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Bolttech Names Jens Schädler CEO for Europe
Schädler is tasked with providing strategic leadership across bolttech’s Europe operations, driving new and existing market and partnership growth.
Berkshire Hathaway Specialty Insurance Announces New Leadership Roles in UK Executive
Berkshire Hathaway Specialty Insurance (BHSI) has announced the following leadership appointments in its UK Executive & Professional Lines business: Jess Kirby has been named Head of Executive & Professional Lines, responsible for the management and leadership of BHSI’s Commercial Management Liability, Financial Institutions and Professional Indemnity businesses.
Chubb unveils global climate business unit
Chubb has announced the launch of a global climate business unit dedicated to tackling the impact of climate change and working toward the goal of a net zero future.
CNA Hardy rolls out suite of cyber cover for tech firms
CNA Hardy has launched Technology Package+, a suite of cyber insurance products that is intended to meet the needs of technology businesses.
What to consider with next-gen property risk data, analytics
According to the global consulting firm McKinsey, best-in-class insurers are “putting distance between themselves and their competitors” by applying advanced data and analytics.
RGA Names Tony Cheng as President; Anna Manning to Retire at End of Year
The Board of Directors of Reinsurance Group of America, Incorporated (NYSE: RGA) announced today that Tony Cheng has been appointed to the role of President, effective January 4, 2023, succeeding Anna Manning, who remains Chief Executive Officer. Consistent with her long-held plans, Manning will retire from her role as Chief Executive Officer on December 31, 2023. The Board plans to appoint Cheng as Chief Executive Officer effective January 1, 2024. The Board has also appointed him to the Board of Directors effective immediately.
Insurtech enters the ‘show me’ era
2023 marks the beginning of – to borrow a phrase from the state of Missouri – the “show me” era of insurtech. Venture investment is drying up – more than a quarter of insurtechs are likely to exit the market, Forrester predicts – and insurers are looking for innovations that will reach financially pinched customers.
Top insurtech funding rounds, Dec. 2022
There were about 20 funding events in the insurtech sector between Dec. 1 and Dec. 31, 2022, according to a review by Digital Insurance.
ARMD Launches IoT Smart Van Alarm to Boost Protection for Tradespeople
The solution gives insurers better underwriting data, reduces fraudulent claims, and enhances protection for tradespeople in the U.K.
MagMutual Completes Acquisition of MDAdvantage Insurance Company
MagMutual Insurance Company, the nation’s largest mutual insurer of physicians, has completed its acquisition of MDAdvantage Insurance Company of New Jersey. The transaction received final corporate approval and regulatory approval by the New Jersey Department of Banking and Insurance in December.
Cyber insurance trends to watch in 2023
Cyberattacks are becoming more sophisticated, but so are insurers. In its 2023 US cyber market outlook, Risk Placement Services (RPS) says that insurance carriers have adapted to underwriting cyber risks even as threat actors raise or change their tactics. Combined with improved cybersecurity practices within organizations, this has led to rate stabilization in the marketplace.
Johnson & Johnson announces acquisition of Statewide Insurance Corp
Managing general agency Johnson & Johnson announced that it recently acquired the assets of Statewide Insurance Corp as it looks to expand into a number of Southwestern states.
InsurTech startup, Alicia provider for independent contractors raises €7M in a seed round
Alicia, an insurance-as-a-service provider for independent contractors with headquarters in Rotterdam has raised €7M in a Seed round of fundraising.
Arthur J. Gallagher & Co. Acquires CBS Insurance LLP
Arthur J. Gallagher & Co. today announced the acquisition of Abilene, Texas-based CBS Insurance, LLP. Terms of the transaction were not disclosed.
How can insurers reach Gen Z?
The eldest of Gen Z, or the generation of those born between 1997 and 2012 according to the Pew Research Center, are entering their mid 20s, and these young individuals have already faced great economic pressures since entering the workforce. The COVID-19 pandemic, rising inflation and an imminent recession transformed Gen Z’s shopping trends, behaviors and expectations – and as Gen Z’s spending power rises, insurance companies must be ready to adapt for these young consumers.
Three MGA trends to watch in 2023
As we close out 2022, the general state of the insurance industry is that change is happening, but it’s not moving rapidly enough. When we look back over many of the predictions from years past, it’s easy to see why.
