CyberCube | October 31, 2022
Converge is partnering with CyberCube to provide customers with deeper data and risk solutions, delivering improved business outcomes at lower premiums. Integrating CyberCube’s platforms into Converge’s ecosystem will enhance the quality and depth of the analysis provided to clients across a spectrum of industries and sectors to confidently mitigate risk and strengthen cyber protection.
CyberCube, a leading cyber risk analytics firm, will seamlessly blend its Portfolio Manager platform, Single Point of Failure (SPoF) Intelligence module, and Attritional Loss Model into Converge’s proprietary technology ecosystem. Combined with an adversary-focused underwriting methodology and led by seasoned, executive talent from across the insurance industry, Converge is driving cyber resilience and reducing risk by making the insurance process easy, accessible, and affordable.
“Our partnership with CyberCube aligns perfectly with Converge’s mission of being first to deliver complete, confident cyber protection, Our deep understanding of the challenges faced by our clients combined with tailored risk solutions will allow us to further improve outcomes for their businesses at a lower cost.”
-Anthony Dagostino, Converge CEO & Founder
Pascal Millaire, CyberCube’s CEO, said: We are thrilled to be partnering with Converge as it makes leading cyber risk management and risk solutions accessible and intuitive to firms across the insurance marketplace. Our collaboration will ensure they receive the comprehensive protection they need.
CyberCube delivers the world’s leading cyber risk analytics for the insurance industry. With best-in-class data access and advanced multi-disciplinary analytics, the company’s cloud-based platform helps insurance organizations make better decisions when placing insurance, underwriting cyber risk and managing cyber risk aggregation. CyberCube’s enterprise intelligence layer provides insights on millions of companies globally and includes modeling on thousands of points of technology failure.
Converge is where cyber insurance, security, and technology intersect to provide businesses with complete cyber protection. Deploying a proprietary data ecosystem underpinned by expert underwriting and risk solutions, we give insurance professionals and customers vital intelligence that delivers improved outcomes at lower premiums. We believe in partnering with our clients, guiding them to be confidently cyber secure through our intuitive tech and seamless user experience, improving protection and mitigating risk. Converge is headquartered in New York and backed by venture firm Forgepoint Capital.
Westfield | September 09, 2022
Successfully executing on its Specialty Insurance expansion strategy, Westfield today announced its entrance into the international specialty market via the purchase of Lloyd’s of London Syndicate 1200 from Argo Group International Holdings, Ltd. As a leading property and casualty (P&C) insurance company in the United States, this acquisition accelerates Westfield Specialty’sSM rapid growth after a strong first year in the U.S. market.
Subject to regulatory approval, the acquisition is expected to close in the first half of 2023 for a purchase price of approximately $125 million.
“This acquisition is our first step in establishing a global franchise for Westfield, The international specialty market fits well with our growth ambitions and the opportunity with Lloyd’s Syndicate 1200 jump-starts our entry into this market.”
-Ed Largent, Westfield President, CEO and Board Chair
Syndicate 1200 has an estimated $650 million book of business, which is focused on various lines of specialty insurance. Lloyd’s holds licenses around the globe to underwrite property and casualty business with an “A+” S&P financial strength rating.
Westfield brings deep expertise and experience to the international specialty market. Westfield Specialty President and industry veteran Jack Kuhn has a proven track record of success leading global, multi-billion-dollar specialty businesses and emphasized Westfield’s commitment to international expansion.
We’ve had our sights set on the international specialty market since launching our specialty business a year ago, so this is Westfield executing on our original strategy, We considered multiple pathways but acquiring Syndicate 1200 emerged as a unique opportunity because it gets us into the international specialty market quickly with an established platform while capitalizing on current market dynamics,said Kuhn.
Kuhn recently announced Graham Evans to the Westfield Specialty executive management team as Executive Vice President, Head of International Insurance. Like Kuhn, Evans has deep international specialty expertise from leadership roles at Chubb, CNA, AXIS and his most recent role leading Endurance/Sompo’s European operations. Evans will develop Westfield Specialty’s international strategy and will lead the integration of Lloyd’s Syndicate 1200.
Jack and Graham have enjoyed a long professional relationship spanning more than 20 years in the international specialty market, Together, they will shape the business and build an even stronger portfolio of international business,continued Largent.
The international operation will reside within Westfield Specialty, which currently writes specialty business in the U.S. Under Kuhn’s leadership, the team is targeted to write $250 million of premium in 2022 during its first full year of operation.
Largent echoes the long-term international commitment adding, This is Westfield acting on a timely, strategic opportunity; investing in our business and deploying capital to create value for our customers. Like Lloyd’s, Westfield has a long history approaching 175 years in business and we couldn’t be more excited about this new chapter and working with the Syndicate 1200 team.
Sidley Austin LLP served as legal counsel and Keefe, Bruyette & Woods, A Stifel Company, served as financial advisor to Westfield on this transaction.
Westfield is an $8.8 billion (GAAP assets) property-casualty insurance company underwriting commercial, personal, surety and specialty lines of insurance in the U.S.
Westfield was founded in 1848 by a small group of hard-working farmers who believed in the promise of the future and the power of the individual. Today, as a leading property and casualty (P&C) insurance company in the United States, we remain true to their vision and are dedicated to making a positive difference in our customers’ lives.
CORE INSURANCE, INSURANCE TECHNOLOGY
Zywave and DataCrest | September 29, 2022
Partner Platform, a Zywave company, and DataCrest, a leading P&C insurance tech provider, today announced a new integration between Partner Platform and AppEase digital forms to digitize the process of data collection for forms and supplemental applications.
The integration of Partner Platform, a leading provider of web-based agency management systems and customer relationship management solutions for P&C insurance agencies, with AppEase, enables agents to increase efficiency to attract and retain more clients.
"A top concern for agency owners is the efficiency of their teams, As their business partners, we continually look for ways to help them eliminate roadblocks and improve their processes across the entire lifecycle of selling and servicing policies. We are excited to announce this integration, which improves the experience for both the agent and insured."
-Vice President of SIS Revenue Operations Michael Doran
Tom Young, DataCrest's founder, adds, Supplemental applications and other documents slow down deal flow, are redundant and are not specific to the insured's operations. We are thrilled by the value this integration can bring to all involved and are confident we can help solve longstanding communications and application issues for agents and their clients.
Partner Platform was acquired by Zywave in June 2022. Zywave leads the insurtech industry, fueling business growth for its partners with cloud-based sales management, client delivery, content and analytics solutions. Zywave's all-in-one platform provides customizable, user-friendly options that enable insurance professionals to build a unique solution to fit their specific growth goals—their own Modern RevOps Machine. More than 15,000 carriers, agencies and brokerages worldwide—including all of the top 100 U.S. insurance brokerages—use Zywave solutions to enhance client services, achieve business growth and promote greater health, wellness, risk management and safety.
DataCrest is a technology company built by P&C veterans to solve inefficiencies they have recognized in various roles over their careers. Those include solutions for commercial supplemental applications, Quote Bind Issue wizards, and claims probability analytics.