General Insurance Newsletter Friday 12th July 2024
Insurance NewsAspen Insurance Holdings has introduced Aspen Data Labs, a new platform aimed at advancing the company's digital strategy and focusing on data and artificial intelligence (AI). Aspen explained that its Data Labs will enable employees and partners to collaborate on data science and AI projects to improve efficiency and accelerate results in underwriting and claims processes. The new platform was also described as a central part of Aspen’s broader data and technology strategy. The platform will eventually provide access to AI platforms, frameworks, and tools designed to enhance core business functions, client experiences, and overall performance. It will also create partnership opportunities with leading third parties for ongoing innovation. (Kenneth Araullo, 11/7/2024, Insurance Business UK, 'Aspen establishes Data Labs, first AI Data Summit')Insurance Europe, the federation of insurance associations in the bloc, has published its manifesto that outlines the insurance industry’s strategic priorities aimed at making the European Union more prosperous, resilient, and competitive. The sector calls on EU policymakers to address protection gaps, enhance climate change efforts, increase private investment, and reconsider regulatory approaches. Titled “#InsuranceMatters”, the manifesto includes recommendations designed to enable the industry to significantly contribute to these goals. The first priority is addressing protection gaps, which involves reducing deficiencies in climate, pension, health, and cyber protections to ensure the resilience and prosperity of Europe’s citizens and businesses. (Terry Gangcuangco, 11/7/2024, Insurance Business UK, 'Insurance Europe publishes #InsuranceMatters manifesto')Insurance broker Lycetts has achieved a milestone year, propelled by robust sales growth and strategic business acquisitions. The company reported a 15.8% rise in turnover, reaching £25.1 million, with operating profits climbing 20.7% to £3.77 million. Lifting the lid on the record-breaking performance, Lycetts Chief Executive Charles Foster noted: “These impressive achievements stem from capitalising on new business opportunities, high client retention rates, strategic acquisitions, and a dedication to creating a positive and fulfilling workplace for our staff.” (Terry Gangcuangco, 11/7/2024, Insurance Business UK, 'Lycetts breaks records in financial results')Claims management specialist Sedgwick has announced the launch of its sustainable damage management solutions in the UK. The service integrates damage recovery with environmentally conscious practices from the onset of loss incidents, the firm said. Sedgwick said that its new service aims to fill a market gap by combining damage management with sustainability efforts. The company highlighted that unlike traditional approaches that treat sustainability as a secondary concern, Sedgwick’s method ensures that sustainable practices are embedded from the initial stages of damage assessment and recovery. This approach helps businesses recover while minimising their environmental impact. (Kenneth Araullo, 10/7/2024, Insurance Business UK, 'Sedgwick launches sustainable damage management solutions in the UK')Verlingue UK Group has released its financial results for the year ending December 31, 2023. The company reported an 8% jump in turnover, reaching £21,072,000, compared to £19,508,000 in 2022. Profit before tax also posted growth, rising by 4.8% to £3,278,000 from £3,127,000 the previous year, thanks to substantial ongoing investments in the business. Neil Campling, Executive Chairman, commented on the performance: “2023 was a challenging year with political and economic uncertainty impacting the UK economy, with inflation remaining higher than anticipated and corresponding interest rates remaining higher for longer." (Terry Gangcuangco, 10/7/2024, Insurance Business UK, 'Verlingue UK reports 2023 financials')Managing general agent Commercial Express has introduced a new leisure & park home product, offering a broader range of coverage options and enhanced flexibility to brokers and leisure homeowners. The offering is underwritten by SCOR, Canopius, and Ascot Group’s Syndicate 1414 at Lloyd’s. It consists of three schemes, expanding risk appetite to address the specific needs of a wider array of leisure property owners. The schemes cater to owners of static caravans, park