AXA XL | February 24, 2022
Applied Underwriters has announced that it will acquire Catlin Specialty Insurance Company ('A+' rated) from the AXA XL group of companies, consolidating the company into the North American Casualty group of companies ('A' rated) in a move intended to bolster Applied's operating capabilities in support of its strategic partners as the E&S market hardens. The transaction is scheduled to close during Q2 as anticipated regulatory approvals are received.
Mr. Jamie Sahara, President of Applied Underwriters, characterized the acquisition as a major advantage to Applied, its emerging E&S market leadership and its growing collaboration with channel partners in the sector:
"Applied has consistently executed our commitment to sustaining and growing our national platform for E&S business and to intensifying our relationships with our strategic partners with whom we have impacted the sector. This is an important development for us and for our partners in the E&S market."
-Mr. Jamie Sahara, President of Applied Underwriters
Mr. Steve Menzies, Chairman of Applied Underwriters, noted that the structure for the transaction drew upon a business transfer process used in Oklahoma that is based upon the successful Part VII transfer procedure used in the UK and the EU:
"We found great potential in the Oklahoma Insurance Business Transfer (IBT) Act's regulatory process and its regulators' application of it. Uniquely, the IBT process permits insurers the ability to effect the absolute transfer of blocks of insurance business from one insurer to another, providing both the transferring and assuming companies an efficient, transparent and straightforward process, while also realizing a legal finality. Our deal was complex and the Oklahoma regulatory format really helped facilitate this."
-Mr. Steve Menzies, Chairman of Applied Underwriters
According to Mr. Menzies, the transaction required the redomestication of the company: "The Catlin Specialty Insurance Company is licensed as an E&S carrier in all states except Oklahoma where it will be domiciled and where it holds a large number of surplus lines authorizations. To effect the acquisition, Applied and AXA XL worked with Delaware and Oklahoma regulators to redomesticate Catlin from Delaware to Oklahoma, so that Oklahoma's IBT process could be used. We thank the regulators involved in these states in acting to benefit the sector and, ultimately, the clients we serve."
Formed in the 1950s, the Company that is Catlin Specialty Insurance Company today was the subject of a series of transactions that culminated in its acquisition in 2006 by Catlin Group Limited. In 2015, the Company became part of what is now AXA XL.
Catlin Specialty Insurance Company currently holds an 'A+' rating from AM Best. The North American Casualty companies are rated 'A' by AM Best.
About Applied Underwriters
Applied Underwriters® is a global risk services firm that helps businesses and people manage uncertainty through its business services, insurance and reinsurance solutions. As a company, Applied Underwriters has been distinguished by its innovative approaches to client care and by its strong financial strength. Applied Underwriters operates widely throughout the US, UK, EU and Middle East. Its operational headquarters is located in Omaha, Nebraska.
About AXA XL
AXA XL, the property & casualty and specialty risk division of AXA, provides insurance and risk management products and services for mid-sized companies through to large multinationals, and reinsurance solutions to insurance companies globally. AXA XL partners with those who move the world forward.
PZU, Tractable | November 27, 2020
PZU, the biggest financial institution in Central and Eastern Europe, is using AI to upgrade how it audits its car insurance claims across Poland, it declares today.
PZU handles almost 500,000 motor damage claims for every year. Prior to implementing AI, Poland's biggest insurer was performing a detailed audit of around 20% of its motor claims that are handled by body shops (the remaining body shop cases were affirmed with improved control).
Presently, the AI solutions - gave by the tech organization Tractable - permit PZU to check in detail practically the entirety of the body shop claims it measures, progressively. The calculations can recognize any oddities that should be checked by PZU's specialists or affirm that all repairs are carried out in consistence with methodology and standards defined by PZU. Because of this development, PZU's specialists can zero in on those cases that truly need their consideration.
PZU has worked with Tractable since 2018 and is the primary insurer in Poland to utilize AI to handle its motor insurance claims. Up until this point, the innovation has handled more than 150,000 claims, or 1/3 of PZU's yearly auto claims volume, worth PLN 1.3bn (£260m). According to PZU, the applied arrangement has made claims handling essentially more powerful, while likewise shortening the waiting time for vehicle repair.
Marcin Kurczab, Director of Innovation Lab at PZU, and responsible for cooperation with start-ups, said: "At PZU, we strongly believe in cooperation with top insurtech startups to transform our business. I am pleased that together with Tractable, we have implemented innovative computer vision technology. Now, we are able to better control our cooperation with body shops and resolve any anomalies in a much more efficient way than ever before. We are pleased not only with the success of the project, but also with the fact that, as the first insurer in Poland, we have implemented this unique technology on such a scale in cooperation with a leading UK tech company."
