<?xml version="1.0" encoding="UTF-8"?><rss version="2.0" xmlns:content="http://purl.org/rss/1.0/modules/content/" xmlns:wfw="http://wellformedweb.org/CommentAPI/" xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:atom="http://www.w3.org/2005/Atom" xmlns:sy="http://purl.org/rss/1.0/modules/syndication/" xmlns:slash="http://purl.org/rss/1.0/modules/slash/" > <channel> <title>Agencies | Insurance Advocate</title> <atom:link href="https://www.insurance-advocate.com/tag/agencies/feed/" rel="self" type="application/rss+xml" /> <link>https://www.insurance-advocate.com</link> <description>Since 1889</description> <lastBuildDate>Tue, 18 Feb 2025 10:25:57 +0000</lastBuildDate> <language>en-US</language> <sy:updatePeriod> hourly </sy:updatePeriod> <sy:updateFrequency> 1 </sy:updateFrequency> <generator>https://wordpress.org/?v=6.7.2</generator> <item> <title>XS Brokers Appoints Scott Burns to Lead New Cyber Insurance Division</title> <link>https://www.insurance-advocate.com/2025/02/18/xs-brokers-appoints-scott-burns-to-lead-new-cyber-insurance-division/</link> <dc:creator><![CDATA[Insurance Advocate]]></dc:creator> <pubDate>Tue, 18 Feb 2025 05:30:03 +0000</pubDate> <category><![CDATA[2025]]></category> <category><![CDATA[February 2025]]></category> <category><![CDATA[This Issue]]></category> <category><![CDATA[Agencies]]></category> <guid isPermaLink="false">https://www.insurance-advocate.com/?p=15288</guid> <description><![CDATA[<p>XS Brokers (XSB), an independent insurance underwriting and wholesale brokerage group, has announced the creation of a new product division for Cyber Liability to be led by Scott Burns, Senior Vice President. “At XS Brokers, it is crucial that we stay ahead of the evolving needs of our retail clients. Cyber Liability has emerged as […]</p> The post <a href="https://www.insurance-advocate.com/2025/02/18/xs-brokers-appoints-scott-burns-to-lead-new-cyber-insurance-division/">XS Brokers Appoints Scott Burns to Lead New Cyber Insurance Division</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></description> <content:encoded><![CDATA[<p class="p1">XS Brokers (XSB), an independent insurance underwriting and wholesale brokerage group, has announced the creation of a new product division for Cyber Liability to be led by Scott Burns, Senior Vice President.</p> <p class="p1">“At XS Brokers, it is crucial that we stay ahead of the evolving needs of our retail clients. Cyber Liability has emerged as one of the fastest-growing lines of coverage in recent years. Scott Burns joined our company in 2018 as a Cyber Liability Specialist. In a brief period, Scott significantly enhanced our capabilities and market access with leading-edge carrier partners, establishing us as a recognized provider of Cyber solutions nationwide. In his new role, Scott will be fully responsible for the Division’s growth strategy, including expanding sales and ongoing collaborations with key carrier and retail partners,” stated Eric Wirkus, President.</p> <p class="p1">“Scott is the ideal person to lead this new product line division – he is collaborative, vigilant in driving product awareness, and remains at the forefront of this ever-changing product line.”</p> <p class="p2"><i>“With over 12 years in the industry, my time at XS Brokers has been both exhilarating and challenging. We have had to help clients meet their present needs while also looking to the future to understand and manage dynamic risk exposures. This task has been made easier thanks to XS Brokers’ stellar industry reputation.” said Scott Burns, Senior Vice President.</i></p> <p class="p1">“I am honored to have been appointed to build out the Cyber Liability division and look forward to contributing to the growth and success of the company. I am confident that, together with our divisional team, we will achieve remarkable growth milestones and create new opportunities with our retail and carrier partners.”</p> <p class="p3"><span class="s2"><b>XS Brokers Insurance Agency </b></span></p> <p class="p4"><span class="s2">XS Brokers Insurance Agency (www.xsbrokers.com) is an independent binding authority and wholesale brokerage group headquartered in Massachusetts. With offices throughout the Northeast and Southeast, XSB is a full-service insurance group providing leading-edge coverage solutions exclusively to retail agents and brokers. Since 1978, XSB has focused on providing a broad range of personal and commercial lines solutions, service excellence, and market agility to help retail agents drive growth. Licensed in 50 states and with well over 30 binding authority facilities and strategic carrier appointments, XSB has consistently achieved 17% YOY growth for the past 10 years.</span></p>The post <a href="https://www.insurance-advocate.com/2025/02/18/xs-brokers-appoints-scott-burns-to-lead-new-cyber-insurance-division/">XS Brokers Appoints Scott Burns to Lead New Cyber Insurance Division</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></content:encoded> </item> <item> <title>How Insurance Agencies Can Start Adopting AI in 2025</title> <link>https://www.insurance-advocate.com/2025/02/18/how-insurance-agencies-can-start-adopting-ai-in-2025/</link> <dc:creator><![CDATA[Insurance Advocate]]></dc:creator> <pubDate>Tue, 18 Feb 2025 05:00:55 +0000</pubDate> <category><![CDATA[2025]]></category> <category><![CDATA[February 2025]]></category> <category><![CDATA[This Issue]]></category> <category><![CDATA[Agencies]]></category> <guid isPermaLink="false">https://www.insurance-advocate.com/?p=15285</guid> <description><![CDATA[<p>As the insurance industry evolves, the idea of independent insurance agencies and brokerages embracing artificial intelligence (AI) is no longer a futuristic concept—it’s become a necessity to stay relevant. In fact, according to Agency Forward, 79% of principal agents planned on adopting AI by 2025 (Source: Agency Forward). Because most agencies are leveraging the usage […]</p> The post <a href="https://www.insurance-advocate.com/2025/02/18/how-insurance-agencies-can-start-adopting-ai-in-2025/">How Insurance Agencies Can Start Adopting AI in 2025</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></description> <content:encoded><![CDATA[<p class="p1">As the insurance industry evolves, the idea of independent insurance agencies and brokerages embracing artificial intelligence (AI) is no longer a futuristic concept—it’s become a necessity to stay relevant.</p> <p class="p1">In fact, according to Agency Forward, 79% of principal agents planned on adopting AI by 2025 (Source: Agency Forward).</p> <p class="p1">Because most agencies are leveraging the usage of AI in their agency’s operations, it’s important to start taking steps to do the same for your business.