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Risk and compliance talent market: Insights for employers and job seekers

As businesses face increasingly complex regulatory landscapes and emerging risks, the risk and compliance sector continues to evolve rapidly. We sat down with Jack Johnson, Business Director for IDEX Consulting’s Risk and Compliance division to discuss current market trends, employer challenges, and strategies for attracting top talent in this competitive field.The evolving global risk and compliance landscapeThe global risk and compliance market has experienced unprecedented growth in recent years. According to Fortune Business Insights the global market is projected to hit $75.24 billion by 2028, with a compound annual growth rate (CAGR) of 14% (Fortune Business Insights: Enterprise Governance, Risk & Compliance market trends). This expansion reflects the increasingly complex regulatory environment facing businesses worldwide, driven by technological disruption, geopolitical tensions, and evolving regulatory frameworks.In the UK specifically, the risk and compliance sector has seen robust growth, with the market valued at over £8 billion in 2023 and expected to reach over £13billion by 2028. Economic forecasts predict market projections to grow at a compound annual growth rate (CAGR) of 12.1% from 2024 to 2030. The business impact of compliance failures has never been more severe. Research shows that companies who experience compliance breaches often see a drop in their market value. In a report by Chubb, leading insurance provider, “74% of executives at large companies [cited] cybersecurity as the top risk to growth, with 40% reporting that cyber breaches and data leaks have been the most disruptive and financially burdensome man-made threats” (Chubb: Chubb report reveals cybersecurity as leading risk threatening business growth). Market trends "The Risk and Compliance market is now seen very much as a value-add service and critical for businesses to achieve their growth targets," says Jack. "The days of viewing risk and compliance as a mere tick-box exercise are long gone, and the barrier to entry is far greater than ever before."This shift has influenced hiring patterns, with organisations prioritising quality over quantity and seeking commercially minded professionals with modern approaches. "Clients are looking for professionals who can bring strategic insights alongside technical expertise," Jack adds. Recent market dynamics have created specific talent demands across specific sectors. "We've seen significant M&A activity across insurance and financial services, which has increased the need for professionals with M&A experience, whether in due diligence or integration.”Several risk areas continue to dominate the compliance landscape:" Climate risk, ESG, and data privacy remain critical concerns. Professionals experienced in implementing controls and frameworks for these risk events are always well received. This is particularly true of Consumer Duty, where employers are looking for people with specific knowledge and expertise of changing regulations and requirements.”Talking of future trends, Jack emphasises how technology will unsurprisingly continue to reshape the sector. "The biggest trend and expectation throughout 2025 will continue to be automation and AI. Clients are seeking greater results in quicker, more cost-effective ways—whether that's real-time monitoring, improving customer outcomes, or increasing efficiencies in new business. If you're not demonstrating interest and understanding of automation and AI, you'll be left behind."What should employers prepare for?When asked what employers should anticipate for the remainder of the year, the war for talent remains a key challenge with Jack highlighting that the best candidates will likely be considering two or three job options simultaneously. This competitive landscape places increasing demands on hiring processes. "Your processes must be super slick to attract the best people, and your proposition and offers need to back up your interview style. Be prepared that candidates will no longer accept substandard interview processes, and the reputational risk far outweighs the time it takes to run a good process."Jack’s five tips for attracting top talent For organisations looking to secure the best risk and compliance professionals, our Jack offers five strategic recommendations:Ensure your recruitment process is slick - Improve your recruitment processes and time to hire. Work collaboratively with agencies and ensure your hiring managers are engaged and committed to hiring.Make decisions quickly - Don't sleep on speculative talent. The value a strong candidate can offer is better than waiting months for approval. If you see someone you like, push to make it happen.Strengthen your employer branding - Business and employer branding really is key. Professionals conduct thorough research and due diligence on potential employers before applying.Partner with a qualified recruiter - For key positions, perception is reality. Taking the time to retain an agency and ensure the correct message goes to market has a lasting impression.Review and optimise your hiring strategy - Don't be shocked when the best talent have multiple options. If you want the best people, you have to beat the best companies.Common hiring mistakesThere are a number of critical errors, Jack says, that employers routinely make during recruitment:"Poor recruitment processes and extended time-to-hire continue to be major issues for employers, when securing the best talent in the market. Generic job descriptions and uninspiring company branding also significantly limit candidate interest."Perhaps most importantly, he says, "Not providing feedback on interviews and failing to supply adequate information ahead of interviews is a serious misstep. If someone is giving you their time, the least you can do is let them know what to expect."What candidates value mostToday's risk and compliance professionals have evolved priorities beyond compensation alone:"In my ten years working in risk and compliance, I've never had so many people talk to me about job satisfaction. People want to enjoy where they work and like the people they work with. It’s important for employers to take this into consideration during the interview process and include specific questions around it."Autonomy and flexibility continue to be crucial. "The best candidates still managed to excel during COVID lockdowns. They know what they're doing, so don't bring them back into micromanagement environments. Trust them, and they will repay the favour in bucket loads."While culture and flexibility matter enormously, financial packages remain important. "Particularly the softer benefits. HR teams need to ensure they're staying competitive with pension and insurance benefits."Why partner with IDEX Consulting for your talent needs When asked about the value of partnering with specialised recruiters like IDEX, Jack talks ofIDEX’s unique reputation in the market, as well as the consultancy’s ability to act as an extension of a client’s internal team: "We are experienced head-hunters representing only the best candidates in the market. We partner incredibly closely with a client, taking real care to understand their business and exactly what they’re trying to achieve – this helps us to offer genuine tailored solutions to their recruitment needs. This might mean first assessing a client’s ‘brand story’ and hiring approach to identify enhancements where we can bring company culture and the job to life. Following that, we’re able to leverage our 20 years plus database, cutting edge technology, market sentiment reports and knowledge to provide access to the best talent.”As the risk and compliance landscape continues to evolve in 2025, organisations that strengthen their authentic storytelling, streamline their hiring processes and move fast will be best positioned to secure the talent they need to navigate an increasingly complex regulatory environment.ReferencesChubb: Chubb report reveals cybersecurity as leading risk threatening business growthFortune Business Insights: Enterprise Governance, Risk & Compliance market trendsGartner: 5 compliance trends and priorities for 2025PWC: Global Compliance survey 2025

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Why Scotland is calling legal professionals to join a thriving market

Scotland's legal landscape offers unique opportunities for qualified lawyers seeking professional growth and an enhanced quality of life. With its distinct legal system, vibrant market, and diverse work-life balance, Scotland presents a compelling destination for legal professionals looking to advance their careers while enjoying the country's rich cultural heritage.“Scotland continues to be a thriving legal market, mirrored in growing revenues and the expansion of firms into international markets. We’re seeing a spike of activity across the profession with many firms eager to hire talent across a range of niche areas to expedite their growth and capabilities. The potential for Scotland to refine its position as a legal leader will only continue”, says Meena Bahanda, Head of Legal Recruitment Scotland for IDEX Consulting. If you would like support finding a new role or would like some intel on the Scottish legal market contact our expert, Meena Bahanda. The Scottish legal market: a hub for innovation and growthThe Scottish legal market continues to evolve, illustrating resilient growth despite various economic headwinds, with a growing estimated annual compound growth rate of around 4.7%. The number of practicing solicitors is also rising, with an average increase of 3.4% reported across the sector in 2024. Due to its distinct legal system, separate from England and Wales, there remains a number of unique opportunities for legal professionals. With over 1,200 law firms offering legal advice across a number of jurisdictions the sector is a diverse one, ranging from multi-million-pound businesses to smaller law firms. According to the Law Society of Scotland the sector contributes over £1.5 billion annually to the Scottish economy, with continued growth projected across a number of key practice areas. The profession has demonstrated a forward-thinking approach to innovation and technology. Firms are proactively re-shaping their business operations through new AI solutions and expanded cross border work. A study of over 800 private practice and in-house legal professionals conducted by LexisNexis, global provider of legal regulatory and business analytics, highlighted that around 82% of UK lawyers have either adopted generative AI or have plans to do. “41 are actively using AI for work…[and]…the number of lawyers with no plans to adopt AI has plummeted from 61% to 15%” (Law Society of Scotland: A shift is coming). Scottish firms are also making an indelible stamp on international practice as they expand their client portfolios overseas. Data shows that cross border work has steadily increased by 22% year on year, particularly in renewable energy and financial services. Growing practice areas and market demandSeveral practice areas are experiencing significant growth across Scotland, creating demand for qualified lawyers: Renewable energy lawScotland has established itself as a renewable energy powerhouse, with the Scottish Government committed to reaching net-zero