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.
Role of re/insurers has “undoubtedly changed” in 2020: Munich Re’s Paul Donnelly
13th August 2020
The nature of re/insurers’ role has “undoubtedly changed” in the months following the global COVID-19 outbreak, says Paul Donnelly, Executive Vice President for EMEA at Munich Re Automation Solutions, the specialist insurtech subsidiary of the global reinsurer. Speaking in an interview with Reinsurance News, Donnelly noted that social distancing measures have ... Read the full article
Tesla opens insurance broker in China: reports
13th August 2020
Elon Musk-led automotive and energy giant Tesla has set up an insurance broker in Shanghai, China according to reports. Tesla has been public about its desire to leverage the high-value data its vehicles collect in order to create low-cost and attractive insurance products for its customers. “The amount of money that ... Read the full article
AXA XL’s NA construction business teams up with Procore
13th August 2020
The North America Construction insurance business of AXA XL has added Procore, a leading provider of project management software, to its integrated digital platform designed to help clients manage risks on their jobsites and across their organisations. The Procore construction platform connects entire project teams and enables key stakeholders such as ... Read the full article
InsurTech eMaxx hires new President & CEO of insurance operations
13th August 2020
Commercial property and casualty (P&C) InsurTech company, eMaxx, has announced that Eileen Currie has been appointed President and Chief Executive Officer (CEO) of the firm’s insurance operating companies. Currie will lead the insurance operations in underwriting, client services, and distribution for its alternative risk captive insurance programs. Brian McCarthy, CEO of eMaxx ... Read the full article
Munich Re Ventures co-leads Series A for insurtech HDVI
12th August 2020
Next-generation commercial auto insurer High Definition Vehicle Insurance (HDVI) has raised $16 million in Series A funding led by Munich Re Ventures and 8VC. Founded in 2018, HDVI is focused on delivering new commercial insurance solutions that help small and mid-size trucking fleets improve their safety, compliance, and operations. The company provides ... Read the full article
Duck Creek Technologies hires chief strategy officer
12th August 2020
P&C insurance software provider Duck Creek Technologies has announced that Eva F. Huston from Neuberger Principal Holdings has been appointed as Chief Strategy Officer. Huston will be responsible for creating and executing on strategic initiatives designed to build value for the company, reporting to CEO Michael Jackowski whilst working closely with ... Read the full article
Lloyd’s selects ten insurtechs for cohort focused on COVID-19 risks
11th August 2020
Specialist insurance and reinsurance market Lloyd’s has announced its new cohort of InsurTech disruptors that will join the Lloyd’s Lab innovation accelerator programme. The ten successful teams were selected after presenting their ideas in a competitive process during a virtual pitch day on 29 July 2020. This is the second completely virtual ... Read the full article
Charles Taylor hires CEO of InsureTech from Microsoft
11th August 2020
Insurance services provider Charles Taylor has announced the appointment of Arjun Ramdas as Chief Executive Officer (CEO) of InsureTech, effective September 2. He joins Charles Taylor from Microsoft where he served as the Practice Leader for Microsoft’s Consulting Services in the UK. Ramdas started in Microsoft as the Services Practice Leader for ... Read the full article
HCI Group secures $8.9mn income for Q2
7th August 2020
Florida-based insurtech HCI Group has announced a net income for the second quarter of $8.9 million, up from the $7.6 million achieved in the prior year quarter. Adjusted net income for the quarter was $6.8 million compared with $6.6 million in the second quarter of 2019. Consolidated gross written premiums of $171.9 million ... Read the full article
Rideshare insurtech Buckle gets $31m fundraising led by HSCM and Eos
6th August 2020
Buckle, an insurtech company for the ride-share industry, said it has raised $31 million in a Series A funding round. The insurer said the funding round was co-led by investment manager Hudson Structured Capital Management, doing their insurance and reinsurance investment business as HSCM Bermuda, and Eos Venture who is a ... Read the full article
Acrisure acquires artificial intelligence insurance business from Tulco
4th August 2020
Acrisure has announced that it has acquired artificial intelligence leader, Tulco LLC’s insurance practice to bring in data science, AI and machine learning capabilities to the insurance brokerage industry. Acrisure said that the acquisition will be “a transformational move” for the company as it will enable a true deployment of insurtech ... Read the full article
B3i announces first live partner application on Fluidity platform
3rd August 2020
The Blockchain Insurance Industry Initiative (B3i) has partnered with Reinsurance Technical Accounting Blockchain (Ritablock) to launch the first live partner application on its B3i Fluidity platform. B3i’s Fluidity platform is designed to facilitate and accelerate the development and deployment of partner applications, interoperable within B3i’s distributed ecosystem. This gives partners access to ... Read the full article
Milliman updates P&C reserve analysis system
3rd August 2020
Global consulting and actuarial firm Milliman has released version 2020b of its Arius solution, a family of reserve analysis systems for property and casualty re/insurers. The update provides enhancements to the systems’ analytical capabilities, together with new additions to the reporting and data management tools. According to Milliman, this release adds new ... Read the full article
Lemonade reinsurers betting on improved loss ratio: analysts
28th July 2020
Analysts are forecasting an improvement in the loss ratio of insurtech firm Lemonade over the coming quarters, based on its current reinsurance arrangements. Taking 75% of the risk for every premium dollar Lemonade writes, reinsurers are bearing the bulk of the loss ratio outcome, good or bad, JMP Securities notes. The insurtech’s ... Read the full article
Global insurtech investment rebounds 71% to $1.5bn in Q2: WTW
28th July 2020
Global Insurtech investment hit $1.56 billion during the second quarter of 2020, an increase of 71% compared to Q1, according to Willis Towers Watson. 2020's first quarter was heavily influenced by the uncertainty surrounding COVID-19. WTW says the increase in Q2 was driven in part by later-stage investments, including four ‘mega-rounds’ in ... Read the full article