Relation Insurance Services has acquired the assets of PT Business Solutions in South Pasadena, California.
PT Business Solutions is a provider of employee benefit, HR, payroll, wo
rkers’ compensation and group retirement plans. The agency has been serving clients since 2003.
Relation Insurance Services is an insurance brokerage that offers risk management and benefits consulting services across th
e U.S. with a reported 1,350 employees across more than 100 locations. It
is a privately held corporation backed by Aquiline Capital Partners, a private equity firm based in New York and London.
The Aon report revealed that alternative risk transfer is becoming increasingly critical to providing the capital needed to help org
anizations mitigate risk and strengthen resilience.
“For Hurricane Melissa, the Jamaican government secured over $650 million in liquidity less than two months after landfall,” the Aon report continued. “This included $91 millio
n from the Caribbean Catastrophe Risk Insurance Facility (CCRIF) and $15
0 million from their World Bank-supported catastrophe bond, both of which utilized parametric triggers.”
Parametric insurance products, which release funds automatically when
Watch More Image Part 2 >>>
specified triggers are met, proved critical during events such as Hurricane Melissa by providing speedy payouts, Aon indicated.
The report calls for increased resilience via smarter technology and stronger infrastructure; better forecasting, resilient building standards and modernized infr
astructure to reduce long-term damage and assist communities and businesses to recover faster.
“As leaders consider a range of scenarios and hazards, they will benefit greatly from the use of predictive analytics to better
understand their exposures, price future risks and measure the impact of their mitigation efforts,” CEO Case went on to say.
“A data-driven approach not only advances resilience, but helps to ensure bu
sinesses remain competitive and relevant in an environment where risks and customer expectations are constantly evolving,” Case added.
“Resilience today must be both physical and financial,” according to Michal
Lorinc, head of Aon’s catastrophe insight and author of the report, commenting in a press release accompanying the report.