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Gallatin Point and AmFam Partner in $1.25 Billion Deal with Reciprocal Insurer, TRUE
Private investment firm Gallatin Point Capital and insurer American Family Insurance Group have successfully finalised a new partnership with reciprocal Insurer, Trusted Resource Underwriters Exchange (TRUE), in a US$1.25 billion deal.
UnitedHealth Group and Allianz SE Continue to Lead in AM Best’s Worldwide Insurer Rankings
UnitedHealth Group Incorporated and Allianz SE have retained their top positions in AM Best’s rankings of the world’s largest insurance companies.
Vesttoo Faces Bankruptcy Proceedings Amidst Allegations of Fraud
The US Bankruptcy Court for the District of Delaware has re-started pre-trial hearings for the bankruptcy case of Israeli insurtech company Vesttoo.
Why resolving data quality issues should be a priority for the C-suite in 2024
For insurance firms, data quality is a critical linchpin that, when poorly managed, hinders overall efficiency, competitiveness, and progress, says Jesse Power, Head of Insurance at data automation firm, Duco.
AXA Announces Launch of Multiple Employee Benefits Changes for 2024
AXA has launched multiple comprehensive enhancements to employee benefits, which came into effect from January 1st, 2024.
Beazley Successfully Wraps Up Debut 144A Cyber Catastrophe Bond Closure
Specialist insurer Beazley has successfully closed its inaugural 144A cyber catastrophe bond, providing coverage amounting to US$140 million.
Inszone Insurance Completes Acquisition of LPL Insurance After Securing Lightyear Capital Investment
National insurance provider Inszone Insurance Services has successfully concluded the acquisition of LPL Insurance Agency, Inc.
Insurtech Devoted Health Raises US$175 Million in Series E Round
Devoted Health, the tech-enabled Medicare Advantage startup, has successfully secured US$175 million in fresh funding.
State Farm Mutual Automobile Insurance Leads Global P&C Insurers, According to S&P Report
S&P Global Market Intelligence has unveiled its latest findings in the largest Life and Property and Casualty Insurer Rankings, showcasing State Farm Mutual Automobile Insurance Co. as the foremost global Property and Casualty (P&C) insurer.
Apollo-Owned Aspen Insurance Files for IPO in the U.S.
Aspen Insurance, under the ownership of private equity firm Apollo, has officially submitted its paperwork for an initial public offering (IPO) in the United States, as per a regulatory filing on Wednesday.
Bain Capital Insurance Injects US$200 Million to Launch The Mutual Group
Bain Capital Insurance has embarked on a significant venture with a US$200 million investment to establish The Mutual Group, an innovative insurance platform poised to transform the landscape of mutual insurance.
Lemonade Co-CEOs to Revert to Former Roles for Structural Clarity
In a move aimed at enhancing organisational clarity, the co-CEOs of digital insurance firm Lemonade are set to resume their previous positions effective January 1.
SCOR Announces Strategic Leadership Changes for 2024
French reinsurer SCOR is gearing up for a transformative year with the appointment of David Sütterle and Damien Bartlett to new senior roles, aiming to bolster the company’s strategic focus and streamline its operations.
Lockton Forges Partners with Artificial Labs to Boost MRCv3 Insurance Contract Generation
Independent insurance broker Lockton has partnered with Artificial Labs, a pioneering insurtech specialising in algorithmic underwriting.
Aon Announces Strategic Acquisition of NFP in US$13.4 Billion Deal to Strengthen Presence in Middle-Market Segment
Aon Plc. a global leader in professional services, has unveiled plans to acquire NFP, a prominent middle-market provider offering comprehensive risk, benefits, wealth, and retirement plan advisory solutions.
SEVEN Major Trends Transforming the Insurance Industry in 2024
From cyber insurance and generative AI, to embedded offerings and climate risk technologies, the insurance space over the next 12 months will see huge changes.
LEADERSHIP SPOTLIGHT: INSHUR CEO Dan Bratshpis Talks Startups, Technology and the On-Demand Economy
Dan Bratshpis is the CEO of INSHUR, the fastest-growing global provider of insurance for the on demand economy. He is passionate about providing businesses and workers with seamless insurance solutions.
Insurtech Finhaat Secures US$3 Million in Seed Funding to Tech-Driven Insurance Distribution Solutions
Mumbai-based insurtech startup Finhaat has successfully raised US$3 million (approximately INR 25 Crore) in a seed funding round.
ARMD InsurTech and Sparta Insurance Services Join Forces to Address £6.5 Billion UK Tradespeople Market Gap
ARMD, an insurtech dedicated to serving the underserved tradespeople market in the UK, has forged a strategic partnership with leading wholesale broker distribution platform Sparta Insurance Services.
Allianz Life and Munich Re Automation Solutions Launch SaaS-Based Underwriting Solution for Enhanced Insurance Accessibility
Allianz Life and Munich Re Automation Solutions are set to unveil a cutting-edge Software as a Service (SaaS) underwriting solution, marking a significant stride in their collaborative efforts.
