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Weekly News Roundup, April 5

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In this week's news will talk about how AXA establishes climate change training program for shareholders, Swiss Re CEO steps down, and much more…

Florida gets a new home insurer

Windward Risk Managers, the management entity steering Florida Peninsula and Edison Insurance, has announced the launch of Ovation Home Insurance Exchange, a new addition to Florida’s insurance landscape.

According to a news release, the new insurer is set to start issuing policies in June 2024, promising increased capacity and coverage options at competitive rates.

“Ovation will be greatly beneficial for both homeowners and agents in Florida, by providing new dedicated capital, additional capacity, and coverage options for Floridians at competitive prices,” said Paul Adkins, the CEO of Ovation. “We believe subscribers having an alignment of interests in the exchange creates a sense of community that will lead to better results which ultimately translates into more affordable premiums. This is an exciting proposition for Florida homeowners, and we are thrilled to bring Ovation Home to Florida.”

ACORD enhances global reinsurance standards with new ePlacing guide

The Association for Cooperative Operations Research and Development (ACORD) has announced the release of its updated Global Reinsurance and Large Commercial (GRLC) ePlacing Implementation Guide, version 1.3.

According to a news release, the update extends the ePlacing Standard to facultative reinsurance, and now the standard supports the electronic placement of reinsurance contracts.

The latest iteration of the guide, v1.3, has been described as being aligned with the GRLC Accounting (EBOT) and Claims (ECOT) Standards, which covers both treaty and facultative reinsurance.

Hub expands Northwest footprint with latest acquisition

Hub International Limited has continued to expand its geographical reach in the Northwest region with its acquisition of the assets of Pollock Insurance, Inc.

Established in 1948, Pollock Insurance is an independent and locally operated agency in Burien, Washington. It specializes in both commercial and personal insurance products.

With the acquisition, Pollock Insurance will now be known as a Hub International company, according to a company release. The agency’s owner, Andrea Pollock Wood, and her team are also set to join Hub Northwest.

The swoop Pollock Insurance is the latest in a series of acquisitions announced by Hub this year. The brokerage has been on an M&A spree as part of a strategy to expand its geographic footprint and strengthen its expertise and product offerings

AXA establishes climate change training program for shareholders

AXA has unveiled its latest initiative to extend climate change education to its individual shareholders as the giant insurer continues to underscore its commitment to responsible corporate conduct in response to environmental challenges.

This new initiative comes after the completion of a climate change training program for 96% of its employees as the firm integrates climate awareness across all levels of its organization.

The Climate School, a training program developed by AXA Climate, offers its shareholders an opportunity to broaden their understanding of climate change impacts and mitigation strategies.

Swiss Re CEO steps down, successor named

Swiss Re has announced a major leadership change with Andreas Berger set to assume the role of group chief executive officer on July 1, 2024, succeeding company vet Christian Mumenthaler, who has decided to step down following an eight-year tenure.

Berger, who joined Swiss Re in March 2019, brings extensive experience from his previous roles at Boston Consulting Group, Gerling, and Allianz.