Florida Peninsula Insurance Company launched insurance for solar energy panels that meet underwriting standards. Coverage applies to homes with panels installed on shingle or metal roofs after 2016. The policy must insure the panels to at least 100% of the reconstruction cost estimate. The company is not insuring photovoltaic panels installed on clay-tile or cement-tile roofs.
Beazley updated its underwriting team structure to support the business in achieving its ambitious growth targets with the creation of four underwriting divisions: Specialty Risks, Cyber Risks, MAP Risks and Property Risks. The divisions will be interconnected, able to operate at scale and will generate efficiencies and deliver innovation that will benefit Beazley’s clients and brokers.
London Market Group announced that, at its meeting on March 22nd, the Data Council, supported by its Technical Group, unanimously agreed that ACORD will be the market’s chosen data standards methodology, with the content of the Core Data Record set to align with that. The purpose of the CDR is to facilitate accounting and settlement, as well as tax and regulatory reporting for the London insurance market, and its content will align to ACORD’s Global Reinsurance and Large Commercial standard.
Inigo Limited entered the catastrophe bond market for the first time, less than 18 months after the firm began writing its portfolio of specialty insurance and reinsurance. Montoya Re, launched on April 1, is a $115m transaction covering earthquake and windstorm risk in the U.S., Canada and Japan. The risk period will be three years and the coupon is 6.75% above money market fund returns. The bond was structured by Aon Securities and fronted by Hannover Re.
Hub International Limited, global insurance brokerage and financial services firm, announced it acquired Chun-Ha Insurance Services, Inc. Terms of the transaction were not disclosed.
Hub International Limited, global insurance brokerage and financial services firm, acquired the assets of JAG Investment Partners, LLC, d/b/a/ JAG Insurance Group, LLC. Terms of the transaction were not disclosed.
Verisk announced with the Child Support Lien Network and the federal Office of Child Support Enforcement that life insurers will be able to streamline matching of claim settlements with outstanding child support obligations under a new agreement. The collaboration expands automated child support matching available for property & casualty insurers to the life industry.
