Around the P&C insurance industry: September 13, 2023
Insurance industry news from ACORD, SIAA, Burns & Wilcox and more.
The Insurance Commissioner, through the State of Hawaii’s Department of Commerce and Consumer Affairs’ Insurance Division, requested that all property and casualty insurers and surplus lines carriers respond to a data call. Companies shall report information regarding claims related to wildfire and wind damage which stemmed from the state of Hawaii’s August 8, 2023, disaster.
ACORD announced the publication of the ACORD GRLC Contract, Risk, and Pre-Accounting Implementation Toolkit, a new data messaging standard to facilitate the efficient exchange of insurance data. The CRP Standard was developed to streamline the flow of contract information among industry stakeholders, and support modernization initiatives in the London market. The CRP Standard was formally approved by the ACORD Global Reinsurance & Large Commercial Program Advisory Council in late August.
NFP integrated its surety practice into its Construction & Infrastructure Group.
National Council on Compensation Insurance celebrated 100 years of service to the workers compensation system with an event honoring its employees and a century of service to the WC industry. NCCI provides loss cost recommendations and rating information and is the nation’s most comprehensive source for workers compensation data, insights and solutions.
SIAA hosted annual IA Evolve virtual event on September 12. IA Evolve is a premier insurance industry event where independent agents have opportunities to hear from fellow insurance professionals about the valuable technology and tools they are using to advance their agencies and to discuss the future of the insurance business.
Verisk’s risk intelligence business, Verisk Maplecroft, released a new predictive strikes, riots and civil commotion data model, providing forecasts for thousands of global locations on the potential for damaging civil unrest events to emerge. Developed for political violence underwriters, exposure analysts, modellers and specialty reinsurers as part of the Lloyd’s Lab accelerator program, Verisk Maplecroft’s new SRCC Predictive Model offers insurers an entirely new approach to how they assess and price these risks and is unlike anything currently available to the market.
Community Insurance Group, Ltd joined forces with Higginbotham, a Texas-based independent insurance, financial and HR services firm. With this transaction, Higginbotham – ranked among the largest independent brokers in the U.S. – now has a presence in 16 states across the country.
PCF Insurance Services acquired Allied Marketing Insurance Group, a Florida-based health and benefits agency driven to help the state’s underserved multicultural community of agents and clients. Allied Marketing Insurance Group serves more than 100,000 clients with Florida Blue, an independent licensee of the Blue Cross and Blue Shield Association.
Coaction Global, Inc completed an approximately $200 million capital raise to support growth as Coaction continues its transformation into a full-service specialty insurance company.
USI Insurance Services announced that existing shareholder KKR is making a new equity investment of more than $1 billion in the company. Under the terms of the agreement, KKR and USI will purchase shares of USI held by CDPQ and certain other investors; more than 50% of the shares held by CDPQ will be purchased in the transaction. Following the closing of the transaction, KKR will be USI’s largest single shareholder.
FirstChoice, a MarshBerry Company, welcomed its 500th member to the network. FirstChoice offers a complete suite of aggregation solutions with customized offerings for independent insurance agencies and brokers of all sizes. Services are geared toward owners of insurance agencies that are growth-minded, invested in their talent, are comfortable making challenging decisions and want to develop and work towards a strategic plan that achieves growth.
reThought has completed an agreement to acquire CyberBoxer, bringing in-house its experts in data science, modeling, artificial intelligence and underwriting. reThought also announced it has received a $1 million investment by the ClimateTech Fund of Connecticut Innovations, the state’s strategic venture capital arm.
Mosaic Insurance built out its team of underwriting specialists to provide global capacity in five lines of business to brokers and clients across Canada. The global firm opened an office in Toronto, Ontario last July, and since then, has expanded coast to coast in the Canadian specialty insurance market across five highly-relevant product lines — cyber, transactional liability, financial institutions, professional liability and environmental liability.
Cover Genius partnered with Spirit Airlines. By integrating with XCover, Cover Genius’ award-winning global distribution platform, Spirit Airlines Guests who are non-U.S. and non-Canadian citizens have the option to purchase personalized embedded protection, backed by a speedy claims process, for the first time.
Burns & Wilcox acquired Environmental Underwriting Solutions, a leading wholesale insurance broker specializing in placing complex environmental exposures, from Insurance Office of America. EUS is recognized for its ability to provide expert counsel and wholesale brokerage services across a variety of environmental risks, including general liability, pollution, professional liability, auto, workers’ compensation, and excess, among many others.
FM Global announced its second consecutive resilience credit to support client investment in climate resilience solutions. The resilience credit, collectively worth approximately $350 million (USD), will be shared among FM Global’s clients, providing them with additional resources to guard against extreme weather hazards such as wind, flood and wildfire.
Copart, Inc. a global leader in online vehicle auctions, and Hi Marley, the intelligent conversational platform built for P&C insurance and powered by SMS announced a strategic partnership to co-develop products to streamline the automotive total loss process.
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