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Hello Friends! The time has come to gather as an industry in Las Vegas at ITC 2022, there is still time to reach out and schedule time to meet with our team that is attending. Meanwhile, this week we are following C&F launching a life unit, updates from Rendezvous and a Patra fund raise: |
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Crum Launches Life Unit Crum & Forster, a venerable brand in the insurance industry mainly focused on P&C, has announced the launch of a new life insurer, Monitor. This will build off of their current A&H offerings and showcases the opportunity that exists in life insurance despite the COVID headwinds faced in the past few years. There is less cost pressure than in P&C and the demand for life insurance appears to be growing. This strategy of diversification is quite different from AIG and others, like we mentioned with Corebridge last week, that are doing the opposite. |
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Updates from Rendezvous in Monte Carlo This week featured another large gathering of the insurance community in Monte Carlo. One of the big stories coming from the event was that reinsurers see big rate increases coming in the year-end renewal cycle. Not a surprise given that primary insurers are also hiking rates. Also interesting is that Insurance Linked Securities (ILS) opportunities remain a good vehicle for “capital efficiency” and after the sale of their Lloyd’s syndicate Argo refocuses on the rest of their businesses, continuing to work with investment banks to approach potential suitors. |
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Patra Raises $146M Patra Corporation, an insurtech BPO firm, announced a $146M fund raise this week. This big number shows the investor interest in ‘insurtech’ firms remains strong. No specific public info but it appears to be a lofty valuation. They are billing themselves as a technology solution provider to help address the aging workforce and talent challenges faced by the industry. It will be interesting how they use this capital to differentiate from traditional BPO shops using a tech forward approach including RPA and other tools and not just people. More BPO operations are already pivoting in this way. |
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Thank you for following us, we appreciate your feedback and continued support. Stay tuned for more info to come. Until next time… stay safe, stay productive! |