Around the P&C insurance industry: May 1, 2024
Insurance industry news from Orion180, PeppercornAI, HCI Group and more featured in weekly update.
Orion180 expanded its homeowners insurance services to Arizona. This marks a significant milestone as the company’s first venture into the Western United States, reinforcing its mission to establish a comprehensive nationwide presence.
Flow Specialty (formerly Capitola Insurance) sets a new standard in the specialty wholesale insurance market. By integrating human expertise with advanced artificial intelligence, Flow Specialty offers faster quotes, transparent communication and reduced costs, providing unmatched service and access to premier markets.
Property & Liability Resource Bureau launched its new website, designed to provide an intuitive and enriched experience for industry professionals seeking valuable resources and insights. With a refreshed interface and enhanced functionality, the new PLRB website offers its members streamlined access to a wealth of information including legal analysis and form review, weather/CAT mapping and analytics, building code databases, and educational tools tailored to the needs of insurance claims adjusters, underwriters, attorneys, executives and other stakeholders in the property & casualty insurance industry.
Africa Specialty Risks launched ASR Syndicate 2454 focused on underwriting business across Africa. It is the first African focused syndicate writing business at Lloyd’s and is managed by Apollo. ASR Syndicate officially began underwriting on April 26, 2024, and has planned gross premium of approximately £70 million for 2024.
PeppercornAI used conversational AI to reduce operational costs, better protect risk and deliver an improved customer experience when buying or managing insurance. In addition, the insurtech launched its SaaS platform, Pipr, last year to support the motor industry with rising cost pressures. The firm will use the funding to further develop the conversational AI platform as well as support B2B demand from the UK and abroad.
Ariel Re formed a cyber risk consortium with Hiscox Re & ILS. Called CyberShock, the consortium aims to provide up to $50 million of per-program capacity, offering bespoke and event-based protection for cyber insurance providers across the world.
Aon plc acquired NFP, a leading middle market property and casualty broker, benefits consultant, wealth manager and retirement plan advisor, from funds affiliated with NFP’s main capital sponsor, Madison Dearborn Partners, and HPS Investment Partners for an enterprise value of $13 billion, including $7 billion cash and assumed liabilities as well as $6 billion in equity in the form of 19 million Aon shares.
Omaha National Group Inc. has acquired Sutter Insurance Company, a California-domiciled insurer. Sutter has been renamed to Omaha National Casualty Company, owned by Omaha National which also owns Omaha National Insurance Company, domiciled in Nebraska. Reagan Pufall, chief executive officer, said, “The acquisition of a carrier licensed in California, which is our largest market, is a major step forward in operating as a national full-stack carrier.
HCI Group, Inc. has entered into a renewal rights agreement, dated January 18, 2021, with United Insurance Holding Corp. pursuant to which United is to transition to HCI all its personal lines insurance business in the states of Connecticut, New Jersey, Massachusetts and Rhode Island.
Worldwide Broker Network™ celebrated triple success in the Axco Global Insurance Awards 2024 where they won ‘Broker Network of the Year’ and were named a Finalist in ‘Best Training Initiative in Global Risk.’ WBN’s CEO Olga Collins was also ‘Highly Commended’ in the ‘Outstanding Contribution’ to the global insurance industry category.
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