Around the P&C insurance industry: July 3, 2024
Insurance industry news from Flow Specialty, Consilium, Argenta Holdings Limited and more is featured in this weekly update.
Flow Specialty released its AI credo and vision to provide the entire insurance industry context and education surrounding its use of agentic AI to provide professional liability, management liability, and cyber insurance products. Agentic AI refers to artificial intelligence systems that can perform tasks autonomously and make decisions. It is like having a smart assistant that can take care of specific tasks on its own and helps streamline work by making decisions and taking actions based on the goals you set, improving efficiency and productivity.
BKS Partners announced it will rebrand as The Baldwin Group, where it will continue to provide innovative solutions, deep expertise and excellent service to clients while leveraging the full suite of risk management, insurance, employee benefits, and wealth management services from the network of nearly 40 regional brands across the country. As part of the rebranding efforts, BKS Partners will migrate insights, resources and client portals to the firm’s new website www.baldwin.com.
Consilium launched of its new cargo stock throughput offering, with the appointment of Jack Cooper as senior partner. Consilium has a broad cargo appetite, covering general, niche and complex stock throughput risks. Nimble by design, its approach combines global specialty reach and use of advanced technology, with a service led approach from a true independent broker.
Aegon announced the completion of its EUR 1.535 billion share buyback. As announced on July 6, 2023, EUR 1.5 billion of the share buyback relates to the transaction to combine Aegon the Netherlands with a.s.r. On April 9, 2024, Aegon announced that this share buyback was increased by EUR 35 million in relation to the share-based compensation plans for senior management.
Zurich Insurance Group and Aon launched a pioneering clean energy insurance facility, providing comprehensive coverage globally for blue and green hydrogen projects with capital expenditures of up to $250 million. This initiative with Zurich as the lead insurer and Aon as the exclusive broker aims to accelerate the development of clean hydrogen projects. It also forms part of Zurich’s commitment to support the net-zero transition through customer engagement, new services and product innovation.
Novidea acquired Docomotion, an automated document generation technology provider. The acquisition of Docomotion is the latest in a series of strategic moves by Novidea in its journey to become an insurtech industry leader. The transaction is set to close within the week.
Charles Taylor acquired M3 Aviation Services. Charles Taylor has a strong market reputation for serving all aspects of aviation claims, across a wide range of aircraft types, categories and market sectors from main aviation insurers and brokers to commercial airlines. It works with a strong network of partners to provide aviation claims capabilities globally.
BOSS Bonds Insurance Agency partnered with Associated Insurance Services of Boise, Idaho to deploy BOSS Bonds’ industry leading SuretyBonds.Market platform. The platform allows agents to monitor and manage their clients’ bonds throughout every stage, from application and underwriting to issuance and renewals.
Argenta Holdings Limited announced that the Sydney office of its service company, Argenta Underwriting Asia Pte Ltd, which operates on the Lloyd’s Australia platform, will close with immediate effect. This follows a review of the group’s underwriting activities in Australia. The business currently underwritten in Sydney, as well as future business, will be managed from London.
Northwood, Inc. and CHN PPO/Medlogix announced a relationship that will enhance the two organizations’ claimant-centric focus in delivering innovative solutions for better outcomes for auto accident claimants. This collaboration will combine Northwood’s over 30 years of experience in Michigan auto accidents and work-related injuries with CHN PPO/ Medlogix highly credentialed, coast-to-coast network.
Jewelers Mutual Group announced that its innovative mobile app, the LUX Digital Vault, has earned a gold award from the Insurance Marketing & Communications Association. The mobile app transforms the jewelry buying experience by embedding insurance into the process, digitizing customer interactions and modernizing the insurance binding process. The awards were presented at the IMCA Ignite 2024 Annual Conference, held June 24 through 26 in Orlando, Florida.
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