</p> <p class="p2">How can AI help insurance agencies?</p> <p class="p1">AI serves as a multi-faceted tool that can streamline operations, enhance client interactions, and drive business growth. Simply put, AI saves time for insurance agencies so they can focus on running their business.</p> <p class="p1">Here are some strategies that insurance agencies are using to leverage AI effectively. Keep these in mind for ways that your agency can take inspiration and implement some or all of these ideas.</p> <p class="p3"><b>1. Streamline Agency Operations with AI Automation</b></p> <p class="p1">When used right, AI can significantly reduce the time spent on repetitive tasks for insurance agents, producers, and CSRs alike. It takes the monotony out of the day-to-day to-do’s by handling the easy stuff for you that much faster.</p> <p class="p1">By implementing AI-driven automation, insurance agencies can spend less time on the small details and focus on the bigger picture—growth.</p> <p class="p1">This is one of the simplest implementations of AI into agency operations, but also the most effective because of how it can put time back into your agency’s day.</p> <p class="p1">Here’s a thought experiment you can run through to identify areas that can make your agency more efficient with AI.</p> <p class="p1">Think through what actions or processes your team does on a day-to-day basis. Can any of those be automated in some way, shape, or form? Then, consider how much time can be saved by making your team more efficient.</p> <p class="p1">Here’s what you can try with AI:</p> <p class="p4">Increase productivity by having your team use AI to handle simple, repetitive tasks that they normally do manually.</p> <p class="p4">Create templates to outline step-by-step processes and client communications to become more efficient and consistent.</p> <p class="p3"><b>2. Enhance Client Engagement Through Personalization</b></p> <p class="p1">AI enables personalized communication, which is crucial for building strong client relationships. By tailoring these interactions, insurance agencies can improve customer satisfaction and loyalty.</p> <p class="p1">Whether your clients are communicating with you by email, text message, or live chat, there are opportunities to optimize how you respond back. If a client reaches out to you, are you prepared to give a prompt and meaningful reply?</p> <p class="p1">Insurance agencies are adding AI into the mix to help them respond to clients, particularly for the common and simple responses that otherwise eat up time. This leaves more room for your agency to spend on complex communications that require more care, attention, and the knowledge of a licensed agent or broker to solve.</p> <p class="p1">With all of this in mind, take stock of your current client communication strategy.</p> <p class="p1">How often are your clients reaching out to you, and by which methods? What is the percentage of simple requests vs. complex ones? How do you currently provide service and respond to your clients online?</p> <p class="p1">Here’s what you can try with AI:</p> <p class="p4">Create message templates for frequently asked questions that your agency can use with ease.</p> <p class="p4">Check and respond to online reviews and social media comments using AI to help formulate responses.</p> <p class="p3"><b>3. Refine Your Agency’s Marketing Efforts</b></p> <p class="p1">A strong digital presence is vital in today’s competitive market, especially for the insurance industry. AI can enhance your agency’s visibility and search engine ranking through content creation.</p> <p class="p1">Not every insurance agency has a dedicated marketing team. And even those that do, they can still take advantage of AI to help generate ideas and content to use in marketing efforts.</p> <p class="p1">Think of blog articles, social media posts, newsletters, emails, and other web content—all of this can be created using AI and potentially give new insights and ideas to change up how you market your business.</p> <p class="p1">So consider your current marketing strategy. Are you actively creating content for your website, blog, and social media? How much of your agency’s focus is dedicated to marketing vs. where it should be? Are you seeing any success from your current marketing efforts?</p> <p class="p1">Here’s what you can try with AI:</p> <p class="p4">Draft and create website, social, and blog content to stay on top of your marketing efforts.</p> <p class="p4">Create a brand outline to identify your target audience, brand voice, niche markets, and develop marketing strategies based on your specific goals and offerings.</p> <p class="p4">Ask AI for advice on how to improve your current marketing strategies.</p> <p class="p3"><b>4. Establish and Nurture Client Relationships</b></p> <p class="p1">Enhancing the client experience should be the goal of every insurance agency. There are multiple ways to achieve this, but the easiest is to make sure your clients are hearing from you often.</p> <p class="p1">To figure out how often, you have to consider your client’s journey in their lifecycle as a client—what are the key milestones they experience?</p> <p class="p1">When a client…</p> <p class="p4">Signs up for their first policy.</p> <p class="p4">Files a claim request.</p> <p class="p4">Pays their bill on time.</p> <p class="p4">Has a life event that changes coverage needs.</p> <p class="p4">Is impacted by a change to their coverage.</p> <p class="p4">Celebrates their birthday.</p> <p class="p4">Is up for policy renewal.</p> <p class="p1">Each of these milestones is going to apply to the vast majority of your client base at one time or another. What insurance agencies can capitalize on is using AI to develop messaging that can be used to send to clients when the time is right.</p> <p class="p1">Consider how often you are currently reaching out to your book of business? Are you connecting with clients during these important touchpoints? Do you have automation tools in place to streamline these communications?</p> <p class="p1">Here’s what you can try with AI:</p> <p class="p4">Determine the key points of your client’s journey that you want to incorporate communication into.</p> <p class="p4">Create messaging for relevant client milestones that can be sent manually or through automation.</p> <p class="p3"><b>Key Takeaways</b></p> <p class="p1">By adopting AI as a multi-faceted tool, insurance agencies can transform their operations, improve client engagement, and drive sustainable growth.</p> <p class="p1">Implementing these approaches can help keep your agency on the leading edge of AI adoption. By embracing the technological advances that AI has to offer, it can unlock the full potential, so your independent insurance agency can thrive.