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Bajaj Allianz launches life product; Co-operators unveils storm surge coverage

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Bajaj Allianz launches life product; Co-operators unveils storm surge coverage

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

Life and health

Evolution Risk Partners LLC will become the managing general underwriter of Pan-American Life Insurance Group Inc. as per an agreement signed by the two companies. Under the agreement, Evolution Risk Partners will provide Pan-American Life medical stop-loss products to its networks of brokers and consultants.

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Indian insurer Bajaj Allianz Life Insurance Co. Ltd. launched a point-of-sale life insurance product called Bajaj Allianz Life POS Goal Suraksha, The Hindu BusinessLine reported. The premium of the products costs 450 Indian rupees per month, with guaranteed benefits and life cover.

As of Aug. 24, US$1 was equivalent to 69.84 Indian rupees.

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The Volusia County Florida Council awarded Centene Corp. subsidiary Centurion Detention Health Services LLC a contract to provide healthcare services to detainees of the county's detention facilities. The award is subject to forthcoming contract negotiations. The contract is expected to begin Jan. 1, 2019, with a base term of five years and five one-year renewal options.

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Anthem Blue Cross and Blue Shield and Mercy Health teamed up to develop the Anthem alliance exclusive provider organization product, which will provide benefits to policyholders in Missouri through a network of Mercy physicians, hospitals and other healthcare professionals. The product will available to employer groups with 51 or more employees in the Joplin area starting Jan. 1, 2019. In Missouri, Anthem Blue Cross and Blue Shield is the trade name for RightCHOICE Managed Care Inc., Healthy Alliance Life Insurance Co. and HMO Missouri Inc.

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Axa unveiled Axa Imperial Collection, a range of life insurance products for high-net-worth individuals in Singapore. The collection offers legacy planning and wealth management solutions such as the Axa Private Wealth variable universal life, or VUL, Axa Privilege Wealth VUL and Axa Private Wealth portfolio international. It also includes international medical insurance and high-end all risk property insurance covering loss or damage to homes properties, including private art collections, jewelry and watches, yachts and performance cars.

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Sun Life Financial Inc. added a cancer plan to its benefits offering in the U.S. The plan gives cancer patients coverage for screenings, treatments, recovery needs and daily expenses. It will be available for enrollment effective Dec. 1 in 50 states.

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New York Life Insurance Co. began offering a simplified version of long-term care insurance, The Wall Street Journal reported. The policies will be used to pay for nursing homes, assisted living and personal aides, and will cost around US$100 to US$150 a month per person. As much as US$500,000 in future payouts for a couple is available.

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UnitedHealthcare will sell medical coverage to small and medium-sized enterprises in North Dakota, The Bismarck Tribune reported. The company will market traditional health plans, health savings account compliant plans, plans with low out-of-pocket costs, virtual visits and urgent care coverage in the state. It is also working with local healthcare providers and hospitals, including Avera Health and Sanford Health. The company is considering offering Medicare options in 2020 in North Dakota.

Property and casualty

Sri Lanka's Ministry of Fisheries and Aquatic Resources Development will introduce an insurance scheme for fishing boats, News1st reported. The new scheme will pay for partial and full damages sustained by vessels. The ministry's director general, Prasanna Janaka Kumara, said the existing scheme does not pay for partial damages.

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Co-operators Group Ltd. made available the Co-operators Comprehensive Water insurance for homeowners in the Atlantic Canada provinces. The product provides protection from storm surges, overflowing lakes, rivers and creeks, and sewer or septic backup. It is available in New Brunswick, Prince Edward Island, Nova Scotia, and Newfoundland and Labrador.

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Cryptocurrency storage company Kingdom Trust Co. secured insurance coverage through Lloyd's of London that will provide protection against theft and destruction of digital assets.

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KWh Analytics Inc. structured a product known as solar revenue put for GCL New Energy Holdings Ltd.'s solar portfolio. Swiss Re Corporate Solutions provides the risk capacity for the product. The policy, which guarantees as much as 95% of a solar farm's expected output, protects against shortfalls in irradiance, panel failure, inverter failure, snow and other system design flaws.

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Atlas General Insurance Services LLC created a workers' compensation insurance program for California's cannabis industry. The program with Accredited Surety & Casualty Co. Inc. will cover workers' compensation risks of growers, extractors, analytical labs, medicine manufacturers, food and beverage products manufacturing, packaging, warehousing and distribution, transportation and dispensaries. The development comes after Accredited Surety secured a program underwriting contract with Atlas General.

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Canopius AG signed a partnership with Anvil Underwriting Ltd. that will allow the latter to underwrite credit insurance, contract frustration and political risks on behalf of Canopius. Canopius will be able to provide policy limits of up to US$25 million and tenor of up to 10 years for contract frustration and up to US$15 million and tenor of maximum seven years for trade and nontrade credit risk. The agreement will take effect Sept. 3.

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