Morning Briefing: Insurance tech firm acquires benefits administrator

Morning Briefing: Insurance tech firm acquires benefits administrator | Insurance Business America

Morning Briefing: Insurance tech firm acquires benefits administrator
Insurance tech firm acquires benefits administrator
Insurance technology and outsourcing firm Patriot National has acquired third-party health and welfare benefits admin firm CWIBenefits. CWI will become part of Patriot National's claims administration subsidiary, Patriot Risk Services. CWI President Ron Ross will report to Timothy Ermatinger, Executive Vice President of Patriot National. "We are pleased to add the CWI team and capabilities, which will allow us to build out our integrated absence management administration platform and extend beyond workers' compensation to health and welfare benefit programs," said Timothy Ermatinger, Executive Vice President of Patriot National. 
 
Greece Eurozone exit would create volatile insurance market
If Greece cannot reach agreement with creditors and leaves the Eurozone it will create volatility in the market and hit confidence but (re)insurers are well-placed to cope. That’s according to an assessment by A.M. Best which says that the industry is robust and even for those firms with exposure in Greece the small size of the market will cause little impact. Insurers that provide credit insurance are at greater risk as are those that have Greek clients with outstanding premium payments. A.M. Best says that European (re)insurers are less exposed to Greek sovereign debt than they were pre-2012.
 
Utah insurance agent jailed for fraud
Brent Hilton, a Utah insurance agent, has been jailed for up to 15 years and ordered to pay $1.3 million in restitution after being found guilty of multiple felony charges. KSL Utah reports that Hilton pleaded guilty to four counts of unlawful dealing with property by a fiduciary and one count of pattern of unlawful activity. A statement from the Fraud Division of the Utah Insurance Department says that no clients’ premiums were affected but that: “While working for Bennion Taylor Insurance Agency, Hilton admitted to improperly converting money from agency trust funds to his own personal use without the agency’s knowledge.”