It’s no secret that businesses in multiple industries have seen an influx of cyber-attacks, hacks, and data breaches in the last decade. This has left many lawyers concerned, considering their vulnerability to loss. Large firms, according to a recent Business Insurance article, have already begun utilizing cyber liability and Lawyer Privacy and Network Security programs; programs that are used to notify clients or employees of a breach, conduct a forensic investigation, and, if necessary, write checks to plaintiffs or regulators. Smaller firms, however, have not..
Franklin Lakes, New Jersey
April 1, 2015
PL Risk Advisors Inc. Reaches Milestone
By: Drew M. Smith
Axis Management Group Holdings Inc. President, Mike W Smith announced today that its wholesale division, PL Risk Advisors, Inc. (PL Risk TM) is celebrating its one year anniversary. PL Risk was officially launched on April 1, 2014 as a new and innovative Professional and Management Liability Insurance wholesaler.
PL Risk is currently licensed as a Professional and Management Liability agent/broker in 35 states and took in over $5 million dollars in business in its first year of operations. In a very short period of time, the..
According to reports originally published by Bloomberg Business, Louisville-based Humana Inc. could very possibly be an acquisition target. As a health and Medicare insurer, ageing baby boomers are currently driving significant business for the company, making them attractive to other healthcare agencies such as Aetna Inc. (AET) and Anthem Inc. (WLP). These two agencies are direct rivals to Humana within their segment.
Humana has recently been generating record revenue with aging U.S. baby boomers increasing enrollment in the government-sponsored Medicare program for the..
Each year, specialty insurance brokerage Ames & Gough conducts a survey amongst Architect and Engineer Professional Liability professionals to review rates and news within the industry. The 2015 Architects & Engineers Professional Liability Insurance Survey found that in the last couple of years, almost all leading insurers offering this specialty coverage has seen premium growth. This is thanks to new business, an improving economy, and moderately higher rates.
This year’s survey revealed that most architect and engineer professional liability insurers anticipate flat or..
In an earlier blog post, we raised the question, “Is bigger better?” in regards to insurance agency acquisitions. Insurance companies big and small have been benefiting from the consolidation of the industry, showing that these acquisitions may in fact be a positive move for most who work in the insurance industry. If you are thinking of allowing your agency to be acquired, but are unsure of if now is the right time or if you should do it at all, it’s important to..
As an agent with small to mid-sized businesses, you are likely aware of the many misconceptions that business owners have about insurance coverage; especially Directors and Officers Coverage. One of the biggest assumption executives make is that this coverage is only for publicly traded companies, and privately held companies don’t carry the same risk exposures. While this is for the most part true, a business does not have to have shareholders in order for the directors and/or officers to be sued.
So when should your..
A recent report developed by Washington, D.C.-based nonprofit the Institute for Women’s Policy Research (IWPR) revealed that women employed in Colorado will not be receiving equal pay compared to men until 2057. The report took into account many factors; women’s status on the level of earnings, the gender-wage gap, labor force participation and women’s representation in professional and managerial positions.
Colorado is clearly not the only state to be affected by unequal pay for women; nationally women are not expected to achieve..
In our previous post, we discussed the fairly recent uptick in consolidation in the insurance industry, stating that agencies decide to participate in mergers and acquisitions for a number of reasons, including acquiring other firms for their existing employees’ skills and experience. No matter the reason, as a trusted Insurance Broker Resource, we’d like to shed some light on the motives behind mergers and acquisitions.
There’ve been many factors contributing to the wave of acquisitions we’ve seen in the past decade in the middle-market insurance..
As most brokers are likely aware, the last decade has seen a significant uptick in consolidation in the insurance industry. The late 1990’s saw a boom in merger and acquisition activity, resulting from rising stock markets, declining interest rates, industry deregulations and increased globalization. One of the latest acquisitions is that of the Hub International Ltd. purchase of Laubacher Insurance Agency, Inc.
Laubacher is a California-based agency providing property and casualty, employee benefits, and personal lines services. The agency’s main focus is on farm and ranch..
It’s no secret that the Equal Employment Opportunity Commission’s (EEOC) decisions are often cause for questions and anxiety from employers nationwide, leading many companies, including some of your clients to question if the EEOC is going too far in some cases. Your clients are increasingly facing a high number of Employment Practices Liability Risks simply by conducting their business; including claims of discrimination, harassment, FMLA violations, unfair pay, and more. The latest challenge to employers nationwide has been the EEOC’s..
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