Miami-based City National Bank of Florida, known as Florida’s second-largest bank, has stepped into the p
roperty insurance market, offering coverage options at loan closings through a partnership with NSI Insurance Group.
“Insurance is a critical part of every loan we close, yet it has become a growing obstacle for companies and r
esidents in Florida,” City National CEO Jorge Gonzalez said in a statement. “By offering insurance services
through a partnership with NSI, we’re addressing this challenge head-on
, offering clients tailored solutions that align with their unique needs and protect their assets.”
City National, with some $28 billion in assets, said the partnership i
s a “holistic” model, giving homeowners and other customers the abilit
y to compare policies and quotes from multiple insurance carriers. The bank has begun offering property insurance and plans to expand into liability coverage
and specialized insurance for private wealth clients.
NSI, also based in Miami, is one of the largest privately owned insurance brokerages and risk management firms. It is part of Union Risk Advisors.
The portfolio is representative of a broad and highly diversified cross section of Amwins’ delegated autho
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rity premiums of about $6 billion. Palantir’s Foundry—an ontology operating system—was deployed to build a balan
ced portfolio with specific characteristics for the special purpose vehicle.
“Our partnership with Amwins and Blackstone represents the next level of innovation, technical modeling and u
se of [generative artificial intelligence] for portfolio underwriting,” s
aid Peter Zaffino, chairman and CEO of AIG, in a statement.”
“The formation of Syndicate 2479, which includes capital invest
ment provided by Amwins and Blackstone, further advances our deployment of GenAI through a capability that ca
n evaluate risk with more data and analytics at the individual level to optimize the special purpose vehicle,” Za
fino added. “We believe this capability will unlock future opportunities for expansion and innovation in specialty and other lines of business.”
In the long term, this “novel structure” will use Palantir’s Found
ry and large language models to determine whether Amwin’s program portfolio aligns with Syndicate 2479’s risk
appetite by evaluating risk characteristics. AIG said it has developed
an ontology to enable the models to access more than four million industry data points to expand underwriting capabilities.
Palantir’s CEO Alex Karp said the company is “proud to partner with
in its visionary approach to transform the insurance industry.”