10 things to watch in insurance in 2023
Disruption within the insurance industry has been kicked into high gear over the past couple of years, with new customer demands and emerging technologies putting traditional insurers under pressure. To stay ahead of this fast pace, insurers must assess the factors shaping the industry including new business models, customer expectations and emerging technologies being used by competitors.
CyberCube, Interview with CEO Pascal Millaire
CyberCube, a San Francisco, CA-based cyber risk analytics company, has just raised $50M in Growth funding. In conjunction with the announcement, Pascal Millaire, CEO, answered our questions about the company, their achievements so far, the funding and future plans.
3 life insurance underwriting predictions for 2023
As the insurance industry continues to navigate the pace of change, complexity and uncertainty in our world, consumers continue to respond, expecting companies to be more responsive to their needs. This year’s underwriting predictions offer guidance on how carriers can respond faster.
5 insurtech trends to watch in 2023
The past few years have seen a surge of interest in all things insurtech. First, we saw cries of disruption, aggressive fundraising and rapid growth. VCs seeded hundreds of companies to identify opportunities across life and health, and property and casualty. Most of this momentum came to a screeching halt in early 2022.
Arthur J. Gallagher & Co. announces $660M acquisition of Buck
Arthur J. Gallagher & Co. announced on Tuesday that it has agreed to acquire the partnership interests of Buck, a provider of retirement, HR and employee benefits consulting and administration services. The transaction is expected to close during the first half of 2023, subject to customary regulatory approvals.
OKX Ventures and Neptune Mutual Launch First OKX Cover Pool
OKX Ventures, the venture arm of world-leading cryptocurrency platform OKX, and crypto hedging protocol Neptune Mutual today announced a partnership to deliver OKX’s first-ever cover pool. The decentralized cover solution will be listed on Neptune Mutual’s P2P cover marketplace, which offers protection against hacks and attacks in DeFi, CeFi, and metaverse protocols.
AGCS establishes a dedicated ESG organization to drive sustainability leadership
To further drive sustainability together with its customers as well as within its own operations, Allianz Global Corporate & Specialty (AGCS) has established a dedicated in-house organization for Environmental, Social & Governance (ESG) activities including several high-level leadership roles and appointments.
RGA Launches Plan V Care in Partnership with Covéa and Direct Life
Reinsurance Group of America, Incorporated, a leading global life and health reinsurer, together with their global accelerator RGAX LLC, today announced the launch of Plan V Care, a digital cancer-only product designed for women.
CyberCube Raises $50M in Growth Capital Financing
The new funding will fuel the commercial development of CyberCube’s cutting-edge products and solutions to quantify cyber risk while accelerating go-to-market expansion.
J.P. Morgan and Lincoln Financial Merge Insurance Trust Funds
J.P. Morgan Asset Management and Lincoln Financial Group today announced that they have strengthened their partnership to have J.P. Morgan’s world class investment capabilities as part of Lincoln Financial Group’s platform, further enhancing Lincoln’s broad offerings of leading insurance, retirement and variable annuity solutions.
Munich Re to Launch Specialty Insurance Division
Munich Re has decided to establish an additional Board division. With effect from 1 January 2023, various primary insurance businesses of the Group that are part of the reinsurance segment will be managed together in a new Global Specialty Insurance (GSI) division.
Chubb Announces Plans for New Philadelphia Office
Chubb commits to creating and retaining a total of 3,200 jobs in Pennsylvania within the next five years.
Bupa adopts the CoverGo platform to streamline its health insurance ecosystem
Bupa (Asia) Limited, a health insurance specialist, and CoverGo, the leading global no-code insurance SaaS platform for health, P&C, and life, are joining forces to streamline Bupa’s health insurance ecosystem in Hong Kong.
Acord study highlights key drivers of high performance among insurers
Recent research by ACORD, the global standard-setting body for the insurance industry, highlights the key drivers of high performance among top insurers, including the advantages of scale, the importance of talent and the volatility of investments to rely on.
