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How predictive analytics is shaping the insurance sector

The insurance industry is undergoing a profound transformation, and at the heart of this change is the growing role of predictive analytics. As insurers face increasing pressure to stay competitive and deliver superior customer experiences, predictive analytics has become a cornerstone for improving risk management, fraud detection, operational efficiency, and customer service.As AI continues to revolutionise the insurance industry, brokers and insurers need to pay extra attention to how they can use sophisticated tools and resources to harness data for long term success. The real reinvention moving forward will be how organisations transition from isolated technology pilots to enterprise-wide implementation, to address industry-specific challenges like complex workflows, compliance mandates, and customer demands.Below we explore how predictive analytics is impacting the insurance sector and how insurers can use it to win in a competitive market.Enhanced risk assessment and underwritingOne of the most significant ways predictive analytics is transforming the insurance sector is by improving risk assessment and underwriting. Traditionally, underwriting involved manual assessments based on limited historical data, which often resulted in inefficiencies or inaccurate risk evaluations. With predictive analytics, insurers can now analyse large datasets, combining historical claims, external data sources, and customer information, to more accurately assess risk.For instance, car insurance companies are now able to predict the risk of accidents for individual drivers by analysing factors such as driving behaviour, traffic conditions, and even weather patterns. This predictive modelling not only ensures more precise pricing but also leads to better profitability and customer satisfaction. Insurers using predictive analytics have seen underwriting accuracy improve by up to 15%, leading to reduced claim frequencies and a more efficient underwriting process (Accenture: Why AI in Insurance Claims and Underwriting).Brokers and insurers are increasingly relying on data scientists and actuaries who specialise in predictive analytics to develop advanced underwriting models. As a result, there is growing demand for professionals skilled in machine learning and data-driven risk analysis.Fraud detection and preventionInsurance fraud continues to be one of the most significant challenges for the industry, with billions lost each year due to fraudulent claims. Predictive analytics plays a pivotal role in helping insurers detect and prevent fraud by analysing large volumes of claims data and identifying patterns that are indicative of fraudulent activity (Formotive: Predictive Analytics in Insurance | Top 6 Use Cases for 2024).By using machine learning algorithms to detect anomalies such as duplicate claims, inflated repair costs, or suspicious patterns of injury claims, insurers can flag high-risk cases early, preventing fraud before it results in significant losses. Insurers leveraging AI and predictive analytics have reduced fraudulent claims by up to 30%, enhancing their profitability while protecting honest policyholders (Invoca: How AI Is Transforming the Insurance Industry). Insurance brokers are also benefiting from these advancements by being able to offer more reliable products and services to their clients. With fraud detection capabilities built into predictive models, brokers can assure customers that their insurance is protected from fraudulent activities, providing a greater level of trust and security in their services.Customer experience optimisationIn an increasingly competitive insurance market, providing a superior customer experience is vital. Predictive analytics enables insurers to better understand customer behaviour and anticipate their needs, leading to more personalised services and interactions (Bolttech: How Predictive Analytics is Transforming the Role of Insurance Brokers). By analysing data from customer interactions, claims history, and external market factors, insurers can gain insights into when customers are likely to renew their policies or make a claim.For example, predictive models can help identify the ideal time for insurers to contact clients for renewals or to offer additional products such as life or home insurance. This approach not only increases cross-selling opportunities but also helps insurers build stronger relationships with their customers by providing relevant, timely offers. Using predictive analytics for customer engagement can increase retention rates and enhance satisfaction levels by offering tailored solutions (Deloitte: Transforming customer experience in insurance | Harnessing the power of Generative AI).Furthermore, brokers are leveraging predictive analytics to gain insights into clients' evolving needs, offering more targeted advice and recommendations. This proactive, data-driven approach to customer service helps brokers strengthen relationships and boost client loyalty.Claims processing and operational efficiencyClaims processing is one of the most resource-intensive aspects of insurance. However, predictive analytics is helping insurers streamline the process, reduce operational costs, and improve customer satisfaction. By predicting the severity of claims and potential delays, insurers can better allocate resources and prioritise claims that require immediate attention.Predictive models can also help estimate claim costs early in the process, allowing for quicker settlements and reducing the likelihood of disputes. Recent research has shown that insurers who use predictive analytics to streamline claims processing havereduced their processing times, leading to both operational cost savings and enhanced customer satisfaction (PWC: Insurance claims estimator uses AI for efficiency case study).The integration of predictive analytics into claims management systems also allows for better claims fraud detection, prioritisation, and cost estimation. As the role of brokers becomes increasingly intertwined with claims handling, brokers are expected to utilise these predictive insights to assist clients in navigating claims more efficiently, ensuring faster resolutions.Personalised pricing and product customisationPredictive analytics is allowing insurers to create personalised pricing models and tailored products. By analysing customer demographics, lifestyle choices, and behaviour patterns, insurers can offer better pricing that reflects specific risks associated with each policyholder.Predictive analytics enables insurers to become more agile in their product offerings, allowing them to quickly adjust policies in response to market changes or evolving customer needs (Guidewire: How is Predictive Analytics Used in Insurance?).What’s in store for 2025? As new technologies like artificial intelligence (AI), Internet of Things (IoT), and blockchain become more integrated into the industry, insurers will gain access to even more data sources, further enhancing the capabilities of predictive models.IoT devices, smart technology and new platforms will provide insurers with real-time data, allowing them to make even more accurate predictions about risk and customer needs. Research predicts that the combination of these technologies with predictive analytics will lead to more proactive and data-driven approaches to claims management, risk mitigation, and product personalisation (Nix United: Predictive Analytics in Insurance: Applications, Benefits, Trends).As insurers move toward a more data-driven future, there is a growing need for professionals who can leverage predictive analytics and machine learning algorithms to drive these advancements. This is creating a strong demand for data scientists, AI specialists, and actuarial professionals who can help insurers harness the full potential of predictive analytics.If you’d like support with your hiring strategy and are looking for specialist insurance talent, contact one of our insurance recruiters who will be happy to help.​Sources:Accenture: Future of Insurance Technology ModernizationBolttecu: How Predictive Analytics is Transforming the Role of Insurance BrokerDeloitte: Transforming customer experience in insurance | Harnessing the power of Generative AIFormotive: Predictive Analytics in Insurance | Top 6 Use Cases for 2024Guidewire: How is Predictive Analytics Used in Insurance?Invoca: How AI is transforming the insurance industryNIX United: Predictive Analytics in Insurance: Applications, Benefits, TrendsPwC: The Impact of Predictive Analytics in Claims Processing

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2025 Employee Benefits employment outlook

The employee benefits landscape will continue to undergo significant transformation in 2025, shaped by rising healthcare costs, evolving workforce demands, and changing regulations.As firms grapple with the lack of new talent entering the market, employers are competing to attract new talent and keep hold of existing employees. Talent gaps specifically at the mid to senior level exist, which has contributed to increased salaries and hiring costs. According to a report by the Recruitment Employment Confederation (REC) “two-thirds of large employers (67%) and more than half medium-sized employers reported shortages of candidates” (Personnel Today: Candidate shortage afflicts two-thirds of businesses).From our research 67% of employers across the employee benefits sector said their biggest challenge will be the shortage of suitable applicants, and 50% said they don’t think they have the talent needed to achieve business objectives. Additional insights from our 2025 Employee Benefits Salary Guide and Market Sentiment report include a range of interesting factors employers and professionals should pay attention to.46% of employees surveyed said they are dissatisfied with their job Reasons include; workload, lack of resources and support, and absence of training and development. Comments included; “There has been too much uncertainty and too many acquisitions”, “Volumes of work have increased without help, due to resource lost over the year”, “We have lost team members who haven’t been replaced. This has led to being overworked”, and “Not being given the time to learn and grow”.82% of employees aren’t on a long term incentive planWhen asked what employees felt were most important to them when looking for a new role, the majority said salary, followed by non-financial benefits and a good employer brand and reputation in the market. As employers continue to compete for skilled professionals, competitive compensation packages will be key. However, this will continue to be a challenge for the sector as business costs and pressures increase. A poll by the Chartered Institute of Professional Development (CIPD) found that “three quarters of respondents did not think they would meet employee pay expectations in 2024”, however “of employers who have had to raise wages in response to hard-to-fill vacancies fewer...are taking lower profits, absorbing costs or accepting higher overheads” (CIPD: Pay awards). Early pay predictions for next year show a “median pay award across all sectors [to] be 3.5 per cent” with awards “currently predicted to reduce by one per cent…compared to 2024” (Pay data: Pay trends and expectations – 2024 and 2025). 33% of employers aren’t sure if they use their employer value proposition to attract talent Having a compelling, ‘human centred’ employee value proposition will set employers apart from their competitors. Working with external consultancies to develop this will help you to define the ‘why’ and ‘so what’ for your current workforce and prospective employees. Companies with a strong EVP have decreased attrition and better hiring success. For guidance on developing an effective employer value proposition get in touch.For more insights on the wealth management employment market, plus accurate salary data and hiring predictions for the next year access our 2025 Employee Benefits Salary Guide and Market Sentiment report.

