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We regularly curate the latest insights and reports provided by and in collaboration with our partners and stakeholders to create the largest platform for knowledge-sharing and development within the world’s insurance industry.
US insurance brokerage PCF Insurance secures $500m equity investment
PCF Insurance Services, a US-based insurance brokerage firm, has secured a $500m preferred equity investment in a transaction co-led by Carlyle’s Global Credit platform and private equity firm HGGC.
Hub launches shopping center insurance
The broking giant Hub International Limited has announced the launch of Hub Shopping Center Insurance for multi-tenant shopping centers in the US.
$17 M Series B funding raised by SA insurtech startup Naked
The South African insurtech startup Naked, which is xpowered by artificial intelligence (AI) and provides customers with a new, entirely digital approach to insure their vehicles, houses, and belongings, has acquired US $17 million in Series B investment to fuel its expansion.
Insurer FWD Group to buy majority stake in Malaysia’s Gibraltar BSN
Insurance firm FWD Group Holdings Ltd (FWD.N) said on Monday it had agreed to buy a majority stake in Malaysian insurer Gibraltar BSN Life Bhd for an undisclosed price, expanding its presence in the country’s full-service insurance business.
CloudCover® announces the strategic partnership with Hylant Global Captive Solutions
CloudCover Re, Inc. (subsidiary of CloudCover®) announced today the establishment of the world’s first cybersecurity “rent-a-captive” insurance program known as the CloudCover CyberCell™.
Goose Closes $4 Million Series A Funding Round
Today, Goose Insurance Services announced it closed a $4 million Series A funding round led by Axis Insurance Managers, with participation from Impression Ventures, Real Ventures, and Manchester Story.
Caribbean Risk Group launches in London, partners with Lloyd’s Broker Ramon
Caribbean Risk Group LLC. (CRG), the US Virgin Islands insurance agency, has announced the launch of its London business, CRG International Ltd. The London brokerage will act as an appointed representative of Lloyd’s broker Ramon International Insurance Brokers Ltd. CRG’s London operations are February 10, 2023.
Stripe doubles insurance client list
Payments technology provider Stripe has doubled its insurance sector client list in the past two years and processed about $8 billion in insurance payments in the past 12 months, according to company officials.
MS Amlin seals £1.2bn RITC and LPT deal with RiverStone International
RiverStone International, a leading acquirer and reinsurer of legacy and discontinued insurance business, has completed an agreement with MS Amlin Underwriting Ltd. to provide MS Amlin Syndicate 2001 with a reinsurance-to-close (RITC) of the 2018 and prior years of account.
What’s next for cyber insurance as competition swells?
Cyber risk can often be a challenging space to navigate for brokers due to the dynamic and unpredictable nature of cyber threats. But it’s this constant evolution that makes the field so exciting, according to Sebastian Swain (pictured), director with CRC Group.
Insurtech Roadzen to go public through $965 million SPAC deal
Insurtech firm Roadzen has announced its plan to go public in the United States via a merger with special purpose acquisition company (SPAC) Vahanna Tech Edge Acquisition I Corp – in a deal valued at about $965 million.
ChatGPT: A conversation about underwriting and life insurance
Created by OpenAI, ChatGPT is an AI-powered chatbot that responds to questions and engages in conversation using opensource AI. ChatGPT can understand and generate text in a manner similar to humans and works like an assistant that users can ask to perform tasks or answer questions.
WeBuy75.com Launches Advanced Life Expectancy Calculator for Life Insurance Industry
WeBuy75.com, a life settlement consulting firm, recently launched a new version of its life expectancy calculator, explicitly tailored to the life insurance industry.
Curacel Secures $3M Seed Funding
The infrastructure vendor will roll out new technology solutions designed to power the next generation of insurance experiences in Africa.
FINEOS Announces Veteran Executive as New CFO
FINEOS Corporation today announced the appointment of Ian Lynagh as Chief Financial Officer. Lynagh had been working closely with the CFO in his role as the company’s chief commercial officer.
Insurtech Insights Taps Former ITC President to Lead USA Conference
Insurtech Insights, the world’s largest community of insurance executives, entrepreneurs and investors, announces the appointment of Megan Kuczynski to President of its USA insurtech conference
AIG partners with Stone Point to launch high net worth MGA
American International Group (NYSE: AIG) today announced that it has entered into a binding memorandum of understanding with Stone Point Capital LLC (Stone Point), a leading private equity firm focused on investing in businesses within the global financial services industry, to form an independent Managing General Agency (MGA) to serve High Net Worth and Ultra High Net Worth markets.
India’s InsuranceDekho raises $150 million
The Indian insurance platform InsuranceDekho has raised $150 million in a Series A funding round as the firm eyes merger and acquisition opportunities at a time when the market slump has engulfed most startups in the South Asian nation.
