Nexus Underwriting Establishes Financial Lines Division, Nexus Frontier
Independent specialty managing general agent Nexus Underwriting reports it has formed a new division, Nexus Frontier.
Frontier is a financial lines MGA structure for Nexus where fronted insurance arrangements will be housed. Nexus will be utilising Accredited Insurance (Europe) Limited as its fronting partner, supported by a panel of reinsurers. Accredited gives Nexus access to broad territorial licenses, allowing Frontier to meet the needs of both insureds as well as brokers.
Frontier’s initial product offerings will focus on directors & officers, professional indemnity, crime, including for financial institutions, and pension trustee liability.
Frontier will be located at Box number 358 in the Lloyd’s underwriting room. The Lloyd’s box will be manned by the Nexus Frontier team including James Rasmussen, managing director, Alex Mobbs, senior underwriter and Nexus co-founder, and Rebecca Patt, underwriting assistant.
PERILS Expands Coverage to Japan Wind and Flood
PERILS, the independent Zurich-based company providing industry-wide catastrophe insurance data, has extended its market coverage to include exposure and event loss data for the perils of wind and flood in Japan. The new service covers the Japanese non-life market and is supported by the majority of the insurance companies operating in the sector.
The expanded coverage means that data for the industry-wide property sums insured exposed to wind and flood perils in Japan will now be available via the PERILS database. In addition, PERILS will provide industry event loss data for any events caused by atmospheric perils that generate an industry loss figure of JPY 100 billion or above.
The property sums insured and event loss data for the property line of business are collected directly from participating non-life insurers at the prefecture for residential, commercial, industrial properties. This information can be used for a range of applications, including industry loss-based risk transfer products such as industry loss warranty contracts and insurance-linked securities, as well as catastrophe risk model validation.
The addition of Japan increases the number of territories covered by PERILS to 21, including: Australia, Austria, Belgium, Canada, Denmark, France, Germany, Ireland, Italy, Indonesia, Japan, Luxembourg, the Netherlands, New Zealand, Norway, Philippines, Sweden, Switzerland, Thailand, Turkey, and the United Kingdom.
Amber Group Insures Digital Assets Held On Behalf of Clients
Digital data asset platform Amber Group said it has secured global insurance coverage protecting digital assets held in its wallet infrastructure on behalf of clients, including direct insurance policy, indirect coverage and insurance-backed theft protection.
The company secured the coverage from Arch Syndicate 2012 of Lloyd’s of London and OneDegree, an Asia insurtech company, supported by a multi-year reinsurance partnership with Munich Re. Amber Group’s cold wallet insurance is now the first digital asset reinsurance case in Asia for MunichRe. Amber Group said it is working to build out a global insurance plan that aggregates to over USD$100 million in coverage. This is set to increase as the company sets its sights on growing its asset management business.
Amber Group has also implemented measures to combat fraud, loss and theft via Coincover’s insurance-backed theft protection, a technology insured by certain Underwriters at Lloyd’s of London. The technology provides an added layer of protection to secure Amber Group’s digital assets as it monitors for and prevents transaction anomalies from unauthorized access.
Amber Group’s move to secure comprehensive insurance coverage comes amid surging digital asset adoption, with digital assets value totaling to a record high of US$3 trillion last year.
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