Hub swoops for Kentucky firm



Hub swoops for Kentucky firm

International broker Hub International Limited has announced that it has acquired the assets of Kentucky-based Peel & Holland Holdings, Peel & Holland, Inc., Riddle Insurance, Hartin Dynamics, and Bluegrass Premium Finance (collectively, Peel & Holland). The terms of the transaction were not disclosed.

Peel & Holland is a full-service, independent insurance agency that provides property and casualty insurance, surety bonding, family insurance, and employee benefits plans. It focuses on industries including public entities, marinas, construction and healthcare. Peel & Holland is headquartered in Benton, Ky, with six additional locations.

“The Peel & Holland team is known for a high level of expertise and services in the Western Kentucky region and beyond,” said Cooper Jones, president of Hub Mid-South. “Our values, culture and goals are aligned, which makes them an ideal addition to Hub as we continue to grow in the region.”

Read next: Hub launches new captive for hospitality employers

Peel & Holland leadership – including President and CEO Roy Riley, Senior Vice President Keith Riley, Riddle Insurance President Skip McGraw, and Peel & Holland Vice President Kelly Harding – will join Hub Mid-South, as will the Peel & Holland team.

“We look forward to joining Hub and expanding our services for our clients who have come to know and trust us over the years,” Roy Riley said.



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What Is Renewable Term Life Insurance Policy & How It Works In 2022?


Having a renewable term policy sounds great, who doesn’t want a life insurance policy that’s guaranteed to renew at the end of the term?

But guess what:

A renewable term policy isn’t for everyone.

renewable term life insurance

And depending on your situation, purchasing this type of coverage could be a bad decision.

This post will go over what a renewable term life insurance policy is, how they work, and who would actually need one.

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Do You Need Life Insurance For SBA Loans In 2022?


Getting life insurance for your SBA loan is essential if you want to get through the funding process smoothly. 

And here’s the thing: 

Nobody want’s the funding of their SBA loan to be held up because of life insurance when there are a ton of other things that could get in the way. 

life insurance for sba loan

This post is going to cover the average cost of life insurance for SBA loan applications, why you need an insurance policy for coverage, and how to get immediate quotes for an SBA loan life insurance policy with no exam.

How Much Does Life Insurance For An SBA Loan Cost? 

The average cost of life insurance for an SBA is $50





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Why You Need Life Insurance With Living Benefits In 2022?


You probably have seen several sites online talking about how life insurance with living benefits isn’t worth the money or is a bad option.

But what if I told you that having living benefits on your policy is well worth it.

Today I am going to go over what living benefits are in regards to life insurance. 

life insurance with living benefits

I will also cover how the accelerated death benefits work, the more modern updates to living benefits and how to get living benefit term life insurance quotes.

What Is Life Insurance With Living Benefits?

All life insurance policies come with what is known as a death benefit.

The death benefit in a life insurance policy will





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Regulatory Roundup: Florida Warns of Crypto Scam, Louisiana Helps with $129 Million in Additional Claims, Connecticut Weighs in on Federal Subsidies


State by state variations of laws, compliance protocols, industry transparency, and general regulatory cultures can lend one the impression that keeping up with industry changes is a little bit like herding cats. So, what better way to wrangle some of the more localized insurance news than in a Regulatory Roundup?

On an ongoing basis, in no particular order or rank, we’re wrestling the various regulatory changes, compliance actions, and commissioner decisions into our roundup. As a disclaimer: There’s a lot going on at any given time in these here United States, so this isn’t a comprehensive picture of state-level action by any means. Think of it as, instead, a sample platter of regulation.

Crypto still headlining financial scam alerts with ‘pig butchering’

Florida Chief Financial Officer Jimmy Patronis issued an alert to Florida consumers about the dangers of investing in unvetted cryptocurrencies. The newest scam, the alert said, is “pig butchering,” in which scammers encourage investors to pump up the stock with contributions and “fatten them up.” Just as investors begin to feel confident that their money will pay handsomely, the scammer will drain the account and disappear.