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General Insurance newsletter Friday 31st January 2025

​Insurance NewsM&A buy and sell strategies: predictions and expert advice - M&A activity remains strong despite tax changes, with an emphasis on completing deals before updates to Business Asset Disposal Relief (BADR). Sellers are urged to prepare early, focusing on structuring deals, due diligence, and regulatory compliance. Tax strategies, along with managing risks like cybersecurity and ESG concerns, are essential to maximizing business value during the sale process. (IDEX Consulting news, 'M&A buy and sell strategies: predictions and expert advice')2025 Insurance employment outlook - The 2025 insurance employment outlook shows steady growth, with a projected 0.58% rise in overall insurance jobs. The life & health sector expects a 1.49% increase, while property & casualty anticipates a 0.26% rise. Employers face talent attraction and retention challenges, especially with an ageing workforce and a lack of strategies to appeal to younger talent. Additionally, 60% of employees plan to change jobs, with dissatisfaction around pay, workload, and career progression. (IDEX Consulting news, '2025 Insurance employment outlook')How to progress your career quickly - A professional at Anthony James Insurance Brokers rapidly progressed from Account Executive to Managing Director in just five years. This success was supported by a culture of growth, mentorship, and a focus on adding value for clients. Key advice includes prioritizing client relationships, honing technical expertise, and engaging in continuous professional development. (IDEX Consulting news, 'How to progress your career quickly')The impact of climate change on insurers - Climate change is increasingly affecting insurers, with rising claims due to extreme weather events and shifting risk patterns. Insurers are adapting by reassessing pricing models and coverage strategies, investing in technology for better risk assessment, and exploring green insurance products. The challenge also includes addressing regulatory pressures and aligning with sustainability goals. (IDEX Consulting news, 'The impact of climate change on insurers')Brokerslink has added Netherlands-based Wannet Sports Insurance as an affiliate; founded in 1995, the Lloyd’s coverholder and MGA specializes in sports insurance across Benelux, Germany, and Belgium, with underwriting capacity up to €240M for teams. (Josh Recamara, 31/1/2025, Insurance Business, 'Brokerslink adds independent broker to network')GlobalData research highlights AI, ESG, and cyber risk as key 2025 insurance trends, with 43% of consumers comfortable using AI for premiums and 51.3% believing insurers should address climate change. (Camille Joyce Lisay, 30/1/2025, Insurance Business, 'AI, ESG, and cyber lead insurance trends – GlobalData')Marsh McLennan reported strong 2024 results with $24.5B in revenue (+8%), $5.8B in GAAP operating income (+10%), and $4.1B in net income, while Q4 revenue grew 9% to $6.1B, driven by record-high acquisitions and risk & insurance services growth. (Gia Snape, 30/1/2025, Insurance Business, 'Marsh McLennan caps record year with robust Q4 results, earnings surge')As AI reshapes business and society, industry leaders at ITC London debated whether traditional insurance policies adequately cover AI-related risks, with Apollo Underwriting’s Hayley Budd highlighting both AI’s potential for insurers and the gaps in existing cyber, liability, and E&O coverage. (Gia Snape, 30/1/2025, Insurance Business, 'Specialised AI insurance needed as adoption grows')Saga plc has secured new credit facilities, including a £335M term loan and a £100M delayed-draw loan, to refinance debt, enhance liquidity, and increase financial flexibility ahead of its Ageas partnership. (Kenneth Araullo, 30/1/2025, Insurance Business, 'Saga secures new credit facilities ahead of insurance broking fall')AXIS Capital’s 2024 net income tripled to $1.1B ($12.35 per share), with operating income rising to $952M, while its full-year combined ratio improved to 88.5%, reflecting strong underwriting performance. (Kenneth Araullo, 30/1/2025, Insurance Business, 'AXIS Capital triples net income')Ki has partnered with QBE as a capacity provider, expanding its algorithmic digital follow platform at Lloyd’s, with QBE capacity available from February 2025 across 11 business classes, including cyber, D&O, and property. (Kenneth Araullo, 30/1/2025, Insurance Business, 'Ki partners with QBE to expand digital follow capacity')Chubb reported Q4 2024 net income of $2.58B ($6.33 per share) and core operating income of $2.45B ($6.02 per share). Book value per share decreased 2.1%, while tangible book value declined 2.2%, largely due to investment and foreign currency losses. Excluding certain income, book value rose by 2.9% and tangible book value by 4.3%. Both net income and core operating income reached record pre-tax levels of $3.05B and $3.00B, respectively. (Kenneth Araullo, 29/1/2025, Insurance Business, 'Chubb reports US$1.56 billion in Q4 net investment income')According to Euler ILS Partners, the 2025 January 1 renewals in the global reinsurance market showed stability in contract terms, with moderate rate reductions in property catastrophe reinsurance and retrocession, especially in regions without recent losses. Despite these reductions, pricing remains near historic highs, supported by stable terms across global and US markets. (Kenneth Araullo, 29/1/2025, Insurance Business, 'Global reinsurance market holds steady in 2025 renewals, Euler ILS reports')RenaissanceRe reported strong 2024 results, with an 18.5% increase in book value per share and 19.3% return on average equity. The company achieved $1.6B in underwriting income, $1.7B in net investment income, and a combined ratio of 83.9%. Tangible book value per share plus dividends grew by 26%. The operating return on equity was 23.5%, highlighting strong financial performance. (Kenneth Araullo, 29/1/2025, Insurance Business, 'RenaissanceRe reports strong 2024 growth despite Q4 losses')Everest Group reported $1.7 billion in unfavourable casualty loss development, including a $1.5 billion adjustment to prior-year reserves and $229 million in current accident year strengthening. The company expects net income for 2024 to range between $1.3 billion and $1.4 billion, with non-GAAP net operating income projected between $1.2 billion and $1.3 billion. (Kenneth Araullo, 29/1/2025, Insurance Business, 'Everest Group reports US$1.7 billion prior-year casualty loss development')MS Amlin has renewed its Phoenix Re sidecar for the fifth year, increasing collateralized capacity to over $90M, a 12.5% rise from 2024. The sidecar, based in Singapore, supports the company’s reinsurance portfolio in the Asia-Pacific region, reflecting growing investor interest in Asia’s catastrophe risk market. CEO William Ho emphasized strong investor appetite for these risks. (Kenneth Araullo, 29/1/2025, Insurance Business, 'MS Amlin expands Phoenix Re sidecar to over US$90 million in 2025 renewal')Brown & Brown, Inc. reported a 15.4% increase in Q4 2024 revenue to $1.2 billion, with organic revenue up 13.8%. However, income before taxes dropped 22.8%, primarily due to a prior-year gain from a business sale. Adjusted EBITDAC rose by 22.6%, reaching $390 million, with a margin improvement to 32.9%. (Kenneth Araullo, 29/1/2025, Insurance Business, 'Brown & Brown reports major Q4 revenue growth')Howden has consolidated multiple offices into a central hub in Birmingham, housing over 120 insurance advisors. The new location, part of the company’s Midlands expansion, offers personal, business, health, and employee benefits insurance. Specializing in sectors like sports, rail, and gun trade, it also hosts apprentices through its Early Careers Programme. The office is centrally located near Birmingham Snow Hill station. (Josh Recamara, 29/1/2025, Insurance Business, 'Howden consolidates several Birmingham offices')Gracechurch Consulting has recognised AEGIS London with the Outstanding Claims Service Quality Marque for the ninth consecutive year, achieving 87% positive ratings. Chaucer also earned this accolade for its communication, commerciality, and speed. AXA UK was awarded the 2025 Underwriting Service Quality Marque for its exceptional collaboration and customer focus in the UK regional market. These recognitions highlight their consistent excellence in claims and underwriting service. (Josh Recamara, 29/1/2025, Insurance Business, 'AXA, AEGIS and Chaucer recognised for claims service')Apollo has formed a long-term partnership with WNS to support its third-party syndicate business. WNS will provide tailored solutions using technology, data, and resources to help Apollo quickly establish new Lloyd’s syndicates through the “Fast Start” solution. This solution has already been applied to two new Apollo syndicates, Africa Specialty Risk and NormanMax, and is available for future partnerships. (Josh Recamara, 29/1/2025, Insurance Business, 'Apollo announces tie-up for syndicate partnership business')Swiss Re’s analysis highlights that while the cyber insurance market has cooled from rapid growth, expansion is far from over. The key to further growth lies in increased adoption by SMEs. Fabian Willi from Swiss Re notes the current oversupply of cyber insurance, creating a competitive market and driving rates down over the past couple of years. (Mia Wallace, 28/1/2025, Insurance Business, 'Cyber insurance pricing and growth - where does the market stand today?')Liberty Mutual has updated its reinsurance Property Catastrophe Program for domestic business as of Jan. 1. The program includes a US$2.8 billion occurrence limit with a US$1 billion retention, covering all perils up to US$1.5 billion. Additionally, an Aggregate Property Catastrophe Program has been purchased, offering US$500 million above a US$2.4 billion retention, with a US$100 million per-event deductible. Full details will be disclosed in the first-quarter earnings announcement. (Kenneth Araullo, 28/1/2025, Insurance Business, 'Liberty Mutual enhances reinsurance program ahead of 2025')Enact Holdings has secured US$225 million in excess of loss (XOL) reinsurance for 2025 and US$260 million for 2026 for its primary legal entity, Enact Mortgage Insurance Corporation. These credit risk transfer transactions cover policies written within their respective years and will take effect on January 1st. The reinsurance is provided by a panel of reinsurers rated "A-" or higher by S&P or A.M. Best, or "A3" or better by Moody’s. (Kenneth Araullo, 28/1/2025, Insurance Business, 'Enact secures reinsurance cover for 2025-2026 mortgage policies')QBE UK's 2024 Gender and Ethnicity Pay Gap Report shows continued progress in reducing disparities. The mean gender pay gap has decreased to 20.4%, down from 21.9% in 2023 and from 32.8% in 2017. This is significantly lower than the insurance industry (34%) and financial services (29.8%) averages. Additionally, the mean ethnicity pay gap has dropped to 4.5%, the lowest since the company began tracking this data in 2021. (Kenneth Araullo, 28/1/2025, Insurance Business, 'QBE UK reports lowest gender and ethnicity pay gaps since 2017')The cyber insurance-linked securities (ILS) market, with over US$750 million in catastrophe bonds, is becoming a vital source of capital for the growing cyber insurance sector. Gallagher projects the market will more than double over the next decade due to increased awareness of cyber risks. Cyber ILS helps underwriters manage systemic risks and expand capacity, meeting the rising demand for cyber insurance. (Kenneth Araullo, 27/1/2025, Insurance Business, 'Investors flock to cyber ILS as market matures – Gallagher')The UK pensions de-risking market is projected to hit £70 billion in 2025, driven by bulk annuity deals and longevity swaps. This growth is supported by improved funding levels and the entry of new insurers. WTW's Shelly Beard noted that increased trustee activity and better asset management are boosting the market, with pension schemes set to use longevity swaps for risk management. (Kenneth Araullo, 27/1/2025, Insurance Business, 'WTW forecasts pensions de-risking surge in 2025')​Mergers and Acquisitions​Hedgehog Risk, a specialist in sports and prize insurance, has gained a significant investment from SIG Insurance Holdings, part of Susquehanna International Group. Since its 2013 founding, it has led the London market in insuring performance bonuses and prize indemnities. The firm supports global clients by covering financial risks linked to incentivised contracts, sports performance, and promotional events. (Josh Recamara, 29/1/2025, Insurance Business, 'SIG Insurance picks up significant stake in Hedgehog Risk')MoversLloyd’s has appointed Alexandra Cliff as CFO, effective May 1; currently Deputy CFO and an executive committee member, she brings 20+ years of insurance finance experience, including roles at Direct Line Group, StarStone, and AJ Gallagher, and previously worked at PwC.