Embrace Partners, a minority business enterprise-certified, tech-driven wholesale insurance broker and MGU of specialty commercial insurance and surety, has been approved by Aon to act as a wholesale broker in the US.
The approval enables Aon brokers at clients’ direction to begin placing insurance through Embrace.
Embrace said that adding it to the roster of approved wholesale brokers provides Aon clients with an opportunity to align their premium dollars and their inclusion and diversity goals.
“Diversity remains a top consideration for corporations, and now, insurance purchasing can help meet this demand,” said David Cayemitte, president and CEO of Embrace.
“As a minority business enterprise, Embrace offers insurance buyers, brokers and carriers the ability to incorporate diversity into insurance distribution.”
Cayemitte is a former executive at AIG, St Paul and Travelers. After two decades of working for major global insurance companies, Cayemitte founded his own full-service insurance brokerage and surety bonding firm, The Cayemitte Group, in 2005.
Embrace was formed last year through a strategic partnership with Ambac, which holds a minority stake in the company. Cayemitte remained the majority owner.
As an NMSDC-certified minority business enterprise, Embrace focuses on supporting clients, brokers and carriers by enhancing their ESG initiatives. All premium dollars placed with Embrace can receive diversity spending credits.
Embrace offers educational services through the Minority Business Development Institute, a 501(c)(3) corporation that Cayemitte founded in 2010 to provide economic opportunities for minority-owned businesses.
In October this year Embrace secured membership in the Wholesale & Specialty Insurance Association, becoming its first minority-owned wholesale business member.