In recent developments within the global insurance technology sector, several significant transactions and partnerships signal an evolving landscape influenced by technological advancements and strategic growth initiatives.
bolttech has secured a substantial investment with its Series C funding round, which has been spearheaded by Dragon Fund, a collaboration of Liquidity and MUFG. The round also includes contributions from notable investors such as Baillie Gifford and Generali, particularly through its private equity arm, Lion River. The funding aim is set at exceeding US$100 million, as the company focuses on expanding its operations and leveraging new technologies.
In a noteworthy partnership, Tokio Marine Kiln (TMK) has joined forces with founders from the FemHealth sector to address the unique challenges facing women’s health. A recent report issued by TMK reveals that the FemHealth industry, which encompasses services dedicated to women's health needs, is projected to experience significant growth, anticipated to rise from £28 billion to £103 billion by 2030.
Marsh McLennan is poised to enhance its market presence with the planned acquisition of McGriff Insurance Services for US$7.75 billion. This acquisition is seen as a strategic move to bolster Marsh's capabilities in commercial property, casualty, and employee benefits sectors.
Digital innovations continue to drive change in the insurance industry, and women are playing an increasingly vital role in this transformation. A feature highlighting 20 influential women in insurance showcases their impact on shaping the future of the industry amidst a digital revolution.
Moreover, Dan Preston, former CEO of Metromile, has launched Stand Insurance, an insurtech venture that harnesses physics-driven artificial intelligence aimed at protecting properties against climate change.
In another strategic partnership, AXA UK has announced it will exclusively provide car and van insurance for Lloyds Banking Group starting in May 2025. This collaboration is expected to enhance the range of insurance products available to customers of Lloyds Bank, Halifax, and Bank of Scotland.
Furthermore, Africa Specialty Risks (ASR) has commenced operations as a Lloyd’s service company focusing on the African and Middle Eastern markets, marking a significant step in the region’s insurance landscape.
After a noteworthy discussion at the Women’s Leadership Congress during Insurtech Insights USA 2024, industry leaders noted that female professionals need to advocate more robustly for senior positions, increased salaries, and better funding opportunities.
In a related announcement, Zurich and Aon are launching a comprehensive clean energy insurance facility designed to support blue and green hydrogen projects globally, with planned capital expenditures totalling up to $250 million.
Marsh McLennan is also advancing its growth strategy with another significant deal, as it aims to acquire Fisher Brown Bottrell Insurance in an all-cash transaction valued at $345 million. Similarly, Chubb is expanding its footprint in the pet insurance market with the acquisition of Healthy Paws from Aon.
On a different note, Amazon has decided to shut down its insurance store initiative, which was launched in October 2022. The closure follows a strategic reassessment of the platform, which was intended to facilitate home insurance purchases in the UK.
Leadership changes also mark significant moments in the industry, with Lloyd’s announcing Dawn Miller as the new Chief Commercial Officer and CEO of Lloyd’s Americas, set to begin her role on 1 September 2024.
Lastly, in an effort to bolster its cyber insurance capabilities, Travelers has completed its acquisition of Corvus Insurance for US$435 million, underlining the growing importance of cyber risk coverage amid an increasing number of digital threats.
These developments reflect a dynamic and rapidly evolving insurance marketplace, driven by technological innovation, strategic partnerships, and a commitment to addressing emerging needs within the sector.
Source: Noah Wire Services