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General Insurance newsletter Friday 15th November 2024

Insurance NewsReports of non-financial conduct on the rise for insurers and brokers- Reports of non-financial misconduct in the insurance and financial sectors have surged, with issues like bullying, harassment, and discrimination rising significantly. The FCA's upcoming policies aim to tighten standards and improve workplace culture. Many firms, however, face challenges with outdated governance on misconduct and incomplete reporting to boards. Firms are encouraged to proactively enhance ethical standards, as workplace culture and transparency are increasingly vital in attracting talent. (IDEX Consulting news, 'Reports of non-financial conduct on the rise for insurers and brokers')Why mental health should be a priority for businesses- With rising workplace stress, economic pressures, and ‘e-presenteeism’, mental health issues like anxiety and burnout are increasing among employees. This article provides practical strategies employers can implement to improve employee welfare, prevent burn out and reduce attrition. IDEX Consulting's CEO, Matt Green, emphasises the importance of employee wellbeing for talent attraction and retention, and how firms need to prioritise building awareness and providing consistent practical support. (IDEX Consulting news, 'Why mental health should be a priority for businesses')In-demand insurance skills - To stay competitive in the insurance sector, professionals must take charge of their career and regularly develop skillsets. With a growing emphasis on technology and AI digital skills are key, as well as a range of soft skills. Employers increasingly favour candidates with a mix of technical and interpersonal abilities to navigate industry challenges. (IDEX Consulting news, 'In-demand insurance skills')Accelerate your career as an Account Executive - Insurance Account Executives play a vital role in building strong client relationships, driving business development and advising on tailored coverage, and negotiating with Underwriters. Learn what skills you should be developing to enhance your career prospects, and secure promotion opportunities. (IDEX Consulting news, 'Accelerate your career as an Account Executive')Howden has opened its North West headquarters, Howden House, on Chapel Street, Manchester, housing 200 insurance professionals. The HQ offers a range of services, including motor, home, healthcare, professional indemnity, real estate, and employee benefits insurance, and will support Howden’s existing branches in Altrincham, Bolton, and Wilmslow, as part of its regional expansion strategy coinciding with its 30th anniversary. (Jonalyn Cueto, 15/11/2024, Insurance Business, 'Howden opens Manchester HQ')Aspen Insurance Holdings Limited reported solid financial results for the three- and nine-month periods ending September 30, 2024, with a 15.8% increase in gross written premium to $3.6 billion, driven by growth in underwriting, investment, and capital market divisions. Executive chairman and group CEO Mark Cloutier highlighted the platform's appeal and its relevance to clients and trading partners in insurance and reinsurance. (Kenneth Araullo, 15/11/2024, Insurance Business, 'Aspen Insurance reports 15.8% premium growth in Q3 2024')Generali reported strong financial results for the first nine months of 2024, with gross written premiums rising 18.1% to €70.7 billion, driven by growth in its life and property & casualty (P&C) divisions. The life segment saw net inflows of €6.8 billion, primarily from protection and unit-linked products. The group’s operating result increased by 7.9% to €5.4 billion, reflecting gains across life, P&C, and asset and wealth management divisions. (Kenneth Araullo, 15/11/2024, Insurance Business, 'Generali posts strong Q3, €5.4billion in operating profit as premiums surge')Aegon reported a Q3 2024 operating capital generation (OCG) of €336 million, raising its full-year OCG guidance to €1.2 billion, and announced a €150 million share buyback program. Capital ratios remain strong, with holding cash capital at €1.5 billion as of September 30, 2024. The company also completed a universal life policy acquisition, impacting the US risk-based capital ratio by 16 percentage points. (Kenneth Araullo, 15/11/2024, Insurance Business, 'Aegon raises 2024 capital generation guidance to €1.2 billion in Q3 update')Miller continues its international expansion with the acquisition of 4809 Brokers AG, aiming to strengthen its reinsurance capabilities, a key pillar of its growth strategy, according to Shaun Sinniah, Head of Reinsurance and Capital. (Mia Wallace, 14/11/2024, Insurance Business, 'Leading independent broker details reinsurance expansion plans')Swiss Re reported a net income of $2.2 billion and a 13.4% ROE for the first nine months of 2024, driven by steady underwriting and investment gains across units, though partially offset by higher reserves in P&C Re’s US liability business. (Kenneth Araullo, 14/11/2024, Insurance Business, 'Swiss Re reports $2.2 billion net income, shifts 2025 targets')Rokstone has received regulatory licensing from the Dubai Financial Services Authority, enabling its new Dubai office to expand operations across the MENA region and capture business that previously bypassed London markets, in line with its growth strategy. (Kenneth Araullo, 14/11/2024, Insurance Business, 'Rokstone enters MENA region with new Dubai office and DFSA approval')Oxbridge Re reported a Q3 2024 net loss of $540,000, significantly lower than its $7.3 million loss in Q3 2023, due to reduced unrealized losses on investments. (Kenneth Araullo, 14/11/2024, Insurance Business, 'Oxbridge Re's Q3 2024 loss narrows amid higher premiums and lower expenses')Ruby Reinsurance Company (Ruby Re) raised $480 million in capital after a second funding round, reaching the top of its target range, with new contributions from AllianceBernstein, EnTrust Global, and Enstar Group, among others. (Kenneth Araullo, 14/11/2024, Insurance Business, 'Ruby Re raises $480 million in second round with AllianceBernstein, Enstar')SCOR SE reported a Q3 2024 net loss of €117 million, driven by a negative result in life and health reinsurance, partially offset by strong property and casualty reinsurance performance, with a P&C combined ratio of 88.3% for the quarter. (Kenneth Araullo, 14/11/2024, Insurance Business, 'SCOR reports €117 million Q3 loss, affected by L&H assumption review impact')Russell Scanlan, founded in 1881, has relocated its headquarters from Nottingham city centre to West Bridgford’s Grove House, following its acquisition by Acrisure in 2022 and recent acquisition of construction insurance specialist BLG, supporting its growth and expansion. (Jonalyn Cueto, 14/11/2024, Insurance Business, 'Russell Scanlan relocates HQ')Aviva plc’s Q3 2024 update shows continued growth, with general insurance premiums rising 15% to £9.1 billion, driven by strong performance in the UK, Ireland, and Canada, as well as pricing adjustments to address inflationary pressures. (Kenneth Araullo, 14/11/2024, Insurance Business, 'Aviva reports strong Q3')Ageas SA/NV has opened a new branch in Zurich, where its reinsurance unit will issue contracts directly on Ageas paper, allowing Zurich-based underwriters to manage contracts on behalf of the company and ensure continuity in risk security for clients. The office will be managed by Anne Deister, appointed as Branch Manager, with Ageas Re expanding into larger office spaces in Zurich to support this new capacity, according to CEO Joachim Racz. (Kenneth Araullo, 13/11/2024, Insurance Business, 'Ageas Re opens Zurich branch, expands direct contract capabilities')Allianz reported a 14% rise in Q3 2024 operating profit to €3.9 billion, driven by strong growth in its life/health and property-casualty segments, with total business volume up 17.3% to €42.8 billion and net income increasing 23% to €2.5 billion. (Kenneth Araullo, 13/11/2024, Insurance Business, 'Allianz Q3 operating profit surges 14% amid growth across insurance segments')Fidelis Insurance Group reported a 25.2% increase in Q3 2024 gross premiums to $741.9 million, with net income of $100.6 million, underwriting income of $80 million, and a combined ratio of 87.4%, despite higher catastrophe losses of $91.6 million. (Kenneth Araullo, 13/11/2024, Insurance Business, 'Fidelis Q3 gross premiums rise 25.2%, reaching $741.9 million')Aviva has expanded its Probitas platform with five new business lines—marine, construction, renewable energy, contingency/event cancellation, and M&A—available for binding from Jan. 1, 2025, as part of its integration within Lloyd’s following the acquisition of Probitas in July. (Jonalyn Cueto, 13/11/2024, Insurance Business, 'Aviva expands offerings at Lloyd’s through Probitas platform')Winn Group reported a 4.6% increase in H1 2024 turnover to £94.5 million and a 9.7% rise in EBITA to £18.2 million, with Executive Chairman Jeff Winn crediting the growth to operational efficiency and a supportive company culture amid market challenges. (Jonalyn Cueto, 13/11/2024, Insurance Business, 'Winn Group reports strong H1 2024 results')Global insurtech investment hit $1.38 billion in Q3 2024—the highest since Q1 2023—with 55.5% directed to mega-rounds over $100 million, according to Gallagher Re. Despite a nearly four-year low in deal count (77 deals), 63.4% focused on AI, while (re)insurers primarily targeted mid-stage funding rounds, reflecting a shift toward a more balanced funding landscape. (Kenneth Araullo, 12/11/2024, Insurance Business, 'AI and mega-rounds drive record-high insurtech funding – Gallagher Re')Bridge Specialty Group will consolidate its London businesses under the new Bridge Specialty International, starting with the rebranding of Lonmar Global Risks in December, followed by the integration of Decus Insurance Brokers and BdB Limited in 2025, to enhance operational efficiency and expand market reach. (Jonalyn Cueto, 12/11/2024, Insurance Business, 'Bridge Specialty consolidates London operations')Hannover Re has raised its 2024 profit target to approximately €2.3 billion, citing favorable business conditions and a Q3 tax benefit, and set