Ford striking up insurtech partnerships
Automaker Ford has been busy in the insurance and insurtech space lately, striking up partnerships with insurtechs Wejo, CerebrumX and J.D. Power-owned ChromeData for telematics and vehicle data functions, plus its foray into commercial insurance with Pie Insurance.
How to develop a brand strategy for insurtech, carrier success
Covid-19 exacerbated long-simmering issues in the insurance industry, in particular around the challenges for organizations to create a clear value proposition and meaningful differentiation to actually stand apart from the competition. A brand identity that delivers both employee and customer value as well as go-to-market performance has often proved elusive for many players in the sector.
Insurance predictions research preview
Was it fun while it lasted, or is the real fun just beginning? That’s the question on the insurance industry’s mind as it enters 2023.
Opportunities for insurers in a rapidly shifting insurtech market
After years of growth, the US insurtech market faces a sharp decline in valuations. How should established insurance carriers respond?
New Finaccord study reveals dramatic changes in consumer attitudes to travel insurance since COVID-19
Consumer travel insurance markets have been heavily impacted by the COVID-19 pandemic, with particular disruption to international travel by older travellers. Both take-up rates and the types of policy bought have changed, and consumers are now more aware of the risk posed by pandemics.
Why insurers should prepare for more electric vehicles
As automotive manufacturers increase efforts to unveil and promote new electric vehicle models, adoption has ramped up sharply. Electric vehicle sales have grown, accounting for roughly 4.6% of the new light-vehicle registrations in Q1 2022, which is up from 2.6% for the full year in 2021 and 1.5% for the full year in 2020. California currently leads the way, with electric vehicles accounting for nearly 15% of all light vehicle sales in the state in Q1 2022 and roughly 39% of electric vehicle sales nationwide.
QBE Europe launches warranty and indemnification product; Miller launches D&O product for the UK construction industry
QBE announced for the first time the introduction of warranty and indemnity (W&I) insurance in Europe to further support customers. The new product reflects a greater need for capacity and technical expertise to respond to customer demands and an increased level of mergers and acquisitions in the region.
Conduct code for mutuals launched as ‘traditional’ premiums rise
The Business Council of Co-operatives and Mutuals (BCCM) has prepared its first voluntary code of conduct for operators of discretionary mutual funds (DMFs), amid renewed interest in the risk protection schemes as alternatives to traditional insurance products.
Global M&A Outlook 2023: Smaller deals and slower pace
WTW expects dealmaking to remain active despite ongoing uncertainty and major headwinds, with recession fears triggering a ‘small item effect’ as larger deals fall out of favor.
Barclays Bank UK Retirement Fund closes $8.1 billion UK longevity transaction with Prudential
Prudential Financial, Inc. today announced that on Dec. 14, 2022, the Trustee of the Barclays Bank UK Retirement Fund (UKRF) insured £7 billion ($8.1 billion) of liability against longevity risk with reinsurance provided by The Prudential Insurance Company of America (PICA).
Fountain Life Raises $15M in Funding
Fountain Life, a Naples, FL-based preventative health and longevity company, raised $15M in funding.
NEXT Insurance Launches Employment Practices Liability Insurance for Restaurants
Next-generation insurtech broadens offerings to support small businesses, particularly those in food & beverage
Underwriters seek a straight line for data: Panel
The future of underwriting is linear and outsourced, insurtech leaders from Hippo, Argo, Planck, Instabase and Aite Novarica said, in remarks at InsurTech NY’s Nov. 15 event focused on underwriting data.
D&O buyers see more capacity, competitive terms, but risk factors loom: Allianz
Public and private D&O buyers are facing increased competition fueled by a reduced number of US securities class actions, a slowdown in M&A activity and an influx of new entrants into the market. However, the risk landscape is ripe for more frequent and severe D&O claims in 2023, according to a report published by Allianz Global Corporate & Specialty (AGCS).
Safe Security Launches First Cybersecurity MGA to Underwrite Cyber Insurance Based on Continuous “Inside-Out” Cyber Risk Telemetry
Safe Security Inc., global leader in cyber risk quantification and management (CRQM), today launched SafeInside Insurance, the first cybersecurity Managing General Agent (MGA) leveraging API-based cyber risk telemetry and quantified insights to underwrite cyber insurance.
