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General Insurance newsletter Thursday 17th April 2025

Insurance News'AI: The drive for growth and productivity in the professional services market' event - Join IDEX Consulting in Manchester on Thursday, May 1st (08:30–09:30am) for 'AI: The Drive for Growth and Productivity in the Professional Services Market', hosted by our General Insurance MD, Paul Davey. Hear from experts Richard Nicholas, Martin Robert Hall, John McClelland and Gregg Williams as they explore how to integrate AI tools, upskill teams, and lead through change—covering real-world challenges, success stories, and practical strategies. Register here. (IDEX Consulting news, 'AI: The drive for growth and productivity in the professional services market event')2025 Insurance regulatory changes for UK and US insurers and brokers - In 2025, UK and US insurers face tighter rules on data privacy, climate disclosures, and customer outcomes, with the UK expanding Consumer Duty and algorithm transparency, while the US strengthens data security and adopts state-level climate reporting standards. (IDEX Consulting news, '2025 Insurance regulatory changes for UK and US insurers and brokers')Improve your talent retention - Supporting employees during periods of absence, such as sickness or parental leave, is crucial for retention. Without proper support, businesses face high turnover costs, averaging £30,614 per employee in the UK. Providing clear guidance and assistance before, during, and after leave helps maintain employee engagement and reduces the risk of losing valuable staff. (IDEX Consulting news, 'Improve your talent retention')The AI insurance tools to be aware of - AI tools are transforming the insurance profession by improving operational efficiency, risk assessment accuracy, underwriting, and customer service, with technologies like large language models, predictive analytics, and telematics reducing processing times, enhancing fraud detection, and offering more personalised rates. (IDEX Consulting news, 'The AI insurance tools to be aware of')Enhance your employability with these tips - In 2025, the general insurance sector focuses on refining Employer Value Propositions (EVPs) to attract top talent, with flexibility and adaptability being key. Employees are encouraged to embrace AI, Machine Learning, and Data Management to stay relevant in the evolving industry. (IDEX Consulting news, 'Enhance your employability with these tips')Travelers' Q1 net income fell to $395M (from $1.123B) due to $2.27B in catastrophe losses from the Jan 2025 California wildfires, though improved underwriting and investment gains partially offset the impact. (Rod Bolivar, 17/4/2025, Insurance Business, 'Travelers reports financial strain after wildfires')AEGIS London has doubled the capacity of its digital terrorism insurance product SHIELD (Terror) to US$500m, raised the active assailant sub-limit to US$1m, and expanded its reach to serve larger US businesses via surplus lines brokers through its OPAL platform. (Kenneth Araullo, 16/4/2025, Insurance Business, 'AEGIS London doubles digital terrorism cover capacity')Six firms—including Eva Capital Management, Ocaris Wealth Management, One Four Nine Wealth, Parker Kelly Financial Services, Path Financial Ltd and Sentio Insurance Brokers—achieved Chartered status from the CII in early 2025, reflecting commitments to ethics, client focus, and professional development in wealth management, insurance, and ethical investment advice. (Kenneth Araullo, 16/4/2025, Insurance Business, 'Six new firms gained Chartered status from CII in early 2025')The Green Insurer has partnered with Carbon Neutral Britain to offset customers’ driving emissions by funding seven global carbon offset projects, including renewable energy, reforestation, and solar initiatives, following its own Carbon Neutral certification last year. (Josh Recamara, 16/4/2025, Insurance Business, 'The Green Insurer partners with Carbon Neutral Britain to offset carbon emissions')UK insurtech Marshmallow has raised US$90m in equity and debt from Portage, BlackRock, and Columbia Lake Partners to expand its product range and enter new markets, following growth to over 1 million drivers insured and a US$2bn valuation. (Kenneth Araullo, 15/4/2025, Insurance Business, 'UK insurtech Marshmallow gets funding boost to go global')Aon’s Q4 2024 Global Insurance Market Insights report highlights a buyer-favorable environment in the UK, with declines in cyber, D&O, and property pricing, while automobile rates continued to rise at a slowing pace; insurer capacity remains sufficient, though challenges persist in US-exposed sectors like property and casualty. (Rod Bolivar, 14/4/2025, Insurance Business, 'UK insurance pricing eases - Aon')RSA Insurance plans to rebrand as Intact Insurance by the end of 2025, aligning with its Canadian parent, Intact Financial Corporation, as part of a broader strategy to unify its global operations under a single identity following its acquisition in 2021 and the 2024 consolidation of RSA, NIG, and FarmWeb. (Jonalyn Cueto, 14/4/2025, Insurance Business, 'RSA Insurance to rebrand by end of 2025')According to recent reports from the Central Bank and the Injuries Resolution Board, insurers in Ireland are maintaining high profit margins, with a 13% profit margin in 2023, double the international benchmark, as personal injury claims fall by one-third since 2019 and award values decline by 20-30% following the 2021 Judicial Guidelines; liability premiums rose 4% in 2023, and litigation continues to dominate claims resolution despite higher legal costs compared to board settlements. (Josh Recamara, 14/4/2025, Insurance Business, 'Insurers in Ireland maintain high profit margins - report')The Chartered Institute of Loss Adjusters (CILA) plans to modernise its structure and expand internationally, focusing on adapting to emerging risks like cyber threats, climate change, and supply chain disruptions. The proposed membership overhaul aims to include a wider range of professionals, including those transitioning from other sectors, and businesses within its governance framework for broader representation. (Josh Recamara, 14/4/2025, Insurance Business, 'CILA unveils plans to modernise structure and expand global reach')Mergers and AcquisitionsOptio Group has acquired Norwegian marine hull MGA S Insurance AS, with Directors Gary Sangedal and Marianne Engelsen Hals continuing to lead the team, as part of Optio’s strategy to build a diversified specialist MGA platform across Europe. (Rod Bolivar, 17/4/2025, Insurance Business, 'MGA joins Optio in expansion move')Markel has agreed to acquire marine-focused MGA The MECO Group, which operates in London, Dubai, and Shanghai and reported US$63m in GWP for 2024; the deal, pending regulatory approval, will expand Markel’s product range and client reach in key maritime markets. (Roxanne Libatique, 16/4/2025, Insurance Business, 'Markel acquires specialist MGA to expand marine insurance reach')Belgian insurer Ageas has agreed to acquire esure from Bain Capital for £1.295bn, enhancing its UK personal lines presence and distribution capabilities as part of its Elevate27 plan, with the deal expected to close in H2 2025, forming the third-largest personal lines insurer in the UK. (Roxanne Libatique, 14/4/2025, Insurance Business, 'Ageas snaps up esure in near £1.3 billion UK deal')UK-based digital insurance provider Ripe has acquired GJW Direct from Munich Re Specialty, integrating one of the country’s oldest marine insurance brands into its tech platform to expand its presence in specialist markets and consolidate a significant share of the UK leisure boat insurance market. (Rod Bolivar, 14/4/2025, Insurance Business, 'Ripe advances digital strategy with GJW acquisition')MoversH&H Insurance Brokers and H&H Land & Estates have appointed Paul Graham as Managing Director of both businesses; he previously served as MD of H&H Insurance Brokers (2018–2024), Operations Director (2014–2018), and most recently MD of H&H Land & Estates since April 2025 following a brief stint as Senior MD. (Rod Bolivar, 17/4/2025, Insurance Business, 'H&H and TMK appoint new leaders')Tokio Marine Kiln (TMK) has appointed Oliver Delaney as Head of Liability; a 14-year TMK veteran, he previously served as Divisional Head and played a key role in growing the firm’s international liability portfolio. (Rod Bolivar, 17/4/2025, Insurance Business, 'H&H and TMK appoint new leaders')Loadsure has strengthened its executive team with several key hires to drive innovation in freight insurance. Carl Pearse joins as Chief Technology Officer from Super Payments, while Tara Farrer becomes Chief of Staff after serving as SVP of Operations at APEXX Global. Prathap Chandran, formerly of Meta and Liquidnet, steps in as EVP of Data, and Jeremy Davis, ex-COO at Umbra Capital Partners, takes on the role of EVP of Strategy. Daisy Dong, who held senior product roles at bolttech, is appointed EVP of Product, and David Goldberg, who previously led marketing at Cover Whale, joins as EVP of Marketing. Kristy Neal, formerly with Cover Whale, Overhaul, and Marsh, becomes Head of Growth. Rounding out the team are Matthew Dybus, former Liberty Mutual cargo underwriter, as VP of Ocean Marine; Brian Hanuschak, previously with AIG and Risk Placement Services, as VP of Inland Marine; and Michael Kennedy, Founder of RFP Lab and Freighttech.net, as VP of Partnerships. (Kenneth Araullo, 15/4/2025, Insurance Business, 'Loadsure bolsters executive team to support freight innovation')DUAL Europe has opened a marine underwriting hub in Hamburg—its third in two years—led by Klaus Weber, joining from the GDV and IVR; Underwriters Steffen Thormann and Tereza Alisch also join. In a separate move, Samia Baliad, formerly of AIG, AXA, Chubb, and AXA Partners, has been appointed to lead a new Accident & Health division as part of the firm’s broader specialist market expansion. (Josh Recamara, 15/4/2025, Insurance Business, 'DUAL Europe opens new marine underwriting hub in Hamburg')Atec Group has appointed Max Bullen-Smith as Head of M&A to lead its acquisition-driven growth strategy; he joins from Ardonagh Specialty, where he held the same role, and has also served as Investment Director and Head of Special Projects at Ardonagh, as well as holding roles at Cavendish and starting his career as an Investment Analyst. This appointment follows a private equity investment from Perwyn earlier this year. (Josh Recamara, 15/4/2025, Insurance Business, 'Atec Group appoints new head of M&A from Ardonagh Specialty')UK-based insurance broker Partners& has restructured its general insurance division, introducing nine new roles overseen by Ewan MacDonald and Lee Davey; eight of the positions were filled by internal promotions, including five graduates of the Partners& Leadership Academy, which has been CII-accredited for two years. (Josh Recamara, 14/4/2025, Insurance Business, 'Partners& restructures general insurance division')All information provided in this market digest has been gathered from Insurance Business and IDEX Consulting.

