DPW | Jotup

ORO Labs Wins DPW Demo 2023 Startup Competition

Retrieved on:

Monday, October 16, 2023

Software, Technology, Transport, Logistics, Supply Chain Management, Organization, Software as a service, UX, DEMO, ORO, DPW, Cryptocurrency, Retail

ORO Labs , a global SaaS provider and creator of ORO, a smart procurement workflow orchestration platform, today announced its recognition as a winner in the prestigious annual DEMO competition, a benchmark for procurement innovation, at DPW Amsterdam 2023.

Key Points:

ORO Labs , a global SaaS provider and creator of ORO, a smart procurement workflow orchestration platform, today announced its recognition as a winner in the prestigious annual DEMO competition, a benchmark for procurement innovation, at DPW Amsterdam 2023.
DEMO recognizes the best startups in the biggest pitch competition for procurement and supply chain companies; ORO Labs won the “growth stage” company track.
“Companies everywhere are struggling to simplify and better engage users in procurement; ORO elegantly orchestrates these complex workflows across siloed systems and data,” said Sudhir Bhojwani, CEO and co-founder at ORO Labs.
To set up a demo and learn more about how ORO Labs is working to #MakeProcurementAwesome, visit https://www.orolabs.ai/ .

ORO Shows How Simplified, Automated Procurement Gets Done at DPW Amsterdam 2023

Retrieved on:

Wednesday, October 4, 2023

Supply Chain Management, Electronic Design Automation, Retail, Technology, Software, Artificial Intelligence, Organization, UX, Software as a service, DEMO, Deepak Bhojwani, DPW, Video game

“ORO allows companies to quickly orchestrate these procurement workflows across siloed systems and data, making it easy to engage users early in supplier decisions.

Key Points:

“ORO allows companies to quickly orchestrate these procurement workflows across siloed systems and data, making it easy to engage users early in supplier decisions.
Held in the monumental Beurs van Berlage in Amsterdam, this year’s conference will take place on October 11-12, 2023.
For more information about DPW, including how to register for free, on-demand access to the 2023 event livestreams, visit https://conference.dpw.ai/ .
To learn more about ORO Labs’ keynote and book a meeting with the ORO team at DPW Amsterdam 2023, visit https://www.orolabs.ai/events/dpw-2023 .

AM Best Affirms Credit Ratings of Cathay Century Insurance Company Limited

Retrieved on:

Thursday, September 28, 2023

Professional Services, Insurance, Finance, Communication, AM Best, Cathay United Bank, ALL, TWD, Risk management, Credit, Investment, Risk, Century, AM, News, DPW, Cathay

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Cathay Century Insurance Company Limited (Cathay Century) (Taiwan).

Key Points:

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Cathay Century Insurance Company Limited (Cathay Century) (Taiwan).
Cathay Century reported a significant net loss of TWD 19.6 billion in 2022, predominantly due to pandemic insurance claims.
AM Best views the pandemic insurance loss as a one-off event and Cathay Century should be able to return to profit making going forward via the traditionally profitable non-pandemic insurance underwriting and investment results.
For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings .

Best’s Market Segment Report: Fifth Straight Year of Double-Digit Growth for the U.S. Surplus Lines Segment in 2022

Retrieved on:

Wednesday, September 13, 2023

Insurance, Professional Services, Associate Director of National Intelligence and Chief Information Officer, AM Best, ALL, Overalls, Growth, Environment, News, DPW, Music, Reinsurance

The Best’s Market Segment Report, titled, “Surplus Lines Insurers Focus on Evolving Risks to Sustain Premium Growth,” states that the U.S. surplus lines insurers have continued to generate net underwriting and operating profits in each of the past five years.

Key Points:

The Best’s Market Segment Report, titled, “Surplus Lines Insurers Focus on Evolving Risks to Sustain Premium Growth,” states that the U.S. surplus lines insurers have continued to generate net underwriting and operating profits in each of the past five years.
AM Best expects the favorable underwriting results to continue for this segment, along with organic capital growth.
While the surge in surplus lines DPW growth reached a high of 25% in 2021, that pace moderated to 19.2% last year.
These factors help drive the surplus lines share of P/C commercial DPW above 20% for the first time in 2021, ending 2022 at 21.6%.

Intact Financial Corporation and RSA to acquire Direct Line Insurance Group plc’s brokered Commercial Lines operations

Retrieved on:

Wednesday, September 6, 2023

TORONTO, Sept. 06, 2023 (GLOBE NEWSWIRE) -- Intact Financial Corporation (TSX: IFC) (Intact, IFC or the Company) and its subsidiary RSA today announced that they have reached an agreement with Direct Line Insurance Group plc (Direct Line) to acquire Direct Line’s brokered Commercial Lines operations. The purchase price includes an initial cash consideration of £520 million (C$884 million), with potential for up to a further £30 million (C$51 million) contingent payment under earnout provisions relating to the financial performance of the acquired business lines. The transaction will result in the transfer of renewal rights, brands, employees, and systems to RSA.

Key Points:

Direct Line’s brokered Commercial Lines generated written premiums4 of £530 million in 2022, and delivered an average combined ratio56 of approximately 96% across 2021 and 2022.
The transaction has been unanimously approved by the Boards of Directors of both Intact and Direct Line, and is subject to approval by Direct Line’s shareholders (Direct Line Shareholder Approval).
“This acquisition significantly strengthens our UK&I business, and is strongly aligned with our strategic and financial objectives,” said Charles Brindamour, Chief Executive Officer, Intact Financial Corporation.
Acquisition of well-established and leading brands, including NIG and FarmWeb, given Direct Line’s 125-year history in the UK commercial insurance market.