</p> <p class="p1">Remember, every agency is different, and before using AI, you should think through what problems your agency is facing so you can use that information to develop a plan to incorporate AI. Take those goals and turn them into a reality by partnering with AI technologies to achieve them.</p> <p class="p3"><b>How Agency Revolution Can Help </b></p> <p class="p1">When it comes to AI, Agency Revolution has made great strides to invest and incorporate effective AI-driven tools that our agencies get full access to.</p> <p class="p3"><b>With our AI solutions, insurance agencies can: </b></p> <p class="p4">Draft emails and blog posts that fit your agency’s brand in moments with our AI-powered content creation tool, FirstDraft.</p> <p class="p4">Ask our AI-powered assistant, Sidekick, for help and answers to your questions related to our digital marketing platforms.</p> <p class="p4">Connect your AMS to send out personalized emails, text messages, and physical mail to your book of business with content you can create with AI.</p> <p class="p4">Have social media posts automatically publish and share content to your social profiles based on your preferences driven by AI.</p> <p class="p4">Provide feedback to improve AI features as you use them to directly impact future enhancements.</p> <p class="p1">If these AI-driven features sound interesting to you, see some of Agency Revolution’s AI features in action and learn more about their complete marketing platform here: https://www.agencyrevolution.com/insurance-solutions/insurance-agency-marketing-and-websites/#ai-powered. <span class="s3">[</span><span class="s4"><b>I</b></span><span class="s5"><b>A</b></span><span class="s3">]</span></p>The post <a href="https://www.insurance-advocate.com/2025/02/18/how-insurance-agencies-can-start-adopting-ai-in-2025/">How Insurance Agencies Can Start Adopting AI in 2025</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></content:encoded> </item> <item> <title>Ivans Issues Annual Agency-Carrier Connectivity Trends Report</title> <link>https://www.insurance-advocate.com/2025/01/15/ivans-issues-annual-agency-carrier-connectivity-trends-report/</link> <dc:creator><![CDATA[Insurance Advocate]]></dc:creator> <pubDate>Wed, 15 Jan 2025 05:00:37 +0000</pubDate> <category><![CDATA[2025]]></category> <category><![CDATA[January 2025]]></category> <category><![CDATA[Agencies]]></category> <guid isPermaLink="false">https://www.insurance-advocate.com/?p=15229</guid> <description><![CDATA[<p>Survey indicates continued demand from agents for a more technologically connected insurance ecosystem despite carriers craving personal interactions Ivans® has revealed the 2024 findings of its annual agency-carrier connectivity report, Agency Digital Technology Adoption Trends. The report highlights the adoption of digital technology by agencies and the opportunity to align digital initiatives between carriers and agencies for […]</p> The post <a href="https://www.insurance-advocate.com/2025/01/15/ivans-issues-annual-agency-carrier-connectivity-trends-report/">Ivans Issues Annual Agency-Carrier Connectivity Trends Report</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></description> <content:encoded><![CDATA[<h3 class="p1"><span class="s1">Survey indicates continued demand from agents for a more technologically connected insurance ecosystem despite carriers craving personal interactions</span></h3> <p class="p3"><span class="s2"><a href="https://connect.notified.com/Tracker?data=dvr3b7R4hwJXgfRqByfbJICENaNFvx9yhiBaB7KWmRFBssBPqgNKT67KHTaLUSIOl-xcY8mv9JxojTADdCpYGxThQm0QAxaUdfm9aNtIA4kIILYKTfQ1nyHRGVa5S8taSayRSA6KyiSysyJ7KwySr-te1IhRkW9D7HwOqB4sggMBTdw3vlpDUTlT28MB6q-T000000000000">Ivans</a></span><span class="s3"><sup>®</sup></span><span class="s1"> </span><span class="s4">has revealed the </span><span class="s1">2024 findings of its annual agency-carrier connectivity report, Agency Digital Technology Adoption Trends. The report highlights the adoption of digital technology by agencies and the opportunity to align digital initiatives between carriers and agencies for the benefit of all stakeholders among the industry. The overarching sentiment among agent respondents is their continued favor of carriers and MGAs that offer digital connectivity, according to the findings in the 2024 report.</span></p> <p class="p3"><span class="s1">Other key survey findings include:</span></p> <ul class="ul1"> <li class="li2"><b></b><span class="s6"><b>Agency Quoting Preferences:</b> Agent respondents indicated their top two reasons they give more business to carriers is their ability to quote the fastest and connect to integrated quoting in their agency management system.</span></li> </ul> <ul class="ul1"> <li class="li4"><b></b><span class="s6"><b>Agency Demand for Greater Access to Appetite: </b>87% of agents say they would write more business with carriers if they provided real-time appetite and quoting within their agency management systems to make it easier to find markets. Nearly 76% of agencies said they often lose opportunities because they cannot find a market to quote.</span></li> <li class="li4"><b></b><span class="s6"><b>Carrier Demand for New Quality Agency Partnerships: </b>76% of carrier respondents are looking to appoint new agencies. They listed attending industry tradeshows and events as their top method used to find new agencies. Agency visits are up by 22% year over year.</span></li> <li class="li4"><b></b><span class="s6"><b>Commercial Lines Submissions: </b>While 55% of agents say they use carrier portals to quote commercial lines (up 5% from last year), only 32% prefer to do it that way.</span></li> <li class="li4"><b></b><span class="s6"><b>Rise in E&S Business:</b> 48% of agents reported an increase in their dealings with E&S firms and an overwhelming 84% desire connectivity on par with traditional markets.</span></li> <li class="li4"><b></b><span class="s6"><b>Digging Into Data:</b> Agents and carriers are both looking for better ways to access the data they need to inform their decision-making when it comes to partnerships and daily workflows. The latest tech is helping the industry make data-driven decisions based on the insights they’ve been looking for. 95% of carrier respondents say they use data analytics tools as part of their business.</span></li> </ul> <p class="p3"><span class="s1">“Our data continues to show that while agents and carriers are not aligned on technology adoption today, both sides will collectively grow as they further invest in digital connectivity,” said Reid Holzworth, chief executive officer, Ivans. “By embracing automation and quoting technology, carriers and MGAs can finally close the gap between their need to expand distribution and agent demand for simpler digital workflows.”