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Weekly News Roundup, December 29

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In this week's news will talk about how VHC Health renews agreement with Anthem Blue Cross and Blue Shield, Bain Capital Insurance invests in new insurance platform launch, and much more...

NJM Insurance Group donates $100,000 to hunger relief organizations

NJM Insurance Group, a property and casualty insurer, has announced a $100,000 donation that will benefit hunger relief organizations across the Mid-Atlantic region.

“Households across the country lack consistent access to food. NJM is proud to help advance the vital efforts undertaken by non-profit organizations – large and small – to help alleviate food insecurity,” said Mitch Livingston, NJM president and CEO.

The donation will be distributed to 20 organizations in Connecticut, Maryland, New Jersey, Ohio, and Pennsylvania.

VHC Health renews agreement with Anthem Blue Cross and Blue Shield

VHC Health – Virginia Hospital Center (VHC Health), a medical services provider, has renewed an agreement with Anthem Blue Cross and Blue Shield which will provide medical services to Anthem members in the Washington, DC metropolitan area.

The agreement will apply to members of Anthem Blue Cross and Blue Shield that are enrolled in employer-based, Health Insurance Exchange, Medicaid, and Medicare Advantage plans.

“We value our partnership with Anthem and are excited to continue to provide care to Anthem members in Northern Virginia,” Brenda Babbitt, the system associate vice president for VHC Health.

“We are pleased to have reached an agreement that continues to make quality healthcare accessible for our members in Northern Virginia,” said Monica Schmude, president of Anthem Blue Cross and Blue Shield in Virginia.

Oakbridge Insurance partners with Akin Insurance Agency

Oakbridge Insurance Agency LLC (Oakbridge), an independent insurance and risk management agency, has announced its partnership with Akin Insurance Agency, a multi-line P&C agency.

“The Akin Insurance Agency further solidifies our presence in South Georgia,” said Robbie Smith, Oakbridge’s chief executive officer.

“Their team brings great experience and will be a tremendous asset to our current agribusiness offerings,” he added.

Akin Insurance Agency has a family history of farming and specializes in agribusiness insurance with offices in Vienna and Cordele, Georgia.

P&C giants lead wave of insurance layoffs in 2023

The US insurance industry witnessed a significant wave of layoffs in 2023, with property and casualty (P&C) carriers carrying out the bulk of these employment cuts.

According to analysis by S&P Global Market Intelligence, the P&C sector saw a reduction of at least 6,800 jobs.

Throughout the year, approximately 20 different companies undertook staff reductions, signifying a broader trend within insurers to either refocus their core strategies or moderate financial outflows.

Farmers was the one to make the largest insurance layoff announcement this year, parting ways with roughly 2,400 employees or 11% of its workforce.

Bain Capital Insurance invests in new insurance platform launch

The Mutual Group, a new insurance platform that will serve the mutual industry, has announced plans to launch with support from Bain Capital Insurance.

The platform will be created through Bain Capital Insurance’s acquisition of GuideOne Insurance Company (GuideOne), a niche-market mutual insurance carrier, which will be the inaugural member of The Mutual Group.

Former CEO of the National Association of Mutual Insurance Companies (NAMIC) Chuck Chamness will be the newly appointed chairman of The Mutual Group. Tim Fleming, GuideOne’s senior vice president of core commercial lines, will be its chief executive officer.

Bernie Hengesbaugh, the chief executive officer of GuideOne, will be chairman and will be succeeded by Ken Cadematori, chief financial officer of GuideOne, as president and chief executive officer.