Around the P&C insurance industry: March 17, 2021
News from Chubb, Corvus Insurance, Prime Insurance Company and more.
Chubb Charitable Foundation established the Chubb Robert M. Hernandez Scholarship for undergraduates studying risk management and insurance at Georgia State University‘s Robinson College of Business. As part of Chubb’s overall commitment to promoting racial equity, this scholarship will provide financial support and advancement opportunities for diverse students. Scholarships will be awarded to two to five students annually for three years, beginning in the fall 2021 academic year. Recipients also will be considered by Chubb for employment opportunities, where applicable.
Cyber insurance and security company Coalition has raised $175 million, which will be deployed to accelerate growth, develop digital infrastructure, expand internationally and launch product lines. This investment follows long-term capacity commitments from Swiss Re and Arch Insurance.
Lloyd’s published the first version of its Core Data Record, which will ultimately enable standardized, quality data to flow through Lloyd’s market with the aim of significantly improving operations, reducing the cost and effort of doing business, while delivering a better service to customers. Key to this progress and accelerating to a digital future, Lloyd’s collaborated with ACORD to adopt the global standards already used in the London market and internationally. Lloyd’s will continue to explore opportunities for collaboration to simplify access and provide better solutions in the placement, claims and settlement journeys.
Prime Insurance Company reported a combined ratio of 72.1 on net earned premiums of $100.8 million for 2020. Prime Insurance’s wholly owned subsidiary, Prime Property & Casualty Insurance Inc., has reported a combined ratio of 68.0 on net earned premiums of $68.6 million.
Corvus Insurance announced it has secured $100 million in Series C funding in a round led by global venture capital and private equity firm Insight Partners, and including all of its previous institutional investors, increasing Corvus’s valuation to $750 million. This latest investment, following last year’s $33 million Series B round, brings Corvus’s total amount raised to date to $147 million.
Swiss Re Corporate Solutions and Coalition announced the extension of their strategic agreement to provide broad cyber insurance and technology errors & omissions insurance to small and midsize organizations throughout the U.S. and Canada. This new agreement also advances Swiss Re Corporate Solutions’ support of Coalition’s innovative approach to underwriting, continuous risk mitigation, and claims management as it expands into new products and markets.
CORE Group announced that it will be hosting the inaugural kickoff to its annual convention & tradeshow, The Collective, in its headquartered city of Austin, Texas, August 24– 26, 2021.
Burns & Wilcox announced its sponsorship of professional golfer and two-time PGA Tour winner Max Homa. The company is also extending its sponsorships of seven-time winner Webb Simpson, whose notable victories include the 2018 Players Championship and 2012 U.S. Open, along with six-time winner Jimmy Walker, the 2016 PGA Champion.
Marsh McLennan has rebranded, dropping the ampersand. Themodernized name and logo, an abstract infinity symbol, embody and emphasize the company’s heritage.
Applied Underwriters acquired Florida Casualty Insurance Company and will become part of Applied’s strategic national and international development plan. The newly re-branded, Ft. Lauderdale-based insurer, licensed in 41 states, will carry North American Casualty’s “A” rating. Regulatory approvals were required in Florida.