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Core Specialty Announces Completion of StarStone U.S. Recapitalization

core specialty announces completion of starstone u.s. recapitalization

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CINCINNATI, Nov. 30, 2020 /PRNewswire/ — Core Specialty Insurance Holdings, Inc. (“Core Specialty” or the “Company”) announced today that it has completed the recapitalization of StarStone U.S. Holdings, Inc. (“StarStone U.S.”).  The recapitalization was led by SkyKnight Capital, L.P. (“SkyKnight”), Dragoneer Investment Group (“Dragoneer”) and Aquiline Capital Partners LLC (“Aquiline,” and together with SkyKnight and Dragoneer, the “Investors”).  Enstar Group Limited (NASDAQ:ESGR) (“Enstar”) has received a combination of cash consideration and shares in Core Specialty as part of the recapitalization.
The RecapitalizationThe $610 million in new equity capital provided by the Investors, together with the rollover of Enstar’s existing ownership, and an additional equity purchase of over $60 million from management and selected other investors, will increase the equity capitalization of the Company to over $900 million.
After giving effect to the recapitalization, SkyKnight and Dragoneer will each have beneficial ownership of approximately 27%, Enstar 25%, Aquiline 11%, management and Directors 6% and other investors 4%.
Loss Portfolio and Adverse Development Cover In conjunction with the capital infusion, one of Enstar’s wholly owned subsidiaries has entered into a combination loss portfolio and adverse development cover reinsurance agreement with the Company.
New Management Team and Board of Directors As part of the capital infusion, Core Specialty has …

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Texans Want More from Health Insurance Companies, New Survey Shows

texans want more from health insurance companies, new survey shows

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Results from the October 2020 survey show most Texans are eager to make and see improvements in their personal health as well as health insurance options. More than the general U.S. population (35%), 44% of Texans are finding it more difficult to prioritize their health during the COVID-19 pandemic; however, there is a strong desire to focus and improve in the New Year. Many are also ready for a change with health insurance, with 83% saying the industry needs a fresh perspective and nearly half being concerned about selecting a 2021 health plan.

“Health insurance is a very personal decision for every individual and family, but people shouldn’t have to roll the dice on their health,” said Sal Gentile, CEO and co-founder of Friday Health Plans. “Our data show that Texans take their wellbeing seriously and are ready for simple yet trust-worthy health plans they can count on. Since launching here, people have embraced Friday Health Plans’ ACA-qualified insurance products which offer benefits such as free, unlimited primary care visits and mental health appointments as well as more than 5,000 free generic medicines. We are proud to bring these essential services to Texans who want and need affordable health options.”
Additional key findings from the …

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Zywave adds to its insurance portfolio with latest M&A activity

zywave adds to its insurance portfolio with latest m&a activity

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Insurance technology benefits provider Zywave has acquired Insurance Technologies Corporation — for an undisclosed amount — a provider of marketing, rating and management software and services to the insurance industry.The acquisition is meant to strengthen Zywave’s position as a leader in providing solutions for carriers and independent insurance agencies, helping them drive business efficiency and accelerate growth.“ITC brings to Zywave solutions that complement and expand Zywave’s current offerings,” says Jason Liu, CEO of Zywave. “ITC brings an account management system solution for personal and commercial lines, which really rounds out our offering in that space.”The joint entity will serve over 15,000 insurance organizations globally. This latest acquisition marks Zywave’s largest to date and fifth in just over two years.Read More: HUB International expands employee benefits business with latest M&A deal“Overall, our combined offering is the most expansive and innovative technology suite for selling any type of coverage – benefits, commercial or personal lines,” Liu says.Earlier in November, Zywave announced the acquisition of Advisen, a provider of data, media and technology solutions for the commercial property and casualty insurance market. That acquisition coincided with the announcement of Zywave’s new investor relationship with Clearlake Capital …

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Bancassurance Market Size USD 2249 Million by 2026 at CAGR 1.9%

bancassurance market size usd 2249 million by 2026 at cagr 1.9%

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BANGALORE, India, Nov. 30, 2020 /PRNewswire/ — The Bancassurance Market is Segmented by Type (Life Bancassurance, Non-Life Bancassurance), by Application ( Adults, Kids, Other). This report is published on Valuates Reports in the Finance & Banking Category. It also covers Global & Regional Opportunity Analysis and Industry Forecast to 2026.
The global Bancassurance market size is projected to reach USD 2249 Million by 2026, from USD 2008.8 Million in 2020, at a CAGR of 1.9% during 2021-2026.
This report provides a detailed quantitative analysis of the current trends and bancassurance market forecast estimations from 2019 to 2026.
Request a Sample Copy of the Report For COVID-19 Impact Analysis on Bancassurance Market: https://reports.valuates.com/request/sample/QYRE-Auto-19J2425/Covid_19_Impact_on_Global_Bancassurance_Market
TRENDS INFLUENCING THE GROWTH OF BANCASSURANCE MARKET SIZE
The increase in aging population is expected to drive the growth of the bancassurance market size. This global demographic change would have a positive effect on the bancassurance market as the aging population has a greater need for health and life insurance and retirement product plans.
Bancassurance provides clients with several advantages, one of which is comfort. For all financial needs, the bank acts as a one-stop-solution. Bancassurance increases the banks and insurance firms’ revenue diversification and brings greater volume …

