Around the P&C insurance industry: February 22, 2023
Insurance industry news from Ushur, Tysers, CIECA and more.
Ushur raised a $50 million Series C funding round led by Third Point Ventures with participation from existing investors Iron Pillar, 8VC, Aflac Ventures and Pentland Ventures. Funds from this round will go toward expanding Ushur’s experience automation portfolio, developing new innovations in AI and moving into new regions and industry verticals.
Verisk’s Respond MAP was named a winner in the 2023 BIG Innovation Awards presented by the Business Intelligence Group. The award recognizes organizations, products and people that are bringing new ideas to life in innovative ways.
Aurenity launched its primary general liability program with AM Best ‘A’ rated capacity for mid-market construction, hospitality, real estate, premises and products risks. Aurenity has begun accepting GL submissions with February 15th effective dates forward and is set to announce additional casualty capabilities shortly.
Hub International Limited launched HUB Shopping Center Insurance for multi-tenant shopping centers in the U.S. HUB Shopping Center Insurance is a new proprietary insurance solution for owners and operators to secure property insurance, general liability and workers’ compensation tailored to their needs.
Orion180 has officially transitioned from managing general underwriter to standalone carrier by launching Orion180 Insurance Co. This strategic shift signifies Orion180 executing on its long-term strategy of becoming an independent insurance company enabling its sustained growth trajectory and increased control of the customer experience.
McLarens partnered with Egypt Global Adjusters, a leading Egyptian loss adjusting firm headquartered in Cairo. Operating as McLarens’ exclusive affiliate in Egypt, the partnership with EGA will further strengthen McLarens’ regional footprint, offering both domestic and international clients access to comprehensive claims coverage across Egypt. The alliance also provides a platform for growth across North Africa.
SageSure — a provider of catastrophe-exposed property insurance — announced, in collaboration with SURE and in partnership with Swiss Re, it successfully closed a $355 million Rule 144A catastrophe bond. This is the largest cat bond issuance to date since Hurricane Ian. The new cat bond now expands coverage across North and South Carolina, providing multi-year protection against named storms, in addition to the states the previous bond covered: Alabama, Louisiana, Mississippi and Texas.
BriteCo jewelry insurance announced its new agent program. The program will enable independent insurance agents in the United States to offer BriteCo jewelry insurance to their clients. Agents in the program gain access to BriteCo’s cutting-edge technology which streamlines the process of selling and managing jewelry insurance policies, enhances jewelry coverage and helps their clients save money. The news comes at a time when insurance agents are seeing an uptick of changes in the market as well as among their customers who face increasing costs. These changes have driven increased demand for cost-savings and high tech innovation. The Agent Program has been in beta with agent users prior to its February 15, 2023 launch.
Tysers announced the sale of its bloodstock broking team and the bloodstock managing agent, Galileo, to Howden.
Socotra announced a major drive into the European insurance markets, with an initial focus on the UK, DACH, France and others, following strong growth in 2022, including a 71% revenue increase, a 75% growth in customers and a 117% YoY increase in policies managed on its SaaS platform.
CIECA announced the formation of a new Standards Development Committee focused on electric vehicles and electric batteries. The committee will be chaired by Frank Phillips, senior manager-Certified Collision North America for Rivian, Jake Rodenroth, North American Body Repair Program operations manager for Lucid Motors, and Ginny Whelan, senior consultant for the Automotive Recyclers Association (ARA).
Transatlantic Underwriters announced a multi-state expansion of non-fleet and for-hire trucking capabilities. Coverage will be offered through a top-rated carrier with an A.M. Best rating of A+.
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