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2025 Insurance regulatory changes for UK and US insurers and brokers

As we progress through 2025, the insurance regulatory landscape continues to evolve on both sides of the Atlantic. With emerging technologies, changing consumer expectations, and lessons learned from recent market dynamics, UK and US regulators are implementing significant changes that will impact how insurers and brokers conduct business. Cross-border regulatory convergenceThe UK's Financial Conduct Authority (FCA) and the US National Association of Insurance Commissioners (NAIC) have strengthened their collaborative framework, resulting in increasing regulatory alignment. According to the International Association of Insurance Supervisors' 2024 report, new insurance regulations now show significant cross-jurisdictional harmonisation through the adoption of Insurance Capital Standards (ICS), creating both challenges and opportunities for firms operating in both markets (IAIS: 2023 – 2024 roadmap).Data privacy and protectionUK: Consumer duty and data protection evolutionThe FCA's Consumer Duty requirements, implemented in 2024, continue to expand in scope for 2025. There is increasing scrutiny from the FCA for insurers to enhance transparency of their services by sharing more data, namely, to demonstrate fair value for their products. This is not just about repackaging existing data, insurers must develop new metrics to better understand customer outcomes. Insurance firms must demonstrate:Clear data usage transparency in all customer communicationsProactive identification of vulnerable customers in data processesRegular assessment of customer outcomes related to data handlingRobust third-party oversight when sharing consumer dataThe UK's post-Brexit data protection framework is also evolving, with the Data Reform Bill introducing new requirements for algorithmic transparency while attempting to reduce compliance burdens.US: NAIC Insurance data security model law The NAIC data security model is now being adopted across multiple states. US insurance companies must now provide more transparent data collection notices, implement stronger data security protocols, and offer consumers greater control over their personal information. Non-compliance penalties have increased significantly, with potential fines reaching up to $500,000 for serious violations in states like California and New York.Climate risk regulationsUK: Climate disclosure integrationThe UK has positioned itself as a leader in climate-related financial disclosures, with mandatory Task Force on Climate-related Financial Disclosures (TCFD) reporting now integrated into regulatory frameworks for certain large institutions. According to the Bank of England's latest climate risk survey, more UK insurers have incorporated climate scenarios into their risk management frameworks, although there are still challenges with climate data quality (Bank of England: Climate related financial disclosure 2024).New requirements mean businesses must focus on:Granular reporting of investment portfolio alignment with net-zero targetsEnhanced disclosure of physical risk exposure in underwriting portfoliosTransition planning documentation with concrete milestonesClimate stress testing with standardised scenariosUS: Expanding state-level climate initiativesIn the US, climate risk oversight continues to develop primarily at the state level. Research shows that more and more insurers anticipate increased regulatory scrutiny of their climate risk exposure and mitigation strategies.Property and casualty insurers in particular face new requirements to:Disclose potential financial impacts of climate-related risksDetail how climate considerations are integrated into underwriting processesDemonstrate adequate capital reserves for increasing natural catastrophe eventsReport on investment portfolio exposure to carbon-intensive industriesAlgorithmic accountability standardsAs artificial intelligence and complex algorithms become more prevalent across insurance operations, regulators have responded with new algorithmic accountability standards. Since 2019, the Bank of England has tracked machine learning adoption across financial services in the UK, finding its most extensive implementation in banking and insurance, primarily for anti-money laundering, fraud detection, customer service, and marketing applications. The FCA have previously investigated cases of direct discrimination in the sector on the basis of protected characteristics under the Equality Act 2010. The FCA and PRA's joint discussion paper on AI expressed concern that AI-driven personalisation could exclude certain groups from accessing financial products, potentially constituting unlawful discrimination. In a 2024 update the FCA reiterated that “firms using AI technologies in a way that embeds or amplifies bias, leading to worse outcomes for some groups of consumers, might not be acting in good faith for their consumers, unless differences in outcome can be justified objectively” (FCA: A literature review on bias in supervised machine learning).UK insurers must now:Document all algorithmic decision-making processesConduct regular fairness assessments across protected characteristicsMaintain human oversight of AI systemsProvide clear explanations for algorithmically-derived decisionsCyber insurance evolutionUK: Operational resilience and cyber standardsThe UK's operational resilience framework now incorporates specific cyber insurance standards following guidance from the Prudential Regulation Authority (PRA). The Association of British Insurers reports that UK cyber insurance premiums grew by over 25% in 2024, with increasing scrutiny on policy terms and conditions (Oxera Consulting LLP: The value of cyber insurance to the UK economy).New requirements include:Clearly defined important business services related to cyber coverageImpact tolerance setting and testing for cyber disruption scenariosMandatory inclusion of specific cyber coverage definitionsRegular reporting on cyber exposure accumulationUS: State-level cyber insurance reformsWith cyber losses continuing to mount in the US (a 34% increase in 2024 according to the latest Cyber Insurance Market Report), state regulators are implementing more stringent requirements for carriers offering cyber coverage.New cyber insurance standards include:Minimum security requirements that policyholders must meet for coverage eligibilityEnhanced policy wording clarity around coverage triggers and exclusionsMandatory notification processes for cyber incidentsRequired disclosure of aggregated cyber exposure across an insurer's portfolioEmerging regulatory initiatives Several regulatory initiatives continue to develop across the UK and US markets, undoubtedly impacting insurers and brokers. Parametric insurance frameworksRegulators in both markets are developing standardised frameworks for parametric insurance products, which pay predetermined amounts based on trigger events rather than actual losses. With parametric solutions rapidly growing, clear regulatory guidelines will be essential.On-demand insurance oversightThe growing popularity of on-demand and micro-duration insurance products has prompted regulators to evaluate existing frameworks for these emerging coverage types. According to research and industry data, the on-demand economy is expected to reach a valuation of approximately US$335 billion in 2025, with on-demand insurance products growing by two fifths, particularly in the gig economy.Blockchain-based insurance productsAs blockchain technology enables new insurance distribution models and smart contract-based claims processes, regulators in both the UK and US are developing frameworks to govern these innovations.As the regulatory landscape responds to technological innovation, changing risk profiles and consumer protection concerns it’s never been more important for insurers and brokers to think ahead and adapt. Those who view regulatory evolution not as an obstacle but as a catalyst for positive transformation will differentiate themselves in a saturated market.If you’re looking to hire new specialist insurance talent or are considering a new career opportunity don’t hesitate to contact our insurance recruitment consultants.Sources Bank of England: Climate related financial disclosure 2024Deloitte: 2025 insurance regulatory outlook, weathering uncertaintyHerbert Smith Freehills: UK insurance regulation, looking ahead to 2025IAIS: 2023 – 2024 roadmapOxera Consulting LLP: The value of cyber insurance to the UK economy

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General Insurance newsletter Friday 11th April 2025

Insurance NewsAndy Fairchild, former Broker Network CEO joins IDEX as M&A for CEO - Andy Fairchild has joined IDEX Consulting as CEO of M&A, bringing extensive experience from Applied Systems, AXA Insurance, Footman James and InsurTech firms. His most high-profile role saw him significantly increase Broker Network’s EBITDA, half of which was delivered from organic growth, and half from an expansive M&A strategy. With a strong reputation across the insurance market, Andy will bring a fresh approach to M&A for brokers and MGAs of all sizes and geographies. (IDEX Consulting news, 'Andy Fairchild, former Broker Network CEO joins IDEX as M&A for CEO')How IDEX accelerated the growth of an independent broker - IDEX Consulting facilitated the acquisition of Morton Insurance Brokers by Specialist Risk Group (SRG), fully delivering Adrian Morton's retirement plans. IDEX's M&A team provided personalised, transparent guidance, leveraging their extensive network to ensure a smooth transition that preserved customer service quality and employee job security. The deal was completed in approximately seven months, benefiting both parties and securing Adrian's legacy. (IDEX Consulting news, 'How IDEX accelerated the growth of an independent broker')How insurers can be more agile in a digital age- The UK general insurance sector in 2025 faces economic volatility, inflation, and rapid technological disruption, requiring firms to adopt agile strategies, leverage data-driven insights, and be more forward thinking than ever before. The key will be