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Neptune Flood Completes Residential Product Roll-Out and Launches New Policy Management Engine

neptune flood completes residential product roll-out and launches new policy management engine

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ST. PETERSBURG, Fla., Nov. 30, 2020 /PRNewswire/ — Neptune Flood, the first AI-driven flood insurance company to provide fast, easy and better flood insurance, today announces the expansion of its residential products to the remaining five additional states, Montana, South Dakota, Utah, Vermont, Wyoming, and Washington, DC, completing the company’s nationwide rollout of all residential, commercial and RCBAP flood insurance products.
Neptune also announces the completion of its proprietary policy management system, Poseidon, the first-of-its-kind technology engine which makes it faster and easier than ever before for agents and consumers to update and track their Neptune policies.
“This is a big day for Neptune. Not only are we finally able to offer all our products nationwide in under three years from our launch, but we have also proudly completed development of our proprietary tracking engine, Poseidon, a disruptive technology that raises the bar for the Insurtech industry for ease and speed of policy tracking and management.” said Neptune President & CEO, Trevor Burgess. 
Neptune Flood Insurance has been chosen by 50,000 consumers and is available via 10,000+ insurance agents and online at neptuneflood.com. 
“Homeowners and businessowners are choosing Neptune because we are fast to quote, easy to buy, offer superior coverage and can save …

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FIDx Announces Distribution Technology Partnerships With American Equity Investment Life Insurance Company And Eagle Life Insurance Company

fidx announces distribution technology partnerships with american equity investment life insurance company and eagle life insurance company

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BERWYN, PA — Fiduciary Exchange LLC (FIDx), a product-agnostic retirement platform solution that allows insurance carriers to offer insurance solutions through wealth management platforms and other platforms, announced partnerships with insurance providers American Equity Investment Life Insurance Company and Eagle Life Insurance Company. The partnership makes annuity solutions from both insurance entities available to financial advisors through FIDx by way of the Envestnet, Envestnet | MoneyGuide and Halo platforms, as well as directly through FIDx’s Protection Intelligence platform.

The announcement is the latest in a series of partnerships FIDx has forged to deliver on its mission of meeting financial advisors where and how they do business. FIDx is a centralized retirement marketplace that brings together industry-leading insurance carriers to offer protection and income solutions through a highly streamlined and frictionless process.
READ:  What to Know About Today’s Life Insurance Options“American Equity and Eagle Life are industry leaders who add depth and breadth to our product offering,” said Rich Romano, Chief Executive Officer at FIDx. “At FIDx, we are embarking on a mission to completely revolutionize the industry and this addition of American Equity and Eagle Life underscores our commitment to delivering on our promise of names you know and …

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Why you should pay attention to Alberta’s insurance changes

why you should pay attention to alberta’s insurance changes

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“Albertans will be presumed to be high-risk drivers — and charged higher rates unless and until they agree to ‘voluntarily’ consent to participate in a usage-based insurance (UBI) program and prove their good driving behaviour.”An excellent opinion piece we recently ran courtesy of Sharon Polsky, president of the Privacy and Access Council of Canada, lays out a blink-and-you’ll-miss-it section of Alberta’s Bill 41.Introduced on October 29, it seeks to allow Alberta’s Automobile Insurance Rate Board (AIRB) new ways to “innovate” and “modernize” how that province provides auto insurance. Escalating rates are no mystery; when a Conservative government took office, one of the first things they did was remove the cap installed by the previous NDP.

“The average monthly cost of Alberta car insurance is up 24 per cent from the beginning of 2019 to the second quarter of 2020,” according to this CTV report, the third-highest behind British Columbia and Ontario.It’s not just Alberta of course, nor is just about political parties. Some argued the NDP cap kept rates artificially low at a time of escalating payouts, but the soaring ones after its removal were devastating to many consumers’ budgets. Auto insurance rates – all insurance rates – have been spiking …

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How John Hancock Life Insurance gamifies wearables to bolster longevity

how john hancock life insurance gamifies wearables to bolster longevity

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When Apple launched its latest Apple Watch, John Hancock Life Insurance was one of the enterprise headliners as a partner with its Vitality program. The Vitality program includes an app, incentives for healthy behavior, discounts and an Apple Watch that can be had for as little as $25. In other words, you can earn your Apple Watch with healthy activities and behavior.  I caught up with John Hancock Life Insurance CEO Brooks Tingle to talk about the company’s partnerships with Fitbit, Apple Watch and Amazon Halo to connect customer experience, actuarial data and technology. Why life insurance and wearable device data? Tingle said wearable data allows John Hancock to connect with customers more often and have more touch points. Tingle said: One’s life insurer should care an awful lot about someone living a long, healthy life. Among other than immediate friends and family, who really cares more about you living a long, healthy life other than your life insurance company, right? If for no other reason, self-interest. But we think it’s a wonderful opportunity as a life insurer to connect with our customers and provide them with education, support, and incentives and rewards to live a longer, healthier life.

Health & Wellness

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