In this week's news will talk about how Gallagher Expands with acquisition of Risk International, State Farm and Citizens brace for losses from Hurricane Helene, and much more…
Sun Life US and DentaQuest support Hurricane Helene relief efforts
Sun Life US and its subsidiary DentaQuest have announced their support for relief efforts in the states hardest hit by Hurricane Helene. The assistance will go to several organizations, including local groups actively providing aid on the ground.
Among the recipients of donations are the American Red Cross Disaster Relief Fund, Convoy of Hope, Volunteer Florida Foundation’s Florida Disaster Fund, Second Harvest of the Big Bend, Feeding Tampa Bay, Water Mission, Harvest Hope Food Bank, Operation Airdrop, and Feeding the Carolinas.
Dan Fishbein (pictured above), president of Sun Life US, extended condolences to those who lost loved ones due to the hurricane and said the company is focused on helping affected communities begin the recovery process.
Among the recipients of donations are the American Red Cross Disaster Relief Fund, Convoy of Hope, Volunteer Florida Foundation’s Florida Disaster Fund, Second Harvest of the Big Bend, Feeding Tampa Bay, Water Mission, Harvest Hope Food Bank, Operation Airdrop, and Feeding the Carolinas.
Dan Fishbein (pictured above), president of Sun Life US, extended condolences to those who lost loved ones due to the hurricane and said the company is focused on helping affected communities begin the recovery process.
Inszone continues M&A streak
Inszone Insurance Services has acquired Schmoekel Insurance Agency for an undisclosed sum.
Schmoekel Insurance Agency was founded in 1948 by Max Schmoekel and has served its community for more than 70 years. Known initially as a non-standard insurance agency, the firm was an expert in offering coverage to high-risk clients, such as individuals with DUIs or traffic violations.
Over time, its niche focus and robust referral network allowed the agency to grow steadily. Max’s son, Mark, took over the business in the ‘60s, continuing the family’s emphasis on tailored service and specialized coverage solutions. Under his leadership, the agency expanded its services and sustained growth.
Schmoekel Insurance Agency was founded in 1948 by Max Schmoekel and has served its community for more than 70 years. Known initially as a non-standard insurance agency, the firm was an expert in offering coverage to high-risk clients, such as individuals with DUIs or traffic violations.
Over time, its niche focus and robust referral network allowed the agency to grow steadily. Max’s son, Mark, took over the business in the ‘60s, continuing the family’s emphasis on tailored service and specialized coverage solutions. Under his leadership, the agency expanded its services and sustained growth.
Gallagher Expands with acquisition of Risk International
Arthur J. Gallagher & Co has announced the acquisition of RIBV Holdings, LLC, and its subsidiaries, collectively known as Risk International.
The Ohio-based company, which provides outsourced risk management and employee benefits advisory services, serves private equity and corporate clients across the US. Terms of the transaction were not disclosed.
Risk International’s leadership team, including Todd Miller and Todd Lawrence (pictured above), will remain in their current roles and location, reporting to Jennifer Gallagher, head of Artex's North American operations. Artex is Gallagher's alternative risk and capital solutions subsidiary.
The Ohio-based company, which provides outsourced risk management and employee benefits advisory services, serves private equity and corporate clients across the US. Terms of the transaction were not disclosed.
Risk International’s leadership team, including Todd Miller and Todd Lawrence (pictured above), will remain in their current roles and location, reporting to Jennifer Gallagher, head of Artex's North American operations. Artex is Gallagher's alternative risk and capital solutions subsidiary.
State Farm, Citizens brace for losses from Hurricane Helene
State Farm General Insurance Co. and Citizens Property Insurance Corp. are preparing for losses in what could become the most expensive insurance event in US history, as the devastation from Hurricane Helene continues to be tallied.
According to data from AM Best, State Farm was the top provider of home and auto insurance in Georgia and South Carolina, as of the end of 2023. The company also has significant exposure in Florida and North Carolina. On Sept. 30, State Farm reported receiving more than 50,000 auto and homeowner claims related to the storm, with the number expected to grow.
On the other hand, Citizens Property Insurance Corp. received around 10,000 claims in Florida, where it's the largest insurer.
According to data from AM Best, State Farm was the top provider of home and auto insurance in Georgia and South Carolina, as of the end of 2023. The company also has significant exposure in Florida and North Carolina. On Sept. 30, State Farm reported receiving more than 50,000 auto and homeowner claims related to the storm, with the number expected to grow.
On the other hand, Citizens Property Insurance Corp. received around 10,000 claims in Florida, where it's the largest insurer.
UC partners with Liberty Mutual Re and Safehub for earthquake protection
Liberty Mutual Reinsurance (LM Re) and Safehub have joined forces with the University of California (UC) to provide an innovative solution aimed at protecting its campuses from earthquake damage.
The agreement, which marks the first sensor-triggered parametric earthquake coverage purchased in the US, comes as part of an ongoing effort by LM Re and Safehub to expand the reach of their technology-driven earthquake insurance products globally. According to a news release, the partnership builds on prior successes in Mexico and the Caribbean, where similar sensor-based insurance policies were successfully rolled out.
Under this policy, LM Re, with reinsurance support from Munich Re, will offer coverage that is triggered by real-time data collected from 180 seismic sensors installed across various UC campuses. These sensors, developed by Safehub, measure peak spectral acceleration (PSA) to determine the severity of an earthquake’s impact. When PSA values exceed a pre-set threshold, the system automatically triggers claims, allowing for quick and precise settlements based on actual earthquake conditions rather than relying on public estimates.
The agreement, which marks the first sensor-triggered parametric earthquake coverage purchased in the US, comes as part of an ongoing effort by LM Re and Safehub to expand the reach of their technology-driven earthquake insurance products globally. According to a news release, the partnership builds on prior successes in Mexico and the Caribbean, where similar sensor-based insurance policies were successfully rolled out.
Under this policy, LM Re, with reinsurance support from Munich Re, will offer coverage that is triggered by real-time data collected from 180 seismic sensors installed across various UC campuses. These sensors, developed by Safehub, measure peak spectral acceleration (PSA) to determine the severity of an earthquake’s impact. When PSA values exceed a pre-set threshold, the system automatically triggers claims, allowing for quick and precise settlements based on actual earthquake conditions rather than relying on public estimates.
