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The Hanover’s ‘Digital Assist’ Digital Strategy Explained
As insurers embrace InsurTech in multiple ways, The Hanover Insurance Group's Richard Lavey offers some advice: Not everything works as initially envisioned, and that's OK. "'If you build it, they ...
Tokio Marine to Grab PURE Group in $3.1B Deal
Tokio Marine Holdings Inc will buy insurer PURE Group for about $3.1 billion, it said on Thursday, marking its fourth sizable acquisition in the United States in a little over a decade. Japanese ...
Chamness Retiring From NAMIC CEO Role
The National Association of Mutual Insurance Companies announced that Charles Chamness, the chief executive officer of the organization, is retiring from the post he held for nearly 17 years. The ...
Nationwide Eyes Q4 Rollout for Spire, a Digital Auto Insurance Platform
Nationwide is striking hard against digital insurer upstart competitors with the debut of Spire, a digital auto insurance platform with an eye on millennial customers. Spire rolls out in the 2019 ...
The Aftershocks of the Guy Carpenter-JLT Re Alignment
Now that the dust has settled following the historic merger of giant broker Marsh and Jardine Lloyd Thompson, the transaction's impact on the two firms' reinsurance broking units, Guy Carpenter and ...
U.S. Private Flood Insurance: The Journey to Build a New Market
Not long ago, private flood insurance was thought to be an impossible dream in the property/casualty sector. There were numerous arguments supporting the common wisdom that a meaningful market for ...
New CEO Levinson on Rebuilding Lexington Insurance
Success for a specialty lines carrier is about discipline. It's about walking away from classes of business or lines of business when rates are no longer adequate. It's about having the courage to ...
Next Insurance Pulls in $250M Financing from Partner Munich Re
InsurTech startup Next Insurance has pulled in a $250 million financing round from a single investor: Munich Re. Palo Alto-based Next said it plans to use the Series C cash infusion to scale up its ...
Insurers Should Monitor Life Events to Compete on More Than Price: LexisNexis Risk Solutions
Drivers are shopping and switching auto insurance policies more than ever before, says a new white paper from LexisNexis Risk Solutions. The Insurance Shopology white paper, which analyzes shopping ...
‘It’s About the Mission,’ Retiring NAMIC CEO Chamness Says
"Be optimistic and be indefatigable." Charles Chamness, president and CEO of the National Association of Mutual Insurance Companies, carefully pronounces each syllable of the last word as he recalls ...
Executives On The Move at The Hartford, Willis Towers Watson, AXIS and Aspen
The Hartford appointed its latest chief information officer. Willis Towers Watson named a new global head of Broking within its Corporate Risk and Broking segment. AXIS Capital Holdings Limited has a ...
Root and Lemonade: Real Unicorns or Ponies in Halloween Costumes?
Insurance is fundamentally about protecting people's lives. The sector has evolved over millennia and continues to find ways to innovate as societal needs evolve and change. In ancient times, it is ...
GL Will Be Next Line to Harden, Berkley Says
The commercial general liability line will be the next property/casualty line to harden, the chief executive of W.R. Berkley Corp. predicted at an industry conference Wednesday. Speaking at the ...
Agility Guide: A How-To for Navigating Tech Transformations
In the race to modernize, many insurers have found their progress slowed by the size, scale and scope of large transformation programs. From core systems to data warehouses, and from cloud platforms ...
Insurance Linked Securities in 2019: Asking the Right Questions
The record losses we saw in 2017 and 2018 were felt heavily by the insurance industry, and there is no denying that two years of losses have affected investor sentiment. While such a statement is ...
Argo Group Slapped With SEC Subpoena Regarding Executive Compensation
Argo Group International Holdings Ltd. has been subpoenaed by U.S. securities regulators about perks for its executives and is conducting an internal review. The U.S. Securities and Exchange ...
Risk Alert: Is Water Making Us Fat?
