Around the P&C insurance industry: Oct. 3, 2018
News from Nationwide, Randall & Quilter Investment Holdings Ltd., Philadelphia Insurance Companies and more.
Nationwide has partnered with Guidewire to launch a new insurance platform designed to address the specific needs of businesses with fewer than five employees. The experience will be customized to each business segment and will be available via mobile or desktop access.
Nationwide also announced the results of a pilot program with computer vision-based telematics startup Nexar. A pilot program in New York City used Nexar dashcams in the fleet vehicles of a Nationwide commercial lines client, HASC Center, a non-profit that provides services for children with special needs. During the 16-week program, HASC Center drivers demonstrated significantly safer driving habits by the end of the program.
Randall & Quilter (R&Q) Investment Holdings Ltd. has signed a definitive agreement to acquire GLOBAL U.S. Holdings Inc. from AXA DBIO (SCA), a subsidiary of investment funds managed by AXA Liabilities Managers SAS. R&Q, a specialist in managing U.S. asbestos, pollution and health hazard exposures, will acquire Global Re US for approximately $80.5 million in cash at closing from R&Q’s cash at hand and debt facilities, as well as manage it.
Philadelphia Insurance Companies has donated $350,000 to American Diabetes Association Camps, which deliver education and camp fun to kids in a medically safe environment. Employees raised more than $175,000 through individual donations, office fundraisers and support from business partners, with the company matching every dollar.
Bold Penguin has announced growth in the number of opportunities and expansion of coverage options within the Bold Penguin Marketplace due to new broker and insurance company partnerships. Using an API-first approach, the Bold Penguin Marketplace and Emperor can be fully-integrated into any native agency management system or customer relationship management tool to minimize duplicative data entry and the time needed for agents and brokers to find the right risks.
Sedgwick has announced new enhancements to its online self-service tool, mySedgwick. The added features offer key benefits for consumers with workers’ compensation claims and disability or leave of absence cases.
To help victims of Florence start the insurance claim process to recover their lost property, Enservio is offering FlorenceContents.com, a free contents inventory creation tool to assist homeowners, renters and businesses with inventorying their lost personal property. Enservio is a Solera-owned company and a leading provider of contents claim management software, inventory and valuation services and payments solutions for property insurers.
Venhaus Insurance Agency has joined Valley Insurance Agency Alliance, a family of over 100 independent insurance agencies in Missouri and Illinois. Venhaus Insurance Agency was founded in August 2018 and specializes in auto, home, life, renters, umbrella, travel trailer and motorcycle insurance.
Munich Reinsurance America Inc. has begun to offer a cyber reinsurance solution for regional property & casualty insurance carriers seeking to provide coverage and associated services to their small and medium-size enterprise clients.
NJM Insurance Group has announced it is now offering home systems protection coverages as an endorsement for all homeowner and renters policies. The additional coverages provide affordable options for costs related to repairs or replacement of home equipment breakdowns and the repair of exterior, underground piping and wiring.
Coalition has announced Coalition for Nonprofits, a cyber insurance offering specifically designed to help charitable and volunteer-based organizations address and mitigate cyber risks. Coalition provides up to $10 million of comprehensive cyber insurance coverage designed to cover a broad array of exposures for small to midsize organizations.
FRISS has won Insurance Nexus’ Canadian Insurance Innovator of the Year 2018 award for its AI powered fraud detection and risk assessment solutions. FRISS technology is designed primarily for use by underwriters and claims investigators.
Assurant has been selected as the exclusive insurance provider for Rent Like A Champion, the go-to short-term rental platform for sporting events nationwide. As a result of the new partnership, every homeowner who rents their property on Rent Like A Champion will be covered by the short-term accommodations policy to protect them should any incidents occur.
Insurity Inc. has surpassed 200 cloud implementations for property & casualty insurers ranging from small to regional mono-line insurance carriers. Cloud installations today now represent more than 50% of insurance core systems deployments.
Spencer, the premier foundation providing funds to educate the next generation of risk management and insurance industry leaders, has elected six individuals to its board: Joseph Cellura (Allied World), Jeffrey M. Cohen (Advisen Ltd.), Duncan Ellis (Marsh USA, LLC), Johnell Holly (FM Global), Joseph V. LaRocco, Jr. (Willis Towers Watson), and Michele J. Sansone (AXA XL).
eDriving and Munich Reinsurance America Inc. have teamed up to offer companies with commercial fleets a driver risk reduction program. The risk reduction program includes eDriving’s Mentor program and Munich Re’s Smart Mobility program.