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Markel to sell reinsurance renewal rights to Nationwide
Markel Insurance announced the agreement to sell the renewal rights for its Global Reinsurance business to Nationwide. Markel will not sell any insurance company entities. Terms were not disclosed and it's expected to close this month.
Nationwide plans to delegate underwriting and management of renewal policies included in this transaction to Ryan Re Underwriting Managers, MGU of Ryan Specialty.
Ascot Group Limited and Antares Capital partnership
Ascot Group and Antares Capital have partnered to launch Wayfare Reinsurance Limited, a Bermuda-based reinsurance sidecar, with Canro Re Limited, as Wayfare Re. Antares will serve as exclusive private credit asset manager for Wayfare Re.
"The launch of this innovative structure is reflective of an increased appetite from capital markets firms to partner with quality underwriting organizations to drive stakeholder value. It is also a key achievement in the continued build out of Leadline, increasing Ascot's capital resilience and thus enabling the company to be a more perfect partner for its insurance and reinsurance clients,"
Aon Securities acted as structuring agent and placement agent. Willkie Far & Gallagher and Appleby served as legal counsel for Ascot. Debevoise & Plimpton acted as counsel for Antares.
Marsh acquires Olympic Insurance Agency
Marsh McLennan Agency acquired Olympic Insurance Agency, a California-based independent insurance agency. Terms of the acquisition were undisclosed.
Chris Williams, CEO of MMA's West region, said in a statement: "We have admired the team at Olympic, and Don and Bob's collaborative leadership, for many years. With their real estate expertise, dedication to innovation, and deep industry and client relationships, we look forward to the new perspectives their team will be able to offer those we serve."
Sedgwick Lightning redesign
Sedgwick rolled out a redesign to Lightning, its mobile app. Sedgwick adjuster can assess property damage onsite and send information back to the claims system in real time.
Sean Safieh, Chief Information Officer Americas, at Sedgwick, said in a statement: "The lightning app has brought and will continue to bring powerful, fully integrated technology to the forefront of property claims management. By combining innovation with a results-driven approach, we're continuing to set new industry standards and delivering smarter, more efficient solutions for both our team and our clients.
Cytora earns AI standard certification
Digital risk processing platform Cytora has earned ISO/IEC 42001 certification, demonstrating commitment to responsible use of AI governed by an international standard.
Cytora uses advanced language models to digitize risk submissions for commercial insurers, including new business and claims certification. Following the standard, which includes formal risk reviews, human-in-the-loop controls and comprehensive impact assessments, ensures that AI is used to support, not replace underwriting decisions. Cytora does not use AI for pricing or risk selection.
The company recently launched Concierge, an agentic AI service that categorizes and digitizes all types of transactions for insurers.
Herald, Joshu link quoting API with underwriting and distribution
Herald and Joshu have announced a partnership, in which Herald's multi-carrier quoting API will integrate with Joshu's no-code underwriting and distribution platform.
The integration modernizes commercial insurance by offering insurers, MGAs and brokers a seamless, end-to-end solution for launching and distributing digital insurance products.
"This partnership is about speed and simplicity," said Roy Mill, CEO and co-founder of Joshu, in a press release. "Joshu's has been helping insurers launch their products to market faster. Our partnership with Herald and its extensive network of digital distributors means that Joshu's clients can now become accessible to hundreds of producers nationwide with a flip of a switch."
CyberCube, Wholesure partner on cyber insurance
Cyber risk analytics provider CyberCube has partnered with wholesale brokerage Wholesure, a unit of Acrisure, a fintech and insurance brokerage company.
Wholesure will license CyberCube's Broking Manager and CyberConnect solutions, to support cyber insurance for small and medium-sized businesses.
"Through this partnership, Wholesure gains world-leading cyber risk analytics, enabling brokers to educate insurance buyers on cyber exposures and enhance recommendations," said Nate Brink, head of broker partnerships at CyberCube, in a press release. "CyberCube's analytics reports will also integrate into Wholesure's cyber platform, saving brokers time and allowing them to focus on client advice."
Datos buys InsTech
Financial services and insurance advisory firm Datos Insights has acquired InsTech, a London-based insurance innovation community and advisory firm.
The acquisition will expand each company's reach into the other's markets, connecting the U.S. and U.K. businesses.
"InsTech has built an exceptional reputation as the trusted voice for practical insurance innovation, and their expertise in emerging risk methodologies and coverage forms complements our technology-focused advisory approach," said Kavitha Venkita, CEO of Datos Insights, in a press release. "This acquisition creates opportunities to connect our deep relationships with insurance CIOs with InsTech's broader network of risk, underwriting, and operations leaders as we explore future collaboration possibilities."
USI buys Oklahoma-based Rogers Insurance
Risk management, employee benefit and retirement consulting company USI Insurance Services has acquired Rogers Insurance Center, an independent broker of commercial and personal risk insurance.
"For more than 25 years, our agency has built a strong reputation for providing innovative risk management solutions tailored to the needs of businesses and individuals across Oklahoma, including Tribal governments and their business enterprises," said Devony Metcalf, vice president and co-owner of Rogers Insurance Center, in a press release. " This exciting partnership with USI represents a significant milestone for our team and reinforces our continued dedication to delivering client-focused solutions that will benefit our current and future clients."
Howden hires U.S. CEO, new vice chairman
Global insurance intermediary group Howden has hired Mike Parrish as CEO of Howden U.S. and Jim Hays as vice chairman of Howden Group Holdings.
Parrish will begin his role in September, joining from Marsh. He also worked at Aon for two decades. At Howden, he will work to build a next-generation U.S. retail broking business.
Hays founded Hays Company, an insurance broker, in 1994 and sold it to Brown & Brown in 2018. After the sale, he served as vice chair and a board member at Brown & Brown.
