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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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