A commercial auto insurance startup has a new strategic partnership with Munich Re’s Digital Partners. Swiss Re’s Corporate Solutions business started selling a multi-coverage management liability insurance policy for non-profit and private companies. A UK company plans to start offering its connected water leak detector through certain U.S. insurance partners. Hudson Insurance Group launched a new commercial casualty E&S business. Root Insurance has expanded to Illinois, Utah, Oklahoma and Indiana.
INSUR, a commercial auto insurer for ridesharing drivers, plans to expand via a new agreement with Munich Re’s Digital Partners.
Their agreement calls for the design and distribution of innovative commercial auto insurance products via INSUR’s mobile technology platform.
INSUR launched in 2016 focused on New York City’s rideshare market. The startup bills itself as the only mobile-first digital platform for commercial auto insurance focused on rideshare drivers. An insurance quote through INSUR can take as little as 171 seconds, it said. It has a free app that allows taxi and limo drivers to quote, purchase and service their insurance policies at their convenience.
Swiss Re’s Corporate Solutions business is now offering SwissGuard, a multi-coverage management liability insurance policy.
The policy, an expansion of its Executive Risk offering, is designed for non-profit and private companies. Swiss Guard insures against Directors and Officers Liability, Employment Practices Liability and Fiduciary Liability for U.S.-domiciled companies. As well, it protects against claims stemming from M&A activity, financial performance, employment matters and breach of fiduciary duty, among others.
SwissGuard is available in all 50 states, and cover can be purchased individually or on a combined basis.
HomeServe Labs in the UK said its LeakBot connected water leak detector will now be available to select U.S. insurance partners.
LeakBot uses intelligent technology to detect water leaks in the home via a single smart device. It alerts consumers about small leaks before they become a major issue, and professional installation is not required. The device is clipped onto the main water pipe and the user presses a button to start monitoring of the entire home.
HomeServe Labs grew out of HomeServe, a home assistance company that delivers maintenance and repair services to UK clients.
Root Insurance, a mobile-based auto insurance startup that uses telematics to insurer good drivers, has expanded to Illinois, Utah, Oklahoma and Indiana.
Root is also marketing its insurance in Ohio and Arizona.
Customers can sign up by downloading Root’s iOS or Android app, which collects data as they drive for a few weeks. Root’s proprietary rating engine analysis factors such as acceleration, braking, turns and mileage, after which Root issues a quote for good drivers. Customers can manage their policy entirely through Root’s smartphone app.
Hudson Insurance Group launched a new commercial casualty E&S business.
This new wholesale brokerage facility, focused on underwriting primary commercial casualty on an excess and surplus lines basis, will underwrite small and medium-sized casualty risks in the construction manufacturing and distribution sectors. Up to $2 million in primary limits are available.
Connie Verdile, most recently an executive at XL Catlin, is running the new business.
Sources: INSUR, Swiss Re, HomeServe Labs, Hudson Insurance Group