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Trucking insurance company Reliance Partners has acquired Borderless Coverage.
Reliance Partners, which made the announcement Feb. 17, focuses on the commercial transportation and logistics industries. Borderless Coverage specializes in North American cross-border supply chain insurance.
Borderless CEO Mark Vickers will transition to executive vice president and head of international logistics at Reliance.
“We are enthusiastic about the acquisition of Borderless Coverage and Borderless Consulting, and welcome Mark into the Reliance Partners family,” Reliance Chief Financial Officer Thom Albrecht said in a statement. “His expertise in USMCA issues, particularly cargo insurance challenges in Mexico, along with his overall knowledge of cross-border trade, will be incredibly useful for our customers.”
Reliance said its transportation and logistics book expanded from approximately $15 million in premiums to $200 million between 2015 and 2020, primarily through organic growth and acquisitions. The company has been looking to acquire service-oriented, innovative agencies with a commercial transportation focus.
“Mark’s appointment as EVP of international should deepen our relationships with cross-border companies while bringing cargo and other insurance solutions to carriers and brokers passionate about North American trade,” Albrecht said.
Vickers brings more than 12 years of cross-border trade experience to Reliance. He said the company understands the speed at which logistics service providers need to move and that it understands the intricacies of North American cross-border insurance.
“This marks the largest commitment to optimizing cross-border transportation and logistics insurance between the United States and Mexico, which is crucial as insurance law remains unchanged since the implementation of USMCA,” Vickers said in a statement. “Together, our mission is to be the gold standard in the trucking and logistics insurance marketplace by applying technology and innovation that challenge the status quo.” — Transport Topics
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