According to Patronis’s office, these scams are most frequently perpetuated on social media or via dating sites, where new prospective lovers will encourage their dates to pay in crypto or invest in crypto to give them a shared interest.

“Reports say cryptocurrency scams have bilked millions out of unsuspecting crypto investors; many of which were scammed through online dating apps over the course of several months,” said Patronis. “You may as well kiss your money goodbye… Always remember, if an opportunity sounds too good to be true, it is.”

Louisiana Department of Insurance helped policyholders collect $129 million

In the aftermath of Hurricane Ida, policyholders faced chaos for filing claims. Many insurance companies, keen to weed out possible scams, denied legitimate claims. The Louisiana DOI reported the department worked with thousands of policyholders who complained about carriers improperly denying claims to resolve disputes, ultimately resulting in $129 million in additional payouts for fiscal year 2021-2022 – that’s $129 million beyond the amount carriers paid in typical claims.

In the Louisiana DOI news release, Commissioner Jim Donelon said the department received 8,819 complaints, with nearly 5,000 related to Hurricane Ida alone.

“Our Office of Consumer Services staff are hardworking and compassionate in their efforts to help policyholders get the answers they need and the money they deserve,” Donelon said. “Although we are approaching the peak of the 2022 hurricane season, our office has not forgotten about those still struggling after Hurricane Ida and the 2020 hurricanes that impacted our state. If you’re having issues with your insurance claim process, contact us for help.”

The state’s news release said the DOI takes an average of 45 days to resolve claims complaints, giving ample time for both insurers and policyholders to make their cases and come to as amicable a resolution as possible.

Insurance consumers can file a formal complaint by submitting a paper form or visiting www.ldi.la.gov/fileacomplaint.

Connecticut Commissioner Mais calls for extended ARPA credits

Throughout the last several Regulatory Roundups, we’ve reported on states announcing health insurance carrier rate requests. While some of them are presented without commentary, others have included explanations from the DOI about how general market conditions such as inflation affect insurance rates.

Connecticut Insurance Commissioner Andrew Mais in his state’s news release specifically tackled federal health subsidies. With the American Rescue Plan Act (ARPA), Congress extended tax credits for health insurance and removed upper income limits on who could qualify for them.

Credits were originally set to expire on Jan. 1, 2023. However, states had to set health insurance rates well before that, since the open enrollment season for state and federal healthcare exchanges is upon us.

Many states chose, then, to proceed with rate setting as though the tax credits will expire. Mais’s department is taking a different approach.

“CID did not ask the health carriers to assume the ARPA extension would expire on Jan. 1, 2023. To the contrary, we had already asked each carrier to explain how they used the assumption of the federal subsidy in their data projection of premium for 2023 so that we have the information and flexibility to quickly address any changes,” said Mais.

Instead, Mais called on Congress to extend the ARPA credits. His assumption could have resulted in a scramble to reset rates before the open enrollment period on Nov. 1. 2022, but ended up being a fortuitous gamble as Congress extended the ARPA expansion credits in its Inflation Reduction Act of 2022.

Other state updates

Delaware has adopted NAIC Actuarial Guideline XLVIII, effective Sept. 1, 2022. If it seems pedantic, the long and short is that the guidelines establish a standardized way of calculating credit for life insurers that have ceded policies and purchased reinsurance. The calculations should make it more uniform for life insurers that transact across multiple states.

Rhode Island passed a bill in June that went into effect in July to regulate self-storage insurance. Per the bill summary, it exempts self-storage companies and their representatives from needing producer licenses to sell limited insurance policies to storage users, as long as the self-storage insurance carrier provides proper oversight.

Maryland now has a new law proposed to go into effect in early 2023 mandating title producers take 13 title-specific hours of CE, and producers who hold both life and health and property and casualty licenses must take a minimum of six hours specific to property/casualty, and six hours specific to life/health.

Ohio issued a bulletin to remind life insurance producers and businesses that there are limitations on their non-cash gifts, items, donations, or other inducements for policy sale or retention. In this case, effective in July 2022, the total per-policy expenditure can’t exceed $250 per year.

