Beazley announced the launch of its new life sciences insurance product designed for small businesses. The Beazley BioSecure policy provides insurance protection against a wide range of exposures in the pharma, biotech and medical device sectors. Beazley says by introducing BioSecure to smaller, private enterprise (PE) clients, the insurance company will now also be underwriting such risks as clinical trials, medical device manufacturers, drug delivery systems and surgical equipment suppliers.
EFI Global, Inc., a subsidiary of Sedgwick, announced that it has acquired Destek Engineering, a regional provider of forensic engineering and investigation services to U.S. property and casualty industries and telecommunications sector. Destek provides engineering and risk management services nationwide for projects associated with major wireless and telecommunications companies, as well as insurance carriers and loss adjusting firms. EFI Global says Destek brings to EFI Global highly specialized expertise in the evaluation of existing structures, including forensic engineering assessments of flood-impacted properties.
Chubb and the African Trade Insurance Agency (ATI) announced that Chubb has made a $10 million equity investment in ATI. Chubb is the first global property and casualty insurance company to become a shareholder in Africa’s leading multilateral political risk and credit insurer. ATI supports trade and investment in African member states by providing comprehensive risk solutions, such as political risk and credit insurance products. Established by treaty in 2001, ATI’s shareholders currently include 16 African nations and 10 institutional members. “Insurers play a crucial role in helping to drive growth and infrastructure improvements in the developing world,” said Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb. “With Chubb’s longstanding expertise in political risk and credit underwriting, we see our investment in ATI further advancing their important mission to promote investment, trade and economic growth throughout Africa.”
Zywave announced the acquisition of miEdge, a provider of lead generation, data analytics and prospecting solutions specifically designed for the insurance industry. Zywave says the acquisition equips the company with a robust database offering for prospecting, and also significantly enhances its existing client delivery, analytics and content solutions. Zywave will integrate the miEdge solution into the Sales Cloud offering, as well as leverage the data source internally to greatly enhance functionality within a variety of additional content and analytics solutions. The miEdge acquisition marks Zywave’s third in just over a year.
Worldwide Facilities, a national wholesale insurance brokerage, managing general agency and program manager, announced the acquisition of Risk Management Advisory Group (RMAG), a managing wholesale broker that provides specialty personal and commercial line products to retail agents primarily in the southeast region of the United States.
Victor Insurance Holdings announced approval from Lloyd’s to establish Victor Syndicate 2288 and commence underwriting effective January 1, 2020 with stamp capacity of £57m, supporting a business plan of $100 million. Asta will be the managing agent for the new syndicate, providing underwriting oversight and operational support. Victor Syndicate 2288 will support Victor’s underwriting of property and casualty (P&C) business in the U.S., U.K., Italy, and the Netherlands. The syndicate will also provide opportunities for capital partners to participate in risks underwritten by its underwriting hubs in Boulder, Colorado; London, U.K.; Rotterdam, Netherlands; and Milan, Italy.