Business News: AMS, Philadelphia Insurance, Nexus Claims, Verisk Analytics

November 28, 2016
AMS Allies With Liberty Mutual Insurance

Florida-based AMS Management Group (AMS) entered into a formal agreement with Liberty International Underwriters (LIU), part of Liberty Mutual Insurance, effective October 1, 2016.

AMS, a highly technical and specialized MGU, will market, underwrite, provide risk management tools and administer jointly created medical professional liability products for LIU.

AMS combines traditional underwriting methodologies with clinical quality benchmark tools.

Philadelphia Insurance Broadens Fine Arts Coverage for Museums and Cultural Institutions

Philadelphia Insurance Companies (PHLY) is providing a new insurance solution for museums and cultural institutions through a partnership with its sister company, Tokio Marine America. The partnership gives PHLY increased capacity up to $100M per location for fine arts collections.

The new Fine Arts Collection form rounds out a full complement of coverages including Propety, Equipment Breakdown, Business Interruption, General Liability, Automobile, Umbrella, and Directors & Officers Liability.

Highlights of the new Fine Arts Collection form include Worldwide coverage, Wall to Wall coverage (including coverage while in transit and on loan), Shared Deductible, Title Defense coverage, Restoration, Retouching, Conservation coverage, $100 million by location coverage limit, and Fine Arts specific claims adjusters.

UK MGA Nexus Underwriting Forms Claims Company Called ‘Nexus Claims’

Nexus Underwriting, the London-based independent specialty managing general agent (MGA), has formed a claims company, trading as Nexus Claims.

Being run independently from the underwriting companies, Nexus Claims offers claims management services to Nexus’ underwriting partners as well as insurance companies, syndicates and other MGAs.

Claims management services are provided to companies that do not have their own claims operations, who need specialist expertise or simply prefer to strategically combine an outsourcing model with their existing claims capabilities, Nexus Claims explained.

Nexus Claims is led by Nexus Group’s chief legal officer, Adam Kembrooke, who is a dual-qualified UK and US lawyer and has previously built and managed global claims operations for insurance and reinsurance companies.

Nexus Claims said it has already secured agreements to manage claims emanating from more than 50 percent of the Nexus Group’s $200 million gross written premiums (GWP) portfolio as well as acting as a third party administrator for 14 other non-affiliated MGAs across the UK, Europe and the Middle East.

In a significant early success for the company, Nexus Claims has signed a claims management agreement with their largest capacity provider, PartnerRe Ireland Insurance Designated Activity Company (DAC), based in Dublin.

Verisk Analytics Acquires MarketStance

Verisk Analytics, Inc., a data analytics provider, announced the acquisition of MarketStance, a provider of market intelligence data and analytics to the property/casualty insurance market. MarketStance will become part of ISO, a Verisk Analytics business and a source of information about property/casualty insurance risk.

Following the completion of the transaction, MarketStance will become part of ISO, and Dr. Fritz Yohn will continue to lead the business.

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