Around the property and casualty insurance industry: May 12, 2021
Duck Creek Technologies, Inc. introduced the OnDemand Control Hub operational tools for its SaaS customers under license from Duck Creek Policy, Billing, Rating, Claims, Insights and Producer. The Control Hub is a web-based interface that enhances the capabilities of carrier IT operations teams to deploy, monitor and control all of their Duck Creek SaaS applications through an intuitive web portal.
Hub International Limited announced that it has acquired the assets of Conover Insurance Services, LLC and certain of its affiliates, one of the largest insurance and finance brokerage firms in the Pacific Northwest. Terms of the transaction were not disclosed.
DARAG Group Limited executed a reinsurance transaction with Pacific Valley Insurance Company (PVIC), Lyft Incthe captive insurance company. The LPT, written by DARAG Bermuda Ltd., covers the commercial automotive responsibilities of PVIC from October 1, 2018 to September 30, 2020.
Dogan Kaleli, former head of Allianz and author of the Future of Insurance newsletter on LinkedIn, announced the launch of Stere, a digital ecosystem designed to tackle speed to market, capacity sourcing, and other challenges facing managing AGs, InsurTechs, and integrated insurance programs.
Spencer Educational Foundation announced its recipients of the 2021 Spencer Undergraduate and Graduate Scholarships. This year, Spencer awarded 84 scholarships, totaling $ 503,500, to full-time undergraduate, graduate and masters students at part-time.
First group of indemnity insurance introduced its Excess Protect insurance coverage for law firms from one to 750 lawyers. Excess Protect, which was created in response to shrinking capacity and higher rates in the professional liability market, is designed to help protect law firms that may have inadequate coverage or are looking for limits. higher.
Metromile, Inc. will soon offer policyholders the option to pay for insurance and receive payment for eligible and approved insured claims in bitcoin. Metromile will be the first insurance company to accept premiums and pay claims in cryptocurrency. Metromile will buy $ 10 million worth of bitcoin in the second quarter of 2021 to adopt cryptocurrency as an additional choice for insurance premiums and claims payment. Metromile believes that allowing cryptocurrency payments will support its commitment to fairer insurance and promote the financial resilience of policyholders, as cryptocurrency becomes mainstream and forms a larger share of consumers’ assets. .
Relay platform raised $ 5.2 million in seed funding. This follows a pre-seed SAFE cycle in January 2020, for total funding of $ 8.25 million to date. The round is led by Drive Capital with participation from Highline Beta, the Canadian venture capital firm that incubated Relay. Since Drive’s inception in 2012, the company has raised $ 1 billion to invest in startups solving big problems in large markets. Previous investments in Drive Capital technology include Root Insurance, Circulo, and Battleface.
Ensure opened its first international office in Sofia, Bulgaria and is also expanding its internal insurance agency. The new Sofia office houses an experienced team of 15 engineers and data scientists, who are uniquely skilled in creating high growth markets. The team was previously part of one of the largest travel metasearch engines, Skyscanner, which has shut down operations in Sofia due to the impact of COVID-19 on travel.
Alera Group acquired the employee benefits division of Lamb insurance services, an insurance broker exclusively dedicated to non-profit and social service organizations. The acquisition is effective April 1, 2021 and the terms of the transaction have not been announced.
Poached launched simple, hassle-free commercial auto insurance that rewards small businesses for safe driving. Aimed at contractors, landscapers, florists and other small businesses that rely on a fleet of vehicles, Pouch offers free tracking software for each insured vehicle, helping small business owners better manage and protect one of their most critical assets. more valuable while benefiting from reduced rates. Now available in Illinois, Pouch will be rolled out to other states in the coming months.
Pelican Ventures launched Tango Specialty, a modern general agency for the management of commercial lines, and appointed Greg Wolyniec as President and CEO. Tango Specialty will set up several large-scale programs that will meet the complex needs of certain clients and brokers in the specialized market.
HONK Technologies announced that he supported Branch insurance, the start-up that pioneered home and auto insurance online, providing fast next-generation roadside assistance services to its auto insurance members. HONK’s nationwide availability made it easy for Branch to expand into Indiana, Colorado, and Oklahoma.
American Property Casualty Insurance Association will hold its annual legislative action day virtually on Wednesday, May 12, 2021. APCIA members will discuss the policy priorities of the property and casualty insurance industry in more than 100 meetings with House members.
Origami hazard launched a free online enterprise risk management maturity assessment tool. The tool allows risk managers and other leaders to assess the effectiveness of their ERM initiatives, whether they are just getting started or have well-established programs. After completing a brief 17-question online survey, risk managers instantly receive a personalized PDF showing where their organization’s ERM program is in terms of various key metrics. It also provides benchmarks against peers and a list of next steps to make improvements or generate results based on the answers to the questions.
BriteCo jewelry insurance announced a new program that gives U.S. consumers higher rates, faster coverage, and a monthly payment option to insure fine jewelry and watches. BriteCo’s innovative insurance offering is backed by Glencar Insurance Company, an A + carrier with the highest financial strength rating determined by AM Best.
Related: Around The P&C Insurance Industry: May 5, 2021