Island Insurance Companies

IMS | January 23, 2020

IMS, a subsidiary of Trak Global Group (TGG), has made a usage-based insurance (UBI) platform for auto insurance available in both the US and Canada. That same UBI platform had been utilized as the basis for Carrot Insurance, a critically-acclaimed, telematics-powered insurance program in the UK. Carrot’s system saw a limited rollout in Canada through the Calgary-based insurance broker InsureMy in 2018. The modular UBI platform is compatible with telematics data across all device types &nd...

Insurance Technology

Socotra | May 21, 2022

Socotra, the partner of choice for innovative insurers, today announced the acquisition of Avolanta, a software startup offering the only unified portal purpose-built for the insurance industry. As part of the acquisition, the Avolanta team will join Socotra and Avolanta’s technology will become Socotra Unified Portal. Insurance companies are struggling to deliver the types of digital user experiences that are now common in other industries. Many insurance customers are stil...

Randall & Quilter Investment Holdings (R&Q) | April 27, 2020

Randall & Quilter Investment Holdings (R&Q) has announced that it has entered into a loss portfolio transfer reinsurance contract and a transfer agreement with Repwest Insurance Company. Repwest is based in Phoenix, Ariz., and is a wholly owned subsidiary of AMERCO, the parent company of U-Haul. The transaction assists Repwest in reaching its target of economic finality for its Assumed Re run-off business, which it underwrote from 1978 to 2003. Aon served as the reinsurance broker...

Marsh | May 11, 2020

Global average commercial insurance prices increased 14% in the first quarter. The change marks the highest year-over-year increase since 2012. Read More