The deal will see Aquiline will work closely with Ripe Thinking’s management team to continue and accelerate the build of a market-leading digital insurance distribution platform.

As per reports, Ripe’s management team will continue to be led by chief executive Paul Williams and founder and managing director John Woosey.

John Woosey said that the partnership is a testament to the work of the insurtech’s incredible team which has delivered their strong and consistent growth year after year. According to him, the investment will allow the firm to accelerate its ambitions for international growth while still effectively and efficiently serving its customers across the UK.

With regard to the investment in Ripe Thinking, Jeff Greenberg, Chairman and Chief Executive Officer of Aquiline told the media, “The way people buy insurance is changing. As more individuals turn to online platforms to purchase insurance, Ripe offers a simple process for buying policies online while still ensuring quality coverage at a good value.

“We believe that John, Paul, and their team have built a high-quality and scalable digital platform that can identify customer demands, and design and distribute products to address these efficiently. We are excited to partner with them through the next phase of their journey.”

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With regard to the investments in Hepster, Michael McFadgen, partner at Element Ventures told the media, “As new industries and business models emerge, companies need much more flexible insurance propositions than what is currently being offered by traditional brokers. Hepster is the breakout company in the space, and their focus on embedded insurance will pay dividends in years to come.”

Christian Range, co-founder, and chief executive officer of Hepster told the media, “With our technology, our API-controlled ecosystem and our strongly service-oriented approach, we not only differentiate ourselves from traditional insurers, but also from other providers on the market. Together with our new and existing investors, we want to continue working on our vision of creating the best insurance experience on the market in the long term.”

Last year, it was reported that Delta Insurance is planning to launch a cyber insurance product called PerCy in the UK and across Europe. In order to launch the cyber insurance product, Delta is partnering with UK-based specialty reinsurance broker Prospect Insurance Brokers. PerCy offers cover for individuals for various cyber risks including data loss and ransomware. Delta is launching the same in Asian markets through Delta’s Singapore office.

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RSA revealed that the company’s directors backed the Intact-Tryg bid unanimously and recommended shareholders vote in favour of the consortium’s offer.

Under the terms of the deal, Denmark’s Tryg will bring in £4.2 billion for the deal which will see them takeover RSA’s business in Sweden and Norway. On the other hand, Canada’s Intact will pay the other £3 billion and will takeover RSA’s Canadian, UK and Ireland, and international operations. Both parties will continue to co-own RSA’s unit in Denmark. RSA shareholders will also receive an interim dividend of 8p per share, worth about £82 million in total.

With regard to the cash offer, Martin Scicluna, the chairman of RSA told the media, “The board of RSA is pleased to be recommending Intact and Tryg’s cash offer for the company, which delivers attractive, certain value for shareholders. RSA has provided peace of mind to individuals and protected businesses from risk for more than 300 years. However, I am confident that the values of our business, and not least our dedication to serving customers well, will be sustained as part of Intact and Tryg.”

RSA, which is more than a 300 years old year company, is well known for its ‘More Than’ brand. RSA provides home, motor and commercial insurance across its markets over the globe.

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In order to launch the cyber insurance product, Delta is partnering with UK-based specialty reinsurance broker Prospect Insurance Brokers.

PerCy offers cover for individuals for various cyber risks including data loss and ransomware. Delta is launching the same in Asian markets through Delta’s Singapore office.

Delta Insurance managing director Ian Pollard told the media, “Our relationship with Prospect goes back around five years where we worked with them on our unmanned aerial vehicle (UAV) product, which was the first UAV policy to be launched in the New Zealand marketplace.”

“They were instrumental in helping us get that off the ground, and we got them involved in our personal cyber product around four years ago. They helped put the finishing touches on that from a capacity perspective, so this product is something we’ve worked on for a long time. All of the insurance solutions for cyber globally and in New Zealand are for businesses, and nobody was really addressing the personal or family aspect.”

He further added, “We’ve further refined that product over time, and we’ve developed our partnership with DynaRisk, which is a cyber security provider in the household and personal use space. They offer a range of risk management tools and services, and they help identify when personal or business information has been compromised.”

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FCA interim chief executive Christopher Woolard said in a statement, “We have been clear that we believe in the majority of cases business interruption insurance was not purchased to, and is unlikely to, cover the current emergency. However, there remain a number of policies where it is clear that the firm has an obligation to pay out.’

It is reported that the FCA had asked a small number of firms in the UK if they were declining business interruption claims. The UK watchdog has given them a timeline until May 15 to respond. Based on their responses, it will decide which firms should join the court process.

It appears that Hiscox, a Bermuda-incorporated insurance provider, is among the first firms to feel the strain from small businesses to clear business interruption. AXA, QBE and Zurich are other insurers facing similar situations. The FCA’s move is expected to provide more clarity for insurers.

According to Willis Towers Watson, the insured losses for business interruption compounded with event calculation in the UK could lead up to $14 billion. In this context, the Association of British Insurers (ABI), told the media that it would “support any process that will provide clarity and certainty for the minority of customers who are disputing whether they should be covered.”

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The funding round for Sprout.ai was led by Amadeus Capital Partners, a specialist in deep tech investments. Other investors who participated in the funding round are Playfair Capital and Techstars.

The funding will be used by Sprout.ai to expand in the US, improve sales and also develop a data science and engineering team.

Niels Thone, chief executive at Sprout.ai told the media, “Amadeus Capital Partners has shown confidence in our future by backing us again. They have a track record of taking tech companies global and are the right partner for Sprout.ai as we enter this crucial next phase of our development.”

