Around the P&C insurance industry: November 16, 2022
Insurance industry news from Blink Parametric, Brownyard Group, Beazley and more.
Blink Parametric has struck a deal which will see one of its flagship parametric products embedded across all Salaam Takaful Limited travel insurance policies. Recognized as one of the leading Takaful operators in Pakistan, Salaam Takaful Limited provides retail, travel and commercial insurance products and has built extensive partnerships with overseas Re-Takaful operators and assistance companies, enabling it to offer comprehensive coverage for large infrastructure projects and specialized risks. Its coverage is specially tailored for Islamic banking operators as well as for large corporate groups under Shariah guidelines.
Keystone Agency Partners partnered with Cartier Agency, an independent insurance agency serving the personal, commercial, life and health insurance needs of customers in Minnesota. Cartier Agency marks the 16th Platform Partner in KAP’s growing network of independent agencies and the 48th transaction since its founding in 2020. Financial terms of the majority stake transaction were not disclosed.
Brownyard Group is available in 14 additional states, growing the program’s national availability to 40 states. Newly eligible states include: Arizona, Delaware, Georgia, Idaho, Missouri, Montana, Nebraska, Nevada, North Dakota, Ohio, Oklahoma, Oregon, South Carolina and Tennessee.
Beazley partnered with Assureful to offer the industry’s first usage-based liability insurance solution for e-commerce companies. Assureful, which worked with Beazley’s Incubation Underwriting team to create this new insurance solution, has also been appointed a Lloyd’s Coverholder. The solution is initially available nationally in the United States.
Spott launched its pay-as-you-sell liability insurance, which allows ecommerce sellers to start paying insurance premiums based on how much they sell – never exceeding the original premium amount. By releasing the pay-as-you-sell pricing model, Spott is leveraging its deep understanding of eCommerce businesses and the need they have to correlate their expenses with revenue generated which will ultimately ease the financial burden for digital businesses and make them more resilient.
Send Technology Solutions Ltd closed a Series A funding investment of $10 million. The round was led by Venture Capital firm Breega with participation from Mercia and will enable Send to accelerate growth both in the U.S. and U.K. Send’s core product is a SaaS underwriting workbench designed to streamline operations, automate admin-heavy tasks and free up underwriters to focus on core work. It is a one-stop desktop for underwriters providing a single place for managing new business, renewals, and endorsements.
Alera Group acquired a property and casualty insurance business from George Gravenstine. Gravenstine will join Alera Group through local office Heist Insurance Agency. Gravenstine brings deep industry expertise to Alera Group. He offers a variety of solutions to his clients, including commercial and personal property and casualty, employee benefits and life insurance.
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