Around the P&C insurance industry: April 5, 2023
Insurance industry news from Helio, Tremor Technologies, Amwins Access and more.
Main Street America Insurance marked its 100th year in business, a milestone few other companies in America have achieved. To mark this historic year, the company will build on its already strong community support through a partnership to plant trees in 24 cities across the country.
Helio launched its international business headquarters in Oklahoma City. Helio will provide services in risk financing, management, and consulting for commercial and captive insurance placements.
Vista Equity Partners acquired Duck Creek Technologies for $19 per share in an all-cash transaction valued at approximately $2.6 billion. With the completion of the transaction, Duck Creek Technologies shares have ceased trading and are no longer listed on the Nasdaq Global Select Market.
Tremor Technologies, Inc. launched a modern cat bond issuance platform called Tremor Issuer, powered by its Panorama marketplace technology. Tremor Issuer is an online application part of the suite of Tremor services which can be accessed online by investors, issuers, bankers and brokers.
Schaefer City Technologies LLC announced Its innovative software solution, NaVel, features patent-pending machine learning technology that embeds into existing insurance software and uses predictive analytics based on the key traits of more than 10 million data points analyzed in tens-of-thousands of cases that resulted in Nuclear Verdicts®. NaVel matches those traits to the insurance claim file to determine the likelihood of a Nuclear Verdict®. NaVel does not require data input from claims professionals and stores no claims data itself.
DOXA Insurance Holdings acquired Preferred Aviation Underwriters, a Duluth, Georgia-based managing general agent. PAU was founded in 2005 by pilots and industry veterans Kim Stufflet and Tom Adderhold. The niche MGA offers a full suite of aviation-focused products including property, auto, inland marine and excess coverages for airports and adjacent facilities.
Nationwide announced its pet insurance is available through Walmart.com. Visitors to the Pet Care section of Walmart.com may explore Nationwide’s pet protection products, purchase a policy and learn about healthy pet ownership through curated content.
DeNexus Inc launched Version 5.3 of its DeRISK Platform. DeRISK 5.3 is an evidence-based, data-driven cyber risk quantification and management tool that aims to help the risk transfer community better understand, mitigate and transfer the risks associated with cyber breaches.
Truist completed the previously announced sale of a 20% stake in Truist Insurance Holdings, LLC, a subsidiary of Truist and the sixth-largest insurance brokerage in the United States, to funds managed by Stone Point Capital, a leading private equity firm focused on the global financial services industry, for $1.95 billion, representing an aggregate value of $14.75 billion. Mubadala Investment Company and other co-investors also participated in the investment with Stone Point.
Amwins Access launched their Excess Wildfire Product, designed to complement a self-insured retention plan or the California FAIR plan. This product is written in partnership with AM Best, A+ rated PartnerRe Insurance Solutions Bermuda Ltd. who is providing excess wildfire coverage. Additionally, Kettle Limited will provide key data analysis, modeling and pricing, matching markets with appetite.
Specialty Program Group LLC acquired Squaremouth, LLC, a leading travel insurance digital marketplace in the U.S. Headquartered in St. Petersburg, Florida, Squaremouth is a trusted name in the travel insurance industry offering comprehensive, transparent and competitive coverage to travelers for 20 years through its digital platform. With the largest portfolio of travel insurance carriers and products in the U.S., Squaremouth has insured over 3 million clients.
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