Business and Technology Trends, 2022: Specialty Lines

Improved underwriting and product development flexibility are key considerations for specialty insurers looking to accelerate entry into profitable niches.  

May 11, 2022 –“Specialty insurance” is a broad term that describes various insurance types. Specialty insurance covers surplus lines, program business, and business written through wholesalers and many other types of business. The common factor is that the business is not typically written through standard markets. The specialty market requires significant operational flexibility to accommodate a wide variety of risks and meet the needs of the insurer and the insured.

This report provides an overview of specialty lines insurer business and technology issues, data about the marketplace, and more than 10 examples of recent insurer technology investments. This report is part of a series on key business and technology trends in specific lines of business in the U.S. insurance industry, and it draws from conversations with Aite-Novarica Group clients and Insurance Technology Research Council members, as well I posleas secondary published sources.

This 35-page Impact Report contains one figure and two tables. Clients of Aite-Novarica Group’s Property & Casualty service can download this report and the corresponding charts.

This report mentions Accident Fund Insurance Company of America, AF Group, AIG, Alleghany Corporation, Allianz Global Corporate & Specialty, AmeriTrust Group, Amynta Group, Applied Underwriters, Arch Insurance, Argo Group International Holdings, Ascot Group Ltd., Ategrity, Attune, AXIS Capital, Banyan Risk, Berkshire Hathaway, Berkshire Hathaway Specialty Insurance, Boston Indemnity Company, Brit Insurance, Catlin Specialty Insurance Co., Cincinnati Financial, CLIC Management NV LLC, Clir, Coaction Specialty, Coalition, Convr, Core Specialty Insurance Holdings Inc., Cornerstone Risk Solutions LLC, Coverys, Crum & Forster, CyberCube, Duck Creek, FCCI, Fidelis Insurance Holdings, The Fortegra Group, Further Global Capital Management, GeoVera Insurance Group, Global Aerospace, Google, Great American Insurance Group, Great Midwest Insurance Company, The Hartford, Hudson Insurance Group, IMA Inc., The Institutes RiskStream Collaborative, Joyn Insurance, Jupiter Intelligence, kWh Analytics, Lancer Financial Group Inc., Lloyd’s of London, Majesco, Mosaic Insurance, Munich Re, One Inc., Praedicat, Privilege Underwriters Inc., Producers Agriculture Insurance Group, PURE Specialty Exchange, RLI, Scion Underwriting Services, SECURA Insurance, SecurIT360, Sequentis Financial, SiriusPoint, Skyward Specialty Insurance Group Inc.,, Sompo International, Swiss Re Corporate Solutions, Tokio Marine Group of Companies, Tokio Marine HCC, TowerBrook Capital Partners, Travelers, Trustlayer, Vantage Group Holdings Ltd., Warburg Pincus, Westfield Insurance, and Zurich.

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