logo

AssuredPartners Inc. Proudly Joins Apax Partners

 

   
   

 

AssuredPartners, Inc. is proud to announce the sale of the company to Apax Partners.    Founded in 2011, AssuredPartners is the 6th largest independent P&C insurance brokerage in the nation with offices in over 30 states, the District of Columbia and London. Through Assured's network of agencies, the Company provides property and casualty and employee benefits insurance brokerage services to commercial enterprises and individuals.

Prior to the sale, AssuredPartners, Inc. was a part of GTCR, a leading private equity firm located in Chicago. “GTCR was a great partner and gave us the ability to combine our experience with their access to capital and operating discipline to build a national broker platform though acquisitions and organic growth.” said Jim Henderson, CEO of AssuredPartners.

“Since forming AssuredPartners in 2011, there have been 112 completed acquisitions allowing us to become one of the leading middle market insurance brokers in the United States.” said Tom Riley, President and COO of AssuredPartners. “The foundation has now been set and we are looking onward to the next level with Apax Partners. Their resources for “Operational Excellence” is welcomed and expected to bring significant value to our organization.”

ABOUT ASSUREDPARTNERS, INC
Headquartered in Lake Mary, Florida and led by Jim Henderson and Tom Riley, AssuredPartners, Inc. acquires and invests in insurance brokerage businesses (property and casualty, employee benefits, surety and MGU’s) across the United States and in London. From its founding in March of 2011, AssuredPartners has grown to $500 million in annualized revenue and continues to be one of the fastest growing insurance brokerage firms in the United States* with over 120 offices in 30 states and a London office. Since 2011, AssuredPartners has acquired more than 110 insurance agencies. For more information, please contact Dean Curtis, CFO, at 407.708.0031 or dcurtis(at)assuredptr(dot)com, or visit http://www.assuredptr.com.

*As ranked by Business Insurance in the July 20, 2015 edition, featuring the “100 largest brokers of U.S. business.”

ABOUT APAX PARTNERS
Apax Partners is one of the world's leading private equity investment groups. It operates globally and has more than 30 years of investing experience. Apax Partners has advised funds that total over $40 billion around the world in aggregate. Funds advised by Apax invest in companies across four global sectors of Tech & Telco, Consumer, Healthcare, and Services. These funds provide long-term equity financing to build and strengthen world-class companies. For further information about Apax, please visit http://www.apax.com

 

Cyber Security Threats Surge

As Cyber Security Threats Surge Hedge Funds Turn to 
Cyber Liability Insurance to Help Mitigate Risk
 
White Plains, NY – June 24, 2014 – Assured SKCG, Inc., the risk management and insurance advisor to some of the world’s largest alternative investment firms, has seen an increased interest in cyber liability insurance by hedge funds. These firms are responding to investor concerns, a recent SEC Risk Alert on cybersecurity preparedness, and an escalation in cyber-attacks aimed at hedge funds and financial firms. 
 
Consider the following statistics: 
Within the past 12 months 4 of the top 10 largest breaches took place
66% of the breaches took months or more to discover
Approximately 70% of the breaches were discovered by external parties 
37% of breaches occurring between 2012 and 2013 affected financial organizations
92% of organizational breaches were perpetrated by outsiders
 
“Just last week it was reported that a large hedge fund was targeted by cybercriminals who crippled the fund’s trading strategy and sent proprietary information to off-site computers. This is just one example of the cyber threats faced in the 21st century by all hedge funds,” said Wayne Siebner, Sr. Vice President of Assured SKCG, Inc. “Our clients are adding cyber liability insurance as a cost-effective way to transfer the risk of these types of attacks, and simultaneously demonstrate to investors and regulators that they’re taking these threats seriously.”
 
The above figures, coupled with the emergence of over 47 State privacy laws, have resulted in a greater focus on these issues by regulators and lawmakers. In addition to actions and proposals by the Federal Energy Regulatory Commission, the Government Services Administration, and the Department of Defense, the SEC’s Office of Compliance Inspections and Examinations recently issued a risk alert providing information concerning its ongoing initiative to assess Cyber Security preparedness for Investment Advisers and Broker-Dealers. 
 
The SEC is specifically asking Asset Managers if they have Cyber Liability Insurance and to what extent. There are some very cost effective ways to obtain Cyber insurance that helps protect the manager and comply with the SEC. SKCG has rolled out a comprehensive Cyber insurance policy with broad coverage terms, a simplified application process and a discounted premium structure with two of the country’s leading Cyber insurance companies. For many years, SKCG has been providing Cyber Liability/Network Security insurance with unique coverage enhancements specifically designed for hedge funds. First Party coverage includes reimbursement for forensic investigations, cyber extortion, notification costs, business interruption, credit monitoring costs, identity theft education, and public relations. The Third-Party coverage includes defense reimbursement for reputational and content injury, internet media liability, regulator’s investigation/enforcement expense, privacy liability, and impaired access-network security liability. 
 
For additional information contact Wayne Siebner, Sr. Vice President of Assured SKCG’s Professional Liability Practice, Richard Canter or David Parker , at (914) 761-9000.
 
Media coverage:
 
 
 
 
 

Government Delays Health Insurance Mandate for Medium-Sized Employers

The federal government announced it would provide employers who have between 50 and 99 employees an extra year, until 2016, before they have to begin offering health coverage. This delay will now allow employers an extra year to determine how they will structure their medical plans to meet this mandate.

