Around the P&C insurance industry: May 24, 2023
Insurance industry news from Socotra, Obie, SecondSight and more.
Socotra, Inc. announced the availability of their insurance policy core platform Connected Core in AWS Marketplace. This move will make it easier for insurers to adopt the platform, resulting in faster implementation times and improved efficiencies. AWS Marketplace is a digital catalog with thousands of software listings from independent software vendors that make it easy to find, test, buy and deploy software that runs on Amazon Web Services.
Obie raised $25.5 million in a Series B funding round led by Battery Ventures, with participation from Brick and Mortar VC, DivcoWest and several real estate funds and investor groups.
SecondSight adopted its digital risk management artificial intelligence platform – the first cyber insurance vertical operating system. Transcending the entire insurance industry data ecosystem, SecondSight for the first time uniquely enables truth and transparency across the digital risk data pipeline with future-proof scalability to protect the burgeoning digital economy. This announcement follows the company’s oversubscribed $3 million seed round of financing from a series of investors.
Insurevision.ai joined NVIDIA Inception, a program that nurtures startups revolutionizing industries with technology advancements. NVIDIA Inception will allow Insurevision.ai to learn about NVIDIA’s state-of-the-art solutions in the automotive sector. This will give Insurevision.ai the ability to design its solutions in a way that is compatible with the NVIDIA DRIVE strategy.
CIBA Insurance Services reached their 30th anniversary. The CIBA Program is an innovative insurance program with an E&S commercial real estate appetite and has both retail and wholesale agencies appointed with access to their program located across the country.
Everest Re Group, Ltd. announced that following shareholder approval at the company’s Annual General Meeting, it will change its name to Everest Group, Ltd. and will trade under the new ticker symbol, effective on July 10, 2023.
Vertafore announced the addition of nine premium finance partners to its Orange Partner Program. The expansion enables agencies to access multiple vetted financing companies directly from AMS360 and Sagitta, to save time and better service clients who are looking to finance their insurance premiums.
Westfield Specialty added a market-leading environmental underwriting team and its sixth line of business. Westfield Specialty’s environmental contractors’ pollution and professional liability policy is available on a non-admitted basis for accounts with an effective date of June 1 or later.
Ryan Specialty acquired Socius Insurance Services, a national wholesale insurance broker headquartered in Northern California, from Abry Partners, employees and other shareholders. Socius will become a part of RT Specialty, Ryan Specialty’ wholesale distribution specialty.
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