Business News: Solera Acquires Enservio, AIR Worldwide, AGCS

Solera to Acquire Enservio

Solera Holdings, Inc., a global provider of cognitive technologies for the automotive and home ownership ecosystems, announced a definitive agreement to acquire 100 percent ownership of Enservio, Inc., a U.S. provider of SaaS-based software and services to the property contents insurance marketplace. The transaction, which aligns accretively with Solera’s proprietary Invent & Acquire (“I&A”) strategy, will accelerate the delivery of next-generation digital home applications for Solera’s partners and property owners worldwide.

The announced acquisition of Enservio will add yet another component to Solera’s expanding capabilities in the digital protection of all assets.

The acquisition of Enservio is subject to certain closing conditions and is expected to close during the quarter ended September 30, 2016.

AIR Worldwide Expands Global Pandemic Model

Catastrophe risk modeling firm AIR Worldwide (AIR) announced a significant expansion of its Global Pandemic Model to include outbreaks of six additional diseases. The model now explicitly accounts for nine pathogens, including bacterial and viral diseases, in addition to previously modeled influenza, coronaviruses (such as those responsible for SARS and MERS), and filoviruses (including Ebola and Marburg). AIR Worldwide is a Verisk Analytics business.

The AIR Global Pandemic Model update includes the addition of two pathogens from the Bunyaviridae viral family [Rift Valley fever virus (RVFV) and Crimean-Congo hemorrhagic fever virus (CCHFV)], Lassa (hemorrhagic) fever (LHF) from the Arenaviridae viral family, and bacterial-pathogens-associated cholera (Vibrio cholera), plague (Yersinia pestis), and meningococcal meningitis (Neisseria meningitidis). All simulated outbreaks in the AIR model can originate anywhere in the world, and AIR models the impact to 24,000 municipalities covering all corners of the world.

AIR also announced that it is collaborating with the World Bank on the expected launch of the Pandemic Emergency Financing Facility (PEF), an innovative, fast-disbursing global financing mechanism designed to protect the world against deadly pandemics. The PEF includes an insurance window, which combines funding from the reinsurance and/or insurance-linked securities markets, as well as a complementary cash window. This is expected to be the first time the World Bank issues a financial instrument to combat infectious diseases. According to the World Bank, in the event of an outbreak, the PEF is expected to release funds quickly to countries and qualified international responding agencies.

The Global Pandemic Model is currently available in the CATRADER Version 18 catastrophe risk management software.

Allianz Launches Transactional Liability Program in North America

Allianz Group’s specialist corporate insurer Allianz Global Corporate & Specialty (AGCS), announced that it is launching a Transactional Liability unit in North America to help clients face inherent risks posed by M&A transactions. This new practice will offer financial protection specifically to protect against inaccuracies made about target companies or businesses in connection with mergers, acquisitions and divestitures. This will be the first phase of a wider regional rollout for AGCS, to include Asia and Europe in the near future.

AGCS, in partnership with several other carriers, is aligning with Euclid Transactional, LLC as its Managing General Agent (MGA). Specializing in the underwriting of representations & warranties, tax liability, contingent liability and other transaction insurance coverages, Euclid employs top experts in M&A deals.