General insurance

Majesco Intelligent Sales & Underwriting Workbench Selected by Desjardins Group to Elevate Operational Effectiveness and Enhance Client Experience

Retrieved on: 
Tuesday, February 27, 2024

Desjardins signed a long-term contract with Majesco to implement new business and renewal for their group- benefits business.

Key Points: 
  • Desjardins signed a long-term contract with Majesco to implement new business and renewal for their group- benefits business.
  • “We are thrilled the Desjardins Group has entrusted Majesco to further elevate the user experience, simplify and optimize operations and help provide intuitive capabilities for their client base,” Mike de Waal, SVP of Sales at Majesco.
  • “Our Intelligent Sales & Underwriting Workbench offers the most robust and fastest rating engine on the market for groups of any size.
  • By partnering with Majesco, Desjardins is building a model focused on its members and clients, reduce operational risk and boost organizational agility.

States Issue Property & Casualty Market Intelligence Data Call Covering Over 80% of U.S. Market

Retrieved on: 
Friday, March 8, 2024

Under their regulatory authority, state Departments of Insurance routinely collect data from insurance companies to better understand market dynamics.

Key Points: 
  • Under their regulatory authority, state Departments of Insurance routinely collect data from insurance companies to better understand market dynamics.
  • Today, state insurance regulators have united to issue a comprehensive, multi-state data call coordinated by the National Association of Insurance Commissioners (NAIC) to collect and analyze data covering more than 80% of the U.S. property insurance market by premium volume.
  • The Property & Casualty Market Intelligence Data Call (PCMI) will gather data from more than 400 property insurers operating locally and across the country to give state insurance regulators a clear sense of what is happening in their individual property markets and the nation overall.
  • "The Property & Casualty Market Intelligence Data Call will provide a more holistic view of the property insurance market within our individual states and across the nation," said Alan McClain, Commissioner of the Arkansas Insurance Department and chair of the NAIC Property and Casualty Committee.

Southlake Specialty Insurance Company Acquires Nevada General Insurance Company

Retrieved on: 
Tuesday, February 6, 2024

Southlake Specialty, part of Southlake Financial Holdings , a Texas-based group of fronting carriers that includes Westlake Specialty Insurance Company, announces today that it has agreed to acquire, pending regulatory approval, Nevada General Insurance Company from Western National Mutual Insurance Company.

Key Points: 
  • Southlake Specialty, part of Southlake Financial Holdings , a Texas-based group of fronting carriers that includes Westlake Specialty Insurance Company, announces today that it has agreed to acquire, pending regulatory approval, Nevada General Insurance Company from Western National Mutual Insurance Company.
  • Nevada General Insurance Company is a Property and Casualty insurer authorized in numerous states throughout the Western U.S.
  • “We are thrilled to announce the acquisition of Nevada General Insurance Company, a strategic move that marks a significant milestone in our journey as a leader in the P&C insurance space.
  • Southlake has written over $400 million in premiums through 2023 and bringing Nevada General Insurance Company into the fold will augment Southlake’s trajectory by bringing their solutions to a broader market as Southlake diversifies its coverage.

AM Best Downgrades Issuer Credit Rating of Acuity, A Mutual Insurance Company; Affirms Financial Strength Rating

Retrieved on: 
Wednesday, January 31, 2024

AM Best has downgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “aa-” (Superior) from “aa” (Superior) and affirmed the Financial Strength Rating (FSR) of A+ (Superior) of Acuity, A Mutual Insurance Company (Acuity) (Sheboygan, WI).

Key Points: 
  • AM Best has downgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “aa-” (Superior) from “aa” (Superior) and affirmed the Financial Strength Rating (FSR) of A+ (Superior) of Acuity, A Mutual Insurance Company (Acuity) (Sheboygan, WI).
  • The Credit Ratings (ratings) reflect Acuity’s balance sheet strength, which AM Best assesses at the strongest level, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management (ERM).
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings .
  • AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry.

AM Best Revises Outlooks to Stable for LifeMap Assurance Company; Affirms Credit Ratings of USAble Life

Retrieved on: 
Friday, January 26, 2024

Additionally, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a” (Excellent) of USAble Life (USAL) (Little Rock, AR).

Key Points: 
  • Additionally, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a” (Excellent) of USAble Life (USAL) (Little Rock, AR).
  • The outlook of these Credit Ratings (ratings) is stable.
  • LifeMap became a sister company to USAble Life in 2022 with common ownership by Life and Specialty Ventures, LLC (LSV).
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings .

