Markets/Coverages: Hub Targets Nonprofits; Ryan Tackles Auto Excess With Axsal; Trisura and HSB Back At-Bay Cyber
Hub Launches Nonprofit Specialty Practice
Insurance broker Hub International, with decades of experience in the sector, has launched a nonprofit specialty practice to serve the risk management, insurance and human capital needs of associations, arts and cultural entities, foundations, public advocacy, religious and other charitable organizations.
HUB’s nonprofit insurance veteran Scott Konrad is leading the new specialty practice. He will be responsible for industry relationships and sector engagement to develop risk management, insurance and human capital products. Konrad has direct experience as a leader of nonprofit civic, religious and professional organizations, including the Nonprofit Risk Management Center’s corporate advisory council.
“Nonprofits face increasing pressure to demonstrate operational efficiency and prudent stewardship, which means maximizing value at every turn — in reducing risk, safeguarding their assets, and taking care of their people,” said Konrad.
Chris Treanor, HUB president of Programs & Specialties, said this practice is the firm’s tenth new specialty, and is part of its effort to expand carrier relationships and provide industry specific integrated property/casualty, employee benefits and retirement products for customers.
Ryan Specialty Addresses Auto Liability Excess Market With Axsal Re
Ryan Specialty has introduced Axsal Re, a member-owned group captive managing general underwriter designed specifically for transportation companies or other insureds with large fleets. Axsal Re aims to serve the challenging buffer layer auto liability excess market.
The new entity is managed by Keystone Risk Partners, Ryan Specialty’s leader in alternative risk placements. Axsal Re is distributed through insurance brokers and agents.
According to Kieran Dempsey, chief underwriting officer of Ryan Specialty and president of Ryan Alternative Risk, Axsal will focus on offering an alternative solution to traditional insurance, “allowing insureds buffer layer stability for the balance of the excess tower that follows.”
Andy Lewis, CEO of Keystone Risk Partners, added that the excess commercial automobile market “is strained and is demanding alternatives for their insurance.”
At-Bay Offers Cyber Insurance Product Backed by Trisura and HSB
Digital cyber insurance provider At-Bay reported that its cyber insurance program is now backed by Trisura Specialty Insurance Co. and The Hartford Steam Boiler Inspection and Insurance Co. (HSB).
Trisura serves as the issuing carrier for the Cyber and Tech E&O program, while HSB remains At-Bay’s largest capital provider and lead reinsurer, increasing its 2022 capital commitment over the previous year.
The program is also backed by a panel of reinsurers and At-Bay’s own newly formed captive reinsurance company.
The new program gives At-Bay additional capacity, while keeping in place its program’s current terms, pricing, appetite, and its proprietary active risk monitoring services.
At-Bay is backed by Acrew Capital, Glilot Capital, the HSB fund of Munich Re Ventures, Icon Ventures, ION Crossover Partners, Khosla Ventures, Lightspeed Venture Partners, M12, entrepreneur Shlomo Kramer, and Qumra Capital.