homes, glamping pods, shepherd huts, log cabins, chalets, and lodges used as holiday homes or rentals on registered caravan sites. Additionally, the product covers caravans used as permanent residences. (Terry Gangcuangco, 10/7/2024, Insurance Business UK, 'Commercial Express unveils new offering for leisure homeowners')Brookfield, a prominent global private capital group, has initiated the process to establish an insurance company in the UK. This strategic move aims to capitalize on the current trend of British companies offloading their pension plans, an opportunity enhanced by rising interest rates. Improved interest rates have significantly bolstered the financial health of corporate pension schemes, encouraging companies to transfer these liabilities and assets to insurers. Consultancy LCP anticipates that approximately £40 billion in such transactions will occur this year, approaching the record levels seen in 2023. Brookfield's insurance division, headquartered in Toronto, has submitted an application to the Prudential Regulation Authority of the Bank of England to form a new insurer. This development, confirmed by insiders, marks a shift from Brookfield's earlier consideration of acquiring an existing UK pension provider. (Matthew Sellers, 9/7/2024, Insurance Business UK, 'Canadian giant seeks entry into UK insurance market')WRS Insurance Brokers has announced the launch of a new quote and buy insurance system tailored for small charities. Based in Colchester, WRS specialises in providing insurance cover for the charity and social welfare sectors. The new system is designed to offer a fast, convenient, and user-friendly way for small charities to purchase insurance. With over 50 years' experience in insuring charities, social care, and community enterprises, WRS Insurance Brokers has developed the quote and buy system based on client feedback. This feedback has helped identify the key features needed for an efficient and effective insurance purchasing process. (Kenneth Araullo, 9/7/2024, Insurance Business UK, 'WRS Insurance Brokers launch new quote and buy platform for charities')Gallagher has entered into a partnership with The Law Society of England and Wales to offer members an exclusive industry-specific cyber insurance product. The independent professional body for solicitors in England and Wales, The Law Society represents all practising solicitors and is dedicated to promoting excellence in the profession, upholding the rule of law, and providing extensive support services. Through the tie-up, The Law Society will facilitate cyber insurance access for its members. The insurance solution is designed for practices of all sizes but primarily targets sole practitioners and firms with up to four partners, where cyber cover is notably scarce. Gallagher pointed out that legal professionals are particularly vulnerable to cyberattacks due to the extensive client data they handle. (Terry Gangcuangco, 9/7/2024, Insurance Business UK, 'The Law Society picks Gallagher for cyber insurance')Acrisure Re, the reinsurance division of global fintech firm Acrisure, has announced a preferred partnership broker agreement with Specialty Reinsurance Brokers for facultative stock throughput and property business, effective immediately. Specialty Re, headquartered in Panama City and led by CEO Luis Medina, has over 11 years of experience in providing solutions for risks across property, engineering and energy, marine, and financial lines business. This partnership aims to enhance Acrisure Re’s global facultative offerings, led by Ghassan Mansour, and provides Specialty Re with access to global reinsurance markets, extensive broking capabilities in marine and non-marine lines, and Acrisure Re’s analytical tools and solutions. (Kenneth Araullo, 8/7/2024, Insurance Business UK, 'Acrisure Re announces broker agreement with Specialty Re')International insurer Sompo has opened an office in Manchester. The company, which provides commercial and consumer property and casualty (re)insurance globally, announced that its base in the city is located at 10th floor, 3 Hardman Street, Spinningfields, Manchester M3 3HF. The new premises add to Sompo’s existing UK offices in Birmingham and London. (Terry Gangcuangco, 8/7/2024, Insurance Business UK, 'Sompo expands into Manchester')Mergers & AcquisitionsSeventeen Group has announced its latest acquisition: Midlands based Gen2 Broking, led by Jon Nottingham, Paul