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Based in Philadelphia, ProVerity provides specialty products to underserved areas of professional liability business. -
Convergence Point Solutions, the new JV, includes identifying the collateral as credit risk on a portfolio basis and recognizing the regulatory protections for the true risk of default as part of its approach.
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The lawsuit, filed Thursday on behalf of Clear Blue and its subsidiaries, alleges that Aon conducted insufficient due diligence on the ILS InsurTech.
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He was previously president of Kelly Underwriting Services, now part of CorRisk.
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The company has promoted CUO Sim Bridges to president, while retaining the CUO role, and Kim Bushong Petrillo to president and COO.
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Distinguished will initially offer a true follow-form excess product covering D&O, employment practices and fiduciary liability for public, private and non-profit risks.
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The programme services carrier will serve UK MGAs from 1 January.
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AM Best’s decision to remove second-largest front Clear Blue from under review is a small positive development for the fronting sector, but caution is still needed.
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The agency cited the segment’s sustained growth and performance on a global basis but noted tight capacity for certain risks and uncertainty looming over the fronting market as offsetting factors.
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Sources agree that there are others that could follow a similar playbook, but there are three key considerations to keep in mind when pursuing a strategic-on-InsurTech transaction.
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Clear Blue has successfully moved active programs to either new reinsurers or the reinsurers on its existing panels have taken higher percentages, the agency said.
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Amynta Ease-of-Business president Arthur Seifert said he expects MGAs to move away from the popular Dutch auction process and instead find one party that’s a good fit.
