PIMCO will work with corporate parent Allianz to launch its property/casualty insurance-linked securities business. Everest Insurance now offers property, commercial auto and workers compensation coverage for the life sciences segment. AmWINS and AXIS developed new insurance designed to protect against social engineering losses and also offer education/risk mitigation services.
PIMCO said it will work with corporate parent Allianz to launch its property/casualty insurance-linked securities (ILS) business.
Specifically, PIMCO and Allianz plan to source global catastrophe risk in the form of collateralized reinsurance and other structured investments while maintaining independent underwriting and portfolio construction procedures. This differentiated approach will also give PIMCO the flexibility to source risk from the open market in an effort to deliver attractive risk-adjusted returns for clients, the company added.
Together with Allianz Re, Allianz Group’s corporate insurance carrier Allianz Global Corporate & Specialty will support the PIMCO ILS business through access to its international underwriting network and the deal structuring capabilities of its Capital Solutions team.
Everest Insurance now offers property, commercial auto and workers compensation products for the life sciences segment.
These products join the unit’s established primary product liability offering, as well as a number of available coverage extensions, to create a comprehensive life sciences multiline package policy. This new offering is designed to address unique exposures—from bio-contamination to business interruption—found in the life sciences property, automobile and workers compensation areas.
Everest Re Group Ltd. is a global provider of reinsurance and insurance, operating for more than 40 years through subsidiaries in the U.S., Europe, Bermuda and other territories. Everest offers property, casualty and specialty products through its various operating affiliates located in key markets around the world.
AmWINS and AXIS developed new insurance designed to protect against social engineering losses and also offer education/risk mitigation services. AXIS will offer it exclusively.
Among the coverage features: free training about social engineering for employees through KnowBe4, a global security awareness training provider, and a significant discount on additional training and services offered through KnowBe4 such as phishing security test reports, phishing reply tracking and more.
As well, the coverage features precise policy language that addresses social engineering fraud losses. Historically, traditional crime policies did not cover social engineering claims because the insured employee voluntarily transferred funds, and cyber liability policies did not provide coverage because social engineering losses often occur without the penetration of an organization’s network.
Standard commercial crime policies may not include limits for social engineering, and cyber liability policy sublimits, generally up to $250,000, are inadequate for potential social engineering losses. To address this gap, the product offers limits ranging from $100,000 to $10 million. AmWINS can secure additional capacity for higher limits from other insurers.
Sources: Everest Insurance, PIMCO/Allianz, AmWINS/AXIS