Brown & Brown acquires Accession for $9.8B and bolttech's $147M funding round

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Brown & Brown to acquire Accession for $9.8 billion

Brown & Brown will acquire RSC Topco, the holding company for Accession, for a gross purchase price of about $9.8 billion. The two companies announced the agreement June 10. The transaction is expected to close in the third quarter this year. 

The risk strategies team will become a part of Brown & Brown's retail segment and John Mina, chief executive officer of Accession, will join the senior leadership team. The company will combine programs and wholesale brokerage segments into specialty distribution, which will be led by Steve Boyd and Chris Walker. One80 will become a part of the operations of specialty distribution and Matt Power will join that senior leadership team.

Mina said in a statement: "Over the course of nearly 30 years, Accession has advanced an innovative, specialist approach to risk management that has enabled our customers to protect what matters most and produced meaningful value to our shareholders, associates and partners. As we began contemplating the next major leap in our journey, we were adamant that any potential partner must have the capability and conviction to strengthen our ability to create an industry powerhouse, win amid industry consolidation, lead through innovation and champion our cultural values. We are pleased to have found that in Brown & Brown. This is a one-of-a-kind, 'great acquires great' transaction, with each company sharing deep commitments to our teammates – and teammate ownership – strong customer relationships and specialization across core business segments."

Beazley appoints head of parametric

Beazley announced Stefan Wunderlich as head of parametric insurance. Wunderlich joins the company from Swiss Re, where he held several senior leadership positions over two decades. 

Richard Montminy, group head of property risks, said in a statement: "Property risks are ever more complex, requiring specialist solutions, effective modelling and underwriting expertise to deliver outcomes that meet the needs of business across the world. Parametric underwriting is a highly effective response to the risk environment, often adding more immediacy, certainty and scalability than traditional methods of property underwriting. Stefan Wunderlich, is a seasoned expert, with the leadership experience and personal commitment to this specialism and I look forward to working with him as we further build out our parametric offering."

Markel and Insurate to use AI for workers' compensation

Markel is collaborating with Insurate to use its AI and safety scoring methodologies to underwrite and manage workers' compensation risks. Insurate's platform uses AI algorithms to analyze datasets and provide workplace safety insights.

Jeff Lamb, executive director, programs and alliances at Markel, said in a statement: "We were impressed not only by their technology but also by their fundamental understanding of the insurance landscape and their focus on fostering safer workplaces. This collaboration represents a carefully considered step to enhance our capabilities and better serve the vital middle-market segment."

Encova Insurance picks Sapiens Decision AI service

Commercial, home and auto insurance carrier Encova Insurance has chosen Sapiens Decision, an AI service, for its enterprise transformation strategy and agent services.

Encova already was using Sapiens CoreSuite for Workers Compensation. The insurer is in the middle of a multi-year digital transformation to build a consolidated portal for its network of more than 2,000 independent agencies.

Cytora launches Concierge agentic AI

Cytora, an insurtech serving commercial insurers and reinsurers, has launched Cytora Concierge, an agentic AI upgrade of its digital risk processing platform.

Concierge allows insurers, brokers and reinsurers to automatically digitize requests including new business, renewals, announcements and claims, according to a press release.

Cork and UKON partner on cyber risks

Cork Protection, a real-time cyber risk insights platform, has partnered with UKON, a cyber insurance marketplace.

The partnership will support managed service providers' efforts to quantify, communicate and cover cyber risks.

LRQA offers AI standard certification service

Global assurance company LRQA launched an ISO 42001 certification service, for complying with this standard for AI frameworks first published in 2024.

"ISO 42001 gives businesses a globally recognised framework to ensure their AI systems are safe, ethical and accountable," said Ian Spaulding, LRQA's CEO, in a press release. "At LRQA, certification is just one part of how we help clients navigate both the opportunities and risks of emerging technologies. It's a key part of our broader digital trust strategy – combining assurance, insight and innovation to enable safe, responsible and future-ready adoption of AI across industries."

bolttech completes Series C funding

Insurtech company bolttech has closed a $147 million series C funding round with investments from Sumitomo Corporation, a Japanese financial firm, and Iberis Capital. 

Bolttech, an embedded insurance platform, completed a series B funding round in May 2023.

Nordic car-sharing insurer picks Socotra platform

Nordic insurer If P&C Insurance has gone live on the Socotra core technology and platform and open APIs.

If P&C has $7 billion in gross written premiums, and recently launched a car-sharing insurance product. Its new product provides on-demand coverage, usage-based pricing and deductible reduction.