Colorado has adopted new legislation aligning its annuity regulations with the NAIC’s model. This aligns the state with a slew of others that have adopted the model regulation for a best interest rule of annuity sales. If you’re interested in a breakdown of roles and responsibilities, check out our analysis of the model as enacted in Mississippi. The state is also seeking volunteers to reach out to Coloradans who may be DACA recipients or undocumented to enroll them in the state’s health insurance initiatives.

Connecticut added a Third Party Administrator Registration line of authority for both individuals and firms. To operate as a TPA, you must have a license or registration; for more, check out the state’s Third Party Administrator page.

Louisiana issued an advisory letter clarifying the requirements for title licenses, from creating an “affiliated business” definition to clarifying who’s a “full-time employee,” and giving direction on what constitutes a principal place of business.

FINRA issued a reminder to all firms that they have an obligation to look out for forgery and document falsification, even and especially when those documents are being signed and approved via digital signature. FINRA requires firms to establish supervisory procedures for preventing these situations in the first place. However, the agency reported it has seen an uptick in concerns from consumers and firms alike that registered representatives aren’t waiting for consumers to open accounts or approve transactions.

While these points of interest aren’t comprehensive, our knowledge of producer license and compliance maintenance is. See how AgentSync can help make you look smarter today.

Topics
Florida
Legislation
Claims
Louisiana
Connecticut



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Which is Better Homeowners Insurance: All Risk or Named Peril?


Sometimes things are open to interpretation, and reading the wrong meaning into something can cost you bunches. For example, if you have an all risk homeowner’s insurance policy, you might assume the word “all” implies that everything is covered. You would be wrong.

Essentially, issuers of homeowner’s insurance write two kinds of policies: named perils vs all risk(also called open peril by some insurers). Here’s how they differ.

Named Perils Homeowners Insurance

Named risk homeowner’s insurance only covers what is specifically noted in your policy. If it doesn’t say you’re covered for vandalism damages or backed up sewers, you aren’t.

All Risk Homeowners Insurance

All risk or open peril homeowner’s insurance covers everything EXCEPT what is specifically excluded on your policy.

Flood insurance and earthquake insurance are common examples of named peril policies.  Those two natural disasters are typically excluded on most open peril policies, although they can be purchased as add-ons (or riders) for an extra fee.

Which Homeowner Insurance Is Better, Named Perils vs All Risk?

If you’re paying a mortgage, you really won’t have any choice but to at least carry open peril. Your lender is going to require you to carry a comprehensive policy to protect its investment. But depending on where you live, you’d probably be wise to add additional coverage for the natural disasters most likely to afflict you. By the way, flood damage is another one of those industry jargon terms you might misinterpret and wrongly assume that, since you live in a desert, you don’t need.  Since most standard open peril policies specifically exclude flood claims, you could be left holding the bag for any damage done by surface water that builds up after heavy rains, underwater springs, groundwater, burst water pipes, overflowing toilets, and wind or wave-driven water.

Some other terms that may be open to interpretation and which you should clarify are: falling objects, earth movement and animal damage.  A falling object might include a meteor or airplane flotsam, or it might not. Earth movement probably doesn’t include damage caused by landslides, even if they result from an earthquake and you have that kind of coverage. Animal damage coverage may mean you’re covered if stampeding cattle or rampaging bears wreak havoc on your property, but probably won’t extend to the dog chewing up the drywall.

In a world where freak accidents happen and people are inclined to sue rather than forgive, the broader your homeowners insurance coverage, the better off you’ll be. Just be sure to read the fine print, ask lots of questions and get clarification in writing.

About EINSURANCE

EINSURANCE is a one stop shop for insurance quotes comparison. Our writers, researchers, and industry experts all work together to inform consumers about online insurance marketplace. Whether you’re buying your first car insurance policy or finding health insurance for your families, EINSURANCE always provides latest relevant information to your choices.



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What Is The Average Life Insurance Cost Per Month In 2022?


I am sure you can agree that figuring out the average life insurance cost per month can seem complicated. 

Especially if you are dealing with the 100’s of phone calls and random emails from agents. 

