Around the P&C insurance industry: April 19, 2023
Insurance industry news from Corvus Insurance, NFP, Insurity and more.
NFP acquired Gravity Risk Services Ltd., an award-winning community insurance broker based in the West Midlands. NFP will integrate Gravity’s risk services into its existing commercial insurance offerings, employee benefits and human resources services, which will add value to its clients and employees.
Oakbridge Insurance Agency LLC partnered with Hunnicutt Insurance, a personal and commercial property and casualty insurance agency in Fort Walton Beach, Florida. The partnership supports Oakbridge’s continued growth in the Southeast by expanding into Florida.
Corvus Insurance launched a new program with Core Specialty to support the expansion of the excess tech E&O and cyber product with additional capacity. This is Core Specialty’s first offering in the cyber and tech E&O market and also marks the latest example of Corvus’s commitment to building out its key lines of business.
Guaranteed Rate Insurance LLC offered customers a convenient way to compare and purchase home, auto, life and other insurance policies from more than 50 top-rated carriers, all at once, with a single online application. The new digital insurance marketplace is embedded into Guaranteed Rate’s home financing application process, offering an additional way to get to the closing table faster.
Beazley launched a new package of cutting-edge complimentary cyber risk management services and tools for middle-market clients to help them improve their cyber resilience. Focused on education and training, the new services and tools help insureds to proactively manage cyber risk and better protect their business from the harm of a cyberattack.
University System of Georgia’s Board of Regents renamed Georgia State University’s Department of Risk Management & Insurance as the Maurice R. Greenberg School of Risk Science. The name change recognizes a $15 million gift from The Starr Foundation that will dramatically expand and enhance Georgia State University’s risk education programs and elevate the highly regarded program’s stature worldwide. Maurice R. Greenberg is chairman of The Starr Foundation and chairman and CEO of Starr Insurance Companies.
HSB introduced Meshify Defender Sensors, its next generation LoRaWAN Internet of Things device suite, and the new Meshify Defender Water Shutoff, which combine to help prevent property and equipment damage using a mobile app.
Alera Group acquired iPros Insurance Professionals, a broker-focused field marketing organization specializing in Medicare Advantage, Medicare supplements, state-sased marketplaces, the federally facilitated marketplace and small group lines of business.
Spencer-RIMS Risk Management Challenge judging committee selected eight university teams to compete at RISKWORLD in Atlanta, Georgia for the challenge’s top honor. The Spencer-RIMS Risk Management Challenge is an annual student competition that aims to inspire future risk leaders with real-world business experience.
Third party auto solution has been expanded with the Coventry Integrated Auto Network, a premier national network of directly contracted medical providers. The expansion is designed to enable fast and fair settlements on unrepresented third-party claims. The move gives adjusters the tools they need to help improve efficiency, payment accuracy and cost containment. Mitchell and Coventry are both part of the Enlyte family of companies.
Sedgwick acquired Appraisal Service of Mississippi, Inc., an auto and property appraisal services firm. Through this addition, Sedgwick further expands its premier auto, specialty and property claims solutions and skilled talent network.
Pathpoint expanded its commercial property offering. The expansion centers around the addition of Vave’s commercial property product to Pathpoint. Vave is an MGA and Lloyd’s Coverholder that underwrites surplus lines U.S. property using a purely algorithmic approach, combining science, data and precision underwriting to insure high-volume risk.
The Hanover Insurance Group, Inc. launched its Hanover CyberSecure Program, a proactive cyber risk management program offering a robust set of cybersecurity services. This program is now available to the company’s commercial lines cyber customers. This latest offering is part of the company’s holistic approach to cyber insurance that includes tailored products, risk mitigation tools and services and a network of cyber incident response partners for its agents and customers.
Insurity launched its Sure Underwriting Workbench in the London market. Sure Underwriting Workbench’s low code, configurable rules engine empowers London market carriers, MGAs, syndicates and brokers to focus more on risk assessment and less on routine tasks to increase underwriting efficiency.
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