Around the P&C insurance industry: May 31, 2023
Insurance industry news from Corvus Insurance, Synatic, Verisk and more.
Satellite Agency Network Group, Inc. presented its 2023 SAN Awards to seven member agencies for their exceptional performance and notable achievements. Awards were presented at SAN’s Annual Business Meeting on Friday, May 5, 2023, at the Encore Boston Harbor in Everett, Massachusetts.
Corvus Insurance unveiled Corvus Signal, the risk prevention solution that brings together brokers, policyholders and Corvus security experts in partnership. Corvus Signal has been shown to reduce cyber breach frequency and cost by up to 20%.
Nationwide Ventures invested in Mitiga Soutions as part of its Series A fundraise. The company combines scientific models with technology to better evaluate the impact of natural hazards, helping insurance, real estate, energy and financial companies understand and address the risks and uncertainties of climate change. Nationwide’s portion of the funding comes from its $350M venture capital investment fund.
RT Specialty announced the addition of a new workers’ compensation program for restoration contractors to their portfolio.
Ampere Industrial Security and DeNexus Inc partnered to create a finely-tuned cyber risk data set customized by the industrial sector. By blending decades of human experience and evidence-based data into one proposition, they will jointly develop a more standardized baseline of cyber risk management into DeNexus’s cyber risk platform, DeRISK.
Kin Insurance completed its reinsurance program for the state of Florida, which will be effective from June 1, 2023, to May 31, 2024. This program offers $860 million in reinsurance coverage for natural catastrophes, protecting against a one-in-200-year first-event loss. Backed by more than 30 industry-leading reinsurers with a financial rating of A- or higher by AM Best, this program ensures that Kin can fulfill its commitments to its valued customers.
Zurich plans to award scholarships of up to $3,500 each to support studies at St. John’s University’s Maurice R. Greenberg School of Risk Management, Insurance and Actuarial Science. Zurich awarded 11 scholarships last year and is looking to continue its support in the 2023-2024 academic year.
Synatic announced the availability of the company’s new suite of solutions which streamline the cleansing and integration of critical client data necessary for the automation of policy downloads, commission management, generation of custom reports and much more.
Slide Insurance completed its reinsurance program for the 2023 hurricane season. Slide’s reinsurance program exceeds regulatory and rating agency requirements. The comprehensive reinsurance tower protects Slide Insurance Company to the 185-year return period, reduces retention to $5 million, includes all perils coverage, multi-year and third event protection.
Insurance Industry Charitable Foundation announced that Kathy Quintana of HUB International has been named the 2023 IICF Inclusion Champion Award winner. This prestigious award honors the extraordinary contributions of insurance industry professionals working to advance inclusion, diversity, equity and accessibility within the industry and communities at large.
Verisk acquired Morning Data, a supplier of state-of-the-art software to brokers and managing general agents in London and across the globe. The acquisition enables Verisk to enhance and expand its solutions for straight-through processing and distribution to the underserved and growing market of SME brokers, coverholders, MGAs, captives and reinsurers.
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