Markets/Coverages News

5Star Specialty to Assume Distribution of Protective Insurance’s Public Auto Offering

Protective Insurance Co. and 5Star Specialty Programs have expanded their partnership in the public auto market, making 5Star Protective’s sole distribution source for its commercial auto insurance offering in the public auto (charter/school bus and limo) segment. Protective has partnered …

The PURE Group Expands Excess & Surplus Lines Offering Into California

The PURE Group has expanded its excess & surplus (E&S) high net worth offering, PURE Programs, into California. The coverage is tailored to high value, high-risk homes with broader coverage than is typically found in the high net worth E&S …

Starr Insurance Cos. Expands Aviation Insurance Operations to Brazil

Starr Insurance Cos. announced that Starr International Brasil Seguradora S.A. has been granted a local license to offer aviation insurance. “We are thrilled to be adding aviation capability in an important, growing economy like Brazil,” said Steve Blakey, president and …

Brit Partners with Schillings Critical Risk to Create Kidnap-for-Ransom Offering

Brit Ltd. announced it is partnering with Schillings Critical Risk to create a comprehensive kidnap-for-ransom offering. Extortion and kidnap for ransom are extreme and endemic risks for individuals and businesses operating in many countries around the world, said Brit, noting …

Sompo International Forms Cyber Team, Expands Insurance Offering

Sompo International Holdings Ltd., a Bermuda-based specialty provider of property and casualty insurance and reinsurance, has expanded its cyber insurance capabilities with the introduction of a dedicated U.S. team focused on cyber offerings, an enhanced cyber and professional liability product, …

Willis Towers Watson Launches New Version of Radar Pricing Software

Willis Towers Watson announced the launch of the latest version of its Radar pricing software. With the speed of change and disruption across markets and products accelerating, Radar 4.2 provides insurers with “a future-proofed solution designed to achieve agile, sophisticated …

BHSI Withdraws from Hong Kong Employees’ Compensation Terrorism Pool

Berkshire Hathaway Specialty Insurance Co. (BHSI) announced that it has withdrawn from the Hong Kong Employees’ Compensation (EC) terrorism pool, effective Dec. 1, 2018. BHSI said it is now the first insurer in Hong Kong to provide EC terrorism coverage …

Liberty Mutual Forms $1B Risk-Sharing Deal with OPIC, Expanding Public Sector Portfolio

Liberty Mutual Insurance has formed a $1 billion risk-sharing agreement with the Overseas Private Investment Corp. (OPIC), the U.S. government’s development finance institution, which furthers the company’s diversification strategy in a market when organic growth is hard to find. The …

Peak Re Launches Asian Reinsurance Sidecar Deal Using Bermuda Special Purpose Insurer

Peak Reinsurance Co., the Hong Kong-based reinsurer, announced it has launched Asia’s first sidecar transaction via a new Bermuda-domiciled special purpose insurer, Lion Rock Re Ltd., to provide collateralized retrocession for part of Peak Re’s global property reinsurance risk portfolio. …

PURE Rolls Out Restructured Jewelry Insurance in Connecticut

The PURE Group of Insurance Companies (PURE Group), which includes Privilege Underwriters Reciprocal Exchange (PURE), the policyholder-owned property and casualty insurer designed for high net worth individuals and families, has restructured its jewelry insurance to include more protection for losses …