Liberty Mutual announces new coal policy, appoints sustainability head

Liberty Mutual | December 16, 2019

Liberty Mutual Insurance has announced the appointment of Francis Hyatt to the newly created role of chief sustainability officer. Hyatt will lead the company’s Office of Sustainability and focus on environmental, social and governance (ESG) issues. The company has also announced a new policy on coal underwriting and investing. Under the new policy, Liberty Mutual will no longer accept underwriting risk for companies where more than 25% of their exposure arises from the extraction or production of energy from thermal coal. Liberty Mutual will also no longer make new investments in debt or equity securities of companies that generate more than 25% of revenues from thermal coal mining or utility companies that generate more than 25% of their electricity production from thermal coal. The company will phase out coverage and investments for existing risks that exceed that threshold by 2023.

Spotlight

There's a lot of questions revolving around business interruption, slowdowns and shutdowns of business due to the Covid-19 or Corona Virus. We dive into those issues in this video. Gordon Coyle is the CEO and Senior Risk Architect of The Coyle Group, a New York based insurance brokerage and risk consulting firm, focused exclusively on the business insurance market.

Spotlight

There's a lot of questions revolving around business interruption, slowdowns and shutdowns of business due to the Covid-19 or Corona Virus. We dive into those issues in this video. Gordon Coyle is the CEO and Senior Risk Architect of The Coyle Group, a New York based insurance brokerage and risk consulting firm, focused exclusively on the business insurance market.

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INSURANCE TECHNOLOGY

First American Title Unveils PRISM™ Digital Platform for Title Agents

First American | August 29, 2022

First American Title Insurance Company, a leading provider of title insurance and settlement services and the largest subsidiary of First American Financial Corporation, today announced the launch of its PRISM™ digital platform, which combines automation and marketing tools, allowing First American policy-issuing title agents to offer valuable products and services directly to their customers via any computer or mobile device at any time. In a transitioning market, title agents are looking for easy-to-implement, cost-effective digital platforms and tools that increase efficiency, strengthen customer engagement and enhance the real estate transaction experience. “Our PRISM platform is another example of First American’s leadership of the digital transformation of title and settlement, By leveraging innovative digital technology and the company’s industry-leading public records data, the PRISM platform delivers a more efficient, more convenient real estate transaction experience for our title agents and the lenders, real estate agents, buyers and sellers they serve.” -Kevin Wall, president of First American Title’s Agent and Lender Group The PRISM platform automates the personalized quote delivery and title ordering process, eliminating the need for lenders or real estate agents to call their title agent for a quote for title and settlement fees or to order title, which helps accelerate the transaction and strengthen relationships with the parties involved. Through the PRISM platform, real estate agents can access co-branded or white-labelled seller net sheets, buyer estimates, refinance quotes, marketing materials, and property reports, where permitted, that highlight the title agent’s role, helping both the real estate agent and title agent establish relationships with home buyers and sellers earlier in the real estate transaction and, ultimately, helping the title agent secure more title orders. PRISM provides a branded digital platform that helps engage and support my lender and real estate agent customers as well as home buyers and sellers, My customers can easily order and edit fee quotes on the fly 24/7, helping my people spend more time on the closings they have in their queue,Chris Medina, director of sales at Navi Title Agency. The PRISM platform also connects title agents to the following services available only from First American Title: Customizable marketing materials through Agent Print Pro Property data, including transaction history and current owner information Policy rates and endorsement fees, local recording fees, and transfer taxes through First American’s Comprehensive Calculator. The PRISM platform will include a number of integrations with third-party services to further enhance the efficiency and convenience of the settlement process for First American policy-issuing title agents and their customers. About First American Title Insurance Company First American Title Insurance Company, the largest subsidiary of First American Financial Corporation (NYSE: FAF), traces its history to 1889. One of the largest title insurers in the nation, the company offers title services through its direct operations and an extensive network of agents throughout the United States and abroad. First American Title provides comprehensive title insurance coverage and professional services for real estate purchases, construction, refinances and equity loans. About First American First American Financial Corporation is a premier provider of title, settlement and risk solutions for real estate transactions. With its combination of financial strength and stability built over more than 130 years, innovative proprietary technologies, and unmatched data assets, the company is leading the digital transformation of its industry. First American also provides data products to the title industry and other third parties; valuation products and services; mortgage subservicing; home warranty products; banking, trust and wealth management services; and other related products and services. With total revenue of $9.2 billion in 2021, the company offers its products and services directly and through its agents throughout the United States and abroad. In 2022, First American was named one of the 100 Best Companies to Work For by Great Place to Work® and Fortune Magazine for the seventh consecutive year.

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CORE INSURANCE

BDA Participates in 60th Annual Florida Insurance Council Summer Symposium

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.” CONNECTING BUSINESS 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.

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CORE INSURANCE

Sapiens Partners with Insurtech Marketplace Player Intellagents to Expand its P&C Ecosystem

Intellagents and Sapiens | August 20, 2022

Sapiens International Corporation, a leading global provider of software solutions for the insurance industry, announced today an agreement with Intellagents, a no-code, hybrid cloud, independent insurance marketplace platform provider. The partnership expands the Sapiens CoreSuite for P&C ecosystem and connects agents and insurers to a new digital marketplace with best-in-class insurtech solutions, data sources, AI providers and more. The new solution eliminates the costly friction of integrating legacy and modern systems and orchestrates agile and efficient performance over a single dynamic API marketplace. "We are pleased to partner with Sapiens. Part of our success is due to our diligence in bringing together tried-and-true technologies and services so users can be confident they are working with secure applications from trustworthy, stable vendors. We look forward to working with Sapiens to equip its P&C solutions with unprecedented reach," - Mark Stender, CEO of Intellagents The partnership grants insurers access to hundreds of data and insurtech providers and thus reducing insurance cycle times, increasing efficiency, and collaborating transparently while enhancing user experience. Sapiens is incredibly excited to announce this partnership. The marketplace is massive and for our customers, it means the ability to leverage all the best-in-class insurtech technologies without having to embark on costly, time-consuming integration projects, says Jamie Yoder, Sapiens President & General Manager, North America. Intellagents' platform will integrate with Sapiens CoreSuite for P&C solution to deliver a vast data marketplace on a single adapter, thereby eliminating the need to build additional integrations for new interfaces. Sapiens CoreSuite for P&C is a customer-centric, low-code enterprise suite that empowers insurers to rapidly meet evolving business and customer needs. About Intellagents Founded in 2019, Intellagents is the only no-code, hybrid cloud, independent insurance integration platform, connecting agents, insurers, and new digital marketplaces and ecosystems with best-in-class insurtech solutions, data, and AI providers, core and legacy systems to power "Real Change" in the insurance industry. Intellagents removes the costly friction of integrating old and new solutions, and orchestrates agile, efficient performance through one dynamic API marketplace. About Sapiens Sapiens International Corporation empowers the financial sector, with a focus on insurance, to transform and become digital, innovative and agile. Backed by more than 35 years of industry expertise, Sapiens offers a complete insurance platform, with pre-integrated, low-code solutions and a cloud-first approach that accelerates customers' digital transformation. Serving over 600 customers in 30 countries, Sapiens offers insurers across property and casualty, workers compensation and life and pension markets, the most comprehensive set of solutions, from core to complementary, including Reinsurance, Financial & Compliance, Data & Analytics, Digital, and Decision Management.

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