a 2025 income target of €2.4 billion. For the first nine months of 2024, it reported a 30.4% rise in net income to €1.8 billion, with gross reinsurance revenue up 6.4% to €19.7 billion and a 36.4% increase in underwriting profit to €2.1 billion. (Kenneth Araullo, 11/11/2024, Insurance Business, 'Hannover Re raises 2024 profit target, sets new 2025 goals')Doe & Emuss (D&E), a new specialist underwriting manager in professional liability, has launched with Lloyd’s coverholder approval. Led by founders David Doe and Paul Emuss, who bring 70 years of combined experience in the Lloyd’s and London Market, D&E will manage professional liability portfolios and underwrite on Lloyd’s paper, backed by top-quartile syndicates. (Kenneth Araullo, 11/11/2024, Insurance Business, 'Doe & Emuss launches at Lloyd's')Aviva reported that 30% of young drivers have unknowingly bought invalid car insurance from fraudsters on social media, a scam called ghost broking, with 89% facing issues like policy misrepresentation (49%), denied claims (22%), lack of seller support (21%), and police stops leading to fines or impoundment (17%). (Kenneth Araullo, 11/11/2024, Insurance Business, 'Aviva finds rise in ghost broking scams among young social media users')Aon’s Q3 Global Insurance Market Insights report highlights increased competition and softening rates across UK insurance lines, fueled by new market entrants and greater appetite from established insurers due to strong financial results. Globally, renewed confidence among insurers, supported by favorable reinsurance conditions, is expected to lead to competitive pricing and positive renewal outcomes. While Hurricane Milton’s estimated economic impact of $25–$40 billion is under review, liability claims in the US face continued pressure from social inflation, particularly in tort-exposed lines. Joe Peiser, Aon’s CEO of commercial risk, noted that “buyer-friendly conditions have continued across much of the global insurance market and even picked up pace in some segments.” (Jonalyn Cueto, 11/11/2024, Insurance Business, 'UK insurance market heats up – report')Earnix’s 2024 Industry Trends Report, based on insights from 400+ insurance executives, reveals a significant shift towards AI adoption, with 70% planning to implement real-time data predictive models in the next two years, and a rise in regulatory compliance efforts, as over half of companies faced fines or refunds due to operational errors. (Jonalyn Cueto, 11/11/2024, Insurance Business, 'Report: AI adoption accelerates in insurance, but challenges remain')Mergers and AcquisitionsAgeas has entered exclusive negotiations with UK-based Saga Services Ltd to distribute personal lines motor and home insurance products for customers over 50, and to acquire Saga's underwriting unit, Acromas Insurance Co Ltd. As part of the deal, Ageas UK will form a 20-year affinity partnership with Saga’s broking arm, Saga Services Ltd. (SSL), which distributed over £479 million (US$626 million) in gross written premiums across motor and home insurance lines in the fiscal year ending July 31. (Kenneth Araullo, 13/11/2024, Insurance Business, 'Ageas Re opens Zurich branch, expands direct contract capabilities')Specialist Risk Group (SRG) has acquired One Claim Limited, an Essex-based claims management provider, enhancing its motor fleet capabilities across underwriting, broking, and MGA services, with One Claim's team joining SRG's MGA division, MX. (Kenneth Araullo, 12/11/2024, Insurance Business, 'SRG expands motor fleet offerings with One Claim acquisition')MoversAllianz Commercial has appointed Rob Carslake as Head of its London region for mid-market business, where he will drive strategic growth and strengthen underwriting. With over 13 years of experience, Carslake previously held senior roles at Hiscox and Aviva, specializing in underwriting and market strategy. (Jonalyn Cueto, 15/11/2024, Insurance Business, 'Allianz Commercial introduces new head for London')Specialist Risk Group (SRG) has appointed Jaya Taylor, former Global Compliance Officer at Allianz Global Corporate and Specialty SE, as Global Leader for regulatory affairs, risk, and compliance, reporting to CEO Warren Downey. A qualified lawyer with extensive expertise in governance, compliance, and multi-jurisdictional insurance, Taylor’s experience aligns with SRG’s international growth objectives. Her appointment follows SRG’s acquisition of One Claim, an Essex-based claims management provider, which will join SRG’s MGA division, MX. (Kenneth Araullo, 14/11/2024, Insurance Business, 'Specialist Risk Group appoints Jaya Taylor to lead global compliance')AIG has appointed Christopher Schaper as Chief Risk Officer, after serving as interim CRO since September, bringing extensive experience from roles at AIG, Validus Re, AlphaCat, and Marsh McLennan. (Kenneth Araullo, 14/11/2024, Insurance Business, 'Christopher Schaper tapped as AIG’s new chief risk officer')Evolution Claims Management has appointed Jim Pittman as Head of Professional Services, bringing extensive claims management experience, including senior roles at Halifax Bank and Stream Claim Services, and recent work on major incidents such as the Beirut explosion. (Jonalyn Cueto, 14/11/2024, Insurance Business, 'Veteran adjuster joins Evolution Claims')Swiss Re has appointed Jonathan Rake as CEO of Swiss Re Solutions, effective January 1, 2025. Rake, who has been with Swiss Re since 2016 and served as Regional CEO for Asia-Pacific at Swiss Re Corporate Solutions, will bring his leadership experience and corporate strategy expertise to the global role. He has also been a member of the Global Executive Committee and a global ambassador for Swiss Re’s sustainability initiative. Robert Hunziker will temporarily take over Rake’s responsibilities in Asia-Pacific during the transition. (Kenneth Araullo, 13/11/2024, Insurance Business, 'Jonathan Rake named CEO of Swiss Re Solutions starting 2025')Somerset Reinsurance Ltd has appointed Riley LaTour as Chief Risk Officer, where he will oversee risk management strategies, drawing on his prior experience as Head of Risk Analytics at Somerset Re and roles at Kemper Corporation and Securian Financial Group. (Kenneth Araullo, 13/11/2024, Insurance Business, 'Riley LaTour named chief risk officer at Somerset Reinsurance')Lockton Re has strengthened its retrocession, property specialty, and cyber practices with the appointments of Edward Tyler, a Senior Broker with expertise from Gallagher Re and Willis Re in retrocession and London Market placements, and Jemima Hopper, an ACII-qualified Cyber Reinsurance Broker from Guy Carpenter with experience in Treaty, MGA, and retro markets. (Kenneth Araullo, 13/11/2024, Insurance Business, 'Duo brought in to expand specialty and cyber at Lockton Re')Envelop Risk has launched Envelop Underwriting, consolidating its underwriting operations across Bermuda, Lloyd’s, and SPA 1925, with Dom Peters, former Active Underwriter at Dale Underwriting Partners and ex-Chief Underwriting Officer at MS Amlin, appointed as CEO. (Jonalyn Cueto, 13/11/2024, Insurance Business, 'Envelop Risk launches new underwriting division, names CEO')SiriusPoint has appointed Anthony Shapella as Group Chief Underwriting Officer, effective Jan. 1, 2025, after joining in 2023 as Deputy Chief Underwriting Officer following his role at AIG as Head of Portfolio Analytics for general insurance. David Govrin will focus solely on his role as Group President and CEO of global reinsurance, after serving in dual roles since 2021. (Kenneth Araullo, 12/11/2024, Insurance Business, 'SiriusPoint restructures leadership as Anthony Shapella takes on chief underwriting role')Optio Group has appointed Insi Davenport as Group Chief Risk Officer, a newly created role, bringing over 25 years of experience from firms like HSBC Insurance Brokers, Barbon, and Ardonagh Group, most recently serving as Chief Risk Officer at Lucida Group. (Kenneth Araullo, 12/11/2024, Insurance Business, 'Insurance hires: Ortec Finance, Optio Group, HCR Insurance & Risk')HCR Insurance & Risk, the insurance arm of UK law firm HCR, has appointed Keith Mathews as Legal Director in its London office, bringing over 12 years of experience in insurance matters like fraud, motor, and casualty to support the firm’s growth and client-focused approach. (Kenneth Araullo, 12/11/2024, Insurance Business, 'Insurance hires: Ortec Finance, Optio Group, HCR Insurance & Risk')Miller has appointed Amanda Armitage as Business Development Manager in its international professions team and Scott Gorman as Head of the UK and international PI wholesale team, enhancing its professional & financial lines strategy. Armitage, formerly with PIB Insurance Brokers, brings over 15 years of experience in sectors like renewables and construction, while Gorman, previously at Price Forbes, has a background in underwriting and financial risks. (Kenneth Araullo, 11/11/2024, Insurance Business, 'Miller bolsters growth with key hires in professional & financial lines')Jensten Group announced that CEO Alistair Hardie will step down, marking a major transition after leading its growth from a franchise network to a prominent UK insurance intermediary with Lloyd’s and London Market capabilities. As part of its succession strategy, Jensten promoted Rob Organ, former CEO of Bluefin and Tasker Insurance Group, to CEO of broking earlier in 2024; he now steps into the group CEO role. Chair Tim Wright praised Hardie’s impact since 2020, noting his move allows him to pursue non-executive roles. (Kenneth Araullo, 11/11/2024, Insurance Business, 'Rob Organ named Jensten Group CEO as Alistair Hardie steps down')Howden has promoted Ellie Cole, who joined the firm six years ago in an entry-level position, to Branch Manager, succeeding Chris Beane, who will continue as Divisional Director. The company also celebrated the graduation of apprentices Ethan Jones and Hannah Spencer, with Jones joining the sales team and Spencer starting a level 2 apprenticeship in accounting and finance. (Jonalyn Cueto, 11/11/2024, Insurance Business, 'Howden promotes Cole, celebrates apprentices')All information provided in this market digest has been gathered from Insurance Business and IDEX Consulting.

