Element Risk Solutions, which will be available in the United States and Canada, combines insurance coverage placement with industry-leading claims management and advisory services.
TORONTO, Jan. 30, 2025 (GLOBE NEWSWIRE) -- Element Fleet Management Corp. (TSX:EFN) ("Element" or the "Company"), the largest publicly traded, pure-play automotive fleet manager in the world, today announces the launch of Element Risk Solutions - a fully integrated risk management offering. This new service, which Element is launching in a strategic partnership with Hub International Limited (“HUB”), a leading global insurance brokerage and financial services firm servicing commercial fleets, is designed to transform how clients insure and manage commercial fleets. This new service bundles insurance coverage solutions, including accident management, subrogation, driver safety programs, and telematics, to deliver a seamless, vehicle life-cycle experience for clients.
“Commercial auto insurance market placement has been a persistent challenge for our clients in North America for over 15 years,” shares Angelique Magi, Head of Insurance at Element. “In 2024 alone, commercial auto rates in North America have surged to an on average increase of 20 per cent. This has left our clients with a lack of certainty on securing coverage or increased premiums, impacting their projected cash flow and balance sheet. Element Risk Solutions simplifies the process by providing an automated end-to-end solution that saves time, reduces complexity, and leverages Element’s data capabilities.”
Leveraging a simplified transaction process, clients can access customized insurance products powered by HUB Drive Online, based on their specific needs and vehicle. This new service offering will be available in Q1 of 2025.
“HUB is excited to partner with Element to provide their clients with an all-in-one digital resource that streamlines the process of securing insurance and better managing the costs for doing business,” said Lisa Paul of HUB Transportation Specialty.
“As a purpose-driven organization committed to Move the World Through Intelligent Mobility, we’re always looking for ways to create lasting value for our clients,” says David Madrigal, Element’s Executive Vice President and Chief Commercial Officer. “Element Risk Solutions’ partnership with HUB is a client-focused solution that takes the friction out of insurance placement and reduces fleet risks to help our clients manage their Total Cost of Risk and ensure they can focus on growing their businesses.”
About Element Fleet Management
Element Fleet Management (TSX: EFN) is the largest publicly traded pure-play automotive fleet manager in the world. As a Purpose-driven company, we provide a full range of sustainable and intelligent mobility solutions to optimize and enhance fleet performance for our clients across North America, Australia, and New Zealand. Our services address every aspect of our clients’ fleet requirements, from vehicle acquisition, maintenance, route optimization, risk management, and remarketing, to advising on decarbonization efforts, integration of electric vehicles and managing the complexity of gradual fleet electrification. Clients benefit from Element's expertise as one of the largest fleet solutions providers in its markets, offering economies of scale and insight used to reduce operating costs and enhance efficiency and performance. At Element, we maximize our clients’ fleet so they can focus on growing their business. For more information, please visit: https://www.elementfleet.com/insurance
This press release contains certain forward-looking statements and forward-looking information regarding Element, its business and the fleet industry, which are based upon Element’s current expectations, estimates, projections, assumptions and beliefs. In some cases, words such as “plan”, “expect”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “could”, “predict”, “project”, “model”, “forecast”, “will”, “potential”, “target,” “by”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur are intended to identify forward-looking statements and forward-looking information. These statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in the forward-looking statements or information. Forward-looking statements and information in this news release may include, but are not limited to, statements with respect to, among other things, the Company’s expectations regarding new product offerings, including the benefits of the products, client demand and profitability, the Company’s ability to execute on its product plans, and the Company’s expectations regarding the risk and insurance industries. By their nature, these statements require us to make assumptions and are subject to inherent risks and uncertainties that may be general or specific, which give rise to the possibility that our predictions, forecasts, projections, expectations or conclusions will not prove to be accurate, that our assumptions may not be correct. External factors outside of Element’s reasonable control may impact our ability to achieve our goals and expectations, including industry dynamics, legislation and regulatory actions, the failure of third parties to comply with their obligations to us and our affiliates or associates, client decisions and preferences. These and other factors may cause actual results to differ materially from the expectations expressed in the forward-looking statements and may require Element to adjust its initiatives and activities. The forward-looking statements in this news release speak only as of the date hereof and are presented for the purpose of assisting our stakeholders and others in understanding our objectives and strategic priorities and may not be appropriate for other purposes. We do not undertake to update any forward-looking statement except as required by law. In addition, a discussion of some of the material risks affecting Element and its business appears under the heading “Risk Management & Risk Factors” in Element’s Management Discussion and Analysis for the twelve-month period ended December 31, 2023 and the three and nine-month period ended September 30, 2024, and under the heading “Risk Factors” in Element’s Annual Information Form for the year ended December 31, 2023, as well as Element’s other filings with the Canadian securities regulatory authorities, which have been filed on SEDAR+ and can be accessed on Element’s profile on www.sedarplus.com.
