Convex Insurance gains regulatory approval to write E&S in the US

Insurance Business America | October 04, 2019

Convex Insurance gains regulatory approval to write E&S in the US
International specialty re/insurer Convex Group has revealed that its UK-based insurance company, Convex Insurance UK Limited, has been cleared to write excess and surplus (E&S) lines across the US. Convex Insurance UK has been added to the National Association of Insurance Commissioners’ (NAIC) Quarterly Listing of Alien Insurers, effective October 01, 2019. NAIC, established and governed by the chief insurance regulators of all 50 states, is responsible for setting standards, regulations, and best practices for insurers operating in the US. Convex Group is the brainchild of Stephen Catlin – founder and CEO of the Catlin Group – together with Paul Brand, the former chairman of XL Catlin. It launched in late April, backed by a sizable $1.8 billion of initial committed capital.

Spotlight

For well over a century, Piedmont Healthcare has been a pioneer in patient care. Based in Atlanta, they have grown to serve more people in more locations, and have now become one of the largest hospital networks in the Southeast. Over their 15 year partnership, Chubb helped Piedmont find new ways to enhance patient safety. After first reviewing procedures currently in place and then identifying potential risks, Chubb analyzed the data to pinpoint opportunities for improvement.

Related News

INSURANCE TECHNOLOGY

Manulife enters agreement to reinsure over 75% of U.S. Variable Annuity block to Venerable Holdings Inc.

Markel Corporation | November 16, 2021

Markel Corporation (NYSE: MKL) announced that it is winding down Lodgepine Capital Management Limited (Lodgepine), its retrocessional Insurance Linked Securities (ILS) fund manager based in Bermuda. Markel launched Lodgepine in 2019, with product offerings focused on property catastrophe retrocessional investments. In 2021, Lodgepine wrote a portfolio of property retrocessional business that consisted of approximately $230 million of initial limits. The Lodgepine Fund launched July 1, 2021 with initial investor capital of $98.9 million, including an initial investment by Markel of $18.9 million. Despite best efforts and in light of headwinds in the retrocessional ILS market, including a challenging fundraising environment, Lodgepine will cease to write any new business and commence the orderly run-off of its existing portfolio and the return of capital to investors. The company has entered into a consultation period with Lodgepine's 18 employees and will look for redeployment opportunities for these employees within Markel's operations. About Markel Corporation Markel Corporation is a diverse financial holding company serving a variety of niche markets. The Company's principal business markets and underwrites specialty insurance products. In each of the Company's businesses, it seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the Company are to earn consistent underwriting and operating profits and superior investment returns to build shareholder value.

