Lloyd’s coverholder News

Lloyd’s Launches Parametric Earthquake Insurance Policy in New Zealand

Lloyd’s has launched a parametric earthquake insurance policy in New Zealand, in partnership with start-up Bounce Insurance, which uses cutting-edge technology and real-time data to automatically pay customers within five days of a strong earthquake. The new product, also called …

Assessing Delegated Underwriting Authorities, MGAs: AM Best Explains

Over the last decade, as insurers and reinsurers have sought profitable opportunities for growth, they increasingly have handed the underwriting pen to managing general agents, managing general underwriters, program administrators and other underwriting agencies. These specialized distribution partners have not …

AM Best Plans to Assess MGAs, Other Delegated Authority Entities

With the volume of premium generated by managing general agents and other delegated underwriting authority enterprises (DUAEs) rocketing skyward in recent years, AM Best had decided it is time to deliver assessments of these entities. “What we’ve seen is really …

UK Insurtech Startup battleface Raises $12M in Funding from U.S. Venture Capital Firm

UK startup battleface Inc., a company that specializes in tech-enabled global travel insurance, announced a $12-million Series A financing round from Drive Capital, a Columbus, Ohio-based venture capital firm. The investment will be used to fund growth and market expansion …

Coverys European Holdings Subsidiary Acquires Lloyd’s Italian Coverholder Gava

AEC Wholesale Group, a subsidiary of Coverys European Holdings (CEH), announced the acquisition of Gava S.R.L, a Lloyd’s coverholder based in Brindisi, Italy. AEC Group will assume 100% ownership of Gava, bringing the Italian Lloyd’s coverholder into its existing network …

UK Insurtech Startup battleface Receives Investment from Fintech Ventures Fund

Insurtech startup battleface Inc., a UK firm that provides travel insurance products for unconventional travelers worldwide, announced it has successfully closed its seed financing round with backing from leading strategic and venture capital investors. Atlanta, Ga.-based Fintech Ventures Fund has …

Specialist Insurer Beazley Takes 30% Stake in Hong Kong Coverholder Pegasus

Beazley, the London-based specialist insurer, is making a strategic investment in Hong Kong-based coverholder, Pegasus Underwriting Ltd. The investment will see Beazley become a 30% shareholder in Pegasus. Beazley said it began working with Pegasus in January 2019 under an …

Munich Re Syndicate Singapore Partners with Lloyd’s Coverholder Nectar Specialty Risk

Munich Re Syndicate Singapore (MRSS) has formed a partnership with Nectar Specialty Risk Pte Ltd. (Nectar), a Singapore incorporated limited liability company and Lloyd’s coverholder that provides tailor-made re/insurance solutions. Nectar’s professional line products are offered under the trading name …

Alliant Subsidiary, Tribal First, Acquires Canada’s AFN Insurance Brokers

Tribal First, a division of Alliant Underwriting Solutions, has acquired Ottawa, Canada-based AFN Insurance Brokerage. Financial details of the transaction were not disclosed. The acquisition pairs AFN Insurance Brokerage, which is Canada’s First Nations’ insurance leader, with Tribal First, the …

AFL Insurance Brokers Finds Good Strategic, Cultural Fit with U.S. MGA Zodiac

AFL Insurance Brokers, the London-based Lloyd’s broker, was looking for an MGA platform in the United States and found the perfect partner last month when it purchased Zodiac Insurance Services, which specializes in professional, entertainment and event insurance. It wasn’t …