Morning Briefing: Assurant to acquire Green Tree agency

Assurant to acquire Green Tree agency… Arthur J. Gallagher snaps up benefits tech firm…The Standard introduces new IDI product…

Morning Briefing: Assurant to acquire Green Tree agency

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Assurant to acquire Green Tree agency
Risk management solutions provider Assurant Inc. has agreed to acquire household-focused Green Tree Insurance Agency for $125 million.

“We are building upon the strength of our 30-year history with Green Tree,” said Alan Colberg, president and chief executive officer, Assurant.  “More importantly, this acquisition enables Assurant to further its strategic focus in the housing market by expanding our voluntary offerings, through this distribution channel, to new and existing clients.”

The acquisition, will see Assurant retain its existing book of voluntary insurance for home mortgage borrowers whose loans are serviced by Walter Investment Management Corp. subsidiary, Ditech Financial Services, and it will have the opportunity to write additional voluntary business for Ditech borrowers.

The transaction is expected to close during the first quarter of 2017.
 
Arthur J. Gallagher snaps up benefits tech firm
International insurance brokerage Arthur J. Gallagher has acquired Chicago-based HR and benefits tech consultants Gruppo Marucci.

"GPM's team is well-respected for their deep knowledge and thought leadership in the HR and benefits technology space," said J. Patrick Gallagher, Jr., Chairman, President and CEO of the global insurance brokerage and risk management firm. "Their market expertise, national presence and solid industry relationships will be terrific complements to our growing employee benefits brokerage and consulting operation."

Terms of the deal were not disclosed.
 
The Standard introduces new IDI product
Standard Insurance Company has launched a new individual disability insurance product which it says broadens the reach of income protection coverage.

The flexibility of Platinum Advantage allows producers to customize the product to meet individual client needs. It can be adapted for occupation, income projection and life stage.

“As a leading provider of IDI for the past six decades, The Standard has always been known for strong contracts,” says Dawn McMaster, vice president of IDI at The Standard.

The policy also includes the Family Care Benefit at no additional cost. Additional options include a Residual Disability Rider, Noncancelable Policy Rider, Own Occupation Definition Benefit, Indexed Cost of Living Benefit Rider, Catastrophic Disability Rider and a Student Loan Rider.
 

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