Insurance

Universal Sompo General Insurance Company Limited Onboards Dr. (Ms.) Puneet Kaur Kohli as Chief Technology Officer

MUMBAI, India, Oct. 8, 2020 /PRNewswire/ — Dr. (MS.) Puneet Kaur Kohli has been appointed as Chief Technology Officer of Universal Sompo General Insurance Company Limited w.e.f. 5th October 2020. She brings over 23 years of extensive experience in Information Technology across esteemed organisations.

Prior to joining Universal Sompo, Dr. (Ms.) Puneet Kaur Kohli had worked with Manappuram Finance Limited as Group Chief Information and Technology Officer. In her career of 24 years, Dr. Kaur has worked in various leadership roles and was associated with Bajaj Cap, Motricity, Bharti Airtel. She has worked internationally in countries including USA, UK, Canada, Dubai and across APAC.

Dr. Kaur is a qualified Research Doctorate-Excellence Management. She has done her MBA in Information Systems from FMS Delhi & B.Tech from Delhi College of Engineering.

Dr. Kaur won the business transformation leaders award from TechCircle for 2020, NBFC Tech 100 award for

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United Kingdom Income Protection Insurance Market 2020-2024: Current Drivers / Legislation / Impact of Covid-19 – Press Release

Dublin, Oct. 08, 2020 (GLOBE NEWSWIRE) — The “Income Protection – United Kingdom (UK) Protection Insurance 2020” report has been added to ResearchAndMarkets.com’s offering.

The report provides an in-depth assessment of the income protection market, looking at current and historical market sizes with regards to changes in contracts and premiums. It examines how income protection products are distributed and highlights key changes in the competitive landscape, as well as the proposition of the key market players. It provides five-year forecasts of contracts and premiums to 2024 and discusses how the market, distribution, and products offered are likely to change in the future, as well as the reasons for these changes.

The UK’s income protection market has grown strongly in recent years. Of the main protection products, income protection was the only product to register double-digit growth in premiums in 2019. Advised sales remain far more common than non-advised sales. However,

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Federated Mutual Insurance Company Appoints Northern Trust as Custodian for $7bn Insurance Mandate

Northern Trust (Nasdaq: NTRS) has been selected by Federated Mutual Insurance Company of Owatonna, Minnesota, to provide global custody and cash management services for over US$7 billion in insurance assets.

“Northern Trust demonstrated a high level of industry expertise and a passion for client service, along with superior technology that will effectively support our investment program,” said Michael Keller, Chief Financial Officer of Federated Insurance. “Their focus on client relationships and the depth of knowledge from every team member made it clear Northern Trust will be a great partner for us.”

“We appreciate the opportunity to work with Federated Mutual and bring our industry expertise to one of the nation’s most respected mutual insurance companies,” said Chris Dvorak, Head of Insurance Solutions at Northern Trust. “We look forward to providing them with comprehensive product and technology solutions that will enable them to be increasingly innovative and agile in their investment

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Hub International Limited Acquires Assets of Maryland’s Bernstein Insurance

Global insurance brokerage Hub International Limited has acquired the assets of Bernstein Insurance LLC. Terms of the transaction were not disclosed.

Bernstein Insurance’s principal owner, Jennifer Bernstein, was previously part of Nationwide Mutual Insurance Company’s exclusive distribution model and is now joining Hub as she recently transitioned to an independent broker.

Located in Odenton, Md., Bernstein Insurance provides personal and commercial insurance solutions, including home, auto, life and business. Jennifer and her son, Michael Bernstein, will be joining Hub Mid-Atlantic and will report to Norman Breitenbach, president of the region.

This announcement follows Hub’s recent acquisitions of the insurance brokerage assets of Rockville Insurance Agency Inc., Jeffrey Preston Zepp and Charles Rhett Butler, each of whom also transitioned from Nationwide’s exclusive distribution model to independent brokers.

Since last year, Hub has added 19 agencies that were previously exclusive Nationwide agents and subsequently became independent.

Headquartered in Chicago, Illinois, Hub International

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Insurance Firm Says Workers Snuck Competitor Trade Secrets

Law360 (October 7, 2020, 4:32 PM EDT) — A Pennsylvania insurance firm said employees at a recently acquired Pittsburgh-area office had been feeding trade secrets to a competitor before defecting, according to a lawsuit filed in federal court Wednesday.

Harrisburg-based Keystone Agency Investors LLC said that when it acquired insurance business Duncan Financial Group in June, current or former Duncan employees Daneen Hayden, Dina Desiderio and Rebecca Varga were already in the midst of a scheme to transfer the company’s confidential information to CSC Insurance Professionals and defect to KAI’s competitor.

