House Passes Terrorism Reinsurance Renewal; Senate to Take Up Measure

Insurance Journal | November 20, 2019

The House of Representatives on Monday passed a bill reauthorizing the federal terrorism reinsurance program by a vote of 385-22. The vote came on the Terrorism Risk Insurance Program Reauthorization Act of 2019 (H.R. 4634), a bill introduced by Rep. Maxine Waters (D-Calif.), chairwoman of the House Financial Services Committee, that provides for a seven-year reauthorization of the Terrorism Risk Insurance Act (TRIA). The original Terrorism Risk Insurance Act was enacted in the aftermath of the tragic September 11 terrorist attacks, which resulted in the largest insured losses on record from a non-natural event. Terrorism risk insurance became difficult for businesses to obtain or extremely expensive, complicating the recovery.

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The end is nigh. Flawed human beings cannot compete with the perfection of machine intelligence. We are being replaced, resistance is futile, and insurance is next! Just look at the writing on the wall. “Your next insurance agent will be a robot,” confidently reports c/ net.1 “How Artificial Intelligence Will Eliminate the Need for the Vast Majority of Insurance Agents” declares Forbes. ZDNet3 takes it a step further, listing “The first 10 jobs that will be automated by AI and robots” with “insurance underwriter” coming in at number six.

Spotlight

The end is nigh. Flawed human beings cannot compete with the perfection of machine intelligence. We are being replaced, resistance is futile, and insurance is next! Just look at the writing on the wall. “Your next insurance agent will be a robot,” confidently reports c/ net.1 “How Artificial Intelligence Will Eliminate the Need for the Vast Majority of Insurance Agents” declares Forbes. ZDNet3 takes it a step further, listing “The first 10 jobs that will be automated by AI and robots” with “insurance underwriter” coming in at number six.

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INSURANCE TECHNOLOGY

Insurance Platform Accelerant Launches $175M Sidecar Investment Vehicle Flywheel Re

ACCELERANT | August 25, 2022

Accelerant, the insurtech platform empowering underwriters with superior risk exchange, advanced data analytics, and long-term capacity commitments, today announced a new $175 million sidecar vehicle, Flywheel Re. Flywheel will provide multi-year risk capital to Accelerant and its cadre of underwriting-led specialist Members. “We’re thrilled to launch Flywheel and put it to work on behalf of our Members, This is a natural extension of the work we’ve been doing to support specialist underwriters with additional capacity. But it also marks a major milestone in our journey as a company, and for the insurance industry at large. We are now expanding our focus and diversifying sources of capital alongside the traditional reinsurance market by bringing our portfolio of low-volatility commercial SME risks to institutional investors in an innovative structure that efficiently supports our Members’ growth.” -Jeff Radke, CEO and co-founder of Accelerant Accelerant was founded in 2018 to rebuild the way that underwriters share and exchange risk. Accelerant works with its underwriting-led Members to drive market-leading profitable growth in niche specialties. Flywheel’s long-term structure is starkly different from typical historical catastrophe-focused sidecars, an approach that continues to distinguish Accelerant as an innovator in driving better outcomes across the insurance industry. Goldman Sachs & Co. LLC served as exclusive placement agent to Accelerant and Sidley Austin LLP acted as legal counsel. ABOUT ACCELERANT Accelerant is a data-driven, technology-fueled insurtech that empowers underwriters with superior risk exchange, advanced data analytics, and long-term capacity commitments. Our full-service risk exchange supports our carefully selected, best-in-class network of underwriting teams. We leverage granular information on each policy to deliver unprecedented insight into insurance pools, and our specialty portfolio is fully diversified with very low catastrophe, aggregation, or systemic risk. We’re proud to have been awarded an AM Best A- (Excellent) rating.

