The National Association of Professional Insurance Agents (PIA) and ACORD announced a joint program to provide qualifying PIA member agencies with a complimentary license to use ACORD Forms. ACORD, a not-for-profit industry organization, has been providing forms to the insurance industry since 1972. ACORD currently maintains a library of over 850 forms in a variety of formats, widely used throughout the global industry. Under this new agreement, PIA National will fund ACORD Form end-user licenses for the majority of its member agencies who receive ACORD Forms through their agency management systems, allowing them to claim these licenses free of charge.
SafeWaters Underwriting Managers announced a new delegated authority underwriting agreement with Nationwide to provide tailor-made yacht insurance solutions. Products will be written on National Casualty company paper, a Nationwide Company. SafeWaters, a subsidiary of RSG Underwriting Managers, specializes in yacht insurance solutions, providing yacht owners with tailor-made, global products and local service. Available in all 50 states, SafeWaters provides physical damage coverage and P&I for yachts up to $40 million.
Nationwide has opened a new innovation center, The CoOperative, at the site of the former Arena Grand theater in Columbus, Ohio’s Arena District. Nationwide reps say the purpose-built space was built to create a center that is ideal for experimenting, talking to customers, creating prototypes, and other work crucial to the innovative process. While The CoOperative will initially be used by Nationwide associates, the goal is for the space to engage the community as well as host events that attract innovators from all over the country and the world to Columbus.
USI Insurance Services (USI) announced the acquisition of Omaha, Nebraska-based benefits, retirement and risk management advisory firm, Marcotte Insurance Agency, Inc. Terms of the transaction were not disclosed. Founded in 1927, Marcotte is a multi-line insurance agency serving the Midwest. The agency has 48 employees, in Omaha and Kearney, Nebraska, all of whom will be joining USI under the continued leadership of Marcotte’s President, David Bushey.
Lloyd’s has launched a new multi-million-pound space insurance policy for the emerging private spaceflight industry called Llift Space. The solution is only available in the Lloyd’s market and allows customers to cover their assets from the pre-launch phase, including transit and placement on the launch vehicle, through to the launch phase and in-orbit operation, and it is designed for satellites that weigh less than 300 kilograms. The policy is modular so customers can choose the elements within each phase that are most relevant to their coverage needs. The product is backed by a consortium of 18 syndicates, led by Brit and Hiscox MGA, with a $25 million capacity per risk, and is targeted at the NewSpace sector.
Quantemplate, a provider of self-service, cloud-based automated data solutions for the reinsurance industry, has announced its partnership with software engineering firm, VirtusLab. The partnership will allow Quantemplate to gain access to top developer talent in Europe, capitalize on new business opportunities, and to overall better serve the demands of its global customers. Both companies anticipate a spike in growth as they rely on each other’s relationships and services.