Masters and Paul Dudley. Gen2 controls £5M GWP and has focused on corporate clients in the Midlands region and beyond. Seventeen Group CEO Paul Anscombe commented, “Seventeen Group has known Jon Nottingham for many years and sees Gen2 as a very natural fit. We will be building our presence in the Midlands in the years ahead using Gen2 to create a central ‘hub.” (Seventeen Group, 11/7/2024, youTalk Insurance, 'Seventeen Group acquires Midlands based broker')Aviva has announced that, following receipt of all necessary approvals, it has completed the acquisition of Probitas Holdings (Bermuda) Limited (“Probitas”) for consideration of £249 million. Jason Storah, Aviva’s UK&I GI CEO, said: “I’m delighted to confirm that Probitas is now part of the Aviva group. Our ability to now access the Lloyd’s market, international licences and broader distribution networks, represents a significant growth opportunity for us and further enhances our customer proposition." (Aviva, 11/7/2024, youTalk Insurance, 'Aviva completes acquisition of Probitas')Marshberry has released its June 2024 UK insurance M&A market update, revealing the state of the industry as it enters the second half of the year. July ushered in a new government for the UK under the Labour party, which secured a strong mandate for fiscal reform. However, the Labour leadership has been engaging with businesses and is likely to proceed cautiously with significant or immediate changes that might affect mergers and acquisitions (M&A). Rather than speculating on potential impacts of tax or policy adjustments on future dealmaking in the insurance distribution sector, Marshberry explained that it is timely to review the first half of 2024 and examine developments over the past six months. (Kenneth Araullo, 11/7/2024, Insurance Business UK, 'UK insurance M&A deals – how are they faring at the half-year mark?')Specialist Risk Group (SRG), a rapidly expanding insurance intermediary, has revealed its acquisition of the ongoing business of Carriagehouse. Carriagehouse, with over three decades of experience, caters to the equestrian industry by offering a variety of specialised products, including policies for horses and donkeys, horseboxes and trailers, carriages and harness, and commercial carriage drivers. The acquisition complements SRG’s existing equestrian portfolio, particularly KBIS, which joined SRG in January 2021. According to SRG, its investment in Carriagehouse underscores the group’s dedication to supporting niche markets. (Terry Gangcuangco, 10/7/2024, Insurance Business UK, 'Specialist Risk Group expands equestrian portfolio')PIB Group has signed a conditional agreement to acquire 100% of the shares in the companies of Nord Group. This transaction aligns with PIB Group’s long-term strategy to increase its presence in Central and Eastern Europe. The completion of the transaction is subject to regulatory approval in Poland. (PIB Group, 8/7/2024, youTalk Insurance, 'PIB Group expands its Polish business with broker acquisition')Ardonagh Advisory has acquired Rollinson Smith Insurance Brokers (“RSIB”), a leading community broker servicing the Shropshire, Staffordshire, West Midlands and North Wales regions with significant reach in London and other areas of the country. RSIB was founded in 1974 and offers commercial and personal lines, with Fleet, Motor Trade and Commercial Combined among its core product offering. (Ardonagh Advisory, 8/7/2024, youTalk Insurance, 'Ardonagh Advisory buys Shropshire-based Rollinson Smith')MoversLegal expenses insurer ARAG, which completed its swoop for DAS UK earlier this year, has announced the appointment of Helen Futter as Product Governance Head, Anne Wienand as Strategic Partnerships Head, and Marc Willett as Propositions Head. Wienand and Willett have been with DAS UK since 2017, while Futter came on board more than three years ago. Futter joined DAS UK in 2021 after spending 15 years with BGL Group. Wienand began her career in investment management with Barclays before moving to BGL Group in 2004. Willett started out in product management at RAC, then transitioned to Lloyds Banking Group, where he held various roles over more than a decade before joining DAS UK. (Terry Gangcuangco, 12/7/2024, Insurance Business UK, 'ARAG names new heads')Marsh McLennan – the parent firm of Marsh, Guy Carpenter, Mercer, and Oliver Wyman – has announced the immediate appointment of Jan Siegmund to its board