FCA business interruption test case: A peek into insurers' defences

All of the defendants in the Financial Conduct Authority’s (FCA) High Court business interruption test case have served their defences, and Insurance Business brings you some of the key points from the documents.
“The true position  is  that  a  number  of  separate,  individual actions were  taken and advice given by  different  bodies,  with  different  aims  and  different  effects on different businesses and sectors of the UK economy,” said Arch in its 22-page defence. “It is  only  official governmental  or  local  authority actions or advice  preventing access  to  insured premises  which  are  relevant  to the  government  or  local authority action clause.

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Chubb and NetSPI Launch Cyber Protection Partnership

Chubb | December 08, 2023

Chubb, the world's largest publicly traded property & casualty insurance company, has announced an innovative collaboration with NetSPI, a global leader in proactive security, to strengthen clients' cyber-risk profile via enhanced attack surface management and penetration testing solutions. Chubb policyholders in the U.S. and Canada can take advantage of NetSPI's full portfolio of proactive security solutions, including Breach and Attack Simulation (BAS), Attack Surface Management (ASM), as well as a suite of comprehensive penetration testing offerings, at preferred pricing, subject to applicable insurance laws. NetSPI's suite of solutions can be tailored to support any size business across all industries. "This collaboration with NetSPI provides clients with peace of mind, enabling them to identify vulnerabilities, security issues, and exposure to risk before it escalates into a claim," said Craig Guiliano, Vice President of Cybersecurity Threat Intelligence at Chubb. "This value-added solution is part of Chubb's efforts to proactively identify cyber exposures that are difficult to detect using common scanning tools and to more broadly strengthen our policyholders' security posture." "We're thrilled to empower Chubb clients to proactively confront cyber threats," said Aaron Shilts, President and CEO of NetSPI. Too often we see companies forced to react after incurring losses from cyberattacks that can severely impact their finances and reputation. Chubb understands the value of ensuring clients enhance their security apparatus and minimize their susceptibility to risk. [Source -PR Newswire] An advantage to the Chubb policyholder stemming from this partnership is the access to NetSPI's industry-leading proactive security technology and expertise allowing Chubb policyholders to keep pace with an ever-evolving risk environment. As part of this collaboration, select Chubb clients are eligible to access NetSPI's Attack Surface Management (ASM) platform at no cost. This solution continuously evaluates client attack surfaces for exposures and vulnerabilities. It utilizes its penetration testing expertise to decrease the probability and impact of a costly cyberattack, provide actionable insights for attack surface reduction, and decrease false positives to help teams prioritize remediation. Chubb offers insurance coverage for data breaches, network security, and other cyber risks, for over 20 years. With these new policyholder offerings, Chubb Cyber Insurance further provides more value-added benefits at a time when organizations are playing defense against the threats of data breaches, business interruption and reputational risk following a cyber incident. Chubb policyholders interested in learning more about NetSPI's offerings and rates can submit a request via Chubb Cyber Services page here. About Chubb Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs approximately 40,000 people worldwide. Chubb Insurance Company of Canada has offices in Toronto, Calgary, Montreal and Vancouver and provides its products and services through licensed insurance brokers across Canada. About NetSPI NetSPI is the global leader in proactive security, delivering the most comprehensive suite of penetration testing, attack surface management, and breach and attack simulation solutions. Through a combination of technology innovation and human ingenuity NetSPI helps organizations discover, prioritize, and remediate security vulnerabilities. Its global cybersecurity experts secure the world's most prominent organizations, including nine of the top 10 U.S. banks, four of the top five leading cloud providers, four of the five largest healthcare companies, three FAANG companies, seven of the top 10 U.S. retailers & e-commerce companies, and many of the Fortune 500. NetSPI is headquartered in Minneapolis, MN, with offices across the U.S., Canada, the UK, and India.

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Global Atlantic Announces $10 Billion Block Reinsurance Agreement with Manulife Across Both US and Japan Business

