Around the P&C insurance industry: April 18, 2018
News from AXIS Capital Holdings Limited, HWI International Group, Nationwide and more.
AXIS Capital Holdings Limited has launched the AXIS Cyber Center of Excellence. It will provide a broad range of commercial insurance protection and mitigation solutions for tangible and intangible assets, relating to global cyber threats and attacks.
HWI International Group has announced the launch of NuVu Underwriting Hong Kong Limited, a new managing general agent in Hong Kong. Subject to regulatory approval, NuVu Underwriting Hong Kong will begin underwriting on July 1, 2018, and will initially focus on property, marine, specie, fine art, personal accident and terrorism within the Asian region.
Nationwide has announced its intention to shift entirely to an independent agency distribution model by July 1, 2020. The company will continue to offer direct-to-consumer options for members who choose to do business online or over the phone.
Assurant has partnered with sharing economy startup ApartmentJet. Their partnership provides multi-family housing owners an insurance solution that covers both nightly and extended stay guests.
Small- to mid-sized business specialty insurer CapSpecialty has launched DragonX, a cloud-based platform that vastly streamlines the end-to-end submission and underwriting process for excess casualty coverage with competitive premiums and limit options. The platform uses tools such as input from third party data providers to streamline or eliminate and rewrite many traditional application questions.
Worldwide Facilities LLC and The Sullivan Group have entered into a Letter of Intent pursuant to which Worldwide Facilities proposes to acquire all of the outstanding capital stock of Sullivan (other than GJS Re which provides reinsurance and related consulting services). The parties anticipate completing the transaction, which is subject to certain conditions, within the next thirty days.
Jupiter has collaborated with Columbia University’s world-renowned Lamont Doherty Earth Observatory to focus on solving some of the biggest challenges of accurately modeling coastal hazards in a changing climate. The collaboration will accelerate Jupiter’s academic research into actionable information for decision makers who manage risks related to severe weather.
Brownyard Group, a program administrator providing specialized insurance coverage for select industries, has launched By The Cover, a new insurance program for non-profit libraries. The program will be written through an A.M. Best Company “A+” rated carrier on an admitted basis.
Gallagher and Premiership Rugby have agreed to a multi-year business and marketing partnership beginning with the 2018-19 season with Gallagher becoming the official title sponsor of Premiership Rugby. The new partnership starts on July 1, and the competition will be known as “Gallagher Premiership Rugby” when it kicks off on August 31.
Sedgwick has finalized the purchase of Cunningham Lindsey and its subsidiaries. The combined organization — including the subsidiaries of Sedgwick, Vericlaim and Cunningham Lindsey, with select exceptions — will move toward operating globally under the Sedgwick brand name.
Avant Supermarket Group (ASG), in partnership with Fortegra, has created an admitted property & casualty insurance program specifically for independently-owned supermarkets. ASG’s program will include property, crime, spoilage, and other liability coverages uniquely designed to the needs of the independent grocer.