Around the P&C insurance industry: May 15, 2024
Insurance industry news from Simplifaim, Holmes Murphy, IMA Financial Group and more is featured in this weekly update.
Simplifai has completed an investment round with Idékapital as the lead investor. The specifics of the investment, including the amount and details of other participants, were not disclosed.
Unum Group launched Unum Pet Insurance. With this offering, Unum Group has rounded out its financial benefits portfolio, offering holistic protection for employees and their families, no matter what their family looks like.
Evolin Broking Limited launched a new terrorism facility, Assailant Protect, underwritten at Lloyd’s of London. The facility, led by global specialty reinsurance group, Chaucer, has up to $500 million limit per policy for terrorism and can include various optional coverages. It also has an active assailant product which has embedded non-insurance elements, written 100% by Chaucer.
McLarens has achieved the Planet Mark Business Certification, recognizing the business’ efforts in carbon footprint measurement and reduction, and underlining its commitment to sustainability. The Planet Mark Business Certification is an internationally recognized sustainability certification for all organizations acknowledging continuous progress, encouraging action and building an empowered community of like-minded individuals.
Aon plc announced an update to its pricing platform that will bring enhanced visualization and automation capabilities to reinsurance underwriters. The software update has also added new business lines including U.S. financial lines and cyber, as well as geospatial mapping technologies.
Plymouth Rock Home Assurance and Fetch Pet Insurance are unveiling an innovative program in May aimed at providing comprehensive protection for homes and beloved pets alike. This collaboration responds to their joint customers’ need to protect themselves from the sudden financial impact of unexpected pet healthcare bills.
Holmes Murphy launched Innovative Program Solutions. IPS is a full-service managing general agent practice. The company will be focused on designing specialized insurance programs to help businesses in targeted industries drive down expenses and loss ratios with custom solutions created by industry experts who have decades of experience.
Everest officially launched its Australian insurance operations after receiving approval from the Australian Prudential Regulation Authority. The business will operate under the name Everest Insurance Australia with offices established in Sydney and Melbourne.
Berkley Service Professionals launched their new manufacturers E&O product. Berkley Service Professionals’ manufacturers E&O offers policies for U.S.-domiciled companies with revenues up to $250 million, with coverage limits up to $3 million on a primary basis and up to $5 million on excess.
SageSure launched its first expanded markets surplus lines dwelling fire product in Louisiana, New Jersey, South Carolina and Texas. SageSure Expanded Markets program leverages third-party products to complement the SageSure Signature product suite. Expanded Markets provides access to highly rated capacity with broader eligibility criteria in some of the most challenging markets in the U.S.
IMA Financial Group opened its largest office on the East coast at 1155 Avenue of the Americas in Manhattan, alongside many of the biggest financial services firms worldwide. The 10,000-square-foot space, which is owned and managed by The Durst Organization, is a centerpiece of IMA’s presence in the region and showcases IMA’s growth into one of the fastest-growing independent insurance brokerages in the U.S.
Related: