Reinsurance News
InsurTech news
Insurance and reinsurance technology related news, focused on the wave of interest in InsurTech start-ups, investing in insurance technology initiatives, as well as reinsurance tech start-ups or ReinsurTech.
Data needs to be imbued with meaning if re/insurers are to benefit: Verisk’s Payne
9th April 2021
It is universally accepted that data is integral to the future-proofing of the insurance industry, however its value diminishes when insurers lose sight of what they set out to achieve, according to Tom Payne, Managing Director UK & Europe at Verisk Underwriting, speaking in a recent interview with Reinsurance News. With ... Read the full article
Starr, Liberty Mutual raise $100m for Bitcoin-focused NYDIG as TransRe’s Sapnar joins
8th April 2021
Starr Insurance and Liberty Mutual are among a number of leading property and casualty (P&C) insurers that have helped NYDIG, provider of technology and investment solutions for Bitcoin, raise $100 million in additional growth capital. These companies join existing investors such as New York Life and MassMutual. Concurrently, NYDIG has announced the ... Read the full article
Reinsurance management tech critical for carriers: Sapiens’ Greenberg
8th April 2021
Technologies to help manage and automate the reinsurance ceding are becoming increasingly critical for insurance carriers, according to Martin Greenberg, Reinsurance Product Manager for Sapiens, a global provider of software solutions for the insurance industry. Greenberg noted that managing reinsurance is an often overlooked and underserved part of the insurance process, ... Read the full article
Porch Group completes Homeowners of America takeover
7th April 2021
Software company Porch Group has completed its previously announced acquisition of Homeowners of America (HOA), a property and casualty insurance company that specializes in residential property coverage for homeowners and investors. HOA is a managing general agent and insurance carrier hybrid and primarily operates in Texas, Arizona, North Carolina, South ... Read the full article
Insurtech Corvus enters partnership with Skyward Specialty
7th April 2021
Boston-based insurtech firm Corvus Insurance has entered into a new partnership with Skyward Specialty Insurance Group to expand its Smart Cargo + Cyber offering. The announcement comes after Corvus raised $100 million in a Series C fundraising round, bringing the company to a $750 million valuation. Corvus Smart Cargo + Cyber insurance ... Read the full article
K2 announces acquisition of insurtech Loss Run Pro
1st April 2021
K2 Insurance Services has announced its acquisition of Montana-based insurtech Loss Run Pro (LRP). LRP was founded in early 2020 by Reghan Brandt and focuses on harnessing technology to solve issues across the insurance placement process. K2 considers this a quality acquisition offering growth opportunities throughout the US. Regarding the effectiveness of LRP ... Read the full article
New partnership establishes parametric solution for Nepalese farmers
1st April 2021
A new partnership co-funded by the InsuResilience Solutions Fund has been established to help protect climate-vulnerable smallholder farmers and marginalised people in Western Nepal against flood. The parametric risk transfer mechanism, managed by Frankfurt School of Finance and Management and funded by KfW Development Bank, measures flood flows and rainfall level ... Read the full article
Reliance to sell Travelers & Nationwide policies through insurtech platform
30th March 2021
Reliance Global Group’s subsidiary, Fortman Insurance Services, has announced it will now offer Travelers and Nationwide insurance products through its insurtech platform. Fortman plans to initially focus on home and auto insurance, with the goal to add additional coverages. Ezra Beyman, CEO of Reliance Global Group, commented: “The addition of Travelers and ... Read the full article
Allianz & SiriusPoint invest in $118m round for Pie Insurance
26th March 2021
Pie Insurance, an insurtech specializing in workers' comp insurance for small businesses, has raised $118 million in a Series C funding round led by Allianz X and Acrew Capital. Also participating in the round were existing investors SiriusPoint, Greycroft, SVB Capital, Elefund, and Moxley Holdings. The investment is expected to help Pie ... Read the full article
QOMPLX launches insurance data standards library
25th March 2021
Risk analytics provider QOMPLX is setting up a data standards library to improve transparency and consistency across the re/insurance industry. The library, called ReQoncile.io, will provide a single place where data standards can be accessed and compared by players across the insurance value chain. The site will be a publicly available curated ... Read the full article
Major re/insurance players commit $2mn to Oasis Loss Modelling Framework
23rd March 2021
A number of the world’s biggest players in re/insurance have committed additional funds to support the development of open source catastrophe modelling platform Oasis. Companies include Aon, Allianz, AXA, Chubb, Guy Carpenter, Hannover Re, Lloyd’s, RenaissanceRe, Swiss Re, SCOR, Willis Re and the Insurance Development Forum. The supporting international re/insurers and brokers ... Read the full article
Insurtech Artificial joins Convex on data-driven marine liability product
22nd March 2021
Insurtech firm Artificial Labs is collaborating with Convex to digitise and distribute the speciality re/insurer’s data-driven marine liability product. The partnership sees US-based marine liability brokers provided with a rate/quote/bind/issue tool designed to improve client experience and give access to new, specific classes of business. The product is reported to give brokers ... Read the full article
SCOR announces new satellite-based pasture insurance tool in Brazil
22nd March 2021
Global reinsurer SCOR has announced its role in the creation of a new satellite-based pasture insurance tool available to all Brazilian livestock farmers. Pastagem Protegida – Índice was created in collaboration with Pastagem Protegida – Índice was created in collaboration with IRB, ESSOR and AgroBrasil, and is based on the Airbus ... Read the full article
Cincinnati Insurance adopts Zesty.ai’s wildfire risk analysis tool
19th March 2021
Climate risk analytics firm Zesty.ai has announced that The Cincinnati Insurance Company has integrated its predictive wildfire risk analytics solution, Z-FIRE, across the carrier's personal lines property portfolio. With Z-FIRE, Cincinnati hopes to be able to assess wildfire risk using an AI model that's been trained on ... Read the full article
Generali partners with YAS on HK passenger microinsurance product
15th March 2021
Italian insurer Generali is partnering with YAS Digital on Hong Kong’s first passenger microinsurance solution. Scope of coverage is extensive, and includes public transportation ranging from buses, mini-buses, trams, cable cars, MTR, and cross-harbour ferriess. RYDE with YAS has been launched to service Hong Kong's high ... Read the full article
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