of directors. The addition brings the total number of board members to 12. Siegmund brings over three decades of expertise in corporate finance, strategy, and consulting to the board. Before retiring in early 2024, he served as Chief Financial Officer at professional services firm Cognizant Technology Solutions. His career also includes significant roles at Automatic Data Processing, a provider of cloud-based human capital management solutions, where his roles included corporate vice president and CFO. Additionally, Siegmund is a member of the board at Western Union. (Terry Gangcuangco, 11/7/2024, Insurance Business UK, 'Marsh McLennan adds to board of directors')AXA XL has announced that Anthony Dagostino, Global Chief Cyber Underwriting Officer for commercial lines, will be leaving the company to return to the cyber market business, according to a report by AM Bestt. Dagostino joined AXA XL in August 2023 and played a key role in establishing the company's cyber center of expertise. This initiative was aimed at leveraging AXA's collective cyber expertise to develop advanced capabilities to help clients manage evolving cyber risks. Before joining AXA XL, Dagostino founded Converge, a cyber insurance and risk management provider. With more than 20 years of experience in cyber insurance, he led an AXA-wide team focused on creating product and service solutions for cyber risk transfer for commercial clients. (Kenneth Araullo, 10/7/2024, Insurance Business UK, 'AXA XL global commercial lines CUO to exit the company')Miller has announced the appointment of Christopher Dines to the position of Head of Client Service within a new Real Estate team. Christopher joins from Gallagher, where he worked for more than thirteen years, latterly as an Executive Director in its Real Estate team. Prior to this, he held a number of other senior and underwriting roles across the real estate insurance sector, including at HSBC, Willis Towers Watson, Aon and RSA. All in all, Christopher brings more than three decades of experience to his new role at Miller. (Miller, 10/7/2024, youTalk Insurance, 'Miller appoints Christopher Dines to establish new global Real Estate offering')Hagerty has announced the appointment of Anthony J Kuczinski to its board of directors, effective July 9. Kuczinski is best known as the former Chief Executive Officer of Munich Reinsurance US Holdings (Munich Re US). Kuczinski's career at Munich Re spanned 34 years, including 15 years as President and CEO. Upon retiring as CEO in 2023, he served as Executive Advisor to the board of management for Munich Re US. Before his tenure at Munich Re, Kuczinski was Chief Operating Officer of NY Marine and General Insurance Company and worked in the audit practice at Coopers & Lybrand. Currently, Kuczinski provides strategic and leadership advisory services to senior executives in the insurance industry through LST Risk Concepts, LLC, a firm he founded. He also serves as Lead Independent Director of Skyward Specialty Insurance Group and is on the board of Ryan Specialty, a US property and casualty insurance wholesale broker. (Kenneth Araullo, 10/7/2024, Insurance Business UK, 'Hagerty appoints former Munich Re CEO to board of directors')A new report from reinsurance specialist Guy Carpenter highlights the significant financial impact of business email compromise (BEC) claims, which are often categorized as attritional and frequency-driven within the cyber insurance market. The report, titled “Cyber's Sleeper Threat: Business Email Compromise” examines the threat and impact of BEC attacks, a sophisticated form of phishing that targets human vulnerabilities rather than technical ones. In these attacks, perpetrators impersonate trusted entities to deceive employees into transferring funds, evading traditional security measures. (Kenneth Araullo, 10/7/2024, Insurance Business UK, 'Business email compromise continues to be overlooked as a major cyber threat – Guy Carpenter')Global reinsurer MAPFRE RE has appointed Alberto Estevez Allegue as Chief Representative Officer of its representative office in Tokyo, Japan, effective July 1. Estevez brings over 12 years of experience within the MAPFRE group of companies and has extensive knowledge of the Asian-Pacific insurance market. He started his career at MAPFRE Asistencia’s MAPFRE Warranty Japan in 2012, where he served as Finance and Strategic Planning Manager for the APAC region based in Tokyo. His