Bold Penguin raises $32 million to match insurance carriers with prospects

Bold Penguin | September 23, 2019

Bold Penguin, a commercial insurance tech provider headquartered in Columbus, Ohio, today announced that it has secured $32 million in a series B funding round, bringing its total raised to over $50 million. Growth equity firms Hudson Structured Capital Management, Lightstone, Guggenheim Insurance, and Lockton participated, along with existing investors and individuals from Stone Point Capital. CEO Ilya Bodner said the capital will accelerate research and development by way of growing Bold Penguin’s employee roster, which doubled in the past year. He said it will also lay runway for the expansion of the firm’s Excess and Surplus (E&S) lines, or the specialty markets that insure high-risk segments standard insurance carriers won’t cover.

Spotlight

Distracted driving isn’t only a dangerous behavior— it’s an expensive one. According to a recent National Highway Traffi c Safety Administration (NHTSA) study, distracted driving costs the U.S. about $129 billion per year.1 Roughly $9 billion of that annual cost comes out of insurers’ pockets. Those numbers won’t drop by themselves, especially because distracted driving isn’t a behavior that can be tackled from a single angle. It will require a considered, concerted effort from the entire transportation industry to reduce distracted-driving-related costs and crashes. Fewer accidents means safer drivers, and that’s the #1 goal for Arity, as well as most insurers.

Spotlight

Distracted driving isn’t only a dangerous behavior— it’s an expensive one. According to a recent National Highway Traffi c Safety Administration (NHTSA) study, distracted driving costs the U.S. about $129 billion per year.1 Roughly $9 billion of that annual cost comes out of insurers’ pockets. Those numbers won’t drop by themselves, especially because distracted driving isn’t a behavior that can be tackled from a single angle. It will require a considered, concerted effort from the entire transportation industry to reduce distracted-driving-related costs and crashes. Fewer accidents means safer drivers, and that’s the #1 goal for Arity, as well as most insurers.

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CORE INSURANCE

Liberty Mutual Insurance Joins MIT-led Global Alliance on Innovation to Combat Climate Change

Liberty Mutual Insurance | August 03, 2022

Liberty Mutual Insurance today announced its membership to the MIT Climate and Sustainability Consortium (MCSC), supporting the acceleration and implementation of large-scale, real-world solutions to address climate change. Liberty Mutual joins 17 other member companies in the Consortium's efforts to inspire transformative climate progress across industries and the globe. We believe collaboration is a critical component to combatting climate change, As an insurer we continually see and learn more about climate change, and we're eager to bring this knowledge to MCSC and help advance the Consortium's important, urgent work, said Liberty Mutual Chief Sustainability Officer Francis Hyatt, who will serve on MCSC's industry advisory board. Liberty Mutual will participate in several workstreams that support MCSC's key objectives: To accelerate the introduction of large-scale, feasible solutions to address the threat of climate change. To advance proposals regarding sustainability opportunities, training for innovators, regulatory policies, and the development of business models across sectors. To catalyze links between academic innovations and commercial scalability. To materialize sustainable practices that are action-oriented and incorporate social justice, economic equity, and respect for the environment. "We are excited to welcome Liberty Mutual to the MIT Climate and Sustainability Consortium and look forward to the perspective and expertise they bring from the insurance and risk management industry, Liberty Mutual will contribute to the dialogue and solutioning currently underway within the Consortium." -Jeremy Gregory, PhD, Executive Director of the MCSC As two renowned organizations in Massachusetts, Consortium membership is just the latest step in Liberty Mutual's long-standing relationship with MIT. In 2019, Liberty Mutual launched an artificial intelligence research collaboration with MIT Quest for Intelligence, is a member of the MIT Industrial Liaison Program, and is one of the founding members of the MIT Mobility Initiative. About Liberty Mutual Insurance At Liberty Mutual, we believe progress happens when people feel secure. By providing protection for the unexpected and delivering it with care, we help people embrace today and confidently pursue tomorrow. In business since 1912, and headquartered in Boston, today we are the sixth largest global property and casualty insurer based on 2021 gross written premium. We also rank 78th on the Fortune 100 list of largest corporations in the U.S. based on 2021 revenue. As of December 31, 2021, we had $48.2 billion in annual consolidated revenue. We employ over 47,000 people in 29 countries and economies around the world. We offer a wide range of insurance products and services, including personal automobile, homeowners, specialty lines, reinsurance, commercial multiple-peril, workers compensation, commercial automobile, general liability, surety, and commercial property.