how insurers and MGAs will attract top talent in a challenging, digital landscape. (IDEX Consulting news, 'How insurers can be more agile in a digital age')How's your mental health? Improve it with these tips - Businesses must prioritise mental health as rising stress from economic pressures, remote work, and social isolation affects employees, with one in seven experiencing mental health challenges; fostering open communication, flexible work, and support programmes needs to be a priority for talent retention and attraction. (IDEX Consulting news, 'How's your mental health? Improve it with these tips')In an interview with Insurance Age, Andy Fairchild, CEO for IDEX Consulting M&A, discussed the slowdown in UK broker M&A activity in early 2025, with only 19 transactions in Q1, the lowest since Q2 2020, well below the five-year quarterly average of 32. He attributes this decline to a combination of economic pressures, market uncertainty, and a shift in the mindset of buyers and sellers. Fairchild advocates for a fresh, long-term approach to M&A, focusing on strategic alignment and sustainable growth, rather than prioritising speed and volume in deal-making. He also highlights the importance of considering cultural fit and the long-term viability of deals in a rapidly changing market. (Jonathan Swift, 9/4/2025, Insurance Age, 'Fairchild: broker deal slowdown highlights need for “fresh approach” to M&A')Generali GC&C's 2025–2027 “Next Level” plan builds on past growth, focusing on technical development, multinational client services, and product expansion, supported by leadership changes and a new structure. (Josh Recamara, 11/4/2025, Insurance Business, 'GC&C unveils 2025-2027 strategic plan, leadership appointments')Lloyd’s of London broker Clegg Gifford has launched a digital platform with MagiClick to streamline motor trade insurance, enabling brokers to quote, bind policies, and manage MID updates, enhancing efficiency and automation. (Josh Recamara, 11/4/2025, Insurance Business, 'Clegg Gifford launches new platform')Cyber risk specialist Resilience has launched Tech E&O insurance in the UK and Europe, backed by Accredited Insurances, to cover hardware, software, telecom, and web service providers with revenues over £50M/€25M, offering up to £10M/€10M in primary and excess coverage for operational risks like business interruption. (Kenneth Araullo, 10/4/2025, Insurance Business, 'Resilience rolls out new tech E&O policy for UK and Europe')Fitch Ratings warns that EMEA insurers face secondary impacts from US tariffs, including market volatility, weaker investment returns, and underwriting pressures, though higher European bond yields may offer some support. London market insurers and reinsurers are particularly exposed to US economic risks and currency fluctuations. (Josh Recamara, 10/4/2025, Insurance Business, 'How will European insurers be impacted by Trump tariffs?')Intact Financial Corp. reported C$244M (US$173.2M) in Q1 catastrophe losses, mainly from severe weather in Canada, the UK, Ireland, and the US. This includes C$47M from US commercial fire incidents and C$30M tied to exited UK home insurance operations. (Kenneth Araullo, 10/4/2025, Insurance Business, 'RSA parent Intact Financial discloses Q1 cat losses')China is deploying financial regulators and state-backed investors, including insurers, to stabilize its stock market amid US trade tensions, with Central Huijin securing liquidity support from the PBOC. (Kenneth Araullo, 10/4/2025, Insurance Business, 'China taps insurance giants to shore up markets against Trump's tariff war')BIBA has launched a guide to help members navigate MGAs, which provide underwriting services and access to specialised risks. Head of general insurance Alastair Blundell noted growing MGA use but highlighted regulatory concerns raised by members. (Josh Recamara, 10/4/2025, Insurance Business, 'BIBA releases new MGA guide for members')Saga plc reported a 5% increase in total underlying revenue to £768.2 million for the year ending January 31, 2025, driven by growth in its travel businesses, with trading EBITDA up 18% to £137.1 million and underlying profit before tax rising 25% to £47.8 million. (Kenneth Araullo, 9/4/2025, Insurance Business, 'Saga posts rise in revenue')Insurance Capital Markets Research (ICMR) and the Lloyd’s Market Association (LMA) released the second annual Lloyd’s 2025 Insights Report, highlighting Lloyd’s strong performance for 2024 with gross written premiums of £55.5 billion, pre-tax profit of £9.6 billion, and nearly all syndicates reporting an underwriting profit despite major claims, including US hurricanes. (Josh Recamara, 9/4/2025, Insurance Business, 'Lloyd's continues to generate strong returns - report')Addept Insurance Services, established in 2024, launched its legal expenses insurance suite with two products: Rent Protect ‘Essentials’ for landlords and Officers’ Legal Protection for police officers and their families, already securing contracts covering over 4,000 tenancies and 50,000 Police Federation members. (Josh Recamara, 9/4/2025, Insurance Business, 'Addept Insurance launches first two LEI products')Willis, a WTW business, launched ProXS, a professional indemnity solution with a CCY40m capacity, offering cost-effective coverage, competitive pricing from Lloyd’s and company market panels, and a streamlined process for mid-term adjustments, with an option for an 18-month policy period. (Josh Recamara, 9/4/2025, Insurance Business, 'Willis launches new professional indemnity solution')Aviva reported a 14% increase in declined fraud claims in 2024, identifying over 12,700 suspect claims worth £127 million, alongside 98,000 fraudulent applications. This follows a 39% rise in detected fraud in 2023, with the insurer continuing to investigate 14,600 additional claims. (Kenneth Araullo, 8/4/2025, Insurance Business, 'Aviva flags sharp rise in fraudulent insurance claims')Helios Underwriting reported a 13% increase in NAV per share for the quarter ending December 31, 2024, rising from £1.89 to £2.14, with net assets growing from £140.1 million to £152.6 million. The company generated £15.1 million in profit, added £6.4 million through capacity revaluation, and paid £4.5 million in dividends and share buy-backs. (Kenneth Araullo, 8/4/2025, Insurance Business, 'Helios lifts net assets thanks to Lloyd's market strength')Resilience is expanding its cyber risk solutions to serve large enterprises with revenues over $10 billion, offering additional options for brokers to address complex cyber risks. This expansion, through a partnership with Accredited Insurance and global cyber reinsurers, builds on Resilience's focus since 2020 on cyber liability and technology errors and omissions coverage. (Josh Recamara, 8/4/2025, Insurance Business, 'Resilience expands to offer services to large enterprises')Fiducia, a specialist MGA, expanded its risk appetite for combined liabilities insurance, now covering a broader range of UK contractor trades, including builders, electricians, and plumbers. The policy includes employer’s, public, and products liability, supported by A-rated capacity from a major UK insurer. This expansion follows growth in the MGA’s commercial combined lines, particularly in haulage, courier, and warehousing sectors. (Josh Recamara, 8/4/2025, Insurance Business, 'Fiducia expands combined liabilities insurance coverage')Gallagher’s Q1 2025 edition of 'Plane Talking' highlights aviation insurance market conditions, noting continued market uncertainty and pricing pressure due to recent major losses, including the US$300 million Jeju Air incident. The report warns that both large-scale and attritional losses could shift underwriting portfolios into unprofitable territory for 2024-2025. (Kenneth Araullo, 7/4/2025, Insurance Business, 'Aviation insurance pricing under pressure despite capacity – Gallagher')Merseyside-based Acorn Group reported its highest-ever financial results for 2024, with a 41% increase in gross written premiums (GWP) to £742 million. The growth was driven by strong performance in car, van, taxi, and household insurance, along with a 30% rise in gross vehicle years. The combined operating ratio (COR) remained under 90%, and the group reported a Solvency Capital Requirement (SCR) of over 160%. (Kenneth Araullo, 7/4/2025, Insurance Business, 'Acorn Group posts record GWP growth')The gender pay gap in the UK financial sector remains wide, with women earning 78 pence for every pound earned by men in 2024, according to Bloomberg News. While the gap has narrowed slightly by 1.2 percentage points, it remains significantly above the UK-wide average, with insurance firms facing long-standing disparities. (Josh Recamara, 7/4/2025, Insurance Business, 'Revealed – huge gender pay gap in UK financial services')MNK Group has launched a unified brand that combines its broking, MGA, and risk-taking businesses under one identity. The rebranding, revealed at the company’s annual event on April 3, 2025, aligns with its strategy to present a unified global presence. The move follows the acquisition of Costa Rican insurer Oceánica de Seguros SA in April 2024, strengthening its position in Latin America. (Josh Recamara, 7/4/2025, Insurance Business, 'MNK Group launches unified brand')Mergers and AcquisitionsThe Clear Group has acquired Moore Robinson Ltd, a London-based independent broker specialising in property and construction insurance, with Founder Robin Moore and his team joining Clear’s corporate division to enhance its UK retail capabilities. (Kenneth Araullo, 10/4/2025, Insurance Business, 'The Clear Group expands UK retail insurance operations')The Broker Investment Group (TBIG) has made its second acquisition of 2025, adding £1M in GWP and opening a new Stratford-upon-Avon branch. Andrew Powell’s portfolio will integrate into The Needham Group, strengthening TBIG’s Midlands presence and bringing its total GWP close to £10M. (Josh Recamara, 10/4/2025, Insurance Business, 'Broker group seals second acquisition of 2025')WTW’s Quarterly Deal Performance Monitor (QDPM) revealed that companies involved in M&A outperformed the broader market by 1.5 percentage points in Q1 2025, marking the first positive result since late 2022, with