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Reports of non-financial misconduct rise dramatically

Reports of non-financial misconduct have risen significantly since 2021, with bullying and harassment, and discrimination listed as key concerns. “Bullying and harassment were identified as significant issues, making up 26% of reported cases, while discrimination accounted for 23% of the reports” (Financial News: FCA’s survey reveals rise in misconduct reports). The FCA is said to have “found a shocking prevalence of sexual harassment and bullying” as well as “a culture which is holding back women” (Financial Times: Bullying and harassment claims rise across City, regulator finds).On the flip side, these increased reports could also suggest firmer internal guidelines on ethical workplace practices raising acceptability standards, and the willingness of employees to report negative behaviours.The published review precedes the FCA’s upcoming policy on non-financial misconduct, which is likely to introduce stricter standards for banks and other firms across the financial services sector (The Banker: Reports of non-financial misconduct on the rise says FCA).“Earlier this year the FCA asked more than 1000 regulated financial firms including banks, insurers, brokers and market intermediaries, to report all non-financial misconduct. Worryingly incidents across all sectors grew by more than two thirds. The current market is very competitive, and culture is a deciding factor for many professionals when accepting or rejecting a job, in some cases more important than the responsibilities of the role! By being transparent about your culture and taking a strong stand on conduct and company values, you’re more likely to attract top tier talent that your competition won’t have access to. The most successful companies partner with recruiters who have the expertise to promote your company values and brand, ensuring the right message lands well in the market. Not only does this help you hire the best talent, but also helps your brand stay top of mind for professionals,” says Jack Johnson, Business Director for Risk and Compliance at IDEX Consulting.If you’re looking to hire top talent or looking for a new role across the financial services industry, especially in the Risk & Compliance market, contact Jack Johnson who will be happy to provide specialist advice.The concerning results paired with the upcoming FCA policy on non-financial misconduct gives firms a crucial reason to proactively raise internal standards and strengthen practices. Findings from the review are offering firms the chance to improve their workplace culture in ways that strengthens accountability and integrity whilst reducing risks associated with inadequate practices.Results from the survey highlight that“92% of firms state that they would highlight examples of non-financial misconduct in a regulatory reference”. A following 87% stated they would go as far as to update a reference following an incident (Latham & Watkins: FCA Publishes Results of Non-Financial Misconduct Survey).Yet, findings from the same investigation confirm that incidents of bullying and other forms of non-financial misconduct in the UK’s finance sector have increased by over 67% in the last three years (Financial Times: Bullying and harassment claims rise across City, regulator finds).The difficulty of definitionIt is important to remember that the nature of this topic presents some challenges and grey areas. The scope of non-financial misconduct ranges from violent assault to bringing pets into the workspace (Financial Times: Bullying and harassment claims rise across City, regulator finds). Given the element of subjectiveness that can exist across the category, particularly in regard to less extreme incidents, some records may be unverified with others containing possible factual errors.The FCA are also facing the challenge of defining what the rise in reports suggests when tailoring an actionable plan for the industry. The regulatory body has expressed concern that the data could be suggesting that firms might be failing to meet expectations in suitable governance and management of non-financial misconduct, including out of date whistleblowing policies (Latham &Watkins: FCA Publishes Results of Non-Financial Misconduct Survey). Uncertainty also arises when factoring in the possibility that an increase in reports could equally imply a positive workplace culture where people feel empowered to speak up. Data therefore always needs to be interpreted with caution.Evolving attitudes towards the workplace environment are another factor to consider during the debate of a ‘good’ vs ‘bad’ culture in light of increased misconduct reports. Improved internal systems have allowed, and even regularly prompted, employees to share their experiences anonymously. Recent years have also seen a significant shift in awareness and education on appropriate workplace behaviour (Travers Smith: FCA findings on non-financial misconduct). Even with a hypothetical absence of formal regulatory pressure, society’s developments and standards on what should be tolerated in corporate culture is enough to equip employees with appropriate information to recognise and challenge misconduct. OutcomesReports show that “disciplinary action or similar was taken in 43% of cases overall” (Latham & Watkins: FCA Publishes Results of Non-Financial Misconduct Survey). When comparing sectors, insurance companies took disciplinary action in 63% of cases, with 21% of incidents not being upheld, whilst wholesale banks didn’t uphold 45% of instances.The most common forms of misconduct which resulted in disciplinary action were behaviours that included violence, intimidation and sexual harassment. Repercussions involved a written warning, training or coaching, with disciplinary action hardly ever taking into consideration changes to remuneration. Although some cases involving sexual harassment, illegal drugs and violence were likely to result in dismissal.What firms should be aware of Irrespective of the challenges around the topic, the FCA expects firms to assess their internal processes against the latest findings, develop strategies for continued improvement in the workplace, and guarantee that standards for non-financial misconduct mitigation and management are upheld.In addition, to avoiding harmful or unlawful practices, regulatory compliance helps firms build healthy and inclusive cultures, retain talent, protect their reputation and safeguard revenue. Reputational damage, especially in relation to bullying and harassment severely impacts investor interest, results in revenue loss and serious legal consequences. What to do nextThis year marks the first time the regulator has conducted this type of investigation, aiming to enhance transparency across the sector. The FCA has emphasised its expectation for firms to proactively implement processes to improve workplace culture, drive the right behaviours from senior leadership and do everything they can to embed supportive environments. Despite onus on firms to drive changes from board level, 38% of firms reported that boards and board-level committees did not receive information of non-financial misconduct (A-Team: FCA Survey Reveals Gaps in Governance and Policy on Non-Financial Misconduct).In addition, many larger firms expressed concern that they lacked a formal governance structure to oversee disciplinary actions.FCA’sExecutive Director of Markets and International Sarah Pritchard, emphasised the need for firms to use the information at hand to assess their own cultures and processes, stressing the importance of healthy workplace culture and warning the risks associated with neglecting non-financial misconduct (FCA: FCA Publishes Results of Non-Financial Misconduct Survey).The outcome of this investigation has revealed notable gaps in policies and procedures for firms across the financial services insurance sectors, especially around out of date practices which are failing to meet FCA guidelines. The FCA believes this review will drive ongoing improvements in culture, although they will not be issuing new best practice recommendations at this time. Instead, the regulator expects firms to use the data provided to effectively detect and address issues. Full compliance with existing regulatory responsibilities and reporting requirements is mandatory with any short-fallsset to result in negative consequences for firms (FCA: Culture and Non-Financial Misconduct Survey – Findings). For more information on the data shared in this article or if you’re looking for support with your hiring strategy speak to a consultant who can assist in providing market intelligence, and a range of hiring solutions.Sources:A-Team: FCA Survey Reveals Gaps in Governance and Policy on Non-Financial MisconductFCA: Culture and Non-Financial Misconduct Survey – FindingsFCA: FCA Publishes Results of Non-Financial Misconduct SurveyFinancial Times: Bullying and harassment claims rise across City, regulator findsLatham & Watkins: FCA Publishes Results of Non-Financial Misconduct SurveyThe Banker: Reports of non-financial misconduct on the rise says FCATravers Smith: FCA findings on non-financial misconduct

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Why are lawyers relocating to the Middle East?

Countries like UAE, Qatar, Saudi Arabia are attracting legal professionals around the world due to their growing economies, infrastructure and promising financial and lifestyle benefits.Following years of the Middle East’s rapidly growing economy and thriving job market, a Q3 2024 update states that reversal of oil cuts will continue to spur further growth into 2025 by more than double. The current 2% GDP growth will rise to 3.8% in 2025 (ICAEW: Middle East | Economic Update). This spike paired with an increased demand for legal professionals offers promising career opportunities.“Due to huge investments in the economy and development of legal sectors, the Middle East has become a hub of opportunity for legal professionals looking to advance their career and skyrocket their earnings. I have seen a significant rise in top-of-the-line legal professionals make the move given the salary packages, lifestyle, and other benefits,” says Jonathan Turner, Executive Director, Legal, IDEX Consulting.If you are looking are looking to hire highly skilled legal professionals or are curious about legal career opportunities, get in touch with Jonathan directly.Below we touch on the main reasons legal professionals are moving to the Middle East, the benefits and opportunities. Cross-border and diverse legal workThe region’s interconnected industries across the globe presents unique opportunities. Cross-border sectors span across (but are not limited to) energy, finance, technology, trade, and humanitarian aid. Legal professionals with experience of international trade law, regulatory compliance, tech law, and environmental law are in demand for businesses operating across the oil, digital and property landscape. This exposure to a variety of rapidly growing sectors, providing experience in managing multi-million dollar transactions makes the opportunity highly attractive for any legal professional looking to relocate to the Middle East.Accelerated career developmentThe region is dominated by several leading global businesses, offering lawyers high profile, complex legal cases. It’s estimated that there is over $1 billion worth of projects taking place inQatar alone and with the region implementing new legislation and policies, it is fast becoming a growing hub for transformation and innovative legal work. The Middle East’s stable economy, pro-business policies, prestigious clients and cutting-edge legal work helps to supercharge career growth. Tax-free salariesCountries such as UAE, Qatar, Saudi Arabia have low or no personal income