Business News: Hanover Stone Partners, Trov, Price Digests
Hanover Stone Partners, a risk management services firm with expertise in a broad range of critical risk disciplines, announced it has established a dedicated, national practice group to help employers manage workers’ compensation costs. Barry E. Thompson, a widely recognized expert with more than 30 years of experience in all areas of workers’ compensation cost management, will lead the new practice.
Known as WorkersComp Guard, the new practice will work in collaboration with employers on tailored solutions to reduce costs and improve claim outcomes. The practice will provide strategies and methods to assess employer safety culture and practices, evaluate risk financing options, implement best claims management practices and leverage data for program measurement and more effective resource deployment.
In addition to leading Hanover Stone Partners WorkersComp Guard, Thompson concurrently is president of Risk Acuity, LLC, a national consulting firm specializing in workers’ compensation, which he founded in 2002. Previously, he was National Practice co-leader with Deloitte where he co-founded the firm’s National Disability Management Services Unit. Earlier, he was vice president and managing consultant with Aon, where he was among the founders of the Aon Management Institute, a practice built around workers’ compensation cost containment and education.
He began his career with Liberty Mutual where he became senior claims adjuster before joining Marsh in 1986 as assistant vice president and claim account representative. He also served as a claim manager with Air Express International.
Trov, an on-demand insurance program, announced that it has closed $45 million in Series D funding led by Munich Re/HSB Ventures, bringing its total funding to just over $85 million.
All of Trov’s Series C investors participated in the round (Oak HC/FT, Suncorp Group, Guidewire, and Anthemis). Also participating in the financing is Japan insurer, Sompo Holdings.
The new capital will be used to expand the on-demand insurance platform globally, expand the categories of items Torv covers, and accelerate the development of new applications that leverage the technology platform. In addition to its investment, Munich Re is expanding its strategic alliance to include underwriting throughout Europe, Asia and South Africa. Additionally, SOMPO is investing in the financing round through SOMPO’s wholly owned subsidiary Sompo Japan Nipponkoa and partnering with Trov to offer its on-demand insurance exclusively throughout Japan.
Georgia-based Price Digests, an asset data provider to the commercial insurance and equipment finance industries, announced a new API platform to power the next generation of vehicle analytics.
The new product enters the market as the single source for asset valuation and benchmarking data, covering commercial truck and trailer, passenger vehicle, boat, powersport, recreational vehicle and outdoor power equipment.
The new API includes all data benchmarks traditionally provided by Price Digests – VIN validation and verification, detailed specifications and market values (MSRP, retail, wholesale, finance) – plus a suite of exclusive new data points that serve as indicators of risk. These include asset utilization, popularity and market price trending.
To learn more about the Price Digests API or to request access, visit http://pricedigests.com/api/