But, what if I told you that:

what is the average life insurance cost per month

We don’t need any personal contact information to give you a free life insurance quote. In-fact; you can get the best term life insurance rates fast by using our anonymous quote tool below. 

In this post today we will cover how life insurance rates are calculated, the average cost of life insurance, how much life insurance you need, and review life insurance rates for both term and life insurance with no physical





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Investors approach insurtech MGAs with newfound caution


Market turmoil and longer-term industry trends may have encouraged many investors to look elsewhere.

“We still believe that MGA investment is going to continue to be strong, but, right now, I think, it’s suffering from a broader pullback, given the economic conditions, headwinds and some consolidation in the market around investment,” said Chris Raimondo (pictured top), EY’s Americas insurance technology leader.

Some investors say that they’re not surprised investment in MGAs would decline. After all, investment in insurtechs and technology in general has plunged in recent months over questions about their long-term viability. MGAs are part of that mix. Other insiders assert that MGAs are not drawing VC attention due to everything from a hardening reinsurance market to questions about their business model.

Downward trends

MGAs aren’t tracked on their own as investment vehicles, though it is clear that insurtech investment has plunged in 2022. Insurtech funding dropped 56% in Q2 2022 quarter over quarter and stayed flat in the 2022 second quarter, according to the CB Insights State of Insurtech Q2 2022 report. Insurtech deals in Q2 also declined 16% quarter over quarter, the lowest level since the 2020 fourth quarter, the report noted.

Similarly, PitchBook data through the 2022 second quarter shows a number of downward trends for the fintech space, of which insurtechs, and MGA startups are a subset.

VC deal activity in the fintech space reached $53.5 billion as of mid-year 2022, compared to $121.8 billion in all of 2021. That number covered more than 2,500 deals through June 30, 2022, compared to almost 5,600 deals in 2021, the PitchBook data reveals.

The value of venture capital exits has dropped precipitously, pointed to likely investment losses as investors cashed out.

VC exits hit $21 billion through June 30, 2022, compared to nearly $370 billion in 2021 and just under $38 billion in 2020, according to the PitchBook data. Broken down further, there were $14.5 billion in VC exits through the first six months of 2022 where startups hit the public market, versus $344.2 billion in 2021. Acquisition-related VC exits were worth $7.5 billion through Q2 2021, versus $22.2 billion in all of 2021. PitchBook valued buyout exits at just under $1 billion for the first half of 2022, compared to $3.3 billion in 2021.

Investor confusion

Sandeep Bhadra (pictured immediately below), general partner at the investment firm Vertex Ventures US, said some investors didn’t and still don’t fully understand the risks behind MGA insurtech startups.

“Many investors valued MGAs just as they would value SaaS [software as a service] companies without appreciating the risk profile of some of these MGA businesses,” Bhadra, a sometime MGA investor, observed. “As a result of that, some of the MGAs have suffered.”

In the public markets, that has amounted to falling stock prices as part of a broader technology sell-off. Full-stack MGAs that shoulder greater risk have been particularly vulnerable, he said.

“It has affected some of these full-stack MGA businesses more than software companies, and has brought in a certain amount of caution,” he said.

In some cases, Bhadra said, that has meant keeping some MGA investments and not making others.

“Late-stage investors … many of them are still holding MGA investments on their books. At today’s market, multiples and valuations will reflect a loss on their books and so they are not keen to add more MGA exposure to their investment portfolios,” Bhadra said.

Reinsurance and disappointments

Adrian Jones (pictured immediately below) is a partner at HSCM Ventures, which invests in insurance and insurance technology.

He observed that insurtech funding has dropped considerably in 2022, which leaves less money for MGA startups by default. At the same time, MGAs are still earning “very robust [investment] multiples,” he added, though he said investors may be backing off to some degree because of the hardening reinsurance market.

“As reinsurance becomes harder to find, the MGA business model can have its economics crimped a little bit, so that may be the first thing,” Jones added.

Also, Jones said, the earlier class of MGAs – many of which became fledgling carriers – likely disappointed investors seeking greater returns.

