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Arthur J. Gallagher & Co. Acquires Iowa’s Horak Insurance 0

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Arthur J. Gallagher & Co. Acquires Iowa’s Horak Insurance

Article 0 Comments Arthur J. Gallagher & Co. announced the acquisition of Washington, Iowa-based Horak Insurance, Inc. Terms of the transaction were not disclosed. Horak Insurance is a retail property/casualty insurance agency serving commercial and personal lines clients as well as farms in eastern and central Iowa. Paul Horak, Luke Horak and their team will remain in their current locations under the direction of Ryan Isaacs, head of Gallagher’s Midwest region retail property/casualty brokerage operations. Topics Mergers & Acquisitions A.J. Gallagher Iowa Was this article valuable? Thank you! Please tell us what we can do to improve this article. Submit No Thanks Thank you! % of people found this article valuable. Please tell us what you liked about it. Submit No Thanks Here are more articles you may enjoy. Interested in Mergers? Get automatic alerts for this topic.

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Case Study: When Should This Divorced Widow Claim Social Security?

A slightly superior approach would involve Brenda first filing at age 60 in May 2024 for a reduced survivor benefit, which would pay $1,349 per month, and then filing for her own reduced worker benefits of $1,851 at age 62. The result of this approach would be $596,429 in projected lifetime benefits. A bigger jump in projected income comes from assuming Brenda can drawn on other income sources and delay claiming her own worker benefit until May 2031, when she would be age 67 and be entitled to her full primary insurance amount of $2,630. This would deliver some $644,350 in projected lifetime benefits. An even more powerful approach would be to see Brenda wait to file for her full survivor benefit of $1,888 at age 67 in January 2031. She could then wait until May 2034 to file for her delayed worker benefits at age 70, at which time she would get 124% of her primary insurance amount, or $3,261. This strategy would deliver some $749,517 in projected lifetime benefits. A similar benefit amount of $757,666 is projected were Brenda to file in May 2024 for reduced survivor benefits ($1,349) at age 60 and then file in May 2031...

IBC commends National Summit on Combatting Auto Theft 0

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IBC commends National Summit on Combatting Auto Theft

Ottawa, ON (Jan. 22, 2024) – Following the Government of Canada’s announcement of a National Summit on Combatting Auto Theft, Craig Stewart, Vice President, Climate Change and Federal Issues, Insurance Bureau of Canada (IBC), issued the following statement: “IBC commends the federal government for announcing a national summit on combatting auto theft. Auto theft is a national crisis affecting communities and innocent victims across the country. The only way to end this social menace impacting public safety is through a concerted, whole-of-society effort. Convening a national summit and bringing together representatives from all orders of government, law enforcement agencies and partners from key sectors is a firm step in the right direction to end Canada’s auto theft crisis. Canada’s property and casualty insurers have been calling on the federal government to take a leadership role in coordinating a whole-of-society approach to combatting auto theft and are in full support of the upcoming summit. We are hopeful and confident the summit will convene the key experts and stakeholders needed to organize and implement an effective response to fight auto theft in the country. IBC is encouraged by the leadership shown by the federal government to spearhead a coordinated effort to fight...

Cellphone Use Is Biggest Cause of Distracted Driving: Insurance Information Institute 0

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Cellphone Use Is Biggest Cause of Distracted Driving: Insurance Information Institute

Toronto, ON (Jan. 29, 2024) – Cellphone use by individuals operating a motor vehicle continues to be the largest contributor to distracted driving in the U.S., according to the latest Issues Brief from the Insurance Information Institute (Triple-I). “As drivers returned to the roads following the pandemic, distracted driving surged, causing higher rates of accidents, injuries, and deaths. This high-risk behavior has worsened in the years since, having huge implications for the insurance industry and their policyholders,” stated Dale Porfilio, chief insurance officer, Triple-I. Triple-I’s just-released report, Distracted Driving: State of the Risk, examines the effects of distracted driving and how it is contributing to more hazardous roadways and a higher combined ratio for personal auto insurers. A combined ratio is the percentage of each premium dollar an insurer spends on claims and expenses. It is a benchmark measure which demonstrates profitability in a particular line of insurance. The U.S. personal auto insurance industry saw its combined ratio soar in 2022 to 112.2, meaning for every dollar the industry cumulatively collected in premiums, insurers paid out approximately $1.12 in claims and expenses. The rising cost of replacement parts, inflation, and legal system abuse also contributed to this trend. Cellphone use–which...

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Markets/Coverages: Howden Launches Carbon Capture and Storage Insurance Facility

Article 0 Comments Howden, the London-based global insurance group, announced an insurance facility that covers the leakage of carbon dioxide (CO2) from commercial-scale carbon capture and storage (CCS) facilities. The insurance facility, designed by Howden and led by SCOR’s syndicate at Lloyd’s, provides cover for environmental damage and loss of revenue arising from the sudden or gradual leakage of CO2 from CCS projects into the air, land and water. The facility is available globally. Howden called the solution a first-of-a-kind facility that will unlock vital investment to support the global transition to net zero. The solution addresses a key risk associated with CCS technology and supports the development of a commercial insurance market for leakage risk, the need for which has been highlighted by the UK Government Department for Energy Security & Net Zero’s Business Model for Carbon Capture, Usage and Storage. Other following markets within Lloyd’s have committed to support the facility, with further capacity anticipated to meet commercial demand globally. Led by Glenn O’Halloran, executive director, Howden Climate Risk & Resilience, this product further emphasizes Howden’s leading position in the design and deployment of unique insurance structures that support decarbonization. The financial viability of CCS projects often relies...

