Beazley has new D&O coverage options for firms that enable reverse mergers. Cambridge Mobile Telematics teamed with a member of Japan’s MS&AD Insurance Group to launch a new usage-based insurance program for personal lines customers.
Beazley has launched directors and officers coverage options designed specifically for Special Purpose Acquisition Companies – firms that handle reverse mergers.
The specialist insurer said its new D&O products for U.S.-domiciled SPACs offer dedicated coverage for either the individuals, or the entity and individuals combined, to provide greater transparency and clarity about insurance coverage, from the initial public offering (IPO) to the initial business combination.
The specialized needs of SPACs have historically been met through endorsements to existing D&O coverages, Beazley said.
Cambridge Mobile Telematics teamed with Aioi Nissay Dowa Insurance Company Ltd., a member of Japan’s MS&AD Insurance Group, to launch a new usage-based insurance program for personal lines customers.
Dubbed Tough Mimamoru Car Insurance Plus S, the program uses CMT’s DriveWell platform for measuring driver quality and for real-time crash detection and reconstruction. As well, the program comes with a 4 percent introductory discount and safe drivers can save up to 8 percent on their discount at renewal.
Alongside discounts for safe drivers, the program offers crash detection and roadside assistance services. In the event of an accident,the Tough Mimamoru Car Insurance Plus S app triggers an immediate alert depending on the severity of the crash. This can be a call to confirm driver’s safety, arranging for a towing service, or a request for ambulance dispatch. Telematics data is then used to support the claims handling process, accelerating resolution and payment, according to the partnership announcement.
The service is available for all car types and does not require any professional device installation.
Sources: Beazley, Cambridge Mobile Telematics/MS&AD Insurance Group.