“Some of the most-highest-profile known MGAs and young carriers have not lived up to expectations,” Jones observed. “In some cases, that was because they didn’t appreciate the insurance fundamentals in the way that they needed to.”

Those companies include Trov, which started out life as an MGA and never made money. Travelers eventually acquired its technology assets which included a platform enabling the embedding of insurance products. There’s also Metromile, which was initially an MGA, which got snatched up by Lemonade, a relatively promising digital insurer that remains unprofitable.

“It’s the companies that went public perhaps a little bit soon with high valuations,” Jones said. In that case, he added, if the loss ratios are too high and there’s a lot of dependence on reinsurance the financial vulnerabilities become apparent.

Hippo, which began as a home insurance MGA, is among insurtechs that went public and has struggled to improve its finances and balance sheet, in part through the purchase of carrier Spinnaker Insurance Company in 2020.  Its stock had dropped below the minimum trading requirement of $1 per share despite balance sheet progress, but it recently enacted a 1-for-25 reverse stock split that boosted its stock price close to the $20 per share range, with some fluctuation continuing.

Hippo president and CEO Rick McCathron (pictured immediately below) insists that MGAs remain a strong investment but admits that investor interest is down. He predicts valuation multiples for early-stage MGAs commonly seen in 2020 and 2021 won’t happen for a while.

Reinsurance market pressure, he agreed, has been a big factor.

“If you have a hardening reinsurance market, that means startup MGAs are going to struggle to get reinsurance capacity, which means you have to take more risk, which means you have to raise more capital, exacerbated by the fact that the capital markets are tightening as it relates to MGAs,” McCathron said. “Those that have ample cash to see it through … are at a proportional advantage versus those that need to go out and raise money. If money is available, dilution will likely be significant.”

Cyclical change?

While there are differences as to why MGAs have fallen out of vogue with investors, there seems to be a general consensus that long-term interest will be there.

“One of the reasons why we feel MGAs will continue to be a strong area of the market is we think distribution is going to continue to be an overall investment theme,” EY’s Raimondo said, for startups in the space that “enable differentiated distribution, particularly as it relates to new products around embedded insurance and commercial lines.”

He added that that the growing protection gap in commercial lines makes MGAs a value proposition for carriers, giving them access to distribution and markets.

HSCM’s Jones also sees MGAs surviving any downturn in investor interest.

“I don’t know that there is a pullback so much as a desire by investors to see some of their existing bets mature,” Jones said. “If investors already have multiple investments in multiple MGAs, they may prefer to continue funding those existing investments rather than funding new investments particularly when MGAs are trying to be formed in areas where there are already young tech-enabled competitors.”

With that in mind, Jones said, MGAs remain a solid draw for investors.

“MGAs are still very much on the up right now. Despite a hard market for reinsurance, it is a viable business model for producing certain types of risk [cover] in certain circumstances,” Jones said.

Still, he added, it is important to remember MGAs have not always “been the right way to organize an insurer or insurance startups.”

Another element Jones argued: MGAs have learned from past mistakes.

“They’re realizing they need to hire the old grey hairs and have some insurance expertise around the table,” Jones said. “They’re becoming much more sophisticated in the way they think about how to capitalize their business … [and] the trade-offs between growth, profitability and operational excellence.”

Bhadra, at Vertex Ventures, said MGAs that develop new ways to price and offer risk are still coming through the pipeline and drawing investor interest. MGAs, he said, generating buzz right now if they are focused in specialty areas.

“There are aspects of specialty [cover] where there continues to be a lot of industrial demand in new products,” Bhadra said, particularly for something such as cyber insurance MGAs.

A standout idea will always drive investor interest, he said.

“If the product is unique and it has really good unit economics, you will find that investors are interested,” Bhadra said. “If the product is fairly commoditized in the sense that there’s a lot of incoming offerings in the market, and the MGA was just sort of a clever way of distributing the product using the internet, I think that investors have cooled off.”

Survival of the fittest

MGAs will most definitely bounce back, though it is hard to predict when, said Hippo’s McCathron.

