Hello Friends!  What a week it’s been in NYC, so much activity to wrap up the spring conference season with the best event so far.  This week we are following secondary public offerings amidst recent market stability, talent and employment updates and insurance partnerships.  Here are the three things we learned:

 [1]

Insurers Embrace Secondary Offerings Amidst Stock Market Stability

As stock market volatility subsides in recent weeks, insurers are seizing the opportunity to move forward with secondary offerings, signaling a renewed confidence in the public market for insurance interests. Skyward Specialty recently announced the pricing of its secondoffering, featuring 3,850,000 common stock shares at $23.00 per share. Additionally, American International Group Inc. successfully priced a $1.1 billion secondary share offering for Corebridge Financial Inc., following a previous postponement due to market fluctuations. These developments demonstrate insurers’ proactive approach to capitalizing on favorable market conditions. While Skyward Specialty will not receive any proceeds from the sale, AIG stands to benefit from all net proceeds generated. The secondary offerings reflect insurers’ strategic positioning for future growth and stability in the evolving financial landscape.

 [2]

Developments in Insurance Talent and Employment

The insurance industry has witnessed significant developments in talent and employment news, reflecting the evolving nature of work and industry challenges. Farmers Group faced employee discontent as the new CEO, Raul Vargas, reversed promised remote work policies. This decision triggered dissatisfaction among employees, with some even discussing the possibility of unionization or quitting. Meanwhile, Branch made the difficult decision to downsize its team due to persistent inflation and increased catastrophic weather events in the insurance landscape. Despite the layoffs, CEO Steve Lekas showed empathy and courage, while facing the public highlighting the company’s commitment to its remaining employees and outlining a go-forward plan. In a separate announcement, PURE Group of Insurance Companies announced a leadership transition, with Martin Leitch assuming the role of CEO from July 1, 2023, succeeding Ross Buchmueller, who will be leaving the company after 18 years. These developments underscore the industry’s dynamic nature and the need for companies to navigate talent management and market challenges in order to thrive in the future.

 [3]

Collaborative Ventures in Insurance Partnerships

The insurance industry continues to witness noteworthy developments in strategic partnerships, showcasing the power of collaboration and innovation.  Next Insurance has expanded its partnership with Gusto Embedded, enabling them to offer pay-as-you-go workers’ compensation to small business customers. Leveraging Next Insurance’s cutting-edge embedded insurance solution, NEXT Connect, the partnership aims to simplify insurance and payroll processes, providing a seamless and trusted solution for small businesses.  Acrisure, follows up on recent marketing achievements, including naming rights for Acrisure Stadium, Acrisure Arena, and local campaigns, welcoming renowned recording artist and American Idol judge, Lionel Richie as its official Brand Ambassador.  Richie’s involvement will help raise awareness and generate excitement as Acrisure expands its direct-to-consumer offerings, while also helping to tell the story of the company’s transformation into a comprehensive Fintech services provider. These partnerships demonstrate the industry’s commitment to enhancing customer experiences and leveraging diverse expertise to drive innovation and growth.

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