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General Insurance Newsletter Friday 19th July 2024

​Insurance News​The International Underwriting Association (IUA) stated that London market insurers are crucial in developing new and advanced air mobility technologies over the next few years. The organisation requested a robust certification process, one that prioritises safety and access to data so underwriters can effectively analyse risk and liabilities. IUA's comments were an official response to a public review of the law around autonomous flight conducted by the Law Commission. The new and advanced air mobility technology includes larger aviation drones that will be used to deliver cargo and vertical take-off and landing vehicles carrying passengers for air taxi services. (Grant Funtila, 18/7/2024, Insurance Business UK, 'Insurers to play crucial part in future of aviation technology, says IUA')Storms Babet, Ciaran, and Henk significantly impacted UK households and Flood Re's profits, causing a drop from £109.8 million last year to £23.8 million. Despite this, Flood Re highlighted positive developments, noting it handled 30% of all claims since inception in 2023/4, with a third from these storms. Policies ceded to the scheme rose by 9% to 288,567, and 560,466 households have benefited since 2016. Additionally, 99% of high-risk households can now get quotes from 15+ insurers on comparison websites. (Paul Lucas, 18/7/2024, Insurance Business UK, 'Flood Re sees huge profit slump in the face of record claims')Global specialty re/insurer SiriusPoint and Service First Insurance, a managing general agent (MGA) providing insurance solutions for the commercial and business markets in Ireland, have announced a strategic partnership on a property owners program. The distribution partnership with SiriusPoint will enable Service First to underwrite commercial property risks up to €10 million. As part of the collaboration, Service First will manage all aspects of the insurance lifecycle, from underwriting to claims, in partnership with SiriusPoint. (Kenneth Araullo, 17/7/2024, Insurance Business UK, 'SiriusPoint partners with MGA for property owners program in the Republic of Ireland')​QBE Insurance has announced its new policy, QCyberProtect. It's designed to enhance cyber resilience for a broad range of clients worldwide. The new policy aims to provide tailored coverage for losses arising from current and emerging cyber risks. These include network security, privacy liability, IT and non-IT business interruptions, and reputational loss. Through QCyberProtect, QBE wants to provide cyber insurance for different types of organizations, including mid-sized companies that rely on outsourced IT departments to global corporations with complex and large-scale IT systems. (Grant Funtila, 17/7/2024, Insurance Business UK, 'QBE reveals global cyber product')Brokerbility, the community network of independent brokers, has announced that Road Angel Group has joined as an Affiliate Partner member. Road Angel Group develops and provides technology supporting dash cameras, speed awareness, integrated car stereos, and Thatcham Approved Stolen Vehicle Trackers. Road Angel also offers a nationwide supplied and fully fitted service. With this announcement, Brokerbility members will now collaborate with Road Angel to provide fleet clients with advanced technology that can enhance risk management programmes and potentially reduce premiums. (Kenneth Araullo, 17/7/2024, Insurance Business UK, 'Brokerbility further grows Affiliate Partner program with newest member')​Renewable energy project underwriter GCube Insurance (GCube) has announced the formation of a new consortium. This group, comprising six Lloyd’s syndicates, aims to provide battery energy storage system (BESS) developers and asset owners globally with up to $100 million in ‘A-rated’ insurance capacity. The consortium, led by underwriters, was developed as a response to the growing demand from brokers and the BESS market. It is designed to offer the necessary lead capacity and expertise to support the industry as it becomes a key component of the global energy mix. (Kenneth Araullo, 17/7/2024, Insurance Business UK, 'GCube launches new consortium')Following the negative experience variance in the first quarter of 2024, global re/insurer SCOR has announced that it has accelerated its annual life and health (L&H) reserving assumptions review and included a best estimate view in the Q2 2024 results. According to SCOR, the Q2 2024 L&H insurance service result (ISR) is expected to be approximately €-0.4 billion. This outcome is driven by updates on reserves and continued negative experience variance, partly offset by positive effects from portfolio actions. Final assumption updates in the second half of 2024 could potentially lead to additional negative adjustments to the L&H ISR of up to €-0.1 billion by year-end 2024. Consequently, the L&H ISR in 2024 is expected to be significantly less than the €500 million indicated during the Q1 2024 results presentation. (Kenneth Araullo, 16/7/2024, Insurance Business UK, 'SCOR provides update on Q2 2024 results')​Aviva has strengthened its exposure management capabilities through a partnership with Symfos, utilising its exposure management software, Orchestra, to visualise risks and automate data processing. By implementing Orchestra, Aviva explains that it is now the first insurer to automate data uploads via straight-through processing. This advancement allows the insurer to record, report, control, and monitor exposures and potential risk accumulations efficiently. Since adopting Orchestra in 2021, Aviva has streamlined its portfolio roll-up process, reducing the time required by 60-70%. This efficiency enables the exposure management team to better analyse the portfolio and understand risk exposures. (Kenneth Araullo, 15/7/2024, Insurance Business UK, 'Aviva partners with Symfos to enhance exposure management')Global insurer Tokio Marine Kiln (TMK) has announced a partnership with Kita, a carbon credit insurance specialist, to provide political risk insurance for developers and investors in carbon credit projects. The company noted that it is among the first in the Lloyd’s market to offer this type of policy, which aims to mitigate financial risks related to political instability affecting the sale and export of carbon credits. The new product, led by Ed Parker, Head of Special Risks at TMK, insures project developers and investors against risks such as confiscation, nationalisation, forced