Around the P&C insurance industry: July 17, 2024
This week's update includes insurance industry news from Ford Pro, Artex Risk Solutions, Insurity and more.
SageSure, Anchor Re and SureChoice Underwriters Reciprocal Exchange, a policyholder-owned reciprocal exchange, announced the close of the Gateway Re 2024-4 county-weighted wind cover catastrophe bond at $60 million, a 20% upsize from the original $50 million target.
Ford Pro announced the availability of its commercial auto coverage, Ford Pro Insure, to Maryland and Minnesota. Ford Pro is underwritten by Ford Credit’s insurance subsidiary and powered by Pie Insurance.
Rate Insurance announced its official rebranding from Guaranteed Rate Insurance to Rate Insurance. This change aligns with the parent company’s rebranding from Guaranteed Rate to Rate, announced on July 9. The rebrand reflects Rate Insurance’s commitment to better evolving its brand identity and mission to serve customers and partners in the dynamic insurance landscape.
Orion180 completed its reinsurance placement for excess-of-loss and net quota share agreements for the 2024 hurricane season. The Orion180 Insurance Company tower now represents a 47% increase from 2023 and 200-year return period protection for both carriers. Orion180 continues its expansion with a new admitted homeowners product in the Ohio market as of July 9, and has further plans for new products and markets still to come in 2024.
Rokstone launched a new sports & leisure casualty division in the U.S. The division will be led by the highly experienced Charles Landrum, a master of the U.S. commercial casualty market with 40-plus years of experience in the development of specialist solutions for the sports and leisure industry.
NeuralMetrics has graduated from the 2023/2024 Creative Destruction Lab Risk Stream at the University of Wisconsin-Madison. NeuralMetrics was selected from more than 100 applicant companies to participate in the risk-specific cohort and is one of only seven organizations to complete the program’s sequenced qualification steps for graduation. The CDL program brings new and experienced entrepreneurs, investors and other stakeholders together to help solution providers and startups optimize their businesses.
The insurance industry exceeded loss ratio levels that have not been seen in nearly 20 years, with an estimated $21.2 billion reported in underwriting losses in 2023. To help insurers, Verisk has launched its ISO Experience Index, an innovative tool designed to modernize how actuaries in the insurance industry analyze risk patterns. The ISO Experience Index addresses the increasing volatility and scale of loss patterns in the industry, offering a responsive and up-to-date indicator of observed underwriting experience.
Hub International Limited acquired the assets of Wyatt Insurance Services, Inc. Terms of the transaction were not disclosed.
Aspen Insurance Holdings Limited announced an agreement to sponsor skipper Pip Hare as she prepares to compete at the Vendée Globe Race in November. This partnership is in line with Aspen’s ambition to expand its brand reputation and market presence. As part of the agreement, Aspen’s logo will be displayed on Pip’s boat, the Medallia. The Vendée Globe is the world’s second most watch sports event, and an estimated 2.1 billion households will follow the race worldwide.
Aspen Insurance Holdings Limited has launched Aspen Data Labs, a new platform to deliver Aspen’s digital strategy and drive forward the business’ data and artificial intelligence agenda. Aspen Data Labs will bring together employees and partners to collaborate on data science and AI projects that improve operational efficiency and accelerate business results in underwriting and claims processes.
Cross Insurance announced that Royce Cross, chairman of Cross Insurance, has been selected as the recipient of The Insurance Library’s 2024 Insurance Professional of the Year Award. This esteemed accolade will be presented by Sonya Ross, president and board chair of the Insurance Library, during a gala luncheon scheduled for October 4, at the InterContinental Boston.
FM Global announced it will now be known as FM. FM’s Chairman and Chief Executive Officer Malcolm Roberts unveiled the refreshed brand, which includes a new logo and tagline, during the company’s midyear meeting.
Artex Risk Solutions launched its first Vermont Protected Cell Company, to provide organizations of all sizes and industries with an alternative platform to support their risk transfer needs.
Origami Risk is among the 21 prominent environmental, health and safety technology providers profiled in the highly selective Buyer’s Guide: Safety Management Software issued by Verdantix. Origami offers an extensive suite of digital EHS solutions available on a highly configurable, fully integrated web and mobile platform. Functionality includes safety management, analytics, PSM, occupational health and environmental management.
BOSS Bonds Insurance Agency partnered with the Beyond Insurance Global Network to deploy BOSS Bonds’ industry leading SuretyBonds.Market platform.
Novatae Risk Group acquired the assets of Denali Specialty Group, LLC of St. Louis, Missouri on July 1. Terms of the transaction were not disclosed. Founded in 2019, Denali is a full-service insurance intermediary that is backed by decades of experience accumulated by its leadership. Denali has a primary niche in investment properties and an additional focus on cannabis, excess worker compensation and student housing. The organization is led by Michael Eichhorn, Kerri Senger and Paul Krutek.
MarshBerry announced the regional winners of its prestigious MAX Performer awards, a mark of distinction given to independent agencies and brokers with solid financials, operational excellence and world-class client service.
Insurity launched the Insurity Interaction Platform, powered by Glia. This cloud-native platform is designed to enhance interactions with policyholders and agents across multiple channels, delivering a seamless digital experience. In partnership with Glia, the leader in customer interaction technology, Insurity is launching this platform to empower carriers and MGAs to meet their policyholders and agents on screen and seamlessly transition across interaction channels, including phone calls, chats, video calls and SMS.
QBE Insurance unveiled QCyberProtect, a comprehensive and globally consistent cyber policy designed to enhance cyber resilience for a broad range of clients worldwide. QCyberProtect provides tailored coverage for losses arising from current and emerging cyber risks, including, but not limited to, network security, privacy liability, IT and non-IT business interruptions and reputational loss.
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