Claims Business: HMI, Sapiens and TruthMD, AqualisBraemer and Neptune Midco
Horticultural Asset Management, a claims service provider for losses involving trees, landscaping and resort properties, has merged operations with Marquee Consulting Group, a project manager for golf courses, resorts and assisted living facilities.
HMI, based in Cary, N.C., said the merger allows clients to assess a comprehensive spectrum of services inducing property renovation, improvement, maintenance and disaster recovery.
Marquee President Frank Kynkor will join HMI as senior vice president of commercial services. He has experience managing full and partial renovations based on the improvement specifications of ‘master plans,’ as well as experience managing operations that span multiple facility types while working on behalf of some of the largest hotel and resort management companies, the company said in a press release.
“This expansion has been driven by our insurance company clientele and property managers that we have worked for,” stated Doug Malawsky, HMI’s chief operating officer.
They want to have our service platform expanded to provide not only the consultative and insurance claim related services but expand that to include the renovation, restoration, and reconstruction of their properties whether it be after a storm, fire or other catastrophic event, or whether it is just to upgrade the properties as we move into the post-Covid environment.”
Sapiens International Corp. has formed a partnership with TruthMD to enhance medical practice liability and workers’ compensation insurers ability to identify desirable insureds, assess risk, underwrite and manage claims.
Sapiens, an insurance software provider based in Holon, Israel, said in a press release that TruthMD’s MedFax product has access to more than 15 years of historical data from physicians. That data will be used in Sapiens’ CoreSuite for Property & Casualty and CoreSuite for Workers’ Compensation platforms.
TruthMD, based in Alpharetta, Ga., collects data from 20,000 primary data sources about doctors’ training, sanctions, exclusions, number of medical malpractice suits and conflicts of interest. The data helps identify invalid billings and reduces loss and expense ratios, Sapiens said.
“The future of insurance will be driven by digital transformation, and digital transformation will be driven by data,” stated Roni Al-Dor, president and chief executive officer of Sapiens. “By providing insurers with ready access to rich, reliable, real-time data, the Sapiens-TruthMD partnership will play a vital role in helping medical practice liability and workers’ compensation insurers unlock the opportunities presented by the evolving insurance landscape.”
AqualisBraemar ASA has completed the acquisition of all of the shares of Neptune Midco 1 Ltd from its parent company, LOC Group, for $20.2 million.
The combined group provides loss prevention, adjusting and management services to the shipping, oil and gas and renewables sectors, including pre- and post-risk surveys and investigation and resolution of insurance claims, commercial disputes and litigation.
AqualisBraemar, based in Oslo, Norway, said in a press release that it holds a strong position with hull and machinery surveys in the maritime sector, while LOC is a leading player within protection and indemnity. Neptune Midco is based in London.
“We effectively double the size of our group, which will benefit our customers through greater capacity, improved geographical footprint and a much more complete skills base,” stated Chief Executive Officer David Wells. “With both companies having similar profiles, it also allows us to maintain our stated ambitious growth targets in support of the global energy transition.”
The company said it plans to grow through continued expansion in the rapidly growing offshore renewables industry, and leverage on its position within shipping and oil and gas markets, to support the global energy transition.