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Raymond James Revamps Independence Plus Platform

Raymond James says it has updated its Independence Plus platform for newly autonomous advisors by expanding consulting services for transitioning advisors, who can now pick and choose more options for how they set up, run and grow their firms, for instance. The changes include “significant investments” in the program’s team of experienced consultants, according to the firm, and the addition of new benefits partners who can deliver “a more comprehensive transition process to more advisors.” “Today, Raymond James delivers a highly personalized model supporting all transitioning advisors, from solo owners to large enterprise teams, designed to instill confidence throughout the journey to business ownership,” said Shannon Reid, head of the firm’s Independent Contractor Division, in a statement. “These enhancements include significant investments in our team of experienced consultants and benefits partners to meet rising demand and provide our comprehensive transition process to more advisors,” Reid explained. The program — which has been in operation for over a decade and has helped some 450-plus advisory offices become business owners — will continue to be led by Steve Voss, vice president of independent business consulting.

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Early U.S. Mortality Stays High

The first reasonably complete death data for December 2023 seems to show that total U.S. mortality, for people of all ages from all causes, was considerably higher than the pre-pandemic norm. The U.S. Centers for Disease Control and Prevention put state reports of 57,668 deaths in the table it uses to determine whether the percentage of deaths from flu, pneumonia and COVID-19 is at or above the pandemic threshold. The December 2023 death total was 13% higher than the total for December 2019, before the COVID-19 pandemic came to light, and 17% higher than the total for December 2018. Another, separate stream of data, based on figures that states send to a team at the U.S. Department of Health and Human Services, shows that hospitals reported 717 deaths of people with COVID-19 for the week ending Jan. 20.

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Planner Accused of Buying House With $2M in Client Funds

What You Need to Know The planner, based in Indiana, is known for his local TV and radio ads. The cease-and-desist order also targets an advisor who was barred in the state. ReJoyce Financial says it remains focused on its clients and plans to fight the allegations. The Indiana secretary of state has issued a cease-and-desist order against an unregistered financial planner whom authorities accused of using over $2 million in client funds to buy a house, among other allegations.  The secretary’s securities division issued the order against Alexander Joyce, who allegedly induced several clients to enter into an investment advisor agreement with his firm without being registered as an advisor, and against his related business entities ReJoyce Financial and ReJoyce Wealth Management. The order also named investment advisor Joel Parady, according to a press release Wednesday. Parady is listed in FINRA’s BrokerCheck as a registered investment advisor and former registered broker. Joyce, Parady and the named businesses were ordered to stop offering or engaging in investment advisor services and offering or selling securities, among other activities. The order petition indicates that Charles Schwab Corp. made a complaint to the secretary of state earlier this month on behalf of two...

Hub International Launches Hub Multinational Protection 0

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Hub International Launches Hub Multinational Protection

Comprehensive Risk Management Services and Insurance Coverage for Global Clients Navigating Multinational Complex Risks Chicago, IL (Jan. 23, 2024) – Hub International Limited (Hub), a leading global insurance brokerage and financial services firm, is pleased to announce the launch of HUB Multinational Protection, a comprehensive risk management services and insurance product tailored to the evolving complex risk needs of multinational clients in all industries, who operate in five countries or less. “It is important that clients dealing with the challenging global landscape work with specialists from around the world who understand in-market risks and comply with the insurance requirements and regulations necessary in each country,” said Will Mulé, Executive Vice President, Global Risk Solutions Practice Leader. “HUB Multinational Protection offers an all-encompassing approach, whether our clients have employees who travel or work abroad, sell products globally, sponsor international trips, or have physical offices, manufacturing facilities and warehouses outside the United States.” Navigating diverse regulatory environments is critical, and HUB Multinational Protection’s nuanced coverage adapts to the compliance requirements that vary from country to country – whether clients have operations abroad or international exposures. The comprehensive coverage options include: Global Property General Liability Employee Benefits Liability Excess Auto Foreign Voluntary Workers...

Crawford Technologies highlights its 2023 innovations as it achieves double-digit growth 0

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Crawford Technologies highlights its 2023 innovations as it achieves double-digit growth

In 2023, Crawford Technologies posted the highest revenue in company history Toronto, ON (Jan. 26, 2024) – Crawford Technologies, a leading provider of innovative document solutions that streamline, improve and manage customer communications, announces it experienced double-digit growth during its fiscal year ending September 30, 2023, attaining the strongest financial year in the company’s 27-year history. Crawford Technologies’ strong performance is a result of significant milestones that include product innovation, ongoing advancements to its existing technologies, expanding its partnerships and its management team. Major product innovations included the development and launch of AI-based SmartSetup, a no-code software solution designed to fully automate the time-consuming task of indexing and extracting data from print files, reducing the cost and time needed by over 90%, resulting in significant savings. SmartSetup received the 2023 Xplor Technology of the Year Award, honored as a product that is transforming the industry by expanding the capabilities of document and communication systems. Additionally, the company built and deployed two SaaS solutions, which experienced significant adoption during Crawford Technologies’ fiscal year: cSimpl, a document reengineering service designed for  affordable and simplified optimization software; and PRO DocNow,  a service that gives both print service providers and enterprises fully automated document...