emissions by 2045 (Scottish Government: Climate change). The legal work surrounding renewable projects, particularly offshore wind and green hydrogen, has grown considerably over recent years, creating new opportunities for lawyers with energy and environmental expertise.Financial Services and FinTechAccording to the City of London Corporation, Edinburgh remains the UK's second-largest financial centre after London, with the financial services sector employing over 160,000 people and contributing over £13 billion to the Scottish economy annually. The growing FinTech sector, which has seen a 25% increase over the past couple of years, has created additional demand for lawyers with specific expertise in digital finance, AI, blockchain and evolving regulations. Technology and intellectual propertyAccording to the Scottish government’s technology ecosystem review, Scotland's tech sector is growing 1.5 times faster than the overall economy, with particular strengths in artificial intelligence, data analytics, and health technology (Scottish government: Scottish technology ecosystem: review). This growth has fuelled the demand for lawyers specialising in intellectual property, machine learning, AI regulation, data protection, and complex technology transactions.An attractive quality of life Beyond professional opportunities, Scotland offers significant quality of life advantages:Lower cost of livingHousing costs in Scottish cities remain substantially lower than in London and other major UK cities. According to the UK Gov’s house price index, the average house price in Scotland in 2024 was £193,000, compared to £510,000 in London (Gov.UK: UK house price index reports).Work-life balanceMore Scottish law firms are making conscious efforts to ensure professionals are supported with improved flexibility and improved work-life balance. Research shows that around 76% of lawyers are content with their hybrid working model. In addition, data published by the Legal Services Board report that the weekly working hours for solicitors in Scotland versus those in London is approximately 10% less, dependent on practice area and specialism (Legal Services Board: Legal research).Practical advice for Legal professionals considering a move to Scotland Understanding qualification requirementsThe qualification process for lawyers moving to Scotland depends on an individual’s current jurisdiction:For English and Welsh solicitors: Apply for admission through the Law Society of Scotland's Qualified Lawyers Assessment (QLA). This typically requires passing examinations in Scots Law, Professional Ethics, and Conveyancing.For international lawyers: The process involves applying for the QLA, which may require additional examinations depending on a professional’s jurisdiction of qualification.For EU-qualified lawyers: Following Brexit, EU lawyers must now follow the same process as other international lawyers, but previous qualifications and experience are taken into consideration.The Law Society of Scotlandprovides comprehensive guidance on the qualification process and frequently updates its requirements.Key Scottish legal hubsScotland's legal market is centred around four main locations:Edinburgh: Home to the Supreme Courts of Scotland and many commercial law firms, Edinburgh is Scotland’s pre-eminent legal hub, offering opportunities in financial services, corporate law, and litigation. The city's reputation for expertise in financial services law, intellectual property, and renewable energy regulations has strengthened its position as a competitive alternative to London.Glasgow: Emerging as a dynamic alternative legal centre and home to over 35% of Scotland’s practicing solicitors, Scotland's largest city has a thriving legal market. Glasgow is particularly dominant in corporate law, dispute resolution, and real estate. The Glasgow Legal Innovation Zone, launched in 2023, has fostered collaboration between traditional practices and legal tech startups, resulting in significantly higher technology adoption rates compared to other cities. Aberdeen: A growing economic force, Aberdeen has established itself as Scotland’s third largest legal centre, with a distinctive focus on energy law. Aberdeen's legal market has demonstrated impressive adaptability with a growing increase in renewable energy legal work as the region pivots toward green energy transition. Dundee: A growing legal tech hub with increasing opportunities in intellectual property and technology law. The city has attracted international clients, with cross-border advisory work increasing by over 20% in the past 18 months, positioning Dundee as a distinctive and forward-looking option for professionals. Leveraging networks and associations for profile building Joining professional networks, institutes, communities and forums are vital when relocating to a new jurisdiction. Below we share some examples of various credible networks. The Law Society of Scotland - provides a wealth of personal and professional development and networking opportunities, and dedicated resources to help people accelerate their learning and careers.The Scottish Young Lawyers' Association- boasting over 4,000 members from student to lawyers, the association provides a number of ways young professionals can enhance their personal brand and connections across the legal sector. Tailored membership groups such as the Women in Law Scotland or the Scottish Ethnic Minorities Lawyers Association - provide bespoke support and opportunities to help facilitate a more diverse and inclusive legal profession.With its distinct legal system, growing practice areas and international connections, Scotland is fast becoming a sought-after option for legal professionals seeking rewarding career progression. If you’re exploring a new a career opportunity, are unsure of your options or would like some confidential information on the legal market don’t hesitate to contact our legal recruitment specialists.Resources Gov.UK: UK house price index reportsLaw Society of Scotland: A shift is comingLegal Services Board: Legal researchScottish Government: Climate changeScottish government: Scottish technology ecosystem: review

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General Insurance newsletter Friday 16th May 2025

Insurance NewsInside Brokerbility: More than a broker network - IDEX Consulting spoke to John Dunn, Managing Director for Brokerbility, the leading network for growth orientated independent brokers, on who Brokerbility are, how they support independent brokers to innovate and grow, how the membership programme works and what’s in store for future developments. Learn how you could benefit from Brokerbility’s partnerships and expertise in this original interview. (IDEX Consulting news, 'Inside Brokerbility: More than a broker network')How IDEX Consulting can accelerate your business growth - IDEX Consulting facilitated the strategic acquisition of Morton Insurance Brokers, a London-based firm specialising in minicab and private hire insurance, by Specialist Risk Group (SRG). Founder Adrian Morton sought a buyer who could uphold his company's legacy, provide job security for employees, and ensure a seamless transition. IDEX's M&A consultants partnered closely with Adrian to provide the best solution that would deliver his business model, growth objectives and at the same maintain the values the company was founded on. (IDEX Consulting news, 'How IDEX Consulting can accelerate your business growth')Want to know what Insurance employers are looking for? Read our 2025 Salary Guide - Discover the key skills, experience, and qualities insurance employers value most in 2025. Our comprehensive Salary Guide offers the latest salaries for hundreds of insurance roles across 10 verticals, plus in-depth market insights to help you stay ahead in your career or recruitment strategy. (IDEX Consulting news, 'Want to know what Insurance employers are looking for? Read our 2025 Salary Guide')Cyber risks: key developments and how to manage them - As cyber risks and challenges spike, the insurance sector faces an on-going battle of mitigating risk and protecting customer assets and data. What are the latest digital cyber risks and how can insurers manage them effectively before escalation? Learn how you can strengthen risk management, deploy ethical AI use and remain agile amid changing market conditions. (IDEX Consulting news, 'Cyber risks: key developments and how to manage them')The Lloyd’s Market Association (LMA), in partnership with Barnett Waddingham, has published a survey examining the use of artificial intelligence (AI) and machine learning (ML) in actuarial and risk functions. The findings suggest that while interest in these technologies is growing, adoption remains limited due to a range of practical and regulatory concerns. (Josh Recamara, 16/5/2025, Insurance Business, 'Interest in AI grows but adoption remains limited - LMA')At the 2025 BIBA Conference, CEO Graeme Trudgill emphasized AI's transformative impact on insurance operations and highlighted the FCA's proposed regulatory reforms aimed at reducing burdens on brokers; he also announced Caroline Barr as BIBA's first female chair and introduced a national SME-focused advertising campaign featuring "Ben the Broker." (Rod Bolivar, 15/5/2025, Insurance Business, 'BIBA CEO spotlights AI, FCA reforms at 2025 conference')Christian Poulsen ACII, Managing Director at First Insurance Solutions and a broker with over 25 years' experience, received the Francis Perkins Award for his long-standing service to BIBA’s SME Brokers’ Advisory Board. Olola Frederick Olabode Ogunlana, with a 70-year international insurance career including roles as CEO of NICON and founding President of WAICA, was honoured with the International Lifetime Achievement Award. (Rod Bolivar, 15/5/2025, Insurance Business, 'Two industry veterans receive BIBA 2025 awards')Allianz has reported a record Q1 2025 operating profit of €4.2 billion, driven by strong growth in its life/health segment, and reaffirmed its full-year operating profit guidance of €16.0 billion (±€1 billion), highlighting its financial strength and resilience amid global uncertainties. (Kenneth Araullo, 15/5/2025, Insurance Business, 'Allianz sees strong start to 2025, reaffirms full-year outlook')Talanx has reported a record Q1 2025 net income of €604 million, up from €576 million, despite €881 million in large losses—primarily from California wildfires—and reaffirmed its full-year earnings target of over €2.1 billion, highlighting its resilience amid elevated claims. (Kenneth Araullo, 15/5/2025, Insurance Business, 'Talanx reports record-breaking start to the year amid high claims')Aviva delivered broad-based growth in Q1 2025, with general insurance premiums rising 9% to £2.9 billion—driven by strong UK & Ireland performance—and achieved a 19% increase in protection and health sales, while maintaining a robust Solvency II ratio of 201%, underscoring its strategic focus on capital-light businesses and disciplined pricing. (Kenneth Araullo, 15/5/2025, Insurance Business, 'Aviva sees broad-based growth in Q1 across segments')WTW's 2025 Terrorism Pool Index, developed with the International Forum for Terrorism Risk Insurance Pools (IFTRIP), reveals that while state-supported reinsurance pools remain essential for terrorism coverage, traditional models are increasingly challenged by civil unrest and evolving risk landscapes. (Roxanne Libatique, 15/5/2025, Insurance Business, 'WTW report exposes shifting terrorism insurance risks')Marks & Spencer is poised to claim up to £100 million under its cyber insurance policy—led by Allianz and including Beazley—after a ransomware attack by the Scattered Spider group disrupted operations for nearly three weeks, exposed customer data (excluding payment details), and caused estimated losses exceeding £60 million. (Matthew Sellers, 14/5/2025, Insurance Business, 'Allianz, Beazley could be on the hook as M&S insurance claim expected to be £100m +')Ardonagh Advisory is rebranding as Everywhen to unify over 45 trading names under one identity, reflecting its strategic focus on consistent client service across sectors like general insurance, marine, agriculture, construction, care, and renewable energy; the change will roll out over the next 12 months starting at BIBA 2025. (Kenneth Araullo, 14/5/2025, Insurance Business, 'Ardonagh, Aviva announce major developments at BIBA 2025')Aviva Private Clients launched Refine Home at BIBA 2025, a new mid-tier high-net-worth insurance product for homes with rebuild values between £1 million and £3 million, available via its digital broker platform APC Online; this complements its refreshed suite—Smart Home, Complete Home, and Ultra Home—enhancing broker efficiency with data-driven pricing and underinsurance alerts. (Kenneth Araullo, 14/5/2025, Insurance Business, 'Ardonagh, Aviva announce major developments at BIBA 2025')The U.S.