North American acquirers continuing to underperform by 2.2 percentage points. (Kenneth Araullo, 8/4/2025, Insurance Business, 'Global M&A deal count falls 22% in Q1 – WTW')MoversMarkel has promoted Matthew Brooke to Senior Underwriter, War and Terrorism, reporting to Chloe Gordge. With over three years at Markel and eight at W/R/B Underwriting, he will expand the portfolio, address coverage gaps, and mentor junior staff. (Kenneth Araullo, 10/4/2025, Insurance Business, 'FCA chief, Markel senior underwriter, and more insurance appointments announced')HM Treasury has reappointed Nikhil Rathi as FCA Chief Executive for a second term, following his leadership on major regulatory reforms, including overhauling the UK’s listing regime, implementing the Consumer Duty, and tightening firm authorisation standards to prevent harm. (Kenneth Araullo, 10/4/2025, Insurance Business, 'FCA chief, Markel senior underwriter, and more insurance appointments announced')Howden has appointed Kirk Southern as Group Chief People Officer, reporting to COO David Shalders. With 15+ years in senior HR roles, he will lead the People Team and develop a global people function. (Kenneth Araullo, 10/4/2025, Insurance Business, 'FCA chief, Markel senior underwriter, and more insurance appointments announced')Marine insurer Skuld has appointed Thea Thorstensen, previously Head of its Western European business unit, to the global business development team. Nicola Kingman, formerly with the Shipowners’ Club, will join in September as Global Head of Yachts. (Kenneth Araullo, 10/4/2025, Insurance Business, 'FCA chief, Markel senior underwriter, and more insurance appointments announced')MGA Arkel, part of the Atec Group, has appointed Steve Lewis as Chairman. With 35+ years in insurance, he was CEO of UK & International at RSA, CEO of UK GI at Zurich, and served on the ABI and Pool Re boards. He is currently CEO of Pro Insurance Solutions. (Kenneth Araullo, 10/4/2025, Insurance Business, 'FCA chief, Markel senior underwriter, and more insurance appointments announced')Helix Underwriting Partners has launched a professional lines programme backed by Somers Re, offering up to $10M in coverage. Matt Irvine, former AXA XL Bermuda leader with 30+ years of experience, joins as Chief Underwriting Officer. (Josh Recamara, 10/4/2025, Insurance Business, 'Helix Underwriting launches new professional lines programme')Paul Seip has been appointed Head of Fine Art & Specie for European Markets at Arch Insurance, based in Rotterdam, overseeing fine art, general specie, jewellers block, and cash-in-transit lines, with over 12 years of experience from Liberty Specialty Markets, AXA ART, and Allianz. (Kenneth Araullo, 9/4/2025, Insurance Business, 'Insurance hires: Arch, MS Amlin, Van Ameyde Marine')John Gately has been appointed Head of Strategy, Financial Planning, and Performance at MS Amlin, based in London, bringing 20 years of experience from KPMG, Bernstein Research, HSBC, and Hiscox, with responsibilities for financial strategy, planning, forecasting, and performance measurement. (Kenneth Araullo, 9/4/2025, Insurance Business, 'Insurance hires: Arch, MS Amlin, Van Ameyde Marine')Chris Boyd has been appointed Managing Director of Van Ameyde Marine’s UK operations, bringing over 30 years of maritime experience, including leadership roles at the Society of Offshore Marine Warranty Surveyors and The Royal Institution of Naval Architects, with expertise in marine cargo, heavy lift operations, and maritime advisory services. (Kenneth Araullo, 9/4/2025, Insurance Business, 'Insurance hires: Arch, MS Amlin, Van Ameyde Marine')Markel expanded its UK broker-facing teams with multiple appointments, including Chris Dunn as Development Underwriter for South West England and South Wales (formerly Senior Trading Underwriter at RSA), Elaine Holland as South Business Development Manager (previously in development roles at NIG and Paragon Personal Finance), and James Fone as South Key Account Director (with a background in key account management at Travelers and HSB Engineering). New hires in northern England include Vickie Rhodes, North West Business Development Manager (formerly with Altea, Marsh, and Gallagher), Paul Cuddihy, North Key Account Director (previously at RSA, HSB Engineering, and Allianz), and Laurie Witts, Renewals Team Manager (with over 10 years’ experience, including roles at Hiscox, Direct Asia Insurance, and Towergate). Joe McMurrough was appointed Senior Construction Underwriter in Birmingham (with underwriting experience at QBE and Chubb), while Brad Thomas joined as Broker Development Manager – network (previously at Ecclesiastical and 1st Choice Insurance). (Kenneth Araullo, 8/4/2025, Insurance Business, 'Insurance hires: Markel, QRG, Qlaims, Westfield Specialty')Quick Ralf & Grant (QRG) appointed Dennis Gattinger as Head of Europe, based in Barcelona. He was formerly Head of Distribution at Alta Signa and has held senior roles at ANV and Liberty Mutual Insurance Europe, starting as a Financial Lines Underwriter in 2006. He previously worked as a Legal Advisor in Karlsruhe. (Kenneth Araullo, 8/4/2025, Insurance Business, 'Insurance hires: Markel, QRG, Qlaims, Westfield Specialty')Qlaims Limited appointed Tom Bartleet as Non-Executive Director, bringing over 30 years of experience in the UK general insurance market. He began his career at Willis in 1992 and later acquired and rebranded Chesham Insurance Brokers to Erskine Murray Insurance Brokers, leading acquisitions including Offley Insurance Brokers and Asciak Holdaway Merritt. (Kenneth Araullo, 8/4/2025, Insurance Business, 'Insurance hires: Markel, QRG, Qlaims, Westfield Specialty')Westfield Specialty International appointed Nate Field as Class Underwriter for casualty treaty reinsurance, based in London. Field joins from RenaissanceRe, where he was Senior Treaty Underwriter, with nearly 15 years of experience in the reinsurance sector. (Kenneth Araullo, 8/4/2025, Insurance Business, 'Insurance hires: Markel, QRG, Qlaims, Westfield Specialty')CelsiusPro Group strengthened its climate resilience solutions with the addition of a disaster risk finance (DRF) team from WTW, bringing over 20 years of experience. The team will join Global Parametrics, part of CelsiusPro since September 2023, and will be led by Kay Tuschen, Head of CRS since October 2023. (Josh Recamara, 8/4/2025, Insurance Business, 'Insurance moves: Beazley, Pro Global and CelsiusProGroup')Pro Global appointed Roman Hannig as Head of Client Engagement and Oliver Schippa as Head of Product for its German operations. Roman joins from Gen Re Corp with expertise in employee disability claims, while Oliver, formerly at Proventum, brings experience in technology, data analysis, and insurance product innovation. Both will work from Pro Global’s Cologne office. (Josh Recamara, 8/4/2025, Insurance Business, 'Insurance moves: Beazley, Pro Global and CelsiusProGroup')Beazley promoted Sydonie Williams to Head of International Cyber Risks, effective immediately. Williams, who joined Beazley in 2019, played a key role in developing the company's cyber catastrophe bond, and her promotion reflects her leadership and expertise in cyber risks. (Josh Recamara, 8/4/2025, Insurance Business, 'Insurance moves: Beazley, Pro Global and CelsiusProGroup')Allianz Partners appointed Ludovic Gros as Global Medical Director, overseeing the company’s medical operations and advising on complex cases. Gros joins from IMA Group, bringing over 20 years of experience in emergency, disaster, and aviation medicine, including roles in the French Armed Forces and NATO’s Aeromedical Working Group. (Kenneth Araullo, 7/4/2025, Insurance Business, 'Allianz Partners appoints Ludovic Gros as global medical director')Dallas Scott Davey (DSD) has appointed Toby Baker to lead its expansion into Northamptonshire and surrounding counties. As part of the broader growth strategy, DSD aims to strengthen its presence in the farm and estates insurance sectors. Baker, with extensive experience in rural risk insurance from his time at Lycetts, will oversee the expansion and increase the client base in Leicestershire, Cambridgeshire, Bedfordshire, and Warwickshire. (Josh Recamara, 7/4/2025, Insurance Business, 'Dallas Scott Davey appoints Toby Baker to lead expansion')All information provided in this market digest has been gathered from Insurance Business and IDEX Consulting.

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Andy Fairchild joins IDEX Consulting as CEO for M&A

Previous Broker Network CEO will take M&A offering to new heights Andy Fairchild, insurance veteran and previous Broker Network CEO, has joined IDEX Consulting to lead the business’ M&A division. Known for his forward thinking and people-orientated approach to deal making, Andy has a solid reputation across the broker community.“I’m thrilled to join IDEX at this crucial time in broking history. We have a fantastic team who are not only experts in their field, but who embody the right values and ethics needed to truly support brokers with their growth and sale strategies. As an independent impartial consultancy, we have a huge opportunity at IDEX to do things differently with integrity, trust and due diligence at the heart of our solutions”, said Andy. Andy has previously held c-suite roles at Applied Systems, AXA Insurance, Footman James and a number of InsurTech providers. His most high-profile role saw him significantly increase Broker Network’s EBITDA, half of which was delivered from organic growth, and half from an expansive M&A strategy. “I am delighted that Andy has joined us on our journey. Andy’s wealth of experience combined with our unique business growth platform will create some very exciting opportunities for our clients”, adds Matt Green, CEO of IDEX Consulting. Also holding a range of non-executive board director roles, most recently Andy has been advising businesses, including; Acrisure, CGI, Zing365, and Partners Group & Nordic Capital Private Equity on their growth plans and operating models, with a focus on technology, data and M&A. For more information go to IDEX Consulting and if you’re looking for support with your business growth or sale strategy contact one of our M&A specialists.

