Around the P&C insurance industry: January 19, 2022
News from Demotech, Global Risk Solutions, Cinch Home Services and more.
Demotech, Inc. rated VYRD a Financial Stability Rating of A. Its coveted FSR process is accepted by Fannie Mae, Freddie Mac and HUD. Demotech’s Financial Stability Rating is a summary opinion of an insurer’s ability to insulate itself from the business cycle that exists in the general economy, as well as the underwriting cycle that exists in the insurance industry.
Global Risk Solutions, Inc. partnered with Spain’s Addvalora Global Loss Adjusters to deliver a range of benefits for clients with complex claims across the world.
Universal Fire & Casualty Insurance Company merged with Shield Indemnity, Inc. to form a new property and casualty-focused holding company, Universal Shield Insurance Group, Inc..
Cinch Home Services partnered with PEMCO Insurance, a Seattle-based personal-lines mutual insurance provider serving Washington and Oregon. As part of Cinch’s continued expansion into the property and casualty insurance market, PEMCO policyholders now have the option of purchasing a Cinch home warranty plan alongside a home insurance policy.
Agman launched Aurenity, a new tech-enabled Managing General Agent targeting the Excess and Surplus market. Aurenity will deploy cutting-edge underwriting analytics to precisely determine technical pricing for E&S exposures, delivering sustainable profitability for its carrier partners over the market cycle. The new venture has received $10 million in seed investment from Agman.
Bindable joined Guidewire’s Insurtech Vanguards Program. The Insurtech Vanguards program is a community of select startups and technology providers focused on the success of mutual customers and prospects in the insurance industry, with Guidewire providing strategic guidance to and advocates for the participating InsurTechs, while also bringing them to the attention of Guidewire’s P&C customers. Through the program, members like Bindable regularly contribute to various Guidewire-produced and hosted marketing activities and content to share with a broader audience their insights and best practices for innovation.
Hampden Group appointed Chris Sharp as active underwriter of its Lloyd’s syndicate, Verto 2689, managed by Asta Managing Agency, subject to regulatory approval.
Alera Group acquired Webber & Grinnell Insurance Agency, an independent insurance agency providing comprehensive personal insurance, business insurance and employee benefits.
Donan and CCG IQ partnered to combine, creating a platform for actionable intelligence across the insurance industry. The combined company will partner with New Mountain Capital, growth-oriented investment firm with over $35 billion in assets under management. Carousel Capital, CCG IQ’s first institutional investor, has backed CCG IQ since 2017 and will remain a significant minority investor in the combined company. The transaction closed on December 16th, 2021, and terms of the transaction were not disclosed.
Cambridge Centre for Risk Studies at the University of Cambridge Judge Business School launched a new research consortium on protecting society from future systemic risks. Funding will be provided by an international consortium of companies including Pool Re, the UK’s reinsurance mutual. The research will support the creation and extension of private-public market institutions and develop new risk transfer products and advisory services.
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