Tech-driven virtual claims services company Snapsheet started out as a service for body shops called Body Shop Bids before pivoting to serving insurers five years ago. Alex Meisner, director of innovation, is one of the original employees and knows the …
Bermuda-based RenaissanceRe Holdings has agreed to pay about $1.5 billion to acquire Tokio Marine’s reinsurance platform (TMR), which includes Tokio Millennium Re AG and Tokio Millennium Re (UK). If closing tangible book value is unchanged from June 30, 2018, Tokio …
Keep an eye out for Openly, a new digitally-sophisticated upmarket homeowners insurer catering to independent agents. According to Ty Harris, founder and CEO, Openly will launch in early 2019 in a yet-to-be-announced large inland state. “We’re going after mainland America …
The 2018 InsureTech Connect (ITC) conference is history. In its short three-year life, the ITC affair has grown from 1,500 to 6,000 attendees. This year, an estimated 500 CEOs were there. “It’s hard to believe,” says Jay Weintraub, CEO and …
Honeywell International Inc. said on Friday the U.S. Securities and Exchange Commission had opened an investigation into its accounting for asbestos-related liabilities. The industrial conglomerate’s revised estimate for asbestos-related liabilities was $2.61 billion as of end-2017, some $1.09 billion higher …
Data analytics firm Verisk is touting the launch of WaterLine, an underwriting tool that scores flood risk for all properties in the contiguous United States, helping identify homes and businesses vulnerable to flood. The product scores properties on a 0-to-100 …
Automated customer service is a fact of life. In fact, many people are more comfortable sharing personal details with a machine than with a human. But automation must appreciate that not every customer is a 40 year-old college graduate, with …
While there are some issues with the data, virtually every report shows the cyber insurance market growing. Aon Benfield had it growing 37 percent last year to $1.8 billion. It’s profitable and the loss ratio is in the 30s or …
When insurance experts are asked what they see as the most important emerging risk for the property/casualty insurance industry, their consensus is cyber in some form. While cyber obviously poses tremendous risks, some experts are also eyeing a variety of …
The Trump Administration has rescinded the systemically risky – or “too big to fail” – designation for Prudential Financial that placed the financial services giant under extra regulatory scrutiny. The designation of Prudential as a systemically important financial institution (SIFI) …