“Sprout.ai is shaping the future of the burgeoning InsurTech sector and with this new investment, we can lead further innovation in claims and fraud management. The name change is the first of many steps Sprout.ai will take as it continues to grow its client base across multiple continents.”

Sprout.ai integrates artificial intelligence (AI) with its business model which helps the startup settle insurance claim within 24 hours. It uses techniques such as natural language processing and optical character recognition, to enrich ‘data sprouts’ from individual claims by up to 300 percent, with real-time information sourced from web-based and public data sources.

The company believes the demand for insurance automation will increase significantly in recent times due to the coronavirus pandemic, which has pushed the global economy into recession.

Established in 2018, Sprout.ai was previously called BlockClaim.

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It is reported that the deal is subject to regulatory approval and Bangkok Bank’s acquisition of  Bank Permata in Indonesia. PT Astra Aviva Life was set up in 2014. In 2018, the company comprised more than 750 employees offering services to more than 1.4 million customers, according to the company website. 

The insurance company said in a statement, “The transaction is expected to be completed in quarter four of 2020 and is subject to certain closing conditions, including regulatory approval in Indonesia and the completion of Bangkok Bank Public Company Limited’s [Bangkok Bank] acquisition of PT Bank Permata Tbk [Permata Bank], Aviva Indonesia’s bancassurance partner.” 

In 2018, PT Astra Aviva Life had more than 750 employees offering services to over 1.4 million customers. The joint venture in the last quarter of 2019 total assets amounting to Rp 5.9 trillion, with a Rp 900 billion year-on-year growth. 

Last year, Aviva reassessed its Asian business under the leadership of new CEO Maurice Tulloch, media reports said. It has decided to retain its Singapore and China operations. However, the company is further exploring opportunities for operations in Indonesia, Vietnam and Hong Kong. 

Recently, Aviva renewed its partnership with multinational bank  Santander. The partnership will offer life insurance to UK customers until 2026, media reports said. 

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The policy is created by Lloyd’s syndicate Atrium in collaboration with Coincover. Established in 2018, Coincover is aimed at protecting cryptocurrency and increasing accessibility. 

It is reported that Lloyd’s of London’s crypto-insurance policy is worth $128,000. Lloyd’s of London’s Product Innovation Facility (PIF) will back the new policy aimed to provide insurance for crypto investors in the event of a hack. 

The new crypto-insurance policy will be supported by a panel of insurers from Lloyd’s of London, including Markel and TMC. Recent hacks in cryptocurrency have encouraged Atrium to create a new crypto-insurance policy. Analysis firm Chainalysis anticipates further development in hacks as crypto hackers are becoming more sophisticated. Chainalysis in its recent report notes that hot wallet attacks were a part of two  major exchange hacks last year. 

Atrium underwriter Matthew Greaves, told the media, “There is a growing demand for insurance that can protect cryptocurrency as it becomes increasingly popular. It is a testament to Lloyd’s that the market has put together an innovative solution to mitigate these new risks and protect against theft — from physical as well as online vaults — thereby providing customers with peace of mind that their assets are safe.”

Currently, PIF has around SG$267.8 million in shared capacity comprising 27 Lloyd’s managing agents, media reports said. Atrium anticipated that the market necessitates crypto assets to be insured on the back of several cyber attacks. 

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Reviti will provide premium discounts to users of vaping devices or electronic cigarettes in Japan.

Interestingly, Philip Morris’s iQOS, a tobacco heating system, dominates the market in Japan with a market share of around 70 percent.

Most of the insurers do not differentiate between vapers and smokers. Vapers often end up paying almost double the premium of non-smokers. But Reviti, offers a discount of up to 15 percent for vapers in Britain. Customers who quit tobacco and nicotine altogether get a discount of up to 50 percent.

Unlike many other markets, Japanese life insurers do not differentiate smokers and non-smokers in terms of pricing. The launch of similar products in Japan Reviti is expected to be successful.

Reviti Chief Executive Dan Pender told the media, “We think the Reviti proposition would work extremely well for Japanese consumers.”

Dan Pender revealed that Reviti is already in talks with Japanese insurers for partnerships to enter the Asian market.

Philip Morris launched its insurance unit Reviti earlier this year and started offering insurance premiums to tobacco users who decide to take a healthier approach by quitting smoking and switching to vaping products.

In its home market, Reviti’s premium starts at £5 a month for a 20-year-old non-smoker with coverage of £150,000. Similarly, the same amount of insurance premium will cover £60,000 for a 40-year-old non-smoker.

Earlier this year, Reviti also joined Insurtech UK, with the hope to transform the insurance industry through the use of technology.

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Chief executive Sten Saar believes the insurance licence will help Zego to act faster, speed up innovation and at the same time reduce the risk impact.

Sten Saar told the media, “This is a huge milestone for Zego and a clear signal that we are here to stay. The licence is also an essential ingredient in our mission to transform the insurance sector, by creating flexible policies which better reflect risk and truly cater to the fast-evolving world of mobility.”

He added, “We have already started selling our own products but will continue to partner with other insurance companies, with this collaboration still a crucial part of our business model.”

Zego, which was founded in 2016, offers flexible insurance to freelance workers such as drivers for Uber or riders for Deliveroo. Currently, Zego has 15 ‘A’ rated reinsurers as partners which also includes Zurich-based Swiss Re.

According to the company, it has provided over 100 million hours of insurance protection to over 82,000 vehicles.

Earlier this year, Zego raised around $42 million in a fresh round of funding, notably, one of the largest funding rounds for an insurtech startup based in Europe. Reportedly, the company will use the fund to expand its business across Europe. Some of its investors are Target Global, LocalGlobe and Transferwise CEO Taavet Hinrikus.

Zego’s insurance service is currently available in five countries including the UK.

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