Global Atlantic | December 11, 2023

Global Atlantic Financial Group a leading insurance company meeting the retirement and life insurance needs of individuals and institutions, today announced it has signed a $10 billion reinsurance agreement with Manulife Financial Corporation. Key Highlights of the Transaction Third block transaction Global Atlantic has executed with Manulife, a leading international financial services provider and wealth manager. Highlights successful partnership between organizations. Showcases Global Atlantic’s unique ability to underwrite, structure and execute on multiple liabilities and across the global insurance market and includes Global Atlantic’s first block reinsurance transaction in Japan. The transaction, signed between subsidiaries of the companies, will reinsure a seasoned and diversified block of Manulife’s life, annuity, and long-term care insurance business originated in the US and Japan. Following a concurrent transaction where 100% of the long-term care (“LTC") insurance risks are simultaneously reinsured with a highly rated third-party global reinsurer, Global Atlantic will only retain the underlying spread-based risks on the subset of the block that involves the LTC business. Similar to Global Atlantic’s other spread-based reinsurance transactions, the predictable nature of the retained risks makes this an attractive profile for Global Atlantic and Ivy II, its co-investment vehicle. With this deal, Global Atlantic further advances its position as a reinsurer of choice in the annuity and life insurance marketplace. 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[Source -Business Wire] The block currently has approximately $10 billion in general account assets across multiple product lines including payout annuities, whole life policies and long-term care policies. The Japan whole life block represents approximately $4 billion USD equivalent (¥574 billion) assets making the transaction one of the largest Japanese reinsurance deals in recent history and further advancing Global Atlantic’s presence and commitment across Asia. Global Atlantic will retrocede the long-term care insurance risk to a well-established and highly rated third-party reinsurer. Under the terms of the agreement, Manulife will reinsure the blocks and transfer general account assets to Global Atlantic. Manulife will also retain servicing and administration of the policies. The transaction is expected to close in the first half of 2024, subject to satisfaction or waiver of customary closing conditions specified in the agreement, including the receipt of required regulatory approvals. About Global Atlantic Global Atlantic Financial Group is a leading insurance company meeting the retirement and life insurance needs of individuals and institutions. With a strong financial foundation and risk and investment management expertise, the company delivers tailored solutions to create more secure financial futures. The company's performance has been driven by its culture and core values focused on integrity, teamwork, and the importance of building long-term client relationships. Global Atlantic is a majority-owned subsidiary of KKR, a leading global investment firm. Through its relationship, the company leverages KKR's investment capabilities, scale and access to capital markets to enhance the value it offers clients. KKR's parent company is KKR & Co. Inc. Certain information contained in this press release constitutes “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “estimate,” “target,” “intend,” “continue” or “believe,” other variations thereon or comparable terminology. The forward-looking statements speak only as of the date hereof and are based on Global Atlantic’s current beliefs, assumptions and expectations. Due to various risks, uncertainties and contingencies, including but not limited to obtaining required regulatory approvals, closing on signed transactions and whether the anticipated benefits of a transaction can be achieved within expected timeframes, actual events or results or performance may differ materially from what is reflected or contemplated in such forward-looking statements. Global Atlantic undertakes no obligation to update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise. Past performance is not a guarantee of future results.

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Core Insurance

Inszone Insurance Services Continues Expansion in Colorado with the Acquisition of High Desert Insurance

Business Wire | January 29, 2024

Inszone Insurance Services, a rapidly growing national provider of commercial, personal, and benefits insurance, is pleased to announce its recent acquisition of High Desert Insurance, out of Pueblo, Colorado. High Desert Insurance, born in 2011, has been a trusted insurance go-to for over ten years. Starting with three employees, they've grown into a team of seven, always coming through with top-notch insurance solutions for individuals and businesses. The values of High Desert Insurance mesh perfectly with what Inszone Insurance is all about, making this acquisition a great fit as Inszone looks to grow its services in Colorado. "We are delighted to welcome High Desert Insurance to the Inszone family," expressed Chris Walters, CEO of Inszone Insurance Services. "With a decade-long track record of delivering outstanding outcomes for its clients, High Desert Insurance has built a commendable legacy. Our commitment extends to preserving and enhancing this legacy by offering comprehensive back-office support and access to additional markets to the High Desert team." The newly acquired High Desert Insurance will operate under the Inszone Insurance brand and maintain its existing Pueblo, Colorado, location, ensuring a seamless transition and consistency in service for its valued clients. Inszone Insurance is dedicated to retaining the experienced team from High Desert Insurance to ensure the continuation of the high-quality service that clients have come to expect. As Inszone Insurance continues its strategic growth, the acquisition of High Desert Insurance represents not only a significant expansion but also a blending of values, reinforcing the commitment to excellence in service within the dynamic landscape of Colorado. Founded in 2002 and headquartered in Sacramento, California, Inszone is a full-service insurance brokerage firm that provides a broad array of property & casualty insurance and employee benefits solutions. With a strong, experienced management team, Inszone continues to grow organically and through acquisitions. With 54 locations across California, Arizona, Colorado, Idaho, Illinois, Kansas, Michigan, Missouri, Nevada, New Mexico, Oregon, Texas, Utah, and Washington, the company is looking to expand further throughout the United States.

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