Around the P&C insurance industry: Sept. 5, 2018
News from Simplitium, TransRe, Grinnell Mutual and more.
Simplitium, a global financial services technology provider, has signed an agreement with Chedid Re to use CatRisk Solution’s Middle East and Africa earthquake model on ModEx. ModEx is the multi-peril catastrophe risk modeling platform operated on the Oasis Loss Modeling Framework.
TransRe has acquired the exclusive renewal quotation rights to all of Maiden Re’s U.S. treaty customers from their diversified business (which does not include reinsurance assumed from AmTrust) and has hired the U.S. treaty team from Maiden Re. TransRe will immediately offer renewal quotations on this treaty book of business, which is focused on regional property & casualty, accident and health and personal auto insurers.
The results of the American Heart Association 2018 Workplace Health Achievement Index were announced and Grinnell Mutual achieved Gold level recognition for taking significant steps to build a culture of health in the workplace. The Index uses science-based best practices to evaluate the overall quality and comprehensiveness of their workplace health programs.
Catastrophe modeling firm AIR Worldwide has announced that it is collaborating with Capsicum Re, a full-service global reinsurance broker, as part of a joint effort to enhance the insurance industry’s modeling of what many refer to as “silent” cyber incidents. Capsicum Re has also adopted AIR’s cyber risk modeling and analytics platform, ARC, which includes a wide range of cyber scenarios and models to help deliver insights to its insurance portfolios.
Arthur J. Gallagher & Co. has acquired Woodland Hills, California-based Wheatman Insurance Services LLC. Terms of the transaction were not disclosed.
Ebix Inc. has announced that one of its Indian subsidiaries has signed the agreement to acquire Mumbai-based Miles Software for an amount of approximately $19 million, with an additional contingent earn-out of up to $8.5 million payable after 2 years.