Honda launches insurance; INSHUR's $35M funding: Insurance news

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Honda launches insurance business

American Honda Motor Co. announced the launch of Honda Insurance Solutions, a licensed insurance agency for Acura and Honda customers. Customers have access across the U.S. to quotes from insurance providers with guidance from VIU by HUB licensed insurance agents and options including auto insurance with OEM parts coverage.

Petar Vucurevic, president, American Honda Insurance Solutions, LLC and senior vice president at American Honda Finance Corporation said in a statement: "Insurance is a key touchpoint in the vehicle ownership journey, and we aim to deliver a superior experience tailored to the unique needs of each customer, while promoting safer driving and increased peace of mind on the road. This is just the beginning of our vision for Honda Insurance Solutions that will see insurance integrated throughout the Acura and Honda digital customer journeys."

Floodbase's continuous mapping

Floodbase, an AI platform for monitoring and insuring flood risk, launched a near real-time flood mapping technology to the U.S. The new solution improves the accuracy of flood information anywhere in the U.S.

Dr. Beth Tellman, co-founder and chief science officer of Floodbase, said in a statement: "Flood risk is increasing across the U.S; just in the past month we've seen multiple major flooding events, from the catastrophic floods in Texas, to severe flash floods in New Mexico, New York, and New Jersey. Our goal is to give insurers, governments, the media, and anyone on the front lines of flood response greater confidence in the exact location and severity of flooding through consistent, near real-time flood extent data. With an above-average Atlantic hurricane season predicted, we hope this technology expands flood coverage and strengthens disaster response."

Great American partners with Breeze

Great American Insurance Group's Ocean Marine division is partnering with Breeze on customer experience. 

"We are excited to collaborate with Breeze to further our support for logistics companies. Breeze's technology platform offers digital and embedded cargo insurance that expands our reach into this growing area of marine insurance," said Michael Csorba, divisional president, Great American Ocean Marine, in a statement.

Everest appoints EVP, CEO of reinsurance

Everest Group announced Jill Beggs as executive vice president and CEO of reinsurance. Beggs previously served as EVP and COO of Everest Reinsurance. She joined the company in 2021 as head of Reinsurance, North America. 

"Jill's promotion is a testament to her leadership and the success of our reinsurance business," said Jim Williamson, Everest president and CEO, said in a statement. "With Jill's expertise and collaborative approach, Everest has delivered exceptional risk-adjusted returns and value to clients in an increasingly challenging risk environment. I look forward to working with Jill to drive the next chapter of the business's strategic growth and innovation."

INSHUR's $35 million funding round

Digital commercial vehicle insurance provider INSHUR announced a $35 million fundraising round from Trinity Capital. INSHUR's previous funding round was for $19 million from several venture capital firms in October 2024.

According to a press release, INSHUR intends to use the new funds for U.S. expansion, and R&D of AI technology.

"We are in a consistent >50% CAGR since 2023. With our new products and solutions being deployed during this year, and our investment in AI, we are on a trajectory to accelerate this growth," stated Tal Brener, Group CFO of INSHUR, in the release. "Along with our clear path to profitability, we aim to cross the $100m revenue run rate in less than a year to cement our position as a world class leader in insurance for the on-demand economy."

Neptune Flood increases coverage capacity

Neptune Flood has raised its premium capacity from $300 million in 2024 to $400 million this year, the company announced in a press release.

The company, which operates the Triton AI-driven underwriting platform, has just added Alaska to its coverage territory, completing its nationwide reach in all 50 U.S. states and Washington, D.C.

Neptune's premium capacity panel has more than 30 insurance and reinsurance partners, including global reinsurers and specialty carriers.

Forester Financial's new digital whole life product

Life insurer Forester Financial has launched Foresters Live Well Plus, a whole life insurance product accessible through a single-session digital interaction.

The insurer partnered with insurtech Afficiency to create Live Well Plus. 

"Our new approach to selling participating whole life insurance is, we believe, a game-changer for producers. It simplifies the sales process and enhances client satisfaction. We are excited to offer our producers and clients this innovative solution," said Mark Rush, U.S. VP and chief distribution officer, Foresters Financial, said in a press release.

Orion180 expands in Massachusetts

Orion180 Insurance, a home insurance customer service insurtech, launched FLEX Home Insurance in nine counties in Massachusetts. FLEX lets homeowners customize their coverage by adjusting protections and deductibles.

The Melbourne, Florida-based company entered the market in response to increasing premiums and non-renewals, according to a press release. 

"Our mission is to bring smarter, more accessible insurance solutions to underserved communities," said Ken Gregg, CEO of Orion180. "Massachusetts homeowners have faced higher premiums and fewer options due to the increasing threat of weather-related events. FLEX delivers tailored protection, transparent pricing, and peace of mind. Agents and homeowners can feel at ease because we have a 0% state abandonment rate and stand firmly behind the markets we serve."

Argenta adopts Send underwriting solution

Argenta Syndicate Management, a Lloyd's managing agent and subsidiary of Hannover Re, has rolled out Send Technology Solutions' Underwriting Workbench. Argenta is the first Lloyd's managing agent to adopt Send's platform for all four of its classes, casualty, marine and energy, property, and specialty.

"Send Underwriting Workbench was the clear choice - developed by insurance experts who understand complex risk and real-world underwriting," stated Jed Farr, group chief information officer at Argenta, in a press release. "It is helping us capture data in smarter ways, unlock faster insights, and keep underwriters in control. We now have a future-proof platform that's driving greater collaboration, consistency and confidence."

Aspen appoints John Welch as Group Chief Underwriting Officer

Aspen Insurance Holdings Limited has appointed John Welch as Group Chief Underwriting Officer. Welch joined the company in 2023 as Chief Underwriting Officer, Reinsurance, and his new role is effective August 1.

He will report to Group President and CEO, Aspen Bermuda, Christian Dunleavy. His responsibilities will include the oversight, development and execution of Aspen's underwriting strategy across the Group.

Dunleavy said, "John's promotion reflects his broad and deep expertise and experience and further strengthens the underwriting and leadership capabilities that underpin Aspen's continued success and our ability to serve our customers, trading partners and investors alike." 

PIA forms Ascending Leaders Council

The National Association of Professional Insurance Agents (PIA) announced the Ascending Leaders Council, an advisory group of independent agents who plan to identify obstacles for new insurance agents. Members, who will serve for three years, will address topics like client engagement, emerging technology and attracting and retaining talent. 

Verisk completes wildfire catastrophe model review in California

The California Department of Insurance (CDI) completed its review of Verisk's Wildfire Model for the United States under the new regulatory framework in the state. The model was also approved by the Nevada Division of Insurance in February. The model was reviewed through the CDI's pre-application required information determination (PRID) process, which includes a review open to the public, input from consumer advocates, and a public webinar. 

"This is a transformative moment for the insurance industry and for California homeowners and businesses," said Rob Newbold, president of Verisk Extreme Event Solutions, in a statement. "We're proud to be the first catastrophe modeler to work with the California Department of Insurance to offer a modeled assessment of wildfire risk and contribute to efforts to bring stability to the insurance market. The latest version of the model, released in 2024, reflects decades of scientific research and engineering expertise, and we believe it will be a powerful tool for insurers navigating the complexities of wildfire risk in a changing climate."