Swiss Re, Cowbell partner; MetLife sponsors cleantech accelerator: insurtech news

August 16, 2022 6:30 AM

Pedestrians cross The Embarcadero in San Francisco, California, U.S., on Monday, March 21, 2022. San Francisco Mayor London Breed is planning a series of events, called Bloom SF, to lure workers back to offices, with offerings such as concerts, food trucks and fitness classes throughout downtown. Photographer: David Paul Morris/Bloomberg — Pedestrians cross The Embarcadero in San Francisco, California on March 21, 2022.

Swiss Re and Cowbell Cyber partner to offer cyber insurance to companies building on Amazon Web Services. The program, which brings customized coverage, is designed for businesses with more than $750 million in revenue that are running in cloud environments. The program includes Cyber Guardian, Swiss Re's cyber risk tech platform, which uses data from the customer's AWS to monitor risk used in underwriting. "Cyber resilience is a topic of growing concern globally and an increasing share of the digital economy is now reliant on the cloud. That's why Swiss Re is committed to closing the protection gap and driving innovation in the insurance industry," said Pranav Pasricha, global head of P&C solutions at Swiss Re, in a statement. "We are pleased to announce a new class of cyber insurance products and risk assessment platform for AWS customers. Our platform will offer active telemetry, continuous monitoring, and cloud security, giving our partners the ability to offer innovative insurance products to SMEs."

MetLife will sponsor the Haas School of Business, University of California at Berkeley's Cleantech to Market accelerator program. The insurer is providing financial support to the 2022 program, which has graduate students team up with entrepreneurs from across the U.S. to commercialize climate tech. MetLife employees will also serve as mentors and coaches throughout the semester, while learning about tech solutions. The C2M, started in 2008 by students, has led to 300 researchers and entrepreneurs partnering with student teams. The majority have become startups, raising about $250 million in funding, according to the press release. "MetLife's commitment to environmental stewardship is directly aligned to our company's purpose to build a more confident future," said MetLife Chief Sustainability Officer Jon Richter, in a statement. "This new sponsorship of the Cleantech to Market accelerator program is one way we're continuing to invest in a more resilient planet, as we recognize the important role that tech entrepreneurs can play in delivering climate-related solutions."

Hagerty to acquire Broad Arrow Group, a holding company that includes a portfolio of businesses focused on the car collector industry. Hagerty previously acquired 40% of Broad Arrow Group and is now acquiring the last 60% for $64.8 million in an all-stock transaction. Live online car auctions are a financial opportunity for Hagerty, the company notes in a press release. "In addition to being trusted experts in their field, the Broad Arrow Group team shares our ethos of excellence when it comes to customer experience, so we are a natural fit," said McKeel Hagerty, CEO of Hagerty. "We expect our additional investment in Broad Arrow to enhance our growth and profitability over time, as we intend to rapidly scale this part of our overall business."

Liberty Mutual joins MIT Climate and Sustainability Consortium. The insurer will be one of 17 other member companies in the consortium. Liberty Mutual will work to accelerate solutions to address climate change and advance sustainability opportunities. A few years ago Liberty Mutual launched an AI research partnership with MIT Quest for Intelligence. We believe collaboration is a critical component to combating climate change," said Liberty Mutual Chief Sustainability Officer Francis Hyatt, in a statement. Hyatt will serve on MCSC's industry advisory board.

Colonial Surety announced the launch of its Notary Package, which the company created to help notaries with cybersecurity risks as the industry shifts to digital. "The pandemic pushed Notaries to quickly shift to a new paradigm of remote notarization and online communication," said Wayne Nunziata, president at Colonial Surety, in a press release. "Unsurprisingly, they rose to the challenge, adapting to remote communication platforms and tools to successfully continue performing their duties while unable to meet clients in person. However, the rapid technological advancement naturally came with a rise in cybersecurity concerns, making it even more imperative that notaries also protect themselves with Errors and Omissions and Cyber Liability Insurance. Enter, The Notary Package, created to ensure all notaries can efficiently and affordably protect themselves in this new era of digitally driven Notary work."