Around the P&C insurance industry: October 9, 2024
This week's update includes insurance industry news from Skyward Specialty Insurance Group, Duck Creek Technologies, SIAA and more.
Skyward Specialty Insurance Group, Inc. expanded its renewable energy solutions. Skyward Specialty’s expanded renewable energy offering now includes casualty coverage options targeting various renewable energy classes, including solar, wind, hydroelectric, biomass, and geothermal, providing tailored solutions for businesses in these sectors.
Liberty Mutual Reinsurance and Safehub have partnered with the University of California to protect their campuses from the risk of earthquake damage. The partnership builds on the success of LM Re and Safehub’s bespoke sensor-triggered policies which have previously been rolled out in Mexico and the Caribbean. The UC coverage is the first sensor-triggered parametric earthquake coverage to be purchased in the United States as LM Re and Safehub continue to expand their reach to offer the solution worldwide.
Microinsurance Network partnered with the African Insurance Organisation. This collaboration marked a significant milestone in advancing the development of inclusive insurance markets across Africa. Together, MiN and AIO, with additional support from the International Labour Organization Impact Insurance Facility. The partnership between MiN and AIO is underpinned by a shared commitment to supporting the growth of inclusive insurance in Africa.
Dylogy unveiled its new identity and announced its first €1.2 million pre-seed funding round, with participation from Convex Group, Hub612, Mindstone, Lya Protect and Uchal. This funding enabled the young startup to accelerate the deployment of its generative AI services and scale up its platform dedicated to insurers, reinsurers and brokers.
AM Best has affirmed the Financial Strength Rating of “A” and the Long-Term Issuer Credit Rating of “a” for Hawaii Employers’ Mutual Insurance Company, Inc. and returned both outlooks to “stable”. HEMIC is the largest provider of workers’ compensation insurance in Hawaiʻi and has maintained an “A” rating from AM Best every year since they were first rated in 2007.
Starwind Specialty Insurance Services, LLC has partnered with Stone Point Credit to launch Fractal Re Ltd., a newly created collateralized reinsurer that will provide reinsurance capacity across Starwind’s diversified portfolio of casualty programs.
Plymouth Rock Assurance welcomed Boston Bruins defenseman Hampus Lindholm as the official brand ambassador for Plymouth Rock’s Bruins Insurance Program. Lindholm will also return for his second season of Plymouth Rock’s “The Bostonians” creative campaign as part of this partnership.
Duck Creek Technologies introduced its latest insurance-focused payments solution, the Duck Creek Payments Facilitator. This modern, end-to-end payment solution caters to the nuances of payments within insurance by providing carriers with access to digital payment methods for both collecting and disbursing funds.
Beazley launched Beazley Quantum. This new cyber consortium provides comprehensive cover for large corporates with a turnover in excess of $1 billion, infusing $100 million of new capacity into the cyber market. The consortium is led by Beazley’s market-leading cyber underwriting and claims handling teams and is available on the Global Wholesale platform via Lloyd’s.
Amwins and Floodbase launched a municipal flood insurance program, backed by an “A+” AM Best rated carrier, designed to insure California municipalities against previously uncovered losses due to atmospheric river flooding.
insured.io introduced its next-generation Omnichannel Customer Engagement Platform, adding an array of new features, including AI-powered voice, enhanced mobile functionality and real-time claims updates. These advancements make it the industry’s leading consumer front-end for mid-size P&C carriers and their demanding customers.
RIMS Ontario Chapter presented the Donald M. Stuart Award to Valerie Fox, CRM, RIMS-CRMP, former director of risk management and health and safety for NPL Canada. The Donald M. Stuart award is widely recognized as Canada’s highest honor within the risk management field and, since 1979, has celebrated Canadians who have made outstanding contributions to the profession.
SIAA partnered with Travelers Insurance to host a SHE Golfs event at Abenaqui Country Club in Rye, New Hampshire, designed to empower novices to feel comfortable and confident while learning the game of golf. Originally focused on women only, the SHE Golfs program now includes both women and men, remaining targeted at beginner and intermediate golfers. The event was free to seacoast area employees and the first of the SHE Golfs programs to be hosted by a national partner of Travelers.
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