Best’s Special Report: U.S. Private Flood Market Growing, Especially Commercial Property

Retrieved on:

Monday, August 28, 2023

Other Professional Services, Professional Services, Insurance, AM Best, Risk, NFIP, ALL, National Flood Insurance Program, Policy, Calendar, Congress, Office of the Supervising Architect for the U.S. Treasury, Hurricane Katrina, Data, News, DPW

Seven of the eight U.S. states with more than $100 million in private and public flood premium are located within this region.

Key Points:

Seven of the eight U.S. states with more than $100 million in private and public flood premium are located within this region.
“The California floods and mudslides earlier this year will pose a good test of the private flood market,” said Christopher Graham, senior industry analyst, AM Best.
Private Flood Market Growing, Especially Commercial Property.”
The goal of the Risk Rating 2.0 system, implemented in 2021, was to improve flood premium determination so that it reflected actual, up-to-date flood risk based on higher quality information.
According to the report, AM Best expects that 2023 results will provide a clear indication as to how the private market is handling the flood risk.

Stack Capital Group Inc. Reports Q2-2023 Financial Results

Retrieved on:

Thursday, August 3, 2023

Hopper - Stack Capital invested an additional US$2 million in Hopper, Inc., increasing the Company’s overall investment to US$8 million.

Key Points:

Hopper - Stack Capital invested an additional US$2 million in Hopper, Inc., increasing the Company’s overall investment to US$8 million.
SpaceX - the launch business has continued to grow along with Starlink (wholly owned subsidiary), where global subscribers reportedly exceed 1.5 million.
Subsequent to the quarter, an additional tender was reportedly offered at a valuation of US$150 billion.
“We’re extremely pleased with the growth trajectory across our portfolio companies – highlighted by developments at Hopper, Locus Robotics, Prove Identity, and SpaceX,” said Jeff Parks, CEO of Stack Capital.

Best’s Market Segment Report: Workers’ Compensation Remains a Profit Engine for U.S. Property/Casualty Insurance Industry

Retrieved on:

Tuesday, July 18, 2023

Professional Services, Insurance, Finance, Medicine, Growth, Unemployment, AM Best, Council for Scientific and Industrial Research, News, ALL, DPW

The Best’s Market Segment Report, “Workers’ Compensation Remains a Profit Engine for the P/C Industry,” notes that favorable prior year loss reserve development continued to bolster the insurance industry’s carried loss reserve position in 2022, owing to the long-term declines in claims frequency.

Key Points:

The Best’s Market Segment Report, “Workers’ Compensation Remains a Profit Engine for the P/C Industry,” notes that favorable prior year loss reserve development continued to bolster the insurance industry’s carried loss reserve position in 2022, owing to the long-term declines in claims frequency.
The workers’ compensation segment has experienced a softer market compared with other commercial lines of coverage, particularly auto and general liability.
The higher payroll exposure base for workers’ compensation insurance kept the increase in claim severity manageable.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry.

TEAMSTERS LOCAL 251 DEMANDS TOWN OF TIVERTON NEGOTIATE IN GOOD FAITH

Retrieved on:

Thursday, July 6, 2023

Town, District of Columbia Department of Public Works, Dignity, Negotiation, Respect, International Brotherhood of Teamsters, Public works, Letter, DPW, Pension fund

TIVERTON, R.I., July 6, 2023 /PRNewswire/ -- Teamsters Local 251 is demanding that the Town of Tiverton stop stalling contract negotiations with its members who work in the Department of Public Works (DPW). In a letter to the Tiverton Town Council, the Teamsters raise deep concerns over union busting efforts by the Town of Tiverton, which has dragged out bargaining for a year.

Key Points:

TIVERTON, R.I., July 6, 2023 /PRNewswire/ -- Teamsters Local 251 is demanding that the Town of Tiverton stop stalling contract negotiations with its members who work in the Department of Public Works (DPW).
In a letter to the Tiverton Town Council, the Teamsters raise deep concerns over union busting efforts by the Town of Tiverton, which has dragged out bargaining for a year.
Since July 2022, Teamsters and the Town of Tiverton have been in negotiations for a new contract.
Teamsters Local 251 represents over 6,300 workers in a wide variety of industries throughout Rhode Island and southeastern Massachusetts.

Best’s Market Segment Report: First Hard Market Cycle in US Cyber Insurance Segment Brings Return to Profitability

Retrieved on:

Tuesday, June 13, 2023

Other Professional Services, Professional Services, Insurance, AM Best, ALL, Petya and NotPetya, Policy, Intelligence, Tail, EDT, NAIC, Growth, News, DPW

The Best’s Market Segment Report, “US Cyber: First Hard Market Cycle Brings a Return to Profitability,” notes that direct premiums written (DPW) has tripled in the past three years with surging demand, far outpacing that of the broader commercial lines industry by a wide margin.

Key Points:

The Best’s Market Segment Report, “US Cyber: First Hard Market Cycle Brings a Return to Profitability,” notes that direct premiums written (DPW) has tripled in the past three years with surging demand, far outpacing that of the broader commercial lines industry by a wide margin.
More than 70% of cyber premium is written on standalone policies, with the 2022 total standalone DPW exceeding all 2021 cyber insurance premium.
In another market shift, surplus lines writers now account for a majority of cyber insurance premium, the report states.
From the time the NAIC started collecting data on cyber insurance in 2015 until the hard market of 2020, surplus lines companies held a relatively steady 25% share of the cyber market.