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Trisura Group Ltd., a surety and commercial specialty insurer that was spun off this year from Toronto-based Brookfield Asset Management Inc., plans to begin writing insurance in the United States. In a July 12 press release, Trisura said it “has received its Certificate of Authority from the Oklahoma Insurance Department for Trisura Specialty Insurance Company.” Trisura’s business lines are surety, risk solutions, corporate insurance, and reinsurance, though it stopped writing new reinsurance business in 2008, Trisura stated this past May in a securities filing. In addition to writing insurance in the U.S., Trisura U.S. plans to seek a rating from A.M. Best Company Inc., Trisura Group said July 12. Trisura Group reported earlier its net premiums written were $19.4 million for the first three months of 2017. In the management discussion and analysis released with its 2017 financial results, Trisura Group said it plans to “recommence writing new business in the near future acting as a multi-line reinsurer in the international reinsurance markets.” It has three principal regulated subsidiaries: Trisura Guarantee Insurance Company, Trisura Specialty Insurance Company and Trisura International Insurance Ltd. Trisura Group has a 60% interest in Trisura Guarantee with the other 40% held by members of the firm’s management team Trisura Group announced June 22 it completed its spinoff from Brookfield Asset Management Inc. As a result, Trisura is traded on the Toronto Stock Exchange and Brookfield no longer has any ownership interest in Trisura. Each Brookfield shareholder received one share of Trisura for every 170 Brookfield shares held and/or cash payment in lieu of fractional interests in Trisura shares. Brookfield Asset Management said this past February it “has determined that specialty insurance no longer fits with its long-term plans.” Surety – including performance, labour and material payment bonds, primarily for the construction industry – accounted for 36.1% of Trisura Group’s Q1 2017 gross premiums written while corporate insurance accounted for another 27.3%. Its corporate insurance coverages include directors’ and officers’ liability, errors and omissions, fidelity and a “business office package insurance for both enterprises and professionals.” Risk solutions accounted for 36.6% of Trisura Group’s gross written premiums. This includes specialty insurance contracts, managed by program administrators, which “are structured insurance solutions to meet the specific requirements of program administrators, Managing General Agencies, captive insurance companies, affinity groups and reinsurers. http://www.canadianunderwriter.ca/insurance/trisura-licensed-sell-insurance-u-s-1004117342/

Chicago, IL – July 13, 2017 – The Warranty Group, a leading global provider of warranty solutions and underwriting services, is pleased to announce the promotion of Justin Thomas to Executive Vice President of the newly established Specialty Solutions group. In this capacity, Thomas is responsible for the overall business operations and growth of this segment, including client management, client acquisition and operations. He is also responsible for the business development of Virginia Surety Company, one of The Warranty Group’s wholly-owned insurance companies. The Specialty Solution business grew out of – and will continue to include – the appliance, technology, and administration group that serves the needs of prominent OEM’s, retailers, financial institutions, utilities, third-party administrators and other larger companies who are looking to increase their earnings while also strengthening brand loyalty among their customer base. “The Specialty Solutions unit has become an incubator for innovation at The Warranty Group by focusing on creating dynamic, flexible programs that provide protection benefits and superior service levels,” said Nelson Chai, Chief Executive Officer of The Warranty Group. “We are focused on working with our clients to provide the right products and Justin is the right leader to oversee this effort.” Thomas has been at the helm since 2013, and his elevation to Executive Vice President demonstrates the expanding importance of the business unit within The Warranty Group’s portfolio as well as his contributions to the growth of this segment. The business unit has increased revenues by 49% during the last two years. “We’re proud of our foundation in the auto industry,” explains Thomas, “and we recognize the need to provide exceptional underwriting, customized administration and consultative program management and insurance solutions across a variety of product categories outside the auto industry as well.” “The Specialty Solutions team works hand in hand with our clients to create turn-key programs to meet their retention, growth and consumer experience goals,” explains Thomas, “Beyond that, we are continually evaluating how to evolve our business in order to provide these valuable services to an even broader range of verticals.” Thomas began his career in specialty insurance in 2003 and has held various roles through The Warranty Group during his tenure. In addition to his leadership role within The Warranty Group and Virginia Surety Company, Thomas serves on the Board of Directors for Virginia Surety. http://www.twice.com/thewire/warranty-group-announces-establishment-specialty-solutions-unit-and-promotion-justin-thomas-executive-vice-president/65554