taxes which attracts a highly qualified workforce. Whilst this tax-free remuneration exists as a result of several factors, one factor is to create an environment where businesses and individuals flourish through economic and lifestyle advantages. Tax-free remuneration is one of the biggest attractions, especially given that living costs are generally cheaper than the likes of other cities, such as London. This puts professionals in a very strong financial position. This benefit has become one of the biggest drivers for lawyers looking to relocate. There are of course a range of other monetary and non-monetary benefits, such as competitive bonuses, medical insurance, life assurance, expensed travel including flights home and a pension/end of service gratuity. (The Global Legal Post: Guide to living and working as a lawyer in the Middle East).Lifestyle advantagesLegal professionals who have moved to the Middle East have expressed how welcoming and supportive the community has been, significantly easing the transition and helping them to settle in. Aside from extraordinary career opportunities and earning potentials, lawyers working in the Middle East are able to experience a number of local advantages not typically found at home (EJ Legal: Do You Fancy Living And Working As A Lawyer In The Middle). The Middle East has much more to offer than business and career opportunities and although lawyers may relocate to earn more money, this is often just a starting point. Luxury villas/apartments, exceptional sporting and retail facilities, family-oriented communities, low crime rates, year-round sunshine and pristine beaches top the charts for many. It’s no wonder that this advantageous lifestyle is appealing to more and more high calibre professionals.Forecasts of substantial long-term growthWith growing markets, substantial technology and infrastructure investments and fast paced changed legislations the region has a rocket-fuelled ambition to be globally dominant in the legal world. To give one example, Artificial Intelligence (AI) and technology advancements will contribute $320 billion to the economy by 2030 (PWC: The potential impactof Artificial Intelligence in the Middle East) and e-commerce adoption has seen a 25% annual growth rate since 2014 (Forbes: Why Business Leaders Should Be Looking To The Middle East And North Africa For Growth Opportunities). With major investments and development of new regulatory frameworks, the demand for specialised legal knowledge and experience is only likely to increase.The legal sector is filled with global opportunities. If you are looking for a new role, considering your career and lifestyle options, or interested in career guidance from a specialist, get in touch with one of our legal consultants. Alternatively, if you are assessing your hiring strategy or looking to hire, you can learn more about our hiring solutions here.Sources:EJ Legal: Do You Fancy Living And Working As A Lawyer In The MiddleForbes: Why Business Leaders Should Be Looking To The Middle East And North Africa For Growth OpportunitiesICAEW: Middle East | Economic UpdateThe Global Legal Post: Guide to living and working as a lawyer in the Middle EastPWC: The potential impact of Artificial Intelligence in the Middle East

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General Insurance newsletter Friday 8th November 2024

Insurance NewsNegotiate yourself a pay rise - Take a look at our top tips to help you understand your value and successfully negotiate a pay rise. Practice your pitch, ensure the meeting is scheduled in advance, and approach the discussion calmly and professionally. If your employer can't offer a raise, negotiate for additional benefits. Regardless of the outcome, follow up with an email to confirm any agreements or future discussions. (IDEX Consulting news, 'Negotiate yourself a pay rise')Neurodiversity - how to be an inclusive employer - Employers can support neurodivergent individuals by adapting recruitment processes, offering work accommodations and fostering an inclusive work environment. Read our article to understand your legal responsibilities, how to prioritise inclusivity in your hiring process and the business benefits of embracing neurodiversity. (IDEX Consulting news, 'Neurodiversity - how to be an inclusive employer')Sustainability insights for insurers and brokers - Sustainability is becoming a critical factor for business success. Customers, employees and investors are increasingly prioritising companies that embrace sustainable practices. Our article highlights how having a sustainability strategy helps businesses to attract customers, clients and talent whilst improving operational efficiency and reducing costs. Gain competitive advantage with our key insights.(IDEX Consulting news, 'Sustainability Insights for insurers and brokers')The impact of climate change on insurers- Insurers are grappling with growing concerns around climate risks due to increased droughts, floods, and wildfires, leading to higher premiums and uninsurable areas. As underwriting models evolve, insurers need skilled talent to assess new risks, taking into consideration renewable technologies. Insurers who adapt proactively, invest in innovative products, and support climate risk prevention can gain competitive advantage. (IDEX Consulting news, 'The impact of climate change on insurers')Liberty Mutual Insurance reported strong third-quarter 2024 earnings, with net income rising to $892 million, up from $219 million in Q3 2023. The insurer saw significant year-over-year improvement across quarters, with net income of $1.535 billion in Q1 and $717 million in Q2, reversing losses from 2023. Its total combined ratio also improved to 96.7% from 102.6% last year. (Terry Gangcuangco, 8/11/2024, Insurance Business, 'Liberty Mutual Insurance earnings rise')Westfield Specialty International has received Lloyd’s approval for its 2025 syndicate business forecast, projecting £774 million in GWP—an 8% increase over 2024. Since its acquisition in February 2023, Syndicate 1200 has grown steadily, with Westfield targeting a 33% expansion by end-2025, focused on sustainable, profitable returns. (Terry Gangcuangco, 8/11/2024, Insurance Business, 'Westfield Specialty targets stronger GWP growth')Zurich Insurance Group reported strong financial growth for the nine months ending September 30, 2024, with all business segments contributing positively, including a rise in property & casualty insurance revenue from US$31.42 billion to US$33.26 billion, driven by higher revenues across all regions. (Terry Gangcuangco, 7/11/2024, Insurance Business, 'Zurich Insurance Group results – all businesses grow')Hiscox reported a 4.4% increase in insurance contract written premiums for the first nine months of 2024, driven by strong growth in its retail segment, particularly in the UK and Europe, with a 6% rise excluding the US broker business; the company expects continued momentum in Q4 supported by new distribution initiatives. (Kenneth Araullo, 7/11/2024, Insurance Business, 'Hiscox reports Q3 growth across Retail, UK, and Re & ILS segments')Seven insurance and financial planning firms achieved Chartered status from the Chartered Insurance Institute (CII) in September and October 2024: Augustine Limited, Avoca Wealth Management Ltd, Better Financial Planning, Park Insurance Ltd, Sedulo Wealth Management, SGM Financial Management Ltd, and Suttons Independent Financial Advisors Ltd. (Kenneth Araullo, 7/11/2024, Insurance Business, 'CII awards Chartered status to seven insurance, financial planning firms')International General Insurance Holdings (IGI) reported strong performance for Q3 2024, with higher net income driven by increased net premiums earned, a reduction in the change in fair value of derivative financial liabilities, and a positive shift in net foreign exchange gains. (Terry Gangcuangco, 7/11/2024, Insurance Business, 'IGI boosts net income in Q3 financials')Arch Capital Group reported strong Q3 2024 results, with net income rising to $978 million ($2.56 per share) and a 19% annualized return on equity, alongside growth in premiums and favourable loss reserve development. (Kenneth Araullo, 6/11/2024, Insurance Business, 'Arch Capital’s Q3 performance soars with US$978 million net income')Lancashire Holdings’ nine-month trading update showed a 9% rise in gross premiums to $1.7 billion, driven by new business in property and specialty reinsurance and growth in the US and Australian property insurance markets, with insurance segment premiums up 12.4% to $941.2 million and reinsurance premiums up 5.1% to $758.8 million. (Kenneth Araullo, 6/11/2024, Insurance Business, 'Lancashire sees premium growth, declares special dividend')Beazley’s nine-month update showed a 7% increase in insurance written premiums to $4.6 billion, a 15% rise in investment holdings to $11.4 billion, and an improved year-to-date investment return of 4.7%; cyber risks premiums grew 6% to $924 million, while the digital division rose 12% to $190 million, and MAP Risks declined 5% due to 2024 restructuring. (Kenneth Araullo, 6/11/2024, Insurance Business, 'Beazley sees growth in premiums, reports strong investment gains')Global insurtech funding is expected to reach $4.2 billion by year-end, with $3.2 billion invested in the first nine months, driven by Series B and C rounds for breakout-stage startups nearing pre-pandemic funding levels, according to 'The State of Global Insurtech' report by Dealroom.co, Mundi Ventures, and MAPFRE. (Terry Gangcuangco, 6/11/2024, Insurance Business, 'Global insurtech funding in 2024 on track to reach US$4.2 billion')Kova Professions has partnered with Hadron, a specialty insurance carrier, for a five-year underwriting arrangement facilitated by the Accelerant Risk Exchange, following Hadron's UK expansion and acquisition of Folgate Insurance. Hadron provides insurance capacity to SMEs and lower middle-market clients across monoline and packaged products. (Kenneth Araullo, 5/11/2024, Insurance Business, 'Kova partners with Hadron for five-year professional indemnity capacity')AIG reported a decline in net income attributable to common shareholders for the three months ended September 30, primarily due to reduced net income from discontinued operations following the deconsolidation of Corebridge. Meanwhile, the insurance group returned approximately $1.8 billion to shareholders through stock repurchases and dividends as part of its capital commitments. (Terry Gangcuangco, 5/11/2024, Insurance Business, 'AIG releases financials – Corebridge impact explained')CNA Financial reported Q3 2024 net income of $283 million ($1.04 per share), up from $258 million ($0.95 per share) last year. Core income was $293 million ($1.08 per share), slightly up from $289 million ($1.06 per share), with P&C segments contributing $346 million in core income, impacted by higher catastrophe losses and increased investment income. (Kenneth Araullo, 4/11/2024, Insurance Business, 'CNA Financial sees P&C premiums rise in Q3 results')SiriusPoint reported Q3 2024 net income of $5 million, impacted by its CMIG shareholder transaction, but underlying net income rose 69% to $89 million, driven by growth in underwriting and investment income. The core business posted a combined ratio of 88.5%, improving by four points from Q3 2023, with year-to-date combined ratio at 91.1%, supporting core underwriting income of $144 million. (Kenneth Araullo, 4/11/2024, Insurance Business, 'SiriusPoint achieves 10% premium growth, improved combined ratio in Q3')Mergers and AcquisitionsThe Clear Group has acquired niche schemes broker CoverMarque Ltd, a Hampshire-based specialist in temporary marquee insurance, which has grown by over 120% in the past four years; CoverMarque’s team, led by MD Nick Drew, will integrate with Clear’s retail division to support its growth ambitions. (Terry