Around the P&C insurance industry: April 10, 2024
Insurance industry news from Generali Investments Holding, Devonshire UW Limited, SageSure and more featured in weekly update.
Generali Investments Holding acquired Conning Holdings Limited. Conning and its Affiliates will continue to execute their growth strategies with support from their continuing owner, Cathay Life Insurance Co. Ltd. and new owner Generali. Cathay contributed its ownership in Conning and its Affiliates to GIH for a 16.75% share of GIH. As part of this transaction, Cathay has agreed to a minimum 10-year financial commitment in relation to specific insurance assets that will continue to be managed on its behalf by GIH, including Conning and its Affiliates.
Juniper Re and BRP Group, Inc. and Canopy Weather, LLC , a provider of weather analytics solutions, partnered to bring post-event severe convective storm response analytics to Juniper Re clients. Tornadoes, hail and straight-line winds pose significant risks to properties. Canopy’s technology and human expertise provide ground-truth observations immediately following storm events. By integrating these advanced weather analytic capabilities with Juniper Re’s expertise in (re)insurance solutions, the collaboration aims to provide Juniper Re’s clients with risk management insights and more informed storm-related loss estimates.
Emperion and Enlyte leaders have completed the separation process of moving IME, Peer Review and Independent Review Organization services from Enlyte to Emperion, following the agreement announced in February. Emperion will focus on expanded product development and investment opportunities for these and related solutions.
Arch Insurance North America acquired the U.S. MidCorp and Entertainment insurance businesses, including select specialty insurance programs, from Allianz Global Corporate & Specialty SE for a $450 million cash consideration to Allianz. Arch estimates its capital requirement to support the business will be approximately $1.4 billion.
Verisk announced a monumental leap forward in global catastrophe modeling and risk analysis with the launch of Verisk’s Next Generation Models. This suite of 100+ models will be implemented by insurers and reinsurers to evaluate risk across the globe with a new financial modeling framework designed to reflect anticipated insured losses from extreme events more accurately than ever before. These advances from Verisk’s Extreme Event Solutions business are now available on Verisk’s pioneering catastrophe risk management software platform, Touchstone, which is used by the top ten U.S. P&C insurers and nine of the top ten global P&C insurers.
Antares Global announced that Antares syndicate 1274 has launched a consortium for the underwriting of credit and political risk insurance. The consortium is actively considering submissions and draws on the established credit risk expertise and respected analytical capabilities of Antares’ leading political & financial risk team, which over the last 10 years has significantly outperformed the Lloyd’s Market Association’s benchmarks. The maximum line for the consortium will initially be $40 million. Antares will lead with a 75% line with the remaining 25% provided by other Lloyd’s carriers.
Sertis has successfully completed an oversubscribed seed funding round. This milestone is a significant indicator of market confidence and investor support, positioning Sertis for further growth in the multifamily insurance sector.
Devonshire UW Limited and its affiliate Devonshire UW Europe GmbH, a managing general agent specializing in underwriting transactional risk solutions, has announced its market launch. The company, which is backed by Lloyd’s and a strong panel of A-rated insurance capacity providers, will offer intelligent, sophisticated solutions for large legal risk deals for brokers, corporates, private equity firms, professional advisers and other specialist investors. Devonshire’s products comprise Warranty & Indemnity (W&I), Tax and Contingency Insurance, with a particular focus on a streamlined, responsive underwriting process that embraces creativity and best-in-class service.
Moody’s RMS™ announced a new collaboration with innovative reinsurance brokerage firm Augment Risk to develop the market for parametric risk transfer. The collaboration between Moody’s RMS and Augment Risk will help serve a range of clients including large corporates with captives, Lloyd’s syndicates and insurance-linked securities funds who are all looking at the range of benefits that parametric reinsurance solutions can offer. The collaboration will focus on a cross-section of perils including windstorms, earthquakes, wildfires and severe convective storms.
kWh Analytics, Inc. partnered with Aspen Insurance to support its property insurance offering for renewable energy projects. With this increase, kWh Analytics is able to underwrite up to $75 million per renewable energy project location and has fully delegated authority to cover accounts, compromising up to 100% of operational solar and/or battery energy storage systems projects and up to 50% of wind and/or construction accounts.
SageSure acquired GeoVera Advantage Insurance Services, Inc., an existing managing general agent within the specialty property insurance provider GeoVera Insurance Holdings, Ltd. Upon the transaction’s completion, SageSure will assume the underwriting operations of GeoVera MGA’s best-in-class residential earthquake franchise.
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