Business News: Allianz, HVACi, Nixon & Company

Allianz Global Corporate & Specialty Acquires Renewal Portfolio of Product Recall Business from Liberty Mutual in the U.S.

Allianz Group’s specialist corporate insurer Allianz Global Corporate & Specialty (AGCS) announced it is acquiring the renewal portfolio of Liberty Mutual Insurance’s s United States Product Recall and Special Contingency business, written through Liberty International Underwriters (LIU) U.S., with effect from Jan.30, 2018. AGCS began offering product recall insurance in North America in 2016 and plans to expand its business in this segment, with a focus on larger corporate clients.

Beyond covering financial losses following a recall incident, AGCS also offers its clients crisis management assistance services globally on a 24/7 basis through its partner company red24, which also supported Liberty Mutual’s clients.

Launched in 2016, the AGCS Crisis Management division in North America assists larger companies in preventing, preparing for and recovering from crisis incidents; it resides within AGCS’s global Liability line of business and provides insurance and service solutions pertaining to 1) product recall and contamination, 2) terrorism and political violence and 3) hostile environments.

HVACi Announces the Acquisition of Donan Engineering’s HVAC Forensics Division

HVAC Investigators (HVACi), a national provider of HVAC damage assessments for insurance claims, announced yesterday the acquisition of Donan Engineering’s HVAC Forensics division. The consolidation of two market-leading brands in the insurance industry is anticipated to benefit the customer bases of both organizations through larger service areas, increased technical expertise, and quicker cycle times.

Donan’s HVAC Forensics division previously served 23 states. Those customers will now be able to utilize HVACi’s 800+ network of technicians and national footprint to assign any HVAC or refrigeration claim, anywhere, to one service provider. The breadth of HVACi’s technician network will also provide HVAC Forensics’ clients with quicker assessment cycle times. HVAC Forensics customers can anticipate additional benefits, such as access to real-time HVAC market pricing verification and availability, technical professionals following the closing of the claim, and HVACi’s dedicated large loss team.

Following the February 1, 2018 acquisition, all of Donan’s HVAC Forensics division will become part of the HVACi group of companies. All other lines of Donan Engineering’s business will remain within the Donan Engineering Company family.

Nixon Launches Forensic Accounting Division

Nixon & Company, a national provider of comprehensive claims handling solutions and an SCM Insurance Services company, announced the launch of its Forensic Accounting Division. This division will help adjusters and insurers determine a loss of business income, extra expense, or misappropriation of funds, and provide comprehensive results to aid in claim investigation.

Led by Randy Wilson, CPA, a forensic accounting specialist with over 30 years’ industry experience, Nixon’s Forensic Accounting Division has many applications across the claims spectrum. In cases of business interruption, forensic accounting can determine loss of income during an event and its aftermath. In instances of misappropriation or allegations of employee dishonesty, a forensic accounting specialist is able to methodically analyze financial records and transactions to prove or disprove the amount of loss as well as the circumvention of controls which supported an intent to misappropriate. Fraud investigations can be aided by a forensic accountant’s review of an organization’s recordkeeping to determine, for instance, if a company’s financial condition was declining prior to a suspicious event like arson or robbery. These types of claims occur frequently in the claims industry and the resulting investigations can be aided tremendously by forensic accounting services.

Nixon’s Forensic Accounting Division receives information regarding a claim from either an insurer or an adjuster, collaborates with additional investigative and legal support personnel as necessary, and makes clear, defensible determinations backed by evidence and supported by expertise. As Nixon handles all lines of claims management and operates across the United States, so too will the Forensic Accounting Division.

Wilson’s career has covered claims from a variety of industries including manufacturing, hospitality, retail and consumer goods, ocean marine, professional services, and energy. He will lead Nixon’s Forensic Accounting Division from Nixon’s Corporate Office in St. Louis, Missouri, alongside Jon K. Pini, CPA, and Heather Bridges, CPA, MBA. Wilson can be contacted at 877-346-4966 and all forensic accounting requests can be directed to forensics@nixonandco.com.