subsequent roles included Administration and Finance Regional Manager for the MAPFRE Group APAC team in China in 2014, Administration and Finance Manager of Asia within the MAPFRE Group EURASIA Region in 2018, and Projects Expert Manager at MAPFRE RE’s APAC Regional Management in Madrid. (Kenneth Araullo, 10/7/2024, Insurance Business UK, 'MAPFRE RE announces key appointment in Japan office')Everest Insurance has announced the promotion of Harry Townsend to Chief Ceded Reinsurance Officer. Townsend joined Everest in January as Head of Ceded Reinsurance, International. He came from Liberty Mutual Insurance, where he most recently served as Global Reinsurance Casualty Division Manager. During his decade at Liberty, he held various roles with increasing responsibility, focusing on underwriting, casualty and specialty reinsurance purchasing, and portfolio management. In other recent developments, Everest Reinsurance has also announced the appointment of Mayur Doshi as its new Head of North America treaty casualty. Doshi’s experience within the industry also includes roles at Swiss Re and other firms. He spent more than 10 years with Odyssey Reinsurance Company in various positions, with the most recent one being its Senior Casualty and Facultative Underwriter. Everest Insurance has also hired Stephen Buonpane as its first-ever Senior Vice President of Casualty Specialty Lines and Industry Practices for North America. (Kenneth Araullo, 10/7/2024, Insurance Business UK, 'Everest appoints new chief ceded reinsurance officer')Lloyd’s syndicate AEGIS London has launched a new data science and analytics team aimed at enhancing its underwriting capabilities and data-driven initiatives. The team is led by Giuseppe D'Angelo, Head of Data Analytics and Portfolio Underwriting. The newly established group includes data scientists under the management of AI and data science expert Dan Hirlea, and data analysts led by data visualisation expert and qualified actuary Balint Bone. (Kenneth Araullo, 10/7/2024, Insurance Business UK, 'AEGIS London establishes data and science analytics team')Specialty re/insurance broker Consilium has appointed Jodie Gibbons as its new Business Development Manager for the Southwest. Gibbons joins Consilium from Q Underwriting, where she was Key Account Manager. She brings over 22 years of experience in business development roles at Victor Insurance UK, DUAL Corporate Risks Ltd, and Rural Insurance. (Kenneth Araullo, 10/7/2024, Insurance Business UK, 'Consilium names new business development manager for the Southwest')Professional services and technology solutions provider Davies has announced the appointment of Amber Wilkinson as Group Chief Financial Officer joining later this year. As part of her CFO role, Wilkinson will become a member of the group executive committee at Davies. She is taking over from Tony Debiase, who is stepping down after a successful 12-year stint as Finance Chief. A Chartered Accountant who trained at PwC in London, Wilkinson will be making the switch from global law firm DLA Piper. She has held the CFO position there since 2021. Wilkinson’s career also includes more than a decade at AXA, where she served in senior leadership posts such as AXA Health and Bluefin Insurance CFO and Mergers & Acquisitions Head for AXA UK & Ireland. (Terry Gangcuangco, 10/7/2024, Insurance Business UK, 'Davies picks group chief financial officer')Acrisure has appointed Aaron Miller as Chief Financial Officer. Miller will assume the role on Sept. 1, succeeding Jason DeYonker, who will remain at Acrisure as Chief Acquisition Officer and Advisor. Miller joins Acrisure from the Abu Dhabi Investment Authority (ADIA), where he served as Head of Financial Services in the private equities department. At ADIA, he notably led deal origination and portfolio management within the financial services sector. (Kenneth Araullo, 9/7/2024, Insurance Business UK, 'Acrisure taps new chief financial officer')SiriusPoint, the global specialty insurer and reinsurer, announced the appointment of Anthony Williams as Chief Risk Officer for SiriusPoint International Managing Agency (SIMA) and its international business. Williams will begin his role on Aug. 19. Williams has over 20 years of experience in the insurance industry, working across various sectors including insurance carriers, the MGA sector, and the Lloyd’s market. He has held several leadership roles in risk management, such