Gangcuangco, 7/11/2024, Insurance Business, 'CoverMarque comes under Clear Group umbrella')Steadfast Group has acquired London-based H.W. Wood and HWI France for £23.5 million, expanding its presence with over 75 staff across the UK, France, and Greece; the firm specialises in wholesale, retail, and reinsurance services, including marine, cargo, property, and fine art coverage. (Daniel Wood, 7/11/2024, Insurance Business, 'Steadfast expands footprint in UK, France and Greece')Enstar Group’s subsidiary, Cavello Bay Reinsurance, acquired a Bermuda-based Class 3B reinsurer with $66 million in equity, which previously underwrote property reinsurance for third-party investors; it will merge into Cavello Bay under an amended retrocession agreement. (Kenneth Araullo, 6/11/2024, Insurance Business, 'Enstar subsidiary Cavello Bay acquires Class 3B reinsurer in Bermuda')Seventeen Group expanded its UK presence by acquiring four insurance brokerages: UK & Global, integrating with James Hallam’s Chelmsford office; Brian Thompson Insurance Consultants (BTIC) in Newcastle, maintaining leadership under Brian Thompson; Nelsons in Kent, managed by Don and Susan Nelson; and Nairn in Scotland’s Highlands, led by Lynne McSherry as the sixth Scottish location for James Hallam. (Terry Gangcuangco, 6/11/2024, Insurance Business, 'Seventeen Group acquires four brokers')Swiss Re has agreed to sell iptiQ’s European property and casualty business to Allianz Direct as part of its strategy to exit iptiQ operations, transferring the risk carrier, iptiQ EMEA P&C SA, and over 100 employees across five European countries, along with distribution agreements. (Kenneth Araullo, 5/11/2024, Insurance Business, 'Swiss Re sells iptiQ's European P&C unit to Allianz Direct in strategic exit')Specialist Risk Group (SRG) has acquired NW Re, a specialist reinsurance firm focusing on property facultative and excess of loss insurance. The NW Re team will join SRG’s MX division to enhance its portfolio of specialist underwriting services, reinforcing SRG’s commitment to offering tailored solutions for brokers in the reinsurance market. (Kenneth Araullo, 5/11/2024, Insurance Business UK, 'SRG expands underwriting arm with NW Re acquisition')Aon has signed an agreement to acquire UK-based insurance broker Griffiths & Armour, which will become a wholly-owned subsidiary of Aon’s UK operations and trade as “Griffiths & Armour, an Aon company” following the transaction's expected completion in Q1 2025. Aon CEO Greg Case emphasized the acquisition's role in helping clients navigate growing uncertainty and volatility. (Terry Gangcuangco, 4/11/2024, Insurance Business, 'Aon agrees to buy Griffiths & Armour')MoversMarsh has appointed Alistair Fraser as International Corporate and Commercial Leader and Alistair Brighton as CEO of corporate and commercial UK, both effective Jan. 1, 2025. Fraser, who joined Marsh in 2007 and most recently led the UK corporate business and Marsh Commercial, will oversee global growth across key regions, reporting to CEO Flavio Piccolomini. Brighton, with Marsh since 2004 and currently UK Sales Leader, will focus on risk and insurance solutions for UK-based small and mid-market clients, reporting to Chris Lay, CEO of Marsh McLennan UK. (Jonalyn Cueto, 8/11/2024, Insurance Business, 'Marsh bolsters international focus with changes at the top')Crawford & Company has launched a renewable energy-focused loss adjusting and risk advisory unit within its Global Technical Services, staffed by an experienced team from Renewable Energy Loss Adjusters (RELA). Led by former RELA CEO Alan Tucker, the team includes Martin Dobson, who previously served as RELA’s technical director, now leading technical and UK operations, as well as Adjuster and Materials Specialist Ceyla Asker and US-based Adjuster and Engineer Donald McNelly. The unit will provide specialized support for international renewable energy projects like wind, solar, and geothermal. (Terry Gangcuangco, 8/11/2024, Insurance Business, 'Crawford & Company introduces renewable energy offering')Altea Insurance has appointed Holly Dixon as Senior Underwriter, reporting to CEO Carly Matson. Dixon brings over 13 years of experience, including senior roles at Corvelia Underwriting, Hiscox UK, and Omnyy LLP, specializing in medical malpractice and delegated authority business. (Jonalyn Cueto, 8/11/2024, Insurance Business, 'Altea expands with senior underwriter hire')Christy Chisholm, with over 20 years in the financial sector and recent experience as Commercial Lines Director at Premium Credit, has been appointed Group Sales and Marketing Director at The Clear Group and joined the group board. (Terry Gangcuangco, 6/11/2024, Insurance Business, 'Insurance hires: Clear Group, AEGIS London, Brace, FUW Insurance Services')AEGIS London expanded its board with the addition of two new Non-Executive Directors, Martin Bride and Andrew Gibbs. Bride – whose credentials include time spent at Beazley, Zurich, and Aviva– and Gibbs, with a background at Partner Re and Chubb, are expected to bring a wealth of experience and perspective to AEGIS London’s strategic goals. (Terry Gangcuangco, 6/11/2024, Insurance Business, 'Insurance hires: Clear Group, AEGIS London, Brace, FUW Insurance Services')Brace has appointed Richard Wheeler, formerly of Liberty Specialty Markets, as Senior Underwriter to enhance its international property portfolio and client engagement strategies. Wheeler will focus on strengthening Brace’s international property portfolio and client engagement strategies. (Terry Gangcuangco, 6/11/2024, Insurance Business, 'Insurance hires: Clear Group, AEGIS London, Brace, FUW Insurance Services')FUW Insurance Services, the largest agricultural insurance broker in Wales, appointed Karen Royles as its first female Executive Director. Royles, who began with FUW Insurance Services in 2015 as an Insurance Account Handler, will now serve as Operations and Sales Support Director. (Terry Gangcuangco, 6/11/2024, Insurance Business, 'Insurance hires: Clear Group, AEGISLondon, Brace, FUW Insurance Services')Miller has appointed Steve Jolley as Chief Information Officer (CIO), effective Dec. 2. Jolley brings over 30 years of experience, including recent roles as Group CIO at Tysers and CIO positions at Ardonagh Specialty, Price Forbes, and JLT Group (now part of Marsh & McLennan). (Kenneth Araullo, 5/11/2024, Insurance Business, 'Miller hires Steve Jolley as CIO to lead digital transformation')Lloyd’s has appointed Nathan Adams as Chief People Officer, effective early next year. Adams, with over 20 years of HR and transformation experience, joins from Aviva, where he was Chief People Officer at Aviva Investors, and succeeds Sara Gomez, who is retiring at year-end after joining Lloyd’s in 2021. (Kenneth Araullo, 5/11/2024, Insurance Business, 'Lloyd's names Nathan Adams as new chief people officer')Antares Global Management has restructured its underwriting operations into two main divisions—retail and commercial—following two years of reorganization and investment. The retail division, led by Pantelis Koulovasilopoulos, will focus on managing general agents, while the commercial division, headed by Mark Graham, integrates Syndicate 1274 and Antares Re, with the goal of enhancing underwriting coherence and capital allocation across the group. (Terry Gangcuangco, 5/11/2024, Insurance Business, 'Antares restructures underwriting operations')Chaucer Group has appointed Ivan Sit to lead its regional marine insurance operations through its Lloyd’s Singapore platform. With over 25 years of experience in insurance, reinsurance, and major brokerage firms, Sit will spearhead Chaucer’s new marine offering in the Asia-Pacific region. (Kenneth Araullo, 4/11/2024, Insurance Business, 'Chaucer appoints Ivan Sit to lead APAC marine division')Tokio Marine HCC has appointed Dan Browne as a Professional Indemnity (PI) Underwriter and Chloe Pitchford as a PI Development Underwriter. Browne, with six years of underwriting experience, will focus on business development in the London market, while Pitchford, with seven years of broking and underwriting experience, will manage and expand the PI portfolio from Manchester. (Kenneth Araullo, 4/11/2024, Insurance Business, 'TMHCC bolsters PI team with key appointments in London and Manchester')Aon has appointed Simon Clapham as Chief Underwriting Officer for Aon Underwriting Managers (AUM). Clapham, with extensive experience in underwriting and broking, including roles at Liberty Specialty Markets and Brit Insurance, will focus on portfolio underwriting to meet growing market demands. (Kenneth Araullo, 4/11/2024, Insurance Business, 'Aon Names Simon Clapham as Chief Underwriting Officer for AUM')All information provided in this market digest has been gathered from Insurance Business and IDEX Consulting.

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General Insurance newsletter Friday 1st November 2024

Insurance NewsIs gender parity a problem in the insurance profession? - Gender parity in the insurance profession is a critical issue, with women facing underrepresentation in leadership and barriers to advancement, resulting in pay gaps and limited senior roles. Addressing this requires organisations to implement proactive equity strategies and report on diversity targets as per FCA regulations. (IDEX Consulting news, 'Is gender parity a problem in the insurance profession?')Championing diverse perspectives - To foster a truly inclusive workplace, organisations must embrace diversity, equity, and inclusion (DE&I) by understanding cultural nuances and biases. Leaders should create safe spaces for open discussions, while employees are encouraged to engage in allyship and learn from diverse experiences. (IDEX Consulting news, 'Championing diverse perspectives')Insurance Broking market trends - The 2024 outlook for the insurance broking market indicates a shift towards embracing technology and innovation to enhance service delivery. Key trends include a focus on sustainability, regulatory changes, and evolving client expectations. Brokers are encouraged to leverage data analytics and digital tools to stay competitive and meet client needs effectively. (IDEX Consulting news, 'Insurance Broking market trends')Cyber risks: the impact on the US insurance market - Rising cyber risks are significantly impacting the U.S. insurance market, with many businesses under-insuredand unprepared for threats like ransomware and AI driven cyber attacks. The average global cost of a data breach now exceeds $9 million, prompting insurers to do all they can to quantify and price for better cyber protection. (IDEX Consulting news, 'Cyber risks: the impact on the US insurance market')Aon projects that hurricanes Helene and Milton, with combined insured losses of $34–$54 billion, are unlikely to harden the US commercial property re/insurance market due to robust market capitalization and prior rate adjustments. (Kenneth Araullo, 31/10/2024, Insurance Business, 'Aon forecasts stable US property re/insurance after hurricanes')Insurance Europe’s "Insurers’ Role in EU Cyber Resilience" highlights the rapid growth of the cyber insurance market, reaching $14 billion in 2023 according to Munich Re, yet stresses a significant underinsurance gap amid increasing cyber threats, with case studies illustrating resilience efforts across Europe. (Kenneth Araullo, 31/10/2024, Insurance Business, 'Insurers play key role in strengthening EU's cyber resilience')The Autumn Budget 2024 by Chancellor Rachel Reeves, titled “Fixing the Foundations to Deliver Change,” barely touches on insurance beyond a government commitment to report on contingent liabilities and support small businesses with export finance and insurance, raising limited implications for the UK insurance industry. (Terry Gangcuangco, 31/10/2024, Insurance Business, 'Insurance