Insurtech weekly news roundup: July 29

Insurtech weekly news roundup: June 17

Corvus Insurance is pursuing a European expansion by way of a new office in Frankfurt, Germany.

Corvus is an AI-driven specialty insurance MGA focused on coverage areas including cyber, technology and cargo. The company bills its digital platforms and tools as enabling efficient quoting and binding, along with proactive risk mitigation.

Corvus explains that the new office allows it to expand internally and continue to grow its offerings. The Boston-based company touts the move as “a first for a US-based insurtech.”

“Frankfurt is located within the largest insurance market on the continent and the city has always been an international business hub across industries,” Oliver Delvos, head of International at Corvus Insurance, said in prepared remarks. “We will be able to spread our wings and develop our business with a true European focus.”

Ascend/NowCerts

Insurtechs Ascend and NowCerts are partnering to blend workflow management with payments and premium financing for agents.

Ascend is an insurance payments platform designed to provide automated all-in-one financing, collections and payables. NowCerts is a cloud-based insurance agency management system used in areas including task management, ACORD forms, invoices and more.

Their linkup is designed to help agents automatically pull customer and policy information directly into Ascend to easily create agency bill payment checkout links, with premium financing built-in.

The companies bill their partnership as the first to include both payments and premium financing built into one platform/service. This integration is designed to serve both Ascend’s quality customer base as well as NowCerts’ current 800-plus members.

Brewer Lane Ventures

Brewer Lane Ventures, a Boston-based venture capital firm focused on insurtech and other financial services sectors, added a new partner and promoted another.

The group hired Douglas Kim as operating partner, and promoted David Castellani, from operating principal to operating partner.

Kim will focus on partnering with portfolio company founders to give strategic guidance and execution expertise as they scale their business. He has more than 30 years of experience in co-founding and running enterprise software businesses in AI-customer engagement and automation. He’s helped found operations including Pega Cloud, the $250 million enterprise SaaS business for Pegasystems, Inc. and was a founding executive at NovaSoft, a content management company.

Castellani joined Brewer Lane Ventures in April 2021, initially as an operating principal. Previously, he was senior vice president and business information officer at New York Life, where he oversaw enterprise technology and IT governance. He also founded two startup companies in the past, both focused on using technology to drive process improvement.

Counterpart

Counterpart, a tech-driven managing general underwriter focused on management liability cover, has launched a new Excess insurance product for small business.

The cover is offered on director and officers, employment practices and fiduciary liability, with a $3 million maximum limit. Backed by Aspen Insurance, the offering is available for small businesses with fewer than 250 employees and less than $250 million in revenue and assets. Customers will be able to purchase the cover through Counterpart’s wholesale broker partners.

“Excess insurance is the most requested product from our brokers, and we have worked closely together to design a product that addresses their wants and needs,” Mike Levis, head of insurance at Counterpart, said in prepared remarks.

BOXX

The cyber insurtech BOXX hired two new executives as it continues to scale globally.

Eric Newman is the Toronto-based company’s new chief operating officer and Steve Penney was hired as chief technology officer.

Newman, based in Palo Alto, Calif., has a deep background in building and scaling security and fraud prevention technologies. Previously, he held leadership roles at companies including PayPal, RiskIQ, Pindrop, RSA Security and Silvertail Systems. In his new role, he’ll lead BOXX’s technology and data strategy and help propel its market expansion.

Previously, Penney was at Deloitte, where he led digital technology, commerce and transformation initiatives for a number of clients. He was also leader of the digital transformation team at TELUS Communications, where he handles delivery, management and governance of TELUS’ digital consumer applications products and platforms, the company said.

Cover Genius

Digital MGA Cover Genius has acquired Booking Protect, a specialist in embedded ticket protection for ticket sellers, platforms and live event companies.

Neither side financial terms.

The deal helps Cover Genius expand its presence in the ticketing and live entertainment market by enabling ticketing platforms, small-to-mid-sized ticket sellers, events and venues, and Booking Protect’s 350-plus partners to offer embedded ticket protection globally through the company’s XCover global distribution platform.

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