(Josh Recamara, 31/1/2025, Insurance Business, 'Lloyd's appoints Alexandra Cliff as chief financial office')​David Haynes has been appointed CEO of ARAG UK Holdings and ARAG Legal Expenses Insurance, succeeding Tony Buss in April 2025. Haynes, a founding member of ARAG UK since 2006, most recently served as Director of Underwriting at ARAG Legal Expenses Insurance. He also played a key role in the leadership team after ARAG acquired DAS UK in early 2024. Tony Buss, who retires after 19 years as CEO and 48 years in insurance, will remain involved in an advisory capacity. (Kenneth Araullo, 30/1/2025, Insurance Business, 'David Haynes appointed CEO of ARAG UK')Berkshire Hathaway Specialty Insurance has appointed Francesco Longobardo as Head of Casualty in Italy, marking its entry into the country's casualty insurance market. Longobardo brings over 20 years of experience, including 17 years in senior liability underwriting roles at a global insurer. (Josh Recamara, 30/1/2025, Insurance Business, 'Berkshire Hathaway Specialty enters new market')Devonshire Underwriting appointed Robin Muir as Head of Contingent Risks. Muir, formerly an Associate at law firm Jones Day specialising in restructuring and litigation, will focus on enhancing the firm’s contingent risk insurance, particularly in corporate restructuring. (Kenneth Araullo, 29/1/2025, Insurance Business, 'Devonshire Underwriting appoints Robin Muir as head of contingent risks')Arch Insurance International promoted Michael O'Neill to Onshore Power & Renewables Underwriting Manager. O'Neill, previously Senior Underwriter, will oversee renewable energy insurance, including wind, solar, and battery storage. Charlie Thomas, now Senior Onshore Energy Underwriter, brings experience from Shell as risk & insurance team lead and a Senior Underwriter role at Chubb. Arch also appointed Elizabeth Thompson as Offshore Energy Underwriting Manager and James Brown as Senior Energy Advisor, both based in London. (Kenneth Araullo, 29/1/2025, Insurance Business, 'Arch Insurance promotes Michael O’Neill to lead renewables underwriting')Jon Hancock has been appointed EVP, CEO of both International Commercial Insurance and Global Personal Insurance at AIG. He will continue leading International Commercial Insurance while overseeing the newly formed Global Personal Insurance, which combines Global A&H, Personal Home and Auto, Global Warranty & Services, and High-Net-Worth businesses. (Josh Recamara, 29/1/2025, Insurance Business, 'AIG appoints Jon Hancock to lead new business segment')Jack Harding, Senior Underwriter at Miramar Underwriting Limited, has been appointed Chair of the MGAA’s Next Gen Committee, succeeding Kajal Pankhania. Harding, with over five years of experience at Miramar, has actively contributed to market initiatives and served on the committee for over three years. Pankhania, who led the committee for two and a half years, expressed his pride in working with ambitious young professionals in the industry. (Josh Recamara, 29/1/2025, Insurance Business, 'MGAA appoints new Next Gen Committee chair')Ryan Specialty appointed Sean Ryan as EVP of Ryan Re Underwriting Managers. Ryan, with extensive reinsurance experience, will lead strategic development. Previously, he founded Trean Intermediaries, later acquired by BMS, where he served as deputy CEO of US Reinsurance. His appointment aims to accelerate Ryan Re's growth. (Kenneth Araullo, 28/1/2025, Insurance Business, 'Ryan Specialty appoints Sean Ryan as executive VP of Ryan Re')In further news...Chris Newby has been appointed General Counsel of Ryan Specialty International, succeeding Carin Verhagen, who is retiring in February. Newby, with over 25 years of experience, previously held senior legal roles at AIG. Verhagen, who served for 12 years, was instrumental in the firm's growth and promoting women in the workplace. (Kenneth Araullo, 27/1/2025, Insurance Business, 'Ryan Specialty names Chris Newby as new general counsel')SCOR P&C has appointed Arta Nasradini as Head of Aviation, effective Feb. 1. Nasradini brings extensive experience, having managed the DACH Aerospace portfolio at AIG and held roles in aerospace underwriting at Swiss Re Corporate Solutions across multiple European locations. (Kenneth Araullo, 28/1/2025, Insurance Business, 'SCOR P&C appoints Arta Nasradini as head of aviation')Liberty Mutual has appointed Nicole Arangio as Executive Vice President and Chief Compliance Officer (CCO), effective April 1, 2025. Currently serving as CCO for Global Risk Solutions and Compliance Enablement, Arangio oversees compliance across Liberty Mutual’s global operations. (Kenneth Araullo, 28/1/2025, Insurance Business, 'Liberty Mutual enhances reinsurance program ahead of 2025')Miller has appointed Edwin Staudenmaier as Head of Information Security. With over 10 years of cybersecurity experience, Staudenmaier previously worked at Deloitte, Crossword Cybersecurity Consulting, and SysGroup. He will oversee Miller’s information security strategy and operations. In other recent developments, the re/insurance specialist also announced the appointment of Elizabeth McGonagle as Head of Power for the Asia Pacific region. (Kenneth Araullo, 28/1/2025, Insurance Business, 'Miller appoints Edwin Staudenmaier as head of information security')Argenta has appointed Karen Collier as a Construction and Engineering Underwriter, effective immediately. She brings over 10 years of experience, having previously worked as an Assistant Underwriter at Axis Capital, and held roles at Independent Broking Solutions, Brit Insurance, and Montpelier. Collier's expertise spans underwriting, claims management, training, and risk management. (Kenneth Araullo, 28/1/2025, Insurance Business, 'Karen Collier joins Argenta as construction and engineering underwriter')Evolin Broking Limited has launched a new construction division and appointed Steve Downing as Head of Construction. With over 30 years of experience, Downing, formerly with Lockton, Willis, and Miller Insurance Services, will lead the division’s development, focusing on construction all risks, erection all risks, builders’ risk, delay in start-up, and third-party liability. He will also focus on talent recruitment for product development and distribution. (Josh Recamara, 28/1/2025, Insurance Business, 'Evolin launches new construction division')Carbon Underwriting has entered the international healthcare sector, appointing Martin Leeks as Head of International Medical Malpractice. Leeks brings over 35 years of experience in casualty and medical malpractice underwriting, most recently with Everest Group. The new division will focus on delegated portfolios in Australia, Canada, the UK, and Europe, underwriting on Lloyd’s paper. This follows the appointment of Alex Poracchia as Carbon’s CFO. (Josh Recamara, 28/1/2025, Insurance Business, 'Carbon Underwriting moves into international healthcare sector')The Clear Group has appointed Oscar Holloway as Managing Director of its mergers and acquisition division. Holloway previously held senior positions at leading insurance firms, including Group M&A Director at JLT, Senior Vice President at Marsh and most recently, Head of Europe at Miller Insurance Services. Holloway will lead Clear Group’s M&A strategy, building on progress achieved since Goldman Sachs’ investment in 2022. (Josh Recamara, 28/1/2025, Insurance Business, 'Revealed – leadership changes at several insurance firms')Envelop Risk has appointed Graeme Bell as Group COO and Chief Legal Officer. Bell, who joined in 2020 and served as interim COO since 2023, previously worked as a Corporate M&A Partner. Additionally, Simon Welton has been appointed EVP – Underwriting Performance and Strategic Partnerships. With over 30 years of experience, Welton previously held the EVP – insurance role at Envelop and worked at Swiss Re for a decade. (Josh Recamara, 28/1/2025, Insurance Business, 'Revealed – leadership changes at several insurance firms')Atec has appointed Luke Dexter as its first Principle Data Scientist, focusing on enhancing the company's data science capabilities. Dexter brings extensive experience from roles at Covea, where he advanced data science and pricing, and as the lead Data Scientist at Aviva. (Josh Recamara, 28/1/2025, Insurance Business, 'Revealed – leadership changes at several insurance firms')United Insurance Brokers has appointed Marek Ambrozewski as Managing Director of its aviation division, effective this month. With over 20 years of experience in key leadership roles in the aviation sector, he succeeds Miles Taffs, who will depart at the end of Q1. (Josh Recamara, 28/1/2025, Insurance Business, 'Revealed – leadership changes at several insurance firms')John Bruce has officially assumed his role as Senior Partner at Kennedys, succeeding Nick Thomas. Bruce, who is based in London, was appointed to the role in December following a formal election process. (Josh Recamara, 28/1/2025, Insurance Business, 'Revealed – leadership changes at several insurance firms')DAC Beachcroft welcomed Maria Cetta as a Partner in its aviation practice. Cetta joins the company from Clyde & Co. where she was a Partner in its aviation liability practice for almost 20 years. (Josh Recamara, 28/1/2025, Insurance Business, 'Revealed – leadership changes at several insurance firms')Howden Re appointed Kelly Hatch as Director of International Facultative Reinsurance. Based in London, Hatch will focus on APAC property placements. He joins after 26 years at Aon, where he was Executive Director. (Kenneth Araullo, 27/1/2025, Insurance Business, 'Kelly Hatch joins Howden Re as director of APAC reinsurance')MS Amlin has launched a new partnerships division to capitalise on growth opportunities, leveraging connections within the MS&AD Group and other strategic channels. Sam Geddes, Deputy Chief Underwriting Officer, will lead the division, with Simon Morgan overseeing underwriting operations. The team will manage collaborations with entities like MS&AD Ventures and MS Transverse. (Kenneth Araullo, 27/1/2025, Insurance Business, 'MS Amlin strengthens strategy with partnerships division')Lockton Re has appointed Theo Norris as the UK Capital Markets Structuring and Cyber ILS Leader. Norris, based in London, will work with the global broking and cyber teams. He previously led cyber ILS at Gallagher Re and served as Assistant Vice President at Aon Securities. Norris holds the CFA designation and is an Associate of the Chartered Insurance Institute. (Kenneth Araullo, 27/1/2025, Insurance Business, 'Theo Norris joins Lockton Re as cyber ILS leader')​All information provided in this market digest has been gathered from Insurance Business and IDEX Consulting.