abandonment, license cancellation, and political violence. The cover will address losses should a host country revoke agreements that enable the credits to count towards external offsetting strategies. (Kenneth Araullo, 15/7/2024, Insurance Business UK, 'Tokio Marine Kiln announces major carbon credit projects partnership')Mergers & Acquisitions​It was the “people first” approach that cemented a deal between JMG Group and Howe Maxted, an insurance agency based in Kent, according to the group. The agency will now sit alongside JM Glendinning Insurance Brokers’ 12 offices across the UK. Howe Maxted, which is run by Directors Graham Smith and John Maxted, has been helping clients for over a century. Although it joins the JMG Group, all the firm’s 14 staff will continue to operate from its Sidcup headquarters, headed by the existing leadership team. Commenting on the merger, Smith said the new setup will provide continuity for clients and the Howe Maxted team. He also said that it was a ‘people first’ approach that set JMG Group apart when it was looking for a new home for the business. (Noel Sales Barcelona, 19/7/2024, Insurance Business UK, 'JMG Group acquires Kent-based firm')Movers​Ageas UK has announced the appointment of Aurore Lecanon as its new Chief Risk Officer (CRO), subject to regulatory approval. Lecanon will be replacing Evan Waks, who will move to Portugal as he assumes the position of new Chief Finance Officer in Ageas Portugal. The full switch will take place in September, the company said. Lecanon will bring to Ageas over two decades of experience in the financial services sector, working both in life and non-life insurance and investment banking. Before this, Aurore built a solid foundation as a finance expert, leading transformative change, modernising operating models, asset liability, and capital management. Lecanon started her career in risk and governance in 2015, building and leading top-performing risk teams, where she showed her capabilities in steering organisations amid demanding market conditions and complex regulatory challenges, the company said. (Noel Sales Barcelona, 18/7/2024, Insurance Business UK, 'Ageas UK introduces new chief risk officer')​AXA Commercial has appointed Gurinder Aulakh as Pricing Director and promoted Jean-Sébastien Lagacé to Reinsurance Director following an officer's retirement. Aulakh, who succeeds Jo Scott (who is retiring on 13th July), joins from Allianz, bringing over 20 years of experience, including roles at Zurich. Lagacé has been with AXA for 25 years, and will now lead the company's reinsurance efforts. (Noel Sales Barcelona, 18/7/2024, Insurance Business UK, 'AXA Commercial appoints two new leaders')​TransRe has announced two key promotions in its cyber division. The Berkshire Hathaway-owned reinsurer has tapped Tina Kališnik to Global Portfolio Leader, Cyber, and Diana Liu to US Cyber Underwriting Leader. Kališnik, who joined TransRe in 2016, has been praised by the company as integral in building the company’s European professional liability business and client base, with a particular focus on cyber exposures. Liu joined TransRe’s actuarial department in 2019 and later the US Professional Liability underwriting team in 2022. (Kenneth Araullo, 17/7/2024, Insurance Business UK, 'TransRe bolsters cyber division with key promotions')Fortitude Re has announced the appointment of Greta Hager as Chief Financial Officer and Kai Talarek as Chief Growth and Optimization Officer, effective Aug. 17. Hager brings extensive experience to the position, having most recently served as Head of FP&A at MassMutual. Prior to that, she held leadership roles at AIG and Grant Thornton. Talarek, transitioning from his previous role as Chief Financial Officer, will assume the newly created position of Chief Growth and Optimization Officer. (Kenneth Araullo, 17/7/2024, Insurance Business UK, 'Fortitude Re bolsters executive leadership with dual appointments')​Global advisory, broking, and solutions company WTW has announced the appointment of three new hires to its international casualty team based in the London office, part of the direct and facultative global line of business. Sam Barnes joins WTW as a Director, having held broking roles at JLT and Marsh. CamillaChiatti, joining from Beazley, brings technical underwriting expertise and broad experience in Western Europe, will focus on the Latin American and European regions. Additionally, Parry Herbert returns to the team as an Associate Director focussing on the Canadian region, after more than 15 years, having spent much of that time at Aon. (Kenneth Araullo, 17/7/2024, Insurance Business UK, 'WTW appoints trio to bolster international casualty team')​Simon Brookes has been appointed as Gallagher’s new Financial Lines Chief, the company has announced. Brookes will report directly to Julian Wallers, CEO of Financial Risks, and will lead Gallagher Specialty’s management liability, cyber, financial institutions, and professional risks teams. Before he was appointed Financial Lines Head, Brookes served as Gallagher’s Managing Director of professional risks. He joined Gallagher in 2011 through the acquisition of Heath Lambert. (Noel Sales Barcelona, 17/7/2024, Insurance Business UK, 'Gallagher appoints new financial lines head')Specialist insurance provider CFC has announced the appointments of Bryan Joseph and Oliver Corbett to its board of directors as Independent Non-Executive Directors. Corbett brings extensive experience in financial services. He is a Founder and Strategic Advisor at McGill and Partners, a boutique specialist insurance and reinsurance broker, and serves as a Non-Executive Director of HSBC UK and Allianz UK. Joseph has over 40 years of industry experience, having worked in senior actuarial roles internationally. He is currently a Partner at Vario Partners LLP, a Non-Executive Director of Lancashire Holdings Limited and its Managing Agency Lancashire Syndicates Limited, and the Senior Independent Director and Chair of the risk committee at Sabre Insurance Group. (Kenneth Araullo, 16/7/2024, Insurance Business UK, 'CFC strengthens leadership with new board appointments')Vista Insurance Brokers Ltd has appointed Samuel Marriott as the Head of Vista Protect, the health and life insurance division. The brokerage highlighted this move in alignment with Vista's strategy to enhance sales growth, focusing on group life, health, and business survival insurance for its clients. Samuel Marriott joins Vista from Towergate Insurance, bringing over a decade of experience