industry points out what's lacking in Autumn Budget 2024')AXA’s interim report for the first nine months of 2024 shows a 7% revenue growth across all segments and geographies, with CFO Alban de Mailly Nesle highlighting the strong execution of AXA’s growth agenda. (Terry Gangcuangco, 31/10/2024, Insurance Business, 'AXA interim 2024 results – all segments improve')Markel Group’s Q3 2024 results reveal a significant rise in operating income, with $109.58 million from insurance, $69.22 million from other operations, and a $33.53 million loss in reinsurance. (Terry Gangcuangco, 31/10/2024, Insurance Business, 'Markel Group takes huge leap in quarterly earnings')McLarens has formed strategic alliances with JW Loss Adjusting in Sweden and MCL Nordic in Denmark, enhancing local expertise in complex loss adjusting across Scandinavia; JW Loss Adjusting CEO Fredrik Jönsson highlighted the formalized partnership as a step forward for both regional and international growth. (Terry Gangcuangco, 31/10/2024, Insurance Business, 'McLarens expands Scandinavian footprint')Allianz Trade’s Surety Green2Green solution supports low-carbon and renewable energy projects by securing project completion with surety bonds and reinvesting premiums into certified green bonds, aligning with its sustainability goals. (Roxanne Libatique, 30/10/2024, Insurance Business, 'Allianz Trade fuels low-carbon projects with green bond support')Gallagher Re's second Cyber Loss Trend Survey reveals insights on cyber risk evolution, highlighting insurer challenges in adapting policies and underwriting as cyber threats grow; despite recent declines in cyber insurance rates, there are concerns about re/insurer performance if threats persist or escalate. (Kenneth Araullo, 30/10/2024, Insurance Business, 'Cyber claims increase as Gallagher Re warns of complex settlement challenges')IQUW has partnered with AI-driven platform mea to enhance underwriting productivity by streamlining and automating processes, aligning with efforts to improve the broker experience. (Kenneth Araullo, 30/10/2024, Insurance Business, 'IQUW partners with mea for AI-enhanced re/insurance underwriting efficiency')The Hartford has partnered with Coalition in a long-term capacity agreement to support the growing demand for Coalition's active cyber insurance in the UK, with The Hartford assuming a quota share of the UK cyber program, aligning with its strategy to expand internationally. (Kenneth Araullo, 30/10/2024, Insurance Business, 'The Hartford, Coalition form partnership to expand cyber insurance in UK')Chubb's Q3 2024 financial results show increases in net income and core operating income, with CEO Evan G. Greenberg noting a 14.3% rise in core operating income and a 15.6% increase in earnings per share, driven by strong P&C underwriting and investment income growth. (Terry Gangcuangco, 30/10/2024, Insurance Business, 'How did Chubb fare in Q3?')WTW has launched ResQ Machine-led Reserving, a technology designed to enhance precision and efficiency in property and casualty reserving for insurers and reinsurers; Tina Gwilliam, WTW's Global Proposition Leader for reserving, emphasized its ability to deliver faster, more precise results, enabling teams to focus on critical insights for broader business needs. (Kenneth Araullo, 29/10/2024, Insurance Business, 'WTW launches ResQ Machine-led Reserving to boost P&C re/insurance')UK-based insurtech Broker Insights has expanded into the US market, launching its Vision platform to enhance broker connectivity and data utilisation across all 50 states, tailored to the American market after extensive research and analysis of nearly $1 billion in gross written premium; founded in 2018 by former Aviva Executives Fraser Edmond and Iain Crole, the company is backed by Mercia Ventures and Chroma Ventures. (Terry Gangcuangco, 29/10/2024, Insurance Business, 'Broker Insights expands into the US')Rokstone has doubled its directors’ and officers’ (D&O) line size from £5 million to £10 million, sourcing the increase entirely from Lloyd’s Syndicates to strengthen its presence in the competitive D&O market amid rising risk exposures and coverage imbalances. (Kenneth Araullo, 28/10/2024, Insurance Business, 'Rokstone increases D&O line to £10 million, backed by Lloyd’s Syndicates')Aon's financial results for Q3 2024 show an increase in revenue, primarily from its commercial risk solutions unit, which contributed $1.85 billion; overall revenue included $870 million from health solutions, $503 million from reinsurance solutions, and $499 million from wealth solutions, with all four segments reporting revenue growth, though net income attributable to shareholders decreased. (Terry Gangcuangco, 28/10/2024, Insurance Business, 'Aon unveils mixed bag of quarterly results')Mergers and AcquisitionsClear Group has announced its largest retail broker acquisition to date by purchasing A-One Insurance Group, integrating its seven offices and over 150 employees. A-One, a top 75 UK broker with premiums exceeding £50 million, specializes in various insurance sectors and will bolster Clear's regional presence under managing director Ian Penfold. The acquisition also includes A-One's nine appointed representatives and their teams.(Jonalyn Cueto, 1/11/2024, Insurance Business, 'Clear Group announces its largest retail broker acquisition to date')Ardonagh Advisory has agreed to acquire Rowett Insurance Broking Limited, enhancing its presence in Southwest England and expanding its agricultural insurance capabilities. The acquisition integrates Rowett’s commercial and personal insurance operations in St Austell and Plymouth, along with its specialist agricultural subsidiary, AGRi Insurance Facilities Ltd. Founder Glyn Rowett will continue to lead the business, ensuring continuity for clients and staff. (Jonalyn Cueto, 1/11/2024, Insurance Business, 'Southwest broker Rowett joins Ardonagh')Aviva Plc and Allianz SE, along with Sampo Oyj and Ageas, are reportedly considering bids for UK insurer esure Group Plc, which Bain Capital may value at around £1.5 billion ($1.9 billion), targeting firms with UK operations that could benefit from synergies with esure. (Kenneth Araullo, 31/10/2024, Insurance Business, 'Aviva, Allianz eye esure acquisition in potential £1.5 billion deal - report')Specialist Risk Group (SRG) has acquired Stonehatch, a broker specializing in bloodstock and livestock insurance, enhancing SRG’s equine division and expanding its niche offerings while retaining Stonehatch’s founder Chris Williamson and his team in leadership roles. (Kenneth Araullo, 30/10/2024, Insurance Business, 'Specialist Risk Group acquires Stonehatch to expand equine insurance')Arthur J. Gallagher & Co. has acquired Redington Ltd, an investment consulting firm in London that specialises in investment consulting, research, and technology solutions for pension funds and institutional investors; following the acquisition, Redington's team, led by CEO Sylvia Pozezanac, will continue operations under Gallagher UK’s employee benefits and HR consulting division, headed by David Piltz. (Terry Gangcuangco, 28/10/2024, Insurance Business, 'Gallagher swoops for Redington')The Clear Group has acquired Vision Insurance Services, a Surrey-based firm known for managing £10 million in gross written premium and serving a diverse clientele; founded in 2010, Vision has strengthened its market position through broker acquisitions and will see Managing Director David MacKinnon, Finance Director Claire MacKinnon, and their 17-member team integrate into Clear as part of the company’s expansion in South East England. (Terry Gangcuangco, 28/10/2024, Insurance Business, 'Clear Group expands further with Vision Insurance Services swoop')MoversRipe has appointed David Rowntree as Chief Underwriting Officer, bringing over 20 years of experience from senior roles at Zurich, RSA, Legal & General, and Swiss Re, most recently leading property and SME at Wakam in the UK and Europe. (Terry Gangcuangco, 30/10/2024, Insurance Business, 'Insurance hires: Ripe, Fenchurch Law, Optio Group')Fenchurch Law has strengthened its team with two new hires: Chris Ives as a Partner in Leeds, bringing over 20 years of experience in complex, high-value claims from roles at Eversheds Sutherland, DAC Beachcroft, and Addleshaw Goddard, and Pawinder Manak as a Trainee Solicitor in London, leveraging her background from University College London and diverse legal internships to assist clients with coverage disputes. (Terry Gangcuangco, 30/10/2024, Insurance Business, 'Insurance hires: Ripe, Fenchurch Law, Optio Group')Optio has appointed Joanna Eilts as its first Head of Legal, bringing extensive expertise in M&A transactions and corporate counsel from her previous role as a Senior Private-Equity Lawyer at Goodwin Procter. (Terry Gangcuangco, 30/10/2024, Insurance Business, 'Insurance hires: Ripe, Fenchurch Law, Optio Group')Price Forbes Bermuda has promoted Carrie Kelley to Chief Executive Officer, overseeing all operations and reporting to Chris Bonard, CEO of Ardonagh Specialty (Bermuda) Ltd. With over 20 years in insurance, Kelley has experience in broking and underwriting across Bermuda and the US, previously holding senior roles at Barbican Underwriting, Bowring Marsh, Guy Carpenter, and Marsh USA. (Kenneth Araullo, 29/10/2024, Insurance Business, 'Carrie Kelley promoted to CEO of Price Forbes Bermuda')Tysers has appointed Babita Rai as CEO of Tysers Singapore and William Furness-Smith as Head of Marine for the APAC region; Rai, who joined Tysers in 2023 as Managing Director overseeing reinsurance operations, will focus on expanding core business and client relationships in APAC, leveraging over 20 years of experience from firms including JB Boda, UIB Asia Reinsurance Brokers, and Guy Carpenter, while Furness-Smith, with over 15 years of marine broking expertise specializing in complex hull and cargo risks, previously held positions at Marsh & McLennan and Dry Cargo Shipbroker before joining Tysers in 2015. (Kenneth Araullo, 29/10/2024, Insurance Business, 'Tysers appoints Babita Rai and William Furness-Smith in APAC expansion')Nicola Stacey, Chief Underwriting Officer at Chaucer and current Deputy President of the Chartered Insurance Institute (CII), has been appointed the next CII President, effective January 1, 2025; she brings over 30 years of re/insurance experience, including senior roles at Swiss Re and GE Insurance Solutions, and is responsible for developing Chaucer’s underwriting strategy with a focus on portfolio expansion. (Kenneth Araullo, 29/10/2024, Insurance Business, 'Chaucer's Nicola Stacey tapped to lead CII')Accredited Insurance Holdings has appointed Barbara Bufkin and Patricia Roufca as Non-Executive Directors to its group board; Bufkin brings extensive experience from executive roles in reinsurance and specialty insurance at firms like Guy Carpenter, Swiss Re, Hamilton Insurance Group, and Argo Limited, while Roufca, former UK CEO of Fidelis Underwriting, held key roles in legal and strategic execution, and was group COO at Fidelis Insurance Holdings, having also served as group Head of Legal at Aspen Insurance. (Kenneth Araullo, 29/10/2024, Insurance Business, 'Accredited Insurance appoints Bufkin and Roufca to board')Aon has announced the retirement of Jeff Poliseno after a 30-year career in aerospace broking and risk management, during which he served as CEO of the global space team since 2008 and helped establish Aon’s space capabilities; Jared Ball, with over 20 years of aerospace experience and previously Chief Technical Officer of Aon’s global space team, will succeed him as the Global Practice Leader. (Kenneth Araullo, 28/10/2024, Insurance Business, 'Aon's Jeff Poliseno retires after 30 years in aerospace broking')All information provided in this market digest has been gathered from Insurance Business and IDEX Consulting.

