Arthur J. Gallagher & Co to acquire Bollington Wilson Group
Bollington, a UK-based specialist broker with a staff size of 400, has a well-established presence in the Midlands and North of England offering SME, micro-SME and personal lines of cover.
Pending successful regulatory approval, the company will be absorbed into Gallagher’s UK retail division, with current Bollington Group CEO Paul Moors retaining a board position as Chairman.
A fantastic new addition
Gallagher currently has operations in 49 countries and offers client services in over 150. J. Patrick Gallagher, Jr., Chairman, President and CEO, believes that this latest addition will be highly significant for the company overall:
"Bollington will be a fantastic addition to Gallagher. Its entrepreneurial spirit and exceptional track record of growth, both organic and through acquisitions, demonstrates a strategy and culture similar to our own, something that is highly important to us when making acquisitions.
"We look forward to welcoming the team to our growing, global company."
Also, Michael Rea, CEO of Gallagher's UK Retail Division, added, "Bollington is hugely respected. This thriving business has strong capability and an impressive portfolio of specialisms that are complementary to our existing business lines, and will provide us with additional scale in the regional commercial broking sector."
Insurance: Maintaining momentum
It remains to be seen whether this development represents a continuation of the consecutive ‘big-name’ insurer acquisitions seen at the end of the 2020 (see: , , and ), however it is already clear that the insurance industry has had a flying start.
Maintaining that momentum, however, will be contingent on learning the lessons of 2020 and fully embracing digital technology within a historically conservative industry. Charles Southwood, Regional VP at , recently told us:
“While recent months have presented many challenges for insurers, they have also created many opportunities. Modern technologies and a newly-established openness to embracing them are likely to have a lasting impact on the entire industry, with businesses continuing to reap the benefits for years to come.
“However, when it comes to digitalisation, in order to set themselves up for future success, insurers should prioritise creating an architecture with agility – and data virtualisation – baked in. It is only then that they can be ready for whatever comes next.”
Tribe and APOLLO announce national insurance campaign
Tribe Property Technologies in partnership with APOLLO insurance has announced a national insurance campaign to digitise insurance for condominium owners, renters, landlords, and developers across Canada. The aim of the campaign is to make insurance access easier and faster for owners while improving the coverage and protection of condominiums and rental buildings.
According to several surveys, nearly half of 4.5mn rented houses in Canada do not have tenant insurance protection, meaning those individuals and their families are put at risk of fire and water damage.
What does the national insurance campaign include?
According to Tribe, the company is working with APOLLO to ensure that this type of insurance is easier to access. It aims to achieve this by introducing a direct connection to APOLLO's insurance technology from both Tribe's strata and condo management platform and rental software to allow for increased education and awareness for owners into insurance risks and options.
It also includes the future ability for notifications for mid-term cancellations, and plans to offer protection from potential strata/condo corporation deductibles, Tribe said.
"We are excited to partner with APOLLO to bring accessibility, visibility, and education around insurance options to our communities and reflect the current lifestyle expectations of condo owners and residents while protecting the value of their biggest assets", said Joseph Nakhla, Chief Executive Officer of Tribe.
Nakhla added: “This agreement with APOLLO is just the first step under our Digital Services & Partnerships revenue pillar. We will continue to layer on services to drive revenue for Tribe, and bring convenience and savings for our users, with the goal of being able to offer a one-stop-shop to our development partners and the over 100,000 residents in Tribe-managed communities”.
APOLLO uses technology as a channel between insurance brokers, carriers, and their mutual clients, offering insurance options from multiple companies on one integrated online platform.
"We like that Tribe is taking a fresh approach to condo living and building smart homes through tech-enabled service, and an integration with their Community Platform supports our goals of making insurance more accessible and supporting the needs of communities”, said Jeff McCann, Chief Executive Officer of Apollo.