General Insurance newsletter Friday 20th June 2025
Insurance NewsClimate change: what insurers need to know - Climate change is reshaping the insurance industry, driving up premiums, creating uninsurable areas, and presenting opportunities for innovation in climate-resilient products and strategies. Learn more about how insurers can adapt and thrive. (IDEX Consulting news, 'Climate change: what insurers need to know')Tips to boost your insurance career - As AI takes off, data analytics increases in importance and employers look for more lateral skills in employees, the job market is becoming more competitive. Learn how you can aid your employment prospects for the remainder of 2025. (IDEX Consulting news, 'Tips to boost your insurance career')Risk and Compliance employment market trends- The risk and compliance sector is rapidly evolving, driven by complex regulations, technological advancements, and a competitive talent market. Explore how businesses can adapt and attract top professionals in this dynamic field. (IDEX Consulting news, 'Risk and Compliance employment market trends')How insurers can be more agile in a digital age - As the insurance market faces ongoing challenges like economic volatility, cybersecurity threats, and climate risks, businesses need to constantly pivot and attract the right talent to drive innovation. Dive deeper into strategies for success in this evolving landscape. (IDEX Consulting news, 'How insurers can be more agile in a digital age')AXA XL and the AXA Research Fund have supported a new Cambridge Centre for Risk Studies framework to help organisations manage risks tied to the low-carbon transition, focusing on systemic interdependencies and resilience planning. (Kenneth Araullo, 19/6/2025, Insurance Business, 'AXA XL backs new CCRS framework to map climate transition risks')The London insurance market’s Joint War Committee has reviewed the Middle East’s security situation amid Israel-Iran tensions, noting no immediate changes to high-risk areas but highlighting increased war risk premiums and ongoing monitoring of maritime risks. (Josh Recamara, 19/6/2025, Insurance Business, 'London insurance market's war committee reviews security situation in Middle East')Towergate Insurance has warned about risks associated with AI use, including misinformation from "AI hallucinations" and data security concerns, urging businesses to verify AI outputs and consider cyber insurance as part of their risk management strategy. (Josh Recamara, 19/6/2025, Insurance Business, 'Towergate Insurance issues warning over growing AI use')Marine insurance premiums for vessels navigating the Strait of Hormuz have surged by over 60%, according to figures from Marsh McLennan, amid escalating Israel-Iran tensions. The report highlights heightened risks from potential conflicts, cyber threats, and regional instability. (Matthew Sellers, 18/6/2025, Insurance Business, 'Shipping cover leaps by 60% as tensions rise')Aon's 2025 Cyber Risk Report reveals that companies experiencing cyber incidents with reputational impacts saw an average 27% drop in shareholder value. The report analyzed over 1,400 global cyber events, highlighting malware and ransomware as the most reputation-damaging attack types. (Josh Recamara, 18/6/2025, Insurance Business, 'Cyber incidents linked to shareholder losses: Aon report')Aviva has upgraded its Broker Portal, introducing an "Accept Quote" feature that allows brokers to independently accept mid-market new business quotes and hold cover without underwriter involvement. This enhancement, led by Jason Chambers, Director of Innovation for SME at Aviva, reflects brokers' growing demand for automation and faster, self-service tools. (Kenneth Araullo, 18/6/2025, Insurance Business, 'Aviva's latest portal upgrade gives brokers full control over quote acceptance')Descartes Underwriting has secured a strategic investment from Battery Ventures, completed at a premium valuation. Marcus Ryu, Battery Partner and former Guidewire CEO, will join as a board observer. The investment supports Descartes’ global expansion and focus on climate-related risks, with the company operating in over 60 countries and reporting $200M in gross written premium in 2024. (Josh Recamara, 18/6/2025, Insurance Business, 'Descartes Underwriting receives major investment')INSER has rebranded to Verlingue in Italy, two years after joining the Verlingue group. The move aligns with Verlingue’s Better Future 28 strategy to expand in Europe, aiming to become a top 10 insurance broker in northern and central Italy by 2028. (Josh Recamara, 18/6/2025, Insurance Business, 'INSER officially rebrands to Verlingue')Scattered Spider, a notorious hacking group, is now targeting insurers in the UK and US, following attacks on Marks & Spencer and others. Recent victims include Erie Insurance and Philadelphia Insurance, facing disruptions and scrutiny. Experts urge insurers to strengthen defences against rising cyber threats.