Munich Re has acquired apinity GmbH, a start-up that supplies application programming interface (API) solutions in the form of Software as a Service (SaaS) for the insurance industry's entire ecosystem.
apinity GmbH was until recently a Syncier GmbH business unit, operating under the name Syncier Marketplace. In short, apinity combines a software platform with a marketplace for sector-specific API services. Munich Re acquired 100% of shares in apinity GmbH, effective 4 October 2022. The parties agreed not to disclose the purchase price. Munich Re will employ all current personnel, and will maintain both existing business relationships and the technology platform - including all established third-party services.
Torsten Jeworrek, Member of Munich Re's Board of Management: 'As well as being an insurtech for sector-specific services, apinity offers the potential to integrate other sectors into the insurance industry's API ecosystem. That makes it a perfect fit for our Ventures portfolio. apinity will play a key role in driving forward the digitalisation of the insurance value chain and of primary insurance. What's more, going forward people will be able to use the apinity marketplace to access our services, e.g. in the areas of NatCat and cyber.'
apinity is an API software platform that enables insurers to utilise third-party API services, in turn making it possible to transparently manage both third-party and in-house APIs. Unlike conventional API management solutions, apinity is based on solid business-oriented user experience - while also handling critical business processes such as contract management, monetisation, and subscription management. apinity will make it far easier for insurers in particular to participate in the key area of open insurance.
You can read more about apinity and the API SaaS and marketplace solution here: www.apinity.io
Munich Re is one of the world's leading providers of reinsurance, primary insurance and insurance-related risk solutions. The Group consists of the reinsurance and ERGO business segments, as well as the asset manager MEAG. Munich Re is globally active and operates in all lines of the insurance business. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. It offers customers financial protection when faced with exceptional levels of damage - from the 1906 San Francisco earthquake through Hurricane Ida in 2021. Munich Re possesses outstanding innovative strength, which enables it to also provide coverage for extraordinary risks such as rocket launches, renewable energies or cyber risks. The company is playing a key role in driving forward the digital transformation of the insurance industry, and in doing so has further expanded its ability to assess risks and the range of services that it offers. Its tailor-made solutions and close proximity to its customers make Munich Re one of the world's most sought-after risk partners for businesses, institutions, and private individuals.
Disclaimer
This media release contains forward-looking statements that are based on current assumptions and forecasts of the management of Munich Re. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development of our Company, in particular the results, financial situation and performance. The Company assumes no liability to update these forward-looking statement or to make them conform to future events or developments.
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RMA Offers Virtual Workshops on Improvements to the Whole-Farm Revenue Protection and Micro Farm Insurance Options
WASHINGTON, October 5, 2022 - The U.S. Department of Agriculture (USDA) is offering virtual workshops on Oct. 11, Oct. 13, Nov. 15 and Dec. 13 for agricultural producers and stakeholders to learn about the latest updates and improvements to the Whole-Farm Revenue Protection (WFRP) and the Micro Farm insurance options. WFRP and Micro Farm are two of the most comprehensive risk management options available. USDA's Risk Management Agency (RMA) will announce in-person events later this fall. These insurance options are especially important to specialty crop, organic, urban and direct market producers. Policy improvements and these workshops are part of RMA's efforts to increase participation in crop insurance.
'We want to make sure farmers and ranchers know about these very important insurance options. We invite specialty crop, organic, urban and direct market producers to join the virtual 'RMA Roadshow,' RMA Administrator Marcia Bunger said. 'The RMA Roadshow will include me and leadership to highlight important improvements to Whole-Farm and Micro Farm and answer your questions.'
Improvements include:
Doubling the maximum insurable revenue under WFRP, now up to $17 million;
More than tripling the size of farm operations eligible for Micro Farm to $350,000 in approved revenue; and
Reducing paperwork requirements for WFRP.
See Aug. 31, 2022 news release for more on improvements.
'Road Show' Virtual Workshops
RMA will host these workshops for agricultural producers via Microsoft Teams events. Click the link to join at the day and time.
Tuesday, Oct. 11 at 11 a.m. ET (click to join)
Thursday, Oct. 13 at 4 p.m. ET (click to join)
Tuesday, Nov. 15 at 8 p.m. PT (click to join)
Tuesday, Dec. 13 at 11 a.m. ET (click to join)
RSVP is not required. Attendees will have a chance to submit written questions during the event.
More Information
These events follow two this week, which RMA hosted for crop insurance agents. The 'RMA Roadshow' will include future in person workshops to be announced. More information is available on the RMA Roadshow webpage.
Crop insurance is sold and delivered solely through private crop insurance agents. A list of crop insurance agents is available at all USDA Service Centers and online at the RMA Agent Locator. Learn more about crop insurance and the modern farm safety net at rma.usda.gov.
USDA touches the lives of all Americans each day in so many positive ways. Under the Biden-Harris administration, USDA is transforming America's food system with a greater focus on more resilient local and regional food production, fairer markets for all producers, ensuring access to safe, healthy and nutritious food in all communities, building new markets and streams of income for farmers and producers using climate smart food and forestry practices, making historic investments in infrastructure and clean energy capabilities in rural America, and committing to equity across the Department by removing systemic barriers and building a workforce more representative of America. To learn more, visit usda.gov.
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