Around the P&C insurance industry: May 3, 2023
Insurance industry news from SafePort Insurance Company, Sedgwick, ICEYE and more.
SafePort Insurance Company and SageSure partnered to successfully close on the placement of a $125 million Rule 144A catastrophe bond. The bond closed at a 25% upsize from the initial $100 million transaction target, with pricing at the bottom end of initial guidance.
Sedgwick launched Sidekick, an industry-first integration using Microsoft’s OpenAI tools and services to give claims professionals an advantage in their daily work. Designed for internal use within the company’s secure Azure environment, Sidekick will allow Sedgwick colleagues to explore the impact of generative artificial intelligence performance and natural language processing on day-to-day tasks.
ICEYE announced the Beta release of its Wildfire Insights product. ICEYE Wildfire Insights is the first product of its kind. It provides building-level impact data for a wildfire event in near real-time based on satellite imagery and a combination of advanced analytics and machine learning. The product captures data for any wildfire that impacts communities throughout the United States.
Brokerslink launched a new, dedicated risk management practice to provide its partners and affiliates with access to single-access specialist consultancy service. The move follows increasing demand from clients around the world for risk management support and advice.
New York State Energy Research and Development Authority selected InnSure to competitively award insurance innovators for developing products and solutions that creatively address climate risk challenges. This investment demonstrates the important role that insurance plays in tackling climate change.
California Insurance Wholesalers Association (CIWA) announced it is is holding its Summer Forum July 9-12, 2023, in Lake Tahoe, California at the Everline Resort and Spa. This year’s keynote speaker will be former NFL player Marcus Allen.
The 20th annual MIT Sloan CIO Symposium today announced the four finalists for the Annual MIT Sloan CIO Leadership Award. The winner will be announced on May 15, 2023.
RIMS and PARIMA announced a collaboration to elevate the practice of risk management in the Pan-Asia region through the proliferation of the RIMS-CRMP certification. The Memorandum of Understanding was officially signed at RISKWORLD by RIMS 2023 Board President Jennifer Santiago, RIMS-CRMP Commission Chair Ward Ching, RIMS CEO Gary A. LaBranche, FASAE, CAE and PARIMA Co-founder and Chairman Franck Baron.
RIMS and American International Group, Inc. announced Roger L. Andrews, James (Jim) Green and Daniel J. Kugler as the 2023 inductees into the Risk Management Hall of Fame. The RMHF maintains the history of the field of risk management and recognizes risk practitioners who have made significant contributions to advancing the discipline. The honors were presented at RISKWORLD in Atlanta.
Meredith Werner, Leslie Ahari and Douglas Mangel launched their new national boutique law firm, Werner Ahari Mangel LLP. The firm includes 22 lawyers, most of whom are joining from Clyde & Co, with an office in Washington, D.C.
Monarch E&S Insurance Services acquired the assets of Commonwealth Underwriters, Ltd., a specialty lines managing general agent and wholesale broker. Commonwealth Underwriters has a strong reputation for securing insurance coverage for hard-to-place risks and providing exceptional service and innovative solutions to its clients. This acquisition represents a strategic move for Monarch E&S as it continues to solidify its position as a leader in the excess and surplus lines space.
Coalition launched the next generation of its cyber risk management platform, Coalition Control, to help organizations detect, assess, mitigate and transfer cyber risk exposure. Coalition Control combines cyber risk monitoring, assessment, and quantification tools with third-party risk management and AI-powered assistance to provide unparalleled risk management capabilities to organizations of all sizes.
FM Global launched its Climate Change Impact Report, a proprietary tool to help its clients identify, understand and avoid risks as far in the future as 2050. In response to growing concern over the short and long-term impact of climate change, the Climate Change Impact Report combines client-specific engineering data gained on location with the latest climate science and modeling.
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