Palisade Insurance Partners LLC, an independently operated specialty managing general underwriter, announced the launch of its business to provide a range of contingent legal risk insurance and other specialty insurance products across the U.S. and international markets.
Headquartered in New York, Palisade specializes in underwriting litigation-related insurance, other contingent risks, and transaction insurance, including rep and warranty and tax insurance. By leveraging its expertise and ability to underwrite all legal-related risk types, Palisade seeks to meet the growing demand for specialized insurance capacity across the legal spectrum, including from corporate clients, law firms, asset management funds, specialty finance vehicles, and litigation finance firms.
Palisade’s expertise extends to risks on both the plaintiff and defendant sides of litigation, and its products will be designed to address risks relating to both legal assets and legal liabilities. The company is actively building its team of underwriting professionals and intends to begin offering products in the second half of 2022.
Palisade is led by President John McNally, a veteran insurance industry executive who most recently led NFP’s Merger & Acquisition Risk Solutions Group focused on transaction insurance. Earlier in his career, McNally led the transaction insurance practice at JLT Specialty USA and has held senior underwriting roles at AIG and Beazley Group in New York and London.
Resilience, a provider of cyber insurance and security services, launched a new process for modular policy production.
Modularity lets brokers present tailored policies with negotiated coverages specific to a client’s exposure. It enables policy amendments to be updated immediately and reflected in-line with the policy.
Resilience’s process for modularity includes three layers:
- Smart assembly of policy content – Based on the underwriter’s insuring agreement selections, only the content that is relevant will be added to the policy. This allows Resilience to continuously introduce new insuring agreements in response to changing market conditions without the need for policy refreshes or amendatory endorsements.
- In-line policy amendments – This layer allows the underwriter to make selections from a pool of existing amendments. Resilience’s pool of in-line policy amendments can easily be expanded.
- Dynamic text fields – Dynamic fields are open text fields that can be populated with a variety of inputs. They are amended with such frequency that they are left open for underwriter input, rather than hard coded with fixed options.
Resilience provides insurance coverage and patented cybersecurity products to protect mid-market companies. Resilience Cyber Insurance Solutions, the cyber program manager of Intact Insurance Specialty Solutions—which is backed by the financial strength of Intact Financial Corporation—leverages Cyber Meteorology, a proprietary data-driven risk analytics platform, to provide targeted coverage. Resilience is backed by General Catalyst, Lightspeed Venture Partners, Founders Fund, CRV, Intact Ventures, Shield Capital, and Corey Thomas. Coverage offered through Lloyd’s will be available through an approved coverholder.
Branch, a full-stack insurance company that provides instantly-bundled home and auto insurance, announced its expansion to six new states including Idaho, Iowa, New Hampshire, South Dakota, Tennessee, and Virginia. These new additions bring Branch’s total state roster to 25.
Having launched in six new states since the beginning of 2022, Branch aims to be available in all 50 states before the end of the year.
Built as a reciprocal exchange, Branch was launched in 2019 by insurance veteran Steve Lekas and tech entrepreneur Joe Emison, and is headquartered in Columbus, Ohio. It is underwritten by the Branch Insurance Exchange, Everspan Group, and General Security National Insurance Company (GSNIC) and backed by SCOR.
Sources: Palisade Insurance Partners, Resilience, Branch