Around the P&C insurance industry: December 21, 2022
Insurance industry news from InsurTech Hartford, Magneti Marelli Parts & Services, Buoy and more.
InsurTech Hartford announced registration for the 2023 ITH Symposium is now officially open. Aite-Novarica Group will be co-locating important meetings with the ITH Symposium, to be held May 2-3 at the Mohegan Sun Casino & Resort in Uncasville, Connecticut, as well. Aite-Novarica, in particular, will hold the 2023 Insurance CIO Council meeting in conjunction with the ITH Symposium next May.
RiverStone International entered into loss portfolio transfer reinsurance agreements with affiliates of AXIS Capital Holdings Limited, which cover several of its professional lines and liability insurance portfolios, predominantly relating to 2019 and prior accident years. The transaction, subject to regulatory approval, covers net reserves for losses and loss expenses of approximately $400 million and provides ground-up cover to a policy limit of $605 million.
Magneti Marelli Parts & Services received CAPA approval to participate in its Tier 1 Replacement Parts Verification Program. The program is available for any Tier 1 supplier that also produces an in-house, alternately branded version of car company original or car company service parts used for automotive repair.
Allianz Global Corporate & Specialty established a dedicated in-house organization for environmental, social & governance activities including several high-level leadership roles and appointments. AGCS will work together with its customers on solutions and products to mitigate risks and maximize opportunities from the transition to a net zero economy.
Buoy partnered with Markel to introduce a new insurance offering for boat renters and liveries with app-based technology that enables check-in and check-out, safety education, compliance and facilitates liability coverage for liveries and renters as required by Florida’s Boating Safety Act of 2022. Starting January 1, 2023, the Florida law requires boat liveries and renters to obtain insurance of $500,000 per person and $1 million per occurrence during the rental period in order to obtain an operators’ permit from the Florida Wildlife Commission.
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