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Financial Services newsletter Friday 31st January 2025

​Financial Services NewsSchroders will adopt all four FCA Sustainability Disclosure Requirements (SDR) labels—'sustainability focus', 'sustainability impact', 'sustainability improvers', and 'sustainability mixed goals'—bringing its total to 16 across the group. This follows December's announcement of labels for 10 funds and the addition of three Cazenove Capital funds. (Financial Planning Today, 28/1/2025, 'Schroders to adopt all 4 SDR labels')St James’s Place reported record £190.2bn Funds Under Management in 2024, with £18.4bn in gross inflows (up 23%), though net inflows fell to £4.33bn from £5.12bn. (Financial Planning Today, 30/1/2025, 'St James's Place FUM soars £22bn to £190bn in 2024')In further news...St James’s Place has shifted a £5.2bn sustainable mandate from Impax to Schroders, adopting a blend of value and growth strategies. Schroders' funds have outperformed SJP’s, with three-year returns of 23% and 21.5% versus SJP’s 9.9%. (Charles Walmsley, 13/1/2025, Citywire Wealth Manager, 'SJP hands £5.2bn Impax mandate to Schroders')Quilter's platform saw a 91% year-on-year increase in gross inflows from IFAs in Q4 2024, reaching £1,255m. Overall, gross and net inflows across all channels rose by 22% and 32%, respectively, with total net inflows of £1,919m. The group reported record net inflows of £2bn for Q4, contributing to £5.2bn in core inflows for 2024. The affluent segment saw a 58% increase in gross inflows to £3,914m. (Financial Planning Today, 23/1/2025, 'Quilter sees 91% increase in IFA platform inflows')Brooks Macdonald has announced a £10m share buyback to enhance its share value ahead of moving to the main LSE. The buyback, managed by Single Capital Markets, will run until September 2025, with shares purchased in the open market and cancelled to reduce share capital. Shares have traded between £14-£17 recently, down from a £27 high in 2021. (Victoria Bell, 28/1/2025, Citywire Wealth Manager, 'Brooks Macdonald announces £10m share buyback')The Treasury plans to invite senior figures from advice firms and wealth managers to industry forums with Chancellor Rachel Reeves later this year to discuss financial services growth, alongside banking, insurance, and asset management leaders. (Julian Bovill, 27/1/2025, Citywire Wealth Manager, 'Treasury wants advisers and wealth managers at chancellor's forums')Leicester-based advice firm Handford, Aitkenhead & Walker has rebranded as Optimum Path Financial Planning following a management buyout by sole shareholder Alasdair Walker, aiming to blend tradition with innovation and reflect a forward-looking vision. (Victoria Bell, 24/1/2025, Citywire Wealth Manager, 'Handford Aitkenhead & Walker changes name to Optimum Path')From April, HMRC will update its systems to end the use of emergency tax codes on pension withdrawals, reducing the need for reclaiming overpaid tax—a process that has led to £1.4bn in refunds across 470,000 claims since 2015. (Julian Bovill, 22/1/2025, Citywire Wealth Manager, 'HMRC to fix £1.4bn pension tax overpayment issue in April')Abrdn pledged to improve platform service after advisers withdrew £3.9bn in 2024, nearly double 2023 outflows. Despite a strong trading update and 7% share rise, adviser platform outflows continued, with £900m exiting in Q4 alone. (Charles Walmsley, 21/1/2025, Citywire Wealth Manager, 'Abrdn to redouble platform efforts after advisers pull £4bn in 2024')Bath-based advice firm Fidelius is rebranding to better appeal to women and younger clients, with a new look and approach launching publicly on 14 February. While the name remains, the firm aims to simplify financial planning and make it more relatable. (Victoria Bell, 20/1/2025, Citywire Wealth Manager, 'Söderberg-backed Fidelius to rebrand in pitch to women and younger clients')LV= has launched a new platform service for advisers in partnership with Embark, offering access to 5,000 funds, model portfolios, and LV=’s insured fund options across various wrappers, including SIPPs and ISAs, designed to enhance retirement income advice. (Financial Planning Today, 29/1/2025, 'LV= launches new adviser platform service')North Derbyshire-based Belmayne has been awarded CISI Chartered Firm status, recognising its high level of professionalism in financial planning. The family-oriented firm, based in Dronfield, met rigorous criteria to achieve the accreditation. (Financial Planning Today, 28/1/2025, 'Belmayne achieves CISI Chartered Firm status')Rosemount Financial Solutions, a Basingstoke-based IFA network, reported 25% revenue growth and a £500m increase in AUM to £2.5bn. Over the past year, the network grew its team by 8 staff and 31 advisers, including 12 Financial Planners, with protection business rising by 33%. (Financial Planning Today, 27/1/2025, 'Rosemount Financial Solutions sees 25% growth in revenue')A Charles Stanley study reveals high net worth women are less engaged than men in discussions with financial advisers. While 80% of HNW men are actively involved, only 67% of HNW women engage similarly, and 19% of women do not have an adviser. (Financial Planning Today, 27/1/2025, 'HNW women less engaged with financial advisers')Financial experts have welcomed Chancellor Rachel Reeves' Davos comments suggesting a potential softening of her October Budget move to scrap non-dom status. With 10,800 millionaires leaving the UK in 2024, experts see her comments as a possible sign of a re-think, offering a longer transition or diluted ban. (Financial Planning Today, 24/1/2025, 'Experts welcome potential ‘softening’ of non-dom crackdown')The average household is £31,546 short of the pension savings needed for a moderate retirement, four times higher than five years ago. Only 36.4% of households are on track for a moderate retirement, with Wokingham's gap at £265 and Kingston upon Hull's at £54,641. Authorities around London have some of the largest gaps, exceeding £70,000. (Financial Planning Today, 20/1/2025, 'Pensions gap grows to more than £31,000')National IFA Continuum reported a 23% year-on-year increase in assets under influence, reaching £12.4bn at the end of 2024. This marks the 10th consecutive year of double-digit growth. New business income rose 16%, while recurring income grew by 27%. (Financial Planning Today, 20/1/2025, 'National IFA Continuum reports AUI up 23%')A survey from Opinium revealed that while 56% of independent financial advisers view AI as an opportunity, the majority (64%) have no plans to implement it in client services within the next year. Only 14% are already using AI, with 23% planning to adopt it. (Financial Planning Today, 14/1/2025, 'Few advisers planning to use AI')The Attivo Group, parent of Chartered Financial Planning firm Attivo, has launched a new investment firm in partnership with SEI. Led by CEO Stephen Harper and CIO Charlotte Watson, the firm will offer three model portfolio ranges focused on goal-based investing, with fees ranging from 25-64 bps. The firm aims to enhance the investment management landscape by aligning services with the Financial Planning journey. (Financial Planning Today, 9/1/2025, 'Chartered Planner owner launches investment firm')Dynamic Planner has launched Financial Personality Insights, a new feature designed to give advisers a deeper understanding of clients' behaviours and attitudes towards financial risk. Developed by Dr. Louis Williams, the feature enhances the platform's Attitude to Risk (ATR) questionnaire, building on its psychometric analysis to offer more personalised advice. (Tom Browne, 28/1/2025, Money Marketing, 'Dynamic Planner launches Financial Personality Insights to improve client understanding')2025 Financial Services talent trends - IDEX Consulting’s 2025 Financial Services talent trends highlight rising operating costs, a lack of new talent entering the industry, and the growing influence of AI and regulatory changes.Employers must focus on strong branding, competitive compensation, clear career paths, and technological adoption. In-demand roles include financial advisers, paraplanners, and compliance experts. Employees are advised to be proactive in career development, upskill in AI and technology, and stay current with industry changes. (IDEX