Aviva has completed its acquisition of Probitas 1492 following the receipt of all necessary approvals. https://hubs.li/Q02F-XBG0
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Aviva have acquired Probitas 1492 for £242m and thereby effected a long-anticipated (re)entry into Lloyd's, which is clearly a postive news story for the London Market and Lloyd's in particular. The sellers seem happy too…Saudi Re, who owned 49.9% of Probitas 1492, called the terms of the sale ‘very attractive’. So could this be a deal made in heaven where both sides of the transaction can declare victory? After all, Aviva acquire a successful Lloyd's platform and the previous owners secure a healthy return on their investment. The timing is an interesting factor, of course…with various sources making noises about the cycle beginning to turn in 2024, following a sustained hard market. However, the cyclical nature of the insurance market would be well known to both the buyer and seller. As with all M&A, time will ultimately be the judge of success. However, we would be really interested in your views: which side of the transaction would you prefer to be on and why? #insurance #insuranceindustry #insurancemarket #mergersandacquisitions #londonmarket https://lnkd.in/e2RCnjxD
Aviva to acquire Probitas for £242m - Reinsurance News
http://www.reinsurancene.ws
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Specialty Program Group LLC (SPG) acquired the assets of BUTTINE UNDERWRITERS AGENCY LLC (BUA), a premier provider of Event Cancellation and Prize & Promotion Insurance solutions. This acquisition signifies SPG's continued investment in the highly attractive sports and entertainment industry segment, underscoring its commitment to growth and diversification in specialty insurance services. "The acquisition of BUA represents a key strategic enhancement to our portfolio, particularly in the sports and entertainment sectors. Their great reputation, proven track record and expertise are invaluable assets as we continue to grow and diversify our services," said Christopher Treanor, President & CEO of SPG. R Audet, President of BUA, adds, "Joining forces with SPG opens up exciting new possibilities for BUA. Their vast resources and network will undoubtedly enhance our capabilities and allow us to scale new heights in the insurance industry, particularly within our specialized sectors." 👉 Learn more about this acquisition here: https://lnkd.in/ehKXi6_D
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As DJ Khalid would quote. “ANOTHER ONE” Within being with the Jensten Group for only 4 months! So far we have acquired and grown rapidly. Strength is obviously our strong point!! LETS KEEP GROWING!!!! #aquisition #fca #growing #growth #insurancemarket #insuranceindustry #insurance #insuranceagent #insurancebroker #broker #jensten #jenstengroup #advanceinsurance #advance #scruttonbland #letsgetconnected #finance #financialservices
We are delighted to welcome the team from Scrutton Bland Insurance Brokers as part of our latest acquisition, pending regulatory approval from the FCA. Scrutton Bland Insurance Brokers has a reputation for delivering a high-quality broking service to clients across multiple sectors, with a particular focus on commercial property. The business also boasts well-established charity and agricultural specialisms, with an in-depth understanding of the unique requirements of clients in these sectors Robert Organ, Jensten Retail MD, added: "We’re seeing real success as we grow our regional footprint across the UK. Our recent announcement in Yorkshire and now additional investment into East Anglia are testament to our strategic focus of establishing regional centres of excellence. At the same time, we want to grow our specialist capabilities, with propositions focused on specific client and industry sectors. Scrutton BlandInsurance Brokers reputation for providing a high-quality and tailored service to clients across East Anglia, as well as their specialist offering to Charity and Agricultural communities makes them a great new addition to Jensten and we look forward to welcoming Tim and the team to the Jensten family.” You can read our full statement here: https://lnkd.in/ej7QaKhB
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Vermont has become number one captive insurance domicile worldwide by the number of active captives licensed and domiciled. At the end of 2022, VT had 639 licensed active captives while top competitors Bermuda reported 633 and the Cayman Islands 559. Captive insurance generally refers to a subsidiary corporation established to provide insurance to the parent company and its affiliates. Captives allow organizations to tailor plans to their risk management needs by underwriting their own insurance instead of paying premiums to third party insurers. With nearly $212 Billion in total assets under management and $42 Billion in gross written premium in 2022, there is definitely a large market for reinsurers to continue unlocking value and reinsure the risk captives do not retain in Vermont. When reinsuring captives, it is advisable to carefully ensure that the scope of coverage afforded in the policy issued by the captive is the same afforded by the reinsurer. In my experience, the risk of litigation between reinsurers and captives primarily centers on sometimes inadvertently difference in coverage terms when issuing the insurance policy and the captive policy. Have you encountered other type of coverage disputes involving captives? Related 🔗 links: https://lnkd.in/eV6YVHQa #VTCaptives #Vermontlaw #Vermontinsurancelaw #insuranceregulatory #insurancecoverage #insurancepolicy #insuranceclaims #vermont