</span></p> <p class="p4"><span class="s6">Survey Methodology</span><span class="s1"><br /> </span><span class="s6">1,456 industry professionals, including agents, carriers, MGAs/wholesalers and technology providers, completed the 2024 Ivans Connectivity Survey. Respondents voluntarily participated in an online survey. The report is based on responses to a set of questions about technology use specific to digital connectivity and preferences, in addition to stats from Ivans and our resources, such as blogs.</span></p> <p class="p4"><span class="s1"><br /> </span><span class="s6">Ivans is where insurance carriers, agents, and MGAs come together to grow their businesses. Every day, our 38,000 agents and over 700 carrier and MGA partners plug into technology that empowers them to better determine appetite and eligibility, swiftly produce quotes, get accurate claims and commission updates, automatically communicate policy data, and connect to one another to drive new business. With easier ways to get the day’s work done, insurance professionals can open the door to more revenue without letting complexity in behind it.</span></p>The post <a href="https://www.insurance-advocate.com/2025/01/15/ivans-issues-annual-agency-carrier-connectivity-trends-report/">Ivans Issues Annual Agency-Carrier Connectivity Trends Report</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></content:encoded> </item> <item> <title>Friedlander Group Announces 50% Dividend for Financial Services Safety Group Members</title> <link>https://www.insurance-advocate.com/2024/11/15/friedlander-group-announces-50-dividend-for-financial-services-safety-group-members/</link> <dc:creator><![CDATA[Insurance Advocate]]></dc:creator> <pubDate>Fri, 15 Nov 2024 06:00:04 +0000</pubDate> <category><![CDATA[2024]]></category> <category><![CDATA[November 2024]]></category> <category><![CDATA[Agencies]]></category> <guid isPermaLink="false">https://www.insurance-advocate.com/?p=15100</guid> <description><![CDATA[<p>50% Dividend Paid to Financial Services Group of New York Workers’ Compensation Group #558 $740 Million in Total Workers’ Compensation Savings Since 1992 $414 Million in Dividends Paid to Friedlander Group Clients Purchase, NY – Friedlander Group, Inc., manager of the Financial Services Group Workers’ Compensation Safety Group #558, has announced a 50% dividend for […]</p> The post <a href="https://www.insurance-advocate.com/2024/11/15/friedlander-group-announces-50-dividend-for-financial-services-safety-group-members/">Friedlander Group Announces 50% Dividend for Financial Services Safety Group Members</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></description> <content:encoded><![CDATA[<ul> <li class="p1"><strong><em>50% Dividend Paid to Financial Services Group of New York Workers’ Compensation Group #558</em></strong></li> <li class="p1"><strong><em>$740 Million in Total Workers’ Compensation Savings Since 1992</em></strong></li> <li class="p1"><strong><em>$414 Million in Dividends Paid to Friedlander Group Clients</em></strong></li> </ul> <p class="p1">Purchase, NY – Friedlander Group, Inc., manager of the Financial Services Group Workers’ Compensation Safety Group #558, has announced a 50% dividend for members with policies effective Feb. 1, 2023 to Feb. 1, 2024. Of this 50%, 37.5% will be paid directly to members, and an additional 12.5% will enhance the base group renewal discount, raising it to 32.5% for eligible members starting Feb. 1, 2025.</p> <p class="p1"> David Friedlander, Vice President, (davidf@friedlandergroup.com) said,</p> <p class="p2">“Thanks to the dedication of our Safety Group members to workplace safety, we are proud to announce another 50% dividend. This dividend reflects the commitment of financial services organizations to safeguarding their employees—a strategy that boosts productivity, enhances profitability, and reduces workers’ compensation insurance costs.”</p> <p class="p1"> Safety and Workers’ Compensation Strategies to Unleash Productivity and Profits, authored by Adam Friedlander, President and Group Manager, outlines proven strategies from industry leaders to help businesses optimize performance.</p> <p class="p1"> Since 1992, Friedlander Group has formed ten workers’ compensation safety groups across various industries, including retail, restaurants, wholesalers, hotels, oil and gas dealers, home healthcare agencies, residential care facilities, financial services, building material dealers, and the transportation industry. To date, $414 million in dividends have been paid to members, in addition to advance discounts. Friedlander Group’s industry-leading services include Claims Solutions<img src="https://s.w.org/images/core/emoji/15.0.3/72x72/2122.png" alt="™" class="wp-smiley" style="height: 1em; max-height: 1em;" />, Fraud Solutions/SWAT Team, Audit Solutions, quarterly Executive Action Reports<img src="https://s.w.org/images/core/emoji/15.0.3/72x72/2122.png" alt="™" class="wp-smiley" style="height: 1em; max-height: 1em;" />, and Safety Solutions—which help further reduce premiums.</p>The post <a href="https://www.insurance-advocate.com/2024/11/15/friedlander-group-announces-50-dividend-for-financial-services-safety-group-members/">Friedlander Group Announces 50% Dividend for Financial Services Safety Group Members</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></content:encoded> </item> <item> <title>Cornerstone Financing announces $285 million financing from Aquiline and Nomura</title> <link>https://www.insurance-advocate.com/2024/11/15/cornerstone-financing-announces-285-million-financing-from-aquiline-and-nomura/</link> <dc:creator><![CDATA[Insurance Advocate]]></dc:creator> <pubDate>Fri, 15 Nov 2024 05:00:43 +0000</pubDate> <category><![CDATA[2024]]></category> <category><![CDATA[November 2024]]></category> <category><![CDATA[Agencies]]></category> <guid isPermaLink="false">https://www.insurance-advocate.com/?p=15097</guid> <description><![CDATA[<p>Investment backs CHEIFS, a new funding solution converting home equity into advisor-driven financial solutions Bloomfield, NJ, October 29, 2024 – Cornerstone Financing, an insurance and investment funding company, has secured $285 million in aggregate financing through global finance investment firms Aquiline Capital Partners LP (“Aquiline”) and Nomura. The financing supports the expansion of CHEIFS (Cornerstone Home […]</p> The post <a href="https://www.insurance-advocate.com/2024/11/15/cornerstone-financing-announces-285-million-financing-from-aquiline-and-nomura/">Cornerstone Financing announces $285 million financing from Aquiline and Nomura</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></description> <content:encoded><![CDATA[<p class="p1"><em><strong>Investment backs CHEIFS, a new funding solution converting home equity into advisor-driven financial solutions</strong></em></p> <p class="p1">Bloomfield, NJ, October 29, 2024 – Cornerstone Financing, an insurance and investment funding company, has secured $285 million in aggregate financing through global finance investment firms Aquiline Capital Partners LP (“Aquiline”) and Nomura.