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Hiscox Re & ILS and Ariel Re Unveil Cyber Catastrophe Consortium
Hiscox Re & ILS and Ariel Re have launched CyberShock, a new cyber catastrophe consortium aimed at enhancing certainty of coverage within the cyber insurance industry.
ICEYE and Juniper Re Partner for Advanced Flood and Wildfire Data Collaboration
ICEYE, a leading provider of satellite-powered disaster management solutions, has entered into a multi-year collaboration with Juniper Re, a reinsurance broking arm and subsidiary of BRP Group, Inc.
Marsh McLennan Agency Set to Acquire Fisher Brown Bottrell Insurance in US$345 Million Deal
Marsh McLennan Agency, a subsidiary of Marsh, has announced its intent to acquire Fisher Brown Bottrell Insurance, Inc. (FBBINSURANCE) from Trustmark National Bank in a significant all-cash transaction valued at $345 million.
Cowbell Introduces GenAI-Powered Underwriting Tool to Enhance Efficiency
Cowbell, a leading provider of cyber insurance for small and medium-sized enterprises (SMEs), has launched Prime Tech with Cowbell Co-Pilot, a generative AI solution designed to streamline underwriting within its Prime Tech offering.
Capitola Insurance Officially Rebrands as Flow Specialty
Flow Specialty, previously known as Capitola Insurance, has announced its official rebrand. Supported by Munich Re Ventures and Lightspeed Venture Partners, Flow Specialty is poised to elevate the specialty wholesale insurance market with its innovative approach.
Chubb Announces Q1 2024 Net Income Increase and P&C Combined Ratio of 86%
Global insurer Chubb reported a net income rise of 13.3% to $2.14 billion in the first quarter of 2024, boosted by strong performances in its property and casualty (P&C) and life insurance sectors.
PeppercornAI Raises US$4 Million to Advance AI Integration in Insurance
UK Insurtech firm PeppercornAI has successfully raised US$4 million in funding, with investments coming from Wealth Club, EHE, and Angels Invest Wales.
LM Re Partners with Safehub for Exclusive Earthquake (Re)Insurance Offering
Liberty Mutual Reinsurance, a division of Liberty Mutual Insurance Group, has formed an exclusive partnership with Safehub, a technology provider specialising in seismic sensor and risk management solutions.
Property Insurtech Startup Faura Raises US$500k in Pre-Seed Funding
Faura, a startup focused on building resilience in the property insurance sector, has raised $500,000 in its first round of funding.
Rainwalk Technology Raises US$4 Million in Seed Funding
Rainwalk Technology, a leading white-label pet insurance technology provider, has announced the successful completion of a $4 million Seed funding round.
Tokio Marine HCC Partners with Akur8 for Next-Generation Insurance Pricing Solutions
Akur8, a leading insurance pricing solution powered by transparent machine learning, has announced a partnership with Tokio Marine HCC.
French Insurance Startup Estaly Raises US$3.8 Million in Seed Funding
Estaly, a French insurance startup, has secured US$3.8 in seed funding from OneRagtime, CDG Invest, and approximately 20 angel investors.
Allianz Reports 29% Increase in Fraud Prevention and Announces Partnership With Clearspeed
Allianz’s personal lines business has experienced a 29% increase in fraud prevention in 2023 compared to the previous year.
Arthur J. Gallagher & Co. Acquires Australian Firm Prasidium Credit Insurance
Arthur J. Gallagher & Co., has announced its acquisition of Australia’s Prasidium Credit Insurance. Details of the transaction have not been disclosed.
AI Insurance Ventures Raise Nearly US$2 Billion in 2023, GlobalData Reports
AI insurance ventures experienced an 18% year-on-year increase in funding in 2023, raising nearly $2 billion through private equity and venture financing, according to GlobalData’s Technology Foresights model.
UAE Insurance Sector Faces Test Amid Record Rainfall and Flooding
Analysts at S&P Global Ratings have raised concerns about the local insurance sector’s ability to manage a surge in motor and property damage claims following unprecedented rainfall and flooding in the United Arab Emirates (UAE).
Honey Insurance Forges Six-Year Deal with Bank Australia for Digital Insurance Offerings
Honey Insurance has announced a new six-year partnership with Bank Australia, allowing the bank’s customers to access a range of digital insurance options.
Unwritten Raises US$3.5 Million in Seed Funding to Advance Climate Risk Analytics
London-based startup Unwritten, previously known as Dovetail Finance, has completed a seed funding round, raising $3.5 million.
Swiss Re Launches AI Enhanced Version of Life Guide Underwriting Manual
Swiss Re has introduced an enhanced version of its market-leading Life & Health underwriting manual, Life Guide. The updated version features Swiss Re Life Guide Scout, an underwriting assistant powered by Generative AI.
Chubb Acquires Healthy Paws, Expanding in Pet Insurance Market
Chubb has announced a definitive agreement to acquire Healthy Paws, a U.S.-based managing general agent (MGA) specialising in pet insurance, from Aon plc (NYSE: AON), a global professional services firm.
