Around the P&C insurance industry: June 28, 2023
Insurance industry news from Corvus Insurance, Admiral Insurance Group, NFP and more.
Corvus Insurance launched a first of its kind endorsement to help make policyholders safer through proactive engagement with Corvus Signal, the cyber risk prevention solution shown to reduce the frequency and costs of cyber breaches by up to 20%. The Corvus Signal endorsement reduces the self-insured claim retention on a policy by 25%, subject to a maximum cap based on the program, for policyholders who engage with the security tools available in Corvus Signal.
Insurance Quantified acquired Groundspeed Analytics, the market leader in ingestion and data solutions for the commercial P&C industry. The combination strengthens Insurance Quantified’s market leadership in underwriting technology and furthers its mission to maximize the value of data for commercial P&C insurers.
INSUREtrust launched Cyber Pre-Check, a new innovative product that simplifies application and vulnerability scanning as well as IT and insurance budget processes for policyholders. INSUREtrust combines its own data and analytics with artificial intelligence powered by SecondSight.ai to bring this industry-leading solution to its retail agency partners.
Admiral Insurance Group added a new excess casualty department to be led by Brian Lineberger, senior vice president, excess. Admiral Insurance Group transacts surplus lines insurance in California through Berkley Managers Insurance Services, LLC, a licensed surplus lines broker.
California Insurance Wholesalers Association partnered with Lloyd’s as the association’s first education sponsor. Exclusive educational content will be presented by specialists from Lloyd’s to CIWA members via virtual webinars and in-person sessions at CIWA’s biannual events. The most recent webinar highlighted several breakthrough concepts emerging from the Lloyd’s Lab in London – the innovation hub for the Lloyd’s market. At CIWA’s upcoming Summer Forum, Lloyd’s will present: Innovation in Insurance: The Key to Resilience in Challenging Times.
NFP acquired the employee benefits solutions business of FinTrust Insurance and Benefits, Inc., a subsidiary of United Community Banks. Based in Orlando, FinTrust provides sophisticated financial products and a wide array of business services to employer groups and individuals across the state of Florida.
Federato raised $25 million in Series B funding, led by Caffeinated Capital, with participation from Emergence Capital and Pear VC. This round comes less than a year after the company announced its Series A.
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