Consulting news, '2025 Financial Services talent trends')M&A buy and sell strategies: predictions and expert advice - M&A activity remains strong despite tax changes, with an emphasis on completing deals before the end of the 24/25 tax year. Sellers are urged to prepare early, focusing on structuring deals, due diligence, and regulatory compliance. Tax strategies, along with managing risks like cybersecurity and ESG concerns, are essential to maximizing business value during the sale process. (IDEX Consulting news, 'M&A buy and sell strategies: predictions and expert advice')Sustainability: how to win clients, customers and talent - Sustainability is becoming crucial for attracting clients, talent, and customers. Businesses are facing increasing demands for responsible practices from employees, customers, and investors, driven by factors like climate change and human rights. The commercial benefits of sustainability include enhanced reputation and cost efficiencies. IDEX Consulting’s study reveals that 89% of employers believe sustainability helps attract talent, and 78% of customers care about it. Companies should focus on developing a strong sustainability strategy to meet market demands. (IDEX Consulting news, 'Sustainability: how to win clients, customers and talent')How to create an inclusive hybrid and remote culture - Inclusive hybrid cultures require more than just engagement strategic; businesses must actively embed inclusive practices. Hybrid work presents challenges, particularly for marginalized groups, due to biases in virtual settings and accessibility issues. Key strategies include understanding diverse employee experiences, fostering open feedback, and providing tailored training for virtual inclusion. Proactive measures will ensure a more equitable and connected workforce.(IDEX Consulting news, 'How to create an inclusive hybrid and remote culture')Mergers and AcquisitionsEvelyn Partners has sold its Authorised Corporate Director (ACD) arm, Evelyn Partners Fund Solutions (EPFS), to Thesis Holdings for an undisclosed sum. The division, with £10.6bn in assets under governance, was sold as part of Evelyn's strategic review to refocus on wealth management, following the sale of its accountancy arm last November. (Natalia Vasnier, 27/1/2025, Citywire Wealth Manager, 'Evelyn Partners sells £10.6bn ACD to Thesis')Titan Wealth has acquired Jersey-based financial advice firm Advisa Wealth, which manages £525m in assets for 1,800 clients. The firm's management team and 10 advisers will join Titan Wealth, further strengthening its presence in the Channel Islands. This acquisition is part of Titan's ongoing expansion strategy, supported by private equity funding. (Sophie Downes, 24/1/2025, Citywire Wealth Manager, 'PE-backed Titan Wealth buys 30-year-old Jersey firm')Isle of Man-based Manx Financial Group has acquired CAM Wealth Management for £210,000. CAM was formed in April 2023 by Derek Gawne and Lizz Ewart after they acquired and rebranded Charteris Asset Management. The firm is headquartered in Liverpool. (Dylan Lobo, 23/1/2025, Citywire Wealth Manager, 'Boutique formed by wealth veterans sold for £210k')Generali, the Italian insurance giant, has entered a joint venture with French investment manager Natixis, combining their asset management businesses. The deal highlights the ongoing asset accumulation wars in Europe. While only a portion of the firms' assets are visible, the merger presents potential synergies, with €164bn in assets from Natixis and €40bn from Generali seen by Morningstar. (Frank Talbot, 21/1/2025, Citywire Wealth Manager, 'Natixis-Generali: Will the latest European mega-merger work?')Aberforth Partners has acquired a 5.44% stake in Brooks Macdonald, valued at nearly £14m, following the wealth firm's announcement to leave the AIM market. This acquisition adds to Aberforth's existing 2.3% stake in rival Quilter. The stake was purchased on the same day Brooks revealed plans to transfer its listing to the main market to enhance its corporate profile, with the move expected to complete between 4 and 31 March 2025, pending regulatory approval. (Dylan Lobo, 20/1/2025, Citywire Wealth Manager, 'Aberforth unveils £14m Brooks stake ahead of AIM exit')Söderberg & Partners has acquired stakes in Radcliffe & Co, Francis Clark Financial Planning, and Qi Financial Solutions. Radcliffe & Co manages £1.5bn in assets, serving 3,500 personal clients and 150 corporate schemes. FCFP, with nine offices, manages £900m in assets, employing 65 chartered financial planners. Qi Financial Solutions, based in Croydon, advises on £165m in assets with seven staff, including three chartered financial planners. (Sophie Downes, 16/1/2025, Citywire Wealth Manager, 'Exclusive: Soderberg takes stakes in three more advice firms')Perspective Financial Group made five acquisitions in December, adding £375m in assets, 1,100 clients, and new offices in Derbyshire, Lincolnshire, and Cheshire. These deals bring the firm’s 2024 total to 29 acquisitions, increasing its overall total to 107 since 2008. The acquired firms include Hallidays Wealth Management, Foinaven Asset Management, Tony Fenton & Sons, PW Financial Management,and a client book from Perspective (Home Counties) Ltd. (Financial Planning Today, 21/1/2025, 'Perspective adds £375m AUA with 5 acquisitions')Hoxton Wealth has acquired Darlington-based Family First Financial Services, its fifth UK acquisition in 12 months, adding £85m AUM. Established in 2003, Family First offers comprehensive Financial Planning services, including wills, inheritance tax advice, and trust fund benefits. (Financial Planning Today, 20/1/2025, 'Hoxton Wealth adds Darlington firm')​MoversEvelyn Partners has appointed Bahador (Bids) Mahvelati as Chief Operations Officer, starting in March. He will also be part of the executive committee as the firm focuses solely on wealth management. Mahvelati joins from PwC UK, where he led the financial services value creation practice. His prior experience includes operational roles at UBS Investment Bank and Natwest Group, as well as strategic consultancy work. (Dan Cooper, 28/1/2025, Money Marketing, 'Evelyn Partners names Bids Mahvelati as new chief operations officer')​Schroders will cut 200 jobs, 3% of its workforce, as part of a restructuring under new CEO Richard Oldfield. The move aims to reposition the firm for growth and meet 2025 objectives. Most affected roles will be in technology, and the executive committee has been reduced from 22 to 9 members. (John Schaffer, 17/1/2025, Citywire Wealth Manager, 'Schroders to cut 3% of staff in new CEO’s growth bid')Caroline Abbondanza, former COO at Brooks Macdonald, has joined SS&C as a Senior Director. She left Brooks in September after serving as COO and CTO. Previously, she was group CIO at FNZ. (Victoria Bell, 29/1/2025, Citywire Wealth Manager, 'Brooks Macdonald former operations chief winds up at SS&C')Andy Curran will retire as CEO of Standard Life this summer after 35 years in the industry, five of which were spent at Standard Life. The firm, a subsidiary of Phoenix Group, will adopt a flatter structure, merging its retirement solutions and asset management divisions under Mike Eakin. Colin Williams, Tom Ground, and Nigel Dunne will continue in their current leadership roles. (Julian Bovill, 28/1/2025, Citywire Wealth Manager, 'Standard Life CEO Andy Curran to retire')Progeny Founder Neil Moles is stepping down as CEO, with CFO Tom Wood set to take over. Moles will remain involved as a Non-Executive Director and President. Bobby Ndawula, formerly with Skipton Building Society, will join as the new CFO. Moles, a significant shareholder in Progeny, expressed his delight at having Tom Wood succeed him as CEO. (Victoria Bell, 28/1/2025, Citywire Wealth Manager, 'Exclusive: Progeny CEO Moles steps down')Martin Gilbert stepped down from the board of Saranac Partners on 17 December. Gilbert, who helped establish the wealth firm in 2016 alongside ex-Barclays Wealth Chief Tom Kalaris, had been a Non-Executive Director since 2020. Tom Kalaris, who remains a significant stakeholder in the firm, continues to play a role in its direction. Since leaving Standard Life Aberdeen, Gilbert has focused on launching his new venture, AssetCo, where he has been heavily involved in its development