What’s the role of insurers in climate change risk?
Insurance companies are often on the losing end of climate change, paying out increasingly exorbitant sums as extreme weather such as tornadoes, floods and fires damage property, agriculture and businesses.
Branch Insurance launches condo product
Startup insurance provider Branch Insurance has announced that it has launched condo insurance, expanding its array of instantly bindable insurance products.
Liberty Mutual creates Global Cyber Office
Liberty Mutual Insurance has announced the launch of a Global Risk Solutions (GRS) Global Cyber Office and the appointments of several industry experts to leadership roles.
Aviva completes £850m buy-in with Arcadia Group Pension Schemes
Aviva has completed an £850 million buy-in of the Arcadia Group Pension Scheme and Arcadia Group Senior Executive Pension Scheme. The transaction enables the Trustees to secure benefits in excess of Pension Protection Fund levels for around 8,800 members of the schemes.
Chris Lay appointed CEO Marsh McLennan UK
Marsh McLennan (NYSE: MMC), the world’s leading professional services firm in the areas of risk, strategy and people, today announced the appointment of Chris Lay as CEO Marsh McLennan UK, in addition to his responsibilities as CEO of Marsh UK, effective 1 March 2023.
Asset-Map Holdings, Inc. Announces $6 Million in Series B Funding
Asset-Map Holdings, Inc. (“Asset-Map”), the premier financial advice engagement experience for financial professionals, today announced the close of a $6 million Series B funding round.
Aston Lark announces acquisition of Allegiance Insure
Aston Lark, a Howden company, today announces it has agreed terms to acquire Allegiance Insure Ltd. Based in the City of London, Allegiance Insure was established by Charles Wintour in 2015.
Would the insurance industry benefit from Web3 adoption?
Due to the complexity of the insurance industry, the adoption of new technologies has been slow. This is a paradox, since insurance is one of the business application areas where the introduction of new technologies, especially the ones related to Web3, offers big potential.
CIS Insurance Services Partners Joins Duck Creek Partner Ecosystem
Joining Duck Creek’s ecosystem strengthens CIS’ability to offer easy-to-use performance testing and stabilization products to Duck Creek SaaS and on-premises customers.
How to make insurance appealing to millennials, Gen Z
Millennials and Gen Zers will represent 75% of the U.S. workforce by 2025 and will come to represent a huge chunk of the buying power in the economy. Industries across the board are adjusting to this vastly different consumer market, and insurance is no exception.
QBE creates client proposition team, names director
QBE has established a client proposition team and placed Matt Lacy (pictured above) as its first director of client proposition.
Coincover Raises $30M in Funding
Coincover, a Cardiff, UK-based digital asset protection technology company, raised $30M in funding. The round was led by Foundation Capital.
Brookfield Reinsurance to Acquire Insurer Argo Group in $1.1B Deal
Financial services firm Brookfield Reinsurance announced it has entered a definitive agreement to acquire Argo Group International Holdings in an all-cash transaction valued at approximately $1.1 billion.
Aon launches small business cyber coverage brokerage
Aon announced the launch of CyFi, a broking center designed to negotiate and execute cyber and management liability insurance lines for small commercial businesses.
AXA XL launches “Roots of resilience” sustainability strategy
AXA XL, the property & casualty and specialty risk division of AXA, has set 23 targets in its three-year sustainability strategy called “Roots of resilience”.
Assurant launches auto product suite, digital experience
Assurant announced the introduction of its new suite of vehicle products, Assurant Vehicle Care, that offers legacy protection products and digital tools to help customers manage their policies and protect their vehicles, including vehicle service contracts, guaranteed asset protection and prepaid vehicle maintenance. The new portfolio of products brings about an enhanced digital experience with the Vehicle Care by Assurant app and the Assurant Vehicle Care website.
Ushur raises $50 million
Automation tech continues to attract funding in an increasingly challenging macroeconomic environment. That’s because of its cash-saving potential, no doubt.
Beazley board welcomes new chair
Specialist insurer Beazley plc (Beazley) has announced board changes – one departure and two appointments.
Markel Corporation names Teri Gendron CFO
Markel Corporation (NYSE: MKL) announced today that Teri Gendron will become its next Chief Financial Officer effective March 20, 2023, succeeding Jeremy Noble who became President of Markel’s insurance operations earlier this year.
5 technologies impacting insurance
Throughout 2022, the insurtech sector experienced a fundraising paradigm shift from “growth at all costs” to a greater operational focus on sustainability, responsible growth, and even more importantly, toward a clear path to profitability.
Berkley Re Solutions Partners With Barton Mutual Insurance Company
Berkley Re Solutions today announced a partnership with Barton Mutual Insurance Company to introduce a first-of-its-kind coverage for individuals and families who experience traumatic events.