–China 90-day tariff suspension, reducing U.S. tariffs from 145% to 30% and China's from 125% to 10%, offers temporary relief to insurers by stabilising auto repair and construction material costs, potentially easing claims inflation; however, persistent trade volatility and shifting global supply chains continue to challenge underwriting and investment strategies. (Matthew Sellers, 14/5/2025, Insurance Business, 'What Trump's 90-day tariff reprieve means for the global insurance market')Markel Insurance has introduced a cyber insurance product offering up to US$5 million per risk for indirect losses from state-sponsored cyberattacks, addressing gaps left by traditional policies' war exclusions. Designed as a wrap-around solution, it reinstates certain war-related coverages for large corporations facing restrictive exclusions. This launch responds to the growing trend of state-sponsored attacks, which accounted for 35% of data breaches in 2024. (Kenneth Araullo, 13/5/2025, Insurance Business, 'Markel introduces cyber war cover for indirect losses from state-linked attacks')Despite a 104% surge in cyberattacks by the end of 2024, 43% of UK companies still lack cyber insurance, according to a QBE report; with 47% hit by incidents last year, gaps persist due to misconceptions about coverage and growing concerns over AI-driven threats and rising ransomware attacks. (Emily Douglas, 13/5/2025, Insurance Business, 'Cyberattacks on the rise – yet 43% of companies still don't have cyber insurance')Pen Underwriting has launched Pen Protect, a cyber risk management platform to be included with all cyber policies from June 2025, offering daily vulnerability scans, phishing simulations, AI-driven training, and broker tools like portfolio analysis and client-specific risk reports to enhance cyber resilience and client engagement. (Kenneth Araullo, 13/5/2025, Insurance Business, 'Pen Underwriting debuts cyber risk platform for renewals and new policies')Castlebridge Risk Solutions, launching June 3 and founded by Tim Grant and James Dunsby, has joined Momentum Broker Solutions and partnered with Cornerstone and Imperial Chartered to offer tailored insurance services to SMEs and real estate clients, combining start-up agility with tech-driven, consultative support. (Gareth Morgan, 13/5/2025, Insurance Business, 'Castlebridge joins Momentum network and partners with Cornerstone, Imperial Chartered')Commercial Express has expanded its capacity panel by forming long-term partnerships with AXA and Carbon Underwriting. AXA will provide additional capacity for the MGA’s commercial property owners scheme, while Carbon Underwriting will join the residential property owners panel, integrating its data platform, Graphene, to enhance underwriting flexibility and operational efficiency. (Josh Recamara, 13/5/2025, Insurance Business, 'Commercial Express expands capacity through AXA and Carbon Underwriting partnership')Sedgwick has launched Talent Solutions, a new learning and development service led by Carolyn Blunt, who brings over 20 years of experience in the insurance and contact centre sectors. Previously, Blunt served as Managing Director at Davies Group, where she focused on building high-performing teams and designing agile training solutions. Talent Solutions offers tailored training for front-line employees, leadership teams, and technical staff, delivered through various formats including in-person, virtual classrooms, e-learning, and blended models. This initiative aims to address skills shortages and enhance workforce capability in response to evolving operational demands. (Josh Recamara, 13/5/2025, Insurance Business, 'Sedgwick adds new service to workforce-focused portfolio')Insurers are reassessing directors' and officers' (D&O) coverage amid rising litigation, regulatory scrutiny, and emerging risks like AI-related liabilities, leading to more selective underwriting and signs of market stabilization into 2025, according to the Gallagher Specialty D&O Global State of the Market Report. (Jonalyn Cueto, 12/5/2025, Insurance Business, 'Insurers reevaluate D&O coverage as risk factors rise')Willis, a WTW business, has launched FinTech Plus—a globally developed insurance solution tailored for fintech companies—offering streamlined, unified coverage for financial and cyber risks through a single proposal form and wording, supported by a panel of Lloyd’s syndicates and London-based insurers. (Jonalyn Cueto, 12/5/2025, Insurance Business, 'Willis launches FinTech Plus')Broker Insights has surpassed £10 billion in GWP on its Vision platform, now covering over 40% of the UK commercial insurance market, with global expansion and a newly enhanced AI-driven platform. (Jonalyn Cueto, 12/5/2025, Insurance Business, 'Broker Insights hits £10 billion GWP milestone')Mergers and AcquisitionsJMG Group has secured a new equity investment led by existing backer Synova and U.S.-based private equity firm GTCR, with participation from the company's leadership team. The deal, subject to regulatory approval, aims to support JMG's growth plans through further acquisitions, recruitment, and platform development. Since Synova's initial investment in 2020, JMG has completed 46 acquisitions and reported high levels of organic growth, with plans to continue its acquisition-led strategy into 2025 and beyond. (Josh Recamara, 14/5/2025, Insurance Business, 'JMG Group secures new investment from Synova and GTCR')Despite a slow start in early 2025, the UK insurance M&A market is set for growth, with private equity firms holding substantial "dry powder" and focusing on larger, strategic transactions. A recent analysis by BMS, a leading insurance broker, highlights rising investor confidence, an expected rebound in deal volumes throughout the year, and a continued trend towards sector consolidation. (Jonalyn Cueto, 12/5/2025, Insurance Business, 'M&A market set for growth – report')MoversCaroline Barr has been appointed as the next Chair of the British Insurance Brokers’ Association (BIBA), becoming the first woman to hold the role. She will succeed Jonathan Evans at the end of 2025. Barr, a Non-Executive Director at BIBA, has previously served as Deputy Director at HM Treasury and as a member of the Financial Services Consumer Panel. She also chairs BIBA’s Access to Insurance Committee, focusing on financial inclusion and consumer signposting. (Josh Recamara, 16/5/2025, Insurance Business, 'BIBA names first female chair')Rokstone has named Stephanie Belcourt as Head of Complex Claims, bringing 20 years of experience from Apollo Syndicate 1969 and Hiscox, as the firm strengthens its claims function to support global growth and portfolio diversification. (Josh Recamara, 16/5/2025, Insurance Business, 'Insurance moves: Rokstone, Insurance Advisory, Evolution Claims and AXA XL')AXA XL has promoted Mick Turvey to Head of mid-market underwriting and UK regions, leading strategy for UK clients and regional teams; he joined AXA XL in 2013 with 35 years of property and casualty underwriting experience. (Josh Recamara, 16/5/2025, Insurance Business, 'Insurance moves: Rokstone, Insurance Advisory, Evolution Claims and AXA XL')Insurance Advisory Partners has appointed Benjamin James as Partner in its London office, bringing over 10 years of experience in insurance-focused investment banking and private equity; his previous roles include Investment & Advisory Director at Vemi Capital and Vice President at Financial Services Capital, supporting the firm’s UK and European growth. (Josh Recamara, 16/5/2025, Insurance Business, 'Insurance moves: Rokstone, Insurance Advisory, Evolution Claims and AXA XL')Evolution Claims Management has launched Evo Subsidence, a dedicated service to speed up subsidence claim diagnostics and repairs, aiming to reduce claim lifecycles and costs, led by newly appointed Head of Professional Services Jim Pittman. (Josh Recamara, 16/5/2025, Insurance Business, 'Insurance moves: Rokstone, Insurance Advisory, Evolution Claims and AXA XL')Willis has appointed Brian Vosloh as Head of Cyber for EMEA, bringing over 30 years of international experience in financial lines and cyber products from roles at Allianz Commercial and Chubb; based in Barcelona, he will lead the firm's FINEX Cyber Specialty operations across the region, enhancing strategic cyber risk solutions amid escalating digital threats. (Jonalyn Cueto, 15/5/2025, Insurance Business, 'Willis names head of cyber for EMEA')Mark Newman, CEO of Canopius UK with extensive Lloyd’s market experience including leadership at Catlin Asia Pacific, has been appointed to the Lloyd’s Market Association board to support its global strategic growth, replacing outgoing board member Kate Roy. (Josh Recamara, 14/5/2025, Insurance Business, 'Insurance moves at LMA, Acrisure UK, Gallagher Bassett and Conveybuddy')Acrisure UK Broking boosts its UK Retail expansion with three senior hires: Gary Green, formerly of Angel Risk Management with 40+ years in insurance, to lead 2Vision and open a Chelmsford office focused on SME regional brokers; Tom Brown, ex-Broking Director at Lothbury, appointed to lead northern operations; and Scott Feltham, with over 20 years in high-net-worth and family office insurance, joining as Private Clients Development Director in the South. (Josh Recamara, 14/5/2025, Insurance Business, 'Insurance moves at LMA, Acrisure UK, Gallagher Bassett and Conveybuddy')Gallagher Bassett appointed Ashley Easen, with 25 years’ risk management experience and a company veteran since 2016, as Director of Consulting to lead Risk Consulting, Claims Consulting, and Training Solutions, alongside Julian Nicklin as Head of Claims Consulting. (Josh Recamara, 14/5/2025, Insurance Business, 'Insurance moves at LMA, Acrisure UK, Gallagher Bassett and Conveybuddy')Conveybuddy appointed Rachel Payne as Senior Account Manager to manage broker and introducer relationships and support tailored conveyancing and