and various non-executive roles. (Dylan Lobo, 27/1/2025, Citywire Wealth Manager, 'Martin Gilbert steps back from DFM he helped launch')Stewart Cape, who was appointed as Progeny's Head of M&A in September 2022, has left the private equity-backed consolidator at the end of 2024. Cape was brought in to lead Progeny's acquisition strategy. Prior to this role, he spent 12 years at KPMG overseeing its mergers and acquisitions practice. Progeny declined to comment further on his departure. (Victoria Bell, 22/1/2025, Citywire Wealth Manager, 'Exclusive: Progeny's M&A boss leaves after two years')Transact CEO Jonathan Gunby will retire in March 2025, with Tom Dunbar, currently Chief Development Officer, set to succeed him as part of a planned succession. Gunby, who has been with Transact since 2011, helped grow assets under management from £10bn to £62bn and played a key role in the company's 2018 IPO. Dunbar, who joined Transact in 2017, previously worked at Royal London and NMG Consulting, and was promoted to the board in 2024. Andrew Cullen-Jones, former Head of Advice Policy at St James’s Place, will take over Dunbar's role as Chief Development Officer. (Victoria Bell, 22/1/2025, Citywire Wealth Manager, 'Jonathan Gunby to retire as Transact CEO')Openwork has appointed David Thomas as Digital Product Director and Anna Bartholomew as Head of Partnership Services, following its investment from Bain Capital in 2024. Thomas, previously Head of Product at Schroders Personal Wealth, will develop technology for Openwork's 600 appointed representative firms. Bartholomew will focus on building business relationships. (Charles Walmsley, 20/1/2025, Citywire Wealth Manager, 'Openwork makes double hire with eye on tech')Tatton Investment Management has hired Olivia Geldenhuys from Schroders as Head of its specialist team, replacing Chris Robinson who left the business in August to launch an MPS service for Premier Miton. Geldenhuys, who joins from Schroders' £6.3bn solutions team, will lead technical support for the firm's partner firms. Prior to Schroders, she spent nine years at PortfolioMetrix in client service, business development, and distribution planning. She will be based at Tatton's London office. (Sophie Downes, 20/1/2025, Citywire Wealth Manager, 'Exclusive: Tatton hires specialist head from Schroders')M&G Investments has appointed Marcello Arona, former CEO of AXA Investments UK, as CFO for its asset management business, replacing Sean Fitzgerald who is retiring. Arona, with a long tenure at AXA IM, has held roles including COO of AXA IM Italy, Regional CFO for the US, and Head of AXA IM Americas. He was most recently Head of AXA IM UK and AXA IM GS. Arona will oversee M&G’s global financial operations, contributing to its long-term growth. (Dylan Lobo, 20/1/2025, Citywire Wealth Manager, 'M&G hires AXA IM UK CEO as funds finance boss')Two senior figures at Rathbones have recently left the firm: Emma Renals, COO of Rathbones Asset Management (RAM), and Emma Watson, Head of Financial Planning. Renals, who joined in 2017 and became COO in 2023, previously worked at Jupiter Asset Management, Deutsche Bank, and Morgan Stanley. Watson, with Rathbones for eight years, led the firm’s financial planning strategy after spending 11 years at Towry. Their replacements have yet to be confirmed, and it is unclear if they have taken new roles. (Sophie Downes, 15/1/2025, Citywire Wealth Manager, 'Exclusive: Rathbones financial planning head and COO depart')Peter Coleman, former Chief Commercial Officer at Succession Wealth, has been appointed CEO of Kingswood on a permanent basis. Coleman initially joined Kingswood as interim CEO in July 2024 after David Lawrence stepped down. Prior to Succession, Coleman held leadership roles at Wealth Wizards and was CEO of Positive Solutions, which was acquired by Intrinsic in 2013. (Dylan Lobo, 10/1/2025, Citywire Wealth Manager, 'Ex-Succession CCO is named permanent Kingswood CEO')Lauren McHenry of Pareto Financial Planning has achieved Chartered Financial Planner status, six years after starting as a trainee Paraplanner in 2018. McHenry progressed through the firm's qualification and support programme. She holds a law degree from Newcastle University and has 12 years of experience in financial services, including roles in technical support and Paraplanning. McHenry joined Pareto in 2018 after relocating from London to Manchester. (Financial Planning Today, 28/1/2025, 'Pareto celebrates home-grown Chartered Financial Planner')Peter Maddern has been appointed Managing Director of retirement at Canada Life, succeeding Tom Evans, who is leaving for a new opportunity. Maddern will join the UK executive committee, reporting to UK CEO Lindsey Rix-Broom. He brings 18 years of experience at Canada Life, most recently as Vice President of Capital Management at its Canadian parent company. Maddern previously led the bulk purchase annuities (BPA) strategy and played a key role in developing Canada Life’s wealth business. Tom Evans had been leading Canada Life’s home finance business following the 2018 acquisition of Retirement Advantage. (Financial Planning Today, 27/1/2025, 'Canada Life appoints new retirement MD')Acumen Financial Planning has promoted Keith Mackie to Group Managing Director, succeeding Founder Sandy Robertson, who transitions to Group Finance Director. Robertson, who founded the Aberdeenshire-based firm in 2002, will remain with the company. Since its inception, Acumen has expanded across Scotland through acquisitions and organic growth. Mackie joined the firm in 2004 and became a Director in 2014. (Financial Planning Today, 23/1/2025, 'Acumen selects new MD as founder steps back')Julius Baer International has appointed Gareth Johnson as Head of Managed Portfolio Service (MPS) to develop an MPS offering for UK independent financial advisers. Johnson previously spent 22 years at RBC Brewin Dolphin, where he led the MPS division from 2010, helping it grow into a key firm area. He also introduced the MI Select Manager and Voyager Multi Asset ranges. (Financial Planning Today, 21/1/2025, 'Julius Baer launches MPS for advisers')Isabel Hudson will succeed Lynne Peacock as Chair of Royal London on 10 February. Hudson brings extensive experience from senior roles in insurance, pensions, and regulation, as well as non-executive positions in telecoms and house building. She currently serves as a Non-Executive Director at AXA SA and Chair of Guide Dogs, with past roles at RSA Insurance, Phoenix Group, BT, and others. (Financial Planning Today, 17/1/2025, 'Royal London selects Isabel Hudson as next chair')Kate Richardson has joined Brown Shipley as a Client Adviser in London, bringing 17 years of wealth management experience. Previously a Senior Client Adviser at UBS Wealth Management for the South West region, she has held various roles at UBS since 2007. Richardson will focus on building relationships and expanding Brown Shipley's business across southern UK, working with both Brown Shipley and parent company Quintet Private Bank. (Financial Planning Today, 16/1/2025, 'Brown Shipley adds to London advice team')Torsten Bell, former CEO of the Resolution Foundation, has been appointed as the new Pensions Minister following a reshuffle. He succeeds Emma Reynolds, who has been promoted to Economic Secretary at the Treasury. Bell, an economist with nearly a decade of experience at the Resolution Foundation, will continue his predecessor’s cross-department role, also serving as Parliamentary Secretary in the Treasury and Parliamentary Under Secretary of State in the Department for Work and Pensions. (Financial Planning Today, 15/1/2025, 'Torsten Bell MP becomes new Pensions Minister')P1 Investment Services has appointed Michelle Angell as Senior Client Services and Operations Manager. Angell, with over 20 years of experience in wealth management and platforms, will lead the development of P1’s client servicing team. She previously held management roles at Atomos Wealth, Seccl, Abrdn, Winterflood Business Services, and Barclays Wealth. (Financial Planning Today, 13/1/2025, 'P1 Investment Services hires Ex-Seccl manager')All information provided in this market digest has been gathered from Citywire Wealth Manager, Financial Planning Today, Money Marketing, and IDEX Consulting.