(Matthew Sellers, 17/6/2025, Insurance Business, 'First M&S – now insurers are hackers' target')Marsh has launched Nimbus, an insurance facility offering up to €1 billion in construction all-risks coverage for large-scale data centres in the UK and Europe. Backed by Lloyd’s and other insurers, Nimbus addresses growing demand for digital infrastructure, supporting projects from construction to operations. (Josh Recamara, 17/6/2025, Insurance Business, 'Marsh launches new insurance facility to support large-scale data centres')Lockton reported $4 billion in revenue for FY25, marking its fifth year of double-digit organic growth. Key drivers include a 29% revenue rise in Lockton Re and global expansion efforts. Leadership changes and a focus on technology and talent have further fueled its success. (Jonalyn Cueto, 16/6/2025, Insurance Business, 'Lockton reports US$4bn in revenue for FY25')Asefa, the Madrid-based subsidiary of France’s leading mutual insurer SMABTP, has suffered a cyberattack by the Qilin ransomware group, which claims to have stolen over 200GB of sensitive data, including files linked to FC Barcelona’s Camp Nou redevelopment. While core operations remain unaffected, the breach highlights rising cybersecurity risks in the insurance sector. (Matthew Sellers, 16/6/2025, Insurance Business, 'Major European insurer hit by cyberattack')Mergers and AcquisitionsGenerali’s proposed merger with Natixis to form Europe’s second-largest investment firm has intensified tensions in Italy’s banking sector. The deal faces resistance from key shareholders, including Francesco Gaetano Caltagirone, and political concerns, while its largest investor, Mediobanca, remains supportive. This development adds to the broader challenges of stalled mergers and acquisitions in the region. (Paul Lucas, 19/6/2025, Insurance Business, 'Generali deal adds fuel to banking merger drama')The Clear Group has acquired Surrey-based C.R. Toogood & Co, a third-generation family-run broker with £14.5 million in gross written premiums, as part of its strategy to expand in the South of England and enhance its service capabilities. (Josh Recamara, 19/6/2025, Insurance Business, 'The Clear Group acquires commercial insurance broker in Surrey')United Risk Global has acquired Sydney-based Pinnacle Underwriting and its affiliate Pinnacle Holdings Group, expanding its global footprint. Pinnacle, led by CEO Jon Gilliott, specialises in property, power generation, and political violence insurance, with 70% of its reinsurance business originating in the Asia-Pacific region. (Daniel Wood, 19/6/2025, Insurance Business, 'United Risk acquires Aussie underwriting firm')Atec Group has acquired Moorhouse Group, an SME commercial insurance broker, marking its first acquisition since receiving private equity backing from Perwyn. The deal, which includes Moorhouse's 80 employees and three business units—Xbroker, constructaquote.com, and Toledo—expands Atec's reach into the SME market and aligns with its goal to triple in size within five years. (Kenneth Araullo, 18/6/2025, Insurance Business, 'Atec Group acquires Moorhouse to expand into SME market')Howden has acquired Ureta & Fernández Corredores de Seguros Limitada (U&F), a leading independent retail brokerage in Santiago, Chile, as part of its Latin American growth strategy. U&F Founder Felipe Ureta will become CEO of Howden Chile, enhancing Howden's capabilities in marine, industrial, and specialty insurance lines. (Paul Lucas, 18/6/2025, Insurance Business, 'Howden announces Chile acquisition')The Aviva-Direct Line merger is set for a High Court decision on July 1, 2025, following regulatory approvals and shareholder backing. Announced in December 2024, the deal will make Aviva the UK’s largest motor insurer, with Direct Line shares ceasing trading by July 2, 2025. (Jonayln Cueto, 17/6/2025, Insurance Business, 'Aviva-Direct Line merger awaits court approval')Arachas, part of Ardonagh, has acquired Craftinsure Ireland, a specialist marine insurance broker. Known for its digital "quote and buy" platform, Craftinsure strengthens Arachas’ presence in the niche marine sector as part of its ongoing expansion strategy. (Matthew Sellers, 16/6/2025, Insurance