Around the P&C insurance industry: May 22, 2019
News from Chubb, The Hanover, Power Insurance and more.
Chubb announced a new companywide goal to reduce its global greenhouse gas (GHG) emissions by 20% on an absolute basis by 2025, and 40% by 2035. Both goals use 2016 emissions levels as the baseline and are aligned with the two-degree Celsius target outlined in the Paris Climate Agreement, as well as the quantitatively supported science-based standards methodology of the United Nations Environmental Program. This is the third GHG emissions reduction commitment Chubb has made since 2006, and since then, has reduced GHG emissions by roughly 27% per employee. Chubb representatives say their goals will be achieved through a combination of real estate portfolio optimization, energy efficiency projects and the purchase of renewable electricity.
The Hanover Insurance Group announced it has expanded its suite of personal lines insurance products to include a new watercraft insurance offering. The new watercraft product will offer broadened coverage, flexible offerings, and coverage for unique items such as fishing equipment, towing, etc. Additionally, the new watercraft product provides coverage for accidents and losses on lakes, rivers, inland waters, and ocean up to 50 miles off the coast of the U.S., its territories, and Canada, with the option to extend up to 100 miles from the coastline.
Charles Taylor Adjusting America has launched a new consulting engineering service to provide full-service engineering, specialty consulting, project management, and forensics business serving a wide range of industries in the public and private sectors.
Powers Insurance & Risk Management announced the addition of its Private Client Division as part of the firm’s Emerging Risks Division program. OWERS Insurance will partner with several insurance companies that specialize in providing this specific coverage including Chubb, Pure, Cincinnati Insurance Company, and Nationwide Private Client. According to company president JD Powers, the Private Client Division will account for roughly 75% of all new personal insurance managed by the agency.
National insurance firm Alera Group has acquired HighRidge Insurance Services, a California-based employee benefits services provider. The transaction was made effective May 1, 2019.
GreenlightRe, a Cayman Islands-based specialist P&C reinsurer, announced an investment in FairClaims, an online insurance and consumer dispute resolution startup. FairClaims, based in Los Angeles, California, has developed an online system that educates and aids claimants to drive settlement via negotiation and mediation.
Axis Capital Holdings Limited has partnered with CyLon, a global cybersecurity start-up accelerator, to educate cybersecurity start-ups on the opportunities and challenges inherent in the cyber insurance market. CyLon will collaborate with Axis’s existing educational resource, the Axis Cyber Center of Excellence. The two organizations will also co-host industry events and produce industry research and reports on the cyber security market.
USI Insurance Services announced the acquisition of New York-based retirement, benefits and risk management advisory firm, Chernoff Diamond & Co., LLC. Terms of the transaction were not disclosed.
Tokio Marine HCC (TMHCC) announced a new solution to managing escalating air ambulance charges for its stop loss customers: Stop Loss Group. Tokio Marine HCC – Stop Loss Group will provide access to cost containment capabilities through a partnership with On Call International (On Call), a wholly owned subsidiary of Tokio Marine HCC. In addition to offering stop loss products, TMHCC – Stop Loss Group is extending to its producers access to the cost containment capabilities of On Call.
MS Amlin announced the purchase of a minority stake in Envelop Risk. Envelop Risk is a global specialist reinsurance MGA, which combines insurance expertise with artificial intelligence-driven cyber risk modeling.
Allianz Global Corporate & Specialty (AGCS) announced it has expanded emergency response services as part of its Environmental Impairment Liability (EIL) coverage when pollution and/or contamination events occur. AGCS has established strategic partnerships with GM Consultant (global) and HETI (United States and Canada) to offer immediate support and claims investigation services for clients, worldwide.
Fiera Capital Corporation announced it has reached an agreement with Foresters Life Insurance Company acquiring all of the outstanding shares of Foresters Asset Management Inc., a wholly owned subsidiary of Foresters Financial. Foresters Asset Management is an Ontario-based investment management firm focused on institutional and insurance liability-driven investment. At the close of the transaction, Fiera Capital will incorporate Foresters Asset Management business into its existing Canadian operations and will become manager and portfolio manager of Foresters managed funds.