Tesla Recalls 3,878 Cybertrucks Over Faulty Accelerator Pedal, Amid Insurance Challenge Warnings
Tesla is recalling 3,878 Cybertrucks to address a faulty accelerator pedal pad that could come loose and become trapped in the interior trim.
Marsh Names Megan McClellan as Southeast Zone Leader
In a recent industry move, Marsh has appointed Megan McClellan as Southeast Zone Leader, effective immediately. Based in Washington, D.C., McClellan will report to Pat Donnelly, President of U.S. and Canada at Marsh.
Tokio Marine and Trans Pacific Insurance Latest Providers to Exit California; Homeowners Lose Out
Thousands more Californians are set to lose their home insurance this summer as two insurers, Tokio Marine and Trans Pacific Insurance, exit the state.
Rainbow Partners with First Connect for Restaurant Insurance Solutions
Rainbow, a provider of insurance solutions for restaurants, has formed a partnership with First Connect, a platform offering independent agents access to carriers and managing general agents (MGAs).
Jensten Secures US$211 Million Funding Boost, Pledges $1.2 Million Towards New Broker Launches
Jensten, a leading UK-based broker and underwriting group, has secured US$211 million in new borrowing facilities, and has announced it is pledging $1.2 million towards launching new brokers.
Generali Announces New Organisational Structure
Generali Group has unveiled a new organisational structure, effective June 1, 2024, that aligns with the group’s strategic plan “LifeTime Partner 24: Driving Growth.”
Insurity Introduces Claims Solution for Enhanced Efficiency and Integration
Insurity, a leading provider of cloud-based software for insurance carriers, brokers, and MGAs, announced its latest cloud-based claims solution.
Mulberri Partners with Acronis to Offer Cyber Insurance to SME US Businesses
Embedded insurance startup Mulberri has formed a partnership with global cybersecurity firm Acronis to provide cyber insurance to small and medium-sized businesses across the United States.
PwC Achieves Guidewire Migration Acceleration Specialisation
PwC has achieved the Guidewire Migration Acceleration Specialisation, aimed at facilitating insurers’ transition to Guidewire Cloud with enhanced efficiency and cost-effectiveness.
Kota and Vitality Forge Partnership to Enhance UK Employee Benefits
Kota, a comprehensive platform specialising in automating insurance and retirement benefits for modern teams, has announced a strategic collaboration with Vitality, a leading health insurer.
Omaha National Completes Acquisition of Sutter Insurance Company
Omaha National, a leading provider of workers’ compensation insurance, has successfully acquired Sutter Insurance Company.
McKenzie Intelligence Announces US Expansion with Support from the UK|CT Insurtech Corridor
McKenzie Intelligence Services (MIS), a prominent global provider of intelligence-driven solutions for catastrophic event response, is set to broaden its presence in the United States (US) with support from the UK|CT Insurtech Corridor.
Kanguro Insurance Launches Renters Insurance in Texas
Kanguro Insurance, renowned for its pioneering AI-driven pet health insurance offerings, is venturing into the renters insurance sector.
Aspen Insurance and Pimco Investment Management Join Forces to Establish Pando Re
Aspen Insurance and Pimco Investment Management have joined forces to create Pando Re, a (re)insurer based in Bermuda.
Travelers Reports Strong Start to 2024 with Q1 Net Income of US$1.123 Billion
Leading primary insurance group Travelers has released its financial results for the first quarter of 2024, showcasing robust growth in net income despite heightened catastrophe losses compared to the same period last year.
ICEYE Raises US$93 Million in Oversubscribed Growth Funding Round Led by Solidium Oy
ICEYE, a global leader in satellite-powered disaster management solutions, has finalised a definitive agreement for an oversubscribed US$93 million growth funding round, with Solidium Oy at the forefront.
Howden Launches New Cargo War Risk Facility for Red Sea Ships
Howden has launched a new cargo war risk facility tailored to protect vessels navigating the Red Sea against potential drone and missile attacks by Yemeni militia groups.
Lemonade Life Enters New Partnership with Banner Life
Lemonade, a prominent insurance provider, has finalised a carrier appointment with Banner Life, a subsidiary of Legal & General.
Cytora and DynaRisk Collaborate to Enhance Cyber Risk Management for Insurers
Cytora, a prominent digital risk processing platform, has announced a strategic partnership with cybersecurity firm DynaRisk aimed at bolstering insurers’ capabilities in understanding and mitigating cyber risks.
Juno Introduces Groundbreaking Child Disability Insurance in the US
In a pioneering move aimed at supporting families facing the challenges of childhood disability, Juno, a public benefit corporation, has unveiled the first-ever child disability insurance program in the United States.