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📖 Program Manager: February 2024 edition now out Aspen Insurance Group continues to forge ahead with its planned IPO, but the Bermudian is also considering other options for its owner Apollo to exit and for it to continue its own evolution as a platform. And in this month’s issue, we reveal that Aspen is in discussions with Ryan Specialty and PE giant Blackstone over a transaction that could see it separate out its open market underwriting into a new MGA and refocus its remaining insurance operations as a program specialty carrier. Download here – only available to subscribers 👇 https://lnkd.in/eDkPGZZB The repositioned program insurance business would sit alongside Aspen’s established reinsurance and capital markets platforms following any transaction. But it was posited that Blackstone’s role could be as a potential bidder for Aspen, with the newly created open market MGA then spun off to sit within Ryan Specialty’s large and growing underwriting platform, which includes a stable of branded units. In our other lead article this issue we reveal that SpottedRisk has secured A+ rated capacity from Lloyd’s to support its new Non-Payment Insurance program, an offering the film and entertainment focused MGA believes improves the independent production financing outcome for both banks and their borrowers. In our Editor’s Letter we look at continued strong interest from capacity providers in working with MGAs to access the LatAm and Caribbean markets. Amid a flurry of start-ups the topic was hot on the agenda in Miami last week as reinsurers, MGAs, Lloyd’s syndicates and others targeting the LatAm and Caribbean markets gathered. In other news, we report that start-up collateralized reinsurer Gryphon Holdings has been linked with a transaction related to the portfolio of business at Corinthian. We also update on the latest Vesttoo news. Our The Insurer TV colleagues talk to the leadership of BMS Group about their focus on the MGA space, and we also interview the CEO of start-up transactional liability MGA Sands Point. And, of course, we include our regular news recap; the latest on M&A, fundraising and start-ups; and our round-up of program partners and launches. Look out for updates on our upcoming Program Manager Conference & Awards in New York in May 🗓️ https://lnkd.in/e4bM8c8X #insurance #reinsurance #programs #MGA #MGU #insurancenews #reinsurancenews
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Konsileo has been shortlisted for the Best Insurance Employer - SME Award in the Insurance Post 2024 British Insurance Awards. This is the third year in a row we’ve been in this shortlist, and it doesn’t get old. For me, the fact that we continue to live our values and deliver a great working environment for successful broking is well worth celebrating - whether we go on all the way to win this year or not. We’ve always promised our people that they will be the most professional, happiest and best rewarded brokers in the business. We do that by giving people autonomy, great structures and tools to do their jobs - and opportunities and support to help them develop and thrive. And it’s paying off – not just in terms of how people feel about working here, but how we protect our clients and perform as a business. Making this year’s shortlist means we’re still on the right path, and proving that our recipe for doing broking differently works long-term. If you’d like to join us on the journey, and work for one of the most consistently-voted best insurance employers around, give me a ring on 07737603613. https://lnkd.in/eK-iBdx5
2024 Winners - The British Insurance Awards
insuranceawards.com
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Meet our board of directors! Jeff Fabini is our DEI: Diversity, Equity, and Inclusion chair. Jeff is the owner of Secure Benefits Solutions and a dedicated NABIP member. What information do you want to know about NABIP? 🔵 #NABIP #NABIPNEIN #membership #insurance #insuranceindustry #northeastindiana #advocating #indiana #insurancelife #insuranceadvocate #insuranceexperience #nationalassociationofbenefitsandinsuranceprofessionals
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Managing Director - Brunel PI Brokers Talks about - #insurance #professionalindemnity #publicspeaking #fitness #entrepreneurship #sales #health
June was a record breaking month for Brunel PI Brokers as we continue to dispel the myth that big is beautiful in the insurance broking world. Our clients are benefitting from a personal touch service, quick turnaround times and policies that meet their demands. I am extremely proud of the team that we have esembled, a mixture of experience, from new starters to the industry to individuals who have worked in professional negligence for decades. All adding to a fantastic team spirit, embedded with a hard working culture. The market has softened, we have access to insurers across the London market and the regions who are keen to win new clients. Brunel PI Brokers can help: ⭐️Improve policy coverage and negotiate out onerous clauses ⭐️Reduce your premium ⭐️Consistency of contact/account broker ⭐️Ongoing service demands and needs We are bringing some much needed competition back to the market. It’s time for change. Come join us. #professionalindemnity #sme #insurance #change
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Excellence is a mindset.
We are proud to announce that Chedid Re was recognized as the “Reinsurance Broker of the Year” at the Middle East Insurance Industry Awards (MIIA) 2023. This win marks the seventh time Chedid Re has been awarded this prestigious title, in recognition of its steadfast performance and industry contribution. Middle East Insurance Review #ChedidRe #ReinsuranceBroker #Award
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This week, Canadian ICMIF member Beneva concluded an unprecedented exercise, a consultation of all its 5,400 employees, the results of which will be used to develop the strategic orientations of the company, which in less than three years has become one of the leaders in the insurance market in Québec and Canada. To bring its “Great Consultation” full circle, Beneva brought together over 500 employees designated by their peers to act as spokespersons at the Lévis Convention Centre. Between June and the end of August, Beneva held no fewer than 500 workshops, during which 4,500 responses and proposals were collected. At the end of this, priority actions will be identified and included in the organisation’s strategic plan. “Every employee is aware of the challenges facing Beneva, and has a say in them. Since day one of our young history, we have chosen to involve all members of our teams, intensifying dialogue to discuss issues specific to their sector of activity. It is thanks to the commitment of our people that we have become Beneva,” says Jean-Francois Chalifoux, President and CEO of Beneva. At the dawn of a new cycle following the conclusion of the coming together merger between La Capitale and SSQ Assurance, the strategies deployed based on the results of the “Great Consultation” will enable Beneva to stand out from the crowd, ensuring growth and competitiveness for years to come. #mutual #mutualinsurance #insurance #mutualinsurance https://lnkd.in/eWu52Mwq
Beneva concludes unprecedented employee consultation exercise to develop its next strategic vision - International Cooperative and Mutual Insurance Federation
https://www.icmif.org
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