Around the P&C insurance industry: October 5, 2022
Insurance industry news from Acrisure, NFP, Hub International Limited and more.
Acrisure acquired CRK Commercial Insurance Services Limited, the specialist commercial schemes provider. The deal is expected to close at the start of October 2022. Acrisure has completed or has under signed letter of intent more than 800 partnerships globally, including nine in the U.K. Established in 2000, CRK has grown into a highly successful broker in the manufacturing and engineering space under the leadership of its managing director, Darren Wills.
QIC Global announced its intention to align its core companies under the Antares name, creating a single identity to unify the brand across respective entities. The well-known and well-regarded Antares brand – the name of QIC Global’s London and Asia-based Lloyd’s business – has been chosen to reflect the international nature of the wider group’s client base and global operations. QIC Global is part of the QIC Group, which is the largest insurance company in the Middle East.
Cover Whale launched its new application programming interface for agents, and its mobile app for policyholders. API – allows agents to seamlessly integrate their systems with Cover Whale’s industry-leading commercial trucking insurance platform, streamlining the policy quoting and binding process for their independent owner-operator and small truck fleet clients. Cover Whale is the only commercial trucking-focused company with a broad geographic reach to offer the API capability to insurance agents.
CoverTree partnered with Socotra to launch easy and affordable insurance for owners, renters and landlords of manufactured homes. With Socotra, CoverTree can now automate 92% of its applications with straight-through processing, enabling their customers to purchase a policy online in less than three minutes and save up to 40% in premiums.
Sayata announced a new cyber coverage for businesses that is now available on the Sayata Platform. Designed to eliminate unexpected gaps in coverage, AXIS Cyber Technology and Miscellaneous Professional Liability combines a variety of coverages into a dynamic insurance offering that adapts to the needs of the insured.
PCF Insurance Services acquired 1 Source Business Solutions, a professional employer organization specializing in employee benefits, payroll administration, HR compliance and consulting and workers’ compensation administration for any sized company.
USI Insurance Services expanded its proprietary cyber Answerlytics solution platform to include a total of 14 industry-leading cyber risk management providers focused on helping clients proactively reduce their exposure to financial risk from urgent cyber vulnerabilities and emergent threats.
Verisk worked with Vexcel Data Program, an aerial imagery program, to help insurers accelerate their response to the widespread property damage wrought by Hurricane Ian. Vexcel, on behalf of its partner Geospatial Insurance Consortium, is deploying multiple fixed-wing aircraft with market-leading cameras to collect high-resolution aerial imagery.
Selective Insurance announced it will remove personally identifiable information from eligible private passenger vehicles and light duty trucks after they’re declared a total loss. This new solution deletes sensitive electronic data, such as GPS addresses, phone contacts, telematics, garage and gate opening capabilities, and other personally identifiable information. Personal and business vehicles that are model year 2012 or newer are eligible for this service.
NFP announced it will rebrand two acquired firms in Ireland: Aiken Insurances and ReSure Corporate Brokers. By combining the two firms’ commercial insurance expertise and capabilities, NFP is streamlining operations and creating a more integrated solution for clients.
Cover Whale Insurance Solutions, Inc and Appalachian Underwriters Inc. partnered to expand their respective agent and customer networks, capacity and industry impact. The new partnership will create wider distribution of Cover Whale’s offerings, while broadening its insurance capacity to serve more of America’s truck drivers, a traditionally underserved segment of the insurance market. In parallel, AUI will deliver a differentiated solution enabling its retail agent partners to better serve existing clients and win new business.
Hub International Limited acquired the assets of each of Peel & Holland Holdings, Inc., Peel & Holland, Inc., Riddle Insurance, LLC, Hartin Dynamics, LLC, and Bluegrass Premium Finance, LLC. Terms of the transaction were not disclosed.
Mosaic Insurance’s cyber division launched excess capacity and coverage for a new product aimed at protecting technology sector companies from rapidly emerging liability risks. The specialty insurer now offers excess technology errors and omissions as companion cover to cyber for businesses ranging from artificial intelligence, virtual reality, edtech and IT consulting firms to data analytics companies, software as a service and peer-to-peer platforms.
Accenture acquired Blackcomb Consultants, independent Guidewire partner in North America. The acquisition enhances Accenture’s ability to deliver Guidewire solutions to insurers globally to help them become “cloud-first” businesses. Guidewire’s end-to-end technology platform combines digital, core analytics and artificial intelligence capabilities across the underwriting, billing, claims and customer relationship management functions, helping property and casualty insurers reimagine their operations in the cloud.
McLarens company rebranded as McLarens Canada a year on from its acquisition by the global insurance services provider, marking the culmination of MGB Claims’ integration into the McLarens Group. In August 2021, McLarens acquired MGB Claims, expanding its North America claims and loss adjusting division, and adding multi-faceted complex loss management expertise and technical skills to McLarens’ existing aviation and natural resources operations in Canada.
DeNexus launched DeRISK 5.0 Platform, a new version of its evidence-based, data-driven cyber risk quantification and management tool that aims to help risk owners – industrial organizations, underwriters, reinsurers, and insurance-linked securities investors – better understand, mitigate and transfer the risks associated with cyber breaches.
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