Amazon Shuts Down Its Insurance Store Initiative
Amazon has officially closed its Amazon Insurance Store initiative. The platform, which was introduced in October 2022 to facilitate the purchase of home insurance in the UK, has ceased operations, according to a message displayed on the site.
Coalition Boosts Cyber Risk Management with Microsoft 365, Google Workspace, and Amazon Web Services Integrations
Cyber insurtech Coalition has revealed new integrations between its cyber risk management platform, Coalition Control, and leading cloud services providers Microsoft 365, Google Workspace®, and Amazon Web Services.
Beat Capital Partners to Launch Convergence Credit Insurance Business
Beat Capital Partners has announced plans to introduce a new specialty credit non-payment insurance underwriter, Convergence, with a strong technological foundation.
WTW Appoints Former Aon GCCO Neil Harrison as Global Head of Claims
WTW (Willis Towers Watson) has announced the appointment of Neil Harrison, formerly Aon’s global chief claims officer, as its new global head of claims.
FloodFlash Launches New Business Interruption Coverage Ahead of 2024 Hurricane Season
FloodFlash is launching a new product aimed at bolstering business interruption (BI) coverage in the United States ahead of the 2024 Atlantic hurricane season.
Resideo Technologies to Acquire Snap One, Expanding Presence in Smart Living Products and Distribution
Resideo Technologies, Inc. has announced that it has entered into a definitive agreement to acquire Snap One Holdings Corp.
Electric Bike Company Partners with Oyster to Boost Rider Insurance
Electric Bike Company, a prominent figure in the micro-mobility sector, has joined forces with Oyster, an embedded insurance platform for commerce, in a bid to enhance the insurance experience for riders.
Allianz Partners Introduces Instant Online Chat for HCF Travel Insurance Customers
Allianz Partners Australia has taken a significant stride in elevating customer service standards by unveiling a new online chat feature tailored for customers of its travel insurance partner, HCF.
ClaimBuddy Raises US$5 Million in Series A Funding to Boost Health Insurance Claim Assistance Platform
Health insurance claim assistance platform ClaimBuddy has successfully concluded its Series A funding round, securing a significant US$5 million investment.
Pula Raises US$20 Million Series B Funding to Expand Agricultural Insurance Coverage Across Emerging Markets
Pula, a Kenyan-based insurtech firm, has successfully raised US$20 million in Series B funding to bolster its efforts in providing agricultural insurance to farmers in Africa, Asia, and Latin America.
Swiss Re Shareholders Overwhelmingly Approve Motions at Annual General Meeting
At Swiss Re’s Annual General Meeting (AGM) held today, shareholders gave their stamp of approval to all motions proposed by the Board of Directors. Key decisions included:
Funding Round-up: Are these 15 Companies Signalling Investment Recovery in 2024?
2024 has seen a raft of impressive investment rounds hitting the headlines. Are we in full-blown investment recovery? Or is this a slowdown rebound? Insurtech Insights rounds up the top funding events.
Nationwide Partners with EnforcerOne to Enhance Fire Defence for Agriculture Customers
In a bid to bolster fire defense strategies for its agriculture clientele, Nationwide has announced a strategic partnership with EnforcerOne.
HSCM Secures Over $175 Million for Launch of HS Mohawk Fund I LP
Hudson Structured Capital Management Ltd. (HSCM), a leader in reinsurance, insurtech, insurance-linked securities (ILS), and transportation investments, has successfully raised more than $175 million for the launch of its new life insurance-focused continuation fund, HS Mohawk Fund I LP.
McKinsey and Google Cloud Forge Partnership to Unlock US$4 Trillion in Business Value Through Generative AI
McKinsey and Google Cloud have joined forces to unleash the potential of generative artificial intelligence (gen AI), projecting a staggering $4 trillion in prospective business value.
Lloyd’s Announces Dawn Miller as New Chief Commercial Officer and CEO of Lloyd’s Americas
Lloyds, the world’s leading marketplace for insurance and reinsurance, has today announced that Dawn Miller has been appointed as Chief Commercial Officer of Lloyd’s and CEO of Lloyd’s Americas, based in New York, with effect from 1 September 2024.
Optalitix Partners with Reproductive Health Insurtech Juniper
Juniper, a pioneering reproductive health insurance provider, has partnered with Optalitix, a leading data analytics solutions provider, to unveil its innovative offerings to the market.
Aon Forges Partnership with ReliaQuest to Boost Global Cybersecurity
Aon has announced a new strategic partnership with cybersecurity leader ReliaQuest, to enhance online safety and improve cyber risk assessment.
Sayata Introduces AI-Driven Risk Engine for Small Commercial Insurance Underwriting
Sayata, a leading provider of innovative insurance solutions tailored for small and medium-sized businesses (SMBs), has launched the Sayata Risk Engine.
Achmea Innovation Fund Backs Micromobility Insurtech Laka
The Achmea Innovation Fund has announced its investment in Laka, a pioneering European micromobility insurer, as part of its strategic move towards fostering smart and sustainable mobility solutions.
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