Around the non-life insurance industry: June 23, 2021

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Around the non-life insurance industry: June 23, 2021 News from Trux, Beazley, Tractable and more. (Photo: Shutterstock)

Trux partnered with Boston-based CLEAN, which provides an integrated insurance platform, to provide a simplified insurance onboarding and renewal program for truck drivers. The partnership aims to make the process of setting up an account and renewing insurance even easier, giving independent owners and fleets access to quality insurance. The Trux Marketplace currently serves more than 28,000 insured dump truck drivers.

Hub International Limited launched HUB Drive Excessive Liability Protection Drive, a deductible/umbrella insurance solution designed for transportation customers that can extend coverage and protect them from potentially large losses due to nuclear rulings. HUB Drive Excess Liability Shield offers broad deductible/umbrella coverage with limits up to $5 million or part of a tower deductible in the transportation industry through Trisura Specialty Insurance Co., an AM Best’s A-Excellent rated carrier, and will cover all states except New York.

Beazley expanded its risk management offering to the telehealth sector with new tools designed to help navigate the complex digital healthcare regulatory landscape. In collaboration with law firm BakerHostetler, Beazley created a multi-layered interactive digital map that provides detailed information about the state-by-state laws governing the delivery of telehealth services in the United States.

Cambridge Mobile Telematics acquired TrueMotion, a provider of mobile telematics. This acquisition unites the two leading companies in the fast-growing mobile telematics industry. CMT will now provide telematics services to 21 of the 25 largest auto insurers in the US and in more than 20 countries, including Canada, UK, Germany, South Africa, Japan and Australia.

Bamboo Insurance certain assets acquired from first American Property and Casualty Insurance Agency of the parent company, First American Financial Corporation. First American announced in October 2020 that it intends to end its property and casualty business and continue to focus on its core businesses.

Neptune Flood, an AI-powered flood insurance company, has exceeded $20 billion in total insured property value in less than four years. With more than 70,000 customers and 6,000 active insurance agents, Neptune has rapidly grown into a leading US private flood insurance company, offering nationwide, residential, commercial and RCBAP flood insurance products.

CFC announced that CFC Syndicate has begun 1988 and has begun trading. In addition to the venture capital provided by CFC, the syndicate partnered with Aon Capital Advisory to attract capital support from third parties, including a major pension fund, an ILS manager and reinsurers in Bermuda, Cayman and Japan. CFC Syndicate 1988 is writing approximately 20% of CFC’s existing portfolio, which will generate approximately £100 million in gross premium.

Animal Farm Foundation (AFF) launched the Dog, People, and Housing Insurance Project to end dog breed exclusion restrictions in the home insurance industry. These restrictions are often used as a way to discriminate against individuals based on their class or race, according to the foundation. This initiative reflects AFF’s unwavering commitment to challenging laws and policies that keep dogs and humans apart.

CyberCube has released a new edition of Portfolio Manager, the cyber risk modeling platform used by insurers, reinsurers and reinsurance brokers. Portfolio Manager allows insurers to stress-test insurance and reinsurance portfolios against a range of systemic cyber-related scenarios, including data breaches, cloud failures, global ransomware attacks, and financial fraud. Originally launched in March 2018, it was the first fully probabilistic cyber catastrophe model that allowed customers to zoom in on loss factors and areas of risk accumulation.

Ryan Specialty Group Holdings, inc. announced that it has publicly filed a registration statement with the U.S. Securities and Exchange Commission regarding the Company’s proposed initial public offering of its Class A common stock. Upon completion of the proposed IPO, Ryan Specialty Group Holdings will become the sole managing be a member of Ryan Specialty Group, LLC and exclusively manage and control all operations and affairs. The number of Class A common shares to be offered and the price range for the proposed offering have not yet been determined. Ryan Specialty Group Holdings plans to list its Class A common stock on the New York Stock Exchange under the ticker symbol “RYAN”.

Related: Around the non-life insurance industry: June 16, 2021

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