in the protection and health insurance sector. Marriott has established a strong reputation within the industry. (Kenneth Araullo, 16/7/2024, Insurance Business UK, 'Vista Insurance names new head of Vista Protect')​Chubb announced that Peter Kelaher has been appointed Division President of Continental Europe, Middle East, and North Africa. Kelaher, currently serving as Country President of Australia and New Zealand, will take on executive operating responsibility for 24 countries in the specified regions. Kelaher joined Chubb Australia in 2007 as a Senior Underwriter. Before his role as Country President for Australia and New Zealand, he held several senior positions in the region. Kelaher began his career as a Financial Lines Underwriter for a P&C insurance company in Australia. Kelaher will succeed Sara Mitchell, who will be leaving Chubb. (Kenneth Araullo, 16/7/2024, Insurance Business UK, 'Chubb appoints new division president for Continental Europe, Middle East and North Africa')​American International Group, Inc. (AIG) recently announced that Melissa Twiningdavis will assume the role of Executive Vice President and Chief Administrative Officer starting September 1, 2024. Prior to her upcoming role at AIG, Twiningdavis held several significant positions. She was at the helm of Global Supply Chain Operations at Accenture since January 2022 and formerly served as President at Precision Castparts Corporation, a subsidiary of Berkshire Hathaway. Her extensive experience also includes a 20-year tenure at General Electric, where she held various leadership roles, most notably as Vice President and Corporate Officer, handling Supply Chain and Sourcing for Europe. (Althea Javellana, 16/7/2024, Insurance Business UK, 'AIG selects new EVP and chief administrative officer')Generali’s general counsel for its UK branch Matthew Dumbrell has been appointed as Chairperson of the International Underwriting Association’s (IUA) Legal and Regulatory committee and will be working with the IUA’s secretariat to set the group’s future agenda and lead discussions among members. Aside from Dumbrell, Dominic How, the General Counsel at HSB Engineering Insurance, a part of Munich Re, and Faye Ingham the Compliance Officer of reinsurance– UK branch SMF16 at Swiss Re, have also been appointed as Deputy Chairs to the committee. (Noel Sales Barcelona, 15/7/2024, Insurance Business UK, 'International Underwriting Association appoints new leaders for committee')All information provided in this Market Digest has been gathered from Insurance Business UK.

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General Insurance Newsletter Friday 12th July 2024

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

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What does a Labour government mean for M&A activity?

It’s been nineteen years since Labour last won a general election, and with the Conservatives trailing behind in the polls since May, Labour’s resounding win of 411 seats doesn’t come as a huge surprise. The current rate of M&A activity is higher than it was in 2023, with over 400 deals in the UK completed in the first quarter of this year. From an insurance perspective, there were circa 160 broker sales last year with an estimated 164 predicted for 2024, the highest number in the general insurance sector. This has been fuelled by a significant increase in buyers with a number of active American players. When looking at financial services, research shows that around 50% of independent advice firms are considering a sale in the next two years, with succession planning a key feature in annual business plans. With inflation rates having eased, commentators are predicting a potential improved deal environment for the remainder of the year. But, with a new government now in place and uncertainty around funding and tax implications, what does this mean for those in the middle of a sale, or considering one?Tax It is anticipated that Labour’s Chancellor, Rachel Reeves, will deliver her first budget in the second half of September or early October 2024 with the initial changes expected to concentrate on capital taxes (capital gains tax, inheritance tax) and perhaps pensions.Labour’s manifesto was very careful in its wording about not increasing tax rates or introducing a wealth tax, but the silence was deafening regarding tax reliefs. For example, will the Business Asset Disposal Relief of £1m at 10% for qualifying gains be removed? Might the Chancellor seek to reduce or remove inheritance tax (IHT) reliefs such as Business Property Relief or perhaps scrap the tax-free lump sum for pensions?Labour also plans to introduce rules on carried interest paid to private equity managers, ensuring it’s taxed as income rather than taxed as capital at a lower rate, although detail on rate and how it will work is yet to be disclosed. What’s the best course of action?David Morrison, Partner at EQ Accountants shares his key advice below…If you are in the middle of a transaction, completion in early course should ‘bank’ the reliefs currently applying.If you are considering a sale or other succession, the question is whether this can be done quickly? It’s likely that succession could be delivered but a sale process not yet started is unlikely to be completed by mid-September 2024.It’s vital that you speak with your financial adviser to determine the best course of action for your pensions.Future outlookThere are signs for a potential vibrant and steady M&A market, with research anticipating an acceleration of transactions over the next eight to ten weeks, and then perhaps a lull as the Chancellor’s programme becomes clear. Potential higher capital taxes may well derail disposals for a time, as sellers get used to a potential new regime which might affect their view of whether they can afford to sell or not.In addition, Labour’s commitment to clean energy and green spending, with their plan to ‘make Britain a clean energy superpower’, could spark ESG related acquisitions. Resulting in larger corporations acquiring businesses with strong ESG propositions, in order to enhance their own credentials and offerings. With any current or planned deal, we thoroughly recommend businesses seek professional advice as soon as possible to determine whether you can use the rules and reliefs currently applying. Failure to do so could be costly in the long run. If you have questions regarding the M&A market, a current transaction or would just like some free confidential advice don’t hesitate to contact our M&A consultants.