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The evolving path to legal partnership

Becoming a partner at a law firm has long been seen as the pinnacle of a legal career. For decades it has represented the ultimate achievement and a symbol of expertise, leadership, and influence within the legal world. However, in recent years, many legal professionals have questioned whether the path to partnership remains the most desirable or attainable goal (BCG Search: Partnership In Decline: How Law Firms Are Responding to the Decreasing Interest In Becoming a Partner). With changes in law firm structures, the adoption of AI, increasing client demands, and the rise of alternative career paths, some may wonder whether striving for partnership is still worth it.The answer is a resounding yes. Despite the shifting landscape, becoming a partner still offers unique opportunities for personal and professional growth, financial reward, and influence in shaping the future of the legal sector. While the path to partnership may look different today, it is very much a lifetime ambition for many with a higher earning potential, share of the firm’s profits and significant control over a firm’s client base and future direction. It certainly offers an exciting opportunity for those who are ready to embrace new challenges and take control of their future.“While it’s true that the path to partnership has become more complex, it’s also become more dynamic and accessible for legal professionals. The modern partner role is less about hierarchies and more about leadership, innovation, business development expertise and being able to lead a firm in challenging economic climates”, says Emma Delli-Bovi, Business Director, England and Wales for IDEX Consulting’s Legal division. Why partnership remains a valuable goalOne of the most significant changes in the legal profession is the increasing number of alternative career paths available to lawyers. For example, over a quarter of lawyers within the profession are working in-house (The Law Society: Annual statistics report 2022: what does the solicitor profession look like?). The rise of in-house roles, legal consultancy, and flexible working arrangements means that the traditional trajectory to partnership is no longer the only option. However, for those who remain committed to the traditional route, partnership continues to represent an elite status in the sector. Law firms are evolving to meet the demands of the modern legal landscape, offering more flexible and innovative career paths that allow individuals to progress without sacrificing work-life balance or career satisfaction. The changing landscape: challenges bring opportunitiesRecent studies by the Law Society of England and Wales revealed that up to 70% of law firms have experienced a decrease in the number of partners reaching the top (BCG Search: Partnership In Decline: How Law Firms Are Responding to the Decreasing Interest In Becoming a Partner). This shift has been driven by several factors, including changes in client needs, the rise of alternative legal service providers, and the growing emphasis on innovation and collaboration within firms. But this is not a reason to abandon the goal of becoming a partner. It is more of an opportunity for those to seize new opportunities with potentially less competition.The law profession is undergoing a transformation, with law firms increasingly focusing on client-centric, solution-driven services. As a result, the traditional path to partnership is being redefined. Firms are no longer looking for partners solely based on billable hours and financial performance. Instead, they’re seeking leaders who can drive innovation, implement ethical technologies, and create a positive work culture (All About Law: Pathway to Becoming a Partner: Comprehensive Overview & Interactive Opportunities). For aspiring partners, this shift is an exciting opportunity to demonstrate leadership and law practice in a completely new fashion.Why you should aspire to become a partnerInfluence and leadership: As a partner, you have the power to shape the direction of the firm, influence its culture, and make strategic decisions that impact clients and the broader legal industry (The Law Society: Six key skills you need to become a successful partner). For many, this level of influence is incredibly fulfilling, providing a sense of purpose and accomplishment that extends beyond the work itself.Financial reward: The financial rewards of becoming a partner are significant. Beyond a competitive salary, partners often share in the profits of the firm, enjoying a level of financial success that is not available to salaried employees (The Law Society: Making partner | Feature). This ability to directly benefit from the firm’s growth and success makes partnership an attractive goal for those committed to the profession.Career fulfilment: The journey to partnership can be challenging, but it is also a rewarding process that significantly enhances an individual’s career prospects. The hard work, dedication, and leadership required to make partner provides a huge sense of pride and accomplishment that other career paths may not offer, especially as it offers you to lead your own prestigious business in many ways. (The Law Society: Becoming a partner). For many legal professionals, partnership is the culmination of years of hard work and the realisation of their full potential.Legacy and mentorship: As a partner, you have the opportunity to leave a lasting legacy within the firm. Not only will you define and shape the firm’s culture, values, earning potential and reputation, you will also mentor and develop the next generation of legal talent. (Law Firm Ambition: Is it worth being a partner in a law firm?). This ability to have so much influence over other people’s careers and a firm’s direction is one of the most rewarding aspects of being a partner.Adapting to the new era of law firm partnershipsThe path to partnership is no longer a one-size-fits-all model. Law firms are increasingly offering flexible career paths that can accommodate different needs and goals. For example, many firms now offer non-equity partnership options, allowing lawyers to enjoy many of the benefits of partnership such as higher earnings, increased responsibility, and leadership opportunities, without the full financial commitment of equity partners (Thomson Reuters Institute: Two-tiered law firm partnerships: Popular but profitable?). This has opened up the possibility of partnership to more lawyers, making it a more accessible and attractive option for those who might have once considered alternative paths.How to achieve partnership in today’s legal landscapeEmbrace innovation: Law firms are increasingly looking for leaders who can drive change and innovation (The Access Group: Why clients expect law firms to embrace new technology). Whether it’s embracing new technology tools, developing new products and services or creating new business opportunities and routes to market, those who are proactive in driving innovation will stand out.Focus on business development: In today’s competitive legal market, business development is key. This spans excellent client relationships management, marketing, and understanding how to maximise revenue and gain competitive advantage. Professionals who are unafraid of taking risks to bring in new business, cross sell services, and enter new markets are the ones who will outperform the rest.Develop leadership skills: Law firms want partners who can strategically lead teams and manage complex work loads. Aspiring partners should actively seek leadership opportunities, whether it’s through managing junior associates, leading practice groups, or taking on firm-wide initiatives.Network and seek mentorship: Building strong relationships across the firm and the broader legal community is essential for anyone aspiring to become a partner. Seek mentorship from existing partners, attend industry events, and get involved in professional organisations. Networking and mentorship provides valuable insights and helps to strengthen your personal brand.Becoming a partner may be more challenging, but it’s also more attainable for those who are ready to embrace new ways of working and take certain risks to contribute to a firm’s growth plan. Now is the time to embrace the challenge and take the steps necessary to become a leader in the legal profession.Sources:Active relationship management: the new imperative for law firms | ReutersAnnual statistics report 2022: what does the solicitor profession look like? | The Law SocietyMaking partner | Feature | Communities - The Law SocietyPathway to Becoming a Partner: Comprehensive Overview & Interactive Opportunities | AllAboutLawPartnership In Decline: How Law Firms Are Responding to the Decreasing Interest In Becoming a Partner | BCGSearch.comSix key skills you need to become a successful partner | The Law SocietyThe Access Group: Why clients expect law firms to embrace new technology

