15 Most Popular Insurance Industry News Stories of 2024
15 Most Popular Insurance Industry News Stories of 2024
2024 proved to be a year of significant upheaval in the insurance industry, marked by a series of high-profile mergers and acquisitions, the rise of AI, and the ever-present shadow of climate change. From blockbuster deals to regulatory challenges, these 15 stories captivated the industry and shaped the conversation throughout the year.

1. bolttech Announces Series C funding Led by Dragon Fund to Drive Continued Expansion

bolttech has announced Dragon Fund, by Liquidity and MUFG, is leading bolttech’s Series C funding round alongside investors Baillie Gifford, Generali – through Lion River, the Group’s company dedicated to Private Equity, and others, which is expected to total more than US$100 million.

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2. Tokio Marine Kiln Partners with FemHealth Founders to Tackle Triple Threat Facing Women’s Health Sector

Tokio Marine Kiln (TMK), a leading international insurer, has unveiled a groundbreaking report highlighting the critical role insurance can play in driving growth in the global FemHealth sector, which is projected to expand from £28 billion to £103 billion by 2030.

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3. Marsh to Acquire McGriff Insurance Services for US$7.75 Billion

Marsh McLennan has announced plans to acquire McGriff Insurance Services, a leading provider of insurance broking and risk management services in the United States. According to reports, the acquisition will strengthen Marsh McLennan Agency’s capabilities across commercial property and casualty, employee benefits, management liability, and personal lines.  

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4. Women Redefining Insurance: 20 Trailblazers Shaping the Future

The insurance industry is undergoing a digital revolution, driven by innovative technologies and forward-thinking leaders. Women are playing an increasingly vital role in shaping this transformation.

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5. Former Metromile CEO Launches Stand Insurance, a new AI-Powered Insurtech

Dan Preston, the former CEO of Metromile, has launched a new insurtech company, Stand Insurance. This new venture aims to leverage physics-driven AI to protect properties impacted by climate change.

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6. AXA UK Partners with Lloyds Banking Group for Motor Insurance

AXA UK has announced a strategic partnership with Lloyds Banking Group to boost motor insurance offerings.

Starting in May 2025, AXA UK will become the exclusive provider of car and van insurance products for Lloyds Banking Group’s customers, including those of Lloyds Bank, Halifax, and Bank of Scotland.

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7. Africa Specialty Risks Ltd Begins Operations as Lloyd’s Service

Africa Specialty Risks (ASR), a leading (re)insurance group focused on Africa and the Middle East, has announced that its UK-based entity, Africa Specialty Risks Ltd (ASR Ltd), is now operating as a Lloyd’s service company.

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8. ‘Women Need to Push Harder for Senior Roles, Pay Rises and Funding,’ say Insurance Leaders

Female insurance leaders Sabrina Hart, Margot Giles and Casey Kempton discussed the challenges surrounding promotions and fundraising for women in the insurance industry, during the recent Women’s Leadership Congress at Insurtech Insights USA 2024.

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Zurich and Aon Partner to Advance Global Hydrogen Development
Zurich and Aon Partner to Advance Global Hydrogen Development

9. Zurich and Aon Partner to Advance Global Hydrogen Development

Zurich and Aon have announced the launch of a groundbreaking clean energy insurance facility designed to provide comprehensive coverage for blue and green hydrogen projects worldwide, with capital expenditures of up to $250 million.

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10. Marsh McLennan Agency Set to Acquire Fisher Brown Bottrell Insurance in US$345 Million Deal

Marsh McLennan Agency, a subsidiary of Marsh, has announced its intent to acquire Fisher Brown Bottrell Insurance, Inc. (FBBINSURANCE) from Trustmark National Bank in a significant all-cash transaction valued at $345 million.

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11. Chubb Acquires Healthy Paws, Expanding in Pet Insurance Market

Chubb has announced a definitive agreement to acquire Healthy Paws, a U.S.-based managing general agent (MGA) specialising in pet insurance, from Aon plc (NYSE: AON), a global professional services firm. 

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amazon health
Amazon Health

12. Amazon Shuts Down Its Insurance Store Initiative

Amazon has officially closed its Amazon Insurance Store initiative. The platform, which was introduced in October 2022 to facilitate the purchase of home insurance in the UK, has ceased operations, according to a message displayed on the site.

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13. Lloyd’s Announces Dawn Miller as New Chief Commercial Officer and CEO of Lloyd’s Americas

Lloyds, the world’s leading marketplace for insurance and reinsurance, has today announced that Dawn Miller has been appointed as Chief Commercial Officer of Lloyd’s and CEO of Lloyd’s Americas, based in New York, with effect from 1 September 2024.

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14. Lemonade Enters Fronting Arrangement with Home State Insurance Group

Lemonade, the digital insurance company known for its innovative approach to insurance, has entered into a fronting arrangement with Home State Insurance Group.

The partnership marks a significant development in Lemonade’s expansion strategy, particularly in the realm of auto insurance.

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Travelers to Acquire Corvus Insurance in US$435 Million Deal to Boost Cyber Capabilities Expansion
Travelers to Acquire Corvus Insurance in US$435 Million Deal to Boost Cyber Capabilities Expansion

15. Travelers Successfully Completes US$435 Million Acquisition of Corvus, Bolstering Cyber Capabilities

Cyber insurance managing general underwriter Corvus Insurance is now officially part of The Travelers Companies, a prominent insurance provider.

Cyber insurance managing general underwriter Corvus Insurance is now officially part of The Travelers Companies, a prominent insurance provider.

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https://www.insurtechinsights.com/travelers-successfully-completes-acquisition-of-corvus-bolstering-cyber-capabilities/?utm_source=Linkedin&utm_medium=Linkedin&utm_id=Linkedin

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