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Financial Services newsletter Friday 4th April 2025

Financial Services NewsEvelyn Partners reported a 12% rise in profits for 2024, with adjusted EBITDA reaching £174.3m, despite a 68% drop in net inflows to £1.3bn. Gross inflows rose to £8bn, while assets under management increased 7% to £63bn, boosted by £2.6bn in market gains. Operating income grew 6.4% to £497.4m. CEO Paul Geddes stated that, despite geopolitical uncertainty, 2024 was a strong year for the wealth manager. (Financial Planning Today, 27/3/2025, 'Profits rise for Evelyn despite 68% drop in net inflows')Schroders reported a five-fold increase in profits from its wealth management joint ventures in 2024, reaching £21.3m in profit after tax, with Schroders’ share at £10.5m. This is up from £4.1m in 2023. The firm’s wealth management associates saw net inflows of £0.4bn, bringing assets to £15.7bn by the end of 2024. (Financial Planning Today, 6/3/2025, 'Profits rise five-fold for Schroders' wealth businesses')Wealthtime has rebranded as The Quanta Group following its acquisition of Craven Street Wealth. Backed by Anacap, it will maintain operational independence across its key units: Craven Street Wealth, Wealthtime, and Copia Capital. The group has also secured a 10-year technology partnership with Wipro and GBST. (Financial Planning Today, 1/4/2025, 'Wealthtime rebrands as Quanta Group')Brooks Macdonald has completed its move from AIM to the London Stock Exchange main market, aiming to enhance its profile and attract more investors. Shares were admitted on 28 March, with an issued share capital of 16,382,539 ordinary shares. As of 31 March, its share price was 1,520p, valuing the company at £249m. (Financial Planning Today, 31/3/2025, 'Brooks Macdonald admitted to LSE main market')Demand for IHT planning has surged since the October Budget, with 94% of Financial Planners reporting increased enquiries, according to a Downing survey. Advisers expect this trend to continue, with 91% predicting further growth over the next year. Currently, 61% say IHT advice makes up at least a fifth of their business, a figure expected to rise to 85% within three years. From April 2027, unused pensions will be subject to IHT, with the OBR forecasting nearly 10% of estates paying IHT by 2030. (Financial Planning Today, 27/3/2025, '90% of Planners report jump in IHT advice demand')VouchedFor has introduced a feature allowing users to search for financial advisers by gender, responding to data that shows many clients prefer female advisers. Women make up just 16% of financial advisers nationally, while 26% of those on VouchedFor are female. Hattie Spurrell, Director of Adviser Success, noted that female clients tend to rate female advisers higher than male ones. (Financial Planning Today, 26/3/2025, 'VouchedFor adds adviser gender search feature')The FCA has launched a five-year strategy aimed at building trust in financial services, supporting growth, and improving lives. CEO Nikhil Rathi stated the strategy will create a fair and thriving market for consumers and the economy. Key priorities include becoming a smarter regulator, supporting economic growth through investment and innovation, helping consumers navigate financial decisions, and fighting financial crime by disrupting criminals and strengthening firm defenses. (Financial Planning Today, 25/3/2025, 'FCA launches new 5-year strategy to improve trust')Phoenix is developing a retirement advice service through its Standard Life brand, though the launch date is not yet confirmed. The service will focus on supporting customers with financial decisions during the transition to and in-retirement stages, as outlined in Phoenix’s recent annual results. (Financial Planning Today, 24/3/2025, 'Phoenix plans to launch pension advice service')Quilter Cheviot has launched a new client app and portal, replacing legacy versions with a modern interface and improved usability. The new tools feature biometric login for added security and a personalised feed of news and events. A version for financial advisers is also planned, offering streamlined access to client investment details. (Financial Planning Today, 21/3/2025, 'Quilter Cheviot adds new client app')Fintel, owner of SimplyBiz and Defaqto, reported a 6.3% increase in statutory profits to £15.3m for 2024, with core revenue rising 21.9% to £68.9m. Despite this, pre-tax profits fell from £9.6m in 2023 to £7.7m. The company expanded by acquiring four businesses in 2024, including RSMR, for £16.6m, which contributed £7.5m in core revenues. (Financial Planning Today, 18/3/2025, 'Fintel statutory profits climb 6.3% to £15.3m')HSQ has provided a £4.8m debt facility to support its struggling Financial Planning business, Kingswood, amid concerns over its £91m debt. HSQ, now controlling nearly 90% of Kingswood, also acquired shares from two departing directors. The loan carries a 12% interest rate and is due by October 2030 or upon exit. (Financial Planning Today, 17/3/2025, 'Private equity owner pumps in £5m at troubled Kingswood')A survey by Charles Russell Speechlys found 23% of Gen Z would seek financial advice, compared to just 6% of Millennials. Gen Z was also more likely to discuss inheritance, with 81% having done so. Many plan to use inheritance for savings, property, or a house deposit. (Financial Planning Today, 14/3/2025, '1 in 4 Gen Z adults turning to advice')Abrdn has officially rebranded to Aberdeen Group plc, adopting an all-lowercase name. CEO Jason Windsor confirmed that subsidiary names and the LSE ticker (ABDN) will remain unchanged, with "Aberdeen" now serving as the main identity for its investment and adviser businesses. (Financial Planning Today, 13/3/2025, 'Vowels officially return to aberdeen')Close Brothers Asset Management has rebranded as TrinityBridge after being sold to Oaktree Capital Management for £200m earlier this year. The new wealth manager plans to invest heavily in technology and chose the name TrinityBridge to reflect enduring relationships between clients, investment managers, and advisers. (Financial Planning Today, 7/3/2025, 'CBAM renamed TrinityBridge as it becomes a standalone')Financial Planning firm Shackleton, formerly Skerritts Group, has implemented VouchedFor’s Elevation system, which provides advisers with data to measure and evidence outcomes via dashboards. The system also offers industry benchmarks to help meet the FCA’s Consumer Duty and identifies potential revenue opportunities, claiming an average of £2,000 per client through referrals and cross-selling. Elevation gathers feedback from over 10,000 UK advisers. (Financial Planning Today, 7/3/2025, 'Shackleton invests in client feedback data system')A report from Handelsbanken Wealth & Asset Management reveals women in the UK hold an average of £177,000 in assets, compared to £218,000 for men. Men are also more likely to manage long-term financial products. The report attributes the gap to a lack of financial education, with 64% of women having little investment knowledge, compared to 43% of men. (Financial Planning Today, 6/3/2025, 'No sign of gender wealth gap closing – report')Phoenix Group has appointed Wipro as a strategic partner under a Business Process Outsourcing (BPO) agreement. Wipro will manage ALPHA, the platform used by ReAssure, and related life and pension administration services. The move aims to accelerate the ReAssure Transformation programme, with Wipro investing in the platform to enhance customer experience. (Tom Browne, 26/3/2025, Money Marketing, 'Phoenix Group appoints Wipro as partner for ReAssure platform')7IM reported record growth in Q4 2024, with gross inflows surpassing £1bn for the first time, up 104% year-on-year. This follows significant investment in its proprietary technology as part of a multi-year programme to strengthen its position in wealth management. Net flows also saw a 114% increase year-on-year, rising to £426.5m, the third highest ever reported by the firm. (Momodou Musa Touray, 21/3/2025, Money Marketing, '7IM reports platform assets gross inflows exceed £1bn')M&G aims to boost its operating profit by 5% annually over the next three years and generate £2.7bn in operating capital by 2027. It also raised its cost savings target to £230m by 2025. While operating profit rose 5% to £837m, the company reported a loss after tax of £347m, compared to a £309m profit last year. (Lois Vallely, 19/3/2025, Money Marketing, 'M&G vows to boost operating profits by 5% per year')M&A financial services market analysis: new opportunities for IFAs - Private equity interest and consolidation is driving the M&A market, creating new opportunities for businesses. James Salmon, financial services M&A expert provides a detailed market analysis, including factors shaping growth and how firms can maximise their sale value and attract committed buyers. (IDEX Consulting news, 'M&A financial services market analysis: new opportunities for IFAs')2025 Employee Benefit talent trends - The employee benefits sector faces challenges like talent shortages and salary misalignment. In-demand roles include flexible benefits and healthcare consultants. To attract talent, employers must focus on strengthening their employer branding, and promoting their unique differentiators. Employees should enhance their personal brand, network, and clearly communicate their value and expertise to advance in their careers. (IDEX Consulting news, '2025 Employee Benefit talent trends')Smart hiring: How employers can master the interview process - Research shows that employers aren’t maxmising interview opportunities. This article provides key advice and practical strategies to help employers comprehensively assess a professionals suitability for a role. Structured, behavioural interview frameworks with job-specific simulations and cognitive assessments remain key. (IDEX Consulting news, 'Smart hiring: How employers can master the interview process')Biggest challenges facing Financial Advisers - Financial advisers continue to face challenging economic pressures, and growing regulatory changes, as well as rising client expectations. Many are also contending with market uncertainty and the potential risks of AI in financial advising. Despite these challenges, many opportunities exist – IDEX Consulting shares what financial advisers should know and the action they should take now. (IDEX Consulting news, 'Biggest challenges facing Financial Advisers')Mergers and AcquisitionsEvelyn Partners has sold its professional services arm to Apax-advised funds, creating two standalone businesses: Evelyn Partners (wealth management) and S&W (professional services). S&W revives the Smith & Williamson name from the 2020 Tilney merger. Andrew Wilkes becomes S&W’s CEO, with Andrew Baddeley as CFO, while Scott Kirk remains interim CFO at Evelyn Partners. Both firms will maintain a commercial relationship. (Financial Planning Today, 31/3/2025, 'Evelyn focuses on wealth after selling S&W')The £200m sale of Close Brothers Asset Management (CBAM) to Oaktree Capital Management has been completed, with Oaktree planning to create an independent wealth manager under a new name. The deal, first announced last September, has received regulatory approval. Oaktree aims to support CBAM as an agile, standalone business, though it will continue trading as CBAM for now, with a rebrand to follow. (Financial Planning Today, 3/3/2025, 'Oaktree to turn £200m CBAM into 'leading' wealth manager')Titan Wealth has acquired Workplace Advice Group, adding £200m in workplace pensions to its £36bn AUM. The deal strengthens Titan Wealth Planning’s corporate benefits offering as the firm expands in