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General Insurance Newsletter Friday 5th July 2024

​Insurance News​AXA has announced its support for the Insurance Development Forum’s (IDF) Infrastructure Resilience Development Blueprint. The initiative seeks to mobilise insurance sector investments to boost vulnerable communities in emerging and developing economies in the fight against climate change and other natural disasters. The IDF Infrastructure Task Force introduced the Blueprint concept earlier this year. The aim was to drive greater mobilisation and investments from the insurance sector into smaller to mid-size commercial infrastructure projects in developing and emerging markets. (Kenneth Araullo, 5/7/2024, Insurance Business UK, 'AXA announces support for IDF's resilience development initiative')HCR Insurance & Risk, a specialist insurance practice within the UK law firm HCR, announced it has trebled in size since its launch in 2022. The practice, led by Partner Jonathan Edwards, has expanded its team to 12 members, including Partner Leanne Conisbee, who joined in 2023. Edwards, formerly of Clyde & Co and BLM, brings extensive insurance sector experience, with guidance from former Zurich UK GI CEO Guy Munnoch. HCR noted that the team has successfully attracted leading insurers, serving over 70 clients in areas such as policy reviews, disputes, claims resolution, inquests, regulatory investigations, prosecutions, crisis management, and risk reviews. It also supports growing companies with M&A due diligence. (Kenneth Araullo, 5/7/2024, Insurance Business UK, 'HCR Insurance & Risk marks major milestone in second year of operation')Global insurance broker Gallagher has formed a strategic partnership with LifeSearch, an independent protection advice specialist, to expand insurance offerings for micro-SME businesses in the UK. Under the new partnership, Gallagher will supply commercial insurance products – from directors’ and officers’ insurance and professional indemnity to cyber insurance and public liability cover – to LifeSearch’s SME clients and business-owning individuals. Conversely, LifeSearch will offer protection insurance advice and products, such as life insurance, critical illness cover, mortgage protection, and income protection, to Gallagher’s micro-SME clients. (Terry Gangcuangco, 3/7/2024, Insurance Business UK, 'Gallagher, LifeSearch team up')WTW has introduced IMI Plus, an enhanced investment management insurance solution. IMI Plus is designed to meet the needs of various asset managers, including wealth managers, hedge funds, private equity firms, and real estate strategies. WTW said that IMI Plus aims to provide comprehensive and unified risk management, reducing the administrative burden of multiple policies and the risk of protection gaps. The global broker said that unlike traditional insurance options that segment coverage into separate policies, IMI Plus combines critical protections under one streamlined policy, including comprehensive cyber coverage and other benefits. (Kenneth Araullo, 3/7/2024, Insurance Business UK, 'WTW announces enhanced investment management insurance solution')​Global broking company Brokerslink has launched a dedicated trade credit insurance (TCI) practice in response to increasing demand from its worldwide network of independent brokers. Brokerslink’s new TCI practice will provide its partners and affiliates access to a collective pool of expertise in the trade credit sector, enabling brokers to enhance their propositions to clients locally and for multinational business. According to Brokerslink, a recent survey revealed that 75% of brokers were interested in expanding their remit to trade credit insurance. Of those, half identified existing accounts in their regions needing international support, which Brokerslink says it is well-placed to provide. (Kenneth Araullo, 2/7/2024, Insurance Business UK, 'Brokerslink establishes dedicated trade credit insurance practice')​Zurich Insurance Group and Aon have introduced a new clean energy insurance facility to provide comprehensive coverage for blue and green hydrogen projects with capital expenditures up to $250 million. As part of this new initiative, Zurich serves as the lead insurer while Aon acts as the exclusive broker. This initiative aims to support the development of clean hydrogen projects and is part of Zurich’s broader commitment to the net-zero transition through customer engagement, new services, and product innovation. Insurance plays a critical role in facilitating the net-zero transition by offering protection and risk expertise. Clean hydrogen, seen as a promising alternative to fossil fuels, is expected to play a key role in the energy transition. (Kenneth Araullo, 1/7/2024, Insurance Business UK, 'Zurich and Aon open new clean hydrogen insurance facility for net-zero transition')Thomas Carroll Group has reported a 2% growth in turnover, as well as pre-tax profits of nearly £1million in its FY 2023 results. 2023 was a landmark year for the Thomas Carroll Group - the independent insurance, risk, wealth management and insurTech company celebrated its 50th year in business and also transitioned into employee ownership, via an employee ownership trust (EOT). (Thomas Carroll Group, 1/7/2024, youTalk Insurance, 'Thomas Carroll Group reports pre-tax profits of nearly £1million FY 2023')Mergers & AcquisitionsHowden has announced it has reached an agreement to acquire the AGEO brokerage group, an independent Employee Benefits (“EB”) insurance broker headquartered in Paris. This acquisition positions Howden France as a leading Employee Benefits broker in the French insurance market. Founded in 1984 by Eric and Maryse Oziebala, AGEO is a major Employee Benefits broker, providing a wide range of solutions to around 12,000 corporate and SME clients, with 300 employees working across 32 offices in France. AGEO specialises in Employee Benefits, health insurance, policy administration and claims management platform, Retirement & Pensions services and boutique P&C capabilities. (Howden, 4/7/2024, youTalk Insurance, 'Howden strengthens position in French market with broker acquisition')Specialist Risk Group has announced the acquisition of Tristar Special Risks. Tristar Special Risks has deep expertise in terrorism insurance and supports broker partners across the UK through its comprehensive coverage for