Policy Expert forays into motor insurance

insurancebusinessmag | June 18, 2019

Digital home insurer Policy Expert has opened its doors to the world of car coverage.
Acquiring motor insurance business Sure Thing for an undisclosed sum, Policy Expert said the transaction supports the latter s expansion plans. Meanwhile the acquired company will continue to operate under its existing brand but under a different senior management team.

Spotlight

The chairperson and lead author express their gratitude to the Western Cape Government (WCG) departments represented on the public sector transversal working group for their invaluable contributions to this policy document. The WCG departments include the Departments of the Premier, Community Safety (and by extension the Western Cape Liquor Authority), Transport and Public Works, Social Development, Health, Local Government, Economic Development and Tourism, and Agriculture.

Spotlight

The chairperson and lead author express their gratitude to the Western Cape Government (WCG) departments represented on the public sector transversal working group for their invaluable contributions to this policy document. The WCG departments include the Departments of the Premier, Community Safety (and by extension the Western Cape Liquor Authority), Transport and Public Works, Social Development, Health, Local Government, Economic Development and Tourism, and Agriculture.

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CORE INSURANCE

Corvus Insurance Opens Continental European Office in Germany

Corvus | July 28, 2022

Corvus Insurance, the market-leading specialty insurance MGA offering Smart Commercial Insurance® products powered by AI-driven risk data, today announced the opening of a new continental European office in Frankfurt, Germany. The newest office location for Corvus creates a presence in continental Europe for the company — a first for a US-based insurtech — allowing Corvus greater flexibility to expand its international footprint and capabilities through new markets. “Frankfurt is located within the largest insurance market on the continent and the city has always been an international business hub across industries,” said Oliver Delvos, Head of International at Corvus Insurance. “Frankfurt is located within the largest insurance market on the continent and the city has always been an international business hub across industries,” said Oliver Delvos, Head of International at Corvus Insurance. “We will be able to spread our wings and develop our business with a true European focus.” The Frankfurt office will look to underwrite cyber insurance business for both small- and medium-sized businesses (SMBs) and larger corporations. Coupled with product growth, Corvus seeks to increase employee headcount by attracting new talent to the industry and into tech. This will include offering positions for ‘Werkstudenten’ from universities as a way to provide graduates with potential career opportunities. “Cyber by its very nature is a global risk, and by expanding our operations into Europe, this will create new opportunities for our team to help even more policyholders and support our foundational mission of making the world a safer place,” said Lori Bailey, Chief Insurance Officer of Corvus Insurance. To learn more about Corvus, please visit https://www.corvusinsurance.com. About Corvus Corvus Insurance is building a safer world through insurance products and digital tools that reduce risk, increase transparency, and improve resilience for policyholders and program partners. Our market-leading specialty insurance products are enabled by advanced data science and include Smart Cyber Insurance®, Smart Tech E+O™, and Smart Cargo®. Our digital platforms and tools enable efficient quoting and binding and proactive risk mitigation. Corvus Insurance offers insurance products in the US, Middle East, Europe, Canada, and Australia. Current insurance program partners include AXIS Capital, Crum & Forster, Hudson Insurance Group, certain underwriters at Lloyd’s of London, R&Q Accredited, SiriusPoint, and Skyward Specialty Insurance. Corvus Insurance, Corvus London Markets, and Corvus Germany are the marketing names used to refer to Corvus Insurance Agency, LLC; Corvus Agency Limited; and Corvus Underwriting GmbH. All entities are subsidiaries of Corvus Insurance Holdings, Inc. Corvus Insurance was founded in 2017 and is headquartered in Boston, Massachusetts with offices across the US, in the UK, and Germany. For more information, visit corvusinsurance.com.

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INSURANCE TECHNOLOGY

Piper Sandler Expands Insurance Investment Banking Team with Addition of Christopher Grady

Piper Sandler Companies | July 06, 2022

Piper Sandler Companies (NYSE: PIPR), a leading investment bank, is pleased to announce the hiring of Christopher Grady. He is joining the New York office as a director in the financial services group as part of the insurance investment banking team. “We are thrilled to have Chris join the Piper Sandler insurance investment banking team. Having worked closely with Chris over many years, we have enormous respect for his deal acumen and integrity. His experience successfully executing insurance distribution M&A transactions, in particular, is unparalleled,” said John Butler, managing director and co-head of insurance investment banking at Piper Sandler. Grady will be focused on advising clients on strategic M&A and executing M&A and capital raising transactions for insurance distribution clients. Previously, Grady was the head of corporate development for Marsh McLennan Agency, where he was responsible for leading strategy, corporate development, principal investment and M&A activity. In his time with Marsh McLennan Agency, he completed 80 transactions including over 70 acquisitions of insurance distribution firms in the U.S. and Canada. Grady holds a Master of Business Administration degree from NYU Stern School of Business and a bachelor’s degree in finance and corporate accounting from Ithaca College. “I’m very excited to join Piper Sandler and continue to build on the tremendous success they’ve had across the insurance industry. John Butler and George Johns have built an incredible team and I’m looking forward to bringing my expertise into the fold,” said Christopher Grady, director at Piper Sandler. “I’m very excited to join Piper Sandler and continue to build on the tremendous success they’ve had across the insurance industry. John Butler and George Johns have built an incredible team and I’m looking forward to bringing my expertise into the fold,” said Christopher Grady, director at Piper Sandler. The Piper Sandler insurance investment banking group is an industry thought leader providing financial advisory and capital raising services to insurance underwriters, brokers, third-party administrators and other insurance services companies. The team completed 31 M&A and strategic advisory and capital raising transactions in 2021 representing $4.0 billion in aggregate M&A deal value and $4.0 billion in aggregate capital raised.** ABOUT PIPER SANDLER Piper Sandler Companies (NYSE: PIPR) is a leading investment bank driven to help clients Realize the Power of Partnership®. Securities brokerage and investment banking services are offered in the U.S. through Piper Sandler & Co., member SIPC and NYSE; in the U.K. through Piper Sandler Ltd., authorized and regulated by the U.K. Financial Conduct Authority; and in Hong Kong through Piper Sandler Hong Kong Ltd., authorized and regulated by the Securities and Futures Commission. Private equity strategies and fixed income advisory services are offered through separately registered advisory affiliates.

