Several insurance companies disclosed new products and coverage enhancements in recent days.
Life and health
Cigna Corp. partnered with Oscar Insurance Co. to provide commercial health solutions to the small group market under the Cigna + Oscar brand.
The Cigna + Oscar brand's offering includes integrated medical, behavioral and pharmacy services, a concierge team for individual members and telemedicine services.
The companies also intend to equally share risk for solutions offered through the partnership under a reinsurance agreement.
Ladder Insurance Services LLC will offer its LadderLife term life insurance product to residents in New York.
The product is issued by Allianz Life Insurance Co. of New York.
Axa (Hong Kong) Life Insurance Co. Ltd. partnered with CUHK Medical Clinic, Hong Kong Diabetes Specialist Centre, HKSH Medical Group and Virtus Medical Group to launch the Axa Chronic Disease Management Program.
The program targets chronic diseases including diabetes mellitus, hypertension, hypercholesterolemia and gout. Axa Wiseguard Pro Medical Insurance eligible customers are entitled to 12 months of services including outpatient medical consultations, annual comprehensive complication assessment and dietitian consultation through the program.
Liberty Global Transaction Solutions unveiled Contingent Legal Risk Insurance, an insurance product that covers known legal risks for the mergers and acquisitions market.
The product has a per-policy limit of $165 million and may be used in conjunction with representations and warranties insurance and warranty and indemnity insurance policies.
Liberty Global Transaction Solutions is part of Liberty Mutual Insurance. It underwrites mergers and acquisitions lines of business on behalf of Lloyd's of London Syndicate 4472 and Liberty company platforms.
Cigna entered into an agreement with Crozer-Keystone Health System Inc., which will provide Cigna's Medicare Advantage members access to Crozer-Keystone's facilities.
Through the partnership, four hospitals, hundreds of network physician and outpatient facilities, two surgery centers, an urgent care facility and a behavioral health campus will be available for Cigna's Medicare Advantage members in the Chester and Delaware counties in Pennsylvania and New Castle County, Del.
Sun Life Hong Kong Ltd. opened a head office in Hong Kong at Cheung Kei Center in Hung Hom, Finews.asia reported.
Property and casualty
Zurich Australian Insurance Ltd. will end its underwriting agency agreement with Blue Zebra Insurance Pty Ltd., effective March 16.
The companies established the agreement in February 2018 to offer a digitally enabled end-to-end personal lines insurance platform through brokers in the Australian market.
Liberty Mutual Re opened an office in Singapore to serve its broker partners and clients in the Asia-Pacific region.
The company will have local underwriting authority and will operate with a full treaty reinsurance license as part of the Liberty Specialty Markets Asia-Pacific office in Singapore.
Liberty Mutual Re is part of Liberty Mutual Insurance Group.
Prudential Insurance Co. of America selected International Medical Group Inc. to provide travel assistance services to its agents and members.
The offering includes identity theft assistance, increased political and natural disaster evacuation services, and telemedicine capabilities. The offering will also protect Prudential Insurance's agents and members who experience an unexpected illness or injury outside their home county.
International Medical Group is a company of Sirius International Insurance Group Ltd.
Marsh LLC enhanced its ZMAX Plus program for midsize commercial real estate firms in the U.S.
The program is underwritten by Zurich North America and includes environmental, management liability and cyber liability coverage.
Marsh is a business of Marsh & McLennan Cos. Inc.
Europ Assistance Holding S.A.S opened an office in Thailand to provide services to its clients in Southeast Asia, including Malaysia, Singapore and Indonesia.
The expansion is expected to strengthen and expand the company's partnerships with local airlines, travel agents, banks and insurance providers in the region, including Generali.
Chubb Insurance Singapore Ltd. partnered with Grab Holdings Inc. to launch Travel Cover, a travel insurance offering for Grab's customers in Singapore.
The offering will be rolled out to other markets in Southeast Asia in the future. Grab's insurance platform, GrabInsure Insurance Agency, will distribute the product.
Slice Labs Inc. partnered with Sompo Holdings (Asia) Pte. Ltd. to offer TravelJoy, an on-demand travel insurance product in Thailand.
The product will include life and medical, flight delay/cancellation and baggage/belongings coverage and will be distributed through LINE Corp.'s LINE LIFF platform.
Sompo Holdings (Asia) is part of Sompo Holdings Inc.
CFC Underwriting Ltd. unveiled a cyber excess solution for small and medium-sized businesses.
The offering will provide up to $10 million of additional cyber coverage for businesses with up to $1 billion in revenue. It also includes dropdown coverages, including side A cover for lawsuits against directors and officers arising out of a cyber event, up to $1 million primary coverage for theft of funds of senior executive officers and a primary limit top-up for wire transfer fraud.
Cryptocurrency custodian Gemini Trust Company LLC launched Nakamoto Ltd., a captive insurance company that will provide a $200 million insurance coverage to Gemini Custody.
Aon PLC is the captive manager for Nakamoto, while Marsh's digital asset risk transfer team brokered excess insurance from the commercial insurance markets to provide a custody insurance solution for Gemini Custody.
Beazley PLC unveiled a suite of directors and officers liability insurance for non-U.S. domiciled organizations.
The offering has limits of $25 million and includes policies for private and public organizations and individual directors and officers.
HDI Global Specialty SE Australia selected Precision Autonomy Services Inc. to underwrite and accept commercial drone insurance on its behalf.
Traditional annual policies and pay-per-minute policies will be available for commercial drones in Australia and New Zealand through the partnership.
DARAG Group Ltd. entered into a reinsurance agreement with a Lloyd's of London syndicate.
The reinsurance will be provided to a U.S. liability book through DARAG Malta Insurance and Reinsurance PCC Ltd.
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