</p> <p class="p1"> The financing supports the expansion of CHEIFS (Cornerstone Home Equity Insurance/Investment Funding Solutions), Cornerstone’s transformational funding solution that allows homeowners to sell a fraction of their home for cash to fund insurance, annuities, long-term care, and other financial and life planning options.</p> <p class="p2"><span class="s2"><i> </i></span>“Partnering with these prestigious institutions affirms our commitment to providing advisors with innovative home equity solutions,” said Daniel Anderson, co-founder of Cornerstone. “With streamlined distribution through our network of advisors, Cornerstone, through its CHEIFS program, offers a uniquely efficient model that maximizes value and enhances advisor-client financial planning strategies.”</p> <p class="p1"> A new funding solution for insurance and financial advisors, CHEIFS revolutionizes the home equity landscape by augmenting the evolving financial toolkit for advisors and homeowners.</p> <p class="p1"> Currently operating in Arizona, California, Florida, and Pennsylvania, Cornerstone intends to expand nationally, supported by the $285 million financing and is actively seeking to expand its distribution partnerships.</p> <p class="p1"> “We are proud to support Cornerstone in the expansion of CHEIFS,” said Timothy Gravely, Partner and Head of Credit for Aquiline. “This product addresses a critical gap we observed through our participation in the insurance market, and we are excited to back the solution.”</p> <p class="p3"><strong><em><span class="s3">About Cornerstone Financing:</span></em></strong></p> <p class="p4"><em><span class="s3">Cornerstone Financing empowers homeowners to access home equity to plan for a better financial future. Founded by Craig Corn and Daniel Anderson, Cornerstone merges structured finance and insurance wholesale distribution through its innovative product, CHEIFS, to utilize previously untapped home equity to enable superior estate, insurance, and investment planning through trusted advisors.</span></em></p> <p class="p4"><em><span class="s3">For more information about its foundational solution, CHEIFS, visit www.cheifs.com.</span></em></p> <p class="p3"><strong><em><span class="s3">About Aquiline Capital Partners LP:</span></em></strong></p> <p class="p4"><em><span class="s3">Aquiline is a private investment firm based in New York, London, Philadelphia, and Greenwich, Connecticut, that is dedicated to financial services and technology. As of June 30, 2024, Aquiline has approximately $10.8 billion of assets under management and has deployed approximately $7.0 billion of capital across the firm’s three strategies in private equity, venture capital, and credit.</span> </em></p>The post <a href="https://www.insurance-advocate.com/2024/11/15/cornerstone-financing-announces-285-million-financing-from-aquiline-and-nomura/">Cornerstone Financing announces $285 million financing from Aquiline and Nomura</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></content:encoded> </item> <item> <title>AmTrust 2024 Restaurant Risk Report Finds Spinal Injuries Inch Toward Six Figure Payouts, And Are on the Rise</title> <link>https://www.insurance-advocate.com/2024/11/15/amtrust-2024-restaurant-risk-report-finds-spinal-injuries-inch-toward-six-figure-payouts-and-are-on-the-rise/</link> <dc:creator><![CDATA[Insurance Advocate]]></dc:creator> <pubDate>Fri, 15 Nov 2024 04:30:24 +0000</pubDate> <category><![CDATA[2024]]></category> <category><![CDATA[November 2024]]></category> <category><![CDATA[Agencies]]></category> <guid isPermaLink="false">https://www.insurance-advocate.com/?p=15094</guid> <description><![CDATA[<p>As restaurant workers become part of the delivery economy, spinal injuries become more prominent NEW YORK – AmTrust Financial Services, Inc., a global specialty property casualty insurer,has released the 2024 AmTrust Restaurant Risk Report, which identifies the most common and costly injuries in the restaurant industry in the United States. In a review of nearly […]</p> The post <a href="https://www.insurance-advocate.com/2024/11/15/amtrust-2024-restaurant-risk-report-finds-spinal-injuries-inch-toward-six-figure-payouts-and-are-on-the-rise/">AmTrust 2024 Restaurant Risk Report Finds Spinal Injuries Inch Toward Six Figure Payouts, And Are on the Rise</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></description> <content:encoded><![CDATA[<p class="p1"><em><strong>As restaurant workers become part of the delivery economy, spinal injuries become more prominent</strong></em></p> <p class="p1">NEW YORK – AmTrust Financial Services, Inc., a global specialty property casualty insurer,has released the 2024 AmTrust Restaurant Risk Report, which identifies the most common and costly injuries in the restaurant industry in the United States.</p> <p class="p1"> In a review of nearly 130,000 workers’ compensation claims submitted to the company over the six-year period 2018-2023, AmTrust found that the most expensive injuries to treat are those affecting the back, which were analyzed by three distinct categories: disc, vertebrae and spinal cord.</p> <p class="p2"> “When looking at the top ten most common injuries over the past six years, we saw that, fortunately, these injuries amounted to less than one percent of all the claims we examined. But, they are by far the costliest to treat,” said Matt Zender, SVP, Workers’ Compensation Product Management at AmTrust. “While not common, disc, vertebrae and spinal cord injuries are the most expensive, with the typical paid-out claim for a worker averaging between $60,000 to $85,000.”</p> <p class="p1"> Zender added, “Overall, back injuries have been higher than average in the last few years, which may indicate that restaurant workers are a part of our ‘delivery economy’ when it comes to lifting, straining and repetitive motions.”</p> <p class="p1"> Other key findings from the 2024 AmTrust Restaurant Risk Report include:</p> <p class="p3">Cuts, punctures and scrapes are the most common injuries in restaurants but are relatively inexpensive to treat with an average cost of $1,798 per claim.</p> <p class="p4"> Claims for burns and scalds from hot surfaces and oil are the second largest category of restaurant injuries with an average claim cost of $4,326.