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INSURANCE TECHNOLOGY

Styra Announces Styra Run, a New Application Authorization Service for Developers, Built on Open Policy Agent

Styra | July 18, 2022

Styra, Inc., the creators and maintainers of Open Policy Agent (OPA) and leader of cloud-native authorization, today announced Styra Run. Designed for application development teams, this new OPA-based authorization service provides enterprise-grade authorization to developers via a simple drop-in API, allowing teams to accelerate time to market, remove ongoing maintenance demands and improve end user experience. Styra Run, using OPA, is the first cloud-hosted application authorization service to completely decouple policy logic and data from the underlying application. This turnkey service frees software developers from the complex, time-consuming tasks of building, maintaining and operating their own authorization capabilities, collaboration features and permissions for each of their applications. Styra Run features: Seamless integration into the application UI, API, and data layer Offloaded storage and global replication of end-user permissions data Pre-built OPA logic for application authorization use cases like adding sharing capabilities for consumer apps or team-based controls for enterprise apps “Styra Run revolutionizes the way that app developers think about and implement authorization for end-users,” said Tim Hinrichs, co-founder and CTO of Styra “Every app on the planet has permissions, access control, sharing or other authorization built in. But by eliminating the need to constantly recreate authorization in each application, Styra Run improves time to market and quality, and provides better features than teams would build themselves. Similar to how ‘Sign in with Google’ eliminated the need for local user identity and passwords, Styra Run eliminates the need for custom built-per-app permission systems, so app developers and product teams can focus on better features and end-user experience.” “Styra Run revolutionizes the way that app developers think about and implement authorization for end-users,” said Tim Hinrichs, co-founder and CTO of Styra Styra Run is hosted, managed and maintained by Styra and is developed by OPA’s creators. OPA is the de facto standard for authorization in the cloud-native environment with over 130M downloads to date, and is used by global organizations such as Goldman Sachs, Atlassian and Pinterest. The current state of SaaS authorization Before Styra Run, access control functionality — such as defining who can edit a document, see photos or create new users within an application — had to be implemented differently for every application, based on the application’s particular coding language and database type. Authorization controls are considered a tier-0 service and thus require high availability, very low latency, global replication and strict consistency guarantees. Building a solution that meets these demands typically requires 6-18 months of work by a team of specialists. Once built, the authorization system must be maintained, upgraded and patched throughout the entire application lifecycle. Styra Run eliminates the need for custom authorization deployment Styra Run provides customers an enterprise-grade authorization service, available via simple drop-in APIs, for companies who build and manage SaaS applications. This service allows end users to control their own account and access permissions, and as such is equally valuable in both consumer and business applications. With Styra Run, organizations can: Speed up time-to-production with a turnkey approach to authorization system development Avoid re-building authorization as SaaS application requirements change Remove the operational burden of replicating permissions data across the world Implement immediate permission updating and access for near-zero latency across all users “We heard firsthand from the OPA community and Styra customers that users needed a faster and better way to implement authorization for multi-tenant SaaS apps – both B2B and B2C,” said Torin Sandall, VP of Open Source at Styra. “OPA already solves the policy logic problem, but the community still needed a way to manage the contextual data that’s required for access decisions — like which roles, groups and permissions should be available to end users. We worked with the OPA community to combine hosted OPA logic, with contextual data management, to give developers a turnkey access control and authorization service that provides immediate, global policy across all their end users.” Styra Run is currently available in private Beta. Those interested in integrating Styra Run into their SaaS application, or using a pre-built sample app for sandbox exploration should contact Styra. About Styra Styra enables enterprises to define, enforce and monitor policy across their cloud-native environments. With a combination of open source (Open Policy Agent) and commercial products (Declarative Authorization Service), Styra provides security, operations and compliance guardrails to protect applications, as well as the infrastructure they run on. Styra policy-as-code approach lets developers, DevOps, and security teams mitigate risks, reduce human error and accelerate application development. Learn more at Styra.

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