Around the non-life insurance industry: August 18, 2021

News from NCRPS, Society of Actuaries, BMS Re and more. (Photo: Shutterstock)

MAPFRE Insurance and AAA Washington agreed to form a joint insurance company for auto and homeowners insurance in Washington and Northern Idaho. The joint venture, which has yet to be approved by regulatory authorities, will be called the Auto Club MAPFRE Insurance Company. The joint venture is expected to be operational in the fourth quarter of 2022.

Association of Actuaries has changed its ASA curriculum, micro credential and affiliate membership program. The organization is making changes to the ASA curriculum to meet employer and market demand for actuarial training, particularly the need for increased data analytics and new soft skills training in adaptability and emotional intelligence.
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Berkley Program Specialists now offers insurance protection Apartments and associations (CISA). Through the partnership, CISA will continue to exceed their customers’ expectations for superior quality, reasonable prices and high standards.

BMS Re, the independent reinsurance broker, acquired Trean Intermediaries, Inc., a US-based independent reinsurance broker and service provider. With this acquisition, BMS Re has strengthened its geographic presence in key growth areas of the US, with new offices in Tampa, Florida and in Greensboro, North Carolina.

NCRPS launched as a new and separate entity that aims to expand and make the cannabis industry more sustainable by providing proven and necessary risk management products and services to the entire cannabis market.

Goose’s head insurance, inc. launched its digital agent platform, a direct-to-consumer insurance quote tool. The platform addresses the pain points and challenges consumers face and turns the insurance model on its head by providing a simple, transparent and efficient way to get insurance quotes. With just three data points, the patented tool will provide consumers with accurate home and car quotes from several A-rated insurance companies in less than two minutes.

Incline P&C Group together with Hippo Insurance, which is part of the Hippo family of companies, to offer the latter’s protective policies and services to home insurance customers.

hippopotamus also works with Ally Financial Inc. subsidiary Motors Insurance Corp., which is a 50 state company. The deal will strengthen and double Hippo Insurance Services’ insurance capacity, making it Hippo’s largest unaffiliated general manager program to date.

VOEM launched its first motorcycle mileage insurance offering in select states, as permitted by law, in partnership with Markel affiliates, insurance companies dedicated to providing customized insurance solutions for a variety of insurance products. VOOM will distribute the product by the mile both directly to riders and selected partners. Markel takes care of acceptance and claims handling.

Sompo International Holdings Ltd. announced that Sompo Global Risk Solutions will provide protection against epidemic and pandemic risks. Sompo GRS’s new epidemic and pandemic program, triggered by civil authorities’ restrictions due to international public health emergencies, offers insurance based on a number of preset coverage options, including loss of income, additional costs, debt service, disruption of the supply chain and other fixed costs. In its first year, limited capacity for the program will be available to Sompo GRS clients and their inmates in the real estate, hospitality, financial services, professional services, technology and life sciences sectors, as well as the unit’s Asian interest accounts.

Forensics from Envista purchased Greek construction consultants, a provider of construction consulting services based in Memphis, Tennessee. Grecco becomes part of the Envista Forensics business line. With this announcement, Envista significantly enhances its capabilities, coverage and strategic position as a leading provider of construction consulting services.

DOUBLE, the insurance arm of Howden Group Holdings, purchased Aligning financial interests. Align is one of the United States’ specialized general agency and insurance management groups, insuring more than $630 million GWP annually through its commercial claims, commercial real estate disaster, personal property and surety bonds.

Colonial Security expanded its fiduciary liability product offering for plan sponsors, companies offering retirement plans, with a two-piece package of cyber liability coverage. The package offers comprehensive fiduciary liability insurance for plan sponsors, protecting assets from claims of fiduciary breach, as well as cyber liability coverage to protect employees’ personal information and assets from cybersecurity threats. The product enables plan sponsors to respond to updates to the US Department of Labor’s guidelines on cybersecurity and data privacy and to protect against one of the most important risks facing businesses today.

Hub International Limited, a global full-service insurance brokerage and financial services company, has acquired the assets of: Dissinger Reed, LLC. The terms of the transaction have not been disclosed.

Risk strategies, a national specialist insurance brokerage and risk management company, acquired Danna Gracey, a medical malpractice insurance specialist headquartered in Delray Beach, Florida. The terms of the deal were not released.

Swamp and city announced the placement of an innovative risk mitigation structure on behalf of Gavi, the Vaccine Alliance, to cover the risk associated with some governments self-funding their procurement of coronavirus vaccines through the COVAX facility.

Charity foundation in the insurance sector (IICF) has raised nearly $70,000 in its second annual International Step Up Challenge. Proceeds from the challenge will benefit the IICF Children’s Relief Fund 2021 in the US and the Revitalizing Communities Fund in the UK, which provide essential support to children and families struggling with food insecurity.

Related: Around the non-life insurance industry: August 11, 2021

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