Milestone Partners | May 27, 2022
Milestone Partners announces the formation of specialty auto insurance holding company Drive Assurance Holdings LLC ("Drive Assurance"). It also announces the acquisition of GoAuto, LLC ("GoAuto") and its technology platform, Adaptive Information Technologies, LLC ("Adaptive Information Technologies") ("AIT").
GoAuto is a vertically integrated, tech-focused personal auto insurance platform that offers low-limit plans via its managing general agent and insurance carrier subsidiaries. GoAuto, which was founded in 2009 and distributes insurance directly to consumers online and through 70 captive shops, has traditionally achieved lower loss ratios and higher profitability than its industry counterparts by employing AIT's unique data analytics and underwriting technology. The dedicated balance sheet capacity of GoAuto's insurance carrier enables for better value chain capture, which is enhanced by reinsurance arrangements that enable an asset light approach and lower retained risk.
GoAuto's speciality market area is expanding, highly fragmented, and anticipated to account for nearly 22% of total personal vehicle insurance premiums of $260 billion. GoAuto is Louisiana's third largest personal auto insurance, with operations expanding into Texas, Nevada, and Ohio. At GoAuto, Milestone intends to implement policies in the areas of environmental, social, and governance, as well as diversity, equity, and inclusion.
GoAuto's proprietary software enables superior customer analytics and data-driven operations that have established them as a market leader. We look forward to working with the management team on executing their strategic initiatives."
Adam Curtin, Partner at Milestone.
Greg Tramontin, CEO and Founder of GoAuto, shared that they are looking forward to working with Milestone as they enter the next phase of their development. They are certain that, together, they will continue to provide best-in-class vehicle protection products and customer support to their loyal customers, given their specialized sector emphasis on financial technology companies and extensive experience in automotive finance services.
Ahoy | June 09, 2022
Ahoy!®, the new digital insurance MGA for recreational boating, today announced the introduction of its industry-first technology-driven insurance product. Ahoy! was created by boaters for boaters, and it blends proactive, risk-reducing technology with its founders' extensive expertise of both boating and insurance to provide cutting-edge insurance products for the twenty-first century.
Ahoyinsurance !'s policies will be available directly and through agents in Michigan, Arizona, Ohio, Wisconsin, and Illinois, with plans to expand across the US in the coming months, thanks to a partnership with Spinnaker Insurance Company, a national property and casualty insurer rated A- (Excellent) by A.M. Best Company, and with backing from specialist reinsurers Greenlight Re and Topsail Re.
Traditional insurance firms have failed to adapt to the special needs of today's boater, and they frequently bundle boat insurance with other home insurance policies. Ahoymain !'s focus is on this underserved market, leveraging technology to help secure boaters' vessels and provide peace of mind, transforming what was traditionally considered as a reactive and protective asset.
Ahoyteam !'s is made up of naval veterans, insurance specialists, and seasoned high-tech leaders who have pooled their knowledge to build a comprehensive digital insurance product customized to boaters' specific needs. Ahoy! has also put together an advisory board that includes Matthias Weber, the former Chief Underwriting Officer of SwissRe.
A boat isn't just another piece of property, it's a lifestyle choice. It's where you create memories, where you escape to when you need a little serenity or the place to run to for some excitement. We're boaters, we get that, Ahoy! offers a new kind of boat insurance, not only insuring boats but providing technological tools that help boaters proactively avoid risk. Ahoy! gives boaters peace of mind knowing their needs and concerns are addressed by fellow boaters and they can rest assured that their treasured vessels will be protected and ready to enjoy at any time."
Ahoy! CEO and Co-Founder, Amit Nisenbaum.
Customers of Ahoy! receive an onboard smart boat kit that works in conjunction with a proprietary mobile app to provide advanced telemetry capabilities that help proactively decrease risk and avoid damage or injury, as well as a phone overboard protection insurance. The smartphone app will eventually contain a digital logbook and data collecting for future travels, as well as notifications such as grounding avoidance, theft recovery aid, and micro-targeted weather alerts and forecasts.
Millions of certified insurance brokers in the United States may now offer customised boating coverage to their customers faster and more readily thanks to Ahoy!, which is offered through independent agencies and directly online.
Chubb | July 04, 2022
The personal accident, supplemental health, and life insurance businesses of Cigna (NYSE: CI) in six Asia-Pacific markets are housed in the life and non-life insurance firms that Chubb Limited (NYSE: CB) has completed its acquisition of. The businesses, which include Cigna's accident and health (A&H) and life business in Korea, Taiwan, New Zealand, Thailand, Hong Kong, and Indonesia, were purchased by Chubb for $5.36 billion. The final acquisition price was less than the first announcement, which takes into account several small modifications as well as the effects of rising interest rates and currency exchange rates on the acquired book value.
By increasing its presence in the Asia-Pacific region, a long-term development area for the company, this complementing strategic purchase helps Chubb. With the addition of Cigna's business, Chubb's global portfolio in the Asia-Pacific region will increase from $4 billion to about $7 billion in premiums, or about 18% of the company's total premiums, with roughly 95 percent of the acquired business going to its life insurance segment and the remaining going to its overseas general insurance segment. The company's global A&H writings will grow to a premium amount of around $6 billion, up from $3.7 billion, and its life insurance section will grow to a $5.4 billion enterprise.
"Cigna's business, which is approximately 80% A&H, adds significantly to our business in Asia. The Asia-Pacific region offers great potential for long-term growth and wealth creation. The Cigna businesses have favorable underwriting margins, produce high-quality earnings, and are not exposed to the P&C cycle. Chubb is so well positioned to capitalize on market and product opportunities, including the cross-selling of Chubb's non-life products to life customers, with a strong brand, technology, and complementary direct marketing skills and partnerships. At the same time, I am also pleased to welcome nearly 3,000 new colleagues to Chubb. Together, the leadership and talented professionals of Chubb and Cigna will enable us to provide greater value to our customers, distribution partners, and shareholders."
-Evan G. Greenberg, Chairman and CEO of Chubb.