In addition, large employers also received a concession as part of the change announced by the Treasury Department. Firms with more than 100 employees can avoid a fine by offering coverage to 70 percent of their full-time employees starting in 2015, and 95 percent of their full-time employees in 2016. Previously, the employer mandate required all employers with 50 or more employees to offer coverage to 95 percent of their full-time employees beginning in 2015.

The move represents a significant change to the Health Care Law and how it impacts employers with 50 to 99 employees. Previously, the law required that these employers had to offer coverage for their employees or pay a penalty starting at $2,000 per worker. This provision was supposed to go in effect beginning in 2014, but was delayed until January 1, 2015. The administration stated that this additional delay is needed to allow these businesses more time to be in compliance with the law.

We will continue to provide updates on this, and other changes to health care, as they are made public. In the meantime, if you have any questions regarding this announcement, please contact your Assured SKCG Account Manager.

Webinar: What is the definition of a full-time employee under the ACA?

AssuredPartners, Inc. and Proskauer, LLP are proud to sponsor our next webinar to discuss the newly released guidance on how to determine if your organization is classified as a “small” or “large” employer size group as  defined under the Affordable Care Act (ACA). We will discuss how to determine liability for all the amounts of penalty under the mandate and the practical consideration and litigation risks that exist in implementing these rules. Our speaker will be James R. Napoli. James is a Senior Counsel at Proskauer Rose, LLP in the Employee Benefits, Executive Compensation & ERISA Litigation Practice Center and head of the Health Care Reform Task Force, resident in the Washington, D.C. office.

To view the recorded webinar, please click the link below.

https://attendee.gotowebinar.com/recording/4282180323798267392

Supporting Documentation:

Employer Mandate Special Report

Employer Mandate Presentation - Assured Partners

 

ERISA Compliance Webinar

ERISA Compliance Webinar with SKCG & TASC

SKCG in cooperation with TASC recently hosted a webinar regarding ERISA Compliance in 2013. This webinar presentation reviewed the updated ERISA requirements, the penalties that can be imposed on employers for non-compliance, and what SKCG is doing to help our clients be prepared.

Please click HERE to watch the recorded webinar.

AssuredPartners and BakerHostetler Post-Election Webinar

Tax Group Webinar
 

 

If you were unable to attend Tuesday's Webinar,
you can view the Slide Show and FAQ's.


 

Speakers:
Leigh Ann Wilson, BakerHostetler
Susan Whittaker Hughes, BakerHostetler

 

 


2 Logo 

Supreme Court Decision on the Affordable Care Act - What It Means for Employers

 

  SKCG in cooperation with The Council of Insurance Agents & Brokers, and Steptoe & Johnson LLP, recently hosted a webinar regarding Health Care Reform post Supreme Court Decision for our Employee Benefit Clients. Click here to view.

 

SKCG's Richard Canter Discusses Hedge Fund Insurance Rate Increases

SKCG Group's President and COO Richard Canter appeared on Bloomberg TV and was quoted in several news outlets explaining hedge fund insurance and the increasing rates that are comming in the near future. To watch the Bloomberg TV interview, or to read further, please use the following links.

 

SKCG Group's President Richard Canter, whose firm specializes in hedge fund insurance, states that hedge fund D&O insurance rates are on the rise. Click HERE to read the article.

 

New York Times quote - "according to an industry specialist, the SKCG Group, rates are up 5 to 10 percent this year for hedge funds insuring themselves against fraud or insider trading litigation, amid the government’s widespread crackdown" Click HERE to read the article.

 

It's getting expensive to insure your hedge fund—and will get more so, according to a new report. Click HERE to read the article.

 

SKCG finds that even the best-run hedge funds are beginning to see requests for increases. Click HERE to read the article.

 

Carriers are quoting average rate hikes of 5 percent to 10 percent for D&O and E&O insurance after more than two years of price cuts, according to analysis by SKCG Group Click HERE to read the article.

   

Hedge funds are being asked to pay an average 5% to 10% more to buy officers’ and directors’ insurance. Click HERE to read the article.

 

SKCG, the insurance and risk management advisory group, has said that the recent regulatory crackdown on hedge funds has pushed rates for insurance covering potential lawsuit costs ever higher. Click HERE to read the article.

 

Due to the increase in insider trading prosecutions, hedge funds have begun “insuring themselves against the fraud charges or insider trading litigation.” According to an industry specialist, the SKCG Group, rates are up 5 to 10 percent this year. Click HERE to read the article.

 

...increase in litigation from insider trading and regulatory investigations, a survey has found. Richard Canter, president of SKCG, the New York risk management adviser to hedge funds that conducted the survey, said hedge funds with poor performance and high... Click HERE to read the article.

 

SKCG Group Merges With AssuredPartners Inc.

SKCG Group Merges With AssuredPartners

Deal Provides SKCG With Enhanced Resources, Firm’s Name and Operations Remain Unchanged. Click HERE to read the official press release.

 

Rich Canter Writes for FINalternatives on Five Red Flags of Asset Manager Insurance.

        Click HERE to read the article that ran in FINalternatives under their headline “Hedge Fund Insurance: Think You’re Covered? Think Again."

 

Syndicate content