In this week's news will talk about Cigna expanding Medicare Advantage presence to Nevada , USQRisk launches cyber MGA, and much more…
Allstate reveals catastrophe losses
The Allstate Corporation has announced its estimated catastrophe losses for September.
The insurance giant estimated September catastrophe losses at $317 million, or $250 million after tax.
Catastrophe losses for the month include 17 events estimated at $257 million, with about 80% of the losses related to just two wind and hail events, Allstate said. However, the losses were partially offset by favorable reserve reestimates for prior events.
Allstate estimated total catastrophe losses for the third quarter at $1.18 billion, pre-tax.
The insurance giant estimated September catastrophe losses at $317 million, or $250 million after tax.
Catastrophe losses for the month include 17 events estimated at $257 million, with about 80% of the losses related to just two wind and hail events, Allstate said. However, the losses were partially offset by favorable reserve reestimates for prior events.
Allstate estimated total catastrophe losses for the third quarter at $1.18 billion, pre-tax.
Chubb announces team-up to bolster cyber risk management
Chubb has partnered with cybersecurity company SentinelOne to improve the cyber risk management practices of businesses in the US and Canada.
Under the initial phase of this partnership, Chubb's cyber insurance policyholders with annual revenue exceeding $100 million will be able to share their health assessment or security posture data with the insurer through SentinelOne's endpoint protection and automated incident response solutions.
The integration includes SentinelOne's WatchTower Vital Signs Report app, which allows Chubb to receive an accurate profile of a policyholder's cybersecurity posture and controls.
According to a press release from Chubb, these tools will benefit policyholders and their agents by incentivizing policy pricing subject to applicable insurance laws, streamlining policy renewals, and boosting visibility and cyber threat protection.
Under the initial phase of this partnership, Chubb's cyber insurance policyholders with annual revenue exceeding $100 million will be able to share their health assessment or security posture data with the insurer through SentinelOne's endpoint protection and automated incident response solutions.
The integration includes SentinelOne's WatchTower Vital Signs Report app, which allows Chubb to receive an accurate profile of a policyholder's cybersecurity posture and controls.
According to a press release from Chubb, these tools will benefit policyholders and their agents by incentivizing policy pricing subject to applicable insurance laws, streamlining policy renewals, and boosting visibility and cyber threat protection.
Cigna expands Medicare Advantage presence to Nevada
Cigna has announced the expansion of its Medicare Advantage (MA) presence to Nevada. The health insurance giant said it would launch the MA plan in two Las Vegas-area counties with a $0 premium plan. Cigna already offers Medicare Supplement plans and stand-alone prescription drug plans throughout the state.
The plan will initially be available to Medicare-eligible customers during Medicare’s annual enrollment period, which began Sunday and extends through Dec. 7. The plan will take effect Jan. 1.
“MA plans are growing in popularity with older adults across the country because they offer benefits not found in original Medicare,” said Ryan Kocker, Medicare chief growth officer at Cigna Healthcare. “Our plans focus on helping older adults remain healthy and vital with access to high-quality care and attractive benefits at affordable costs.”
The plan will initially be available to Medicare-eligible customers during Medicare’s annual enrollment period, which began Sunday and extends through Dec. 7. The plan will take effect Jan. 1.
“MA plans are growing in popularity with older adults across the country because they offer benefits not found in original Medicare,” said Ryan Kocker, Medicare chief growth officer at Cigna Healthcare. “Our plans focus on helping older adults remain healthy and vital with access to high-quality care and attractive benefits at affordable costs.”
USQRisk launches cyber MGA
Global managing general agent USQRisk has announced the launch of Pera, a managing general agent that will provide cyber and blended cyber and technology errors and omissions insurance to large US-domiciled corporate risks.
Pera is launching as a division of USQRisk’s MGA accelerator and incubator, Desq. It is the first program to be brought to market by the accelerator. Pera will develop products for the US market for Chaucer Group.
The new MGA will be led by chief underwriting officer Jeffrey Batt, who will also serve as head of cyber.
Prior to Pera’s launch, Batt served in cyber leadership roles at M&T Bank, AmTrust Financial Services and Trium Cyber U.S. Services. He has also served as a senior client advisor at Marsh and an associate deputy general counsel at the Department of Defense.
Pera is launching as a division of USQRisk’s MGA accelerator and incubator, Desq. It is the first program to be brought to market by the accelerator. Pera will develop products for the US market for Chaucer Group.
The new MGA will be led by chief underwriting officer Jeffrey Batt, who will also serve as head of cyber.
Prior to Pera’s launch, Batt served in cyber leadership roles at M&T Bank, AmTrust Financial Services and Trium Cyber U.S. Services. He has also served as a senior client advisor at Marsh and an associate deputy general counsel at the Department of Defense.
Major Australasian broker network expands into US insurance market
Steadfast Group (Steadfast), the largest general insurance broker network and underwriting agency group in Australasia, has expanded into the US insurance market by acquiring ISU Group (ISU).
Starting a franchise over 40 years ago, ISU has become one of the largest agency networks in the US, with around 220 members across 40 states and has partnerships with more than 75 insurance carriers and wholesalers. It states that it provides independently owned insurance agencies with the unique competitive advantage of having the resources and strength of a national organization while retaining their independence.
Starting a franchise over 40 years ago, ISU has become one of the largest agency networks in the US, with around 220 members across 40 states and has partnerships with more than 75 insurance carriers and wholesalers. It states that it provides independently owned insurance agencies with the unique competitive advantage of having the resources and strength of a national organization while retaining their independence.
