The Hartford launched new coverage to help corporations and other entities with international exposures manage their credit and political risks. Slice Labs Inc. now offers its Insurance Cloud Services platform in both the U.K. and EU. Allied World Assurance Company Holdings said it has developed a new multinational platform to offer Fairfax policies.
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The Hartford launched new credit and political risk insurance products designed to help corporations, financial institutions and private equity firms with international exposures manage their credit and political risks.
The Hartford’s political risk insurance policy helps corporations and private equity firms with global operations protect their investments and assets overseas from various political risks, such as expropriation, political violence, currency inconvertibility and breach of contract.
The Hartford’s credit insurance policy is designed for financial institutions that are engaged in trade and export finance to help manage their overall global exposure. Through this product, these financial institutions could obtain regulatory capital relief for the insured portion of their exposure.
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Slice Labs Inc. said its Insurance Cloud Services platform is now available in both the U.K. and EU.
What that means: U.K. and EU insurers are now able to subscribe to ICS and launch on-demand insurance products customized to locale, language, and demographics.
Legal & General is the first customer to use Slice’s ICS in the U.K., with the debut of on-demand, pay-per-use homeshare cover. Insurance products available through the Slice ICS platform offer customers a fully digital experience that is quick, and flexible, the company said.
Since the launch of the ICS platform in January 2018, Slice said that four global insurance carriers have partnered with Slice to experiment with, test and deploy their own on-demand insurance products, both in the homeshare and cyber insurance market.
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Allied World Assurance Company Holdings said it has developed a new multinational platform dubbed Fairfax WorldWide.
The platform is in use across Fairfax Financial Holdings Ltd.’s portfolio, and launched its initial phase on Dec. 12, 2018. Fairfax Financial Holdings acquired Allied World for $4.9 billion in July 2017.
To be rolled out in future phases over time, the platform is designed to enable the issuance of locally admitted insurance policies using Fairfax subsidiary licensing capabilities and other strategic partners. Fairfax WorldWide, which will be modelled after Allied World’s existing Allied WorldWide multinational platform, will consist of a global cross-functional group of dedicated people and a future leaning IT system. The platform will facilitate collaboration across the entire Fairfax network to deliver global policy placement services.
Sources: The Hartford, Slice Labs and Allied World