Articles by Andrew G. Simpson

First Blockchain for Marine Insurance Now Running

A blockchain that is said to be the first for $30 billion marine insurance is now in commercial use, according to a coalition of technology, insurance, marine and consulting businesses. EY, Guardtime, A.P. Møller-Maersk, Microsoft and insurance partners Willis Towers …

Insurtech Next Insurance Ditching Agency Model to Become a Carrier

Next Insurance, which debuted in 2016 as a digital insurance agency for small to medium-size businesses, is repositioning itself by becoming a licensed insurance carrier. The company says it has received its first license from Delaware and expects to be …

Insurers Welcome Global Regulation Provision in Banking Reform Bill

The financial services regulatory reform measure passed by Congress yesterday, which contains parts of more than 25 different bills, includes a provision on international insurance regulation that is being met with cheers by the insurance industry. This bill, which rolls …

NSM’s Vantage Acquires UK Personal Lines Broker Fresh Insurance in Redditch

U.S.-based NSM Insurance Group’s UK subsidiary, Vantage Holdings, has acquired Fresh Insurance Services Group Ltd,. an insurance broker based in Redditch, West Midlands that specializes in non-standard personal lines products, motor trade, van and travel insurance. Vantage Holdings was acquired …

Arca Capital Backs Icahn in Trying to Stop AmTrust Privatization Plan

The Prague-based investment firm Arca Capital said it plans to work with activist investor Carl Icahn and other minority shareholders to prevent a proposed privatization of AmTrust Financial Services Inc. Arca Capital owns approximately 2.4 percent of outstanding shares of …

Lemonade Proposes Open Source Insurance Policy for All to Change, Adopt

Technology-focused homeowners and renters insurer Lemonade Inc. has proposed an open source renters insurance policy that anyone can contribute to changing, even its rivals since Lemonade is not copyrighting it. The aim is to develop a policy that is written …

J.C. Flowers Buys Lloyd’s Brokers SSL and Endeavour; Two Agree to Merge

Lloyd’s and independent specialist marine broker SSL Insurance Group has agreed to merge with fellow Lloyd’s broker and delegated authority specialist Endeavour Insurance Services. The deal will conclude with both companies being acquired by a fund advised by private investment …

Lloyd’s Ends Ties with NRA Insurance Programs

Lloyd’s of London has directed its underwriters to terminate any insurance programs they have with the National Rifle Association (NRA) and to not enter into any new ones. “The Lloyd’s Corporation has given very careful consideration as to whether syndicates …

Nationwide Ventures Backs Drone Data Startup Betterview

Nationwide has made an investment in Betterview, a machine learning insurtech startup that focuses on analyzing data from drones, satellite and other aerial imagery. Betterview said it will use the undisclosed amount of money to expand the use of its …

Flood, Tax Relief, Cyber Security: Risk Managers’ View on the Political Turmoil in Washington

Congress is headed for a “major showdown” over the flood insurance program, according to an insurance broker lobbyist who notes that the program expires July 31, right in the middle of hurricane season. That also happens to be the very …