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Weekly News Roundup, February 9

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In this week's news will talk about how Mercury Insurance names first ever chief data and analytics officer, Boost Insurance secures new reinsurance capacity for MGA growth, and much more...

Boost Insurance secures new reinsurance capacity for MGA growth

Boost Insurance has successfully increased its reinsurance capacity to more than $130 million, supporting its managing general agent (MGA), insurtech, and embedded insurance initiatives.

The enhancement comes with the renewal of agreements with all existing reinsurers, including key partners such as RenaissanceRe and Canopius, and it has grown its reinsurance panel to include over a dozen leading risk capital providers. It aims to boost its existing range from SMB commercial cyber to pet health insurance, and facilitate the introduction of new programs in 2024.

Mercury Insurance names first ever chief data and analytics officer

Mercury Insurance has announced the appointment of Simon Zhang to the newly created position of chief data and analytics officer.
In his new role, Zhang is tasked with refining Mercury’s approach to data science, encompassing predictive analytics, infrastructure, data security, and compliance. His goal is to leverage the company’s six decades of accumulated data to innovate and improve business processes, making information more accessible across the organization.

Before his engagement with Mercury, Zhang co-founded GrowingIO, where he served as chief data scientist. His extensive experience also includes a leadership position at LinkedIn as a senior director of business analytics.

Allstate reveals full-year loss

The Allstate Corporation, which suffered a $1.4 billion net loss in 2022, remained in the red in 2023.
According to Allstate’s latest earnings report, here’s how the company fared in the quarter and year ended December 31:

Focusing on the quarterly result, Allstate chair, president, and chief executive Tom Wilson said in a release: “Allstate had strong profitability in the quarter with net income of $1.5 billion due to improved auto profitability and mild weather.

“Improved underwriting performance and higher investment income generated adjusted net income of $1.5 billion in the fourth quarter, or $5.82 per diluted common share. Property-liability written premiums increased to $12.6 billion, 10.1% over the prior year quarter driven by rate increases in auto and home insurance and growth in policies at National General.

Bridge Specialty Insurance Brokerage opens in Dallas

Bridge Specialty Insurance Brokerage (BSIB), part of Brown & Brown’s wholesale insurance platform Bridge Specialty Group, has opened an office in Dallas.

In a release, the company said: “The BSIB Dallas office features a team of highly experienced insurance professionals who are deeply familiar with the South Central and Midwest markets, providing solutions that address the specific needs of the region. With that, the team leverages the size and market clout of BSIB and has access to major markets around the globe through its network of more than 200 insurance carriers.”

Warwick Re closes inaugural reinsurance transaction

Bermuda-based Warwick Re has successfully finalized a quota share reinsurance agreement with Just Group plc, a UK-based bulk purchase annuity (BPA) insurer.

The deal, which was completed in December 2023, represents a significant $500 million transaction and marks Warwick Re’s entry into the reinsurance market.

Specializing in reinsurance solutions for the life insurance, annuity, and pension sectors, Warwick Re aims to leverage its expertise in reinsurance and asset management to support Just Group’s BPA operations.