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Beazley unveils Concorde Consortium; Munich Re subsidiary launches flood product

Several insurance companies disclosed new products and coverage enhancements in recent days.

Life and health

Starr Insurance Cos. agreed to underwrite a super visa insurance product sold by Travel Shield. The policy is designed to meet the medical insurance requirements for Canada's super visa program, which is a 10-year, multi-entry visa for non-Canadian parents and grandparents of Canadian citizens. Starr Insurance Cos. is a marketing name for the operating insurance and travel assistance companies and subsidiaries of Starr International Co. Inc., while Travel Shield is the trade name used by Canada-based Mars Empire Group Inc.

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Blue Cross and Blue Shield of Texas Inc. and Baylor Scott & White Quality Alliance, the accountable care organization of Baylor Scott & White Health LLC, signed an agreement to allow Blue Cross and Blue Shield to deliver care to Baylor Scott & White Health members in north and central Texas. The agreement is part of Blue Cross and Blue Shield's initiative to shift to a fee-for-value from a fee-for-service healthcare model, said the company's president, Dan McCoy.

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Anthem Blue Cross Medi-Cal Health Plan launched a health homes program in California, which will serve eligible Medi-Cal beneficiaries with multiple chronic conditions or severe mental illness who have frequent hospital or emergency room visits, or who are homeless. Anthem will partner with community clinics and community-based organizations for the program. San Francisco Health Plan, a community health plan, will also provide services through the program in July. Anthem Blue Cross is the trade name of Blue Cross of California. ANTHEM is a registered trademark of Anthem Insurance Cos. Inc.

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Prudential Financial Inc. and U.S. baby registry BabyList Inc. teamed up to offer a crowd-funded life insurance solution for expecting parents, which will be available as an add-on to their baby registries. A custom tool created by Prudential Financial and Babylist helps estimate how much life insurance coverage is needed for their family. The family will also have the option to visit Prudential Financial's website to apply for a term life insurance policy.

Property and casualty

U.S.-based AmWINS Transportation Underwriters, in partnership with Protective Insurance Co., enhanced its environmental transportation program that offers auto-related coverages for haulers of hazardous materials and non-hazardous environmental commodities. The program will now include the consideration of all radii and all hazardous materials except class 7 — radioactive materials. AmWINS Transportation Underwriters is a managing general agency within the underwriting division of AmWINS Group Inc.

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Munich Re subsidiary Munich Reinsurance America Inc. established a U.S. commercial inland flood product for small businesses and habitational properties in low to moderate flood zones, which can be attached to a business owners or commercial property insurance policy purchased through a participating insurance carrier. The endorsement offers insurance protection for building, contents, business interruption and extra expense, as well as costs associated with moving property to safety and debris removal. It is available throughout the U.S. except in Florida, Louisiana, Hawaii, Alaska and Puerto Rico.

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New York malpractice insurer Physicians' Reciprocal Insurers renewed its cooperative agreement with the New York-based Coalition of Asian-American Independent Practice Association, or CAIPA. Under the agreement, the insurer will give CAIPA members a 15%, or in some cases, up to 39% discount on its premiums.

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XL Catlin is creating an on-demand cyber insurance policy for U.S. small and medium-sized enterprises and built on Slice Labs Inc.'s Slice Insurance Cloud Services platform. The cyber solution will include services that will help clients prepare for cyberattacks. The product will use artificial intelligence to deliver real-time alerts to customers to enable them to manage their risk postures. XL Catlin is the global brand used by XL Group Ltd. insurance and reinsurance companies.

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Beazley PLC launched Concorde Consortium at Lloyd's of London. The consortium, whose other member is Hiscox Ltd., will underwrite wage and hour risks on a surplus lines basis.

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Berkshire Hathaway GUARD Insurance Companies unveiled a professional liability insurance for accountants in Texas, Insurance Journal reported. The product targets smaller companies with less than 10 accountants and less than US$1 million in annual revenue, while larger companies are considered on a case-by-case basis. It features limits beginning at US$100,000 per claim or US$200,000 aggregate to US$2 million per claim or US$4 million aggregate.

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Aspen Managing General Agency LLC and Tower Hill Specialty collaborated to provide property programs in Texas. They will offer dwelling fire, homeowners, manufactured or mobile homeowners and condominium policies through Tower Hill Prime Insurance Co. Aspen MGA is a division of Allstar Financial Group Inc., while Tower Hill Specialty is a division of Florida insurer Tower Hill Insurance Group.

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First Chicago Insurance Co. introduced an Iowa artisan general liability program that targets small businesses providing craft or skilled services, such as carpentry, landscaping, plumbing and electrical, among others.

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United Fire Group Inc. rolled out ProSeries, a series of insurance products for small business owners. ProSeries, which includes the ArtisanPro program for contractors, GaragePro policy for garage operations and PremierPro program for main street types of businesses, offers combined property, liability and crime protection with optional coverage enhancements.

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Assured Risk Cover Inc. launched a commercial insurance product for small businesses in Florida under its existing residential parametric hurricane policy, StormPeace, Insurance Journal reported. The product now adds business interruption coverage with or without physical damage to StormPeace's existing features. Coverage up to US$60,000 or the hurricane deductible, whichever is lower, is available and is based on the strength of a named hurricane and the storm's distance from the policyholder's address. Premiums are based on the coverage and policyholder's address. Coverage is backed by Topa Insurance Co. and a global reinsurer.

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Chubb Ltd. partnered with cyber security company DynaRisk to establish a cyber loss mitigation service to Chubb's cyber enterprise risk management policyholders in the U.K. and Ireland. The service assesses a person's device and digital footprint to provide a personal cyber security score and report, to check whether they have information stolen and traded on the dark web, as well as to provide education materials on how to protect them from phishing and other email scams.

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