QBE North America and Stateside Underwriting Agency will provide new products for mortgage-related professionals. Aon unveiled a service for companies struggling to comply with new EU data protection regulations. Arch Insurance Group and others have formed a new partnership to provide custom insurance for a few specialty industries. Karen Clark & Co. launched the latest version of its catastrophe modeling platform.
QBE North America inked a deal with Stateside Underwriting Agency to offer Professional Liability insurance for primary and excess coverage to its clients who are title agents, abstractors and Escrow Agents.
Specifically, Mortgage Company Professional Liability and Mortgage Bankers Bond insurance will be offered as excess coverage. The plan is to provide it through QBE North America A.M. Best “A” rated insurance companies on both an admitted and non-admitted basis.
Richard Nowell, president of Stateside Underwriting Agency, said in prepared remarks that the alliance will give it greater opportunity to serve major financial institutions, including mortgage services clientele, by boosting capacity and expanding its ability to handle a broader risk profile of clients.
Aon plc has launched a new comprehensive risk management product designed to help companies and organizations prepare for new EU data protection regulations, and protect against some of the financial impacts they might cause.
Aon’s EU Data Protect product provides, in part, readiness assessment for the EU General Data Protection Regulation, something that would help organizations spot, prioritize, and deal with gaps in their compliance program, and understand and address data protection risks according to the new requirements.
The product also includes impact analysis, an insurance endorsement, and incident/claims response, the latter of which gives clients access to specializes advisory services after an event.
The EU General Data Protecton regulation brings on stricter requirements for organizations about how they process personal data, a mandatory data breach notification regime, and also tougher enforcement powers for regulators.
Custom insurance programs for the sports, recreation and entertainment industries are the basis of a new exclusive underwriting partnership between Arch Insurance Group – part of Arch Capital Group Ltd., American Specialty Insurance and Risk Services Inc.
American Specialty president Drew Smith said this will involve enhancing and expanding an existing insurance program, so American Specialty can offer new products and programs to its retail insurance agency and broker partners through the U.S.
Among the planned expansions: a new program for ice rinks, broader property insurance capabilities, and workers compensation coverage.
Karen Clark & Co. released the latest version of its RiskInsight Open Loss modeling platform.
The catastrophe modeling firm said that Risk Insight Version 4.4 includes enhancement to the custom model building capabilities and client integration modules, as well as performance improvements.
Among its new features: plugins to create damage functions based on attributes not typically used in traditional models, a greater ease to import custom events and event intensity files, and improved ability to visualize and verify hazard data. KCC said the improvements also make it easier to mix and match model components, and custom models can now run through the job manager so performance is now on par with KCC reference models.
Sources: QBE North America, Aon, Arch Insurance Group and Karen Clark & Co.