Drinking water: a commodity so abundant in modern society that we rarely give it much thought. At least until recently with two dramatic discoveries. First, the discovery of lead-contaminated water ...
Lockton Joins $32 Million Funding for Bold Penguin, a Commercial Lines InsurTech
Bold Penguin, a commercial insurance technology provider in Columbus, Ohio, said it has completed a $32 million Series B funding round, bringing the total capital it has raised to more than $50 ...
Strong E&S Premium Growth in Response to Weak Results; Top 15 E&S Writers: Fitch
Direct written premiums in the U.S. excess and surplus (E&S) lines market during 2018 grew at its greatest rate since 2012, increasing 11 percent and representing the eighth consecutive year of ...
B3i’s Blockchain-Powered Insurance Network Gets Closer to Solving Some Industry Problems
The author Douglas Adams once said, "We are stuck with technology when what we really want is just stuff that works." Many of us can relate, especially with new technology such as distributed ledger ...
Mastering the Peculiarities of Growing Specialty Lines Takes Time, Talent and Discipline
Things are looking good for property/casualty insurers writing specialty business. Specialty lines premium has about doubled as a share of overall commercial premium in the 21st century, judging by ...
‘Underwriting by Google’ Leads to Wrong Answers on Autism Drivers
A chief underwriting officer of one of the largest P/C insurers once said to us, "I don't know what the next asbestos will be, but it will be whatever causes autism." The rate of autism spectrum ...
InsurTech CEO Viewpoint: 3 Startup Hacks to Ensure a Successful Pilot
I've been asked to sit on an upcoming panel at InsureTech Connect moderated by the Global Insurance Accelerator to discuss ways to ensure startups don't mess up pilot opportunities with incumbent ...
The Future of InsurTech Innovation Is Intertwined With Regulation
It's no secret: Innovators and regulators often clash. But both are needed to help enable a dynamic, consumer-friendly property/casualty industry in the future, insurance and InsurTech industry ...
Brokers Can Be Catalysts for Specialty Products Innovation
In an era of insurance transformation, where process simplification and flawless customer service is expected, innovation in policy and product is a must—especially when it comes to the ...
Parametric Insurance Takes Off
Now that property and casualty insurance coverage terms for business disruption losses are gradually tightening, a singular insurance product used primarily to protect businesses against ...
Executives On The Move at AmTrust and BHSI
AmTrust Financial Service's E&S unit launched its new excess casualty underwriting division and has hired a former Everest Reinsurance Division to lead it. An ex-RSA executive will lead Bershire ...
Lloyd’s of London Releases Blueprint to Create Super-Advanced Marketplace
Lloyd's of London has unveiled a blueprint for action to facilitate its Future at Lloyd's project, which aims to "build the most advanced insurance marketplace in the world." This first blueprint, ...
Verifly Becomes Thimble and Raises $22M to Fuel On-Demand Insurance Growth
Thimble, formerly known as Verifly, raised $22 million in new financing designed to fuel further expansion and diversification well beyond its original focus on on-demand drone insurance. Existing ...
InsurTech Speakers Blaze Trail From Michelin Guides to Smartphones
People who buy gasoline generally don't care for the product or enjoy the experience of pumping gas—they just want to drive. Chris Colborn, chief experience officer for the Lippincott creative ...
Practical Ways to Make InsurTech Work: ITC Panel
InsurTech is grabbing the attention of carriers and agencies alike, but the level of change it promises also causes anxiety. At the 2019 InsureTech Connect Conference in Las Vegas on Sept. 25, ...
Carriers, Tech Firms Struggle to Keep Up With Cyber Risks: ITC Panel
Despite progress, carriers are still falling short in how they approach cyber insurance and also how they cover events when they happen. How can this be? The unique makeup of cyber risks is one of ...