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LIFE INSURANCE

OneAmerica® Launches Variable Universal Life Insurance

OneAmerica | September 21, 2022

The companies of OneAmerica announce the expansion of their product portfolio to offer OneAmerica® Variable Universal Life (VUL) insurance. Distributed through the Individual Life and Financial Services (ILFS) line of business, this new product provides customers with a strong vehicle for protection, while also offering them the opportunity to invest in the financial markets. VUL customers have the flexibility to use the policy for life insurance protection, cash value accumulation or other financial needs. "We're excited to bring our unique VUL product to today's marketplace, The product's guarantees and transparency make it an attractive, new option for people to help protect their loved ones and create an opportunity for potential financial growth." -Dennis Martin, president of ILFS The OneAmerica VUL life insurance policy includes a guaranteed death benefit provision and fully guaranteed policy charges, which are first-of-its-kind in the VUL space. These guarantees offer customers confidence that their policy charge structure won't change in the future. They also add an additional layer of protection against policy lapse and loss of the death benefit. In addition, the OneAmerica VUL offers two investment-related differentiators to the marketplace. The product offers a low-cost, transparent fund lineup of well-known industry asset managers, and it includes two defined outcome funds — again, a first in the industry for a VUL product. The investment lineup offers customers more than 50 diverse investment options, customizable to their portfolios and goals. These innovations reflect the client-centered approach that OneAmerica brings to the marketplace. VUL will give our distribution channels a strong product to match the needs of new and existing customers, Ultimately, our VUL is a robust product built on our strong foundation and commitment to deliver on our promises when customers need us most,said Mark Scalercio, senior vice president and head of distribution for ILFS. The new product also includes extra protection and added benefits through optional riders. OneAmerica VUL is currently available through the OneAmerica career agency distribution channel in all states except California, Florida, New York, North Dakota and South Dakota. About OneAmerica A national provider of insurance and financial services for more than 140 years, the companies of OneAmerica help customers build and protect their financial futures. OneAmerica offers a variety of products and services to serve the financial needs of their policyholders and customers. These products include retirement plan products and recordkeeping services, individual life insurance, annuities, asset-based long-term care solutions and employee benefit plan products. Products are issued and underwritten by the companies of OneAmerica and distributed through a nationwide network of employees, agents, brokers and other sources who are committed to providing value to our customers.

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INSURANCE TECHNOLOGY

First Connect Adds Cowbell Cyber Prime 100 to Insurtech Marketplace

Hippo, Cowbell Cyber, First Connect | July 14, 2022

First Connect Insurance Services, a digital platform designed to provide independent agents with access to the nation's top carriers, announced today the addition of Cowbell Cyber, the leading provider of cyber insurance for small and medium-sized enterprises (SMEs). Cowbell Cyber offers stand-alone coverage to enterprise customers for security breach expenses, extortion threats, the replacement or restoration of data, loss of business income, security breach liability, computer fraud, ransom payments and more. First Connect, a subsidiary of the Hippo Insurance Group, provides independent agencies with access to national carriers with zero access fees. First Connect and Cowbell are teaming up to provide those agencies with a modern cyber insurance product designed to help SMEs safeguard their digital operations. "Every business faces cyber risk nowadays," said First Connect President Aviad Pinkovezky. "By partnering with Cowbell Cyber we are continuing to broaden our portfolio of leading insurtech carriers and general agents, and providing independent agencies access to cyber insurance that assesses their clients’ unique cybersecurity risks.” Cowbell Cyber offers a Prime 100 insurance product that provides robust financial protection against cyber threats. The digital-first cyber insurance provider leverages an API that allows customers to quickly apply online and delivers instant bindable quotes to SMEs. Additional features include continuous risk assessment, risk engineering consultations, cyber awareness training and in-house claims handling by dedicated cyber experts. "Cowbell Cyber identifies in real-time each organization’s unique risk level and determines the ideal coverage package to mitigate potential losses from a cyberattack," said Jack Kudale, Founder and CEO of Cowbell Cyber. "Cowbell Cyber identifies in real-time each organization’s unique risk level and determines the ideal coverage package to mitigate potential losses from a cyberattack," said Jack Kudale, Founder and CEO of Cowbell Cyber. "Partnering with a fully digital platform like First Connect is ideal to easily and rapidly give SMEs financial protection for the variety of threats businesses face every day.” To learn more about how First Connect provides independent agencies with access to the leading insurtech carriers or to sign up, visit firstconnectinsurance.com. About Hippo Hippo is protecting the joy of homeownership, helping to safeguard customers’ most important financial asset by harnessing the power of real-time data, smart home technology, and a growing suite of home services to deliver proactive home protection. Hippo Holdings Inc.’s (NYSE: HIPO) operating subsidiaries include Hippo Insurance Services, Hippo Home Care, First Connect Insurance Services, Spinnaker Insurance Company, Spinnaker Specialty Insurance Company, and Mainsail Insurance Company. First Connect Insurance Services is a licensed property casualty insurance agent with products underwritten by various insurance companies. For more information, including licensing details, visit http://www.hippo.com. About Cowbell Cyber Cowbell Cyber offers standalone, individualized, and easy-to-understand cyber insurance for small and medium-sized enterprises (SMEs). In its unique AI-based approach to risk selection and pricing, Cowbell’s continuous underwriting platform, powered by Cowbell Factors, compresses the insurance process from submission to issue to less than 5 minutes. Cowbell Insurance Agency is currently licensed in 50 U.S. states and the District of Columbia. Cowbell Reinsurance Company is a licensed insurance captive in the State of Vermont. For more information, please visit www.cowbell.insure.

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