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EL DORADO HILLS, Calif., Oct. 13, 2020 /PRNewswire/ — Patra, a leading provider of technology-enabled solutions for the insurance industry, along with AmWINS Group, CRC Group, Heffernan Insurance Brokers, are among the leading companies that have formed InsurConneXtions Alliance, a strategic alliance that will prioritize, develop, and integrate specific technology solutions into critical insurance processes – for the purposes of driving processing efficiencies and industry standards.

The Insurance industry will need to rapidly adopt technology to drive efficiencies and economic value for our customers

The formation of InsurConneXtions represents leaders across insurance technology, brokerage, wholesale, and specialty insurance, and represent over $50 Billion in Insurance premiums.

With a multitude of decisions and rapid changes facing the insurance industry, collaboration and cooperation is required to accelerate the integration of technology into critical and high-volume processes. The charter members of the Alliance are well positioned to leverage their expertise, experience, and market

Relation Insurance Continues Oklahoma Expansion With Addition of Lucht Insurance Group

October 13, 2020

Relation Insurance Services (“Relation”), a privately owned insurance brokerage that offers property and casualty, risk management, employee benefits, and TPA-consulting services through its family of brands across the United States, announced today it has acquired the assets of Lucht Insurance Group (“Lucht”). Terms of the transaction were not disclosed.

Located in Muskogee, Oklahoma, Lucht is a privately-owned insurance brokerage firm that provides employee benefits and individual health solutions to companies and individuals throughout eastern Oklahoma. The acquisition of Lucht builds upon Relation’s prior acquisition of Premier Consulting Partners, one of the leading insurance brokerages in the Oklahoma marketplace.

Relation was formed in 2007 and is one of the nation’s leading independent insurance agencies. For more information on partnering with Relation, visit www.relationinsurance.com/about-us/mergers-and-acquisitions/.

About Relation Insurance Services

Relation Insurance Services is an insurance brokerage that offers superior risk-management and benefits-consulting services through its family of brands across the United States. It

AM Best Affirms Credit Ratings of Members of Standard Insurance Group and Pacific Guardian Life Insurance Company, Limited

October 10, 2020

OLDWICK, N.J.–(BUSINESS WIRE)–Oct 9, 2020–

AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” of Standard Insurance Company (Portland, OR) and its affiliate, The Standard Life Insurance Company of New York (White Plains, NY), together referred to as the Standard Insurance Group (The Standard). Additionally, AM Best has affirmed the Long-Term ICR of “bbb+” and the Long-Term Issue Credit Rating (Long-Term IR) of “bbb+” on the outstanding $250 million 5% senior unsecured notes, due 2022, of StanCorp Financial Group, Inc. (StanCorp Financial) (Portland, OR), the intermediate holding company of The Standard.

Concurrently, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a” of Pacific Guardian Life Insurance Company, Limited (Pacific Guardian) (Honolulu, HI). The outlook of these Credit Ratings (ratings) is stable. The Standard and Pacific Guardian are the U.S. insurance subsidiaries

LMP Automotive Holdings To Buy 70% Stake In Atlantic Automotive Group, Atlantic Central Storage

October 9, 2020

(RTTNews) – LMP Automotive Holdings, Inc. (LMPX), an online automobiles platform, Friday said agreed to buy 70% stake in New York’s Atlantic Automotive Group, and New York logistics and vehicle storage company, Atlantic Central Storage, in a deal valued at $608 million.

LMP Automotive Holdings, Inc. (LMPX), an online automobiles platform, Friday said agreed to buy 70% stake in New York’s Atlantic Automotive Group, and New York logistics and vehicle storage company, Atlantic Central Storage, in a deal valued at $608 million.

CFO Evan Bernstein said, “This acquisition is expected to add an estimated $1.6 billion in revenue, $38 million in net income, or $3.18 per share, on an annualized basis in 2021, combined with our currently contracted acquisitions which we expect to close beginning the end of next month and the following months.|

The company expects revenues post-closing to exceed $2.2 billion, generating about $55 million in net income

Essent Group Ltd. Announces Closing of $399.2 Million Reinsurance Transaction and Related Mortgage Insurance-Linked Notes

October 9, 2020

Essent Group Ltd. (NYSE: ESNT) announced today that its wholly-owned subsidiary, Essent Guaranty, Inc., has obtained $399.2 million of fully collateralized excess of loss reinsurance coverage on mortgage insurance policies written in September 2019 through July 2020 from Radnor Re 2020-2 Ltd., a newly formed Bermuda special purpose insurer. Radnor Re 2020-2 Ltd. is not a subsidiary or an affiliate of Essent Group Ltd.

Radnor Re 2020-2 Ltd. has funded its reinsurance obligations through the issuance of five classes of mortgage insurance-linked notes, with 10-year legal maturities, to eligible third party capital markets investors in an unregistered private offering.

The mortgage insurance-linked notes issued by Radnor Re 2020-2 Ltd. consist of the following five classes:

$79,832,000 Class M-1A Notes with an initial interest rate of one-month LIBOR plus 315 basis points;
$93,137,000 Class M-1B Notes with an initial interest rate of one-month LIBOR plus 400 basis points;
$93,137,000 Class M-1C

Tencent-Backed Miniso Group Looks to Raise up to $562.4 Mln in IPO | Investing News

October 8, 2020

(This Oct 7 story corrects valuation figure to $5.71 billion, not $10.18 billion, in paragraph 3)

(Reuters) – Retailer Miniso Group Holding Ltd, which is backed by Tencent Holdings Ltd <0700.HK>, is looking to raise up to $562.4 million in its initial public offering in the U.S., a regulatory filing showed on Wednesday.

The China-based company said it would sell 30.4 million American Depositary Shares priced between $16.50 and $18.50 per ADS. Each ADS would represent four of Class A ordinary shares. (https://bit.ly/3d4LGS7)

At the top end of the range, Miniso would be valued at $5.71 billion.

Miniso’s plans to go public come on the heels of numerous blockbuster IPOs this year, including those of Palantir Technologies and Snowflake

in recent weeks.

A number of Chinese companies, which have debuted in U.S. stock markets this year, have also attracted strong investor interest. Earlier this year, SoftBank-backed KE Holdings

, which

Future Group to go for mediation over Amazon’s legal notice on Rs 24,713-cr deal with RIL

October 8, 2020

US online retailer Amazon.Com Inc has slapped a legal notice on Future Group, alleging that the retailer’s Rs 24,713 crore asset sale to Reliance Industries violated an agreement with the e-commerce giant.

“We have initiated steps to enforce our contractual rights,” a spokesperson for the Seattle-based e-commerce giant said. “As the matter is sub-judice, we can’t provide details.”

Amazon last year bought a 49 per cent stake in one of Future’s unlisted firms, Future Coupons Ltd, with the right to buy into flagship Future Retail after a period between 3 and 10 years. Future Coupons owns a 7.3 per cent stake in Future Retail.

In August this year, Future reached an agreement to sell its retail, wholesale, logistics and warehousing units to Reliance.

The deal is awaiting regulatory approvals.

A source who is advising Future Group in this matter told PTI that Future Coupons received

ICM Acquires Soccer Agency Stellar Group As First Step To Build A Sports Practice

October 8, 2020