BDA | July 25, 2022
The Bermuda Business Development Agency (BDA) is proud to support the 60th annual Florida Insurance Council (FIC) Summer Symposium on July 26-28, in Orlando, Florida.
The FIC programme will include state legislators, the Office of Insurance Regulation and other industry speakers including BDA Chair, Stephen Weinstein and BDA CEO, David Hart.
Mr. Weinstein said, “Since Hurricane Andrew, Bermuda’s (re)insurance market has been the preeminent partner to Florida insurers, supporting the market with capital, risk expertise, and an ethos of collaboration."
Mr. Weinstein said, “Since Hurricane Andrew, Bermuda’s (re)insurance market has been the preeminent partner to Florida insurers, supporting the market with capital, risk expertise, and an ethos of collaboration. Today, Bermuda (re)insurers provide over 60% of the hurricane reinsurance in Florida, support efforts to reform and strengthen Florida’s insurance market, and invest in and share cutting edge science to boost hurricane resilience and promote mitigation. Over 30 years, the Bermuda and Florida markets have tackled many challenges together and shared many successes. We look forward to seeing so many business, legislative, and regulatory leaders in person over the course of FIC’s outstanding programme, and exploring the next cycle of growth in our partnership.”
Mr. Hart said, “As a sixth generation Floridian, I have seen first-hand the benefits that Bermuda’s (re)insurance market offers Florida’s economy, and I am proud to represent Bermuda and the BDA at the FIC’s Summer Symposium. As we enter peak hurricane season, our Chair and I will highlight Bermuda’s continued value proposition as the world’s risk capital to the largest gathering of Florida’s domestic insurers. We thank FIC President, Cecil Pearce, for the speaking invitation and look forward to a large gathering of Florida-based companies and executives visiting us for our second annual Bermuda Risk Summit being held at the Hamilton Princess & Beach Club on March 6-8, 2023.”
The BDA encourages direct investment and helps companies start up, re-locate, or expand their operations in our premier jurisdiction. An independent, public-private partnership, we connect you to industry professionals, regulatory officials, and key contacts in the Bermuda government to assist domicile decisions. Our goal? To make doing business in Bermuda smooth and beneficial.
Harford Mutual Insurance Group, One Inc. | July 26, 2022
One Inc, the leading digital payments network for the insurance industry, announced today that property and casualty carrier, Harford Mutual Insurance Group (Harford Mutual), has selected One Inc’s ClaimsPay® to help process claims payments and synchronize the company’s workflow. The success of ClaimsPay marks the growing number of clients utilizing One Inc for payment digitization.
Headquartered in Bel Air, Maryland, Harford Mutual is represented by nearly 450 independent insurance agencies and is licensed in nine states and the District of Columbia. Harford Mutual’s selection of One Inc’s ClaimsPay is its latest step forward in assuring that its policyholders are taken care of in the critical moments when a claim is initiated, adjusted, and completed.
As part of their campaign to digitize its customer experience and more efficiently manage its property and casualty policies, Harford Mutual will integrate One Inc’s ClaimsPay technology with their claims administration software provider, Origami Risk. With ClaimsPay, Harford Mutual’s policyholders will have seamless and efficient access to multiple payment options, and underwriters will have a powerful tool to aid in customer retention while reducing expenses and bolstering data security and compliance.
“Integrating One Inc’s ClaimsPay with Origami was a natural choice as we sought to innovate this vital area of our business,” said Wayne Gearhart, Vice President of Claims at Harford Mutual. “We are very happy with the selection and the benefits both platforms can provide to our team and, more importantly, our customers. Along with security, speed, and ease of the process, these technology solutions are of paramount importance to us as we upgrade our customer and employee experiences.”
“Instant payments deliver a compelling customer value proposition and a competitive advantage to businesses,” said Ian Drysdale, CEO at One Inc.
