3 Things – Property Updates, Embedded Specialty & Talent Moves

Hello Friends!  Conference season has begun, we attended the E&S Insurer event check out thoughts here.  Next week we will be at Insurtech NY, hoping to continue to learn and make connections.  Headlines this week include news on the property insurance front, specialty commercial embedded launches and talent additions to existing insurance operations.  Here are the three things we learned:


Florida Tort Reform & Kin Adds to Series D

One of the big topics at the E&S insurer conference was that property is increasingly difficult with prevalence of cats and what used to be minor perils (i.e. freeze, derechos) becoming major.  Jury verdicts contribute to these challenges so it was meaningful to see Florida sign tort reform legislation into law.  Among the many changes will be actions to incentivize good faith between parties and eliminating fee multipliers allowing counsels to secure higher fees.  Experts hope this will help to increase the availability of insurance over time.  Also this week, property insurer Kin was able to add $15M to their Series D funding round bringing the total raised to $109M.  They are navigating this tough property market with strong renewals boasting a customer lifetime value to customer acquisition cost ratio of 9.6x.  2023 will be a year they hope to make the turn to profitability though much will depend on the upcoming cat season.


Procore, CompScience, Specialty Launches

Embedded insurance offerings are becoming more prevalent in specialty and niche lines of business.  Procore, a leading provider of construction management software, announced the launch of Procore Risk Advisors.  The newly formed specialty broker will use Allianz and Swiss Re paper embedded with their platform and ‘construction expertise, real-time data insights, and technology to unlock better insurance and surety outcomes for builders’.  CompScience, provider of AI-powered worker safety tool, Intelligent Safety Platform, announced the launch of an MGA agreement with Nationwide and Swiss Re.   CompScience has an insurance-oriented management team and this appears to be a big play for Nationwide in the worker’s comp space.  Cover Whale will tap into the Trusted Choice network to expand distribution of their innovative, tech-enabled commercial trucking insurance.


Talent Additions Skyward, Great American & Joyn

Talent continues to be on the move.  Joyn Insurance adds former AIG Chairman and CEO Brian Duperreault to their board.  Not a surprise as many individuals in the management team have AIG ties but a strong move nonetheless, to bolster their talent as they look to build from a funding event earlier this year.  Great American is launching a specialty construction operation, adding an industry veteran.  The new unit will launch specialized worker’s comp and general liability products for construction entities in Q2 2023.  Skyward continues to expand businesses by hiring an underwriting leader to launch a global agriculture unit focused on secondary and reinsurance solutions for food and fiber crops, timber, livestock, bloodstock, aquaculture, and other renewable resources.


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