</p> <p class="p5"> Muscle strains and sprains in the workplace – while less frequent than cuts and burns – are much more expensive to treat with an average cost per claim of $10,672 and $9,966, respectively.</p> <p class="p1"> Zender concludes, “In restaurant work, musculoskeletal disorders – whether that’s a bad back or sore ‘Barista Wrist’ – are clearly the most expensive injuries to treat. We encourage restaurant owners to train employees in best practices for lifting and setting down objects and other tasks that can stress muscles and the spine. Good ergonomic practices in restaurants go a long way toward preventing injuries and controlling costs.”</p> <p class="p1"> To help employers reduce risk and protect employees, The Restaurant Risk Report 2024 also provides workplace safety practices that restauranteurs can implement. With the goal of protecting a restaurant’s most valuable asset – their employees – these tips and best practices will help reduce employee injuries and expensive claims thereby keeping the workforce healthy and premiums low. Additional resources and helpful information to help restauranteurs can be found here: https://amtrustfinancial.com/industries/restaurant-insurance.</p>The post <a href="https://www.insurance-advocate.com/2024/11/15/amtrust-2024-restaurant-risk-report-finds-spinal-injuries-inch-toward-six-figure-payouts-and-are-on-the-rise/">AmTrust 2024 Restaurant Risk Report Finds Spinal Injuries Inch Toward Six Figure Payouts, And Are on the Rise</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></content:encoded> </item> <item> <title>Risk Strategies Acquires Professional Risk Associates</title> <link>https://www.insurance-advocate.com/2024/02/22/risk-strategies-acquires-professional-risk-associates/</link> <dc:creator><![CDATA[Insurance Advocate]]></dc:creator> <pubDate>Thu, 22 Feb 2024 05:00:36 +0000</pubDate> <category><![CDATA[2024]]></category> <category><![CDATA[February]]></category> <category><![CDATA[Agencies]]></category> <guid isPermaLink="false">https://www.insurance-advocate.com/?p=14598</guid> <description><![CDATA[<p>Physician-focused agency adds to National Healthcare Practice Risk Strategies, a leading national specialty insurance brokerage and risk management firm, has announced that it has acquired Professional Risk Associates, Inc. (PRA), a Virginia-based specialty healthcare insurance agency helping medical professionals manage a wide range of risks and liabilities. Terms of the deal were not disclosed. Founded […]</p> The post <a href="https://www.insurance-advocate.com/2024/02/22/risk-strategies-acquires-professional-risk-associates/">Risk Strategies Acquires Professional Risk Associates</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></description> <content:encoded><![CDATA[<h5>Physician-focused agency adds to National Healthcare Practice</h5> <p>Risk Strategies, a leading national specialty insurance brokerage and risk management firm, has<span class="Apple-converted-space"> </span>announced that it has acquired Professional Risk Associates, Inc. (PRA), a Virginia-based specialty healthcare insurance agency helping medical professionals manage a wide range of risks and liabilities. Terms of the deal were not disclosed.</p> <p>Founded in 1989 and licensed in 36 states, PRA counts over 6,000 medical professionals as clients nationwide, with much of its business focused in the mid-Atlantic region. Though primarily focused on helping physicians manage their medical professional liability risks, the firm also offers clients specialized help with many of the exposures present in a modern medical practice including government regulatory coverage, cyber liability, workers compensation, management liability, and business owner’s policies.</p> <p>“True specialty expertise is critical when working with physicians and addressing the unique risks they face,” said Chris Zuccarini, Medical Malpractice Leader, National Healthcare Practice, Risk Strategies. “PRA’s experience and focus on the physician business makes them a perfect fit for our organization. We are extremely excited to welcome the team at PRA to our National Healthcare Practice and the Risk Strategies family.”</p> <p>The Risk Strategies National Healthcare Practice is one of the country’s largest, most experienced national practices focused exclusively on the healthcare industry. With over 30 years of experience in healthcare risk and liability and a reputation for innovation, PRA fits perfectly with Risk Strategies commitment to specialization. PRA’s knowledge-driven approach to risk management combines client education, data analysis, and deep insurance expertise to individualize the protection of physicians and their practices.</p> <p>“As the healthcare market evolves and its risks and liabilities become more complicated, expertise, specialization, and scale are vital to solving client problems,” said Steve Fargis, Executive Vice President, Professional Risk Associates. “Joining Risk Strategies, a true specialty broker, expands our current services and allows us to draw on new resources for our clients while giving our business a national platform.”</p> <p>PRA’s primary focus on medical malpractice has allowed it to develop deep healthcare industry expertise, quality service, effective risk management solutions, and in turn, a robust network of loyal clients.</p> <p>Marsh, Berry & Company was the exclusive financial advisor to Professional Risk Associates.</p> <p>To learn more about Risk Strategies, please visit <a href="http://risk-strategies.com.">risk-strategies.com.</a></p> <p><em>About Risk Strategies</em></p> <p><em>Risk Strategies is the 9th largest privately held US brokerage firm offering comprehensive risk management advice, insurance and reinsurance placement for property & casualty, employee benefits, private client services, as well as consulting services and financial & wealth solutions. With more than 30 specialty practices, Risk Strategies serves commercial companies, nonprofits, public entities, and individuals, and has access to all major insurance markets. Risk Strategies has over 100 offices including Boston, New York City, Chicago, Toronto, Montreal, Grand Cayman, Miami, Atlanta, Dallas, Nashville, Washington DC, Los Angeles and San Francisco. Risk-strategies.com. </em></p>The post <a href="https://www.insurance-advocate.com/2024/02/22/risk-strategies-acquires-professional-risk-associates/">Risk Strategies Acquires Professional Risk Associates</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></content:encoded> </item> <item> <title>Rhodian Group Partners with Renaissance