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Nationwide completes Allstate Stop Loss acquisition for $1.25B
Nationwide completed its acquisition of
Nationwide CEO Kirt Walker, said in a statement: "This acquisition expands the capabilities, specialized expertise and strong partnerships of our financial services organization, positioning our company as a leading provider in the employer stop loss industry. As a company committed to protecting people, businesses and futures with extraordinary care, enhancing our employer stop loss segment helps us continue to meet the needs of business owners today and into the future."
Lindsey Murray, former chief operating officer of Allstate Health, will join Nationwide and lead the newly formed Nationwide Group Benefits.
Munich Re acquires NEXT Insurance for $2.6B
Markus Rieß, CEO of ERGO Group AG, said in a statement: "Today's transaction closing represents an important milestone in establishing ourselves as a relevant insurance provider in the USA. Together with NEXT Insurance, we will seize the considerable growth potential offered by this attractive market as we expand our existing business portfolio. Through the combination of NEXT Insurance's technologically driven, successful market approach and ERGO's insurance expertise, we will deliver profitable growth and added value for all our stakeholders."
Marsh unit acquires Florida-based Excel Insurance
Marsh McLennan Agency (MMA), a unit of Marsh providing business insurance, employee health and benefits, retirement and wealth, and private client insurance solutions, has acquired Florida-based independent agency, Excel Insurance.
Excel specializes in insuring watercraft and motor vehicles. Its staff will join MMA's Doral, Florida office. "Acquiring Excel Insurance is a strategic move that enhances our commitment to serving clients in south Florida," said Doug Bishop, CEO of MMA's Florida region, in a press release.
Trucordia hires Khanna as CIO
U.S. insurance brokerage Trucordia has hired Rajeev Khanna as chief information officer. Khanna joins Trucordia from Aon plc, where he was global chief technology officer.
As CIO, Khanna will guide the brokerage's platform integration strategy, lead digital transformation initiatives, and spearhead technology innovation.
Khanna brings over three decades of experience directing global technological operations, product development, and infrastructure management across industries including e-commerce, banking, technology, and professional services. He has also held leadership roles at Expedia and Asurion.
ReSource Pro acquires insurtech, names new CFO
Insurance process and workflow optimization, data and technology services company ReSource Pro has acquired Propellint, an insurance platform technology services company.
The acquisition will expand ReSource Pro's ability to conduct complex data migrations and core system implementations, as part of a strategy to accelerate technology capabilities for P&C insurers.
ReSource Pro also has hired Eugene Hugh as chief financial officer. Hugh joins the company from Procure Analytics, where he served as CFO. Hugh's experience includes 15 years in leadership roles at the Intercontinental Exchange.
Ascot Group announces deputy chief underwriting officer
Ascot Group announced the appointment of Tracy O'Hara to deputy chief underwriting officer of its U.S. financial and professional lines. In this role, O'Hara will work with business leaders to plan and execute underwriting strategies, governance and risk selection to drive growth across Ascot Group's financial lines business.
"We are thrilled to welcome Tracy to the CUO office as we continue our unwavering focus on underwriting excellence, strategy and innovation across all segments within Ascot U.S.," said Jesse Paulson, Ascot U.S. chief underwriting officer,