Business, 'Ardonagh-owned brokerage snaps up specialty marine broker')MoversHowden has appointed Patrick De Baets as CEO of its Belgium operations, bringing over 30 years of experience from leadership roles at Foyer Assurances, Touring Assurances (AXA Group), and BNP Paribas Cardif Belgium, to drive growth in the Benelux region and build on recent acquisitions in Belgium and Luxembourg. (Kenneth Araullo, 19/6/2025, Insurance Business, 'Howden names Patrick De Baets CEO of Belgium operations')Pen Underwriting has appointed Jamie Lawson as Head of Digital E-Trade. With a decade of experience in e-trading, including his role as E-Trading and Schemes Director within Pen’s SME & personal lines division, Lawson will lead digital growth across underwriting and distribution, focusing on enhancing broker engagement and operational efficiency. (Josh Recamara, 19/6/2025, Insurance Business, 'Pen Underwriting appoints head of digital e-trade')Sampo Oyj has appointed Morten Thorsrud as Head of its If P&C Insurance division, as CEO effective October 1, succeeding Torbjörn Magnusson. Thorsrud, with over 20 years of experience within the Sampo Group, has been instrumental in growing If P&C into the leading general insurer in the Nordic and Baltic regions. Magnusson, who has served Sampo for 25 years and as CEO since 2019, will remain as a Senior Adviser to the company until the end of 2025, ensuring a smooth leadership transition. (Paul Lucas, 18/6/2025, Insurance Business, 'Sampo names new CEO in leadership transition')Gallagher has appointed Henk Bijl as a Senior Broker in Amsterdam to lead its new European transactional risks practice. With 25 years at Aon, Bijl brings expertise in M&A risk management and will work alongside Joyce Koch (tax) and Aldo Borsani (cyber) to offer tailored insurance solutions. (Kenneth Araullo, 18/6/2025, Insurance Business, 'Insurance moves: Gallagher, Ecclesiastical, AEGIS London, Clyde & Co')Ecclesiastical Insurance has named Anna Stratton as UKGI Finance Director, starting July 2025. Formerly with Allianz Partners, Stratton brings extensive financial strategy experience. Reporting to group CFO Mark Bennett, she joins the UK leadership team as the company aims to double in size to boost charitable contributions. (Kenneth Araullo, 18/6/2025, Insurance Business, 'Insurance moves: Gallagher, Ecclesiastical, AEGIS London, Clyde & Co')AEGIS London has appointed Sarah Yuile as an Underwriter to expand its international casualty team. Joining from QBE, where she managed London Market European business, Yuile will focus on growing AEGIS’s casualty portfolio in Canada, Australia, and Europe, leveraging her expertise in multi-jurisdictional liability solutions. (Kenneth Araullo, 18/6/2025, Insurance Business, 'Insurance moves: Gallagher, Ecclesiastical, AEGIS London, Clyde & Co')H&H Insurance Brokers (HHIB) has appointed Tom Lawlor as Broker Manager, a new role focused on strengthening insurer relationships and enhancing client offerings. Lawlor, with over five years of experience, joins from the Hedron Network, where he supported independent brokers and insurer partnerships. (Josh Recamara, 18/6/2025, Insurance Business, 'Insurance moves: H&H Insurance Brokers, Liberty Specialty and IUA')Liberty Specialty Markets (LSM) has restructured its UK and MENA leadership, forming three underwriting divisions: marine & aviation, specialty, and property. Meghan Walker, with 13 years at Liberty and prior broking roles at Aon and Lockton, will lead marine & aviation. Mike Burle, experienced across specialty lines and deputy active underwriter for Syndicate 4472, will head specialty. Recruitment is underway for a property division lead. Dermot Walsh, currently Head of Commercial Property, will transition to Director of UK Retail. (Josh Recamara, 18/6/2025, Insurance Business, 'Insurance moves: H&H Insurance Brokers, Liberty Specialty and IUA')The International Underwriting Association (IUA) has restructured its leadership under new CEO Chris Jones. Tom Hughes, previously Head of Market Services, is now Director of Underwriting, focusing on creating a chief underwriting officer network. Joe Shaw, formerly Head of Claims, becomes Director of Claims, tasked with developing best practice guides. Kim Darrington, with over 20 years of experience, has been promoted to Director of Market Operations and Transformation, leading digitalisation and efficiency initiatives. (Josh Recamara, 18/6/2025, Insurance Business, 'Insurance moves: H&H Insurance Brokers, Liberty Specialty and IUA')Everest Insurance International has consolidated its