Read More

INSURANCE TECHNOLOGY

PZU group adopts Akur8 to improve the charging process in the Baltic countries

PZU insurance group | September 07, 2021

The Baltic activities of the PZU insurance group, one of the most important financial institutions in Central and Eastern Europe, and Akur8 announce the start of a collaboration aimed at improving PZU's pricing process in two of its entities in the Baltic area. This agreement strengthens Akur8's international reach as a next-generation charging platform, as well as its presence in Central and Eastern Europe. “This new collaboration with PZU represents an important result for Akur8: it marks our entry into the Central and Eastern European insurance market and strengthens our international presence. It also represents a validation of the value of Akur8 for insurers already well positioned in the use of AI applied to internal processes " With 200 years of experience in offering the best protection in the industry to its clients, the PZU Group is one of the leading Polish and Central and Eastern European insurers. By choosing Akur8 to drive the transformation of its pricing process, PZU strengthens its commitment to the adoption of innovation and AI at scale to stay at the forefront of insurance. "We are thrilled to adopt Akur8 as an insurance pricing platform for two important businesses. We are the best technology on the market and this choice further confirms our deeply innovative DNA. PZU Estonia is committed to researching the best insurtechs in the industry to continuously raise its standards. and offer customers the best protection at the fairest rates, "commented Mihkel Uibopuu, CEO of PZU Estonia. "Compared to manual solutions, Akur8 offers a totally innovative approach to pricing, which we believe is particularly interesting to adopt. In terms of speed and performance, the advantages offered are considerable, and the process is solid and secure. Even the collaborative and intuitive interface, the intelligent functions and responsive and competent support were highly appreciated by our pricing teams, "added Julius Kondratas, technical director and member of the board of directors of Lietuvos Draudimas AB. About Akur8 Akur8 is revolutionizing the pricing process of insurance products thanks to transparent AI. The company has developed an exclusive pricing solution, intended for insurance companies, which automates modeling, but without compromising on transparency and total control over the models created, as required by international regulatory bodies. Akur8 is the only solution in the industry to harmonize the actuarial world with that of machine learning. About PZU The Powszechny Zakład Ubezpieczeń SA group (PZU group) is the largest financial institution in Poland and in Central and Eastern Europe. PZU SA is the leader of the group, with traditions dating back to 1803, the year of the creation of the first insurance company in Poland. The PZU group manages consolidated assets for a total value of 90 billion euros. The group enjoys the trust of 22 million customers in five countries and offers products and services to customers in the retail and commercial sectors, as well as small and medium-sized enterprises. By diffusion and number of customers, Poland represents the core market of the PZU group, but its subsidiaries play an important role in areas such as Lithuania, Latvia, Estonia and Ukraine. According to spontaneous brand recognition surveys, PZU scored 92% and 100% in aided recognition, thus establishing itself as Poland's most recognized brand. Since 2010, PZU SA has been listed on the Warsaw Stock Exchange, where it is among the leading stocks in the blue chip segment with the largest capitalization since the start of listing.

Read More

WORKERS COMPENSATION

Hub International To Provide Tenant Liability Captive To Residential Rental Real Estate Clients To Retain Insurance Premiums And Mitigate Risks

HUB International | December 01, 2021

Hub International Limited (HUB), a leading global insurance brokerage and financial services firm, has developed HUB Tenant Liability Captive Insurance for owners, operators and managers of residential rental real estate that will create an additional revenue stream for them by enabling them to retain the majority of the paid premium. Working with Property Owners Protection Insurance Company, LLC (POPIC), an A-Rated insurer, HUB will roll out the captive to its more than 13,000 residential real estate clients in the U.S. and later in Canada. "With POPIC, we are changing how a resident liability insurance program can be structured, Chip" Stuart, HUB's Real Estate Specialty Practice Leader. "Our clients will ultimately benefit economically from the captive, collecting the insurance premiums, mitigating risks and easing the administrative burden of implementing and running the program." - James Multi-family, student housing and single-family residential rentals require residents to carry liability insurance or "renters' insurance". In the traditional model, an owner, operator and manager will partner with a third-party insurance provider to provide this coverage. HUB Tenant Liability Captive Insurance is designed to give residents a simple, convenient option to fulfill the insurance requirement of the lease while allowing owners, operators and managers to retain the majority of paid premium, rather than a third-party insurance company. The captive insures against resident damage to the property, caused by fire, smoke, explosion, water damage and falling objects and has a policy limit of $100,000 per occurrence with no deductible and no aggregate limit. With HUB Tenant Liability Captive Insurance, HUB continues its commitment to providing tailored insurance solutions designed to best manage its real estate clients' risks and needs. For more information on HUB Tenant Liability Captive Insurance, click here. About HUB International Headquartered in Chicago, Illinois, Hub International Limited is a leading full-service global insurance broker and financial services firm providing risk management, insurance, employee benefits, retirement and wealth management products and services. With more than 13,000 employees in offices located throughout North America, Hub's vast network of specialists brings clarity to a changing world with tailored solutions and unrelenting advocacy, so clients are ready for tomorrow.

Read More

Spotlight

For well over a century, Piedmont Healthcare has been a pioneer in patient care. Based in Atlanta, they have grown to serve more people in more locations, and have now become one of the largest hospital networks in the Southeast. Over their 15 year partnership, Chubb helped Piedmont find new ways to enhance patient safety. After first reviewing procedures currently in place and then identifying potential risks, Chubb analyzed the data to pinpoint opportunities for improvement.