This week in Insurance: Universal Sompo General Insurance partners with NCPI to offer affordable insurance solutions

Mergers and Acquisitions
Alliant Insurance Services acquires One Source Risk Management
One Source provides clients with catastrophic loss protection without increasing credit exposures. Alliant will launch a new industry vertical within Alliant Specialty, Alliant Trade Credit. Read More>>
Empower Retirement acquires MassMutual retirement plan business

The acquisition increases Empower’s participant base to more than 12 million and retirement services recordkeeping assets to approximately $884 billion administered in approximately 67,000 workplace savings plans. Read More>>

New York Life acquires Cigna businesses
The new business of Cigna’s life, accident, and disability insurance businesses will be rebranded as New York Life Group Benefit Solutions and will bring expertise, differentiated underwriting and risk management capabilities, and extensive consultative experience to New York Life. Read More>>

Partnerships
Universal Sompo General Insurance partners with National Payments Corporation of India
The partnership will offer special health insurance covering cancer and heart related ailments to RuPay card holders and UPI users at affordable rates. Read More>>
Cinch Home Services partners with Keyes Company
Cinch will offer Keyes’ customers a trusted, reliable and affordable source of coverage of home systems and appliances when buying and selling real estate through this partnership. Their digital solutions simplify the home management experience for their partners and customers. Read More>>
AU Small Finance Bank partners with ICICI Prudential Insurance to offer insurance solutions
The small finance bank will offer customized, need, and goal-based life insurance solutions with an agile, accelerated, digital, and paperless platform to offer paperless customer onboarding. It will strengthen the multi-channel distribution network in semi-urban and rural geographies. Read More>>
AmTrust and Bold Penguin expand small business insurance partnership
AmTrust joined forces with Bold Penguin to expand its app binging capabilities on the Bold Penguin Terminal. The company will leverage Bold Penguin’s newly launched Terminal and Software Development Kit (SDK) products built to power faster and more accurate quoting in the small commercial insurance market for small business owners, agents, and brokers. Read More>>

Executive Movement
Jennifer Law joins Aon’s Asia Pacific capital advisory unit
Law will work with insurance company clients across Asia Pacific on strategies aimed at improving their capital through the utilisation of Aon’s products and services, as well as customized reinsurance programmes. Read More>>
Hamilton Insurance appoints Elaine Scully as Senior VP
Ms. Elaine Scully will join mid-February and will be based in Bermuda. The company is looking to excess casualty insurance space in Bermuda. Read More>>
Amit Malik appointed CEO & MD at Aviva India
Prior to this appointment, Amit was Chief People, Operations and Customer Services Officer with the company. He will be tasked to bring Aviva India’s strategy alive and strengthening the company’s position as a trusted insurer. Read More>>

Centre Setup and Expansion
MassMutual sets up a global capability center in Hyderabad
Insurance company Massachusetts Mutual Life Insurance Company set up their Indian office to attract global talent in technology, engineering, and R&D, adding to the talent acquisition in these areas in the US. Read More>>

Deals
MetLife reinsures USD 2 Bn of longevity risk for L&G in 2020
By providing reinsurance to these pension consolidator insurers, MetLife helps them offload the risk that covered pensioners live longer than expected. Read More>>

Headlines From The Startup World

Startup Spotlight

Latest Insights & Reports

Liberty Mutual Group account intelligence report The insurance company provides insurance products and services to meet the needs of individuals, families, and businesses. The company leverages AI/ML, NLP, and RPA to enhance risk selection, underwriting, and custom pricing. Its compound annual growth rate of 3.54% between 2015 to 2019. Read more

Dai-ichi Life Holdings, Inc account intelligence report Dai-ichi Life Holdings’ revenue for overseas insurance business increased compared to the previous fiscal year by 38.2%, primarily due to an increase in investment income at Protective Life Corporation. Their future investments are in vaccine production by purchasing vaccine bond that suits the pandemic situation and ESG development in Japan. Read more.

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