Top 25 Non-Life Reinsurers: Munich Re Leads A.M. Best Ranking
Munich Re tops a ranking of global non-life reinsurers, eclipsing Swiss Re by more than $2.5 billion in gross premiums on a list extracted from an A.M. Best analysis. The rating agency's special ...
Rethinking the Limits of Parametric Insurance
It's time to rethink the limits of parametric insurance. The concept behind parametric insurance is not new. Insurance payouts automatically triggered by an event exceeding an index level have ...
Vitale Comes Out of Retirement to Help Run Cyber Analytics InsurTech Arceo.ai
Veteran insurance industry executive Mario Vitale is jumping into the InsurTech world in a big way. He's the new president of Arceo.ai, a cybersecurity analytics startup based in San Francisco. ...
Ways for Insurers to Master the Art of Innovation
Insurance industry conversations about digitalization have noticeably shifted. A growing number of carriers now see InsurTechs not as existential dangers to their business models, but rather as ...
Executives On The Move at Octo Group, BHSI, QBE North America and Alliant
Telematics firm Octo Group appointed a new CEO. Berkshire Hathaway Specialty Insurance expanded its leadership team in France. QBE North America named a new head of Surety. Alliant hired a new ...
2018 Reserves Year in Review: Can Workers Comp Continue to Drive the Gravy Train of Releases?
2018 marked the 13th consecutive year in which the industry saw favorable prior-year reserve development bolstering calendar-year underwriting margins. Total releases for last year came in at over ...
A Trailblazer in the Lloyd’s Marketplace Looks Back and Ahead
It took enormous courage to walk into Lloyd's for the first time and into the underwriting room—also known as "The Room." I was a very junior broker with absolutely no experience, tasked with ...
Next Insurance Makes Room for Agents After All
Next Insurance has begun formally marketing a portal designed to help independent agents quickly quote and sell its policies. Next said the system, dubbed "Next for Agents," had been in beta testing ...
Executives On The Move at AIG and DataCubes
American International Group hired an outside executive to lead a division that serves institutional clients in areas including global fixed income securities and the derivatives markets. DataCubes, ...
It’s Time to Assess Cyber Insurance Coverage Gaps
As Cybersecurity Awareness Month is underway, it may be time for businesses – especially small- or mid-sized firms – to assess their understanding of current cyber risks and whether they're ...
Innovating at the Edges of Society and the Economy
Emerging risks with little or no claims history can be notoriously difficult to underwrite—but many specialty lines companies are finding ways to put their toes in the water to insure these new ...
Staying Profitable in an Increasingly Fragmented World: SCOR Global P&C CEO Conoscente
There are several things that keep SCOR's Jean-Paul Conoscente awake at night. Climate change is one of them; cyber risk is another. Only time will tell whether these risks are actually insurable, ...
Executives On The Move at Hamilton Insurance Group, DataCubes and HDI Global SE
Hamilton Insurance Group appointed a former Third Point Re executive to serve as SVP and head of Casualty & Specialty for its new U.S. reinsurance platform. An ex-Maiden Re chief data scientist ...
Home Insurers Are Ripe for an Image Change, With InsurTechs Nipping at Their Heels
Traditional home insurers appear to be in need of an image change, and that, in turn, could create a big opportunity for InsurTech startups, according to the latest J.D. Power U.S. Home Insurance ...
Lloyd’s Culture Survey Reveals ‘Ugly’ Levels of Sexual Harassment
Lloyd's announced the results of its culture survey, which was commissioned in March in the wake of press reports of rampant sexual harassment in the market. The survey confirms that many women are ...
The Latest Launches From Travelers and QBE North America
Travelers has started using 3-D technology designed to help speed up damage inspections for the claims process. QBE North America launched a revamped cyber product designed to better help protect ...
Analysts Curious About AIG 200 Transformation Initiative; Details Wanted
Less than two years after Brian Duperreault took the helm at American International Group, his first big accomplishment has become clear: The carrier's P/C business is on track to produce an ...