Around the P&C insurance industry: September 18, 2024
This week's update includes insurance industry news from HSB, Crawford Technologies, ReSource Pro and more.
HSB has expanded its cyber insurance coverage for consumers with new protections for connected vehicles, cybercrime victims, digital wallets and other emerging risks. HSB Home Cyber Protection offers a suite of innovative cyber coverages and services for online fraud, cyber extortion, home systems and computer attacks, data breach, identity recovery, home title fraud, social media income interruption and other cyber exposures.
Crawford Technologies is proud to be a Diamond Sponsor of the Xplor 2024 Summit being held September 24-26 in Lake Buena Vista, Florida. Crawford Technologies will be participating in several educational sessions, as well as exhibiting its leading-edge workflow solutions and showcasing its recently introduced AccessibilityNow Translate service which captured this year’s Xplor Technology of the Year Award.
Insurance Business America selected Orion180 as a Top Insurance Employer, and they has been included in the prestigious Inc. 5000 list of fastest-growing private companies. Being recognized with these awards underscores Orion180’s commitment to profitable, sustainable growth and innovation in the insurance industry and highlights the company’s dedication to creating a top-tier workplace.
Envelop Risk launched its services business, Envelop Risk Solutions, offering a spectrum of support for insurers and reinsurers seeking enhanced cyber performance. Envelop Risk Solutions will leverage Envelop’s augmented underwriting approach that combines comprehensive use of data enrichment and artificial intelligence with rigorous underwriting and capital management approaches.
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.
Optalitix announced fundraising round of $3 million led by existing investor Calculus Capital with participation from 24Haymarket and others. The latest funding brings the total capital raised by the company to $8 million. The funding proceeds will be used to further accelerate product innovation and support the execution of Optalitix’s ambitious expansion plans.
Hilb Group has acquired a New England-based property and casualty book of business, growing the company’s presence in the New England region of operations. The acquisition took effect on August 28, 2024.
Sedgwick partnered with Altas Partners, a North American private equity firm. Current investors, including funds managed by global investment firm Carlyle and by Stone Point Capital LLC, will remain as investors and continue to make significant new investments in the business, with Carlyle maintaining its control position in partnership with the investor group and the Sedgwick management team.
Big “I” has expanded its Trusted Choice Hard Market Toolkit, offering the latest updates on market trends, economic indicators and strategic insights, along with enhanced communication and retention strategies.
Insurity announced it was categorized as a 2024 IDC FinTech Rankings Top 50 solution provider. Insurity was recognized for its continued investments in its business and the comprehensive strength of its portfolio, showcasing the breadth and depth of its solutions for the insurance industry. The elite list features technology companies from around the globe that are focused on providing solutions to the financial services and FinTech industries.
Sentry Insurance acquired The General from American Family Insurance. Sentry will purchase The General from American Family Insurance for approximately $1.1 billion in cash consideration. Including the value of assumed liabilities and required capital, the total transaction value will be $1.7 billion. The transaction is expected to close by year-end 2024, pending regulatory approvals.
ReSource Pro entered Southeast Asia and expanded its global client delivery operations into the Philippines. The expansion will help the company meet increasing market demand from insurance organizations across the U.S. for its services and further diversifies the company’s global workforce model. The announcement comes at the same time as ReSource Pro surpasses 10,000 full-time employees.
RIMS has tapped world-renowned business strategist John Hagel to inspire a global audience of enterprise risk professionals at RIMS ERM Conference 2024. Exploring opportunities to transform approaches to transformation and reimagine business strategies, Hagel’s keynote presentation will kick off the annual RIMS ERM Conference 2024 scheduled for November 18 to 19, at the Hilton Boston Park Plaza.
Everest Insurance introduced Everest Evolution, its new brand for the Company’s fast growing U.S. Wholesale business. The establishment of Everest Evolution was driven by clear demand for access to Everest’s offerings in the rapidly growing U.S. excess and surplus lines market, which accounts for approximately 10% of the country’s total direct insurance premium.
Ryan Specialty acquired the property and casualty MGUs owned by Ethos Specialty Insurance, LLC from Ascot Group Limited. Ethos P&C was founded in 2017 by Ascot Group and will become a part of the Ryan Specialty underwriting managers division of Ryan Specialty. Ethos’ transactional liability MGU is not included in the transaction and will remain with Ascot.
Related: