6 insurers allocate of $525 mn to Nuveen’s finance energy efficiency fund
Nuveen, the $1.1 trillion investment manager, have launched a new fund to give insurers access to a diversified portfolio
News
Nubank launches home insurance by Nubank Lar Seguro in Brazil
Nubank has launched Nubank Lar Seguro, a home insurance offering, in partnership with property and casualty insurer Chubb
Allianz will serve the global commercial insurance segment as one go-to-market business
Allianz Group will serve the global commercial insurance segment as one go-to-market business under the trading name Allianz Commercial
Insurtech Quility announced a investment from F&G Annuities & Life
Insurtech Quility announced a investment from F&G Annuities & Life for a minority stake in Quility. F&G is a provider of insurance solutions
China’s insurers losses from floods & disasters totalled $1.4 bn
Estimated losses of the China’s insurance companies from floods and geological disasters has totalled 9.8 bn yuan ($1.4 bn)
Allianz and Munich Re renewed cover for Nord Stream 1 gas pipeline
German insurers Allianz and Munich Re have renewed cover for the damaged Nord Stream 1 gas pipeline
Swiss Re reports a net income of $1.4 bn for H1 2023
Swiss Re reported a profit of USD 804 million in the second quarter of 2023, resulting in a net income of USD 1.4 billion and a return on equity (ROE) of 22.8%
1 million people in the UK are now too overweight for life insurance
Even if an life insurer is willing to cover them, obese policyholders face paying up to times as much a year when compared to customers with a healthy weight
Millions of dollars worth of crypto were stolen from DeFi platforms
Millions of dollars worth of cryptocurrency were stolen from several platforms after hackers exploited a vulnerability in a programming language used widely
Mental health startup Likeminded completed a seed funding of €5.9 mn
Berlin-based mental health solutions startup Likeminded has completed a seed funding round of €5.9 mn from prominent investors
AXA acquires Laya from Corebridge Financial – subsidiary of AIG
French insurer AXA has signed a deal to acquire Irish health insurance company Laya Healthcare (Laya) in a deal valued at €650 mn
Perils released 3rd insured loss for the North Island of New Zealand floods
PERILS has released the third loss estimate for the floods across the North Island of New Zealand which occurred during the new period
Key rating drivers for U.S. P&C insurance companies
Both mutual and stock organization structure in U.S. property/casualty (P/C) insurance companies have been successful over time
European embedded insurtech Hepster raised €10 mn in a Series B
European embedded insurtech Hepster has reised €10 mn in a Series B financing round from Element Ventures, Seventure Partners
A cybersecurity incident will cost the Brunswick $85 mn
The boating manufacturing firm Brunswick Corporation announced a cyberattack that impacted their systems and some of their facilities
Insurtechs Cloverleaf, Exavalu & Socotra launched of Ethical AI in Insurance Consortium
Cloverleaf Analytics, Exavalu and insurtech Socotra has launched of the Ethical AI in Insurance Consortium
Aon Reinsurance Solutions showed organic growth in Q2 2023
Aon Reinsurance Solutions showed consistent 9% organic growth, both for Q2 and also for H1 2023, respectively
Reinsurer PartnerRe released a 6M2023 results: GWP grew to $5.34 bn
PartnerRe has released a results statement for 6M2023, revealing a return to profit amid the hard market for reinsurance, with operating income of $636 mn
Insurtech Gradient AI partners with American Trucking & Transportation Insurer
Gradient AI, a software provider for the insurance industry, has announced a new partnership. American Trucking and Transportation Insurance Company
Bank of England to gain powers to manage demise of UK large insurers
The UK government said it would start work on setting up new rules specially designed to prevent a big insurance company collapse from crashing the financial system
Cover Genius and shipping platform Sendcloud improves insurance claims
Insurtech Cover Genius and Sendcloud, Europe’s largest shipping platform, have joined forces to offer merchants enhanced claims handling
David Skinn appointed as a Non-Executive Director at Prestige Underwriting
David Skinn has been appointed as a Non-Executive Director to the Board at Prestige Underwriting Services
Cyber-insurtech Converge Insurance raised $15 mn in Series A
Converge Insurance, insurtech in advanced cyber risk management and underwriting, announced $15 mn in Series A funding from Forgepoint Capital
Insurtech wefox and GATE launches digital solutions for electrocar
Insurtech wefoxand GATE, have formed a new partnership that uses digital solutions and a pay-per-use formula
Lloyd’s Europe closes branches in Austria, Finland, Poland
Lloyd’s Europe will be closing its branches in Austria, Finland, and Poland following the withdrawal of the freedom of establishment authorisation
Lockton Re expands partnership with cyber insurtech CyberCube
Reinsurer Lockton Re is expanding its partnership with cyber risk analytics insurtech CyberCube by licensing CyberCube’s Industry Exposure Databases
AI-powered insurtech CompScience raised $10 mn Series A
AI-powered safety analytics insurtech platform CompScience Insurance Services announced a $10 mn Series A round led by Valor Equity
Data analytics Insurtech Ennabl raised $8 mn in Series A funding
Insurtech data analytics platform Ennabl has announced the completion of its Series A funding, which has raised $8 mn
Insurtech Foxquilt raised $12 mn in Series B funding
North American insurtech Foxquilt, specializing in small business and micro-enterprise markets, has announced a raise of $12 mn in Series B
Insurtechs Insurity & Concirrus digitalizes strategies for marine insurers
Insurity, a insurtech provider of cloud-based software for insurance carriers, brokers, and MGAs, announced a new partnership with Concirrus
BlackRock announced joint venture with billionaire Mukesh Ambani in India
BlackRock and Jio Financial Services announced an equal stakes joint venture to launch asset management services in India. The venture, named Jio BlackRoc
Reinsurer SCOR recorded €3.9 bn revenue, €192 mn net income in Q2 2023
