Articles by Andrew G. Simpson

Virtual Insurance Agent Insurify with License Plate Quote Feature Raises $2 Million

Consumers will soon be able to simplify the buying of auto insurance by snapping a photo of their license plate and texting it to a phone number provided by the new site, Insurify.com, which will then generate price quotes. The …

‘Old’ ACE, Chubb Report Q4, Full Year 2015 Results

Just shy of two weeks after closing on their merger, ACE Ltd. and Chubb Corp. released financial results for their last quarter and year as separate entities. On January 14, 2016, ACE closed on its acquisition of Chubb Corp. creating …

The Zebra Is Latest Insurance ‘Disrupter’ to Attract Funding

The Zebra, an online auto insurance comparison company, said it has closed $17 million in Series A funding with investment from Mark Cuban, Mike Maples Jr. (of Twitter and Lyft), Simon Nixon (of Moneysupermarket), Silverton Partners, and new investors Daher …

AIG CEO Says Future Split Possible, But Downplays SIFI Risk; Will ‘Narrow’ P/C Focus

American International Group (AIG)  CEO Peter Hancock, who announced the sale of  the company’s AIG Advisor Group and a partial (19 percent) spin-off of mortgage insurer United Guaranty Corp., said AIG is open to further divestiture, even of its biggest …

Icahn Renews Attack on AIG CEO Hancock; Insists ‘Drastic Shift’ Needed

Activist investor Carl Icahn has again called for American International Group (AIG)  to be divided into three separate companies and expressed doubt that AIG CEO Peter Hancock’s planned strategy presentation next week will satisfy his demand. He said that if …

ACE and Chubb Are Now One; New Chubb Brand Logo Unveiled

ACE Limited completed its acquisition of Chubb yesterday, creating the world’s largest publicly traded property/casualty insurance company. ACE paid approximately $29.5 billion in the aggregate in cash and stock, based on the most recent closing price of ACE Limited shares …

Obama Nominates 4 to NARAB National Producer Licensing Governing Board

President Barack Obama has nominated four individuals to sit on the 13-member governing board of a new national insurance producer licensing system. They are state insurance regulators from South Carolina and Minnesota and insurance producer representatives from Illinois and Pennsylvania. …

Insurance Execs’ Midlife Crisis Cure: Four AIG, ACE Veterans Join Startup P2P Insurer Lemonade

An instech startup looking to disrupt the property/casualty insurance industry with a new business model has turned to four seasoned insurance executives from traditional carriers AIG and ACE Insurance to round out its executive team. Lemonade, the peer-to-peer (P2P) insurance …

Crash Rates Lower for Self-Driving Cars: Virginia Tech Study

Crash rates for self-driving cars are lower than the national crash rate of conventional cars, according to a new report out of Virginia Tech Transportation Institute that was commissioned by self-driving car developer Google. While self-driving cars have a rate …

Entrepreneurs Raise $13 Million to ‘Reinvent’ U.S. P/C Insurance with Peer-to-Peer Insurer Lemonade

The U.S. property/casualty insurance industry is about to be tested directly by the sharing economy. Two tech entrepreneurs have raised $13 million in initial funding to launch a peer-to-peer online property/casualty insurance company named Lemonade, which they promise will reinvent …