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"Agencies appointed since the beginning of 2023 contributed $47 million or 12% of total fourth-quarter new business written premiums."
– Cincinnati Insurance is covered in our agency distribution report (below).
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🤝 |
Arthur J. Gallagher & Co. has signed a definitive agreement to acquire San Francisco-based Woodruff Sawyer. The transaction is subject to regulatory approval and is expected to close during the second quarter of 2025.
Woodruff Sawyer pro forma revenues and EBITDAC (including expected synergies) for the trailing 12 months ended December 31, 2024 were approximately $268 million and $88 million, respectively. Under the agreement, Gallagher will acquire Woodruff Sawyer for consideration of $1.2 billion. Integration costs and expected non-cash management retention costs are expected to total $150 million over the next 3 years.
Woodruff Sawyer provides a full suite of commercial P&C products, employee benefits solutions and risk management services with a focus on middle and large market clients. Operating from 14 US offices and one UK office, Woodruff Sawyer has expertise in management liability, construction and real estate. The Woodruff Sawyer team, led by Andy Barrengos, will operate under the direction of Peter Doyle, head of Gallagher's US retail property/casualty brokerage operations.
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CoverForce, a provider of quote-and-bind API connections in commercial insurance, announced a $13 million Series A funding round.
Co-founded by Cyrus Karai, Behram Dinshaw, and Kaivan Wadia, CoverForce built an API platform that allows agents to quote, pay, bind and issue policies. Since its launch, CoverForce has become "a go-to marketplace" for commercial insurance connectivity, partnering with over 20 of the largest insurance agency wholesalers and networks and supporting more than 9,600 producers nationwide.
The platform integrates with national carriers like AmTrust, Chubb, Liberty Mutual, and Travelers, and covers major commercial lines of business such as Workers' Compensation, General Liability, Business Owner's Policies, and Cyber.
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"This transition will allow us to fully harness the Liberty Mutual brand value for all of our customers, agents and partners, across all distribution channels. Importantly, this will significantly simplify our business, allow us to dedicate our considerable marketing power behind a single brand, and enable us to leverage and scale our technology to deliver unified but differentiated products and experiences across channels."
– Liberty Mutual is retiring the Safeco brand.
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Sold |
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Pet insurance company ManyPets has sold its US-based licensed carrier Many Insurance Company to American Guardian Holdings, a provider of extended warranty products for the automotive space.
ManyPets exited the US market last year.
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"Personally, it brings me comfort knowing that if something happens to one of my family members while they are on the road, we can track everything in real-time, providing invaluable peace of mind."
– The Nationwide app now features live tow truck tracking. |
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EverQuote: |
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Bottom Line: Progressive spent $195M with EverQuote last year but the big winner is Progressive.
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Coverager Research |
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Our monthly innovation report is now live, covering MetLife's exotic pet support, Lemonade's partnership with CMT, and over $3 billion in insurance investments, to name a few.
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We've long standardized insurance innovation data. Now, we're launching a new report on IA appointments across P&C and Life insurance. Data for January 2025 is available to members, while non-members can access a sample [here] and [here].
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Member Content |
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| BECOME A MEMBER |
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Now Hiring |
Obie, Arch Insurance Group, Berkshire Hathaway GUARD, Galecki Search Associates, Mercury Insurance, Plymouth Rock Assurance, The Hanover, Travelers. View open positions. |
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📬 Invite your friends to join the newsletter.
Recent subscribers: Pie Insurance, Insurify, Arch Insurance, Forbes, Insillion, Prudential. |
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This Month on Coverager Data |
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