Around the P&C insurance industry: September 14, 2022
News from PCF Insurance Services, CyberCube, Moody and more.
PCF Insurance Services joined the National Association of Professional Insurance Agents (PIA). Headquartered in Lehi, Utah, PCF is a top 20 U.S. insurance brokerage firm that currently serves more than 465,000 clients through its network of nearly 165 Agency Partners across 37 states. PIA provides a range of products and services to its member agencies nationwide, along with passionate advocacy on legislative and regulatory matters impacting professional independent insurance agents.
CyberCube partnered with AkinovA Limited, an electronic marketplace for the transfer and trading of insurance risk, to enable AkinovA’s clients to benefit from CyberCube’s modeling and analytics. CyberCube’s models are based on specially designed cyber risk scenarios including ransomware attacks, cloud outages and major systemic risks to support the insurance, reinsurance and insurance-linked securities organizations to make better decisions when placing and managing cyber risk.
Moody launched its new ESG Insurance Underwriting Solution for P&C insurers, enabling customers to integrate environmental, social and governance factors into commercial underwriting and portfolio management activities. The solution was born out of a collaboration with global specialty (re)insurer, Chaucer Group, combining their expertise in underwriting with Moody’s ESG and wider integrated risk modeling capabilities, which have been enhanced with the acquisition of RMS in 2021.
Recoop Disaster Insurance and Insurity launched a new administrative service platform backed by Insurity’s Sure Personal Suite. The platform went live in less than four months and will enable Recoop to automate routine tasks and provide self-service capabilities for policyholders, dramatically reducing the need for manual processing and eliminating inbound and outbound paper.
NFP acquired Quantum Risk Solutions, LLC, expanding its managing general agent/managing general underwriter division. Quantum president George Karlis will join NFP and report to Tom Gillingham, managing director, MGA/MGU programs. The transaction closed on July 15, 2022.
AXIS Capital Holdings Limited launched AXIS Wholesale, a new division dedicated specifically to servicing the wholesale market. The division is being led by Carlton Maner who has been appointed as CEO, AXIS Wholesale, reporting directly to AXIS Specialty Insurance and Reinsurance CEO Vincent Tizzio. This appointment expands upon Maner’s prior responsibilities as CEO, U.S. Division.
Lexington Insurance Company launched the Lexington Middle Market Casualty team, a group of dedicated underwriters focused on providing insurance coverage exclusively to small-to-medium-sized commercial enterprises, substantially expanding the company’s market reach beyond upper middle-market and large enterprises.
HOMEE acquired MyCAT Marketplace, a software-as-a-service solution designed specifically to manage property claims resulting from catastrophic weather events. The acquisition further broadens HOMEE’s marketplace capacity to service client needs and to transform both the policyholder and carrier experience before, during and after a CAT event.
XPT announced that unification of binding and brokerage businesses Western Security Surplus, Sierra Specialty, LP Risk, SVA Underwriting, and WE Love & Associates to one consolidated brand, XPT Specialty – your eXpert Partner Team. As a combined group, XPT Specialty’s exceptional team of brokers and underwriters can access more products, programs, carriers and solutions to meet their clients’ needs.
USQRisk entered into a new arrangement with Keystone Risk Partners, which manages AXSAL Re, a member-owned group captive designed specifically for companies that own mid-sized fleets. This new facility is designed to address the limited group captive solutions for excess layers and assist mid-sized fleet owners who are struggling with the recent extreme market volatility. USQRisk’s underwriting and structuring teams will be providing expertise and support to the arrangement, with Keystone Risk Partners focusing on captive management and distribution.
Xceedance announced the opening of its newest office locations in Worcester, Massachusetts, U.S. and Bengaluru, India in support of the company’s ongoing international growth.
RIMS Ontario Chapter presented the Donald M. Stuart Award to Stéphane Cossette, the retired Director of Risk and Insurance for Quebecor Media Group. The Donald M. Stuart award is widely recognized as Canada’s highest honor within the risk management field and, since 1979, has celebrated Canadians who have made outstanding contributions to the profession.
Lloyd’s of London broker Ramon International expanded into global insurance and reinsurance markets by opening an office in Korea to drive its Asian business. The London-based broker has bought a majority stake in CKI Korea, which is based in Seoul, through its parent company Kastor Holdings Ltd.
Messagepoint launched Semantex, its new division providing an artificial intelligence (AI)-based content intelligence platform designed to empower developers tackling complex content-related challenges. Powered by AI, machine learning and natural language processing, Semantex enables developers to make API calls to assess text-based content fragments, blocks, documents or an entire content corpus. Semantex provides intelligent content extraction, classification, analysis, outlier detection and enrichment services in support of a wide range of use cases including text comparison, search, cross-document analysis, digital transformation, platform migration, content clean-up, compliance assessments, contract analysis and more.
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