The development of the global InsurTech market is reaching a turning point and some high-profile start-ups will fail, delegates at InsiderTech New York heard last week.
The development of the global InsurTech market is reaching a turning point and some high-profile start-ups will fail, delegates at InsiderTech New York heard last week.
Zurich group’s A+ financial strength rating outlook was revised to stable from negative by AM Best, which praised the group’s “very strong” balance sheet and “very favourable” business profile.
While InsurTech activity is booming, firms operating in the space are lagging five years behind the pace of the broader FinTech sector, according to CoverWallet CEO Inaki Berenguer.
The market for InsurTech firms is reaching an inflection point that could lead to some high-profile failures while others sprint toward becoming sustainable ventures, according to Lightbank principal Rick Zullo.
Investment in InsurTech ventures is set to remain roughly flat at near $1.1bn this year while the focus of funding could change, according to Andrew Robinson, executive in residence of venture investing firm Oak HC/FT.
While the P&C sector was a sea of red in the third quarter, some carriers performed better than others against the expectation of analysts - although investor reaction remained muted
While the P&C sector was a sea of red in the third quarter, some carriers performed better than others against the expectation of analysts - although investor reaction remained muted.
US auto insurers are expected to benefit from further rate increases that will feed through to the bottom line this year and into 2018, according to broker JLT Re.
Hiscox has reshuffled its staff to create a so-called cyber “virtual business unit” that brings together product development, service offerings, marketing, underwriting appetite, pricing, and reinsurance protections under one roof.
Acquisitive broker Hub International has acquired a niche agency in California with a specialty in placing cover for country clubs, commercial property developers and general contractors.
Expansive private equity-backed retail broker Epic has picked up former Wells Fargo executive Sam Elliott to lead its business development, sales and marketing push.
Trisura has acquired the remaining 40 percent of its Canadian surety subsidiary that it does not already own for securities valued at C$28.9mn ($22.4mn).
Wells Fargo plans to wind down its personal lines business by early next year, bringing an end to the embattled bank’s play in the insurance broking space.
WR Berkley has reshuffled the leadership of two of its subsidiaries, moving the president of Continental Western Group to the same role at Berkley FinSecure.
A Pennsylvania judge has temporarily blocked a plan by the state’s governor to seize $200mn from the Pennsylvania Professional Liability Joint Underwriting Association to fill a hole in the budget.
WR Berkley has launched its personal lines platform for high net worth (HNW) clients Berkley One in Illinois a year-and-a-half after unveiling the unit.
AM Best has put the ratings of Sirius under review with negative implications after the Bermuda-headquartered (re)insurer announced earlier today it had exercised its option to take a majority stake in Israeli insurer The Phoenix Holdings.
Ironshore has named Toby Smith to replace John O’Brien as the president of its environmental unit after O’Brien announced his departure from the Liberty Mutual-owned carrier on LinkedIn last week.
The US property and casualty sector slumped in the first nine months of the year to deliver a $20bn underwriting loss after a trio of hurricanes pushed the industry combined ratio to the highest level in five years, according to rating agency AM Best.
Falvey Insurance Group plans to close its yacht underwriting business just weeks after The Insurance Insider reported the managing general agent had handed $70mn of losses to Lloyd’s.