a whole. Conning estimates that the total U.S. MGA market, including business written for the account of Lloyd's syndicates, exceeded $85 billion in direct premiums written in 2022.

Key Points: 
  • At 24%, growth was well beyond the robust growth achieved in the P&C market as a whole.
  • Approximately 15% of total MGA premium is now supported by fronting companies, a share that has more than doubled in the past two years.
  • Lloyd's syndicates grew their U.S. binder business by just 2% to $7.3 billion in 2022.
  • It includes analysis of the growing fronting market and findings from Conning's 2022 proprietary survey of MGA executives.

Snapsheet Secures Strategic Investment from State Farm Ventures®, Fueling Digital Innovation in Claims

Retrieved on: 
Tuesday, July 18, 2023

CHICAGO, July 18, 2023 /PRNewswire/ -- Snapsheet, an industry leader specializing in claims management technology, today announced a strategic investment from State Farm Ventures.

Key Points: 
  • CHICAGO, July 18, 2023 /PRNewswire/ -- Snapsheet, an industry leader specializing in claims management technology, today announced a strategic investment from State Farm Ventures.
  • Through its innovative platform, Snapsheet streamlines and expedites the claims process, providing insurers and policyholders with a seamless, user-friendly experience.
  • "This investment solidifies Snapsheet's position as an industry leader and highlights State Farm's commitment to fostering digital innovation within the insurance claims landscape," said Snapsheet CEO & Founder, Brad Weisberg.
  • "State Farm Ventures has been tracking Snapsheet for a while and is pleased to invest in them as a differentiated claims technology company," said Michael Remmes, VP of State Farm Ventures.

Insurance Industry Veterans Partner with Flexpoint Ford to Launch Bridgehaven Insurance, A New UK Hybrid-Fronting Carrier Focused on Specialty Commercial Insurance

Retrieved on: 
Thursday, July 6, 2023

The UK-based company has the backing of Flexpoint Ford ("Flexpoint"), a private equity firm with significant experience investing in the insurance sector.

Key Points: 
  • The UK-based company has the backing of Flexpoint Ford ("Flexpoint"), a private equity firm with significant experience investing in the insurance sector.
  • The Company supports MGAs and programme managers who have demonstrated a track record of profitable underwriting results and a focus on commercial and specialty risks.
  • Bridgehaven is here to redefine the UK insurance landscape through meaningful, collaborative partnerships with insurers, MGAs, and reinsurers.
  • Flexpoint's other current and former investments in the insurance industry include Alera Group, American Strategic Insurance, GeoVera, Propel Insurance, SageSure, Vale Insurance Partners, VeriClaim, and TigerRisk Partners.