Around the P&C insurance industry: January 17, 2024
Insurance industry news from Verisk, Ryan Specialty, InsurTech NY and more.
Verisk acquired Rocket Enterprise Solutions GmbH, a Germany-based insurtech provider in the property claims sector. The acquisition, which follows a strategic investment by Verisk in Rocket in 2022, will further Verisk’s expansion in Europe and the company’s goal of helping insurers and claims service providers leverage more holistic data and technology tools to enhance the claims experience.
R&Q Insurance Holdings Ltd announced that at their Special General Meeting shareholders approved the sale of Accredited. Closing of the sale is expected to occur in late Q1 2024 or early Q2 2024.
hyperexponential completed its $73 million Series B funding round led by global technology-focused investment firm Battery Ventures, with participation from leading Silicon Valley investor a16z, and existing Series A investor Highland Europe, which increased its holding.
Ryan Specialty announced the expansion of its renewable energy insurance offering on a global basis with PERse International, a managing general underwriter based in London. PERse International specializes in both onshore and offshore renewable insurance and is a part of the firm’s underwriting specialty, Ryan Specialty Underwriting Managers.
Pro-Praxis Insurance launched a new insurance product to address the excess professional liability needs of the healthcare industry. The new program, written with A.M. Best-rated “A” paper, mirrors the underwriting strategy and pricing of the company’s other A-rated products. The Healthcare Excess Liability Program, in conjunction with additional Pro-Praxis programs, will enable the company to offer up to $15 million in limits for hospitals or physician groups and up to $25 million for large, allied health facilities.
InsurTech NY opened the application window for their annual 2024 Global InsurTech Competition. The competition will award $200,000 in prizes to three winning teams. Startups will compete for the title of the company with the most commercial potential. The top 10 startups will have the opportunity to present to more than 20 InsurTech-focused VCs and angel investors at the InsurTech Spring Conference on March 21.
National Council on Compensation Insurance introduced NCCI Atlas, a new way of accessing key information for workers compensation industry stakeholders. This unique online tool provides current, direct, and easy-to-find answers that speed production for a broad range of users.
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