this market. (Financial Planning Today, 2/4/2025, 'Titan Wealth expands workplace business with acquisition')Quanta Group, backed by Anacap, is acquiring Craven Street Wealth to expand beyond platforms and DFM. The deal, part of Quanta’s long-term strategy, will support Craven Street’s growth through acquisitions and organic expansion. (Financial Planning Today, 28/3/2025, 'Wealthtime owner buys Craven Street Wealth')Investment Manager Marlborough has acquired a 20% stake in Chartered Financial Planning firm First Wealth, providing funds for growth while maintaining its independent B Corp status. The investment will support tech upgrades, client events, lower-cost solutions, debt repayment, and team expansion, with acquisitions also planned. (Financial Planning Today, 27/3/2025, 'Marlborough takes 20% stake in London Chartered Planner')Financial Planning firm Shackleton has acquired PK Financial Planning, adding £200m in assets and expanding its corporate and HNW client base. The deal, Shackleton’s 17th since 2021, includes PK Employee Benefits and PK Wealth, with the full team joining Shackleton. (Financial Planning Today, 27/3/2025, 'Shackleton acquires £200m AUM London Planner')AJ Bell is selling its Platinum SIPP and SSAS business to InvestAcc for £25m, adding £3.2bn AUA and 3,600 clients. The deal, expected to complete in H2 2025, includes £18.5m upfront and £6.5m deferred. (Financial Planning Today, 27/3/2025, 'AJ Bell sells non-platform HNW SIPP business')HSQ has confirmed its offer to buy the remaining 10% of Kingswood for 7p per share, valuing the firm at £48m. Facing £91m in debt, Kingswood needs fresh capital to stay afloat. HSQ aims to complete the deal by 15 April, seeing the merger as an opportunity to provide long-term investment and drive growth in Kingswood’s UK and Ireland operations. (Financial Planning Today, 25/3/2025, 'Private equity firm to complete takeover of £48m Kingswood')Howden has acquired pensions and SIPP consultancy Barnett Waddingham to strengthen its global employee benefits business. The deal, which expands Howden’s workforce to over 10,000 across 200 locations, aims to enhance its pension, investment, and risk services, creating a new global force in employee benefits (Financial Planning Today, 25/3/2025, 'Benefits firm Howden acquires Barnett Waddingham')Quilter Financial Planning has added Belfast-based PHW Wealth Partners as an appointed representative, strengthening its Northern Ireland presence. Founded by industry veterans with 60 years’ experience, PHW provides tailored advice to HNW individuals, business owners, and families. (Financial Planning Today, 26/3/2025, 'Quilter adds Belfast firm to boost NI presence')Finli Group has acquired Somerset-based Schaefer Financial Management and Birmingham-based MMR Financial Planning, marking its 41st acquisition. The deals, completed for undisclosed sums, expand Finli’s reach to over 100 Financial Planners serving 20,000 clients. Finli plans three more acquisitions across Kent, Cardiff, Merseyside, and Somerset, further strengthening its £5bn assets under advice. (Financial Planning Today, 24/3/2025, 'Finli acquires Somerset and Birmingham Planning firms')Lumin Wealth has acquired the mortgages arm of RBS Associates, expanding its services after its June 2023 tie-up with mortgage adviser Davidson Deem. The deal brings RBS Associates’ team, including Mark Spurling, to Lumin Wealth, enhancing its offerings in investments, pensions, inheritance, tax planning, and financial protection. (Financial Planning Today, 21/3/2025, 'Chartered Planner acquires mortgage business')Ludlow Trust has acquired HSBC Bank’s trust business, continuing its expansion in the UK trust market. The deal adds HSBC staff to Ludlow Trust and rebrands the business to Ludlow Trust Company (Southampton) Ltd, with operations moving to new offices in Whiteley. Ludlow has previously acquired trust services from several UK banks, reinforcing its growth strategy. (Financial Planning Today, 11/3/2025, 'Ludlow Trust acquires HSBC's trust company')Clifton Wealth Partnership has acquired seven financial planning firms across England and Wales, adding £500m in assets and 25 team members. The firms, Capel Court Ltd, Financial Solutions Wales Ltd, Davies Craddock Ltd, Tailormade Financial Services Ltd, Absolute Financial Services LLP, London Private Wealth Ltd and Clifton Wealth Partnership Portishead Ltd, will remain under their original leadership for a smooth transition. Clifton’s growth strategy includes integrating these firms with tailored plans and maintaining client service. (Financial Planning Today, 10/3/2025, 'Clifton Wealth acquires 7 Financial Planning firms')Accenture has acquired Altus Consulting from Equisoft. Altus, specialising in technology solutions for pensions and asset management, will join Accenture’s insurance practice. Equisoft retains Altus's software business. The acquisition strengthens Accenture’s expertise in distribution, risk, regulation, and technology for financial services. (Financial Planning Today, 6/3/2025, 'Accenture acquires Altus consultancy arm')Wren Sterling has added £300m in assets under management with three acquisitions: JLS Associates in Scotland, Investment Choices Wealth Management in Kent, and Broadway Financial Planning in the Cotswolds. The acquisitions bring 520 new clients to the firm, increasing total assets to £9bn. Wren Sterling aims to expand further with additional acquisitions planned for 2025. (Financial Planning Today, 5/3/2025, 'Wren Sterling adds £300m AUM with trio of acquisitions')Partners Wealth Management has acquired Johnston Carmichael Wealth, adding £6bn in assets under management. The deal expands the firm’s reach across the UK, with Partners now advising 5,500 private clients. Partners, part of the 7IM group, has grown to a 170-strong team since its 2004 founding. (Financial Planning Today, 4/3/2025, '7IM's Partners Wealth buys Johnston Carmichael Wealth')MoversTom Hegarty has been appointed CEO of Simplybiz, starting 1 April. He joins from M&G Wealth Advice, where he created The Advice Partnership and M&G Wealth Advice Academy. Hegarty has also held roles at Fintel, including Managing Director of the New Model Business Academy, and has led initiatives like the New Talent Alliance and the Trailblazer Group for financial advice apprenticeships. (Financial Planning Today, 27/3/2025, 'Simplybiz hires former M&G Wealth Advice head as new CEO')Paul Stockton, CEO of Rathbones, will retire on 30 September after six years in the role. He plans to assist with the transition until 31 December. Jonathan Sorrell, currently President of Capstone Investment Advisers, will join as CEO-designate on 1 July. Sorrell's past roles include CFO and President at Man Group. (Financial Planning Today, 20/3/2025, 'Rathbones CEO Stockton to retire')Amy Stirling, CFO of Hargreaves Lansdown, will leave after the company’s imminent takeover and delisting from the London Stock Exchange. She has been with HL for three years and will remain through the transition to ensure continuity. Stirling previously served as CFO at Virgin Group. The search for a new CFO is underway. (Financial Planning Today, 19/3/2025, 'Hargreaves CFO to quit after £5.4bn takeover')Evelyn Partners has appointed Gabriela Turner as a Director in its London Financial Planning team. Turner joins from Satis Wealth Management, where she worked as a Senior Financial Planner. With previous experience at Quilter/Old Mutual Private Client Adviser, she will strengthen Evelyn's Financial Planning capability at its Gresham Street office, which houses nearly 70 practitioners. (Financial Planning Today, 18/3/2025, 'Evelyn appoints new Financial Planning director')The Chartered Institute for Securities & Investment (CISI) has appointed Oliver Bourke, Managing Director at Mercury Wealth Management, as the new Chair of its Accredited Financial Planning Firm steering committee. He takes over from Ian Pickford, who stepped down after three years. Bourke is a chartered fellow of the CISI and has been a committee member for 18 months. (Financial Planning Today, 17/3/2025, 'New chair of Accredited Financial Planning Firm committee')Evelyn Partners has appointed three new team members across its Leeds and Newcastle offices: Mark Carter as Director in Leeds with 30 years of experience, Ross Bone as Associate Financial Planner in Newcastle with 10 years' experience, and Gail Carr as Investment Director in Newcastle, bringing 20 years of industry expertise. Carter joins from Aberdeen, Bone from Equilibrium Financial Planning, and Carr from Rathbones. (Financial Planning Today, 10/3/2025, 'Evelyn hires 2 Financial Planners in north of England')Redmayne Bentley has recruited Vittoria Vaccaro from The Private Office to join its expanding Financial Planning team. Based mainly in Leeds with time in Harrogate, Vaccaro's role will focus on business development, building relationships with professionals and private clients. This comes as the firm celebrates its 150th anniversary and aims to grow its Financial Planning services. (Financial Planning Today, 7/3/2025, 'Redmayne Bentley boosts Planning team with new hire')Martyn Beauchamp has been appointed permanent CEO of the Financial Services Compensation Scheme (FSCS) after serving as interim CEO for 16 months. He stepped in following the departure of Caroline Rainbird in June 2023. Beauchamp has extensive experience, having previously held leadership roles at GE Capital, Tesco PLC, and Sainsburys PLC. (Financial Planning Today, 6/3/2025, 'Beauchamp made permanent CEO of FSCS')Carlton Hood has been appointed CEO of Guardian. Hood, with over 25 years of experience, previously served as Group CEO of Responsible Life, and held roles as Chief Customer Officer at Old Mutual (now Quilter) and CEO of Confused.com. Peter Mann, the interim CEO, will move to Non-Executive Chairman. Hood will lead the executive team and focus on strengthening partnerships to improve customer outcomes. (Tom Browne, 2/4/2025, Money Marketing, 'Carlton Hood appointed CEO of Guardian')Nucleus Financial Platforms has appointed Jenny Woods as Group Financial Controller and Jennifer O’Brien as Commercial Finance Director to support its growth. Woods, with 20 years at Aberdeen, has held senior financial roles, including interim CFO of Americas. O’Brien brings 20 years of experience, having worked at ClearBank, Deloitte, Aegon, NatWest Group, and M&G, where she was CFO of the Wealth division. Both roles are newly created to help Nucleus expand. (Dan Cooper, 28/3/2025, Money Marketing, 'Nucleus strengthens financial leadership team')Clifton Wealth Partnership has appointed Tom Stansbridge as M&A Execution Manager. Stansbridge joins from Ascot Lloyd, where he managed M&A for four years. With 26 years in financial services, he has held senior roles at Quilter, LEBC, and Flying Colours Wealth, working in both advisory and paraplanning. (Lois Vallely, 24/3/2025, Money Marketing, 'Exclusive: Clifton Wealth builds out M&A team with new hire from Ascot Lloyd')Bowmore Wealth Group has appointed former M&G Chief Investment Officer Jack Daniels as Chairman. Daniels, with extensive experience at M&G and Prudential, joins alongside Roger Ganpatsingh, appointed as a Non-Executive Director. Ganpatsingh has a strong background in finance and technology, previously serving as Managing Director at Throgmorton UK and CFO at Daemon, where he helped drive the company’s growth. (Tom Browne, 18/3/2025, Money Marketing, 'Former M&G CIO Jack Daniels joins Bowmore Wealth Group as chairman')All information provided in this market digest has been gathered from Financial Planning Today, Money Marketing, and IDEX Consulting.