all types of commercial and residential risks including political and religious properties. The acquisition of Tristar Special Risks continues SRG’s build out of their Managing General Agent, MX, which was launched in December 2021. The acquisition of Tristar Special Risks is a further demonstration of SRG’s strategy to develop deep expertise across specialist areas. With its proven track record for attracting businesses operating in niche industries, SRG continues to pursue this strategy through the next chapter of its growth. (Specialist Risk Group, 4/7/2024, youTalk Insurance, 'Specialist Risk Group buys MGA')​Monument Re Limited announced that its Belgian subsidiary, Monument Assurance Belgium NV, has completed the acquisition of a branch 21 closed book classical group life insurance portfolio from Contassur – Contibel Assurances Vie – Contibel Levensverzekeringen SA/NV, following regulatory approval from the National Bank of Belgium. Koen Depaemelaere, CEO of Monument Assurance Belgium, and Carlo Elsinghorst, Group CEO of Monument Re Limited, stated that the acquisition marks another step in Monument's consolidation strategy for Belgium. (Kenneth Araullo, 3/7/2024, Insurance Business UK, 'Monument Re further expands with latest acquisition')Gard P&I (Bermuda) Ltd is set to acquire Danish insurer Codan’s global marine and energy portfolio for approximately $163 million. The acquisition price represents about 11% of Gard’s total equity, the marine P&I mutual specialist stated. As per AM Best, the acquisition aims to diversify Gard’s portfolio and strengthen its position in the renewable energy sector. With the deal, Gard will establish a new office in Denmark and gain around 50 insurance specialists. The transaction, subject to agreed conditions and regulatory approvals, is expected to be completed at the beginning of 2025. (Kenneth Araullo, 3/7/2024, Insurance Business UK, 'Gard P&I to acquire Danish insurer’s marine and energy portfolio')​Premier Choice Group (PCG), a PMI and employee benefits business under Brown & Brown (Europe) Ltd, has acquired the employee benefits intermediary Advo Group Limited, with the acquisition following six others completed by PCG in the first half of 2024. PCG operates out of London, Towcester, Bournemouth, Darwen, and now, with the inclusion of Advo, Maidstone. The company collaborates with UK insurance providers for health, risk, and protection products. Advo, based in Maidstone, Kent, specialises in employee benefits for both domestic and international clients. Recently, Advo restructured, creating the HR and Payroll division, Advo One, which remains within Advo Holdings Limited. Lucy Pearce, Advo Group’s Commercial Director, will join the PCG management team, taking on the role of Commercial Director for PCG. She will work alongside Darren Perkins, the newly appointed Managing Director. (Kenneth Araullo, 3/7/2024, Insurance Business UK, 'PCG expands employee benefits footprint with latest acquisition')​Global insurance group Howden has announced its entry into the Japanese market with the launch of Howden Re Japan Ltd and a partnership with Keystone ILS Capital. The new entity will provide reinsurance brokerage services and strategic advice utilizing data, analytics, and capital markets expertise for the Japanese market. As part of the launch, Howden has appointed Kentaro Tada as CEO of Howden Japan, Tada, who will oversee the strategic growth of Howden's operations in Japan, has previously held senior roles including President and CEO of Rakuten General Insurance Company, President of Guy Carpenter Japan, and President and CEO of SBI SSI Holdings. In an effort to enhance its reinsurance services in Japan, Howden has also invested in Keystone, a Japanese insurance-linked securities (ILS) structuring and capital markets advisory firm. (Kenneth Araullo, 3/7/2024, Insurance Business UK, 'Howden enters Japanese market with Howden Re launch')​International adjusting services and insurance technology solutions provider Charles Taylor has acquired M3 Aviation Services for an undisclosed sum. Following the acquisition, Regional Director John Leonard will continue to lead Charles Taylor’s aviation adjusting operations in Mexico, Chile, and Brazil. Pedro Mesa, Managing Director at M3 Aviation Services, will take on the role of Regional Director for Charles Taylor’s North American aviation adjusting team. He brings around four decades of experience to the wider group. Rudy Viamonte, a Partner at M3 Aviation Services, will serve as Principal Surveyor and Director. Together, Mesa and Viamonte will collaborate closely with Leonard and his team to support their existing clientele across the Americas. (Terry Gangcuangco, 2/7/2024, Insurance Business UK, 'Charles Taylor buys M3 Aviation Services')MoversHowden Re has announced the appointment of Shireen Gammoh as Managing Director within the legacy and structured reinsurance team. Gammoh's career includes roles such as Global Head of Capital Advisory & Modeling at Gallagher Re and Head of Strategic & Financial Advisory at the same firm. Prior to that, she was Group Head of Capital Management and Modeling at Enstar Group, Head of Capital and Reinsurance Analytics at Flood Re, and Head of Reinsurance Analytics and Reinsurance & Capital Actuary at Canopius Group. She has also worked as an Actuarial Analyst at International General Insurance and completed a reinsurance internship at Zaris Insurance Consultants Ltd. (Kenneth Araullo, 4/7/2024, Insurance Business UK, 'Howden Re welcomes new MD')There is a new face at the top of the UK & Ireland arm of international specialty insurance firm Beazley. The company has named Sam Franks as its Country Manager for the region, with the move taking effect immediately. Franks, who will be situated in Birmingham, is set to develop the regional business outside its Lloyd’s operations. He is currently the Head of Partner Engagement for the region within the distribution team – a role he is set to retain. (Paul Lucas, 3/7/2024, Insurance Business UK, 'Beazley names new UK & Ireland country manager')​CNA Hardy has named Clive Magnus as its new Active Underwriter for Lloyd’s Syndicate 382. Meanwhile, Carl Day, who has served CNA Hardy for nine years, has resigned from his role as Active Underwriter of Syndicate 382 and will be departing the company. Magnus has been with CNA Hardy since October 2015, initially serving