Palomar Specialty Insurance Company and AAA Club Alliance will sell residential earthquake insurance in Oklahoma. Guidewire Software issued the 2017.1 version of its Guidewire InsurancePlatform. Beazley announced two sets of financial lines products for organizations domiciled outside the United States. Allied World Assurance Company Holdings expanded its Accounts Receivable Insurance coverage to most of the United States.
Palomar Specialty Insurance Company and AAA Club Alliance will begin offering residential earthquake insurance, starting in Oklahoma.
Russ Iden, vice president of Insurance for the American Automobile Association, noted there is a strong demand for this kind of offering, even with a “slight” decline in Oklahoma earthquakes in recent months.
“More than half of our AAA members who insure their home with us either carry earthquake coverage or want the coverage, especially after an event,” Iden said in prepared remarks. “We see Palomar Specialty as a strategic partner to deliver the coverage our members need for the biggest investment they own – their home.”
Guidewire Software, a maker of software products for property/casualty insurers, issued the 2017.1 version of its Guidewire InsurancePlatform.
Guidewire said its new release includes enhancements to the platform’s core, data and digital product families. Particularly, there are new versions of Digital Portals, InsuranceNow, Underwriting Management, Life Claim Canvas and Predictive Analytics programs.
Guidewire InsurancePlatform combines core operations, data and analytics and digital engagement to help insurers respond to industry changes and better engage/empower their customers, agents/brokers and emlpoyees.
Beazley has unveiled two sets of financial lines products for organizations domiciled outside the United States.
One is designed for the specific needs of financial institutions and the other provides comprehensive management liability cover for traditional and emerging risks, the company said.
Beazley’s financial institutions and data breach teams, respectively, have developed a package that combines crime and professional indemnity cover with Beazley’s data breach capability. This offering will provide financial institutions with the protection they need in the face of proliferating cyber threats, according to Beazley.
Cover for crime, professional indemnity and data breach, tailored to the needs of financial institutions are also available on a standalone basis, as is directors and officers insurance, and protection designed specifically for both investment management and private equity organizations, Beazley continued.
Beazley’s international management liability team has created a range of covers incorporating directors and officers liability, public offering of securities, employment practices liability, and pension trustee liability outside the U.S., complementing the products that Beazley already provides for U.S. organizations. Each of these new products contain data breach cover as standard.
Allied World Assurance Company Holdings expanded its Accounts Receivable Insurance coverage to make it available in 49 states and Washington, D.C.
The cover is designed for chief financial officers and other senior financial executives, in order to help mitigate the risk of non-payment for their companies due to customer insolvency, protracted default or political risk.
Sources: Palomar Specialty Insurance Company/AAA, Guidewire Software, Beazley and Allied World.