Around the P&C insurance industry: August 28, 2024
This week's update includes insurance industry news from Verisk Specialty Business Solutions, PCF Insurance Services, SageSure and more.
Verisk Specialty Business Solutions introduced a significant new offshore renewable energy module within its exposure management system Sequel Impact. The new module can be purchased and deployed as an add-on for existing Sequel Impact clients or standalone for new clients. This latest enhancement to Verisk Sequel Impact leverages the comprehensive worldwide offshore windfarms dataset curated by the research arm of Clarksons, the world’s biggest shipping services provider.
PCF Insurance Services has acquired the insurance business of 360 Insurance, based in Las Vegas, Nevada. By joining PCF Insurance, the 360 Insurance team and its clients will benefit from expanded coverage solutions, more competitive pricing and value-add services like in-house risk management and claims advocacy.
One Inc hosted its first-ever users conference, InsurTech Innovate, this summer in Boston, Massachusetts. The event brought together 130-plus industry leaders and 7 of the top-25 insurers to collaborate on the latest trends and innovations shaping the insurance payments landscape. Sponsored by Guidewire, Mastercard, U.S. Bank and Ernst & Young, InsurTech Innovate brought together a robust group of internal and external experts. The discussions aimed to create a seamless payment experience for policyholders while also focusing on reducing fraud.
Nexus Group has launched a new alternative risk transfer (ART) business line in the U.S., under the leadership of Christof Bentele, president of Nexus Specialty Casualty. ART will offer multi-year structured (re)insurance solutions, with a primary focus on property insurance, along with liability and multi-line insurance. The business will operate in the U.S.
Monoline launched SimpleSwitch, a revolutionary program designed to transform the way agencies handle the book roll, renewal and transfer of standalone personal umbrella insurance policies. As a leader in insurance technology, Monoline has developed SimpleSwitch to offer agencies an unparalleled solution that enhances efficiency, accuracy and client satisfaction, setting a new industry standard in the process.
General Indemnity Group has been named one of the Top Insurance Employers of 2024 by Insurance Business America. The awards celebrate employers and companies for their commitment to their employees. GIG qualified in the category of 26-100 employees.
SageSure collaborated with Markel, the insurance operation within Markel Group Inc. SageSure Expanded Markets will distribute Markel’s insurance products first in Louisiana, South Carolina and Texas, with more states forthcoming. The collaboration represents strong alignment between Markel and SageSure, both of which specialize in delivering high-quality solutions for complex risks and challenging markets.
Accession Risk Management Group, the parent company of Risk Strategies and One80 Intermediaries, comprising North America’s ninth largest privately held insurance broker, has closed a $1 billion incremental debt raise and refinancing. The funding will further accelerate a remarkable growth trajectory driven by the continued acquisition of leading specialty brokerages and targeted organic expansion.
Compre Group Holdings Limited has completed a legacy reinsurance transaction with Accelerant, the data-driven risk exchange, following approval by the Bermuda Monetary Authority. The transaction, which has been underwritten by Compre’s Bermuda-based reinsurer Pallas Reinsurance Company Ltd., will provide approximately $150 million of cover on loss reserves.
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