“MGAs are a strong investment and will bounce back but the question is what companies will survive,” McCathron said. “Insurtech MGAs are starting to recognize that you need to have an insurance pedigree and you need to create a product that produces a positive underwriting result, so I sense that discipline is getting there.”

He predicts market capital will start to fall back into the reinsurance market, which will help support the capital structure for MGAs.

McCathron wonders when, however, because current economic trends are so volatile.

“We’re in a dark time with macroeconomic trends, with investments tightening up, with the reinsurance market hardening,” McCathron said.

This could last for a year or two, he predicted, which might put MGA startups in a quandary for the foreseeable future.

“Most startups don’t raise money to last them two or three years. They raise money for the next year,” he said. “They’re not all sitting on large capital bases, and that’s going to be a problem.”



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Selective Insurance to remove personally identifiable info from totaled vehicles



Selective Insurance to remove personally identifiable info from totaled vehicles

In recognition of October’s designation as Cybersecurity Awareness Month, Selective Insurance has announced that it will remove personally identifiable information from eligible passenger vehicles and light-duty trucks after they are declared a total loss.

Selective will delete sensitive electronic data, including GPS addresses, phone contacts, telematics, garage and gate-opening capabilities, and other personally identifiable information. Personal and business vehicles model year 2012 and newer are eligible for the service.

Read next: Selective Insurance announces collegiate competition

“Technologically advanced vehicles store a significant amount of personal data, especially in the infotainment and navigation systems,” said Jim McKeown, vice president of mobility and customer experience at Selective Insurance. “Deleting personally identifiable information after a total vehicle loss prevents it from ending up in the wrong hands. It protects our customers so they can focus on restoring their lives. This service is another way our customers can ‘be uniquely insured’ with Selective.”

Following the total loss of an eligible insured vehicle, Selective customers can access the vehicle data removal report through their claim file, Selective said.



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Hurricane Ian: Loss tally continues



Hurricane Ian: Loss tally continues

Insured losses to onshore property from Hurricane Ian could range between $42 billion and $57 billion, according to a new estimate from Verisk Extreme Event Solutions. The projection includes estimated wind, storm surge, and inland flood losses resulting from Ian’s landfalls in both Florida and South Carolina. The estimate excludes certain losses such as losses to the National Flood Insurance Program and any potential impacts of litigation or social inflation, which could cause the total insured industry loss to surpass $60 billion.

The majority of the estimated losses come from wind damage, estimated at $38 billion to $51 billion. Storm surge, excluding NFIP losses, accounts for $3 billion to $5.5 billion, and inland flooding to less than $1 billion. About 1% of the total industry loss will come from Ian’s South Carolina landfall, Verisk said.

Wind damage was observed in all areas impacted by Hurricane Ian’s windfield, but was more severe in and around the areas where the storm made landfall in southwest Florida. Storm surge also caused significant destruction along the western coast of Florida. Surge damage caused the collapse of several rows of beachfront homes. In some cases, homes were dislodged from their foundations, Verisk said.

Manufactured homes account for a significant portion of southwest Florida’s residential inventory. Several manufactured home parks in the area experienced massive damage, including loss of roofs, damage to wall siding and near-total destruction.

Read next: Hurricane Ian: Estimated insurance losses revealed

Recovery in the wake of the storm is likely to be slowed – and made more expensive – by want of labor and supplies, according to Mohsen Rahnama, chief risk modeling officer at RMS.

“The current inflation situation pre-Hurricane Ian and any shortage of materials and qualified contractors in Florida will amplify the repair cost,” Rahnama said. “I believe the repair will be in multiple stages, starting with a quick, functional repair followed by the major repair – which requires a permit and qualified contractors. Also, the considerable infrastructure damage from Ian will slow down the recovery and exacerbate the repair time and losses, especially for islands disconnected from the mainland due to bridges and piers damages. We expect the full recovery takes a few years.”

Rahnama said that RMS predicted that some claims closing would take more than a year due to potential litigation.

“Basically, I believe this event will change the Florida insurance market landscape,” Rahnama said.



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