Business News: Travelers, ISO, IAIABC

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Travelers Completes Acquisition of UK-Based Simply Business

The Travelers Companies, Inc.completed its previously announced acquisition of Simply Business, a leading provider of small business insurance policies in the United Kingdom, offering products online on behalf of a broad panel of carriers. The company has more than 430,000 microbusiness customers, covering more than 1,000 classes of business.

Simply Business will operate as a stand-alone business, continuing to partner with its panel of carriers under its well-known brand name.

Travelers funded the acquisition through a combination of debt financing and internal resources.

ISO Launches Commercial Flood Insurance Program

ISO has launched a new commercial flood insurance program that addresses many of the critical coverage needs in the marketplace today. ISO is a Verisk Analytics business.

The new program enables insurers to set their own limits of insurance and provide optional coverage for risks not typically covered by the National Flood Insurance Program (NFIP), including certain types of property damage to basements, business interruption, and costs to comply with building code changes. The coverage can be based on actual cash value or replacement cost value. The new program features actuarially sound loss costs based on models developed by Verisk’s AIR Worldwide business and from ISO data.

Insurers can use the program to provide a primary flood policy or a flood policy providing coverage that is excess of the NFIP, which is currently being reviewed by the U.S. Congress in anticipation of the program’s scheduled sunset on September 30, 2017.

Later this year, ISO plans to introduce similar solutions for the personal property market.

IAIBC Completes Third Year of Workers’ Comp Training Program

The International Association of Industrial Accident Boards and Commissions (IAIABC) concluded the third year of its Foundations of Workers’ Compensation Administration Program. The IAIABC Foundations Program provides participants from jurisdictional agencies with a comprehensive education in workers’ compensation policy and administration.

Through webinars, self-paced modules, and a face-to-face course, the Foundations Program participants examined workers’ compensation administrative and regulatory topics at both a theoretical and practical level, exploring how differences play out across jurisdictions. Courses studied a wide range of topics from medical management to data reporting. Participants also reflected on and discussed experiences and practices within their own jurisdiction through writing exercises and discussion sessions.

The IAIABC would like to congratulate the participants who completed the full Foundations Program and will be earning certificates in 2017:

Jim Becker, Colorado Division of Workers’ Compensation
Erin Bishop, Virginia Workers’ Compensation Commission
Stephen Boggie, Idaho Industrial Commission
Verlia Dexter-Dutton, Colorado Division of Workers’ Compensation
Suzy Douglas, Tennessee Bureau of Workers’ Compensation
Miriam Evangelista, Colorado Division of Workers’ Compensation
Roy Foster, Colorado Division of Workers’ Compensation
Jeff Francis, Tennessee Bureau of Workers’ Compensation
Greg Herzog, Idaho Industrial Commission
Courtney Holmes, Colorado Division of Workers’ Compensation
Beth Kilian, Idaho Industrial Commission
Katy Lenahan, Kansas Division of Workers’ Compensation
Adrianne McLean, Montana Department of Labor and Industry Employment Relations Division
Ryan Nelson, Utah Labor Commission, Division of Industrial Accidents
Priscilla Padilla, Colorado Division of Workers’ Compensation
Stephanie Parker, Delaware Office of Workers’ Compensation
Frank Salvi, Wisconsin Department of Workforce Development, Worker’s Compensation Division
Sandee Sprang, South Carolina Workers Compensation Commission
Brad Thurman, Utah Labor Commission Division of Industrial Accidents
Cindy Zimmerman, Montana Department of Labor and Industry Employment Relations Division