Johnston, Rhode Island-based commercial and industrial property insurer FM Global said it has appointed Michel Giannuzzi and Israel Ruiz to its board of directors. Giannuzzi is CEO of Paris-based Tarkett, a flooring maker, and Ruiz is executive vice president and treasurer of the Massachusetts Institute of Technology in Cambridge, Massachusetts.
Chicago-based Property Casualty Insurers Association of America said it has awarded a $5,000 grant to Wildfire Partners in Boulder, Colorado, to support its work with homeowners living in high-risk wildfire communities to mitigate and prevent damage to homes from wildfires in the wildland urban interface.
Bermuda-based reinsurer Microinsurance Catastrophe Risk Organization said it has released a new product for low-income families in Central America. The microinsurance product will cover business interruption losses from excessive rainfall, severe drought and earthquakes.
Dublin-based insurance and reinsurance giant XL Catlin said it has added terrorism and political violence coverage options to its Platinum Property insurance program. XL Catlin said the coverage will address gaps in coverage provided by the Terrorism Risk Insurance Program Reauthorization Act, which does not cover locations outside the United States.
Bala Cynwyd, Pennsylvania-based Philadelphia Insurance Cos. said it is offering a new insurance product for museums and cultural institutions through a partnership with sister company, New York City-based Tokio Marine America. Called the Fine Arts Collection, the product will cover transportation of art, title defense, restoration, retouching, conservation and fine arts-specific claims adjusters.
New York City-based insurer QBE North America said it has partnered with Crystal Lake, Illinois-based Stateside Underwriting Agency to underwrite financial risk is for organizations that rely on professional liability insurance to cover legal liability for claims brought against them by a third party in the rendering of professional services.
The Connecticut Insurance Department said it now has an online payment portal for licensees who conduct business with the department. Licensees will be able to use the tool to pay fees for letters of certification, clearance letters and the annual $450 assessment for licensed bail bondsmen.
London-based specialist lines underwriting agency CFC Underwriting said it is offering a new kidnap and ransom insurance product. The coverage includes cyber coverage for the reimbursement of ransom paid and additional expenses incurred as a result of a cyber attack.
San Francisco-based venture capital firm Genstar Capital said it has completed the sale of portfolio company Acrisure LLC, a Caledonia, Michigan-based insurance brokerage, to Greg Williams, Acrisure's chief executive officer and co-founder, and a consortium of minority investors for $2.9 billion. Genstar Capital acquired Acrisure in 2013.
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