surveying solutions, bringing nearly a decade of industry experience after returning from a career break. (Josh Recamara, 14/5/2025, Insurance Business, 'Insurance moves at LMA, Acrisure UK, Gallagher Bassett and Conveybuddy')Gallagher has appointed Clare Francis, former UK CEO of Standard Chartered with prior roles at Lloyds and HSBC, as an independent Non-Executive Director; she will chair the remuneration committee and join key board committees, bringing extensive leadership experience to support Gallagher’s continued growth. (Josh Recamara, 13/5/2025, Insurance Business, 'Insurance moves: Gallagher, Rokstone and Westfield Specialty')Westfield Specialty International has expanded its offshore energy team with Michael Poulteney, former Head of Offshore Energy at Arch, joining as Class Underwriter, and Manraj Kailia, also ex-Arch and a Lloyd’s graduate scheme alumnus, as Senior Underwriter—both based in London as part of Westfield’s continued growth strategy. (Josh Recamara, 13/5/2025, Insurance Business, 'Insurance moves: Gallagher, Rokstone and Westfield Specialty')Rokstone, part of the Aventum Group, has appointed Matt Bishop as Class Underwriter for its new UK and Ireland casualty division; Bishop brings 35 years of casualty insurance experience, including senior underwriting roles at Convex and Catlin/AXA XL, covering casualty, property, and business interruption. (Josh Recamara, 13/5/2025, Insurance Business, 'Insurance moves: Gallagher, Rokstone and Westfield Specialty')Evolution Claims Management has appointed Donna Quarrell as Director of Operations; she brings over 15 years of insurance experience, including senior roles at Innovation Group UK and Aviva. (Josh Recamara, 12/5/2025, Insurance Business, 'Insurance moves: Evolutions Claims Management and Concirrus')All information provided in this market digest has been gathered from Insurance Business and IDEX Consulting.

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Inside Brokerbility: More than a broker network

IDEX Consulting spoke to John Dunn, Brokerbility Managing Director about the network’s proposition, how the membership programme works and what makes the group different to others in the market. John shares all, from the benefits members experience, to how the network promotes and supports innovation, to what future developments are in store.“Most of our members year on year have achieved double digit growth, and when you look at market statistics, what will always be a stark reminder of Brokerbility’s value is how our members tend to outperform others in the market”, says John.What is Brokerbility’s core purpose?Our purpose at Brokerbility is to be the network community of choice for high quality, growth orientated independent brokers of all sizes from start-ups to large brokers. We’re very much the voice of the independent broker, championing professionalism, improvement and continuity. Our network is a collaborative community where we lift each other up and provide that sounding board and support network that many independent brokers often don’t have access to.It’s incredibly important to us that we stay at the forefront of innovation, where we’re able to provide strategic advice on business growth for all of our brokers. A key component of that is our partnerships with esteemed suppliers and insurers. For those starting out on their independent broking journey we have two propositions within our membership that can help people get their businesses off the ground. They include an appointed representative proposition in partnership with Gauntlet Group and an employed proposition as part of Konsileo. Both of these routes provide a pathway for the next generation of broking entrepreneurs to start their independent journey but with a strong support network backed by Brokerbility.For those transacting business across borders we have a capability to support overseas placements. This expertise is invaluable to independent brokers who would likely find it a challenge to build an international capability on their own.What many of our members tend to find invaluable is peer-to-peer mentoring support, providing different perspectives and introductions to innovations that initiate new business opportunities.How is Brokerbility different to other similar networks? It’s always important for any broker to consider their options and find a network that best meets their objectives. In terms of Brokerbility, we see ourselves as more of a boutique community. Our differentiator is our size, we’re relatively small with a highly experienced central team but what that creates is a real community culture. This helps us to get to know our members and their ambitions really well, enabling us to more accurately and carefully convey our members goals to our strategic partners. Many of us have worked in the broker community for a long time and have experienced enough change to be able to pivot effectively. I ran a broking business and have also worked on the insurer side so am able to use that experience and knowledge to benefit our members and partners. In addition to my role as MD for BrokerbilityI’m also the MD of Distribution and Market Management for Clear Group which offers another degree of connectivity across the market. On the flip side, our membership base is very broad, placing a significant volume of GWP into the market which carries a huge amount of influence and opportunity. We’re able to leverage this expertise and provide better outcomes for our members and end customers. With AI transforming the insurance landscape, can you share how you’re helping brokers innovate?This is a really interesting space, many brokers are trailing AI but for a lot of independent brokers it’s often difficult to find the time to really dig into the benefits AI can offer. We’re supporting in a number of ways. We’re an affiliate partner of InsurTech UK and the only broker network to be part of that community, enabling us to explore new innovations and share those with our members. We also run a regular national director’s event for our member MDs and business owners which covers a range of thought leadership topics and insights, helping to encourage new thinking. AI will also be an integral part of our upcoming conference in September. What technology solutions do Brokerbility offer?A couple of years ago we commissioned our own version of the Broker Insights platform, that is purely for our members and strategic partner insurers. In our bespoke version individual members are able to understand where all of their risks are, providing them with a quick and clear view of the specific insurer partners they’re using, enabling better connectivity and alignment, thus driving better customer outcomes. A recent development we’ve rolled out is the ability for members to set their own placement strategy within the platform, allowing them to track compliance, offering another layer of tracking which helps to analyse business performance. We’re continuing to partner with Broker Insights to fine tune and enhance the platform ensuring it serves the purpose of our members.How does the membership programme work for your members?Our membership model is a fee-based programme which is the reflective of the comprehensive services we offer. What I think makes us very different to other broker networks is that we don’t have a contractual tie in. Our members have access to over 14 unique schemes and can select the most appropriate for their goals. We’re a community that epitomizes partnership, for us the key is transparency which really helps to build trust and an open relationship. We also don’t direct people towards specific insurance relationships, our role is more of a matchmaker – we help brokers identify a partner and opportunity and once we’ve made that connection, it’s then down to them to explore whether that match will work. We have a fantastic Relationship Manager and Operations Director who work with our members day to day on a range of topics. They also provide a pathway of escalation for supplier issues when things aren’t going well, something that members probably wouldn’t have access to outside of the network. It’s hard to find this level of dedicated support anywhere else. We also did a big piece of work a couple of years ago to help us investigate if our offering met the needs of our members in terms of size and growth stage. This helped us identify some gaps where we added new partners, particularly around compliance. I’m proud of our strong partnerships, our members have access to a breadth of specialist insurance providers and we’re constantly having conversations with new partners to evolve our offering.Can you share more about the Brokerbility training academy?The academy is a key component of our proposition and we’re extremely proud of the comprehensive programme we’ve created for our members. Each year, informed by our questionnaire, we design a schedule that caters to our members’ challenges and growth areas, it’s a combination of face-to-face sessions and webinars covering a huge amount of topics including; technical insurance, CPD and leadership, ESG, sales and business development. It’s not just about enabling and empowering our members, the programme also offers insights and learning opportunities brokers can provide to their own teams. Last year we delivered over 2,000 hours of training but the opportunities following those learning experiences are endless.What are the network’s immediate focus areas, to support brokers?We very much look to be the voice of our members, what we really try to get under the skin of is how they’re feeling, how they’re finding trading and what can help address their challenges. That defines our priority areas and sets our agenda for the year ahead. What is always integral to this is how we continue to maximise our strategic partnerships to create solutions, overcome service issues and create new prospective opportunities. Another focus area is how we continue to support growth, especially around lead generation and then also how we can help members develop their placement strategies. What we’ve looked to do over the past 12 months, in particular, is bring additional carriers and facilities on board who can help independent brokers drive better results and customer outcomes.What’s essential is how we can continue to offer something unique, something that not everyone has access to and how we can genuinely and proactively support with the retention of existing clients and development of new ones.Can you share any success stories members have experienced since joining?So, one of the things we're incredibly proud of is the fact that most of our members year on year have achieved double digit growth. A cornerstone of that is the willingness of our members to share learnings and new ways of working with each other, which hugely helps the less established brokers. When you look at market statistics, what will always be a stark reminder of Brokerbility’s value is how our members tend to outperform others in the market. We’re regularly welcoming new members and I’d encourage any independent broker considering their options to get in touch for an initial chat. The market can be a lonely pace for independent brokers and that little of bit extra support can make a huge difference. If you’re interested in learning more about Brokerbility and how the network might benefit your brokerage, get in touch with the team.