French reinsurer SCOR recorded a P&C combined ratio of 88.5% in the Q2 2023, with group net income of €192m
Howden acquires Swiss aviation insurance broker Hudson Sky
Howden, the global insurance group, has acquired Hudson Sky International, securing briker’s position as a pre-eminent broker in the aviation insurance sector in Switzerland
AI insurtech Vesttoo faces alleged $4 bn fraud
Fraud amounting to billions of dollars has allegedly been uncovered at Israeli unicorn Vesttoo over the past week
Rebekah Clement takes as Lloyd’s Corporate Affairs Director
Lloyd’s has appointed Rebekah Clement as its corporate affairs director, effective immediately
AM Best revised the Lloyd’s Ratings outlooks to positive from stable
Credit Ratings (ratings) reflect Lloyd’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating
Motor insurance industry of Malaysia will grow to $3 bn in 2027
The motor insurance industry of Malaysia is set for notable gains over the next few years, growing to US$3 billion in 2027
AXA deploys AXA Secure GPT – service built on OpenAI Service
AXA announces the deployment of AXA Secure GPT, an internal service built on Microsoft’s Azure OpenAI Service
Aon completed a parametric insurance for Government of Puerto Rico
Aon has announced the completion of a historic parametric insurance program for the Government of Puerto Rico
K4Connect raised $8.9 mn in funding led by AXA Venture
K4Connect, the leading provider of enterprise technologies for senior living communities, has raised $8.9 mn in a new investment round
Platform Modives that automates insurance verification sequred $3 mn
Modives, a life event platform that automates insurance verification for property management & auto dealerships, has raised $3 mn in a seed round of funding
SEC Adopts New Rules on Cybersecurity Risk Management
The Securities and Exchange Commission adopted rules requiring registrants to disclose material cybersecurity incidents they experience
Generali acquires of major asset manager Conning Holdings from Cathay Life
Generali has announced its acquisition of Conning Holdings, a global asset manager for insurance and institutional clients, from Cathay Life
CFTC exposed a digital assets scheme Blessings of God Thru Crypto
The Commodity Futures Trading Commission announced it filed a complaint against Michael and Amanda Griffis of Clarksville
Financial Stability Board published regulatory framework for cryptoasset
The Financial Stability Board (FSB) has published its regulatory framework for cryptoasset activities to promote the global harmonization of regulatory
Unprecedented riots in France hits to date for insurers €700 mn loss
After the start of the unprecedented riots in France, ~12000 insurance claims were reported. The total cost of claims declared to date has hit €650 mn
10 Postulates of Arsenal Insurance’s Success
Ukrainian insurance company Arsenal Insurance assets have grown more than fourfold, bonuses, and, accordingly, out payments have grown by 6.5 times
AGCS and Allianz P&C will be trade as Allianz Commercial
Allianz Global Corporate & Specialty with the insurance business of local Allianz P&C entities will be trade as Allianz Commercial
Florida’s property insurers are taking a cautious approach
Florida’s residential property insurers are taking a cautious approach when estimating how industry reforms passed in late 2022
Allianz Trade introduced a new standalone fraud insurance product in the UK
Allianz Trade, the trade credit insurer, has introduced a new standalone fraud insurance product to assist businesses
AI insurtech Tractable sequred a $65 mn Series E led by SoftBank
Insurtech Tractable, artificial intelligence using computer vision to assess the condition of cars and homes, announces a $65 mn Series E
Swiss Re structured and placed the issuance of $250 mn of ILS
Swiss Re Capital Markets has successfully structured and placed the issuance of USD 250 million of insurance-linked securities
U.S. Financial Innovation & Technology Bill establishes a regulatory framework for crypto
U.S. lawmakers introduced legislation aimed at dispelling a cloud of regulatory uncertainty that looms large in the crypto assets industry
Nasdaq is dropping plans for a crypto custody service
Nasdaq is dropping its plans for a crypto custody service, which was slated to go live in the second quarter of this year
AI insurtech Verikai released of data-driven risk platform
nsurtech Verikai, a provider of predictive analytics and AI-powered solutions for the insurance industry, has released of its platform
Insurers suspensed of a cargo insurance Ukraine’s grain sea shipments
Marsh announced the suspension of a cargo insurance service safeguarding Ukraine’s grain shipments through a secure sea route
Crypto insurtech Evertas acquires crypto mining insurer Bitsure
Evertas, a digital asset insurance provider, has announced the acquisition of Bitsure, a pioneering insurer for crypto mining operations
Global Agricultural Insurance Market will grow to $65.7 bn up to 2030
The global Agricultural Insurance Market is expected to witness significant growth at a CAGR of 7.1% during the forecast period of 2023-2030
Florida’s insurance market experienced difficulties – insurers decreases coverage
Florida’s insurance market has experienced difficulties in recent years, with some private insurers becoming insolvent, and others choosing to halt coverage
How new bills will reshape the Illinois health insurance market?
Two new bills are likely to fundamentally reshape the Illinois health insurance market. The bills aim to increase insurance affordability and access
Finding affordable health insurance in California can be overwhelming. You’re faced with dozens of plan options, unfamiliar terms and questions about whether you qualify for subsidies through Covered California
Health insurance is an integral part of employee benefits packages in the United States. However, any employer federally required to provide this compensation could admit that their costs can be burdensome
Fitch Ratings warns U.S. health insurers face a tougher 2026 as medical costs rise, ACA subsidies expire, and policy uncertainty weighs on margins
Providing health insurance in California is becoming a competitive necessity for attracting and retaining top talent, particularly in industries such as technology, finance, cyber