as Class Manager - Upstream Energy. His career, which spans over 40 years, includes various specialist underwriting and operations roles. Magnus has also held positions such as Deputy Active Underwriter and Active Underwriter, showcasing his extensive industry experience. (Kenneth Araullo, 3/7/2024, Insurance Business UK, 'CNA Hardy names new active underwriter as big name departs')Managing general agent Specialty MGA UK has bolstered its international property, financial lines, and cyber units by adding Luke Bristow, Tony Loizides, and Lisa Rowe as Senior Underwriters. Having worked with both large multinationals and small businesses, Bristow offers over a decade of experience in international and US property risk within the London Market where he has fostered robust relationships with brokers placing direct and facultative insurance. Loizides, with more than three decades in specialty lines, has focussed significantly on cyber for over 25 years. His global market engagement, particularly in the US, complements his background in directors’ and officers’ (D&O), errors and omissions (E&O), financial institutions, and healthcare. Previously, Loizides served as Head of Broking at a cyber-dedicated London broker, bringing valuable market and management insights to Specialty MGA UK. Rowe, meanwhile, has spent over a decade in the insurance sector as both a Broker and Underwriter, with her expertise spanning investment managers, banks, aircraft leasing, and fintechs. At Specialty MGA UK, she will serve as Senior Underwriter for financial lines. (Terry Gangcuangco, 3/7/2024, Insurance Business UK, 'Specialty MGA UK strengthens teams')​Commercial and consumer property and casualty (P&C) re/insurance provider Sompo has announced the appointment of Christoph Müller as Country Manager, Insurance for Switzerland. Müller, with more than 20 years of insurance industry experience, joins Sompo from Allianz Risk Transfer, where he was CEO and Head of Distribution for Allianz Commercial Switzerland. In another recent development, Sompo appointed Allan Murley as its new UK Distribution Head, effective from the last quarter of the year. The global firm has also announced the appointment of Thomas Leone as its new Chief Investment Officer, taking over the role vacated by Mark Silverstein, who has retired after more than 18 years with the firm. (Kenneth Araullo, 3/7/2024, Insurance Business UK, 'Sompo names new country manager for Switzerland')Independent specialist insurance and reinsurance broker BMS Group has appointed Ryo Iizuka as Director of Private Equity, Mergers & Acquisitions, and Tax (PEMAT) in Japan, effective immediately. Iizuka brings extensive experience from large global investment banking and M&A consulting firms, having held senior positions at Deloitte, Accenture, and HSBC. He will work with Hewitt and associate Kaori Iwai to meet the growing demand in Japan for independent, specialist advice and tailored insurance solutions to mitigate complex risks in various transactions. (Kenneth Araullo, 2/7/2024, Insurance Business UK, 'BMS bolsters Japan presence with new director')The claims management giant Crawford & Company has confirmed that Lisa Bartlett is resigning from her position as COO of International Operations and president of UK & Ireland operations, effective July 31, 2024. Effective immediately, Andrew Bart, CEO of International Operations, will take on the interim role of leading Crawford & Company’s UK business, with the assistance of the UK executive leadership team. Bartlett first took up her role as President in October 2019, taking on additional responsibilities as COO of the Atlanta-based firm’s international operations in October 2023. Her tenure at Crawford saw her lead a people-first strategic agenda looking to reinvent the way the market grapples with existential threats and opportunities. (Mia Wallace, 2/7/2024, Insurance Business UK, 'Lisa Bartlett to depart Crawford & Company')Coverys Limited, a UK entity within the Coverys Group of Companies, has received approval from the Prudential Regulatory Authority (PRA) and the Financial Conduct Authority (FCA), effective from June 26th. This new entity is part of Coverys' London platforms, which include both insurance company and MGA operations (collectively “Coverys London”). To lead the newly expanded London operation, Coverys has appointed Stef Raftopoulos as CEO of Coverys London. Additionally, Mike Sibthorpe is also stepping down as CEO of Coverys London after completing the goals set for his tenure. Sibthorpe joined Coverys to lead the reorganisation of the London office and develop an alternative platform to replace Coverys Syndicate 1975. (Kenneth Araullo, 2/7/2024, Insurance Business UK, 'Coverys receives PRA, FCA approval for new London insurance entity')DWF has appointed Steve Varley as Independent Non-Executive Chair. In his new role at DWF, Varley will chair the firm's group board, providing non-executive oversight of the group's strategy. Varley previously served as Chair and Managing Partner of EY in the UK & Ireland from 2011 to 2020, and as Global Vice-Chair, Sustainability at EY Global from 2020 to 2023. Varley brings over 30 years of experience in the professional services industry, including 14 years at Accenture (formerly Andersen Consulting) and 18 years at EY. He joined EY in 2005 to build its consulting practice in Northern Europe, the Middle East, India, and Africa. Following this, Varley was elected as UK & Ireland Chair and Managing Partner in 2011. Varley has also served as a member of the Business Advisory Group to two Prime Ministers and has advised on visits to China, Malaysia, Brazil, Indonesia, and Japan. (Kenneth Araullo, 3/7/2024, Insurance Business UK, 'DWF appoints independent non-executive chair')Aon has announced the retirement of Paul Davies from his role as Vice Chair after a 36-year tenure with the company and 63 years in the industry. Davies assumed the position of Vice Chair in 2023, reporting to Aon Chief Executive Greg Case. In this capacity, he provided strategic advice on the shifting risk management landscape and contributed to the enhancement of Aon’s risk capital capability. The industry veteran began his career as a Reinsurance Broker in 1961 and later became President and Owner of Reinsurance Agency, which merged with Aon in 1988. Following this, Davies founded and served as CEO of Aon Reinsurance, eventually