"You've got most of the restaurant companies are advertising value, and they're advertising full meal deals, and so it's harder to break through with a message when there are so many similar messages out there." 

– Dine Brands CEO John Peyton.

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New unit

Nationwide has appointed Tonya Courtney to lead its new Excess & Surplus Brokerage Property unit with the goal of opening for business in the second half of the year. The unit will deliver a comprehensive suite of non-admitted wholesale products and services.

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$

Liberty Mutual Holding Company and its subsidiaries reported net income of $1.239 billion and $4.383 billion for the three and twelve months ended December 31, 2024, versus income of $654 million and $213 million for the same periods in 2023. The company's preliminary pre-tax estimate of catastrophe losses relating to the California wildfires is $1.2 billion. 

And here's American Family:

Cyber services

AXA XL has partnered with Darkweb IQ, an offensive cybercrime prevention firm protecting companies from ransomware, data theft, and third-party risks. As part of the partnership, AXA XL clients will enjoy easy access and preferential pricing to Darkweb IQ's cyber security services.

AI

Manulife announced that over 75% of its global workforce are engaged with GenAI through learning, immersive experiences and tools, including ChatMFC, its proprietary GenAI assistant introduced in 2024. 

Manulife has made a multi-billion-dollar investment in its digital transformation including a cloud-based data and AI platform and scaled AI solutions.

Who's the buyer?

"Finally, we're proud of the turnaround of Elephant in 2024, but as we anticipated, we were reviewing strategic options for the business, and we now enter exclusive conversation with a potential acquirer." 

– UK-based insurance group Admiral is looking to sell its US business, which had a £14 million profit in 2024 compared to a £20 million loss in 2023.

💰

Flex, a fintech company offering personal finance software and payments infrastructure for business owners, has raised $25 million in a round led by Titanium Ventures, with participation from MS&AD Ventures, and others. The company also secured a $200 million credit facility. 

Founded in 2022, Flex provides a financial ecosystem that bundles payment automation, expense management, net 60 credit cards and banking. The company is focused on mid-market businesses ($3 – $100M revenue) that are "largely overlooked" by existing fintech solutions.

10 again

Refresher.

🆕

Last week, we covered Baseline, noting that the company raised $6.85 million from 14 investors and that its website was not yet live. The website is now live.

🆕

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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