Around the P&C insurance industry: July 13, 2022
News from Ryan Specialty, Rokstone, Cowbell Cyber and more.
Ryan Specialty announced that effective July 1, 2022, has opened an office in Madrid as a next step in the evolution of the firm’s transactional risk managing general underwriter, Ryan Specialty Transactional Risks International. Madrid is the firm’s third European / U.K. office, the second in Spain, and is led by Marta Batalla, director of the Spanish branch, Ryan Specialty Transactional Risk International. The office in Madrid focuses on the core transactional risk products of warranty and indemnity insurance and commercial tax liability insurance, servicing brokers across continental Europe.
Rokstone launched a terrorism facility for U.S. and Caribbean risks with a $255 million (USD) limit – one of the largest terrorism limits available in the market.
The Liberty Company Insurance Brokers partnered with Radosevic Insurance of North Canton, Ohio. Led by managing partners Mark Radosevic, Nicole Weiss and Michael Radosevic, Radosevic Insurance brings over 200 years of combined insurance experience with expertise in many facets of the business, including personal, commercial, life and financial. Operating in the greater Stark County area since 1950, the company has been able to grow its business and offer sound advice for almost 70 years and believes long-term relationships that encourage open and honest communication have been the cornerstone of its foundation.
Bdeo partnered with the Hollard Insurance Company and officially launched in the South African market. The two companies entered into a strategic collaboration to help streamline Hollard’s entire end-to-end motor claims assessment and damage repair process. Bdeo’s Visual FNOL technology allows Hollard policyholders to gather evidence of motor insurance claims through a self-guided image and video capture solution and deliver the information to Hollard Assessors in real-time to perform remote assessments.
National Insurance Company Limited selected Cognizant as a strategic technology provider to accelerate and help manage its digital transformation. NICL is one of India’s leading public sector general insurance companies.
Cowbell Cyber partnered with Palomar Excess & Surplus Insurance Company. The expansion of Cowbell’s relationship with Palomar doubles the available reinsurance capacity for Cowbell Prime 250, Cowbell’s cyber coverage for businesses with up to $250 million in revenue. The agreement brings Cowbell’s total global reinsurance panel to 9 providers – including Cowbell Re.
Mosaic Insurance recognized for its ground-breaking insurtech platform that is innovating risk management, streamlining industry processes and improving operational efficiency. Mosaic was named Midsize Property/Casualty Winner in the Data/Analytics category of Aite-Novarica Group’s 2022 Insurance Technology Impact Awards for its real-time underwriting analytics portal. The awards, now in their 11th year, recognize IT initiatives and projects that have generated significant business impact within industry organizations.
Betterview launched the company’s new Catastrophe Response System which solves many of the greatest challenges insurers face when responding to natural catastrophe events such as hurricanes, wildfires and more.
American Modern been named a top workplace in the greater Cincinnati region for the ninth consecutive year. American Modern ranked ninth in the large business category in the Top Workplaces Cincinnati survey and was recognized for outstanding achievement in three areas: work-life balance, innovation and leadership.
Coalition announced it has raised an additional $250 million to accelerate its rapid growth, power international expansion and broaden the services Coalition offers to help organizations manage digital risk. This funding round closed in June with participation from Allianz X, Valor Equity Partners, Kinetic Partners and other existing investors, increasing Coalition’s valuation from $3.5 billion to $5 billion.
Loadsure launched its new brand identity, which has been designed to reflect the development of the business since its initial foundation in 2018. The new brand highlights the maturing of the technology-enabled freight protection offered by Loadsure, whose products open up new business for the freight insurance market, while benefiting the freight industry by enabling assureds to manage risk in a simpler way at a sustainable price. Loadsure has rebuilt its website to coincide with the new brand launch, with a clearer path for intermediaries and assureds to find all the information they need: loadsure.net.
Island Insurance Company, Ltd., recognized by the Ward Group as one of the top 50 property and casualty insurers in the nation – an honor no other company in Hawaii has achieved for a record 15 consecutive years.
NFP established the NFP Captive Management Corp. and augmented its Complex Risk Solutions Group with the addition of two industry veterans in the captives and alternative risk space. These moves, in conjunction with the recently enacted Captive Insurance Companies Act in Alberta (the Act), will enable NFP to form and administer Alberta-domiciled captive insurance companies for their clients. The Act has established a regime of captive insurance in Alberta where an organization can insure itself against risk instead of buying insurance from a third party. The Act came into force on July 1, 2022.
Mosaic Insurance opened an office in Toronto, Ontario and has hired underwriting specialist Ian Fraser to spearhead the company’s expansion into the Canadian specialty insurance market. Fraser joins as President of Mosaic Insurance Services Canada Inc responsible for operational strategy and growth, with core business lines comprising professional liability, cyber, financial institutions, and transactional liability.
Specialty Program Group LLC acquired ESP Insurance Brokerage LLC, a national insurance broker and program administrator for the sports, events and promotion marketing and entertainment industries. Headquartered in Worcester, Massachusetts, ESP offers nationwide coverages and has exclusive programs with in-house underwriting and binding authority and A+ rated carriers. Niche solutions include athletic insurance for teams/leagues, camps and tournaments, insurance for entertainment, leisure and sports facilities, event liability and cancellation, prize indemnity, weather insurance, liquor liability and special event liability.
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