Around the P&C insurance industry: April 3, 2024
Insurance industry news from Arch Insurance, NFP, PCF Insurance Services and more featured in weekly update.
Tokio Marine Holdings, Inc. announced the establishment of an Investor Relations and Shareholder Relations Desk in New York City as part of the IR/SR Group of the Global Communications Department. The new Desk will further strengthen Tokio Marine Holdings’ relationships with institutional investors, shareholders and equity analysts in the United States, across the Americas, as well as in Europe.
SageSure and SURE closed another $250 million cat bond, a 67% upsize from the initial target range. This transaction sets SageSure’s underwriting partners over $1 billion in total catastrophe bond issuances in only 24 months.
911 Restoration launched the brand’s Claims Integrity Program™, promoting an ethical standard of practice to prevent overbilling and compliance issues. The Claims Integrity Program promises that the 911 Restoration franchise network will deliver accurate, efficient, compliant, fast, quality workmanship and great communications to policyholders and claims adjusters.
Chubb Personal Risk Services launched a new self-service Flood Insurance System for agents that will seamlessly support its personal lines business for primary and excess flood and will provide quotes for low-hazard properties in under two minutes. This new platform will integrate with the Chubb Agent Portal and Masterpiece EZ Quote homeowners platform. Agents will benefit from working directly with Chubb as a single point of contact for faster access to flood quotes and an enhanced user interface. The system will be available across all U.S. states where Chubb writes flood insurance.
Arch Insurance North America unveiled its latest products available through the Arch APEX℠ digital platform. Participant Accident coverage is now available for child education centers, child development centers, nursery schools, preschools and after-school programs. Camp coverage includes day and overnight camps that offer sports and non-sports activities.
Lloyd’s has launched Syndicate 3123 in collaboration with Fidelis Insurance Holdings Limited, a global specialty insurer, and Hampden Agencies, the largest provider of private capital to Lloyd’s. The sponsorship of Syndicate 3123 by The Fidelis Partnership marks the return of its Founder and Chief Executive Officer, Richard Brindle, to the Lloyd’s market after 26 years.
NEXT Insurance opted Copilot, a tool designed to help agents increase revenue by efficiently serving small micro businesses with customized insurance policies. Similar to other small business owners, insurance agents operate on thin margins and juggle multiple responsibilities. NEXT’s Copilot empowers business owners to quote and bind online without underwriting delays, while providing agents with a streamlined process. This new tool simplifies operations, saving agents valuable time and enabling more profitable sales with small micro businesses. Copilot exemplifies NEXT’s commitment to empowering agents with innovative digital solutions that drive business growth and deliver value to their clients.
NOAA’s National Weather Service launched a new website : The National Water Prediction Service. This new hub for water data, products and services combines local and regional forecasts with water data and new national level capabilities, such as flood inundation maps and the National Water Model.
NFP acquired the assets of SDN Insurance Agency. SDN is a multidisciplinary insurance broker providing commercial lines P&C, as well as employee benefits, surety and personal risk solutions, to middle-market clients in the Northeast. NFP acquired the assets of the firm from Financial Institutions, Inc., the parent company of Five Star Bank. Bill Gallagher, president of SDN, will join NFP and report to Mike Walsh, co-president of NFP’s Northeast region.
PCF Insurance Services, a top 20 U.S. insurance brokerage with operations in almost 40 states, acquired MK Insurance Group’s insurance business, a third-generation, family-owned commercial and personal insurance agency in business for nearly 60 years.
Arrowhead General Insurance Agency, Inc. launched their new Commercial Auto product, developed in collaboration with their A+ rated carrier.
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