Alliance</title> <link>https://www.insurance-advocate.com/2024/02/22/rhodian-group-partners-with-renaissance-alliance/</link> <dc:creator><![CDATA[Insurance Advocate]]></dc:creator> <pubDate>Thu, 22 Feb 2024 04:30:59 +0000</pubDate> <category><![CDATA[2024]]></category> <category><![CDATA[February]]></category> <category><![CDATA[Agencies]]></category> <guid isPermaLink="false">https://www.insurance-advocate.com/?p=14595</guid> <description><![CDATA[<p>Rhodian Group Partners with Renaissance Alliance Rhodian Group — a provider of managed IT and cybersecurity services to the insurance, banking, healthcare, private equity, and other industries — has partnered with Renaissance Alliance to provide cybersecurity, managed IT, and compliance services to Renaissance member agencies. “This partnership is another indication of our commitment to the […]</p> The post <a href="https://www.insurance-advocate.com/2024/02/22/rhodian-group-partners-with-renaissance-alliance/">Rhodian Group Partners with Renaissance Alliance</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></description> <content:encoded><![CDATA[<h5>Rhodian Group Partners with Renaissance Alliance</h5> <p>Rhodian Group — a provider of managed IT and cybersecurity services to the insurance, banking, healthcare, private equity, and other industries — has partnered with Renaissance Alliance to provide cybersecurity, managed IT, and compliance services to Renaissance member agencies.</p> <p>“This partnership is another indication of our commitment to the insurance agency community,” said Phil Smith, CEO of Rhodian Group. “We’ve been a partner to the greater independent insurance agency community for many years. That’s why we’re pleased and proud to partner with Renaissance Alliance to make cybersecurity, managed IT, and compliance services available to their member agencies.”</p> <p>Through this partnership, Rhodian will provide Renaissance member agencies managed IT services with and without virtual desktop infrastructure (VDI), cybersecurity tools and services, and cyber policy assistance. With Renaissance, Rhodian will also provide educational resources for their member agencies, helping them stay up to date on the latest IT and cybersecurity trends in insurance. Renaissance members can also expect access to Rhodian’s array of cybersecurity services and consulting, including vulnerability scanning, risk assessments, and incident response.</p> <p>“Agents face increasingly more sophisticated digital threats without the capacity to deal with them, while trying to navigate core business challenges such as market access and talent recruitment,” said Robert Bondi, CEO of Renaissance. “Rhodian’s combination of cybersecurity and managed IT services, backed by experience with independent agencies, will simplify their experience, reduce their risk, and safeguard their future as a business.”</p> <p><em>About Rhodian Group</em></p> <p><em>Rhodian Group helps businesses build and manage their network environments with managed IT services so they can focus on their core strengths and growth initiatives. They also help businesses identify and reduce cybersecurity and non-compliance risks. Their combination of IT, cybersecurity, and compliance services helps businesses operate safely, while complying with industry mandates and regulatory requirements. For more information, visit rhodiangroup.com, email info@rhodiangroup.com, or call 877-860-0700.</em></p> <p><em>About Renaissance Alliance</em></p> <p><em>Renaissance is the premier insurance agency network for independent agencies looking to build, grow, and optimize their businesses. Supported by a differentiated suite of technology products and services, Renaissance drives profitable growth, with no entrance or exit fees, providing each members agency specific, measurable value. For more information, visit http://www.renaissanceins.com/, or call 800-514-2667.</em></p>The post <a href="https://www.insurance-advocate.com/2024/02/22/rhodian-group-partners-with-renaissance-alliance/">Rhodian Group Partners with Renaissance Alliance</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></content:encoded> </item> <item> <title>Sands Point Risk Launches MGA Platform with FlagshipTransactionLiability Practice</title> <link>https://www.insurance-advocate.com/2024/02/22/sands-point-risk-launches-mga-platform-with-flagshiptransactionliability-practice/</link> <dc:creator><![CDATA[Insurance Advocate]]></dc:creator> <pubDate>Thu, 22 Feb 2024 04:00:53 +0000</pubDate> <category><![CDATA[2024]]></category> <category><![CDATA[February]]></category> <category><![CDATA[Agencies]]></category> <guid isPermaLink="false">https://www.insurance-advocate.com/?p=14592</guid> <description><![CDATA[<p>An underwriting team that is widely recognized as leaders in the Transaction Liability Insurance (“TLI”) industry is pleased to announce the launch of Sands Point Risk (“Sands Point’’ or “the Company”). Sands Point is a managing general agent (“MGA”) focused on supporting expanded opportunities across financial and property and casualty insurance lines. With its flagship […]</p> The post <a href="https://www.insurance-advocate.com/2024/02/22/sands-point-risk-launches-mga-platform-with-flagshiptransactionliability-practice/">Sands Point Risk Launches MGA Platform with FlagshipTransactionLiability Practice</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></description> <content:encoded><![CDATA[<p>An underwriting team that is widely recognized as leaders in the Transaction Liability Insurance (“TLI”) industry is pleased to announce the launch of Sands Point Risk (“Sands Point’’ or “the Company”).<br /> Sands Point is a managing general agent (“MGA”) focused on supporting expanded opportunities across financial and property and casualty insurance lines. With its flagship TLI practice, Sands Point will offer a full suite of products in TLI, including Representation and Warranties, Tax Liability and Contingent Liability Insurance. The Company’s TLI solutions are designed to protect entrepreneurs, investors and industry stakeholders and uniquely manage transaction risks.<br /> The Sands Point senior leadership team, which is comprised of highly successful professionals in TLI, has collectively underwritten thousands of transactions involving strategic and private equity buyers and sellers spanning all sizes and across numerous industries. Sands Point brings together a veteran leadership team widely known to the industry:<br /> Dennis Kearns (Chief Executive Officer) brings more than 25 years of experience in underwriting, product development, policy drafting and claims. Prior to Sands Point, Dennis founded the Transaction Solutions program at DUAL, where he oversaw the expansion of its Representations and Warranties, Tax Liability and Contingent Liability Insurance offerings, producing a total gross written premium exceeding $600 million.