Around the P&C insurance industry: June 23, 2021

In the Media

3 min read · Jun 23, 2021

Trux collaborated with Boston-based REIN, which offers an embedded insurance platform, to provide a simplified insurance onboarding and renewal program for dump truck drivers. The partnership aims to make the process of initial account setup and insurance renewal even easier, providing independent owners and fleets access to top-tier insurance. The Trux Marketplace currently serves more than 28,000 insured dump truck drivers.

Hub International Limited launched HUB Drive Excess Liability Shield, an excess liability/umbrella insurance solution designed for transportation clients that can broaden coverage and protect them from potential major losses from nuclear verdicts. HUB Drive Excess Liability Shield will provide broad excess liability/umbrella coverage with limits of up to $5 million or a component of a transportation industry excess tower through Trisura Specialty Insurance Co., an A.M. Best’s A- Excellent rated carrier, and will be offered in all states except New York.

Beazley extended its risk management offering for the telehealth sector with new tools designed to help navigate the complex digital health regulatory landscape. In partnership with law firm BakerHostetler, Beazley created a multi-layered interactive digital map that provides detailed information on the state-by-state laws governing the provision of telehealth services across the United States.

Cambridge Mobile Telematics acquired TrueMotion, a mobile telematics provider. This acquisition unites the two leading companies in the rapidly growing mobile telematics industry. CMT will now provide telematics services to 21 out of the 25 largest auto insurers in the U.S. and across more than 20 countries, including Canada, the United Kingdom, Germany, South Africa, Japan and Australia.

Bamboo Insurance acquired certain of the assets of First American Property and Casualty Insurance Agency from its parent company, First American Financial Corporation. First American announced in October 2020 its intent to exit its property and casualty business and to maintain focus on its core business.

Neptune Flood, an AI-driven flood insurance company, has surpassed $20 Billion in total insured property value in under four years in operation. With over 70,000 clients and 6,000 active insurance agents, Neptune has quickly risen to become a leading private flood insurer in the U.S., offering residential, commercial and RCBAP flood insurance products nationwide.

CFC announced that CFC Syndicate 1988 has incepted and begun trading. In addition to risk capital provided by CFC, the syndicate worked with Aon Capital Advisory to attract third-party capital support including a large pension fund, an ILS manager, and reinsurers located in Bermuda, Cayman and Japan. CFC Syndicate 1988 is writing approximately 20% of CFC’s established portfolio, which will generate around £100 million in gross premium.

Animal Farm Foundation (AFF) launched the Dogs, People, and Housing Insurance Project to end exclusionary dog breed restrictions in the housing insurance industry. These restrictions are often used as a way to discriminate against individuals based on their class or race, according to the foundation. This initiative reflects AFF’s unwavering commitment to challenge laws and policies that keep dogs and people apart.

CyberCube released a new edition of Portfolio Manager, the industry’s cyber risk modeling platform used by insurers, reinsurers and reinsurance brokers. Portfolio Manager allows insurers to stress test (re)insurance portfolios against a range of systemic cyber-related scenarios including data breaches, cloud outages, global ransomware attacks and financial fraud. Originally launched in March 2018, it was the first fully probabilistic cyber catastrophe model to enable clients to drill down and identify loss drivers and areas of risk accumulation.

Ryan Specialty Group Holdings, Inc. announced that it publicly filed a registration statement with the U.S. Securities and Exchange Commission relating to the company’s proposed initial public offering of its Class A common stock. Upon completion of the proposed initial public offering, Ryan Specialty Group Holdings will be the sole managing member of Ryan Specialty Group, LLC and will exclusively operate and control all of its business and affairs. The number of shares of Class A common stock to be offered and the price range for the proposed offering have not yet been determined. Ryan Specialty Group Holdings intends to list its Class A common stock on the New York Stock Exchange under the ticker symbol “RYAN.”