Around the P&C insurance industry: June 10, 2020
News from Lemonade, Liberty Mutual, CSAA Insurance Group, Marsh and more.
Lemonade, the startup internet insurer, filed documents with the Securities and Exchange Commission on June 9 to raise $100 million in an initial public offering. In its filing, Lemonade declared that its goal is to harness technology and social impact to be “the world’s most loved insurance company,” reported Bloomberg.
Duck Creek Technologies, a software provider for insurers, announced that it has raised $230 million ahead of a planned initial public offering, Bloomberg reported.
Liberty Mutual and Safeco Insurance released a new e-book titled “Digital, Accelerated: The Essential Guide for Independent Agents” that brings together a diverse set of voices to explore the challenges and opportunities of rapidly embracing digital in the insurance industry. The e-book was revealed at Elevate 2020, where it helped kick-off the virtual conference.
Axon Underwriting Services LLC, a specialty lines program administrator, announced the formation of Axon Crisis Management to offer its product recall and foodborne illness and contamination products for U.S. clients, effective June 1, 2020. Axon’s Crisis Management Division complements its suite of best-in-class specialized insurance products, expanding in-house underwriting capabilities to offer contaminated product recall, consumer goods product recall, and restaurant foodborne illness & contamination insurance. The three programs will be underwritten in partnership with the E&S/Specialty companies of Nationwide, with a capacity of $10 million.
CSAA Insurance Group has provided approximately $37 million in additional refunds to auto policyholders, complementing the approximately $100 million in refunds announced in April. The recent announcement represents a 10% premium refund through June 30. In April, CSAA Insurance Group announced a 20% premium refund for two months after the beginning of widespread shelter-in-place orders (March 16 – May 15). The additional 10% premium refund reflects current and projected driving and claims data as restrictions begin to lift across the country, and people begin driving more.
Applied Systems and its Applied Client Network announced that Applied Net 2020 will now be a 100% virtual event taking place on September 21-24 and October 5-8. The event is available to all Applied Client Network members, Applied agents, brokers, insurers and MGAs free of charge. Applied Net 2020 will offer educational sessions across nine tracks, networking opportunities with insurance professionals from across the globe, and access to new products and new innovation across the market-leading Applied portfolio.
Neptune Flood, the first AI-driven flood insurance company, is partnering with the Northeastern auto and home insurance provider Plymouth Rock Assurance to offer flood insurance coverage through its network of independent agents. Plymouth Rock provides coverage to drivers and property owners across Connecticut, Massachusetts, New Hampshire, New Jersey, New York and Pennsylvania.
Marsh announced the launch of Marsh deliveryPRO, a customizable insurance solution that enables U.S. businesses to meet the increased demand for same-day delivery of their products more efficiently. Marsh has collaborated with AXA XL and mobility data and analytics company Arity to create Marsh deliveryPRO, an innovative usage-based, price-by-mile insurance solution that allows businesses to pay only for the coverage they need.
Burns & Wilcox will be donating a total of $63,840 to organizations that are leading the fight to end hunger. Funds will be donated to:
Roost has partnered with Texas-based American National Insurance Company. In a strategic agreement to help mitigate claim costs and increase customer engagement, American National will offer free water leak sensors to select policyholders through its property and casualty subsidiaries later this summer. American National will also look to strengthen its engagement with insureds through an American National branded mobile app.
Brit Limited, the global specialty insurer and reinsurer, announced the launch of its new Private Client offering. Brit Private Client will offer brokers operating in the high-and ultra-high-net-worth market and their clients with personalized solutions that will include significant limits, worldwide coverage and coverage additions.
Arthur J. Gallagher & Co. announced the acquisition of Las Vegas-based CRES Insurance Services, LLC. Terms of the transaction were not disclosed. Founded in 1996, CRES designs, markets and services comprehensive errors & omissions insurance and risk management services to real estate firms and professionals across the United States, particularly in the Southwest. The CRES team will continue to operate from their current locations in Las Vegas and San Diego under the direction of Kevin Garvin, head of Gallagher’s North American Affinity operations.
Wright Specialty Insurance has introduced a new specialty insurance program containing a range of property and casualty coverages and risk management services designed explicitly for small-to-medium-sized municipalities (fewer than 75,000 residents) and other government entities. The new Municipality Insurance Program was created in conjunction with Munich Re Specialty Insurance in an effort “to help public entities manage the unique risks they face more effectively and cost-efficiently,” Kevin Beer, president of Wright Insurance, said in a statement.