SBLI Partners with Swiss Re to Deliver an Innovative Claims Experience
SBLI (The Savings Bank Mutual Life Insurance Company of Massachusetts) announced it has partnered with Swiss Re to offer its customers Swiss Re’s Automated Claims Experience solution, a state-of-the-art digital tool that guides beneficiaries through the claims process.
Specialty MGA UK buys specialist crop and forestry insurer
Merger offers access to Lloyd’s and worldwide markets as investors focus attention on forestry for carbon sequestration.
Economic concerns keep customer experience at top of insurers’ priorities
Improving the customer experience continues to matter most to insurers thinking about technology spending in 2023, according to the latest annual Gartner CIO and Technology Executive Survey. The survey of 2,203 executives includes 91 from the insurance industry.
Swiss Re’s multidimensional view of motor risk
Challenging times for the automotive industry. From lingering supply chain disruptions to global food shortages and the energy crisis, the economic landscape has been cumbersome, and companies worldwide have had to adapt to this complex new environment.
Metlife’s investment arm agrees to acquire Raven Capital Management
The investment arm of insurance giant Metlife Inc said on Tuesday it had agreed to acquire Raven Capital Management, a U.S. private credit manager with $2.1 billion in assets under management.
Can the ‘Netflix’ model of insurance work?
A startup launched as a COVID-19 testing company is pivoting to a “Netflix” model of health insurance.
Vertical Insure Raises $2 Million
Vertical Insure, the embedded insurance platform for platforms, today announced it raised $2M in additional financing, bringing its total seed funding raised since inception to $6M. Greenlight Re Innovations led the additional financing, with participation from Groove Capital, Daren Cotter and other strategic angel investors.
Ascot Group president adds chief executive to roles
Jonathan Zaffino (pictured), group president at Ascot Group since 2020, will now also serve as chief executive with immediate effect. The new boss replaces Andrew Brooks, who has retired but will stay on as a board member.
Munich Re announces cyber risk management program
Munich Re Specialty Insurance (MRSI) has announced the launch of Reflex, a customized cyber risk management program.
Essent buying title insurance companies for $100M
Essent Group agreed to purchase the title insurance subsidiaries of Finance of America’s Incenter business for $100 million, the latest company looking to find synergies between the two businesses.
How tech can reduce fraud application risk
The insurance market has seen ups and downs in the last few years, but the growing use of online systems to manage and protect businesses in this sector is especially notable.
ARAG makes its debut on Acturis platform
Legal expenses insurer ARAG plc has made some of its more popular insurance products available on the Acturis platform.
Ardonagh Group seals acquisition of Envest
UK-based Ardonagh Group has completed its acquisition of Envest, which it first agreed to acquire in November last year.
Westfield closes acquisition of Lloyd’s syndicate
Westfield has announced that it has completed its acquisition of Lloyd’s of London Syndicate 1200 from Argo Group International Holdings.
Global commercial insurance prices continue to moderate
Global commercial insurance prices continued to moderate in the fourth quarter of 2022, according to a new report by Marsh.
SalesRiver Raises $3.95 Million in Series A Financing
SalesRiver, an enterprise sales enablement platform for distributed sales teams, announced today that it has secured a $3.95mm Series A investment led by Mucker Capital.
WTW launches innovative ESG Clarified™ Platform
WTW’s ESG Clarified joins the company’s market-leading analytics suite of offerings available through the RiskIQ platform.
Hub Financial Inc. Acquires Bridgeforce Financial Group Inc. In Ontario
Hub Financial Inc. (Hub Financial), one of Canada’s largest distributors of life insurance and investment solutions, announced today that it has acquired, through one of its affiliates, Achievex Financial Services Inc., W.C.S Financial Services Inc., W.C.S. Achievex Inc., Allen Wong & Associates Agency Limited, BridgeForce Financial Group Inc., Cinaber Financial Inc., Ontario East Insurance Agency Ltd., and Joseph B. Woodyatt Insurance Agencies Limited (BridgeForce). Terms of the transaction were not disclosed.
Alacrity Solutions Announces Strategic Investment from BlackRock
Alacrity Solutions Group, LLC (“Alacrity Solutions” or the “Company”), a recognized leader in providing insurance claims management services in North America, today announced that BlackRock Alternatives, through its Long Term Private Capital (“LTPC”) strategy, has acquired a majority interest in the Company.
AXA XL appoints new Chief Financial Officer
AXA XL has appointed Patrick Lee as Chief Financial Officer (CFO) for Canada. Based in Toronto, Mr. Lee joins Canada’s executive leadership team effective February 1st, 2023.
Pathpoint Raises $12.5M in Funding
Pathpoint, a Washington, DC-based digital insurance wholesaler, raised $12.5M in funding.
The round was led by Caffeinated Capital.
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