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General Insurance newsletter Friday 9th May 2025

Insurance NewsOptimise the interview process to find the best hire - Employers can improve hiring outcomes by adopting structured and behavioural interviews, aligning questions with job competencies, training interviewers to assess fairly, and actively addressing unconscious bias—helping to reduce costly mis-hires, improve retention, and build more diverse, high-performing teams. (IDEX Consulting news, 'Optimise the interview process to find the best hire')2025 BIBA conference: Free business growth and talent review consultation - Exploring your business and talent growth options? Our talent, M&A and business transformation consultants have over 325 combined years of experience across the insurance market enabling clients and professionals to achieve their ambitions. They will be on hand during the BIBA conference to answer questions and provide strategic advice. Book in a free consultation to explore your business growth options. (IDEX Consulting news, '2025 BIBA conference: Free business growth and talent review consultation')Key regulatory changes for UK brokers - In 2025, UK and US insurers face tighter regulations on data protection, consumer fairness, and climate risk disclosures, with expanded FCA Consumer Duty rules in the UK and broader adoption of NAIC data laws and climate reporting in the US—pushing firms to improve compliance and transparency. (IDEX Consulting news, 'Key regulatory changes for UK brokers')Predictive analytics: how to use it for competitive advantage - Predictive analytics is revolutionising the insurance sector by enhancing risk assessment and underwriting accuracy, improving fraud detection, streamlining claims processing, and enabling personalised customer experiences. Insurers leveraging these data-driven strategies are achieving greater operational efficiency, profitability, and customer satisfaction. (IDEX Consulting news, 'Predictive analytics: how to use it for competitive advantage')Castlebridge Risk Solutions, founded by industry veterans Tim Grant and James Dunsby, is set to launch on June 3, 2025, as a UK commercial insurance broker targeting SMEs and property owners. Operating as an Appointed Representative of Momentum Broker Solutions, the firm will offer advice-led, tech-enabled insurance solutions, with plans for growth through organic expansion, partnerships, and selective acquisitions. (Josh Recamara, 9/5/2025, Insurance Business, 'Castlebridge Risk Solutions to enter UK insurance market')Coalition's 2025 Cyber Claims Report shows a 22% drop in ransomware demands, but a rise in BEC severity by 23%, now accounting for 60% of claims. Ransomware costs increased by 33% in the U.S., while Coalition’s proactive approach helped resolve 56% of claims without out-of-pocket expenses for policyholders. (Kenneth Araullo, 8/5/2025, Insurance Business, 'Coalition sees decline in ransom demands, rise in BEC severity')Intact Financial Corporation, parent of RSA, reported a 3% rise in Q1 2025 operating direct premiums written, driven by growth in personal lines; net operating income increased 11% to CA$717 million, with a stable combined ratio of 91.3% despite higher catastrophe losses. (Josh Recamara, 8/5/2025, Insurance Business, 'RSA parent gets boost from personal lines')Aspen Insurance raised $397.5 million in its NYSE IPO, valuing the firm at $2.8 billion; the Apollo-backed insurer, which went private in 2019, has since restructured under CEO Mark Cloutier to reduce reinsurance and cat risk. (Josh Recamara, 8/5/2025, Insurance Business, 'Aspen Insurance IPO raises close to $400 million - report')International General Insurance Holdings (IGI) reported a 28% decline in Q1 2025 net income to US$27.3 million, impacted by US$28.2 million in catastrophe losses and a higher loss ratio of 55.5%. While gross written premiums rose 13.7% to US$206.5 million, underwriting income fell to US$27.9 million. The combined ratio increased to 94.4%, reflecting elevated loss activity and macroeconomic pressures. (Kenneth Araullo, 7/5/2025, Insurance Business, 'IGI sees lower profit amid rising catastrophe claims in Q1')Marsh’s UK Cyber Insurance Claims Report shows a 20% drop in claims in 2024, though activity remains elevated, with ransomware cases down 31% but still double pre-2023 levels, driven by tougher enforcement, reduced ransom payments, and evolving attack methods. (Kenneth Araullo, 7/5/2025, Insurance Business, 'Marsh reports drop in UK cyber claims, but activity remains elevated')AXA reported a 7% rise in Q1 2025 gross written premiums to €38 billion, driven by growth in health and P&C lines, despite natural catastrophe losses of €233 million and continued business exits in Asia and Europe. (Josh Recamara, 7/5/2025, Insurance Business, 'AXA reports 7% increase in GWP')Starpeak has introduced Cyber Resilience and Recovery Cover for SMEs, available through Protectivity Insurance. Developed with Addept Insurance, it offers 24/7 support, technical assistance, legal help, and financial protection, addressing the rising cyber threats faced by small businesses. (Josh Recamara, 7/5/2025, Insurance Business, 'Starpeak adds cyber support cover to SME insurance offering')CNA Financial's Q1 2025 net income fell 19% to $274 million, impacted by $28 million in catastrophe losses. Despite this, gross written premiums rose 7%, and the Property & Casualty segment reported a combined ratio of 98.4%, with a 3.8-point hit from catastrophes. (Josh Recamara, 6/5/2025, Insurance Business, 'CNA sees net income slip')Technology provider Earnix has joined the British Insurance Brokers’ Association (BIBA) to help UK brokers leverage AI for improved pricing accuracy, compliance, and operational efficiency, supporting digital transformation with real-time data and advanced analytics. (Kenneth Araullo, 6/5/2025, Insurance Business, 'Earnix becomes BIBA member to boost AI use in UK insurance brokerages')A proposed rise in Insurance Premium Tax (IPT) could make insurance premiums less affordable for UK households and businesses. A BIBA-commissioned report warns that higher IPT could lead to reduced coverage, increased underinsurance, and greater financial strain, with calls for a reduction from 12% to 10%. (Josh Recamara, 6/5/2025, Insurance Business, 'Insurance Premium Tax rise – what impact could it have?')FUW Insurance Services Ltd has launched FUW Commercial, a new division aimed at expanding its presence in the commercial insurance market across north Wales, initially serving businesses along the A55 corridor and offering coverage in sectors such as haulage, construction, hospitality, motor trade, retail, and leisure. The new operation will be led by Esther Richards Dip CII, who has worked for FUW Insurance Services since 2013 across its Flintshire and Denbighshire offices. (Josh Recamara, 6/5/2025, Insurance Business, 'FUW Insurance launches new commercial division')Arthur J. Gallagher & Co. reported a 14% year-over-year increase in first-quarter revenue for 2025, driven by growth in its brokerage and risk management operations, completion of 11 mergers - including the acquisition of Woodruff Sawyer - and an expected US$250 million in annualised revenue from the deal. (Josh Recamara, 5/5/2025, Insurance Business, 'Gallagher enjoys 14% jump in first quarter results')Mergers and AcquisitionsShape Underwriting has acquired Protect Underwriting LLP, a specialist in high-net-worth private client insurance, marking its first acquisition since rebranding earlier this year. This move aims to enhance Shape's capabilities in the specialty insurance market and expand its portfolio and customer base. The acquisition aligns with a broader trend of consolidation in the UK Managing General Agent (MGA) sector, driven by strategic and financial