News from AIR Worldwide, American International Group Inc., Marsh and more. (Photo: Shutterstock)
Catastrophe risk modeling firm AIR Worldwide has released Touchstone Re, a new catastrophe modeling software application designed for estimating the loss potential of reinsurance contracts and portfolios, industry loss warranties and insurance-linked securities. In addition to releasing Touchstone Re, AIR updated its flagship catastrophe risk modeling platform, Touchstone, to include enhancements that enable users to perform new analytics, customize the software, and improve and simplify users' workflows.
Carlyle Group LP, a private equity and financial services firm, is buying a stake in an American International Group Inc. (AIG)-owned firm. The Washington-based firm agreed to purchase 19.9% of DSA Reinsurance from AIG and make it into a standalone insurer, Carlyle said in a statement Wednesday. The deal comes with an agreement that gives Carlyle $6 billion from DSA to invest across its private equity, credit and real asset groups.
Marsh has completed its acquisition of Houston, Texas-based Wortham Insurance. With the addition of Wortham, Marsh expands its footprint in Texas to include the Austin and Fort Worth markets.
QBE North America announced an update to our offering with Jorgensen & Company, a specialist professional liability managing general underwriter. This expanded errors and omissions insurance will be served on an admitted basis to small, independent registered investment advisory firms and registered representatives via a new web-based click and bind program called AdvisersGold Select.
Assurant Inc. has agreed to sell its Mortgage Solutions business to Xome Holdings LLC, an indirect wholly-owned subsidiary of WMIH Corp. The sale encompasses all of the Mortgage Solutions business including title, valuations, mortgage technology and field services.
Insurance Commissioner Dave Jones has approved three more insurance carriers to offer coverage for the cannabis industry in California. The North River Insurance Company, United States Fire Insurance Company and White Pine Insurance Company will all write surety bonds for the cannabis businesses.
Accident Support Services International Ltd., facilitators of collision reporting to the insurance industry, has opened its' newest U.S. Collision Report Center (CRC) in partnership with the City of Hampton and the Hampton Police Department. The Hampton CRC will be the 36th to open in North America and second in the state of Virginia.
HUB International Limited has acquired the assets of The Ward Agency. Terms of the acquisition were not disclosed.
HUB also acquired Benefit Broker Services Inc. Terms of the acquisition were not disclosed.
Embroker has revealed the first digital directors and officers policy aimed at startups and growth companies with up to $250 million in funding. THe new offering, which is Embroker's first insurance product, represents the industry's first specialty line of insurance available instantly, online.
Digital lending company Blend unveiled Blend Insurance Agency, an independent insurance agency that enables borrowers to seamlessly shop for and purchase homeowners insurance digitally within the mortgage application process. Blend Insurance Agency will be headed out of a new office in Los Angeles.
Norman-Spencer Agency Inc. has announced the acquisition of American Insurance Professionals' (AIP) business assets. AIP is an exclusive program manager of General Star, a Berkshire Hathaway Company.
Accenture and Pitney Bowes have collaborated to create the Property Evaluator, an underwriting tool that triages property information across multiple sources to enable underwriters to experience a single and comprehensive view of a property. The Property Evaluator leverages Accenture's Intelligent Insurance Solution platform and Pitney's leading GIS information, its Spectrum Platform and third-party data.
PEAK6 Investments L.P. has acquired National Flood Services (NFS) from Aon plc. As part of te agreement, Aon is retaining the private flood insurance business, currently known as NFS Edge, a managing general agent and the provider of EZ Flood.
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