Around the P&C insurance industry: October 16, 2024
This week's update includes insurance industry news from Beazley, Kroenke Sports & Entertainment, Orion180 and more.
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.
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.
Trawick International has been awarded a Silver Magellan Award by Travel Weekly in the category of Travel Insurance – Overall Product for Travel Services. The award-winning product is Safe Travels AnyReason, Trawick International’s latest trip cancellation offering. This plan includes cancel for any reason coverage at no additional cost — an industry first — providing travelers with unmatched flexibility and cancellation coverage.
Rural Mutual Insurance Company and Badger Mutual Insurance Company, with a combined 227 years of providing farm, commercial and personal policies, announced an affiliation subject to regulatory approval with an anticipated effective date in January 2025.
Duck Creek Technologies has acquired Risk Control Technologies, Inc., a Toronto-based provider of risk management and loss control solutions. This strategic investment is set to transform how insurance carriers prevent loss and manage risk, enabling deployment of advanced AI and machine learning capabilities at the forefront.
Insurance Industry Charitable Foundation released the 2024 IICF Regional Forums Recap, a document sharing key takeaways and learnings from this year’s IICF Regional Forums held in New York, Chicago, Dallas, Los Angeles and London. This report offers actionable insights gathered from sessions and discussions led by respected insurance and business leaders centered around advancing inclusion and innovation while working to build the future of talent and work in insurance.
hyperexponential launched its first templated reinsurance model. The new model will be for treaty reinsurance, including excess of loss, and will be available to existing customers through hyperexponential’s hx Renew platform later this month.
SURE partnered with SageSure to launch its first non-admitted business owners policy in the California commercial property market. The program is optimized to cover more than 400 business classes across eight industries, including restaurants, offices, wholesale, habitational, lessor risks, retail, service and processing and artisan contractors. The BOP program is SURE’s third solution to help address the demand for reliable coverage in the state.
Orion180 has expanded its admitted homeowners insurance coverage offerings into North Carolina. Coverage is now available to coastal and inland markets, providing comprehensive protection for homeowners throughout the state.
Kroenke Sports & Entertainment announced that IMA Financial Group has signed on as the first jersey patch partner of the Colorado Avalanche. The new patch will appear on the player’s right chest of all home, away, and alternate jerseys during the 2024-25 and 2025-26 seasons.
DA Strategy announced that Volt Underwriting has launched as an approved coverholder, led by Dale Underwriting Partners’ Lloyd’s Syndicate 1729. Supported by DA Strategy’s Managing General Agent Design & Build Service, Volt Underwriting will support clients active in the energy transition sector with initial capacity of $25 million for U.S. and international onshore power and renewable energy risks.
Crawford & Company launched TurviSM, a new insurtech company offering market-ready SaaS solutions built to create a more efficient and accurate, P&C claims ecosystem. Turvi’s SaaS products leverage AI and automation capabilities to accelerate the claim processing workflow, expedite the estimating process, simplify the claim coverage review process and improve the customer experience.
Orion180 partnered with the MoneyGram Haas F1 Team. The insurance trailblazer and America’s Formula 1 team will commence their multi-year partnership from the team’s home race, the United States Grand Prix, held at the Circuit of The Americas, on October 18-20.
Starwind Specialty Insurance Services launched Starwind PVT, a new political violence and terrorism program. Based in North Carolina, Kirby joined Starwind to build an MGA backed by A+ rated, domestic and international insurance and reinsurance paper. Launched October 1, 2024, the program is focused on coverage for physical damage, business interruption and liability coverage for terrorism, strikes, riots and civil unrest, active assailants, and workplace violence as well as broader political violence perils for non-U.S. assets.
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