buyers seeking to expand specialty offerings and distribution channels. (Josh Recamara, 9/5/2025, Insurance Business, 'Shape Underwriting acquires Protect Underwriting')Optio Group has acquired UK-based managing general agent Custodian Management Ltd to enhance its professional indemnity and management liability offerings, strengthening broker relationships and underwriting capabilities as part of its strategy to build a diversified specialty MGA platform. (Kenneth Araullo, 8/5/2025, Insurance Business, 'Optio Group acquires Custodian Management to expand liability offering')UK insurance M&A activity surged in April 2025 with 16 deals—the busiest month so far this year—bringing the year-to-date total to 35, though still 26% below the same period in 2024. MarshBerry notes a decline in private equity involvement, now at 40% of deals, the lowest since before 2016, and highlights increased participation from insurance carriers like Markel and Zurich, suggesting a shift in market dynamics amid a softening environment. (Kenneth Araullo, 8/5/2025, Insurance Business, 'Busiest UK insurance M&A month so far in 2025 – Marshberry')Arthur J. Gallagher has expanded its presence in Turkey by acquiring Aspera Sigorta ve Reasürans Brokerliği A.Ş., a boutique insurance and reinsurance brokerage specialising in industrial property, power and energy, and construction risks. Founded in 2022, Aspera employs six professionals and will integrate into Gallagher's existing Istanbul operations, led by CEO Gündüz Tezel and CFO Levent Özbilen. This acquisition enhances Gallagher's capabilities in a strategic market bridging Asia and Europe. (Kenneth Araullo, 6/5/2025, Insurance Business, 'Gallagher expands Turkey presence')MoversRokstone has launched a UK and Ireland casualty division, appointing Lewis Goodearl as Head. With over 30 years of experience, Goodearl previously held senior underwriting roles at Convex, AXA XL, Liberty Mutual, and ACE Europe. The new division will focus on employers’ liability, public liability, contractors all risks, and associated property exposures, supporting sectors such as construction, real estate, manufacturing, infrastructure, and mid-market commercial businesses. (Josh Recamara, 9/5/2025, Insurance Business, 'Rokstone launches UK and Ireland casualty division')Arch has promoted Sophie Mansouri to UK Professional Indemnity Underwriting Manager, now leading an eight-person team following the consolidation of its SME and regional PI operations; she joined in 2023 from Hiscox, where she managed the UK large renewals team, and brings over 11 years’ experience across commercial lines, with a focus on PI underwriting and client retention. (Kenneth Araullo, 8/5/2025, Insurance Business, 'Insurance moves: Arch, Consilium')Consilium, the specialty re/insurance broking arm of Aventum Group, has appointed Nick Woodward as Chief Claims Officer; an ACII-qualified re/insurance lawyer with nearly 30 years’ experience, Woodward joins from Optio and has held senior claims roles at SCOR, Eaton Gate, CFC, and HCC International, where he was Head of Casualty Claims and General Counsel. (Kenneth Araullo, 8/5/2025, Insurance Business, 'Insurance moves: Arch, Consilium')Patrick Tiernan has been appointed CEO of Lloyd’s of London, effective June 1, 2025, succeeding John Neal, who is joining Aon. Currently serving as Chief of Markets at Lloyd’s, Tiernan brings nearly three decades of experience from roles at Aviva, StarStone Insurance, and Zurich. (Kenneth Araullo, 8/5/2025, Insurance Business, 'Patrick Tiernan named Lloyd's CEO')Quick Ralf & Grant (QRG) has appointed Ted Zaimis as Director for Greece to lead its marine division, following the acquisition of Alpha Victor Marine; Zaimis brings extensive marine insurance experience from roles at FirstCity, JLT, Barbican, Alpha & Omega Marine, and TMS Shipping. (Josh Recamara, 9/5/2025, Insurance Business, 'Insurance moves: Broadstone, QRG, Marsh and Resilience')Marsh has appointed Typhaine Beaupérin as Client Leader for risk management in Europe; she joins from FERMA, where she was CEO and Secretary General for nearly 10 years, and is recognised for her influence on European risk management policy. (Josh Recamara, 9/5/2025, Insurance Business, 'Insurance moves: Broadstone, QRG, Marsh and Resilience')Independent UK financial services consultancy, Broadstone, has appointed Bill Pedersen as a Non-Executive Director; with 35 years in financial services, Pedersen was CFO and later COO at Milliman, and joins as Broadstone targets growth in the insurance sector. (Josh Recamara, 9/5/2025, Insurance Business, 'Insurance moves: Broadstone, QRG, Marsh and Resilience')Resilience has appointed Diego Rodriquez Vazquez as Underwriting Manager for Spain and Portugal; he brings cybersecurity and underwriting expertise from roles at AXA XL and Chubb, supporting the firm's regional expansion. (Josh Recamara, 9/5/2025, Insurance Business, 'Insurance moves: Broadstone, QRG, Marsh and Resilience')The Fidelis Partnership has appointed Peter Welton as Head of Specialty; he joins from AXA XL, bringing over 20 years of experience, including leadership roles in marine, energy, and aerospace, to focus on expanding TFP’s aviation, space, and energy re/insurance, including renewables. (Josh Recamara, 7/5/2025, Insurance Business, 'Insurance moves: Fidelis, DAC Beachcroft, Allianz Partners and Broker Insights')DAC Beachcroft has appointed Simon Jackson as Head of its marine, energy, and shipping teams; he joins from Clyde & Co, bringing expertise in major incidents like the Gryphon A offshore loss and natural catastrophes, further expanding DACB’s global presence. The firm has also promoted Franc Gozalvez to Partner, effective May 1. (Josh Recamara, 7/5/2025, Insurance Business, 'Insurance moves: Fidelis, DAC Beachcroft, Allianz Partners and Broker Insights')Allianz Partners has appointed Ivan Komandnyi as Head of Insurer Network Management in its health & benefits division; with 20 years of experience, he will oversee the Allianz Health and Benefits Network, managing global partner relationships. Komandnyi previously held senior roles at Allianz Russia and Allianz Consulting. (Josh Recamara, 7/5/2025, Insurance Business, 'Insurance moves: Fidelis, DAC Beachcroft, Allianz Partners and Broker Insights')Broker Insights has appointed Stuart Spink as COO, bringing experience from Lloyd’s and Aviva to scale its data and tech solutions; Sandy Scott joins as Head of Data, with a background at Google, Sainsbury’s Bank, and the BBC. The firm has also promoted Ying Wang to Chief Product Officer, Andy Whiteley to Director of commercial data, Amy Garland to Finance Director, and Matthew Callaghan to Head of Technology, who will lead upcoming platform developments. (Josh Recamara, 7/5/2025, Insurance Business, 'Insurance moves: Fidelis, DAC Beachcroft, Allianz Partners and Broker Insights')Broadway Insurance Partners has appointed Nicola Blunt as Managing Partner to lead its new Lancashire office and Stuart Lowe as Director of risk protection, both bringing extensive experience from their previous roles—Blunt as Commercial Director at Guy Penn Insurance and Lowe from Reich—contributing to the firm's regional expansion strategy. (Josh Recamara, 6/5/2025, Insurance Business, 'Broadway Insurance Partners makes two senior leadership appointments')Gallagher has appointed Ian Picton as Head of Energy Transition to lead its climate solutions division, leveraging his 18 years of experience in energy insurance, including roles at Willis, Marsh, and XL Catlin, to support clients transitioning to low-carbon and renewable energy solutions. (Josh Recamara, 6/5/2025, Insurance Business, 'Gallagher appoints Ian Picton as head of energy transition')All information provided in this market digest has been gathered from Insurance Business and IDEX Consulting.