<br /> Patrick Darragh (Executive Vice President) has more than 20 years of experience in underwriting, including transactional risk and management liability for both public and private company Directors and Officers Insurance (“D&O”).<br /> Dan Simnowitz (Executive Vice President) has spent his entire 17-year career in the insurance industry in a variety of roles, most recently as a member of the leadership team for the Transaction Solutions program at DUAL.<br /> JoAnna Conte (Chief Operating Officer) touts more than 20 years of insurance industry experience across Commercial Underwriting, Specialty Operations and Technology Solutions.</p> <p>“In addition to a world class leadership team, Sands Point is fortunate to have the tremendous support of private equity firm Avesi Partners, which was instrumental in our formation and will provide significant financial support and access to its resources and expertise. We are also grateful for the immense support we’ve received from key stakeholders in the TLI space,” said Sands Point Risk Chief Executive Officer Dennis Kearns.<span class="Apple-converted-space"> </span></p> <p>“Sands Point is committed to delivering exceptional underwriting and service to help our customers navigate risk exposures arising from M&A, tax treatments and litigation. We’re eager to deliver the high-level of service our customers have come to expect from our team. Our goal is to help entrepreneurs anticipate and mitigate transaction risk and drive profitable underwriting results. We will also be looking for opportunities to deliver this same level of best-in-class underwriting and customer service in other specialized insurance lines as we build out the Sands Point platform.”</p> <p><em>About Sands Point Risk</em></p> <p><em>Sands Point Risk is a uniquely focused insurance platform supporting expanded opportunities for managing general underwriters in a variety of insurance offerings in the financial and property & casualty insurance space. The Company’s Transaction Liability Insurance offering is designed to protect entrepreneurs, investors and industry stakeholders involved in mergers, acquisitions, divestitures or other major corporate transactions as well as help manage risks associated with potential breaches of representations, warranties,<span class="Apple-converted-space"> </span>or indemnities made by the seller in the transaction agreement. For more information, please visit sandspointrisk.com. </em></p>The post <a href="https://www.insurance-advocate.com/2024/02/22/sands-point-risk-launches-mga-platform-with-flagshiptransactionliability-practice/">Sands Point Risk Launches MGA Platform with FlagshipTransactionLiability Practice</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></content:encoded> </item> <item> <title>Risk Strategies Acquires Prince Associates,Inc.</title> <link>https://www.insurance-advocate.com/2023/12/20/risk-strategies-acquires-prince-associatesinc/</link> <dc:creator><![CDATA[Insurance Advocate]]></dc:creator> <pubDate>Wed, 20 Dec 2023 05:30:32 +0000</pubDate> <category><![CDATA[2023]]></category> <category><![CDATA[december]]></category> <category><![CDATA[Agencies]]></category> <guid isPermaLink="false">https://www.insurance-advocate.com/?p=14422</guid> <description><![CDATA[<p>Risk Strategies, a leading national specialty insurance brokerage and risk management and consulting firm, HAS announced its acquisition of Prince Associates, Inc., a multi-line retail insurance agency based in Hicksville, NY. Terms of the deal were not disclosed. Led by Leith Baren and Craig Sherman, Prince Associates is primarily focused on helping clients in need of commercials lines […]</p> The post <a href="https://www.insurance-advocate.com/2023/12/20/risk-strategies-acquires-prince-associatesinc/">Risk Strategies Acquires Prince Associates,Inc.</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></description> <content:encoded><![CDATA[<p>Risk Strategies, a leading national specialty insurance brokerage and risk management and consulting firm, HAS announced its acquisition of Prince Associates, Inc., a multi-line retail insurance agency based in Hicksville, NY. Terms of the deal were not disclosed.<br /> Led by Leith Baren and Craig Sherman, Prince Associates is primarily focused on helping clients in need of commercials lines coverages. The firm serves clients across 41 states in a broad array of industries including waste disposal, manufacturing, animal shelters, hospitality and real estate.<br /> “The need for expert knowledge in risk management and insurance for business is only increasing,” said Robert Rosenzweig, New York Regional Leader, Risk Strategies. “Leith, Craig and the team at Prince Associates are a great addition to our commercial lines expertise and I’m excited to welcome them to the Risk Strategies family.”<br /> Prince Associates have expanded their client services beyond tailored insurance coverages, offering a range of services and capabilities to help clients more holistically understand their risk and liability exposures. The team helps identify practical ways to manage risks and their offerings include risk management reviews, loss control analysis, claims handling overviews, flexible financing and alternative risk transfer options.<br /> “We wanted to expand our capabilities and scale our business without sacrificing the expertise-driven approach to risk management that drove our success,” said Leith Baren, CEO, Prince Associates Inc. “We saw becoming part of a true specialty broker like Risk Strategies as the perfect way to do just that.”<br /> In addition to its primary focus on specialty risk management advice and commercial lines coverages for businesses, Prince Associates also offers personal lines coverages for families and individuals, including homeowners, property, renters, auto, flood and identity theft, among others.</p> <p>Risk Strategies is a privately held United States brokerage firm offering comprehensive risk management advice, insurance and reinsurance placement for property & casualty, employee benefits, private client services, as well as consulting services and financial & wealth solutions. With more than 30 specialty practices, Risk Strategies serves commercial companies, nonprofits, public entities, and individuals, and has access to all major insurance markets. For more information visit: www.riskstrategies.com.</p>The post <a href="https://www.insurance-advocate.com/2023/12/20/risk-strategies-acquires-prince-associatesinc/">Risk Strategies Acquires Prince Associates,Inc.</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></content:encoded> </item> </channel> </rss>