Around the P&C insurance industry: February 8, 2023
Insurance industry news from PCF Insurance Services, SEON, Companjon and more.
Aspen Insurance Holdings Limited announced that it has become a signatory of the United Nations-supported Principles for Responsible Investment. An investor initiative in partnership with the UN Environment Programme Finance Initiative and UN Global Compact, the PRI is a global network of more than 5,000 organizations committed to integrating environmental, social and governance considerations into their investment decision-making and ownership policies.
Silverfort launched a free identity risk assessment on February 2, 2023, to help organizations discover the gaps and hygiene issues in their identity attack surface, which may cause cyber insurance compliance failures. Silverfort’s identity risk assessment will operate at a directory level, reporting with in-depth visibility on the identity attack surface.
Florida Peninsula Insurance Company partnered with Liberty Mutual to offer equipment breakdown and service line coverage to its policyholders. This coverage is also available to customers of Edison Insurance Company, FPI’s wholly owned subsidiary. This is the first time either company will offer this type of coverage.
PCF Insurance Services acquired Oak Point Risk Advisors, a niche risk management and insurance agency focusing on commercial insurance for the maritime, oil and gas, and construction industries.
Quadient announced the general availability in the U.S. of the Quadient iX-1 postage meter, a compact yet powerful mailing system that combines mail and parcel processing into one user-friendly solution designed for the small office environment.
Verisk announced the closing of the sale of Wood Mackenzie to an affiliate of Veritas Capital, investor at the intersection of technology and government. The sale of Wood Mackenzie followed divestitures of Verisk’s financial services and environmental health and safety businesses last year. The divestitures were the result of an in-depth portfolio review by Verisk.
Corvus Insurance announced its all-in-one cyber underwriting platform that arms underwriters with predictive data-driven insights. With the help of Corvus Risk Navigator, underwriters are able to provide superior risk selection, accelerated decision-making and IT security recommendations — capabilities that have resulted in Corvus achieving an industry-leading loss ratio below 40% while simultaneously growing cyber premiums by 80% in 2022. This launch coincides with the strategic growth of the company’s underwriting team as Corvus magnifies its focus on the cyber market.
Westfield acquired Lloyd’s of London Syndicate 1200 from Argo Group International Holdings Ltd. This strategic acquisition establishes Westfield as a global franchise, accelerates Westfield Specialty’s growth after a strong first 18 months in the U.S. market and puts the overall Westfield Specialty portfolio in excess of $1 billion in premium.
Munich Re Specialty Insurance launched Reflex, a customized and complimentary cyber risk management program. Reflex is facilitated as a white glove solution by an internal team of Munich Re program specialists. Insureds will receive guided access to services in alignment with their evolving needs. Program services are provided by a select team of vetted industry experts from the privacy, network security and cyber training and awareness industries.
RocketPlan launched a time tracking and accounting integration system so contractors and insurers can ‘restore’ confidence in their own restoration and claims process.
SEON acquired compliance and anti-money laundering specialist firm, Complytron. The acquisition instantly adds AML capabilities to SEON’s fraud fighting toolkit and signals a new focus on holistic FinCrime prevention for the growing business. As a result of the acquisition, SEON now offers a vital single source for FinCrime intelligence combined with decision functionality to help address evolving regulatory requirements. The deal, which officially completed in January 2023, also signifies SEON’s impressive expansion since its record-breaking $94M Series B investment in early 2022.
The Liberty Company Insurance Brokers partnered with Mike Dyer Agency of Tennessee. Family owned and operated, led by managing partner Mike Dyer, The Mike Dyer Agency delivers quality insurance solutions to individuals in Tennessee. The agency specializes in business and commercial insurance, as well as home, auto, life and personal umbrella coverage. Their team of experienced professionals is committed to helping clients find the best policy that fits their needs.
Marine Underwriters of America appointed Dustin Goodwin as the head of the new marine claims program. Goodwin will be responsible for overseeing the day-to-day operations of the marine claims department.
Skyward Specialty Insurance Group Inc. launched occupational accident insurance for independent contractors across several segments, including trucking, last-mile delivery drivers, rideshare and gig delivery. The new offering ensures that independent contractor drivers who suffer on-the-job injuries will readily have work injury benefits available.
HDI Global announced it is offering clients a range of tailor-made value added services (VAS) to raise awareness of cyber threats. The VAS encompass services in three categories that extend beyond the area of classic risk transfer and improve defence against risks within the company: human firewall, organizational and procedural security and technological and offensive security.
Companjon partnered with bunq, the largest neobank in the European Union. Through this move, extended warranty and purchase protection will now be provided to bunq users by Companjon. Extended warranty and purchase protection is an insurance product designed to cover the financial loss incurred for certain goods purchased by bunq Easy Green users.
Crown Jewel Insurance, Lloyd’s and Chaucer launched a new insurance policy to provide insurance for companies’ trade secrets. The new policy is the first in the market to offer protection for the potentially huge loss in value a business can suffer if its trade secrets are stolen and made public or leaked to a competitor. Chaucer will be providing lead underwriting capacity; the program will be brokered by Acrisure London Wholesale.
LegalZoom.com, Inc. and NEXT Insurance partnered to help better small business owners create and protect their business online. NEXT’s industry-leading, fully embedded insurance solution, NEXT Connect, allows small business owners to quickly and seamlessly get a quote for small business insurance and purchase a plan that works for them, all without ever leaving the LegalZoom platform.
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