becoming Chairman of Aon Re Worldwide. (Terry Gangcuangco, 3/7/2024, Insurance Business UK, 'Aon stalwart retiring after 63 years in the industry')​Superscript has announced (2 July 2024) the appointment of Stephen Taylor as Head of SME Distribution. Taylor joins from Allianz, where he has been for 13 years, the last five of which he was Head of Distribution, Digital Trading. Having overseen SME Distribution for one of the leading insurers in the market, Taylor brings a wealth of expertise across underwriting, distribution, partnerships and trading to his new role at Superscript. Superscript’s mission is to become a world-leading SME insurance provider. (Superscript, 2/7/2024, youTalk Insurance, 'Superscript adds Stephen Taylor from Allianz to head up SME distribution')Independent specialist re/insurance broker Miller has appointed Kazuhiko Shinkai as Head of Miller Non-Marine Japan Strategy, continuing its expansion in the Japanese market through Lead Insurance Services Limited. Shinkai has over 35 years of experience, most recently at Itochu Corporation, where he held various management roles. He is a graduate of the Insead International Executive Program and has previously worked at PWC and Liberty Mutual. (Kenneth Araullo, 1/7/2024, Insurance Business UK, 'Miller further expands in Japan with non-marine hire')​The Bspoke Group has appointed Adrian Ewington as Managing Director of Bspoke Private Clients, a specialist MGA focused on mid and high net worth clients. Ewington brings over 30 years of experience in the UK personal lines market, with a focus on the mid and high net worth sectors for the past 15 years. He specialises in business strategy, performance delivery growth, and customer service. Ewington began his career with General Accident (now Aviva) in 1992, followed by two years at Willis Corroon (now WTW) and over 20 years at Allianz UK in various leadership roles. He spent 13 years at Home & Legacy Insurance Services, most recently as Underwriting & Market Director. (Kenneth Araullo, 1/7/2024, Insurance Business UK, 'Bspoke Group expands private clients team with managing director')Liberty Specialty Markets (LSM), a division of the Liberty Mutual group, announces the hire of Karine Paul as Head of Client & Broker Distribution, Continental Europe. Paul’s most recent role was Director of Commercial and International Strategy at French loss adjustment firm Alkera. Prior to this, she was at Chubb for almost 11 years, her last role being Vice President, Global Client Executive, Continental Europe. (Liberty Specialty Markets, 1/7/2024, youTalk Insurance, 'Liberty Specialty Markets appoints Karine Paul as Head of Client and Broker Distribution, Europe')All information provided in this Market Digest has been gathered from Insurance Business UK.

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General Insurance Newsletter Friday 28th June 2024

​Insurance News​Aviva has seen a significant uptick in fraudulent claims for 2023, the insurer said in a recent news release. Aviva revealed a 39% increase in fraudulent claims, with more than 11,000 suspect claims valued at £116 million – averaging 30 bogus claims daily worth £318,000. Additionally, the insurer is investigating 13,100 more claims for potential fraud. The majority of fraudulent claims, accounting for 66%, were related to motor insurance, particularly for injuries and vehicle damage. Motor injury fraud alone made up 35% of all fraudulent claims detected by Aviva, with a notable 19% increase in declined injury claims, totalling over £23 million. Of this, £6 million stemmed from crash-for-cash schemes. (Steven Byerley, 27/6/2024, Insurance Business UK, 'Aviva sees spike in fraudulent claims')​Bloomberg Intelligence (BI) has sounded the alarm over the spiking rates of personal lines in the UK and Ireland – exceeding other countries in Europe – which, according to experts, spell ‘disaster’ in the local insurance markets. This statement was made after two insurance giants, Allianz and AXA, increased their personal lines pricing in Ireland and the UK by 51.7% and 35.3% respectively, in the first quarter of the year. Allianz has decided to increase its rates in an attempt to improve the performance of its motor insurance book, says BI. (Noel Sales Barcelona, 26/6/2024, Insurance Business UK, 'Allianz, AXA rate hikes may put UK insurance market in peril')Lockton, the biggest privately held insurance brokerage in the world, has published its financial results for the fiscal year ended April 30, 2024. According to Lockton, its annual global revenue grew by 15% to $3.55 billion. The result was attributed to Lockton’s 14% organic revenue growth in the period, which made fiscal 2024 the fourth consecutive year of double-digit organic global revenue growth for the company. Of the global revenue, US$2.43 billion came from Lockton’s US operations, while the international operations contributed US$926 million. The positive change from the previous fiscal year stood at 11% and 24%, respectively. (Terry Gangcuangco, 26/6/2024, Insurance Business UK, 'Lockton publishes higher global revenue')The year 2023, indeed, was a landmark year for independent insurance, risk, wealth management, and insurtech company Thomas Caroll Group – which also celebrated its 50th anniversary –  as it registered a gross profit (pre-tax) of £1m based on FY2023 results. It also saw a 2% growth in turnover, as it transitioned into employee ownership, via an employee ownership trust (EOT). The Thomas Caroll Group stated that while they have incurred several one-off additional expenses, which are reflected in its financial performance, it still reported a 2% growth in turnover in 2022, achieving a pre-tax profit of £935,862. (Noel Sales Barcelona, 26/6/2024, Insurance Business UK, 'Thomas Caroll Group registers £1m in pre-tax profits in FY2023')Mergers & Acquisitions​Originally announced in September last year, the mega merger between Markerstudy and Atlanta Group has now finally been completed. Ardonagh Group made the announcement, with a party related to the broking giant to retain a substantial minority equity stake within the combined business. “I am hugely energised to start our journey to create a major new player in the UK insurance landscape,” said Atlanta Group Founder and CEO of Markerstudy Distribution Ian Donaldson. “With the formidable talent and expertise of our colleagues