Redactable Secures $5.5 Million in Seed Funding for Groundbreaking AI Redaction Platform
Redactable, a cutting-edge AI-driven web application specialising in the redaction of sensitive documents, has successfully raised $5.5 million in seed funding.
OneDegree Secures Funding from Dubai Insurance and Unveils Partnership for Digital Asset Insurance in the UAE
OneDegree, Asia’s pioneering licensed insurer for digital assets, has joined forces with Dubai Insurance Co. to introduce digital asset insurance in the United Arab Emirates (UAE).
EU’s AI Act Enters Political Agreement, Paving the Way for Comprehensive AI Regulation
Last week, the European Parliament and Council reached a landmark political agreement on the European Union’s Artificial Intelligence Act (“EU AI Act”), concluding months of intense trilogue negotiations.
Lloyd’s Extends Tenure at Iconic One Lime Street, London, to at Least 2035
Lloyd’s, the global leader in insurance and reinsurance, has announced a significant extension of its occupancy at One Lime Street, securing the prestigious location until at least 2035, with an optional extension to 2040.
What does AI Safety really mean? Looking Ahead from the UK’s AI Safety Summit
Prasad Prabhakaran, Generative AI Practice Lead at esynergy, examines the pros and cons of regulating AI and the UK’s AI Summit, in the wake of the EU AI Act.
Amwin’s Equisure launches new Livestock Insurance Programme
Equisure, a subsidiary of Amwins, has unveiled its latest initiative with the introduction of its Livestock insurance programme.
Dale Underwriting Partners and CVC Announce Expansion Partnership
Dale Underwriting Partners, operating under the umbrella of Dale Managing Agency Limited’s Lloyd’s Syndicate 1729, has partnered with global private markets manager CVC.
From Cadavers to Cybercrime: Coalition Incident Response Expert Shelley Ma on Dissecting Digital Deception
Originally intent on a career in medicine and forensic science, Shelley Ma credits her ADHD for a career switch that saw her swap the mortuary for the cyber insurance space.
Beazley Appoints Patricia Kocsondy as Head of Global Cyber Digital Risks
Beazley, a leading specialty insurer, has announced the appointment of Patricia Kocsondy as the new Head of Global Cyber Digital Risks.
Howden Expands into Danish Market with Planned Acquisition of NORTH Risk
In a strategic move to solidify its presence in the Nordic region of Europe, global insurance group Howden is set to acquire NORTH Risk (NORTH), Denmark’s fourth-largest insurance intermediary.
Canadian Insurtech Terminal Raises US$3.1 Million Funding to Transform Commercial Trucking Telematics
The Toronto-based startup Terminal is on a mission to become the Plaid for telematics data in the commercial trucking industry, as it successfully closes a US$3.1-million ($4.2 million CAD) seed round.
Cytora Partners with Relativity6 to Expedite Commercial Quotes with Intelligent Industry Classification Data
Cytora and Relativity6, a provider of industry classification modelling, have announced a partnership which will enable Relativity6’s models to be used to enhance the underwriting process within Cytora.
Swiss Re Strengthens Global Resilience Efforts with Acquisition of Fathom, a Leading Water Risk Intelligence Firm
Swiss Re has successfully acquired Fathom, a prominent UK-based company, to bolster its capabilities in addressing water-related risks in the face of current and future climate scenarios.
Marsh Announces Key Promotions and Leadership Changes in UK and Global Placement Team
Marsh, the insurance brokerage arm of Marsh McLennan, has revealed a series of significant senior appointments within its UK and Global Placement leadership team, set to take effect from January 1, 2024.
LEADERSHIP SPOTLIGHT: Darien Acosta, Chief AI Officer of Cover Whale, Talks Intelligent Telematics
AI is transforming the insurtech space – bringing with it many benefits – and reservations. We spoke to Darian Acosta, Chief AI Officer for the commercial trucking insurtech, Cover Whale, to find out how telematics technology is being used to transform fleet insurance and driver safety – and its impact on the job market.
Chubb Appoints Frederico Spagnoli as Division President of Consumer Lines for Overseas GI
Chubb, the global property and casualty insurance company, has appointed industry veteran Frederico Spagnoli as the division president of consumer lines for Overseas General Insurance, its international general insurance operation.
Arch Partners with Upfort to Expand Cyber Offerings
Arch Insurance and Upfort have joined forces in an innovative partnership aimed at expanding the availability of cyber coverage.
Sun Life’s Kevin Strain Names Manjit Singh as New President of Sun Life Asia
Kevin Strain, President and Chief Executive Officer has announced that Manjit Singh will become the new President of Sun Life Asia effective March 18, 2024. He will be based in Hong Kong.
Howden Tiger Appoints Wolfram Schultz as Head of Casualty Reinsurance, Continental Europe
Howden Tiger has announced the appointment of Wolfram Schultz as the new Head of Casualty Reinsurance for Continental Europe.
European Space Agency-Backed Insurtech, BirdsEyeView, Secures Seven-Figure Investment to Boost Digital Underwriting and NatCat Modelling Software
BirdsEyeView, an insurtech startup backed by the European Space Agency, has successfully concluded a funding round, securing a significant seven-figure investment.