as interim Chief Risk Officer at IQUW and Chief Risk Officer at CNA Hardy. Williams joins SiriusPoint from Castel Underwriting Agencies Ltd., where he also served as Chief Risk Officer. He will report to Andreas Kull, Chief Risk Officer for the group. (Kenneth Araullo, 9/7/2024, Insurance Business UK, 'SiriusPoint names new chief risk officer for international business')Lockton Re has announced that Aldo Mendieta will join the company next month in Mexico City. He will serve as Treaty Country Head for Mexico and Regional Treaty Leader of life accident and health for Latin America and the Caribbean (LAC) as part of Lockton México Intermediario de Reaseguro, S.A. de C.V. Mendieta joins from Guy Carpenter, where he was Senior Vice President for life & health Latin America. With over 20 years of reinsurance experience, half of which was spent in Mexico, Mendieta has a solid reputation and extensive knowledge of the region. (Kenneth Araullo, 9/7/2024, Insurance Business UK, 'Lockton Re appoints treaty country head for Mexico')In further news...Lockton has announced that Travis Leonard will join the firm in the role of Chief Financial Officer, taking the hotseat from Troy Cook who had been in the position since 2000. Cook is now set to become a direct advisor to Chairman and CEO Ron Lockton, as part of corporate development. Company literature described Leonard as “highly regarded and deeply qualified”. He has experience working across global markets having most recently been the CFO at Hostess Brands, until its sale to JM Smucker Co back in November last year. Before that, Leonard’s roles included working as the CFO for the medical segment of Cardinal Health, holding a leadership position within Kraft Foods, including a posting in Brazil, and starting his career in financial and economic consultancy with Arthur Anderson. Cook will become EVP of corporate development for the brokerage and is set to play an active role in Leonard’s transition. Lockton noted he was “grateful” for Cook’s “commitment and leadership”. (Paul Lucas, 8/7/2024, Insurance Business UK, 'Lockton introduces new CFO')American International Group’s (AIG)Adam Burk will soon have a full plate. Already leading the corporate development and strategy team at the insurance heavyweight, Burk will now add further responsibilities. That’s because he’s been named Global Treasurer and Head of Corporate Development for the insurer, effective immediately. The position will see him lead AIG’s global treasury activities, incorporating rating agency relations, banking relations, liquidity management, cash management, and capital management. He has held the role of Head of Corporate Development, Strategy and Mergers and Acquisitions since June 2021. He has also held several leadership roles within the firm – such as Chief Financial Officer of global operations and a senior position in capital strategy. He originally made the switch across to AIG back in 2013. His past tenures include roles with Morgan Stanley, Nomura and Citigroup. He also practiced law with Latham & Watkins and serves on the board for K2 Integerity and Corebridge Financial. (Paul Lucas, 8/7/2024, Insurance Business UK, 'AIG makes key leadership change')Independent specialist re/insurance broker BMS Group has announced the appointment of Charlie Rozes as group CFO and Executive Director. Rozes joins BMS from IG Group PLC, where he was group CFO and Executive Director and most recently served as acting CEO. He brings over 30 years of industry experience, including roles as group CFO and Executive Director at Jardine Lloyd Thompson Group, where he oversaw its acquisition by Marsh & McLennan. Rozes began his career at PricewaterhouseCoopers, followed by senior executive roles at IBM, Bank of America, and Barclays. (Kenneth Araullo, 8/7/2024, Insurance Business UK, 'BMS introduces new group CFO and executive director')Bridge Insurance Brokers Ltd has announced the appointment of Robin Gleeson as Managing Director of its London office. Gleeson, who brings 20 years of experience in real estate insurance, will begin his role in July. He joins Bridge from Towergate Insurance Brokers, where he led the real estate division for 14 years. (Kenneth Araullo, 8/7/2024, Insurance Business UK, 'Bridge Insurance Brokers names new London MD')All information provided in this Market Digest has been gathered from Insurance Business UK.
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