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General Insurance newsletter Friday 4th April 2025

Insurance NewsUnlock your career potential with a truly independent broker - Costero, an innovative, independent broker are looking for talented professionals to join their team. Find out about their available roles and what a career with limitless opportunities could offer. (IDEX Consulting news, 'Unlock your career potential with a truly independent broker')M&A resource library - Access our free resources where M&A buy-and-sell leaders, and tax, regulatory and legal experts share a range of useful guidance, including; how to maximise your sale value, mitigate legal risks and liabilities during a deal and manage a smooth transaction. (IDEX Consulting news, 'M&A resource library')What insurance AI tools do you need to be aware of? - AI tools are revolutionising the insurance industry by improving underwriting, claims processing, and customer service. Predictive analytics and generative AI are enhancing decision-making and efficiency, though challenges like data privacy and system integration remain. Learn how you can use AI to deliver personalised services, streamline operations, and reduce costs. (IDEX Consulting news, 'What insurance AI tools do you need to be aware of?')How insurers can mitigate the increase in cyber risk - Cyber risks are increasingly straining the US insurance market, with rising threats like ransomware and data breaches. Many companies remain underinsured, despite billions of dollars in annual losses. Insurers are struggling to keep up with these evolving risks, particularly AI-driven attacks. To mitigate these issues, collaboration on cybersecurity practices and continuous adaptation to emerging threats are essential for insurers. (IDEX Consulting news, 'How insurers can mitigate the increase in cyber risk')Antares Group, owned by Qatar Insurance Group, posted a 10% rise in post-tax profit to $150M for 2024. Restructuring boosted GWP by 54% to $1.1B, driven by reinsurance, with 15% organic growth. Combined operating ratio (COR) stood at 93%. (Josh Recamara, 4/4/2025, Insurance Business, 'Antares Group posts 10% increase in profit')Adelaïde Group reported a €450M turnover for 2024, up 12.5%. Aiming for €800M by 2028, it expanded in Europe with key acquisitions, including DUNE (construction insurance), ProConseils (Switzerland), and MBB & Brixia Broker (Italy). (Josh Recamara, 4/4/2025, Insurance Business, 'Adelaide Group reports 12.5% increase in turnover')HW International BV has completed a management buyout (MBO) with financial backing from OBL Investments BV to enhance its independence and global operations. The company has restructured, focusing on expanding in Australia, Germany, Portugal, and Spain. It aims to grow through mergers and acquisitions and further develop its MGA platform, NuVu, while rebranding later this year. (Jonalyn Cueto, 3/4/2025, Insurance Business, 'HW International BV completes management buyout')PremFina has partnered with Ardonagh Advisory to enhance premium finance solutions for brokers and their clients. The collaboration combines Ardonagh Advisory’s broking network with PremFina’s technology-driven finance solutions, aiming to streamline processes. Ardonagh Advisory is part of The Ardonagh Group, a leading global insurance distribution platform with a $14 billion valuation. (Jonalyn Cueto, 3/4/2025, Insurance Business, 'PremFina and Ardonagh Advisory announce partnership')Howden has launched Howden Auto Tracker, an automated platform that integrates tracker and algorithmic capacity for brokers. Initially offering up to 25% capacity, the platform aims to expand to 100% digital capacity by 2026. It streamlines efficiency by linking carriers and enabling additional insurers to join. Backed by Blackstone and supported by insurers like QBE, it builds on Howden's auto-follow strategy with Ki’s digital follow technology launched in 2021. (Josh Recamara, 3/4/2025, Insurance Business, 'Howden launches new platform streamlining insurance placement')CFC has launched its Cyber Proactive Response (CPR) policy for businesses with revenues up to £250 million. This new product introduces two unique coverage elements, 30 enhancements, and removes six exclusions. CPR shifts from reactive to proactive protection, including unlimited reinstatements with zero excess. Notably, it includes proactive cyber-attack prevention services, which were added in 2016 and are now a guaranteed part of the policy. (Jonalyn Cueto, 2/4/2025, Insurance Business, 'CFC unveils new cyber insurance product')Quick Ralf & Grant (QRG) has moved its headquarters to Dixon House, 1 Lloyd’s Avenue, London, to accommodate over 65 employees. This relocation supports its expansion as a Lloyd’s broker and MGA incubator with a growing presence in Europe and Australia. QRG focuses on select broking lines and helps entrepreneurial MGAs across multiple regions. (Jonalyn Cueto, 2/4/2025, Insurance Business, 'QRG opens new London HQ, unveils brand identity')Brokerslink has expanded in Africa with new members Rema Broking from Mauritania and GGA Groupe from the Ivory Coast, strengthening its network in 41 African countries. Rema Broking specialises in health, liability, and construction insurance, while GGA Groupe focuses on health risk coverage across Africa. François Masson, Brokerslink's African Regional Manager, emphasised the continent’s diverse insurance landscape and the need for increased access to risk transfer solutions. (Jonalyn Cueto, 2/4/2025, Insurance Business, 'Brokerslink expands African network with two new brokers')Brokerbility has welcomed Cass-Stephens Insurances, a Gloucester-based broker founded in 1966, to its network. The firm specialises in commercial insurance across the South West and beyond, with a team of 25 staff. Cass-Stephens has seen consistent growth through expansion and acquisitions. Brokerbility’s MD, John Dunn, highlighted the firm’s regional strength and growth ambitions as a great fit for their expanding network. (Josh Recamara, 2/4/2025, Insurance Business, 'Cass-Stephens Insurances joins Brokerbility's network')The LMA has released a best practice guide, 'Practical Management of Cyber Exposures and Aggregations', to help insurers manage cyber risks. The report addresses data standardisation challenges, assesses modelling techniques, and offers recommendations for improved risk analysis. (Josh Recamara, 2/4/2025, Insurance Business, 'LMA releases new best practice guide to mitigate cyber risks')Esure Group plc reported strong 2024 growth, with turnover rising 14% to £1.111 billion and net insurance revenue increasing to £888.8 million. In-force policies grew to 2.13 million, driven by digital expansion and migrating policies to a cloud-native platform. The results follow a £200 million transformation program. (Jonalyn Cueto, 1/4/2025, Insurance Business, 'Esure sees profit surge after £200 million revamp')Aviva has revived its plan to cancel £450 million in preference shares, seven years after a similar attempt sparked backlash and led to the departure of then-CEO Mark Wilson. The new proposal, offering a premium above par value, has received support from institutional investors, though some retail investors, who rely on the shares for income, have raised concerns. The previous attempt, criticised by the FCA, was met with parliamentary scrutiny. (Jonalyn Cueto, 31/3/2025, Insurance Business, 'Aviva's £450 million share cancellation plan draws scrutiny')RSA Insurance has announced plans to cut up to 250 jobs at its Peterborough office following its decision to exit the personal insurance market. The move comes after Nationwide appointed Aviva to handle its home insurance services, which RSA previously managed. The roles are currently under consultation, and Aviva is set to manage the transferred business from Perth and Glasgow starting in autumn 2025. (Kenneth Araullo, 31/3/2025, Insurance Business, 'RSA job losses loom in Peterborough as Nationwide switches to Aviva')Mergers and AcquisitionsGallagher will acquire Bircroft Insurance, a London-based commercial insurance broker, to strengthen its real estate services for UK clients such as property owners, developers, and managing agents. Bircroft specialises in real estate and private client insurance. Established over 15 years ago, it was initially part of the Dawnay Day Group. This acquisition aims to expand Gallagher's presence in the real estate sector. (Yasmin Donald, 3/4/2025, Insurance Business, 'Gallagher acquires Bircroft Insurance Services')Specialist MGAs Nirvana and Pulse plan to merge their UK operations to strengthen their position in the specialty insurance market. The merger will combine Pulse's non-standard accident, health, and life insurance offerings with Nirvana's focus on media, tech E&O, cyber, and warranty insurance. The move aims to enhance underwriting capabilities and expand their reach across a broader range of risks. (Roxanne Libatique, 3/4/2025, Insurance Business, 'Specialty MGAs Nirvana, Pulse announce merger')Brown & Brown (Europe) Limited has acquired BCM Acquisitions Limited, the parent company of 1st UK Broking, a Sunderland-based insurance broker. This acquisition, part of Brown & Brown's strategy to expand in the UK, was cleared by regulators. 1st UK Broking, established in 2014, specialises in commercial motor insurance, particularly fleet coverage, along with a variety of commercial insurance products like employers’ liability, public liability, and property-related lines. (Roxanne Libatique, 2/4/2025, Insurance Business, 'Brown & Brown acquires commercial motor insurance specialist')Zurich Insurance has acquired a minority stake in Icen Risk, a London-based M&A insurance firm, as part of its expansion strategy in North America and Europe. Icen Risk offers coverage for M&A-related risks such as tax liabilities and environmental issues. This acquisition aligns with Zurich's focus on growing its specialty insurance portfolio, particularly in M&A insurance, which has seen rising demand due to increased dealmaking activity. (Jonalyn Cueto, 1/4/2025, Insurance Business, 'Zurich Insurance to acquire stake in Icen Risk')Lockton has merged its US-based Lockton Financial Services and International ProFin teams to create Lockton Professional and Executive Risk, combining over 750 associates. The consolidation aims to offer a more coordinated risk management approach, addressing challenges like regulatory scrutiny, cyber threats, and financial risks. This restructuring reflects a broader industry trend toward consolidating expertise for enhanced client solutions, improving knowledge sharing and risk insights to better respond to emerging threats. (Josh Recamra, 1/4/2025, Insurance Business, 'Lockton merges businesses')MoversArch Insurance International has promoted Alex Clark to Healthcare Underwriting Manager. Based in London, he will oversee hospital, long-term care, and physician liability underwriting, reporting to James Barrett. Clark joined Arch in 2021 from Tysers and has nearly 15 years of industry experience. (Josh Recamara, 4/4/2025, Insurance Business, 'Insurance moves: Arch Insurance, Howden, SRG, Brit Group and McLarens')Howden has appointed Brigitte Trafford as Group Chief Corporate Affairs Officer, leading brand, marketing, PR, and public affairs. Reporting to CEO David Howden, she joins the global leadership team. Trafford previously held leadership roles at