McKenzie Intelligence Services Secures Investment from Maven Capital Partners for Global Expansion
McKenzie Intelligence Services (MIS), a provider of geospatial data and analysis for insurers responding to catastrophic events, has successfully secured a strategic investment from Maven Capital Partners (Maven), a prominent private equity firm specialising in fast-growing businesses in the UK.
HCI Group Successfully Concludes Public Offering, Securing US$85 Million
Florida-based HCI Group, Inc. has successfully completed its underwritten public offering, raising a substantial US$85 million.
Manulife and Global Atlantic Forge US$13 Billion Reinsurance Agreement
Manulife Financial Corporation has entered into a substantial reinsurance deal, agreeing to reinsure a combined $13 billion of reserves spanning four legacy/low return on equity (ROE) blocks.
Hiscox Partners with Google to Pioneer AI in London’s Insurance Market
Hiscox, a prominent UK insurer, has made waves in the insurance industry by collaborating with Google to develop an artificial intelligence (AI) model designed to revolutionise the core underwriting process for specialist risks.
VOOM Launches Game-Changing Rideshare and Delivery Insurance Tailored for Gig Drivers
Voom has announced the launch of a new insurance solution to address the needs of the gig economy.
Mulberri Secures US$6.75 Million in Series A Funding Led by Eos Venture Partners to Propel AI-Driven Insurance Platform for SMEs
Mulberri, a cutting-edge AI-driven embedded business insurance platform tailored for small and medium enterprises (SMEs), has officially declared the successful closure of its Series A funding round, securing US$6.75 million.
Insurtech Insights Asia sees Thousands of Attendees Flock to the Region’s Largest Insurtech Conference
Insurtech Insights Asia 2023 saw thousands of attendees take part in the region’s largest insurtech conference last week in Hong Kong.
Novidea Launches Insurance Management Platform in Southeast Asia
Novidea, creator of the cloud-based, data-driven enterprise insurance management platform for brokers, agents, MGAs/MGUs, and carriers, has announced the launch into the Southeast Asian market, starting in Hong Kong and Singapore.
Cover Genius Partners with Catawiki to Ease Global Shipping of ‘Special Objects’
Cover Genius has partnered with Catawiki, the leading online marketplace for special objects, to protect the shipping of special objects.
Igloo Raises US$36 Million in Pre-Series C Funding Round with Singapore’s Eurazeo
Singapore-based insurtech startup Igloo has raised $36 million in pre-Series C funding led by Eurazeo’s insurance tech fund.
How Global Brokers and Carriers are Using Big-Tech to Gain the Edge in Asia
Ben Potts, MD UK and International at Novidea explores how Global brokers and carriers are embracing the latest-based insurance management platforms to enhance global connectivity, boost customer service, drive growth, and enhance operational efficiencies.
Cover Whale Announces the Appointment of Darryl Siry as its COO and CTO
The news follows on from Cover Whale’s announcement earlier this year, that it was welcoming Darius Acosta as its new Chief Artificial Intelligence Officer.
Clover Health’s Exit from ACO REACH Paves Path to Profitability
Clover Health Investments, Corp, a leading physician enablement company that enhances healthcare access for Medicare recipients, has exited the Centres for Medicare and Medicaid Services (CMS) ACO REACH Program to expedite its journey towards profitability.
Blink Parametric Secures Global Partnership with MAWDY for New Flight Interruption Insurance Solutions
Blink Parametric, a leading provider of flight interruption insurance solutions, has entered into a global agreement with MAWDY, a renowned global insurance, reinsurance, and services company affiliated with the MAPFRE Group.
Ondo InsurTech Secures US$1.3 Million Funding for Rapid Technological Expansion
Ondo InsurTech PLC (LSE: ONDO) has successfully raised US$1.3 million through a placement completed yesterday after the close of the market.
NOW Insurance Launches Physicians and Medical Groups Coverage on AI Portal
NOW Insurance, a full-stack, AI-enabled commercial insurance platform specialising in medical professional liability coverage, recently launched coverage for physicians and physician groups in their online platform.
OUT NOW: First Edition of ‘INSUR-VIEW,’ Candid Conversations with the Industry
Day-to-day, Insurtech Insight’s Rory Pyke engages with key industry figures who generously share invaluable insights on how they are actively advancing our industry.
At-Bay Attains Amazon Web Services (AWS) Cyber Insurance Competency
At-Bay, the leading InsurSec provider tailored for the digital age, proudly reveals its achievement of the Amazon Web Services (AWS) Cyber Insurance Competency.
HDI Global Achieves Improved 9-Month Performance with Strong Combined Ratio of 92.7%
HDI Global Achieves Improved 9-Month Performance with Strong Combined Ratio of 92.7%
Lemonade, Clearcover, Root Among Insurtech Leaders to Form InsurTech Coalition for Industry Advancement
Leading insurtechs including Root, Branch, Lemonade, Clearcover, have joined forces to establish the InsurTech Coalition.
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