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Financial Services newsletter Friday 1st November 2024

Financial Services NewsWill AI change the role of a Paraplanner? - AI is steadily impacting paraplanning tasks by automating repetitive activities like compliance checks, allowing paraplanners to focus on strategic client support and financial planning. This shift lets paraplanners delve into specialised areas, helping them become strategic partners rather than data processors. But how do the majority view AI and what are the risks? (IDEX Consulting news, 'Will AI change the role of a Paraplanner?')Flexible Working Bill: what you need to know - The UK's Flexible Working Bill allows employees to request flexible working from day one, with employers required to respond within two months and consult if declining. The law aims to improve work-life balance, offering employees more control over their schedules, which is expected to enhance productivity and job satisfaction across various sectors. (IDEX Consulting news, 'Flexible Working Bill: what you need to know')What to consider before accepting a counter-offer - Before accepting a counteroffer, consider the long-term implications. While it may offer higher pay or better benefits it might not solve the original reason for your dissatisfaction. Accepting could also impact your relationship with your employer, as they may question your loyalty. Compare your current position against new opportunities to ensure alignment with your career goals. (IDEX Consulting news, 'What to consider before accepting a counter-offer')Wealth Management market outlook - The 2024 Wealth Management market outlook highlights challenges and opportunities in the industry, including adapting to regulatory changes, client demand for personalisation, and the growing role of technology and sustainable investing. Firms are focusing on enhancing client experiences through digital tools and expanding ESG-focused portfolios. This environment may drive a shift towards more specialised advice and strategies tailored to individual investor goals, balancing innovation with client trust. (IDEX Consulting news, 'Wealth Management market outlook')In April, Employers' National Insurance will rise from 13.8% to 15%, while Employee contributions remain unchanged, as part of Chancellor Rachel Reeves' Budget plan to increase taxes by £40bn to address government deficits and fund compensation for Post Office and tainted blood victims. (Financial Planning Today, 30/10/2024, 'Budget: Employers' NI rises as tax take grows')Quilter reported core net inflows of £1,507m for Q3, marking a 5% increase in opening AUMA, with total client assets reaching £116.2bn; the high-net-worth segment saw a turnaround with £284m net inflows, compared to £116m in outflows in Q3 2023, and gross flows rose to £817m from previous quarters. (Financial Planning Today, 16/10/2024, 'Quilter sees 63% rise in net inflows for Q3')Evelyn Partners’ AUM/A rose 13% year-on-year to a record £62.7bn as of 30 September, despite Q3 net inflows dropping to £0.2bn due to £353m in outflows from closing its legacy execution-only service, impacting only this quarter; total gross outflows were £1.7bn. (Financial Planning Today, 23/10/2024, 'Evelyn Partners closes legacy execution-only arm')Chancellor Rachel Reeves confirmed the CPI inflation target will remain at 2% amid a £40bn tax rise Budget aimed at economic stability. She pledged not to borrow for daily spending and noted that recent lower fuel and transport costs reduced CPI inflation to 1.7% in September, down from 2.2% in August. (Financial Planning Today, 30/10/2024, 'Budget: Inflation target to remain at 2%')A survey by AJ Bell found nearly all of 131 financial advisers reported a surge in client inquiries on pensions and wealth management, driven by concerns over potential tax hikes in Chancellor Rachel Reeves' upcoming Budget on 30 October. (Financial Planning Today, 21/10/2024, 'Advisers see surge in enquiries due to Budget jitters')Schroders and Phoenix Group launched Future Growth Capital, a private markets manager led by Paul Forshaw as CEO, with James Harvey as CFO, Mike Chappell heading origination, and Ped Phrompechrut as CIO; the firm aims to support the Mansion House compact's goal of directing 5% of UK pension funds into private assets by 2030. (Selin Bucak, 2/10/2024, Citywire Wealth Manager, 'Schroders reveals leadership lineup for new private markets business')Veteran fund managers Henry Francklin and Charles Empson departed Brown Advisory and Polar Capital in August to launch Hermod Capital, a third-party distribution firm, opening their London office in September. They partnered with Circulus, a Swedish small- and micro-cap team operating under the Coeli funds umbrella. Circulus' fund managers—Christofer Halldin, Simon Park, and Joakim By—joined from Handelsbanken in 2022, bringing a robust track record, including a 113% return on the Handelsbanken US Small Cap fund over five years, outperforming the index’s 75% gain. (Dylan Lobo, 3/10/2024, Citywire Wealth Manager, 'Brown Advisory and Polar Capital sales veterans form new business')Tatton Asset Management, the UK’s largest managed portfolio service (MPS) provider, is nearing £20bn in total assets after reporting £1.8bn in net inflows for the six months ending September, significantly up from £910m in the same period last year. Total group assets surpassed £19.9bn, bolstered by over £0.5bn in market gains and £1bn from assets managed by 8AM, in which Tatton has a stake. (Jeremy Gordon, 15/10/2024, Citywire Wealth Manager, 'Tatton reports record inflows as AUM nears £20bn')A new poll reveals that 53% of IFAs doubt the Labour Government's economic competency, with only 10% believing it is better for business than the Conservatives. Almost half (47%) feel the government doesn't prioritize the nation's best interests, highlighting concerns about Labour's economic management ahead of Chancellor Rachel Reeves' Budget announcement. (Financial Planning Today, 30/10/2024, 'More than 1 in 2 IFAs question Labour competency')A majority of Hargreaves Lansdown (HL) shareholders voted in favour of the £5.4bn acquisition, clearing a key hurdle for the expected takeover by a private equity consortium, including Abu Dhabi’s sovereign wealth fund. The vote revealed significant investor dissent, with 71.3% of shareholders supporting the deal and 86.7% of shares by value in favour. (Jeremy Gordon, 15/10/2024, Citywire Wealth Manager, 'Shareholders approve Hargreaves Lansdown takeover')St James’s Place (SJP) partners have previewed a new tiered charging structure set to launch in the second half of 2025. Clients will pay a fee based on their investment size, with an initial advice charge to SJP that will allocate a portion to the partner. The changes, announced last October in response to the consumer duty, will also eliminate exit fees, reduce product charges, and unbundle fees for various services. (Jack Gilbert, 17/10/2024, Citywire Wealth Manager, 'SJP reveals first details of new advice fee model')Moneybox, backed by Fidelity fund manager Anthony Bolton, has secured £70m in new investment, marking the second-largest minority wealth tech investment in the UK for 2024. The round was led by Apis Global Growth Fund III, with support from Amundi, joining existing investors like Fidelity International Strategic Ventures and Oxford Capital to help accelerate the company’s growth. (Dylan Lobo, 23/10/2024, Citywire Wealth Manager, 'Duo pour £70m into digital wealth firm backed by Fidelity legend Bolton')Former Ruffer Business Development Director Toby Barklem has launched Minos Wealth Planning (MWP), a London-based financial planning firm incorporated on 24 July and recently approved by the FCA. MWP is an appointed representative of the New Leaf Distribution network, which comprises over 250 advisers. (Dylan Lobo, 25/10/2024, Citywire Wealth Manager, 'Ex-Ruffer business development director launches new firm')Wealth manager St James’s Place reported a record £184.4bn in assets under management as of 30 September, up from £158.6bn in Q3 2023, despite net inflows dropping to £0.89bn, a 35% decrease quarter-on-quarter and 2% year-on-year. Gross inflows rose 20% year-on-year to £4.4bn, attributed to increased client engagement ahead of the Autumn Budget, although this figure was slightly lower than £4.56bn in the previous quarter. Year-to-date client retention remained stable at 94.6%. (Financial Planning Today, 17/10/2024, 'SJP hits assets record despite drop in net flows')Mergers and AcquisitionsCBPE Capital LLP has made a strategic investment in Bristol-based wealth and pensions manager Clifton Asset Management to accelerate its acquisition program. The investment, which involves collaboration with Clifton’s management team, including CEO Neil Greenaway, will support both organic growth and strategic acquisitions. The deal is pending regulatory approval. (Financial Planning Today, 31/10/2024, 'Private equity firm invests in £1.8bn AUM Bristol Planner')Financial Planning-focused national adviser Foster Denovo has acquired East Midlands firm 80Twenty, marking its fifth acquisition in the past year and adding £500m in AUM/A, a 13th UK office, and its first base in the East Midlands. The acquisition price was not disclosed. Four advisers—Neil Welbury, Jackie Worby, David Catterall, and Stuart Annable—along with six support staff, will join Foster Denovo, which will now serve about 120 private clients, including several high-profile corporate clients. (Financial Planning Today, 29/10/2024, 'Foster Denovo acquires £500m AUM/A Midland adviser firm')WTW has acquired an undisclosed minority stake in private equity-backed Atomos, enhancing its growth strategy following a strategic alliance formed in 2022. Mark Calnan, head of Investments for Europe at WTW, noted that this investment extends their capabilities to a wider audience. With this stake, WTW aims to provide additional capital to support Atomos, which manages £7bn in assets. Atomos was previously Sanlam UK Wealth until rebranding after its acquisition by Oaktree in 2021. (Dylan Lobo, 3/10/2024, Citywire Wealth Manager, 'WTW acquires stake in PE-backed Atomos')Cazenove Capital has acquired London-based family office Whitley Asset Management (WAM), with founder Edward Whitley and his 10-member team joining Cazenove, while Co-Founder Louise Rettie retires; the deal's value was not disclosed. (Dylan Lobo, 7/10/2024, Citywire Wealth Manager, 'Exclusive: Cazenove Capital buys £1.5bn London family office')Brooks Macdonald is expanding its financial planning services with a £45m acquisition of Lift, paying £30m at completion and an additional £15m contingent on client retention and Ebitda targets; the deal, including Lift Financial Group and Lift-Invest, is expected to finalize by the end of March, after which the Lift team will join Brooks. (Dylan Lobo, 8/10/2024, Citywire Wealth Manager, 'Brooks Macdonald strikes £45m deal for £1.6bn advice business')Söderberg & Partners has expanded its investment portfolio by acquiring minority stakes in four more UK