Around the P&C insurance industry: September 11, 2024
This week's update includes insurance industry news from Moody’s Corporation, Erthos, Computershare and more.
EPIC Insurance Brokers & Consultants partnered with the Miami Dolphins and Hard Rock Stadium. EPIC provided the Miami Dolphins and Hard Rock Stadium with a suite of risk management solutions specifically customized for professional sports organizations and venues.
Moody’s Corporation has acquired Praedicat, a leading provider of casualty insurance analytics. The acquisition adds comprehensive casualty and liability modeling to Moody’s range of market leading solutions for the insurance industry, further enhancing its overall risk assessment strategy. Praedicat’s models and predictive analytics help insurers and reinsurers navigate risks associated with catastrophic events, including product and environmental liabilities.
Ryan Specialty acquired US Assure Insurance Services of Florida, Inc., effective August 30, 2024. US Assure, headquartered in Jacksonville, Florida, is a leading program specializing in builder’s risk insurance, and will become a part of the Ryan Specialty Underwriting Managers division of Ryan Specialty.
Ryan Specialty acquired Greenhill Underwriting Insurance Services, LLC from Alera Group, Inc, effective September 1, 2024. Greenhill is a technology-enabled managing general underwriter focused on the allied health industry. At Ryan Specialty, the Greenhill team will be a part of Sapphire Blue, Ryan Specialty’s healthcare managing general underwriter.
Ryan Specialty acquired Geo Underwriting Europe BV, part of The Ardonagh Group. Geo Europe is based in Rotterdam, Netherlands, with operations in Germany, and specializes in financial lines. Geo Europe will join the Ryan Financial Lines unit within the Ryan Specialty Underwriting Managers division of Ryan Specialty, complementing RFL’s European expansion objectives. The acquisition is expected to close during the third quarter of this year.
Erthos, a large-scale renewable energy technology company and inventor of Earth Mount Solar, has partnered with New Energy Risk, a wholly owned division of Paragon Insurance Holdings, and CAC Specialty, a leading insurance broker, to develop a unique insurance-backed warranty product for their Earth Mount Solar technology.
Akur8 acquired Arius, an award-winning P&C reserving software for insurers and reinsurers, known for its innovative tools and methodologies that help insurers manage risk and improve financial performance. Boasting a robust U.S. presence and a reputation for excellence, Arius’s portfolio includes 150 insurance and consulting clients and over 1,500 users. More than one-third of these clients are top-tier carriers in the U.S. and Canada, reflecting its strong foothold in the Tier 1 and Tier 2 market segments. As a trusted partner for insurers, Arius offers comprehensive reserving capabilities that set industry standards.
Coalitio Re provided capacity for cyber reinsurance treaties and expanded on its mission to protect more unprotected businesses. Coalition Re provides capacity for non-proportional cyber reinsurance treaties, as well as a white-labeled cyber insurance product with up to 100% quota share support for cedants seeking to offer cyber insurance as an endorsement to an existing insurance product offering. Both are available globally and supported by a robust panel of capacity providers led by Aspen, a leading specialty insurer and reinsurer.
Connect Underwriting Limited launched reinsurance MGA BRICS UW, subject to regulatory approval, which will provide capacity to emerging markets. It will also act as a hub for international markets, enabling reputable emerging market reinsurers that do not have a presence in London to access London distribution and business rarely seen in their local territories.
Conduent Incorporated has completed the sale of its Casualty Claims Solutions Business to MedRisk, the nation’s largest managed care organization dedicated to the physical rehabilitation of workers’ compensation patients. The transaction was initially announced on May 3, 2024.
3motionAI officially launched its innovative 3DNeuroNET Engine, which will provide video-based data insights to revolutionize injury prevention and optimize performance across industries. By extracting critical data insights from any video source, businesses can gain a deeper understanding of movement patterns, enabling the development of more effective solutions to improve performance and reduce injury risk across various sectors.
Computershare has expanded its insurance-linked securities products to support the catastrophe bond market as trustee and paying agent. The global financial services company said that its extensive experience in collateralized reinsurance meant it was well-positioned to provide CAT bond trustee and paying agent services to insurance and re-insurance companies, asset managers at hedge, pension and mutual funds as well as to banks and other financial institutions.
Agero has renewed its multi-year partnership with Hagerty, an automotive enthusiast brand and a leading specialty vehicle insurance provider. With this agreement, Agero will continue providing unparalleled roadside assistance services to Hagerty clients and Hagerty Drivers Club members across the U.S.
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