Specialty insurer Beazley said it has reached an agreement to acquire kWh Analytics. Terms of the deal were not disclosed. kWh Analytics, a managing general agency, combines data with advanced analytics to deliver insurance and risk management solutions for clean energy assets in the U.S. Beazley said kWh Analytics will add scalability and enhance its capabilities in modelling, underwriting and risk management across renewable energy portfolios. San Francisco-based kWh Analytics will be part of Beazley’s MAP (Marine, Accident & Political) Risks team. “The energy transition represents one of the most significant opportunities for the specialty insurance market,” said Beazley CEO…
Author: Awais
Global professional services firm Aon announced the first known stablecoin insurance premium payment among major global brokers. The proof of concept was backed by using trusted U.S. dollar-backed stablecoins, expanding digital asset insurance capabilities for clients, and supporting more efficient movement of funds. “Our position as a first mover in accepting stablecoin to settle insurance premiums advances our commitment to innovating on behalf of clients to better serve their needs,” said Tim Fletcher, CEO of Aon’s financial services group. “As tokenized instruments become more widely used, clients need confidence that speed and innovation do not come at the expense of…
The Florida House of Representatives Monday night gave final approval to a Senate bill that will set up a clearinghouse to help offload Citizens Property Insurance commercial policies to admitted and surplus carriers—despite lingering opposition from a number of insurance agents and brokers around the state. The bill, Senate Bill 1028, championed by Sen. Joe Gruters, was passed by a House vote of 88 to 19. Several representatives raised questions about the necessity of the bill and how it seems to be geared towards setting up a major wholesale broker to manage the clearinghouse. But the measure passed without changes.…
Policymakers around the world are readying measures to absorb surging energy and commodities prices triggered by the Middle East war that now threaten the global economy with its biggest shock since the pandemic. What were cast as dire scenarios when the conflict began have quickly become reality, with Brent crude surging Monday to almost $120 a barrel from around $72 dollars before the war with Iran started. While oil fell back below $100 after President Donald Trump indicated the war would be resolved “very soon” and said he plans to waive oil-related sanctions, it remains unclear how the conflict ends…
To coincide its 10-year anniversary, Insurify launched what it called the first ever insurance app on OpenAI’s directory, which caused the stocks of brokers to take a hit due to disruption fears. Well, that’s not exactly true. While Insuify did integrate with ChatGPT’s Open AI, and it did cause a momentary drop in S&P 500 Insurance index, the anniversary piece was coincidence, of course. Still, founder and CEO Snejina Zacharia told Insurance Journal, “Nobody would have predicted it—that what we thought was a tiny announcement would cause such an impact in the industry.” “Everyone is working or figuring out how…
Beazley, the London headquartered specialty insurance and reinsurance company, has reached an agreement to acquire kWh Analytics, a US-based renewable energy MGA, in a move that will see the firm get embedded into its MAP (Marine, Accident & Political) Risks team.kWh Analytics is a leader in insuring the energy transition, underwriting property insurance and revenue firming products for renewable energy assets, including in parametric risk transfer formats. Beazley explained that the global energy transition represents a “significant strategic growth opportunity” and that it is focused on underwriting the complex risks that will enable the transition. Considering this, the specialty re/insurer…
Under the agreement, kWh Analytics will be integrated into Beazley’s Marine, accident and political (MAP) risks division. The MGA’s chief executive, Jason Kaminsky (pictured right), will report to Tim Turner, while working as part of the insurer’s broader transition underwriting strategy led by Kelly Malynn.
Oracle Corp. and OpenAI have scrapped plans to expand a flagship artificial intelligence data center in Texas after negotiations dragged over financing and OpenAI’s changing needs. The collapsed talks created an opening for Meta Platforms Inc. to step in and consider leasing the planned expansion site in Abilene, Texas, from developer Crusoe, according to people familiar with the matter. Nvidia Corp., the leading AI chipmaker, helped facilitate Meta’s discussions with the developer, said the people, who asked not to be identified because the talks are private. The shifting plans underscore the complexity of building out AI data centers, which are…
The first call came just before Thanksgiving last year. She didn’t recognize the phone number, but she answered anyway. “The person said he was an officer of the Department of Criminal Investigations looking into drug trafficking and money laundering,” the woman recalled. He seemed to know a lot about her: the states where she and her late husband had lived; his name and occupation; and her current address in Washington County, Rhode Island. On her phone, he showed her a convincing badge and a photo ID with his name (“‘Frank’ something”), plus an article describing the supposed investigation. The woman,…
Iran’s Revolutionary Guards said on Tuesday they would not let any oil be shipped from the Middle East if U.S. and Israeli attacks continue, prompting President Donald Trump to say the U.S. would hit Iran much harder if it blocked exports. The rhetoric did little to quell a fall in crude prices and a rally in global shares that followed Trump expressing confidence in a swift end to hostilities, even after Iran showed defiance by naming Mojtaba Khamenei as its new supreme leader. Trump said on Monday the U.S. had inflicted serious damage on Iran’s military. He also predicted the…
At least a dozen clusters of ships have appeared near the Strait of Hormuz, a likely sign of elevated electronic interference around the waterway that’s central to the US and Israeli war against Iran. The groups, which can number more than 200 vessels for some clusters, contain ships of all types, with some that appear to be traveling at more than 100 knots, according to tracking data compiled by Bloomberg. The maritime artery is a key focus for investors at present because its effective closure during the conflict has thrown the global energy market into disarray, forcing Persian Gulf producers…
A Wisconsin man who allegedly told police he tried to set fire to a Republican congressman’s office last year because he was angry that the lawmaker backed a bill requiring TikTok’s Chinese owner to sell off its U.S. operations was sentenced Thursday to seven years in prison. In addition to the prison time, Fond du Lac County Circuit Judge Tricia Walker sentenced 20-year-old Caiden Stachowicz to seven years of extended supervision, court records show. Stachowicz, of Menasha, pleaded no contest to an arson charge in November. Prosecutors dropped burglary and property damage counts in exchange for Stachowicz’s no contest plea,…
An Indiana church that sought payment at replacement-cost level for fire damage to its property learned the hard way that procrastination can carry a price tag when it comes to settling insurance contracts. A federal appeals court ruled last week that Church Mutual doesn’t owe replacement-level coverage to Lighthouse Tabernacle Church in Crothersville, Indiana, because higher replacement-cost benefits applied only if the church promptly made repairs, which it didn’t. Lighthouse Tabernacle got knocked for procrastinating in court, as well. A panel of the 7th Circuit Court of Appeals said that the church waited far too long to argue it was…
A new regulation requires Louisiana insurers to provide premium discounts to residential properties that obtain a Fortified designation in accordance with standards put forth by the Insurance Institute for Business and Home Safety (IBHS). Fortified homes in the central and south Louisiana will be eligible for higher discounts than homes in the northern part of the state. Residential properties with upgraded Fortified standards will see the greatest discounts. Under Regulation 136, insurers will be required to implement the premium discounts no later than January 1, 2027. The discounts are applicable to the hurricane portion of the premium and apply to…