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INSURANCE TECHNOLOGY

Inszone Insurance Services Acquires B-W Insurance Agency, LLC

Inszone Insurance Services | July 22, 2022

Inszone Insurance Services, a rapidly growing, national provider of benefits, personal and commercial lines insurance, announced today the acquisition of B-W Insurance Agency, LLC. B-W Insurance was founded in 1984 by Bev Watenpaugh who entered the insurance industry after a successful professional career operating her own preschool. The agency was created to provide needed insurance for the more difficult driver and property owners. With the addition of husband Gene Watenpaugh and daughter and current owner Kim Steffen, this family-owned agency grew in the commercial space, supporting a diverse range of business industries. B-W Insurance was able to harness the power of word-of-mouth, as happy customers referred their friends and family to the agency and helped fuel their growth. “We are excited to bring B-W Insurance into the Inszone Insurance family, Through our acquisitions our agency has grown rapidly within the state of Colorado, we look forward to continuing to serve the state and provide additional resources and insurance options to protect all customers.” Norm Hudson, CEO of Inszone Insurance Services Inszone Insurance is expected to announce several acquisitions as well as new locations in the upcoming months. About Inszone: Founded in 2002 and headquartered in Sacramento, California, Inszone is a full-service insurance brokerage firm which provides a broad array of property & casualty insurance, along with employee benefits solutions. With a strong, experienced management team, Inszone continues to grow organically, as well as through acquisitions. With 30 locations across California, Arizona, Nevada, Utah, Colorado, Missouri, Texas and Illinois, the company is looking to further expand throughout the United States.

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COMPLIANCE

Counterpart Launches Excess Insurance Product for Small Businesses with Aspen

Counterpart, Aspen Insurance Holdings | July 21, 2022

Counterpart, the management liability insurtech, today announced the launch of its Excess insurance product for small businesses. Backed by Aspen, the Excess policy is another offering to support small businesses in a time of heightened litigation. Counterpart is the first management liability provider to utilize proprietary data and cutting-edge technology in response to the increasing settlement and legal expenses, which can easily bankrupt a small business. Claims expenses have spiked in recent years due to plaintiff friendly legal environments and unrestrained legal fees. This product was built in response to overwhelming demand from Counterpart’s broker partners, including David Alferez, Director, CRC Group, who commented: “Counterpart has been an incredible partner of ours and is once again stepping up to support our team and our clients. We are eager to leverage another one of their best-in-class products.” Counterpart offers Excess insurance on Directors and Officers, Employment Practices and Fiduciary Liability, with a maximum limit of $3 million. Backed by Aspen’s financial strength, the offering will be available for small businesses with less than 250 employees and less than $250 million in revenue and total assets through Counterpart’s wholesale broker partners. “Counterpart has created a compelling and unique offering for small businesses. We’re pleased to further develop our relationship and are excited to support what we see as a natural extension of an already successful management liability product line,” said Zac Clammer, Executive Vice President, Management Liability, Aspen Insurance. “We always operate with the best interest of our customers and Excess insurance has been a real pain point for them over the years due to decreasing limits and coverage,” said Mike Levins, Head of Insurance at Counterpart. “We always operate with the best interest of our customers and Excess insurance has been a real pain point for them over the years due to decreasing limits and coverage,” said Mike Levins, Head of Insurance at Counterpart. “Excess insurance is the most requested product from our brokers, and we have worked closely together to design a product that addresses their wants and needs. This is just the beginning of what we are looking to do together with our insurance carrier partners to grow the breadth of our management liability products and services.” To learn more about Counterpart’s Excess product, visit: yourcounterpart.com About Counterpart Counterpart is a management liability insurance platform for the 21st century workplace. The company applies the most advanced Directors & Officers, Employment Practices, and Fiduciary rating systems in the industry to measure risk more efficiently while requiring less information from the broker and applicant. Counterpart’s underwriting is complemented by a suite of products and services that help brokers and insureds proactively manage exposures throughout the term of the policy. For more information, visit yourcounterpart.com. About Aspen Insurance Holdings Limited Aspen provides reinsurance and insurance coverage to clients in various domestic and global markets through wholly-owned subsidiaries and offices in Australia, Bermuda, Canada, Singapore, Switzerland, the United Kingdom and the United States. For the year ended December 31, 2021, Aspen reported $13.8 billion in total assets, $7.6 billion in gross reserves, $2.8 billion in total shareholders’ equity and $3.9 billion in gross written premiums. Aspen's operating subsidiaries have been assigned a rating of “A-” by Standard & Poor’s Financial Services LLC and an “A” (“Excellent”) by A.M. Best Company Inc. For more information about Aspen, please visit www.aspen.co.

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