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2025 Legal in-house talent trends

​Our Legal Managing Director Sunny Everton, Managing Director shares his thoughts below on hiring trends, what employers need to implement in 2025 to attract top talent and how employees can enhance their career prospects. If you would like support with your hiring strategy, looking for some intel on the legal in-house employment market or are looking for a new career opportunity contact Sunny Everton, who will be happy to have a confidential chat. What’s affecting hiring and employment across the Legal market? There has been a recent upswing in demand for legal talent that will inevitably make it harder for internal talent acquisition teams to conduct their jobs and find the professionals required by in-house legal departments. It’s not enough to rely on LinkedIn adverts, to source the very best talent employers will need to look at their strategies for attracting passive candidates. On the flip side, businesses are also battling with the aftermath of ‘over hiring’ post COVID. With many firms hiring outside their normal geographical location and profile of Associates, the rebalancing of the market means they are managing out new hires, who have underperformed. This has made many employers more selective about their hires.   The uncertainty in the economy has affected mergers and acquisitions, so other sectors including real estate and construction have suffered, impacting the disputes practice area. Commercial technology practice areas have also been affected by redundancies across the tech sector which has reduced the volume of work and need for legal support.   What do employers need to implement throughout 2025 to be successful?The work from home conundrum persists with many employers reverting to increased mandatory days in the office. It will continue to be increasingly important for employers to explain their position on hybrid working, for example ‘we are 4 days in, because our team is very business-facing and there is a need for us to be visibly working with c-suite’. Recruitment consultants are looking for more direct access to hiring managers, to gain more knowledge of the role and business. This is crucial to the success of a project as competition heightens. This close interaction enables a consultant to fully grasp a business’ vision, strategy and culture and create a compelling narrative that effectively promotes the opportunity and business to a professional. Another key aspect employers will need to focus on will be AI and technology integration training to ensure that people are upskilled with the necessary expertise needed to meet client demands and business objectives. Investing in well-defined career paths will demonstrate to top talent that you are committed to growth training and have the resources and budget required to enable professionals to excel their careers. What do employees need to focus on throughout 2025 to enhance their career prospects? Throughout 2025 and beyond as the economy improves there will be an inevitable influx of talent looking for new opportunities which will result in more roles and increased competition. This will mean that employees need to do everything they can to develop skillsets, further their knowledge and promote what makes them different to their peers. We always highly recommend that people read job adverts carefully and only apply for those they are suitable for, ‘machinegun’ applications are very visible thanks to the new LinkedIn analytics. It will also be important for professionals, especially those at the junior end not to view time spent in the office as a burden, employers are looking for more flexibility from people and a willingness to spend time with colleagues and shape the direction of the business.If you would like support with your hiring strategy, looking for some intel on the legal in-house employment market or are looking for a new career opportunity contact Sunny Everton, who will be happy to have a confidential chat.

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WHAT PEOPLE SAY

Michelle Paish, Business Manager, General Insurance

Michelle Paish, Business Manager, General Insurance

​“You have been an invaluable partner to us in sourcing talent. Your proactive approach has greatly contributed to our success in filling recent vacancies by consistently delivering quality candidates who’s skills and experience align very well with our needs. Your efficiency and professionalism have made our recruitment process a lot smoother and I would highly recommend your services to any organisation seeking a reliable recruitment partner.”

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Rehana Sadiq, Senior Consulting, Financial Services

Rehana Sadiq, Senior Consulting, Financial Services

​“Rehana was both friendly and professional the whole way through the process. She put me at ease and ensured I was well prepared for the interview. Rehana took into consideration all my requirements and matched me to a role that was exactly right for me and my circumstances. I would definitely recommend her to others.”

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Drew Crawford, Business Director, General Insurance

Drew Crawford, Business Director, General Insurance

​“Drew seems to know everyone. We have been very impressed with the candidates he introduces, and we have made hires as well. We have just made a replacement hire with a candidate Drew introduced. Drew not only identifies candidates but he qualifies them based on our unique needs, filters and presents them in such a way that is a huge time saver, in addition to finding folks we would never have reached. Through his activities sourcing yacht candidates for us and others, he identifies personal lines high net worth experts as well. As I mentioned, doing this for so long I was sure that I already knew everyone…how wrong I was. I highly recommend a call to Drew.”

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Colin McKenna, M&A Specialist

Colin McKenna, M&A Specialist

​“IDEX continue to demonstrate their skill in sourcing and introducing high quality broking businesses that are aligned strategically and culturally with Clear. Buyers and sellers interests are fully understood and well managed throughout the process, leading to very successful outcomes for all parties” says Paul Beck, M&A Director, Clear Insurance Management.

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Dan Griffiths, Business Manager General Insurance

Dan Griffiths, Business Manager General Insurance

​“IDEX has been an absolute pleasure to work with; specifically Dan Griffiths. They listen to our needs and search for quality candidates whose experience align with our open roles. They are responsive and provide frequent follow ups on open items. Great customer service all around. I would highly recommend using IDEX to any organization who needs assistance with staffing.”

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