S&P Global Market Intelligence presents a weekly roundup of product updates and coverage initiatives in the insurance industry from across the globe.
Life and health
Alignment Health entered an agreement that will give its plan members in Arizona access to approximately 165 providers and services from Tucson Medical Center, effective July 1.
The agreement will cover members enrolled in Alignment Health's preferred provider organization and health maintenance organization plans, including the chronic special needs plan for individuals with heart disease or diabetes.
Alignment Health is a consumer brand name of Alignment Healthcare Inc.
Property and casualty
Independence Blue Cross LLC partnered with Sun Life U.S. to provide Stop Loss insurance for self-funded employers who provide health insurance for their employees.
The partnership will offer protection to Independence's self-funded group customers against large, unpredictable or catastrophic losses from higher-than-anticipated claims.
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Honeycomb Programs Inc., which does business as Honeycomb Insurance, obtained approval from the Indiana Department of Insurance to write policies in the state, Insurance Journal reported.
Honeycomb Insurance offers comprehensive insurance coverage for apartment buildings, condominium associations and single-family rentals.
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Aon PLC completed a parametric insurance program providing protection to the Puerto Rican government against hurricane and earthquake perils, Reinsurance News reported.
The program automatically triggers payouts when a major hurricane or earthquake surpasses a pre-defined threshold and will not require a proof of loss. The program represents the largest government-sponsored parametric transaction for Puerto Rico.
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Tune Protect Re Ltd. partnered with BaoViet Holdings and Vietjet Air to offer travel insurance through Vietjet Air's travel portal.
The travel insurance solutions will offer benefits including medical, personal accident and travel inconveniences.
Tune Protect Re is the reinsurance subsidiary of Tune Protect Group Bhd.
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Ecclesiastical Insurance Office PLC launched an insurance product providing coverage to four- and five-star hotels, fine dining restaurants, gastropubs and visitor attractions, Insurance Business reported.
The product marks Ecclesiastical Insurance's entry into the leisure sector, with plans to expand the offering to other customer groups.
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Sandbox Mutual Insurance Co. unveiled FarmSecure, a farm insurance product line that seeks to minimize coverage gaps and overlaps through protection bundles, Insurance Business reported.
FarmSecure offers coverage bundles for property, production and equipment protection, as well as specialized coverage boxes for alternative farming setups, including hobby farms.
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Distinguished Programs Holdings LLC partnered with Core Specialty Insurance Holdings Inc. to spearhead the Distinguished Fine Art & Collectibles insurance program.
The program will offer tailored solutions for the fine art and collectible community, including museums, institutions, dealers, corporations and private collectors.
Distinguished Fine Art & Collectibles plans to expand its coverage to all 50 states across the US, pending regulatory approval.
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Bridgehaven Insurance has launched in the UK as a new hybrid-fronting insurance carrier of commercial and specialty lines.
The company obtained approval from the Prudential Regulatory Authority.
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New Zealand-based LifeDirect partnered with BizCover to expand its offering into the small business insurance market, starting in July, Insurance Business reported.
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Nayms SAC Ltd. issued a crypto-denominated industry loss warranty, which is the first instrument of its kind that will provide retrocessional reinsurance protection against US named windstorms.
Prospero Re Ltd. is the purchaser of the property catastrophe reinsurance contract.
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