$15 Million Dividend Declared by Mutual Insurance Company of Arizona

Retrieved on: 
Friday, January 5, 2024

PHOENIX, Jan. 05, 2024 (GLOBE NEWSWIRE) -- The Mutual Insurance Company of Arizona® (MICA) announced today that its Board of Trustees has declared a dividend to its policyholders.

Key Points: 
  • PHOENIX, Jan. 05, 2024 (GLOBE NEWSWIRE) -- The Mutual Insurance Company of Arizona® (MICA) announced today that its Board of Trustees has declared a dividend to its policyholders.
  • A total of $15 million will be allocated among current members as of December 31, 2023, the record date.
  • This dividend will be distributed in February 2024.
  • Additional information regarding the policyholder dividend distribution for each member will be available on the member portal at www.mica-insurance.com in early February 2024.

WNS Recognized as a ‘Leader’ in Insurance by ISG

Retrieved on: 
Tuesday, January 2, 2024

In North America, WNS was named a ‘Leader’ in Life and Retirement (L&R) Insurance BPO, Property and Casualty (P&C) Insurance BPO, and Life & Retirement Insurance TPA.

Key Points: 
  • In North America, WNS was named a ‘Leader’ in Life and Retirement (L&R) Insurance BPO, Property and Casualty (P&C) Insurance BPO, and Life & Retirement Insurance TPA.
  • Across all categories, WNS was recognized for its deep domain expertise, innovative digital-first solutions , advanced analytics capabilities, and strategic platform partnerships.
  • “WNS’ ability to deliver digitally-led transformative offerings across insurance sectors while optimizing costs and enhancing efficiencies is well established.
  • “WNS is bolstering its position in the insurance BPO market by creating its proprietary offerings and forming new partnerships and alliances,” said Ashish Jhajharia, Lead Analyst, ISG.

biBERK Business Insurance Provides Valuable Insights in Guide to General Liability Insurance for Businesses

Retrieved on: 
Monday, December 11, 2023

Also called commercial general liability insurance coverage, this type of policy is essential for every business, large or small.

Key Points: 
  • Also called commercial general liability insurance coverage, this type of policy is essential for every business, large or small.
  • You can customize your general liability insurance coverage to address specific business risks by adding what are called endorsements.
  • One of our licensed insurance experts can help you determine whether you should add any endorsements to your general liability insurance policy and discuss with you the overall general liability insurance cost you will have to pay.
  • Best General Liability Insurance for Small Businesses: Affordable, Essential Protection
    As a business owner, you have countless decisions to make and tasks to handle.

Europe’s Insurers Modernizing Amid Mounting Challenges

Retrieved on: 
Friday, December 15, 2023

The 2023 ISG Provider Lens™ Insurance Services report for Europe finds insurers are looking to modernize their legacy systems to stem the effects of new competitive pressures and rising costs.

Key Points: 
  • The 2023 ISG Provider Lens™ Insurance Services report for Europe finds insurers are looking to modernize their legacy systems to stem the effects of new competitive pressures and rising costs.
  • “Insurance companies are willing to form long-term, mutually beneficial relationships with service providers,” said Anna Medkouri, partner and insurance industry lead for ISG EMEA.
  • This combination underscores the need for insurers to create more effective risk-modeling, pricing methods and innovative products, ISG says.
  • “Insurers need to prioritize next-generation technologies that stimulate innovation and streamline internal operations to increase profitability.”
    The report also examines how replacing obsolete IT infrastructure with more sophisticated technology can assist insurers in addressing growing risks to data security.

Data Taking Center Stage in North American Insurance Industry

Retrieved on: 
Thursday, December 7, 2023

“Competing in insurance today requires insurers to become more agile in responding to customer needs while reducing the costs of operations,” said Dennis Winkler, Americas Insurance Industry lead at ISG.

Key Points: 
  • “Competing in insurance today requires insurers to become more agile in responding to customer needs while reducing the costs of operations,” said Dennis Winkler, Americas Insurance Industry lead at ISG.
  • Life insurance companies’ use of TPA providers has grown significantly as an effective method to reduce the cost of closed books.
  • For more insights into the challenges facing North American insurance companies, including finding new paths to profitability, see the ISG Provider Lens™ Focal Points briefing here .
  • The 2023 ISG Provider Lens™ Insurance Services report for North America evaluates the capabilities of 49 providers across four quadrants: Life and Retirement (L&R) Insurance BPO Services, Property and Casualty (P&C) Insurance BPO Services, Life and Retirement (L&R) Insurance TPA Services and Insurance ITO Services.