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Financial Services newsletter Friday 2nd May 2025

Financial Services NewsAberdeen’s advice arm saw £0.6bn in Q1 2025 outflows—its lowest since Q3 2023 and a 30% year-on-year improvement—attributed to service and platform enhancements; assets dropped to £73.7bn, while Interactive Investor offset losses with £1.6bn in inflows and 9% customer growth. (Financial Planning Today, 30/4/2025, 'Aberdeen Adviser sees £0.6bn Q1 net outflows')George Kinder, Founder of the Life Planning movement, has secured a UK Innovator Founder Visa to launch the next phase of his global strategy from London, aiming to integrate Life Planning principles into workplaces and expand his mission across the UK. (Financial Planning Today, 29/4/2025, 'Kinder secures UK innovator visa to expand global vision')Frenkel Topping reported record FUM of £1.56bn for 2024, with DFM assets up 26% to £1.03bn; revenues rose to £37.4m and pre-tax profits jumped nearly 31% to £4.2m. (Financial Planning Today, 28/4/2025, 'Frenkel Topping funds climb to £1.56bn')Tech-savvy financial advice firms generate significantly stronger results, with 119% more recurring revenue, 105% more total revenue, 86% more AUA, and 39% more clients than low-adoption peers, according to Intelliflo’s latest eAdviser Index based on nearly 4bn user interactions. (Financial Planning Today, 28/4/2025, 'Tech savvy advisers outperforming rivals')SIPP and SSAS provider InvestAcc reported a 16.3% rise in revenue to £10.5m for H2 2024, following its £41.5m acquisition and rebrand last October; it also agreed to acquire AJ Bell’s Platinum SIPP and SSAS business for £25m, completing later this year. (Financial Planning Today, 25/4/2025, 'InvestAcc revenue up 16% after SIPP acquisitions')Jupiter Fund Management saw AUM fall by £1bn to £44.3bn in Q1 2025, driven by £1.5bn in retail outflows, partly offset by £1bn in institutional inflows; the company cited a challenging macro environment and investor sentiment towards risk assets. (Financial Planning Today, 25/4/2025, 'Jupiter assets fall by £1bn as outflows continue')St James’s Place saw AUM drop £2bn to £188.6bn in Q1 2025 despite a 29% rise in gross inflows; the dip was attributed to global market declines, but net inflows more than doubled to £1.69bn, with gross inflows rising to £5.14bn, reflecting strong adviser-client relationships. (Financial Planning Today, 24/4/2025, 'Assets dip for SJP despite strong inflows')Quilter reported record core net inflows of £2.28bn in Q1 2025, up 181% year-on-year and 16% higher than Q4 2024; CEO Steven Levin cautioned that market volatility could affect profitability this year. (Financial Planning Today, 23/4/2025, 'Quilter Q1 core net inflows rise 181%')Shackleton (formerly Skerritts Group) has launched a personal injury and Court of Protection division after acquiring £1.4bn AUM IM Asset Management from Irwin Mitchell Group—its latest move under new CEO Paul Feeney and part of an ongoing expansion strategy that’s included 17 acquisitions since 2021, most recently PK Financial Planning. (Financial Planning Today, 23/4/2025, 'Shackleton launches £1.4bn AUM personal injury business')Marlborough has launched a bespoke portfolio management service for advisers supporting high-net-worth clients, charities, and trustees; developed by Edward Kennedy, who joined the firm in June as Head of Bespoke Discretionary Fund Management, the service offers tailored portfolios, tiered fees, and is backed by a new IFA Charter to reinforce adviser partnerships. (Financial Planning Today, 22/4/2025, 'Marlborough adds new bespoke portfolio service for HNWs')Tatton Asset Management reported record net inflows of £3.7bn in the past year, representing 22.3% of opening AUM; total AUM reached £21.8bn as of March 31, up from £17.6bn in 2024. The firm is on track to meet its £30bn AUM target by March 2029, having added £4.2bn in the first year. (Financial Planning Today, 15/4/2025, 'Record net inflows of £3.7bn for Tatton')Quilter Cheviot Europe has launched three new international multi-asset funds—Balanced, Growth, and Equity—available in Euro, Sterling, US Dollar, and Singapore Dollar; the funds invest across equities, fixed income, and alternatives, and are accessible directly or via 10 platforms with a minimum investment of €20,000. (Financial Planning Today, 10/4/2025, 'Quilter Cheviot adds 3 international multi-asset funds')The FCA is proposing a 2.8% increase in regulatory fees for advice firms, starting in April next year, as part of a consultation document (CP25/7); the funding requirement for fee-block A.13, which includes advisers, arrangers, dealers, and brokers, has risen by 3.4%, from £103m to £106.5m, impacting around 10,023 firms. (Financial Planning Today, 8/4/2025, 'FCA proposes 2.8% fee increase for advice firms')In further news...The FCA is enhancing support for innovative firms through its 2025–2026 work programme, introducing measures such as assigning an authorisation case officer from the outset for firms using the regulatory sandbox, and launching the Private Intermittent Securities and Capital Exchange System (PISCES) to facilitate capital raising for private companies. (Financial Planning Today, 8/4/2025, 'FCA ramps up support for innovative firms')Westerby Group, a Leicester-based wealth adviser and pensions firm, has transitioned to employee ownership through an Employee Ownership Trust (EOT). Founder and Chairman Les McLintic has transferred his controlling interest to the trust, enabling over 100 staff members to share in the company's future success. Established in 1986, Westerby now manages over £1.66 billion in assets and serves more than 5,000 clients across its offices in Leicester, Weymouth, and Manchester. (Financial Planning Today, 4/4/2025, 'Westerby Group moves to employee ownership')Looking for a new career opportunity? Check out these latest jobs - IDEX Consulting's Financial Services job portal features over 230 opportunities across the UK, Europe, North America and Asia, including roles in wealth management, financial planning, compliance, and investment advisory. IDEX offers a salary calculator and a 2025 salary guide to assist professionals in navigating the financial services job market. (IDEX Consulting news, 'Looking for a new career opportunity? Check out these latest jobs')M&A resource library - Access our free resources where M&A buy-and-sell leaders, and tax, regulatory and legal experts share a range of useful guidance, including; how to maximise your sale value and manage a smooth transaction. (IDEX Consulting news, 'M&A resource library')Expert insights: how businesses can drive value add sustainability - Building and implementing a sustainability strategy involves aligning with global frameworks, avoiding greenwashing, and meeting stakeholder expectations. It can help businesses attract top talent, secure external investment, and future-proof operations, offering long-term value and competitive advantage. After speaking to Rosina Watson, Associate Professor of Sustainability at the Cranfield School of Management, IDEX Consulting shares strategic advice and practical tips on how businesses can get started and drive real value. (IDEX Consulting news, 'Expert insights: how businesses can drive value add sustainability')How's your mental health? Improve it with these tips- Prioritising mental health in the workplace is essential for enhancing employee well-being, engagement, and productivity. Research shows that employee burn out and stress is increasingly leading to attrition and dis-engagement. IDEX Consulting shares what businesses need to do now to prevent situations getting worse. (IDEX Consulting news, 'How's your mental health? Improve it with these tips')Mergers and AcquisitionsFidelius Group has acquired a minority stake in London-based independent financial adviser Vobis Ltd, marking a strategic move to expand its presence in the capital and enhance its wealth management services. (Momodou Musa Touray, 1/5/2025, Money Marketing, 'Fidelius takes minority stake in London IFA Vobis Ltd')Swedish wealth manager Söderberg & Partners has taken a 30% stake in Glasgow-based Murphy Wealth—its first Scottish investment—as part of its UK expansion strategy, which now includes over 20 minority stakes, including recent deals with George Square (£400m AUM), Cheltenham IFA (£290m), Bluezone Capital (£90m), and Alexander Bates Campbell (£140m). (Financial Planning Today, 16/4/2025, 'Swedes take stakes in 4 UK Financial Planning firms' & 'Söderberg takes 30% share in Glasgow's Murphy Wealth')Financial advice network Corbel Partners has acquired seven adviser firms this year—six from within its network—bringing its total to 13 as it targets 250 advisers by 2026; the Warrington-based firm offers a 'cradle-to-grave' model supporting adviser growth, succession, and retirement. (Financial Planning Today, 15/4/2025, 'Corbel Partners acquires 7 adviser firms')AAB Wealth, a Scotland-based Chartered Financial Planning firm, has acquired London-based Magus Wealth, adding £650m AUA to its total, which now stands at £1.8bn; the deal, subject to regulatory approval, marks AAB’s first wealth acquisition in London. Magus Wealth, founded in 1998 by Michael Aitken, has offices near Gatwick and in the City of London. (Financial Planning Today, 14/4/2025, 'AAB Wealth acquires £650m AUA London Planner')Benchmark Capital, owned by Schroders, has acquired the remaining minority stake in Harrogate-based Oculus Wealth Management, which has £4bn in AUA and 46 advisory firms; Benchmark initially acquired a 51% stake in December 2022, and since then, Oculus’s network of appointed representatives has grown by 80%, with significant asset growth. (Financial Planning Today, 14/4/2025, 'Benchmark buys remaining 49% of £4bn AUA Oculus')Westerby Group, which recently transitioned to an employee-ownership model, has acquired Manchester-based specialist pension provider