WB City Council OKs health insurance contract with Highmark
WB City Council signed a USD 7.8 Mn contract with Highmark for health insurance. Council Chair Beth Gilbert-McBride cast the lone no vote in a 4-1 vote awarding the deal to Highmark. The item had been pulled from consideration at the meeting to give Council more time to review it. Read More>>
Sanlam inks deal with MTN Group’s InsurTech
Sanlam announced a strategic alliance to market and distribute insurance and investment products across Africa and has reached a significant milestone with the fulfillment of the regulatory, competition, and other requirements. The strategic alliance will be implemented through MTN Group’s InsurTech platform aYo Holdings, and each partner will hold 50% of aYo. Read More>>
Merger and acquisition
Aegon to merge Dutch arm with Insurer ASR Nederland in USD 4.9 Bn deal
Aegon will combine its operations in the Netherlands with insurer ASR Nederland NV in a bid for market dominance in the pension, life, and non-life insurance sectors. Dutch insurance giant Aegon will receive a 30% stake in a.s.r. and USD 2.5 Bn in cash proceeds from the deal, which it plans to use to return USD 1.5 Bn in capital to shareholders. Read More>>
Arthur J. Gallagher & Co. acquires f3 companies
The company announced the acquisition of the f3 Companies. The f3 Companies will remain in their current locations under the direction of Jeff Leonard, Gallagher’s North American Business Line Leader for Financial and Retirement Services. Read More>>
Alliant Insurance Services acquires FutureSense, expands consulting capabilities
Alliant acquired FutureSense, a national provider of people-focused HR, compensation, and organizational development services. The move expands Aliant’s consulting capabilities across a breadth of geographies and industry categories. Read More>>
Alliance in Mexico between Telematics, Jooycar, and Swiss Re
This collaboration focuses on Zuicar entering the Mexican market by offering its fleet management service, Zoocar’s Fleeter, which is already active in the US. Their alliance will boost auto insurance through telematics in Mexico. Read More>>
LMG names Axa XL boss Sean McGovern as chair
LMG confirmed Sean McGovern, Axa XLs CEO for the UK & Lloyds, as its next chair taking up the role on 1 January 2023. He will replace Matthew Moore, executive vice president and president of underwriting at Liberty Mutual Global Risk Solutions, who will step down at the end of his three-year tenure but remain on the LMG board. Read More>>
AXA XL Insurance names Brian ONeill as head of Crime and Crisis Management
Brian ONeill has been named head of the company’s AXA XLs Crime and Crisis Management business. ONeill will be responsible for developing core underwriting strategies and product profitability for AXA XLs Crime and Crisis Management business. Read More>>
Paul B. Medini appointed to RLI Board of Directors
RLI appointed Paul B. Medini to its Board of Directors. Mr. Medini was most recently Senior Vice President and Chief Accounting Officer at Chubb Ltd. until his retirement in August 2020. Read More>>
Insurance company Kemper lays off 339 workers, including 39 Alabama employees, citing inflation
Kemper laid off 339 employees, including thirty-nine in Alabama, citing the longer-term economic impacts of the pandemic, primarily significant prolonged inflation. Employees laid off could apply for other roles with the company and be provided with further instructions. Read More>>
Financial and Market Activity
Palomar Q3 earnings miss, rise Y/Y, view tightened
Palomar reported the third-quarter 2022 operating income of twenty-nine cents per share, missing the Zacks Consensus Estimate by 51.7%. The company witnessed improved premiums and net investment income, offset by higher losses and loss adjustment expenses. Read More>>
Latest Industry Insights from Draup Braindesk
- AXA XL intends to develop an advanced risk assessment service using machine learning and artificial intelligence technology to provide data risk insights from collecting environmental and climatological data.
- AXA XL focuses on developing software applications to simplify the operating model through cloudification, IT legacy decommissioning, and straight-through processing for profitability and reinsurance.
- AXA XL seeks to develop an online platform that holds multiple case studies of natural hazards that provide insights into the cause and effect of natural disasters by utilizing data visualization technology and other digital tools for quick recovery and prevention.
- AXA XL’s competitors invest more money into the technology infrastructure and digital innovation like cloud computing and robotic process automation to launch new digital products and services, such as digital banking platforms, that impact financial performance.
- Data and information security risks such as cyberattacks have the potential to cause financial system instability. They could severely disrupt customer banking services, compromise customer data privacy, and tarnish the firm’s reputation.
- AXA XL’s challenging operational environments and other natural and artificial (manufactured) disasters could impact ceded reinsurance coverages and underwriting actions.
- AXA XL focuses on expanding risk management and assessment services by launching insurance solutions integrated with online platforms.
• AXA XL aims to provide a digital tool for integrating coastal insurance coverage.
• Ecosystems into insurance risk models.
- AXA XL is keen to expand its risk mitigation service offerings for the food & beverage sector on the property, environmental liability, Climate risks, marine, and cargo insurance solutions.
- There is more opportunity for service providers who can contribute insurance and reinsurance Solutions on risk management for AXA XL.
- New rapid, significant technological changes, frequent new product and service introductions and enhancements, and evolving industry standards adopted by a few competitors within the Property & Casualty Insurance, Reinsurance industry pretends to be a menace to AXA XL
• Barclays Launched FX integrated payment solution ‘Barclaycard Multicurrency’ in collaboration with Barclays Corporate and Investment Bank to enable eCommerce customers to accept payments in various currencies.
• QBE has partnered with Kogan Australia, a subsidiary of Kogan, to leverage its digital tools and platforms to improve the customer experience through digitization, simplifying the transaction process, and providing new insurance solutions.
Company – Okify
Total Funding – USD 282.44 K
About: Okify provides customers with a platform to create their solvency profile and manage all home services and payments, making moving much easier and faster while providing security that payments and services are up to date to agents and property owners. Read More>>
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