INSURANCE TECHNOLOGY

Manulife enters agreement to reinsure over 75% of U.S. Variable Annuity block to Venerable Holdings Inc.

Markel Corporation | November 16, 2021

Manulife enters agreement to reinsure over 75% of U.S. Variable Annuity block to Venerable Holdings Inc.
Markel Corporation (NYSE: MKL) announced that it is winding down Lodgepine Capital Management Limited (Lodgepine), its retrocessional Insurance Linked Securities (ILS) fund manager based in Bermuda.

Markel launched Lodgepine in 2019, with product offerings focused on property catastrophe retrocessional investments. In 2021, Lodgepine wrote a portfolio of property retrocessional business that consisted of approximately $230 million of initial limits. The Lodgepine Fund launched July 1, 2021 with initial investor capital of $98.9 million, including an initial investment by Markel of $18.9 million.

Despite best efforts and in light of headwinds in the retrocessional ILS market, including a challenging fundraising environment, Lodgepine will cease to write any new business and commence the orderly run-off of its existing portfolio and the return of capital to investors.

The company has entered into a consultation period with Lodgepine's 18 employees and will look for redeployment opportunities for these employees within Markel's operations.

About Markel Corporation
Markel Corporation is a diverse financial holding company serving a variety of niche markets. The Company's principal business markets and underwrites specialty insurance products. In each of the Company's businesses, it seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the Company are to earn consistent underwriting and operating profits and superior investment returns to build shareholder value.

Spotlight

Liability Car Insurance Coverage, your state minimum, helps cover the potential costs of other driver’s property and bodily injury if you’re found at fault in a car accident. If you own and operate a car in the United States, you’ll need car insurance, and each state will have their minimum insurance requirements.

Spotlight

Liability Car Insurance Coverage, your state minimum, helps cover the potential costs of other driver’s property and bodily injury if you’re found at fault in a car accident. If you own and operate a car in the United States, you’ll need car insurance, and each state will have their minimum insurance requirements.

Related News

Atlas General Insurance Services announced the formation of the Client Solutions Group

Atlas General Insurance | May 21, 2020

Atlas General Insurance Services announced the formation of the Client Solutions Group. Solutions Group, where the first available Client Solutions Representative will take your call and find solutions to your questions or concerns. The types of questions the Client Solutions Group addresses are often centered on billing, audit, submission, or commission issues. Atlas General Insurance Services is proud and excited to announce the formation of the Client Solutions Group. This group will be housed at our corporate headquarters, managed by Brent Lambert, and staffed by a group of individuals trained to manage the most common questions and challenges observed in our partner base community. Similar to the rest of the insurance industry, Atlas is taking advantage of the technological advances to improve efficiency and convenience for the company and most importantly for our clients. As businesses continue to become highly automated, we find a common denominator in our clients’ feedback regarding the difficulty to reach a ‘live person’ by phone. As a result, innovation loses its value if it comes at the expense of those whom we are trying to serve. Read More: NFS modernized flood insurance space by launching Trident Instead of reaching an automated operator giving you multiple choices that might not fit your particular question or need, all calls are now routed directly to our Clients Solutions Group, where the first available Client Solutions Representative will take your call and find solutions to your questions or concerns. In the event that our CSR is unable to assist with your inquiry, they will perform a “warm transfer” to another Atlas team member who is best able to support you. If assistance is not immediately available, they will take ownership of the question or concern and perform all necessary follow-up until a resolution is found. The types of questions the Client Solutions Group addresses are often centered on billing, audit, submission, or commission issues. It is important to point out that very few calls or concerns fall outside our ability to resolve the inquiry. As a value-add to partnering with Atlas, your questions will now be answered with you on the phone. Client Solutions Group is determined in strengthening relationships between our team members and clients for a much more successful interaction with Atlas. Read More: Guardian Life Unveiled a New Feature Term Life Insurance With a Built-in Benefit for Charity We encourage our clients to try this convenient offering by giving us a call regarding an existing transaction, or perhaps even calling us with a new transaction to show our commitment to efficient solutions and excellent service. About Atlas General Insurance Services, LLC Atlas General Insurance Services is a full-service program administrator that offers a wide range of insurance solutions. Atlas has expertise in developing and underwriting programs with a variety of insurance carrier partners. Atlas provides exceptional service and unique options for clients seeking workers’ compensation, commercial lines and specialty property coverage.

Read More

CORE INSURANCE

Majesco Acquires Utilant LLC

Majesco | June 17, 2021

Majesco, a global leader in cloud insurance software solutions platforms, announced today the completion of its acquisition of Utilant LLC, a U.S.-based InsurTech company that offers the industry-leading survey management SaaS product suite for Loss Control and Premium Audit surveys, as well as artificial intelligence (AI)/machine learning (ML) data and analytics. Utilant's cutting-edge SaaS solutions, contributory database, and AI/ML models provide the required next-generation technology to address important insurance trends and keep up in today's digital race. This acquisition broadens Majesco's extensive product offering and adds approximately 87 new clients in the P&C sector, including global insurance carriers and top risk engineering companies. Majesco is launching an innovative Data and Analytics business unit with this acquisition, merging Utilant technology with Majesco's current, market-leading data and analytics offering. Patrick Davis, Founder and CEO of Utilant has joined the Majesco Senior Leadership Team and will lead this new business. With proactive risk management, the new service expands Majesco's digital capabilities, creates operational value for insurers, and ultimately enhances customer experience. According to Adam Elster, CEO of Majesco, "the recent pandemic has pushed the timeline for insurers to implement essential technologies like AI/ML, digital core platforms, and data and analytics." "We are excited to provide our customers with advanced, embedded data and analytics capabilities, as well as next-generation insurance SaaS products that can provide them with a competitive edge, improve underwriting profitability, and accelerate their digital transformation journey." Utilant's financial advisor was Raymond James & Associates, whereas Majesco's financial adviser was Nomura Securities International, Inc., and Majesco's legal advisor was Sheppard, Mullin, Richter & Hampton LLP. About Majesco Majesco is the leading software partner for the P&C and L&A insurance industries, helping them to modernize, optimize, and innovate at scale. Majesco's next-generation SaaS platform solutions of core, data and analytics, digital, distribution, absence management, and a rich ecosystem marketplace of established and InsurTech partners are used by over 330 insurers, ranging from greenfields, start-ups, and MGAs to the largest insurers, reinsurers, and brokers, to build the future of insurance. Our technology, expertise, and leadership assist insurers in innovating and connecting to create their business's future. We have an incredible track record of innovation and real-world results, with over 825 successful installations and over 65% of our clients on Cloud with Majesco platform solutions.

Read More

Pie insurance unveiled its partner portal

Cision PR Newswire | August 06, 2020

Pie Insurance, one of the nation's leading insurtechs providing workers' compensation insurance to small businesses, today unveiled its partner portal. The portal uses proprietary technology that makes it easier for partner agents to submit their clients for workers' comp coverage and track their status in real time. The partner portal features an integrated appetite checker and can make automatic decisions on more than 70 percent of class codes. Pie's ability to auto-decide such a high percentage of class codes ensures agents get the information they need faster to better serve their clients.

Read More