56% of global insurers surveyed by PwC believe up to 20% of their revenue is at risk to InsurTech. A further 20% believe up to 40% of revenue is at risk and 10% believe greater than 40% Over half (58%) of insurers plan to invest in mobile technology in the next year 68% plan to adopt blockchain as part of an in-production system by 2018 The pace of change in insurance is accelerating and insurers are increasingly looking outside their own organisations in order to respond to business challenges and opportunities, according to PwC’s 2017 Global FinTech survey. The report says insurers are more active than the rest of the financial services sector in monitoring and responding to FinTech, often partnering with innovators. PwC concludes that insurers have changed their perception of InsurTech over the past year and, although concern remains around losing revenue to new entrants, there is a growing understanding and acceptance of the benefits that InsurTech businesses can bring to the established insurance industry. Although over eight in ten (86%) of the insurers surveyed by PwC are concerned that revenue is at risk to InsurTech players, many are responding with over half (52%) also saying that innovation is at the heart of their strategy. The industry is waking up to both the challenges and the opportunities. 94% of insurers say customer engagement and generating better risk insights are the most important innovation trends for them Data analytics will be the main area for technological investment in the coming year, with 84% planning to invest in this area 63% of existing insurers are concerned about regulation and data privacy when working with startups The insurance industry is asking itself how to better engage with customers and offer products people truly want and need. Partnering with, and learning from, InsurTech innovators will help insurers utilize data to better understand their customers and reach new segments of society, the report finds. A large driver behind this success will lie in transitioning to a more preventative model (helping customers avoid accidents) as well as providing on demand, pay-as-you-go policies. The rise of data analytics will also allow insurers to focus on the opportunity brought about by the Internet of Things. Success with AI will free up the time of experienced professionals to work on more complex, judgement based decisions. This benefit should not be underestimated, as 87% of insurers say they have trouble hiring and retaining people with the right skillsets to innovate. Insurers will also look to acquire startups, partner with innovators and foster internal talent in order to attract the right people for the future. 81% of insurers say they are now familiar with blockchain technology Insurers are beginning to expect a widespread adoption of blockchain technology across the industry and familiarity with the technology has improved since last year. But, while 68% of insurers plan to adopt blockchain as part of an in-production system by 2018, just 8% say they plan to invest in the coming year – suggesting that the pace of investment will need to increase dramatically to meet this target. Blockchain can be used by insurers to: Automate claims processes, delivering cost savings and bringing benefits to customers Streamline data, giving better visibility and controls for underwriting Aggregate and allocate catastrophe risks or losses, allowing for better monitoring, understanding and transparency of exposure and claims processes. Commenting, Stephen O’Hearn, Global Insurance leader at PwC, said: “Innovation in insurance, driven by the rise of InsurTech, has come a long way over the past year and there is no longer any question of whether companies will be involved with InsurTech. It’s a question of how they use it to their advantage and tie it into their overall business strategy. “Insurance has always been an industry based on data and it is encouraging to see insurers investing heavily in a new wave of technology enabling them to use the data they have at their disposal in the best possible way for their customers and their own bottom line. “Undoubtedly insurers still have their reservations, but it’s great to see increased investment in technology such as AI and blockchain and an interest in partnering with others in order to make the most of this excellent opportunity.” Jonathan Howe, Global InsurTech leader at PwC, said that InsurTech truly has the potential to change the way people see insurance: “Companies are increasingly waking up to the potential InsurTech brings. If insurers can successfully use AI and data analytics to help their customers prevent claims happening in the first place, while at the same time delivering the responsive service that they expect from other industries, they will be able to transform how insurance is viewed by customers. “It’s undeniable that existing insurers are still concerned about new entrants muscling in on their revenue, and regulation and corporate culture continues to be a barrier for some when working with innovators. But in the end, whether it is partnering with, or acquiring startups, or fostering innovation internally, insurers need to find a way to bring the benefits of InsurTech into the mainstream. Our survey suggests that this is now about to happen.” The insurance cut of PwC’s 2017 Global FinTech Survey is based on the responses of 189 senior insurance executives from 39 countries. The report also uses proprietary research from PwC’s DeNovo platform focusing on InsurTech innovation. At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 157 countries with more than 223,000 people who are committed to delivering quality in assurance, advisory and tax services. http://www.bobsguide.com/guide/news/2017/Jun/29/insurers-respond-to-insurtech-with-race-to-innovate-as-86-fear-revenue-is-at-risk/#.WVzCSv5y5qY.email