Around the P&C insurance industry: February 14, 2024
Insurance industry news from K2 OCONUS, GBN Worldwide, AgencyBloc and more.
K2 OCONUS partnered with Nationwide to launch Defense Base Act. The program will provide workers’ compensation coverage for U.S. government contractors working overseas, especially in high-risk areas. The program is now live and open to U.S. government contractors working abroad in any industry, including construction, engineering, logistics, security and humanitarian aid.
Shepherd raised a $13.5 million Series A funding round led by Costanoa Ventures with participation from Intact Ventures, Era Ventures, Greenlight Re and Spark Capital. Shepherd combines insurance with software to help contractors save on premiums. The company will utilize the funds to expand its underwriting and software team, accelerate product development and scale its software offerings.
SureChoice Underwriters Reciprocal Exchange partnered with SageSure, one of the largest managing general underwriters focused on catastrophe-exposed markets, to launch its surplus lines homeowners insurance in California, making SURE one of the first Demotech-rated insurers in the state to offer this product. SURE has earned a financial stability rating of A, Exceptional, from Demotech, Inc., a nationally recognized statistical rating organization specializing in evaluating the financial stability of independent, regional and specialty insurers.
Markel has been awarded the coveted London Market 2024 Claims Service Quality Marque by Gracechurch consulting. The SQM is awarded annually to insurer claims teams that have been given an outstanding service quality rating in Gracechurch Consulting’s London Market Claims Service Monitor. The survey measures more than 40 London Market insurers and is based on over 3,300 individual ratings provided by claims brokers.
Asta, through its leading third-party managing agency at Lloyd’s, announced the “in-principle” approval of an innovative syndicate-in-a-box to deliver a breakthrough insurance product that will accelerate the development of new therapeutic drugs. MCI Syndicate 1966, supplemented by Lloyd’s consortia, is targeting commencing underwriting from April 2024 with a forecast annual gross premium written for 2024 of £75m, subject to the necessary final checks and processes from Lloyd’s.
Verisk launched an automated generative artificial intelligence record summary capability in Discovery Navigator, one of the leading medical record review platforms for property and casualty claims professionals. The Discovery Navigator platform has already proven to be up to 90% faster than manual record review with up to 95% accuracy rates, allowing claims handlers to compile record summaries in a fraction of the time. The new generative AI auto-summary feature is designed to further simplify and accelerate the claims settlement process, allowing claims professionals to achieve efficient and accurate resolutions faster than ever before.
Ignite Specialty Risk launched its litigation capital protection insurance offering and announced the appointment of litigation finance expert and former litigator, Nicole Silver as lead underwriter and head of U.S. operations. Ignite’s litigation capital protection insurance enables litigation funders and law firms to deploy capital across a portfolio of litigation assets with the assurance that their underlying investment will be protected even if the portfolio does not perform as expected. It is backed by a panel of AM Best A-rated capacity.
US Assure, the exclusive program administrator for the builders risk plan insured by Zurich, expanded eligibility for its online six-question application with no underwriting holds, increasing speed and ease of use for insurance agents. XPressBIND is US Assure’s newest released automated application for new home construction projects valued up to $1 million. The previous eligibility limit was $500,000. XPressBIND is an addition to US Assure’s existing proprietary online issuance platform for risks valued up to $75 million.
Sertis announced its expansion into 32 states across the U.S. This move marks a significant step in transforming the insurance landscape for brokers and agents, while significantly benefiting property owners with more stable and affordable insurance.
DARAG Group announced the conclusion of two undisclosed captive legacy transactions. Both transactions were executed by way of novation with the captives and their respective fronting carrier. The first transaction involved a Bermuda-based captive for insured risks through to 2016 and was completed at the end of 2023. The second was an undisclosed Cayman-based captive for insured risks through 2015 and was concluded in early 2024. Both portfolios insured workers compensation, general liability and auto liability exposure.
GBN Worldwide launched GBN Worldwide Risk Solutions Ltd., trading as GBN Risk Solutions, a London-based independent broker and MGA. GBN RS will play an important role in growing international business for the network and its members, enabling the wider insurance community to place risks in territories outside their jurisdictions, drawing on the specialist expertise of the network’s 10,000+ insurance and risk management professionals in over 150 countries.
RIMS New Zealand and Pacific Island Chapter Forum, RIMS CEO Gary A. LaBranche, FASAE, CAE announced that Eamonn Cunningham is the recipient of the Society’s most prestigious honor, the RIMS Harry & Dorothy Goodell Award. Named after RIMS‘ first executive director and his wife, the annual honor pays tribute to an individual who has furthered the goals of RIMS and the risk management discipline through outstanding service and achievement. The honor was confirmed by the Goodell Award Selection Committee chaired by RIMS 2023 President Jennifer Santiago, RIMS-CRMP, MBA, ARM.
AgencyBloc announced the debut of new podcast series, Insurtech Building Blocs, that delivers valuable insight for insurance professionals. Recognizing the need for comprehensive insights, AgencyBloc’s new podcast series offers brokers, carriers, general agencies, and marketing organizations a macroscopic view of key happenings and emerging trends in the health insurance, benefits administration and senior market industries.
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