Swiss Re collaborates with Microsoft in insurance innovation push

Swiss Re | March 13, 2020

Swiss Re has launched its Digital Market Center as part of the reinsurer’s “strategic alliance” with Microsoft. Aimed at further advancing insurance innovation and extending financial protection to more people globally, the partnership features the new center which will help develop what were described as “next-generation, large-scale” tools designed to transform the way risks are predicted and managed. Leveraging Swiss Re’s risk knowledge and Microsoft’s technological capabilities, the center will also focus on how the insurance industry creates tangible products.  In addition, the tie-up will see Swiss Re move its internal operating platform to the Azure cloud.

Spotlight

Digital technology continues to reshape the insurance industry at an unprecedented and quickening pace. In our Technology Vision 2017 research, 87 percent of insurance respondents agreed that we have entered an era of technological advancement that is no longer marked by linear progression, but by an exponential rate of change. What sets this new wave of disruption apart from those that preceded it is that humans are firmly in control of how technology reshapes our experiences, our industry, and the wider world. It’s no longer people who are adapting to technology rather, the technology is adapting to us. We’re putting technology to work to disrupt ourselves, our organizations and entire industries.

Spotlight

Digital technology continues to reshape the insurance industry at an unprecedented and quickening pace. In our Technology Vision 2017 research, 87 percent of insurance respondents agreed that we have entered an era of technological advancement that is no longer marked by linear progression, but by an exponential rate of change. What sets this new wave of disruption apart from those that preceded it is that humans are firmly in control of how technology reshapes our experiences, our industry, and the wider world. It’s no longer people who are adapting to technology rather, the technology is adapting to us. We’re putting technology to work to disrupt ourselves, our organizations and entire industries.

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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

INNOVU Group Holding Company Limited Acquired by Arthur J. Gallagher & Co.

Gallagher | June 28, 2022

Arthur J. Gallagher & Co. announced today the acquisition of INNOVU Group Holding Company Limited, based in Wexford, Ireland ("INNOVU Insurance"). The transaction's terms were not disclosed. INNOVU Insurance, founded in 2018 by Ronan Foley, is a retail insurance broker that provides a wide range of commercial and personal insurance products and services, as well as financial services, to clients in various industry sectors from seven offices across Ireland. Ronan Foley and his colleagues will remain in their current locations and report to Michael Rea, who oversees Gallagher's retail property and casualty brokerage operations in the UK and Ireland. INNOVU gives us our first on-the-ground presence in Ireland and a fantastic opportunity to expand in this growing economic region, We are delighted to welcome Ronan and his colleagues, and look forward to working with them to further expand their client base and service offerings." J. Patrick Gallagher, Jr., Chairman, President, and CEO. The headquarters of Arthur J. Gallagher & Co. (NYSE: AJG), a global insurance brokerage, risk management, and consulting services firm, are in Rolling Meadows, Illinois. Gallagher offers these services in 130 countries via its operations and a network of correspondent brokers and consultants.

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INSURANCE TECHNOLOGY

Britely Insurance to acquire Empire State Brokerage

Britely Insurance | June 14, 2022

Britely Insurance announces today it has entered into an agreement to acquire the assets of Empire State Brokerage Services LLC, a New York based full-service wholesale broker operating in more than 25 states with access to dozens of key insurance markets. The transaction is expected to close in July of 2022. We are very pleased to announce this exciting acquisition. In addition to outstanding market access, Empire brings a team with a wealth of experience proven over decades in the complex world of commercial insurance underwriting." Greg Roper, CEO at Britely Insurance. I am excited to bring my 15 years of underwriting experience and our relationships with the industry's leading domestic, admitted and non-admitted insurance companies, as well as Lloyds of London, to Britely's arsenal." David Schepsman, President at Empire. Britely Insurance Britely is an insurance 3.0 platform, offering clients the best product and carrier diversity, innovative technology, and top of the line servicing. Britely encompasses personal lines, specialty commercial lines as well as small group and individual health insurance coverages. Through its subsidiary, Britely Medical Insurance Services, it also provides specialized products and services to the medical community.

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