and IFA firm Redswan, including its IFA business and trustee companies for SIPPs and SSAS; the acquisition, for an undisclosed sum, will see the businesses integrated into the Westerby Group. (Financial Planning Today, 11/4/2025, 'Westerby snaps up pension and IFA firm Redswan')Newcastle Financial Advisers, a subsidiary of Newcastle Building Society, has acquired County Durham-based Orchard Financial Management, founded in 1988 by Graeme Leigh, who sold the business to retire; the undisclosed deal adds Orchard's investment, pensions, and protection advice services to Newcastle Financial Advisers, which operates across the North East, Cumbria, and North Yorkshire. (Financial Planning Today, 10/4/2025, 'Newcastle Financial Advisers buys County Durham Planner')South East accountants and Financial Planning firm Carpenter Box is merging with East Sussex-based Clarke Brownscombe, which will continue to operate from Lewes and adopt the Carpenter Box brand later this year; Clarke Brownscombe clients will gain access to Carpenter Box’s Financial Planning services, including taxation, later life, estate planning, pensions, and investments. Directors Robert Scrivins and Vicky Anderson will become Partners, and six staff members will join Carpenter Box. (Financial Planning Today, 10/4/2025, 'Carpenter Box to merge with Sussex accountancy firm')Perspective Financial Group has completed nine acquisitions in 2024, adding £900 million in assets under advice (AUA) and significantly expanding its national presence. The acquired firms include Springfield Financial Services (Preston), Millfield Osceola Financial Consultancy (Twyford, Reading), Hawley & Wood (Rotherham), Fortitude Financial Planning (Towcester), Warwick Financial Solutions (Warwick), Edgmoor Financial Planners (Manchester), Keith Mason Wealth Management (Canterbury), a Teesside client bank, and a self-employed adviser buyout. These acquisitions bring Perspective's total to 102 since its founding in 2008, with £1 billion in AUA added in 2024 alone. (Financial Planning Today, 8/4/2025, 'Perspective boosts AUA by £900m with 9 acquisitions')Financial planner and wealth manager MKC Wealth has acquired Yodelar Investments Ltd and its platform Yodelar.com, adding £120 million in AUA and 270 high-net-worth clients. Yodelar Investments will operate under the MKC Wealth name, while Yodelar.com retains its brand. This acquisition brings MKC Wealth’s total AUA to £2.5 billion. (Financial Planning Today, 8/4/2025, 'MKC Wealth acquires £120m AUA Yodelar')Finli Group, formerly Solomon Capital Holdings, has acquired four financial planning firms—Beaufort Financial Taunton, Elaine Snow, Penny Smith, and Lifestyle Financial Choices—adding £220 million in assets under advice (AUA) across England and Scotland. These acquisitions bring Finli's total to 47, with over £5 billion in AUM and more than 100 financial planners serving over 20,000 clients. The firm aims to add £1 billion in assets annually and is open to acquiring adviser firms with at least £25 million in AUA. (Financial Planning Today, 7/4/2025, 'Finli adds 4 new Planner acquisitions')Wealth manager Quilter has acquired NHS pension analyst firm MediFintech, founded by Graham Crossley, for an undisclosed sum. Crossley, now Head of Technical Business Development at Quilter Financial Advisers, will help Quilter’s advisers and IFAs guide NHS clients through complex pension decisions. The acquisition enhances Quilter’s ability to deliver better outcomes for NHS pension clients. (Financial Planning Today, 7/4/2025, 'Quilter acquires former Planner's NHS pension consultancy')EQ Investors is exploring a potential sale, guided by corporate finance advisers, as Chairman John Spiers reevaluates ownership structures. Spiers believes a larger partnership could foster growth and innovation, especially with AI's impact on wealth management. The firm, which remains profitable, will only proceed if it benefits staff and clients. (Financial Planning Today, 4/4/2025, 'EQ Investors mulls potential sale')Movers7IM has appointed Nick Allen as Chief Integration Officer to lead the onboarding and harmonisation of acquisitions, bringing over 30 years' experience from roles including COO at Schroders Personal Wealth and Lloyds Banking Group. (Financial Planning Today, 1/5/2025, '7IM adds Schroders PW exec as acquisitions accelerate')Evelyn Partners has appointed Sean Hagerty as an Independent Non-Executive Director; he brings 27 years' experience from Vanguard, where he led European operations and launched its UK financial advice service, and has held senior advisory roles with the FCA, HM Treasury, and Investment Association. (Financial Planning Today, 1/5/2025, 'Former Vanguard European head joins Evelyn Partners')Former FCA Consumer Finance Director Roma Pearson, after nearly 30 years at the regulator, has joined compliance consultancy Square 4 Partners in a senior advisory role. At the FCA, she led initiatives on motor finance commission investigations, payday lending oversight, and consumer duty compliance. (Dan Cooper, 1/5/2025, Money Marketing, 'Former FCA director joins Square 4 Partners in senior advisory role')Cathryn Riley has stepped down from her role as Non-Executive Director at the Financial Services Compensation Scheme (FSCS) after completing a four-year term, effective 30 April 2025. During her tenure, Riley contributed to the FSCS's strategic oversight and governance. The FSCS is currently seeking a successor to fill the vacancy. (Dan Cooper, 30/4/2025, Money Marketing, 'FSCS non-exec director steps down after four-year term')Alastair Black, Head of Savings Policy at Abrdn, has announced his retirement after a 35-year career in financial services, including 22 years at Abrdn and its predecessor, Standard Life. He joined the company in 2002 as a Business Development Manager and held various roles encompassing strategy, proposition development, project delivery, policy affairs, risk management, and pricing in long-term savings and investments. Black described his career as an "incredible journey" and plans to remain active in the industry through advisory work. (Dan Cooper, 30/4/2025, Money Marketing, 'Aberdeen’s Alastair Black announces retirement after 35 years in financial services')Wealth Manager TrinityBridge has appointed Andrew Knight as Client Relationship Director for Scotland; a 25-year veteran of the firm and former Financial Planning Director, he will support its regional growth ambitions. (Financial Planning Today, 29/5/2025, 'TrinityBridge FP head becomes Scotland director')Former professional rugby player and Chartered Financial Planner Jason Baggott will co-lead Tweed Wealth Management’s new sports division, bringing his unique blend of elite sports experience and financial expertise; after a seven-year rugby career with teams including Southern Kings and Edinburgh Rugby, he earned a degree in economics and finance from Heriot-Watt University, completed the St. James’s Place Academy Programme, and joined Tweed in 2021. (Financial Planning Today, 28/4/2025, 'Rugby star to lead wealth manager’s sports division')CISI has appointed Hylko Zingstra, Founder of Munehisa & Co and a derivatives specialist, as South East branch president, succeeding Suneeta Puranik; he plans to boost collaboration, innovation in alternatives, and support for new talent in the region. (Financial Planning Today, 22/4/2025, 'CISI appoints new south east president')Evelyn Partners has appointed former Paysafe and Betfair CFO Alex Gersh as its new CFO and Executive Director, succeeding Andrew Baddeley, who becomes CFO of S&W following its sale; Gersh brings over 30 years’ experience, including senior roles at Sportradar, Flutter, and Motorola. (Financial Planning Today, 22/4/2025, 'Evelyn appoints new CFO after splitting business')Raymond James and Charles Stanley have appointed Kim Jenson as interim CEO, following the resignation of Paul Abberley; Jenson, formerly COO of Raymond James’ US Private Client Group with $1.5trn in AUM and over 1.5 million clients, will oversee the UK wealth management business while a search for a permanent CEO is underway. She previously held senior roles at UBS Wealth Management Americas and spent 15 years at Piper Jaffray, including serving on the private client business executive committee. (Financial Planning Today, 15/4/2025, 'Raymond James Wealth Management appoints new CEO')Carla Brown, President of The Personal Finance Society (PFS), has taken on the additional role of Chair, replacing Christine Elliott, who stepped down after only eight months; Brown is a Chartered Financial Planner, Managing Director of Oakmere Wealth Management, and Director at CL Wills and Estate Planning. (Financial Planning Today, 15/4/2025, 'PFS appoints new chair as incumbent Elliott exits')Nikhil Rathi has been reappointed as Chief Executive of the Financial Conduct Authority for a second five-year term, extending his tenure until 2030; he originally joined the regulator in October 2020, and his reappointment was confirmed by Chancellor Rachel Reeves as crucial for delivering key regulatory reforms. (Financial Planning Today, 10/4/2025, 'FCA CEO Rathi reappointed for second 5-year term')Wesleyan Financial Services has appointed Paul McMahon, former CEO of FNZ, as a Non-Executive Director. With over 40 years of experience, McMahon has held senior roles at Zurich, AXA Sun Life, and FNZ, and founded his own advisory business in 2013. He will also become Chair of Wesleyan Unit Trust Managers, pending regulatory approval, succeeding Ian McCaig. This appointment supports Wesleyan's strategy to enhance digital capabilities and expand services for doctors, dentists, and educators. (Financial Planning Today, 3/4/2025, 'Wesleyan adds former FNZ CEO to board')All information provided in this market digest has been gathered from Financial Planning Today, Money Marketing, and IDEX Consulting.

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