Around the P&C insurance industry: November 1, 2023
Insurance industry news from At-Bay, HUB International, Sprout.ai and more.
At-Bay launched a new cybersecurity solution designed to help emerging and mid-sized businesses advance their defenses and threat preparedness in light of rising cyber crime rates. At-Bay estimates that more than 50% of its customers’ cyber insurance claims could have been mitigated with an effective managed detection and response solution and that businesses in the healthcare, financial services and the professional, scientific and technical services sectors are the most likely to benefit from it.
CoverForce, the first independent insurance platform bringing streamlined comparisons and one-click buying to commercial insurance, officially emerged from stealth mode, unveiling its comprehensive suite of products made specifically for agency networks, wholesalers and software companies. The company’s infrastructure and easy-to-integrate API aim to provide digital access and one-stop comparison in an offline market with speed and accuracy.
EigenRisk announced a new agreement with Fathom, a global leader in water risk intelligence, that will make Fathom’s cutting-edge flood and climate risk capabilities available through the EigenPrism catastrophe risk management platform.
Liberty Company Insurance Brokers announced the unveiling of its National Private Client Practice Group, spearheaded by Liberty partner, Steve Rivera. With over two decades of experience in the insurance sector, Rivera, a former executive at Momentous Insurance Brokerage, Inc., now a Marsh McLennan Agency, is set to lead this initiative, offering tailored insurance solutions to high-net-worth individuals.
MarshBerry served as an advisor to Cadence Insurance, Inc. on their sale to Arthur J. Gallagher & Co. MarshBerry served as a co-financial advisor to Cadence. The transaction was announced on October 24, 2023, and is expected to close in the fourth quarter 2023, subject to customary closing conditions.
HUB International launched HUB Private Client Watercraft Risk Advisory Services. The new offering will support high-net worth and ultra-high-net worth clients with proactive counsel from marine specialists on the specific risks and insurance considerations of owning and maintaining luxury yachts and high-performance watercrafts – including implications of the value, performance, operations, docking and storage.
Motor Carrier Insurance Education Foundation announced that Tommy Ruke, a luminary in the motor carrier insurance industry, received the prestigious Jim Harrison Award during the 2023 MCIEF Annual Conference Honors Reception on October 5, 2023.
Ty Pennington, an Emmy award-winning TV host, joined Kin Insurance as its brand ambassador. The partnership brings together Pennington’s passion for home improvement and Kin’s ability to provide coverage that fits a person’s home, needs and budget.
NEXT Insurance achieved a marked milestone in reaching 500,000 active small business customers. Throughout NEXT’s journey as a digital insurer, its commitment to the small business community has remained paramount, driving all aspects of its continued product innovations, partnerships and integrations.
Sprout.ai has raised £5.4 million in a round led by venture capital investors Amadeus Capital Partners and Praetura Ventures. U.K. investor Capricorn Capital Partners, U.S. investor Forefront Venture Partners, Canadian investor Verstra Ventures and U.K. investor Portfolio Ventures Angel Fund join Sprout.ai’s existing investors, Octopus Ventures, Playfair and Techstars in the round.
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