Mitsui Sumitomo Engages Wikifri to Deploy Ceded Reinsurance Platform
Wikifri provided a team of reinsurance subject-matter-experts to manage the program and provide business analyst support and data conversion expertise.
Arthur J. Gallagher & Co. Acquires Aviation Insurance Australia
Arthur J. Gallagher & Co. today announced the acquisition of Brisbane, Queensland-based Aviation Insurance Australia. Terms of the transaction were not disclosed.
Communication key as D&O market continues to stabilize: Gallagher
According to a recent report by insurance brokerage firm Gallagher, the directors and officers (D&O) insurance market continued to stabilize in the last quarter.
Walnut Insurance Raises $4M to Power Embedded Insurance for Enterprise Brands and Accelerate Growth
Walnut Insurance, a technology company that provides infrastructure for embedded insurance, announced their $4M seed round, with ATB Financial and NAventures, National Bank of Canada’s corporate venture capital arm, as the lead investors. Other investors include Harvest Venture Partners, Highline Beta, and N49P.
Key risk trends for directors and officers in 2023: potential recession, cyber and ESG concerns
Which are the main factors driving the possibility that a company and its board of directors may be sued by investors or other stakeholder groups in 2023? A poor financial performance or even insolvency amid economic uncertainty and the prospect of a global recession, a lack of robust cyber security and governance processes, or an inadequate or non-compliant response to environmental, social and governance (ESG) issues are among the key risk trends in the Directors and Officers (D&O) insurance space, according to Allianz Global Corporate & Specialty (AGCS). Despite a downward trend in new filings, US class action securities litigation remains a key concern, particularly around mergers, while cryptocurrency companies and exchanges are subject to increasing activity, the insurer’s annual D&O report also notes.
Vertical Insure Secures $4M In Seed Funding To Simplify Insurance
Vertical insure , the embedded insurance platform for vertical SaaS platforms, today announced its $4 million seed round co-led by rally ventures and dundee vc . Vertical Insure provides vertical SaaS platforms with embedded, white label insurance products that can be deployed to their current customer base.
How the rise of the Internet of Things is changing insurance
Collecting and sharing data via the Internet of Things has become so common that some aspects, such as GPS navigation, are taken completely for granted. With a wealth of data at their disposal, insurers are exploring the multiple ways they can take advantage of IoT to advance their business.
Insurance Europe says ‘no need’ for insurer recovery framework
In response to the European Commission’s proposal for an Insurance Recovery and Resolution Directive (IRRD), Insurance Europe has published a response saying that there is no real need to develop such a framework.
Bondaval raises $15 million series A
Bondaval, a London-based B2B fintech that gives credit teams the certainty that their receivables will be secured, has raised a $15 million Series A Round, led by Talis Capital.
ManyPets and Wakam announce major partnership in the UK
Pet insurance provider and MGA, ManyPets UK, has today announced its partnership with European digital insurer, Wakam, as its new UK carrier.
At-Bay introduces MPL coverage via API
Insurance startup At-Bay announced that its Miscellaneous Professional Liability insurance product will now be available via API to wholesale brokers, multi-carrier platform providers, and other distribution partners who service the insurance and small-to-medium sized business community
Bridging the InsurTech Divide with Data in 2023
The magic word to bridge a widening gap between successful and underperforming InsurTechs in 2023 is ‘data,’ according to a group of InsurTech experts who spoke with Carrier Management about their predictions for the new year.
Roots Automation Closes 2022 with Strong Growth Across Several Areas
$10 Million in Funding, new Patent for AI Technology, Product Innovation, and Executive Hire with Deep AI Experience Mark Another Successful Year for the Company
Legal & General announces first Canadian Pension Risk Transfer transaction
Legal & General Group plc (“Legal & General”) announces that it has agreed its first Pension Risk Transfer (PRT) transaction in Canada for more than CAD $200 million (£114 million). The Canadian PRT market is an attractive and fast-growing market, which has more than doubled in size over the last five years to reach sales in 2018 of CAD $4.6 billion (£2.6 billion).
Insurtech Company Oyster Raises $3.6M
Oyster, an insurance technology company that provides personal insurance through seamless point-of-sale and post-purchase experiences, today announced that it has raised a $3.6 million financing round.
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