In this week's news will talk about how QBE expands AI to boost underwriting efficiency, Industry reaction to FAIR Plan modernization in California, and much more…
Marsh McLennan Agency expands in Indiana with key acquisition
Marsh McLennan Agency (MMA) has completed its acquisition of The Horton Group, Inc.
The Horton Group, based in Orland Park, Ill., is an insurance broker offering property and casualty (P&C) insurance, employee benefits consultation, and personal lines coverage.
With this acquisition, Marsh McLennan Agency expands its presence in Indiana and bolsters its existing operations in Illinois, Michigan, Minnesota, Wisconsin, and Florida.
As part of the deal, employees from The Horton Group will transition to Marsh McLennan Agency and will continue to operate from their current nine locations.
The Horton Group, based in Orland Park, Ill., is an insurance broker offering property and casualty (P&C) insurance, employee benefits consultation, and personal lines coverage.
With this acquisition, Marsh McLennan Agency expands its presence in Indiana and bolsters its existing operations in Illinois, Michigan, Minnesota, Wisconsin, and Florida.
As part of the deal, employees from The Horton Group will transition to Marsh McLennan Agency and will continue to operate from their current nine locations.
QBE expands AI to boost underwriting efficiency
QBE has rolled out a new generative artificial intelligence (Gen AI) solution, expanding its application across various global operations.
Initially launched in December 2023, the Cyber Underwriting AI Assistant was introduced to support underwriters in North America, enabling them to review broker submissions more efficiently.
The AI Assistant has achieved a 65% reduction in review times since its implementation.
"The Cyber Underwriting AI Assistant assists with a faster submission review, allowing our underwriters to focus on more submissions, improve risk selection, and growth opportunities. We are pleased to scale this tool across QBE," said Matt Mansour, group executive for technology and operations at QBE.
Initially launched in December 2023, the Cyber Underwriting AI Assistant was introduced to support underwriters in North America, enabling them to review broker submissions more efficiently.
The AI Assistant has achieved a 65% reduction in review times since its implementation.
"The Cyber Underwriting AI Assistant assists with a faster submission review, allowing our underwriters to focus on more submissions, improve risk selection, and growth opportunities. We are pleased to scale this tool across QBE," said Matt Mansour, group executive for technology and operations at QBE.
Arch seals major business acquisition from Allianz
A major deal has crossed the finishing line between two giants of the North American insurance industry.
Arch Insurance North America has sealed a deal for the US MidCorp and Entertainment insurance business of Allianz – a move that was originally announced back in April. At that point it was described as a $450 million cash deal for select specialty businesses – but now the deal has been finalized, further details have been shared.
Among them is that close to 500 of the former Allianz MidCorp and Entertainment staff will make the switch to Arch in a move the latter described as maintaining continuity for both brokers and clients.
Arch Insurance North America has sealed a deal for the US MidCorp and Entertainment insurance business of Allianz – a move that was originally announced back in April. At that point it was described as a $450 million cash deal for select specialty businesses – but now the deal has been finalized, further details have been shared.
Among them is that close to 500 of the former Allianz MidCorp and Entertainment staff will make the switch to Arch in a move the latter described as maintaining continuity for both brokers and clients.
Orion180 expands homeowners offering to Ohio
Orion180 has announced the expansion of its homeowner's insurance services into Ohio, marking the latest step in its geographical growth.
This move brings the company's tailored homeowners coverage solutions to a total of eight states, with Ohio being the third state added during the first half of 2024.
Ohio homeowners can now access a range of customizable coverage options through Orion Select Insurance Co, Orion180's admitted insurance carrier. The company said that it aims to provide these services with a focus on strong customer service.
Orion180 operates in Alabama, Arizona, Georgia, Indiana, Mississippi, North Carolina, South Carolina, and now Ohio, offering various coverage options through its two insurance carriers, Orion180 Select and Orion180 Insurance Co. The specific coverage available varies by state
This move brings the company's tailored homeowners coverage solutions to a total of eight states, with Ohio being the third state added during the first half of 2024.
Ohio homeowners can now access a range of customizable coverage options through Orion Select Insurance Co, Orion180's admitted insurance carrier. The company said that it aims to provide these services with a focus on strong customer service.
Orion180 operates in Alabama, Arizona, Georgia, Indiana, Mississippi, North Carolina, South Carolina, and now Ohio, offering various coverage options through its two insurance carriers, Orion180 Select and Orion180 Insurance Co. The specific coverage available varies by state
Industry reaction to FAIR Plan modernization in California
“An important step” – that is how the American Property Casualty Insurance Association (APCIA) sees California’s move to modernize the “insurer of last resort” in the state.
As part of Insurance Commissioner Ricardo Lara’s sustainable insurance strategy, the California Department of Insurance announced an agreement aimed at modernizing the California FAIR Plan Association (FAIR Plan).
It was agreed that the FAIR Plan will be issuing a new operation plan centered on providing expanded coverage, financial stability, and improved transparency.
“It’s critical for Californians to understand that a growing FAIR Plan contributes to our insurance crisis,” Lara declared. “By strengthening the FAIR Plan while providing financial stability and solvency protections, we are creating long-term security for consumers, homeowners, and businesses across the state that is long overdue.
As part of Insurance Commissioner Ricardo Lara’s sustainable insurance strategy, the California Department of Insurance announced an agreement aimed at modernizing the California FAIR Plan Association (FAIR Plan).
It was agreed that the FAIR Plan will be issuing a new operation plan centered on providing expanded coverage, financial stability, and improved transparency.
“It’s critical for Californians to understand that a growing FAIR Plan contributes to our insurance crisis,” Lara declared. “By strengthening the FAIR Plan while providing financial stability and solvency protections, we are creating long-term security for consumers, homeowners, and businesses across the state that is long overdue.