Established in 1803, PZU is the most seasoned and biggest insurer in Poland, with record-breaking benefit and deals in 2019. Net benefit totalled PLN 3,295m (£667m), deals totalled PLN 24.2bn (£4,91bn), and ROE was 21.2 percent, almost twofold the European normal among insurance companies.
Adrien Cohen, Tractable Co-Founder and President, said: "It's been incredible to see how PZU, one of the most respected companies in Poland, has deployed our cutting-edge solution on a large scale. This proves PZU's dedication to innovation and placing it amongst the most advanced insurers in the world. Our solution gives PZU control over 100% of its repairs and claims, all in real time, thanks to the speed and reach of AI."
Tractable's AI utilizes machine learning calculations and is trained on photographs and human repair choices across a great many verifiable mishaps. The innovation can be applied internationally to any traveler vehicle. The AI empowers insurers to survey car damage, shares suggested repair tasks, and aides the claims the executives cycle to guarantee these are prepared and settled as fast as could reasonably be expected. The framework continually improves as an ever increasing number of insurers and repairers profit by its utilization.
Tractable's AI has handled over $1 billion in auto claims for the world's top insurers, including Ageas UK, Covéa, the biggest auto insurer in the French market, and Tokio Marine, the biggest auto insurer in Japan.
Tractable develops artificial intelligence systems for accident and disaster recovery. Its AI solutions have been deployed by leading insurers across Europe, North America and Asia to accelerate accident recovery for hundreds of thousands of households. Tractable is backed by $55m in venture capital and has offices in London, New York City and Tokyo.
The Powszechny Zakład Ubezpieczeń SA Group (PZU Group) is the biggest financial institution in Poland and Central and Eastern Europe. PZU SA heads up the group and its traditions date back to 1803, when the first insurance company was established in Poland.
The PZU Group's consolidated assets total PLN 377bn. The Group enjoys the trust of 22 million clients in five countries by offering products and rendering services to retail clients, small and medium enterprises and business entities. The Polish market is the PZU Group's core market measured by its magnitude and client numbers. Nevertheless, its subsidiaries play an important role on the markets in Lithuania, Latvia, Estonia and Ukraine. According to spontaneous brand recognition surveys, PZU reached 92%, while aided brand recognition is 100%, making PZU the most recognisable brand in Poland. Since 2010, PZU SA has been listed on the Warsaw Stock Exchange, where it has been one of the large cap blue chips offering the highest amount of liquidity from its floatation.
PayCloud.io | May 27, 2021
PayCloud.io is pleased to introduce a digital payment platform specialized for insurers and MGAs to fulfill the continuously expanding need for digital payment solutions. While the name payCloud.io is new, the core systems and team have been in the insurance industry for over two decades. PayCloud.io spun out of insurance software pioneer Silvervine Software, uses the same forward-thinking digital payment technology as Silvervine Software, but with a dedicated payment focus.
PayCloud.io provides a comprehensive suite of modern payment solutions, each of which provides a safe, convenient, and user-friendly customer experience. Its efficient digital payment systems allow insurers to receive payments as well as initiate a wide range of outbound payments to insureds, claimants, vendors, and others. payCloud.io allows premium payments both online and by phone. The company, which is ultra-secure and always reliable, achieved 99.99% uptime in 2020 and the previous five years.
"We're pleased to formally launch payCloud.io and expand our digital payment offerings," said Timothy Cunningham, payCloud.io's director of payments. Cunningham, who has over 20 years of product and software development expertise in the insurance sector, is in charge of many new product developments that will be deployed in the coming weeks. "Because our entire payCloud.io team has prior expertise in the insurance sector, we can easily help both existing and new customers. Because we are familiar with insurance operations, structuring, and digital payment requirements, we can quickly support customers, capitalize on new digital payment opportunities, and grow within the industry."
"We are excited to offer payCloud.io, which provides customers with an expert team committed to digital payment innovation, exceptional customer support, and highly competitive rates," said Shurre Hampton, Silvervine's general manager. "Silvervine can now focus completely on developing cutting-edge insurance software to meet the rising demands of the insurance sector, due to payCloud.io. Best of all, Silvervine clients will benefit from the all-star payCloud.io team's products and services."
payCloud.io helps insurers improve their performance by providing quick, friendly digital payment experiences at the industry's lowest rates. The company provides an ultra-secure digital payment platform with inbound and outbound payment options that are also specifically tailored to the needs of insurers and MGAs. All payCloud.io solutions include simple implementation, extensive customer support, and PCI hosting for efficient risk management.