advice businesses, bringing its total to over 20 firms. The investments include Nottingham-based George Square, with £400m in assets under management (AUM); Cheltenham IFA, with £290m AUM; London-based Bluezone Capital, with £190m AUM; and nationwide firm Alexander Bates Campbell, which also operates a European private client subsidiary. (Julian Bovill, 21/10/2024, Citywire Wealth Manager, 'Nordic wealth manager buys stakes in four more UK firms')Investment consultancy Redington has been acquired by Arthur J Gallagher & Co for an undisclosed sum, with CEO Sylvia Pozezanac and her team remaining in place, while Gallagher, a global insurance brokerage with a market cap of $63bn (£48.56bn), oversees Redington's operations amidst SJP's reduced use of external consultants. (John Schaffer, 25/10/2024, Citywire Wealth Manager, 'Redington sold to insurance giant Gallagher')Titan Wealth has agreed to acquire Ravenscroft Investments Limited, a Channel Islands wealth manager with £7.9bn in AUM, for an undisclosed sum, subject to shareholder and regulatory approval; Ravenscroft will rebrand as Titan Wealth International next year, while its corporate finance and property management divisions will remain separate, with Founder Jon Ravenscroft continuing as a significant shareholder. (Financial Planning Today, 24/10/2024, 'Titan Wealth buys £7.9bn AUM Channel Islands firm')Fast-growing Financial Planning group Perspective has completed four new acquisitions—Clayden Financial Planning in Ipswich, PW White & Partners in Amersham, Constellation Financial Solutions in Darlington, and a longstanding self-employed adviser in Newcastle upon Tyne—bringing its total to 15 this year, adding £350m in assets under advice, 940 households as clients, and two new offices, raising its total to 41 offices; the group has now made 93 acquisitions overall. (Financial Planning Today, 16/10/2024, 'Perspective makes 4 acquisitions')Financial Planning firm Ascot Lloyd has acquired Scottish adviser Create and Prosper Financial Services for an undisclosed amount, adding £254m in assets under administration; Ascot Lloyd's Acquisitions Director, Gordon Kerr, highlighted that the deal enhances their national footprint and aligns with their ongoing M&A strategy to identify high-quality businesses that fit their culture and values. (Financial Planning Today, 14/10/2024, 'Ascot Lloyd acquires £254m AUA adviser')MoversBrooks Macdonald COO and CTO Caroline Abbondanza, who joined from FNZ in 2019, left the firm in August. She became COO in early 2023 after Lynsey Cross's departure, one of three senior exits at the time. Brooks declined to comment. (Dylan Lobo, 31/10/2024, Citywire Wealth Manager, 'Revealed: Brooks Macdonald operating chief exits')Anna Macdonald has joined Aubrey Capital Management as an Investment Manager, following roles at Amati Global Investors, where she co-managed the UK Listed Smaller Companies fund, and a brief position at Sustineri Global Investment. She previously served as an Executive Director at Adam & Co and is a frequent BBC radio contributor. (John Schaffer, 4/10/2024, Citywire Wealth Manager, 'Anna Macdonald resurfaces at Aubrey Capital')Carolyn Bell, with 16 years of experience, has joined Stonehage Fleming as Deputy Manager of the £2bn Global Best Ideas (GBI) Equity strategy, supporting Gerrit Smit. Previously at Aegon, she managed US, global equities, and tech strategies, following five years as an Investment Analyst at Baillie Gifford. (Sophie Downes, 8/10/2024, Citywire Wealth Manager, 'Stonehage Fleming adds new signing to £3.8bn strategy')Wealth manager Brown Shipley has hired Robbie Hewitt as a Wealth Planner for its Edinburgh office; Hewitt, with over 10 years of financial services experience, joins from JKFS and previously worked as a Mortgage Adviser at the Royal Bank of Scotland. (Financial Planning Today, 29/10/2024, 'Brown Shipley hires new planner for Edinburgh')True Potential has appointed Gerry Mallon, currently Head of Tesco Bank, as CEO starting in early 2025, following Daniel Harrison's announcement of his departure; in the interim, True Potential’s Chief Investment Officer Jeff Casson will serve as CEO until Mallon assumes the role, bringing experience from his six years at Tesco and previous leadership at Ulster Bank Ireland. (Julian Bovill, 7/10/2024, Citywire Wealth Manager, 'True Potential announces Tesco Bank chief as new CEO')Amanda Tovey has been appointed Head of Avellemy Private Wealth (APW) as it integrates with Whitechurch Securities, following FCA approval for Ascot Lloyd's acquisition of Whitechurch; Tovey will maintain her role as Head of SRI at Whitechurch and acting Head of APW until she transitions to the full-time position next year, having joined Whitechurch in 2012 after working as a Portfolio Manager at Barclays Wealth. (Natalia Vasnier, 7/10/2024, Citywire Wealth Manager, 'Revealed: Avellemy picks wealth head after Whitechurch deal')Martin Blank, Head of Manager Research at Schroders, will step down this month after over 20 years with the firm, having joined as a graduate analyst in 2001 and progressing to oversee a 10-member team responsible for billions in assets invested with external managers. (Joseph Eden, 9/10/2024, Citywire Wealth Manager, 'Schroders veteran head of manager research to exit')Titan Wealth has appointed Matt Hodey from PwC as Senior Risk Adviser amid an ongoing legal dispute with Tavistock; Hodey previously served as a Compliance and Risk Director at PwC and was a Director of Risk and Controls at Prudential. (Zachariah Sharif, 11/10/2024, Citywire Wealth Manager, 'Titan hires PwC risk director as Tavistock row rumbles on')Private equity-backed Attivo has appointed Jo French, former Schroders Director, as its first CEO, aiming to re-enter the discretionary fund manager (DFM) space; she will oversee the investment operations team and the firm's investment platform strategy. French previously served as COO at Benchmark Capital and held adviser sales roles at Sipp provider Hornbuckle before joining Schroders in 2022. (Victoria Bell, 14/10/2024, Citywire Wealth Manager, 'Attivo hires ex-Schroders director as CEO with eye on DFM launch')Royal London has appointed Iain McLeod as Director of Investment Proposition. He previously served as Head of Investment Proposition at M&G Wealth until June 2023. Before that, McLeod spent over 35 years at Abrdn and Standard Life in various investment roles, including Global Head of Multi-Manager Investment Specialists at Abrdn and Head of Investment Proposition at Standard Life from 2005 to 2011. (Nicola Blackburn, 16/10/2024, Citywire Wealth Manager, 'Royal London hires M&G Wealth’s investment boss')Fidelity International has hired Ravin Seeneevassen, reuniting him with former Allianz Global Investors colleague Mike Riddell, who joined Fidelity in July. Seeneevassen will start in London next month, bringing 17 years of experience, including his previous role as Lead Manager on the Allianz Fixed Income Macro strategy and supporting Riddell on several funds. (Jeremy Gordon, 17/10/2024, Citywire Wealth Manager, 'Exclusive: Fidelity adds Mike Riddell’s old Allianz colleague to bond team')Titanbay has appointed Michael Gruener, formerly Managing Director of strategic clients EMEA at BlackRock, as Co-CEO, joining existing CEO Ossama Soliman. With over 20 years of wealth management experience, Gruener previously worked at Goldman Sachs for nine years, reaching the Executive Director level before joining BlackRock in 2012. (Sophie Downes, 23/10/2024, Citywire Wealth Manager, 'Exclusive: Titanbay hires BlackRock veteran for CEO post')LGT Wealth Management has appointed Phoebe Stone as Chief Sustainability Officer in the UK to enhance its green credentials with potential clients. Stone has been managing the firm's sustainable investment proposition since its launch in 2018. (Natalia Vasnier, 24/10/2024, Citywire Wealth Manager, 'LGT Wealth Management makes new green push with Stone’s promotion')Sandra Dailidyte has joined Cazenove Capital as a Portfolio Manager in a newly created Scottish role, moving from her position as an Investment Director at Brown Shipley, where she spent over five years. Cazenove Capital aims to strengthen its commitment to the Scottish entrepreneur community with this appointment. Previously, Dailidyte held roles at Seven Investment Management and Standard Life as a Private Client Manager and Proposition Development Analyst. (Sophie Downes, 24/10/2024, Citywire Wealth Manager, 'Brown Shipley director exits for new Cazenove Capital Scotland role')Anders Lindegaard, who won the Premier League trophy with Manchester United in 2013, has transitioned from football to finance as a Business Development Specialist at UBS. The former goalkeeper, signed for £3.5m by Sir Alex Ferguson in 2010, will focus on providing wealth management services to top athletes and enhancing UBS's understanding of their needs. (Zachariaf Sharif, 25/10/2024, Citywire Wealth Manager, 'From Man Utd to UBS: Fergie’s £3.5m title winner starts new job')Wren InvestmentOffice has expanded its team with four new hires, including Jo Robinson as Client Relationship Director. Robinson brings 20 years of experience with ultra-high-net-worth clients, having previously worked at Kleinwort Benson and Barclays Private Bank. Alongside her, Vladislava Cusnir joins as Client Reporting Associate, Tiwalola Obadeyi as Client Relationship Assistant, and Savan Shah as Operational Associate, all contributing to Wren's focus on sustainable growth. (Natalia Vasnier, 28/10/2024, Citywire Wealth Manager, 'Wren Investment Office hires former Barclays banker for endowment push')BHP has expanded its financial advice business by adding Jonathan Lecomber as a Senior Financial Planner from Succession Wealth, bringing over 10 years of experience. Additionally, Tim Clasper has been promoted to the senior management team after completing the PDW Management Academy, having worked at BHP Financial Planning since 2019. (Financial Planning Today, 17/10/2024, 'Accountancy firm adds senior Planner in growth push')Hoxton Wealth has welcomed Dewi Evans, an experienced Financial Planner, to its Dubai team. An associate member of the CISI, Evans has over seven years of financial planning experience, with the last six dedicated to providing wealth advice in Dubai. (Financial Planning Today, 14/10/2024, 'Hoxton Wealth adds Financial Planner to UAE team')AJ Bell has strengthened its executive committee with the appointments of Ryan Hughes and Stephen Westgate. Hughes, who has been with AJ Bell since 2016, has been named Managing Director of AJ Bell Investments after serving as Interim Managing Director since late 2023. Westgate joins as Group Corporate Development Director, previously holding the position of Managing Director and Head of Financial Institutions at Deutsche Numis. (Financial Planning Today, 10/10/2024, 'AJ Bell hires 2 for leadership team')All information provided in this market digest has been gathered from Citywire Wealth Manager, Financial Planning Today, and IDEX Consulting.

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