Several insurance companies disclosed new products and coverage enhancements in recent days.
Life and health
Cigna Corp. expanded its Medicare Advantage plans into the Denver and Boulder areas in Colorado, which will be available starting on Medicare's annual election period from Oct. 15 to Dec. 7.
The Cigna-HealthSpring Preferred health maintenance organization and Cigna-HealthSpring True Choice preferred provider organization plans will be available in Adams, Arapahoe, Boulder, Broomfield, Denver, Douglas and Jefferson counties.
Humana Inc. was selected to provide coverage for Medicare-eligible retirees in Florida, starting Jan. 1, 2020.
Medicare-eligible retirees and their eligible dependents may select their 2020 Medicare plan and the company's Medicare Advantage Prescription Drug Employer health maintenance organization plan during the enrollment period, which began Oct. 14.
Chubb Life launched Multi Stage Critical Illness 50 Rider, a critical illness product in Thailand.
The rider provides a 25% sum assured payout to policyholders who are diagnosed with one of five common critical illnesses, including stroke, non-invasive cancer and coronary artery disease. Policyholders who are diagnosed with other critical illnesses may also receive a payout of up to 10 million baht.
Chubb Life is the international life insurance division of Chubb.
As of Oct. 15, US$1 is equivalent to 30.43 Thai baht.
BMO Insurance unveiled Financial Hardship Life Advance, a non-contractual benefit that provides permanent life insurance policyholders with the option to apply for an advance of their policy's death benefit.
Policyholders going through financial hardship or who have a limited life expectancy of five years or less may get an advance of up to 50% of their death benefit.
BMO Insurance is a member of BMO Financial Corp.
The Arizona Technology Council partnered with Blue Cross Blue Shield of Arizona Inc. to launch its own Association Health Plan for companies of all sizes in Arizona.
The plan offers medical, dental, vision and life insurance, employee assistance and health savings account/flexible spending account administration.
Pharmacy Value Management Solutions Inc. entered into a three-year contract with third-party union employees service administrator Pinnacle National.
The contract will allow Advanzeon Solutions' SleepMaster Solutions program to screen, test and treat Pinnacle National members at no additional cost.
Pharmacy Value Management Solutions is a wholly owned subsidiary of Advanzeon Solutions Inc.
Centene Corp. entered into a strategic partnership with drugstore chain Walgreens Inc. and pharmacy benefit manager RxAdvance Corp. to introduce a new pharmacy benefit management model.
Voya Financial Inc.'s retirement business was selected as the new recordkeeper for the New Mexico Public Employees Retirement Association SmartSave Deferred Compensation Plan.
The supplemental 457(b) retirement plan is available for all state, county and municipal employees in New Mexico, including police officers, firefighters, judges and legislators.
Property and casualty
North of England Protecting & Indemnity Association Ltd. launched an owners' fixed premium protection and indemnity product for operators and shipowners of vessels up to 10,000 gross tonnage.
The product is offered under the Sunderland Marine Insurance Co. Ltd. trading name.
Acturis Ltd. partnered with HSB Engineering Insurance Ltd. to launch a cyber add-on product for small and medium-sized enterprises.
The policy provides coverage for computer system damage and business interruption, data breach response, cyber liability and cybercrime.
The product will also be available at HSB Engineering Insurance's broker online trading platform HSB Fast Track.
MGAguard expanded its specialty underwriting platform into Washington, Oregon, California, Nevada, Arizona and Colorado.
The company offers admitted insurance products for the hospitality industry through its RBTguard specialty program.
MGAguard is a technology-enabled platform for specialty insurance underwriting that is funded by Cerberus Capital Management LP and its affiliates and funds managed by TCW Asset Management Co. LLC.
Allstate Corp. unveiled new pricing options for its auto insurance customers in Wisconsin. The new business auto rates will be effective Oct. 14.
Mortgage Guaranty Insurance Corp. partnered with Florida-based OpenClose to offer its rate quote and mortgage insurance workflows for delegated and non-delegated mortgage insurance through OpenClose's LenderAssist loan origination system.
Mortgage Guaranty Insurance is the principal subsidiary of MGIC Investment Corp.
Hartford Financial Services Group Inc. unveiled Spectrum Business Owner's Policy, a new product that features tailored coverage recommendations.
The product will be available in 16 states initially and nationwide by early 2020.
Sompo International Holdings Ltd. partnered with security consulting firm SecurIT360 and cyberrisk management firm Crypsis Group to offer complimentary cyberrisk management services for email security protection to eligible policyholders in the U.S.
The services will be available through the Sompo International Cyber Risk Portal.
Chubb Ltd. expanded its Chubb Cyber Index with features including cost analysis, insights on cyber insurance limits and deductibles and an estimated incident cost calculator.
Risk Strategies launched Cyber Resolute, a risk mitigation platform powered by Arceo Labs Inc.'s data analytics technology.
Cyber Resolute is backed by insurance underwritten by Berkley Cyber Risk Solutions. Companies with up to $250 million in annual sales are eligible for proprietary coverage and access to cyber response forensics and legal teams.
IAT Insurance Group Inc. formed a new management liability business unit led by Senior Vice President John Passaro.
The new unit will develop a suite of management liability products covering intellectual property theft, misrepresentation and workplace law compliance, among others.
Castel Specialty launched a new proposition for the construction and engineering market, aimed primarily at the U.K., North America, Australia and Canada.
The offering will initially focus on small to medium-scale projects and annual business related to general buildings, power generation, oil and gas, manufacturing and heavy industries.
Castel Specialty is a division of managing general agent Castel Underwriting Agencies Ltd.
Brokerslink AG partnered with Africa-based SUNU Group to provide Brokerslink's brokers and clients access to exclusive wordings and health insurance plans with management delegation.
Brokerslink entered into a strategic agreement with Swiss Re Corporate Solutions Ltd. to develop an international insurance program management platform dedicated to Brokerslink's broker network.