Around the P&C insurance industry: June 19, 2024
Insurance industry news from General Indemnity Group, Moen, Consilium and more is featured in this weekly update.
General Indemnity Group rebranded its merged South Coast Surety Insurance Agency to BOSS Bonds Insurance Agency. The re-branding represents the consolidation of the surety agencies that GIG had acquired since 2017, resulting in an agency that offers full-service surety products and solutions to insurance agents and individuals nationwide.
Insurance Development Forum and the French Development Agency Group formed the Integrated Disaster Risk Management Alliance. Signed at the IDF Summit 2024, this unique strategic partnership aims to strengthen the long-term resilience of sovereign, sub-sovereigns and public utilities in the global South to the impacts of climate disasters through comprehensive financial solutions, combining the expertise of development finance institutions, public development banks and insurers.
National Insurance Crime Bureau and Agero, the leading white-label provider of digital driver assistance services and software for the majority of automotive insurance brands partnered to combat fraud before it happens. The FBI reports that insurance fraud is estimated to be more than $40 billion per year, costing the average U.S. family between $400 and $700 annually in increased premiums. Additionally, auto insurance fraud is underreported, as 29 percent of those who say they were victims never reported their suspicions.
Across America Insurance Services, Inc. partnered with carrier Incline Americas Insurance Company, a member of the Incline P&C Group. Incline Americas, rated A- by AM Best, will work to provide its insurance solutions under Across America’s commercial auto liability, physical damage, motor truck cargo and general liability insurance policies.
Counterpart partnered with Westfield Specialty Insurance to provide an admitted product for Counterpart’s small business customers and, for the first time, nonprofit organizations, through its network of trusted broker partners. The partnership with Westfield Specialty represents one of three A-rated insurance carriers to back Counterpart, which is already supported in the surplus lines by Aspen Insurance and Markel.
Dubai International Financial Centre Insurance Association announced its reciprocal membership with ACORD, the standards-setting body for the global insurance industry. The DIFCIA, a founding member of the ACORD Global Advisory Council, represents a wide range of insurance decision-makers in Middle Eastern financial markets.
Aon plc announced a $350 million, first-of-its kind insurance program with the U.S. International Development Finance Corporation to build insurance capacity and accelerate new capital investment and economic recovery in Ukraine. As one of the largest global brokers operating in Ukraine, Aon coordinated a comprehensive $50 million reinsurance facility, working closely with DFC and the Ukraine Ministry for Development of Economy and Trade to support the active and ongoing issuance of on-the-ground war risk policies to businesses operating in Ukraine.
CFC announced its second insurance solution for buyers of voluntary carbon credits. CFC’s new Carbon Cancellation Insurance safeguards purchased carbon credits from financial and management risks in the event of cancellation or invalidation resulting from political risks like regulatory change and weather events impacting carbon projects.
Moen announced an initiative with Farmers Insurance, designed to drive adoption of Flo Smart Water Monitor and Shutoff devices through special savings and installation programs for its customers. This program can significantly reduce the number of insurance claims customers file related to catastrophic water damage because of residential leaks. Flo Smart Water Monitor and Shutoff devices offer a digitally driven and proactive approach to leak detection, with the ability to help reduce water damage claim frequency events by as much as 96%, as well as household water wasted through preventable leaks by up to 90%. Increasing the number of homes utilizing smart leak detection can help home insurance providers to reduce their risk of water damage claims and control costs, and helps homeowners avoid the expense and disruption caused by preventable water damage.
ANV Global Services, Inc. launched its transactional risk insurance program in the United States. The new ANV business unit will be led by Colin Addy and Greg Conroy, who previously held senior positions at Vale Insurance Partners and Chubb.
The prestigious Legal 500 has recommended Rivkin Radler’s Insurance Coverage Practice Group in its U.S. rankings for the sixth consecutive year. The practice is recommended in the “industry focus: insurance – advice to insurers” category in Band 3. Last year’s publication ranked the practice in Band 4. In addition, The Legal 500 recognized the following Insurance Coverage attorneys: Michael Kotula, John Marino, Alan Rutkin, William Savino and Lindsey Trowell.
Consilium entered the credit and political risk insurance market. Consilium has hired Alan Wallace to support the business as it builds a differentiated presence in terms of talent, innovative wordings, broad cover and A-rated Lloyd’s and London Market capacity.
CoreLogic has introduced CoreLogic Restoration | Mitigate, a water loss documentation tool that has been completely reimagined and designed with technicians in mind. Designed by a team of restoration industry professionals, Mitigate delivers a powerful workflow platform that optimizes loss documentation to match the order of operations in the field while maintaining compliance, accuracy and efficiency.
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