{"id":1494,"date":"2024-03-17T11:48:49","date_gmt":"2024-03-17T15:48:49","guid":{"rendered":"https:\/\/www.wikifri.com\/?p=1494"},"modified":"2024-03-17T11:49:09","modified_gmt":"2024-03-17T15:49:09","slug":"3-things-03172024","status":"publish","type":"post","link":"https:\/\/www.wikifri.com\/3-things-03172024\/","title":{"rendered":"3 Things – Insurtech Momentum, Wholesale Opportunity & 2023 Ups \/ Downs"},"content":{"rendered":"
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Hi Friends, it has been another week of lots of industry news. We, as always, read as much content as we could and have brought everything together to bring you the latest 3 Things We Learned, our weekly post using the weekly headlines to tell the story of our insurance industry, tying everything to significant themes. \u00a0This week, there were plenty of upward movements but balanced by a few troubles spotted. \u00a0Investments continue and value-plays with new offerings. \u00a0Insurers are continuing to see the secondary perils hit unexpected geographies creating an uncertain risk environment for some companies. Let\u2019s dive in and discover what we learned this week.<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

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Momentum for Insurtechs Vouch, Nirvana, Aon\/CoverWallet, and AXA\/Reask<\/h3>\n

There were signs of momentum for insurtechs as we saw funding and capital flowing to unique risk and underwriting operations. \u00a0Vouch has successfully navigated the trouble from last year when Silicon Valley Bank collapsed and had a positive 2023 with 66% growth and improved margins. \u00a0These results led to\u00a0$25 million of insider-led new funding<\/a>, and their CEO Sam Hodges commented that this new capital would help fuel expanded products and distribution channels.<\/p>\n

Commercial auto-focused insurtech\u00a0Nirvana was able to attract capacity by adding to its reinsurance panel with A+ rated reinsurer partnerships<\/a>. This follows a successful Series B funding event and the launch of a non-fleet program. Justin Ward, head of production for North America programs at Gallagher Re (Nirvana\u2019s reinsurance broker), emphasized the stringent current market conditions for commercial auto insurance and praised Nirvana’s disciplined underwriting and innovative use of technology.<\/p>\n

Aon, leveraging their acquired insurtech asset CoverWallet,\u00a0announced the launch of a Partner Risk Insights digital platform<\/a>\u00a0that will help U.S. organizations simplify the way they manage insurance-related third-party risk. \u00a0The digital platform will serve as a command center for risk managers, procurement officers, and general counsels to manage their businesses\u2019 third-party networks, including suppliers, vendors, and commercial tenants. \u00a0The platform\u2019s real-time dashboard and advanced analytics will provide insights into third parties’ insurance compliance status and enable more informed decision-making.<\/p>\n

In a move focused on the property market and leveraging parametric insurance,\u00a0AXA Climate forms a partnership with insurtech Reask<\/a>. \u00a0The partnership aims to enhance parametric risk transfer solutions for cyclones, making them faster and more accurate through the use of machine learning and artificial intelligence. \u00a0Reask’s expertise will provide AXA Climate with advanced visibility into risks and data for constructing and calibrating parametric triggers for windstorms. \u00a0We will continue to see others leverage the opportunity in property as\u00a0Chubb\u2019s Evan Greenberg comments this week that it is the \u2018best priced business in the world\u2019<\/a>\u00a0and the changes in weather patterns.<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

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New Ventures and Opportunities in Wholesale and Executive Lines<\/h3>\n

There continue to be opportunities and new entrants looking to take advantage of specialty distribution. \u00a0Starr is the latest to target the wholesale channel with\u00a0the unique launch of Twin Maples Specialty<\/a>, which will focus on the whole brokerage community. \u00a0The new division will focus solely on the unique needs of the wholesale distribution channel and provide client-focused solutions for middle market and small business segments with a dedicated underwriting team.<\/p>\n

Separately but related, Acrisure has launched a new division integrating its\u00a0wholesale P&C businesses under a new brand \u201cWholesure.\u201d<\/a>\u00a0\u00a0The division will include MGAs, Program Administrators, and various specialty businesses. \u00a0Similarly, this move recognizes the growing importance of the wholesale distribution channel.<\/p>\n

Distinguished Programs introduced their newest team addition to establish an Executive Lines business<\/a>. \u00a0This acquisition is an entirely new venture that brings in industry veterans to focus in the wholesale broker channel. \u00a0Executive Lines are another area of opportunity for new ventures with the changing landscape of risk profiles and larger players pulling back.<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

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More 2023 Results Review Positives and Signs of Trouble<\/h3>\n

There were some signs of trouble for two companies as 2023 results continued to come in. A.M. Best rolled out a number of rating decisions.\u00a0Pie Insurance Group\u2019s A- rating has been put \u2018under review with negative implications.\u2019<\/a>\u00a0\u00a0Their 2023 results included an \u2018adverse reserve development in its New York book of business,\u2019 which will force them to consider \u2018strategic initiatives, \u2019 which could include various options like raising more capital or a potential exit.<\/p>\n

Church Mutual was also placed \u2018under review\u2019<\/a>\u00a0following a year in which their combined ratio reached 127.9 and significant surplus loss created a difficult environment caused by weather and liability losses along with significant defense costs. \u00a0It looks like they will be facing a downgrade, which could mean they will have to make strategic decisions like shedding assets, de-risking their portfolio, and joining balance sheets with other carriers.<\/p>\n

Others reported results that fared better.\u00a0Canopius achieved a record 2023<\/a>\u00a0with significant growth and an improved combined ratio.\u00a0Despite a decrease in large catastrophe losses, the company experienced an increase in small catastrophe claims, including severe convective storms, wildfires, floods, and earthquakes, surpassing the previous year’s levels.<\/p>\n

Hagerty experienced a strong performance<\/a>\u00a0driven by successfully executing their strategic priorities and they expect to continue growth into 2024. \u00a0Their plans include building their collectible car Marketplace and continuing to invest in technology that caters to their unique audience of auto lovers.<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

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Join us<\/a>\u00a0as we continue to explore the headlines and news shaping the insurance sector, and stay tuned for more insights on the unfolding narrative of our industry!\u00a0 Stay productive, stay safe and stay in touch!<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Hi Friends, it has been another week of lots of industry news. We, as<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[1],"tags":[],"acf":[],"yoast_head":"\n3 Things - Insurtech Momentum, Wholesale Opportunity & 2023 Ups \/ Downs - Wikifri<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.wikifri.com\/3-things-03172024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"3 Things - Insurtech Momentum, Wholesale Opportunity & 2023 Ups \/ Downs - Wikifri\" \/>\n<meta property=\"og:description\" content=\"Hi Friends, it has been another week of lots of industry news. 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