“Instant payments deliver a compelling customer value proposition and a competitive advantage to businesses,” said Ian Drysdale, CEO at One Inc. “As Harford Mutual adopts new ways to be more efficient, many insurers are eyeing their claims technology to provide digital infrastructure that can help them rapidly adapt to the ever-changing needs of customers and stay ahead of the competition. We are proud that carriers like Harford Mutual are choosing One Inc for claims payment transformation and additionally pleased to run these integrations with partners like Origami.”
About One Inc
One Inc is modernizing the insurance industry through a unified and frictionless payment network. Focusing only on the insurance industry, One Inc helps carriers transform their operations by reducing costs, increasing security, and optimizing customer experience. The comprehensive end-to-end digital payments platform provides expanded payment options, multi-channel digital communications, and rapid digital claim payment, even for the most complex insurance use cases. As one of the fastest growing digital payments platforms in the insurance industry, One Inc manages billions of dollars per year in premiums and claim payments. For more information, please visit www.oneinc.com.
About Harford Mutual Insurance Group
Harford Mutual Insurance Group (HMIG), founded in 1842 in Harford County, Maryland, provides property and casualty insurance products and services to a regional market. Headquartered in Bel Air, Maryland, the company is represented by nearly 450 independent insurance agencies who in turn, are supported by expert in-house staff of underwriters, claims professionals, and insurance specialists. Licensed in Delaware, Georgia, Maryland, New Jersey, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, and Washington D.C., HMIG wrote $290 million in direct written premium in 2021. For more information, please visit https://www.harfordmutual.com/.
CORE INSURANCE,RISK MANAGEMENT
Coalition | August 16, 2022
Coalition, the world's first Active Insurance provider designed to prevent digital risk before it strikes, announced today that it has received regulatory approval and completed the acquisition of Digital Affect Insurance Company from Munich Re Digital Partners US Holding Corporation. Digital Affect Insurance Company is a property and casualty insurer licensed in all 50 states.
The acquisition will allow Coalition to offer insurance policies through its own admitted insurance carrier. Coalition currently offers cyber, technology errors & omissions, directors and & officers, and other executive risks policies through partnerships with Allianz, Arch Insurance North America, Ascot Group, Lloyd's of London, Swiss Re Corporate Solutions, Vantage, and Zurich among others.
"This strategic move empowers Coalition to expand the reach of our market leading active cyber insurance offering together with other admitted insurance products, The acquisition is a natural next step in our evolution and will allow us to better serve our broker partners and customers, while continuing to push the boundaries of innovation in cyber insurance, executive risks insurance, and beyond."
-Shawn Ram, Head of Insurance for Coalition
This acquisition builds on a string of important company milestones in 2022. Most recently Coalition announced a $250M investment in July 2022, boosting the valuation of the company to $5B, and appointed its first ever chief financial officer and general counsel earlier this month ahead of a planned expansion into the UK.
Coalition's Active Insurance combines industry-leading cybersecurity tools, access to around-the-clock digital forensics and incident response, and comprehensive insurance coverage to help organizations identify, mitigate, and insure digital risk. Coalition's technology advantage has allowed the company to build a sustainable, high-performing book of business in a highly-dynamic cyber market, while also helping Coalition customers spot and manage digital risk before it strikes. Coalition now serves over 160,000 customers with Active Cyber Insurance, Active Executive Risks Insurance, P&C insurance, and cybersecurity capabilities.
Coalition is the leading provider of cyber insurance and security, combining comprehensive insurance and proactive cybersecurity tools to help businesses manage and mitigate cyber risk. Through its partnership with leading global insurers Arch Insurance North America, Allianz, Ascot Group, Lloyd's of London, Swiss Re Corporate Solutions and Vantage, Coalition offers its Active Insurance products in the US and Canada and its security products to organizations globally. Coalition's Active Risk Platform provides automated security alerts, threat intelligence, expert guidance, and cybersecurity tools to help businesses remain resilient in the face of cyber attacks. Headquartered in San Francisco, Coalition is a distributed company with a global workforce that collaborates both digitally and in office hubs across the globe.