Lansons, LSEG, Virgin Media, ICAP, ITV, and Dow Jones. (Josh Recamara, 4/4/2025, Insurance Business, 'Insurance moves: Arch Insurance, Howden, SRG, Brit Group and McLarens')Specialist Risk Group has appointed Nicola Holmes as Director of Niches and Schemes for its UK Retail pillar. She will lead the private clients division and specialist teams. Holmes previously held senior roles at Hiscox, including Head of Broker, Schemes Manager, and Regional Manager. (Josh Recamara, 4/4/2025, Insurance Business, 'Insurance moves: Arch Insurance, Howden, SRG, Brit Group and McLarens')Brit Group Holdings has appointed Jean-Jacques Henchoz as a Non-Executive Director, effective May 1, 2025, pending regulatory approval. Henchoz previously chaired Hannover Re’s executive board and held senior roles at Swiss Re, including CEO of reinsurance and regional president for EMEA. (Josh Recamara, 4/4/2025, Insurance Business, 'Insurance moves: Arch Insurance, Howden, SRG, Brit Group and McLarens')McLarens has established an EMEA Senior Management Board to drive growth across Europe, the Middle East, and Africa. Led by Steven Wallace and Klaas Brand, the board follows 25% regional revenue growth. McLarens also launched an EMEA Development Committee to explore M&A, new markets, and product development. (Josh Recamara, 4/4/2025, Insurance Business, 'Insurance moves: Arch Insurance, Howden, SRG, Brit Group and McLarens')Erik Johnson has been appointed Head of Technical Underwriting and Oversight at Markel, starting immediately. Based in London, he will lead the international technical underwriting team and work on maintaining underwriting standards. Johnson, who joined Markel in May 2024 as a Consultant, has held various roles in the London market and co-founded Link, the LGBT Insurance Network, advocating for diversity and inclusion in the industry. (Josh Recamara, 3/4/2025, Insurance Business, 'Insurance moves: Markel, Allianz UK, BHSI, Global Aerospace, Carrow Insurance and Equipsme')Stuart Reid has been appointed Chairman of Equipsme’s board of directors as the company continues to grow in the space between cash plans and PMI. Reid has extensive experience, having founded Stuart Alexander, led its sale to AXA, served as CEO of Bluefin, and worked at Arthur J. Gallagher. He has also held leadership roles with the Chartered Insurance Institute and BIBA’s large brokers committee. (Josh Recamara, 3/4/2025, Insurance Business, 'Insurance moves: Markel, Allianz UK, BHSI, Global Aerospace, Carrow Insurance and Equipsme')Emily Mills returns to Allianz UK from KPMG as Head of Continuous Improvement, bringing experience in driving data-focused process improvements. Fleur van der Ende, appointed Head of Customer Experience, will lead efforts to enhance customer interactions. She joins from a strong background in customer experience management. (Josh Recamara, 3/4/2025, Insurance Business, 'Insurance moves: Markel, Allianz UK, BHSI, Global Aerospace, Carrow Insurance and Equipsme')Caoimhe Gormley has been appointed Country Manager at Berkshire Hathaway Specialty Insurance (BHSI), continuing her role as Head of Customer and Broker Engagement. She joined in 2018 as Head of Executive & Professional (E&P) Lines for Ireland. Ciaran Reddin, appointed Head of E&P, has been with BHSI since 2019 and will continue leading professional indemnity and cyber. Both have played key roles in BHSI's growth in Ireland, strengthening customer and broker relationships. (Josh Recamara, 3/4/2025, Insurance Business, 'Insurance moves: Markel, Allianz UK, BHSI, Global Aerospace, Carrow Insurance and Equipsme')In further news...BHSI has promoted Louise Kidd to Head of Underwriting in Europe. With 22 years of industry experience, she joined in 2020 and has held senior roles, including Country Manager for Ireland and Global Financial Lines Underwriting Officer. She will continue in the latter role while overseeing European product strategies. (Josh Recamara, 2/4/2025, Insurance Business, 'Insurance moves: Momentum, BHSI, MAPFRE, TMHCC, Apollo and H.W. International')Christophe Paulin has been appointed President of Global Aerospace (Europe) SAS, bringing over 20 years of experience. He joins from Beazley, where he played a key role in developing the company’s aviation strategy for mainland Europe. (Josh Recamara, 3/4/2025, Insurance Business, 'Insurance moves: Markel, Allianz UK, BHSI, Global Aerospace, Carrow Insurance and Equipsme')Paul Greenleaf has been appointed Senior Accident and Health (A&H) Underwriter at Carrow Insurance, based in London. With 35 years of industry experience, including 25 years specialising in A&H underwriting, he will lead Carrow’s A&H offerings in the UK market. (Josh Recamara, 3/4/2025, Insurance Business, 'Insurance moves: Markel, Allianz UK, BHSI, Global Aerospace, Carrow Insurance and Equipsme')Apollo Syndicate Management has appointed Mike Krefta as a Non-Executive Director, pending regulatory approval. Krefta, former CEO of Hiscox Re and ILS and Chief Underwriting Officer at Hiscox Re, brings over 20 years of experience. He also founded Meadow Consulting, advising insurers and institutional investors. (Josh Recamara, 2/4/2025, Insurance Business, 'Insurance moves: Momentum, BHSI, MAPFRE, TMHCC, Apollo and H.W. International')H.W. International B.V. has appointed Jeroen Everling as Chief Commercial Officer, effective April 1. With over 27 years of experience, Everling has held senior roles at WTW, Aon, and Howden. He will lead global expansion and M&A efforts, focusing on growth in Germany, Spain, Portugal, Australia, and the Netherlands. (Josh Recamara, 2/4/2025, Insurance Business, 'Insurance moves: Momentum, BHSI, MAPFRE, TMHCC, Apollo and H.W. International')Momentum Broker Solutions has appointed Joe Hall as Broker Relationship Manager. With 14 years of experience across brokers, MGAs, and underwriting, he will focus on strengthening broker partnerships in northern UK. His appointment follows John Adey’s addition as Financial Director. (Josh Recamara, 2/4/2025, Insurance Business, 'Insurance moves: Momentum, BHSI, MAPFRE, TMHCC, Apollo and H.W. International')MAPFRE has appointed Carlos Diaz Gridilla as General Manager of MAPFRE Inmuebles, effective May 1. Gridilla, with the company since 2016, was previously Assistant General Manager. He succeeds Alfredo Muñoz, who is retiring after 27 years. (Josh Recamara, 2/4/2025, Insurance Business, 'Insurance moves: Momentum, BHSI, MAPFRE, TMHCC, Apollo and H.W. International')Tokio Marine HCC has promoted David Feldman to Regional Head of Compliance for the UK and Europe, effective April 1. Feldman, who has been with TMHCC for nearly 20 years, previously worked at Brit and Lloyd’s as a Regulatory Officer. (Josh Recamara, 2/4/2025, Insurance Business, 'Insurance moves: Momentum, BHSI, MAPFRE, TMHCC, Apollo and H.W. International')In further news...James Wilson has been appointed Head of Special Risks at Tokio Marine Kiln, effective autumn 2025. With 16 years of experience in political violence, terrorism, credit, and political risk insurance, Wilson joins from The Hartford, where he was Head of Political Risks. He has also worked at Chubb and Catlin. (Josh Recamara, 31/3/2025, Insurance Business, 'Insurance moves: Phoenix Specialty and Tokio Marine Kiln')Matt Williams has been appointed CEO of Allianz Trade for the UK and Ireland, effective July 1, 2025, succeeding Sarah Murrow. Williams, currently Regional Credit Director for Northern Europe, takes over as Murrow transitions to CEO of Allianz Trade in the Americas. Murrow has been with Allianz Trade since 2004, holding key roles including Global Head of Commercial Underwriting and Product Development, and became UK and Ireland CEO in 2021. (Jonalyn Cueto, 1/4/2025, Insurance Business, 'Allianz Trade appoints new CEO for the UK & Ireland')James Barrett has been appointed Head of Cyber and Healthcare at Arch Insurance International. Having served as interim Head of Cyber since October 2024, Barrett will now oversee both portfolios. With 18 years of underwriting experience, including his role as Head of Healthcare at Arch since 2018, he will focus on advancing the company’s goals and expanding its market presence. (Jonalyn Cueto, 1/4/2025, Insurance Business, 'Barrett named head of cyber and healthcare at Arch Insurance International')Fidelis Insurance Group has appointed Jonny Strickle as Group Managing Director, overseeing the integration of actuarial, capital, underwriting, and risk functions. Strickle, who joined in 2020 as Chief Actuarial Officer, brings 15 years of experience to the role. CEO Dan Burrows emphasised that Strickle's leadership will be key to the company's continued growth and value creation. (Josh Recamara, 1/4/2025, Insurance Business, 'Insurance moves: HDI Global, Aegon, DLA Piper, Pine Walk Capital and Fidelis')HDI Global UK and Ireland has appointed Marcus Breese as Head of Cyber Underwriting, effective April 1, 2025. Breese joins from Arch Insurance International, bringing extensive experience in cyber and technology risk, including an 18-year tenure at Hiscox. His appointment will help strengthen HDI’s cyber offerings as the company focuses on long-term growth in the UK and Ireland. (Josh Recamara, 1/4/2025, Insurance Business, 'Insurance moves: HDI Global, Aegon, DLA Piper, Pine Walk Capital and Fidelis')Aegon has nominated David Herzog, Lori Fouché, and Jay Ralph to its board of directors, pending shareholder approval at the June 12, 2025, AGM. Herzog, with over 40 years of experience at MetLife and AIG, will succeed William Connelly as Chair. Fouché, known for her transformation work at TIAA and Prudential, and Ralph, an Allianz veteran, bring valuable expertise to Aegon’s strategic direction. (Josh Recamara, 1/4/2025, Insurance Business, 'Insurance moves: HDI Global, Aegon, DLA Piper, Pine Walk Capital and Fidelis')DLA Piper has appointed Charles Rix, an M&A expert with nearly 30 years of experience, to its international insurance team. Rix's appointment supports DLA Piper's growth strategy, particularly in cross-border M&A transactions and regulatory matters, offering clients valuable insights into navigating complex insurance industry challenges. (Josh Recamara, 1/4/2025, Insurance Business, 'Insurance moves: HDI Global, Aegon, DLA Piper, Pine Walk Capital and Fidelis')Pine Walk Capital Limited has appointed Tim Morgan to lead a new Accident & Health (A&H) Managing General Agency (MGA), set to launch in 2025, pending regulatory approval. Morgan, with over 20 years of A&H underwriting experience, will drive the agency's formation as part of Pine Walk's strategy to diversify its portfolio and expand into the growing global A&H market. (Josh Recamara, 1/4/2025, Insurance Business, 'Insurance moves: HDI Global, Aegon, DLA Piper, Pine Walk Capital and Fidelis')Phoenix Specialty has appointed Timothy Christmas as a Construction Underwriter to support its growth. Christmas joins from RSA Insurance with over a decade of experience in construction underwriting, including roles at Zurich and Allianz UK. Phoenix, which launched in February last year with products like Contractors All Risks, plans to expand its offerings and grow internationally. (Josh Recamara, 31/3/2025, Insurance Business, 'Insurance moves: Phoenix Specialty and Tokio Marine Kiln')All information provided in this market digest has been gathered from Insurance Business and IDEX Consulting.

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