specialty operations into a single unit, integrating marine, aviation, energy & construction, cyber, and industry practices. Paul Trueman, with over 20 years of experience and previously Head of Aviation at Everest, has been appointed Head of Specialty. The move aims to streamline decision-making and enhance collaboration across underwriting teams, supporting Everest’s growth in international insurance markets. (Josh Recamara, 17/6/2025, Insurance Business, 'Everest Insurance integrates marine, aviation and other lines')QBE has appointed Henrik Larsen as General Manager for the Nordics, effective June 23, pending regulatory approval. Larsen, with 19 years of insurance broking experience, including as Denmark and Finland CEO at Marsh, will focus on expanding QBE’s presence in Denmark and Sweden. He succeeds Maths Stanser, now Head of Distribution for European markets. (Jonalyn Cueto, 17/6/2025, Insurance Business, 'Insurance moves: QBE, Arch and HDI')Arch Insurance UK has promoted Mark McGrady to Liability Underwriting Manager for its regional division. With over 15 years of underwriting experience, including roles at Chapman and Stacey, LV=, and Aviva, McGrady will oversee liability underwriting for commercial package and standalone policies, focusing on complex and emerging risks. (Jonalyn Cueto, 17/6/2025, Insurance Business, 'Insurance moves: QBE, Arch and HDI')HDI Global SE has appointed Alexandrine Ajavon as General Manager, Global Network Africa. Based in Paris, Ajavon will oversee relationships with network partners across Africa and support multinational clients. With 20 years of experience at AIG, Marsh, and Sanlam-Allianz, her appointment underscores HDI Global’s dedication to enhancing its international programme offerings, managing around 5,300 programmes globally. (Jonalyn Cueto, 17/6/2025, Insurance Business, 'Insurance moves: QBE, Arch and HDI')Hiscox has named Harriet Hanna as Chief Operating Officer of Hiscox Syndicates Ltd (HSL), effective September 2025, pending regulatory approval. She succeeds Adam Rushin, retiring after 25 years, and brings over 20 years of experience, including roles at RBS, Barclays, Amazon, and Funding Circle. (Josh Recamara, 17/6/2025, Insurance Business, 'Insurance moves: Hiscox and Send Technology')Insurtech firm Send has appointed Will Sparkes as Chief People Officer. Sparkes, with senior HR experience at Informa, Metlife, and tech firms, will develop talent strategies and performance frameworks to support Send’s remote-first, international team as it scales. (Josh Recamara, 17/6/2025, Insurance Business, 'Insurance moves: Hiscox and Send Technology')ERS has promoted Annie Ward to Head of Bespoke Personal Lines and Agriculture. With over a decade at ERS, Ward will oversee underwriting for prestige and agricultural vehicles. Her focus includes enhancing digital trading and specialist claims services. (Jonalyn Cueto, 16/6/2025, Insurance Business, 'ERS names new head of bespoke personal lines and agriculture')Marine Insurer, Skuld, has announced leadership changes for 2026. Kjell-Åke Augustsson will retire as Head of Skuld Piraeus, with Leandros Kotsakis, a Skuld veteran since 2007 with extensive experience in the Greek market, stepping in. Mudit Singh, previously Head of Freight, Demurrage, and Defence (FDD), will lead Skuld Western Europe, supported by Erwan Merrien as Vice-President and Head of Underwriting. These appointments reflect Skuld’s commitment to leveraging internal talent for long-term growth. (Rod Bolivar, 16/6/2025, Insurance Business, 'Skuld confirms 2026 leadership moves for four executives')CFC has named Nick Line as Chief Underwriting Officer, starting in 2026. With 28 years at Markel, including as CUO, Line brings expertise in underwriting strategy and international expansion. His appointment aligns with CFC’s focus on innovation and global growth. (Josh Recamara, 16/6/2025, Insurance Business, 'CFC appoints chief underwriting officer')IQUW has announced two senior promotions to enhance underwriting governance and operational oversight. Phil Furlong, previously Head of Marine, Energy, and Aviation, has been named Head of Technical Underwriting and Oversight, overseeing governance, technical standards, and claims. Mark McDonach, who joined in 2022, steps into Furlong’s former role, leading strategy for these lines. (Josh Recamara, 16/6/2025, Insurance Business, 'Insurance moves: IQUW and Volante Global')All information provided in this market digest has been gathered from Insurance Business and IDEX Consulting.
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