InsurTech
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AI-centred InsurTechs in Q1 accounted for 28% of all deals in the Global InsurTech report.
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The carrier's UK portfolio will no longer be written with an in-house team.
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Processing and product innovation companies are also in the cohort.
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The deal adds to Aspen’s existing support of the InsurTech in the UK and Canada.
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The funding will allow the firm to release Yurty, a digital care app.
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Pravina Ladva, Swiss Re's group CDTO, sets out experiments the carrier is conducting with generative AI.
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Artificial Labs undertook the Lloyd’s Lab accelerator programme in 2020.
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The investment comes in exchange for a $49mn surplus note from HOA and the acquisition of HOA’s rights to potential claims stemming from the Vesttoo fraud.
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The motion was filed by Chaucer Insurance Company and Chaucer Syndicates, as managing agent of Lloyd’s Syndicate 1084.
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Business will continue as usual, with the PlacingHub platform still expected to go live in January, the technology firm said.
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The new trade organization seeks to promote responsible use of technology, collaborate with regulators on consumer protection and make insurance more available, affordable and accessible.
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Oliver Bäte joins Bret Johnson, CFO of SpaceX, and Coalition co-founders John Herring and Joshua Motta on the board of directors.
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Panellists said that key benefits from AI could be in interpreting documents and even helping to mitigate softening market conditions.
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This is Burton’s last earnings call as the reinsurer’s CEO, as the firm recently appointed TransRe’s Greg Richardson to succeed him effective January 1.
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Under the agreement, reached late on Monday, Vesttoo would sell its assets in a transaction that would close by December 1, 2023.
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Increased private investments by (re)insurers have been a “theme of the year” according to Johnston, who described the year as “one of consistency.”
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In a motion filed Friday, the trustee requested to convert Vesttoo’s Chapter 11 case to Chapter 7 so that “an independent fiduciary can wind down the debtor’s affairs and avoid significant administrative costs”.
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Earlier today, in a bid to accelerate liquidation, the company’s unsecured creditors requested early termination of the exclusivity period granted Vesttoo to develop a reorganization plan.
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Doing so would save “at least $8.5mn in cash” based on the firm’s monthly operational expenditures, according to a recent motion.
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The company said Ki is the first algorithmic underwriter to offer capacity from multiple syndicates.
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The additional investment makes this the largest ever Series B round for an InsurTech, according to the firm.
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The capacity deal is slated for deals with 10/1 effective dates and beyond.
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A Delaware judge has ruled in favour of Vesttoo’s automatic stay in the bankruptcy case.
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Ola Jacob's role at Descartes will focus on expanding the firm's parametric insurance offering in the London market to corporates exposed to climate risks across the globe.
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The company also said that it has secured the replacement of all reinsurance on its ongoing portfolio of business through third-party reinsurers and an affiliated reinsurer.
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Melissa Collett served as executive director for professional standards at the CII, where she spearheaded the Digital Ethics Companion.
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Renew Risk will be hiring cat modellers and climate scientists, as it expands its proposition to help insurers understand the risks of insuring renewable energy infrastructure.
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The Aon unit noted 37 LOCs “purportedly procured by China Construction Bank (CCB), Banco Santander and Standard Chartered Bank US”.
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Digital transformation top of boardroom agenda, according to Cytora CEO Richard Hartley.
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The company's Ebitda for 2022 was estimated at $60mn compared to $20mn in 2021.
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Both organizations have agreed for the appointment of a liquidator for Vesttoo transaction structures at the Supreme Court of Bermuda.
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Issues with faked letters of credit are not limited to one banking provider, sources said.
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The broker said it believes it has meritorious defenses and intends to vigorously fight the claims and seek recourse against third parties where appropriate.
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The scale of the coverage offered by the firm means buyers in the emerging line of business face a challenge to swap out their capacity.
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The firm said it will use the results of an analysis being conducted by experienced investigators to "take appropriate measures”.
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The London market businesses face potential fallout as Vesttoo investigates collateral inconsistencies.
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The company’s targeted Vescor cat bond would have provided collateral to meet auto and other obligations, but there were multiple structural points of risk for investors.
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The fronting company said impairment to Vesttoo’s LoC collateral will be "immaterial".
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The UK has the highest number of InsurTechs per capita among all major world economies, a new report from McKinsey has found.
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Fronting companies typically hold premiums in reserve meaning that credit exposure to letters of credit on Vesttoo transactions should only be required in the event of deteriorating losses.
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The firm said it had identified two specific transactions in which “collateral inconsistencies” were in question.
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It emerged last week that Steve Hearn was leaving Ardonagh, which he joined through its acquisition of Corant Global.
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The platform will connect MGAs with capacity from a wide range of providers.
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Insurers are looking ahead to possible fallout from issues such as cyber risks and the impact of AI on the workforce, while still seeing these new trends as opportunities to capture.
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The company’s platform allows for the sharing of high quality, standardised data across the insurance value chain.
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The partnership will give Lloyd’s Lab members access to expand operations in Dubai.
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Costin left Piiq Risk Partners in November 2022 after nearly three years at the aviation broker.