“Around the end of 2019 or beginning of 2020, Hayden began conspiring to leave Duncan to work for…

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Brexit has taken chunk out of London commercial insurance, says IUA

FILE PHOTO: A man records an image of a recently painted mural of a person sitting with both the British and EU flag, in Greenwich, London, Britain, October 6, 2020. REUTERS/Toby Melville/File Photo

LONDON (Reuters) – Britain’s departure from the European Union may have cut business in the London commercial insurance market by 14% last year, the International Underwriting Association said on Wednesday.

Gross premium income for the so-called London company market – commercial insurance excluding Lloyd’s of London – totalled 27.6 billion pounds last year, the IUA said in a report.

Without Brexit the figure is likely to have been in excess of 32 billion pounds because about 4.5 billion pounds of premiums previously recorded in London were recorded in Europe, the IUA said.

Britain left the EU at the end of January and UK-based insurers have been moving business to new or expanded hubs in the bloc because

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Trean Group Completes Acquisition of South Carolina-Based 7710 Insurance Co.

The wholly-owned subsidiary of Trean Insurance Group, Benchmark Holding Co., Inc., has completed the acquisition of South Carolina-based 7710 Insurance Company, as well as its associated program manager and agency.

7710 Insurance Co. is a national workers’ compensation insurer for first responders.

According to Andy O’Brien, TIG’s president and CEO, 7710 will aid the company in executing its growth strategy as it focuses on the underserved workers’ comp market for the emergency services industry.

7710 Insurance Company joins TIG’s other affiliated insurance companies American Liberty Insurance Company and Benchmark Insurance Company – both A.M. Best ‘A VIII’-rated carriers offering specialty property and casualty products in 49 states and D.C.

Trean Insurance Group, Inc. provides products and services to the specialty insurance market. Trean underwrites specialty casualty insurance products both through its program partners and its own managing general agencies. Trean also provides its program partners with services including issuing carrier

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C2P Advisory Group Rebrands to Clarity Insurance Marketing and Announces New Leadership to the Team

CLEVELAND, Sept. 30, 2020 /PRNewswire/ — C2P Advisory Group, a best interest-focused insurance marketing organization, announces today its rebrand to Clarity Insurance Marketing, a name more reflective of the values, offerings and mission of the organization. As part of the new direction of the company, industry veterans Brian Mann and Kalem Mackey, CFP® have joined the team in leadership roles.

Clarity Insurance Marketing is dedicated to ‘clarifying’ the role of fixed insurance products as part of a holistic financial plan and the processes required in order to deliver a transparent, best interest experience for the client. Its mission is to help both leading advisors in the insurance industry as well as those new to insurance and/or independence to understand fixed insurance and in what scenarios the products may or may not work in an overall retirement plan. The company has an award-winning five-layer annuity screening process to help

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Allianz Adds 3 From Argo to Cyber Insurance Team

Allianz Global Corporate & Specialty (AGCS) has made several hires to strengthen its cyber insurance underwriting team: Tresa Stephens as regional product leader; Josh Navarro, executive underwriter; and Ed Lee, underwriting specialist.

Based in New York, Stephens will lead the Northeast region, executing a national cyber strategy and developing underwriting and service capabilities for distribution partners and clients. She will also be responsible for cyber training across lines of business. Stephens joins from Argo Group, where she led the East region Cyber practice as an underwriting manager for Technology E&O and Cyber. For two years prior, she was an executive underwriter for Financial Lines with Chubb.

Located in Chicago, Navarro will execute underwriting strategy in the Midwest region by developing relationships with producers and clients. He also will support key growth initiatives in line with growth and regional partnership strategies. Previously, Navarro was assistant vice president, underwriting manager with Argo

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Hodgen Mainda’s first year leading Tennessee Department of Commerce and Insurance brings big challenges

Hodgen Mainda had to move fast to climb the learning curve in his new role as commissioner of the Tennessee Department of Commerce and Insurance.

Five months after he stepped into the job leading 800 employees who serve 6.8 million Tennesseans, tornados tore through Middle Tennessee, killing 25 people and causing more than $1.5 billion in property loss. For Mainda, severe storms mean time in the field with his team to see the damage and talk with people on the ground.

“My approach has been we need to see firsthand the affected areas,” Mainda says.

Then, just two days after those storms, the first case of COVID-19 was reported in Tennessee.

“We made a hard pivot and engaged all the health insurance companies in the state — eight of them — and issued guidance for covering costs and co-pays,” Mainda says.

One month after that, a line of overnight Easter

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