focused toward this new chapter, we look forward to delivering innovative solutions and service for the eight million+ customers now shared across our leading and specialist brands." (Paul Lucas, 27/6/2024, Insurance Business UK, 'Markerstudy-Atlanta merger crosses the finish line')​Phoenix Group Holdings plc (Phoenix Group) has announced it is considering selling its SunLife Limited (SunLife) business. This decision follows a strategic review. SunLife, which offers financial protection products to the over-50s market in the UK, reported a post-tax profit of £16 million in 2023. After the review, the Phoenix Group board concluded that SunLife is no longer core to the group’s strategic focus on becoming the UK’s leading retirement savings and income business. Consequently, the board has decided to explore a sale, having received several initial expressions of interest from third parties. However, there is no guarantee that a sale will proceed. (Roxanne Libatique, 26/6/2024, Insurance Business UK, 'Phoenix Group explores potential sale of SunLife business')American International Group (AIG) is selling its global personal travel insurance business to Zurich Insurance Group for US$600 million in cash plus additional earn-out consideration. On what’s included in the sale, AIG noted: “The agreement includes the Travel Guard business and its servicing capabilities, excluding Japan and our AIG joint venture arrangement in India. Travel coverages offered through AIG’s accident & health business are also excluded from this agreement.” Expected to close by the end of 2024, the deal will see Zurich combine the acquired operations with its travel insurance provider Cover-More Group. (Terry Gangcuangco, 26/6/2024, Insurance Business UK, 'AIG offloads global personal travel insurance business to Zurich')​Specialist Risk Group (SRG), an insurance intermediary, has agreed to acquire Strategic Insurance Services Limited (SISL), pending regulatory approval. Founded in 1997 and headquartered in West Sussex, SISL specialises in niche insurance schemes, with established relationships with insurers, brokers, and financial services clients across Europe. The acquisition aligns with SRG’s strategy to expand its range of specialisms. (Roxanne Libatique, 25/6/2024, Insurance Business UK, 'Specialist Risk Group expands with SISL acquisition')​Private equity investor Perwyn has announced its acquisition of insurance distribution and growth platform Atec. The acquisition was made through an off-market transaction from Kester Capital. With the acquisition, former BGL CEO and Founder of Compare the Market Matthew Donaldson will be joining Atec as Chairman. Perwyn will also be partnering with Atec CEO Brendan Devine as well as his management team in strengthening Atec’s position in the market. (Abigail Adriatico, 24/6/2024, Insurance Business UK, 'Perwyn announces acquisition of Atec Group')MoversHowden Capital Markets & Advisory (HCMA), the risk, capital, and strategic advisor arm of the global brokerage giant, has announced the appointment of Sébastien Bamsey, formerly with JP Morgan, as its new Managing Director. He will be based in HCMA’s London office, effective July 15. Bamsey will bring more than 18 years of re/insurance-focused corporate finance and global capital markets expertise and experience, largely from managing international teams at JP Morgan. Before joining HCMA, Bamsey served as JP Morgan’s Head of European Insurance Debt Capital Markets, leading the financing dialogue with the bank’s national and global re/insurance clients headquartered in Europe, targeting both public and private markets. (Noel Sales Barcelona, 28/6/2024, Insurance Business UK, 'Howden arm appoints new managing director')​Accenture has named Carmina Lees as the head of its insurance practice for the UK and Ireland. Lees, who has been with Accenture’s financial services industry group since 2017, previously led projects for major banking clients. Lees brings over 25 years of experience across various industries, focusing on technology and digital transformation. Lees’ background in the banking sector includes acting as a Strategic Advisor to senior executives, directing digitisation projects that improved customer experiences, agility, and performance. She has been involved in innovative programs using digital, data, and AI technologies alongside key partners. (Roxanne Libatique, 27/6/2024, Insurance Business UK, 'Accenture taps new leader for UK and Ireland insurance sector')Optio Group has appointed Deepak Soni as its new group CEO, while Cigna Healthcare has named Neil Kirby as CEO of global individual health. Soni makes the switch to Optio Group via AXA, where he served in the role of Commercial Director for nine years. During his tenure with the firm, he held a host of senior positions – including heading up the specialty lines business, delegated authority and direct-to-consumer. Before joining AXA, Soni was with Hiscox, also in variety of roles, and prior to that, began his early career as a Broker with Aon. Kirby joins Cigna Healthcare having built up extensive experience across global health insurance. His previous roles include Global Marketing and Sales Director at Bupa Global. (Paul Lucas, 27/6/2024, Insurance Business UK, 'Two insurance firms announce new CEOs')​On the heels of its recent acquisition by BlackFin Capital Partners, affinity insurance company SPB Group has announced the appointment of Mathieu Sebastien as CEO. Sebastien became CEO effective June 24. He has more than 20 years of experience in strategy and consulting, with a primary focus on insurance sector clients. Previously holding positions at Roland Berger and Oliver Wyman, Sebastien has assisted several insurers, brokers and service providers in revitalising growth, making acquisitions and executing transformation projects. (Ryan Smith, 27/6/2024, Insurance Business UK, 'SPB Group taps new CEO')RSA Insurance has announced the appointment of Caroline D’Urso as Senior Underwriter for its Risk Managed Property team, effective Aug. 27. The team is part of RSA’s UK specialty lines business. D’Urso has more than a decade of industry experience. She joins RSA from Zurich, where she works in the global corporate team. D’Urso joined Zurich in 2011 as a Catastrophe and Accumulations Technician before becoming an Assistant Underwriter. She advanced to her current role of Property Underwriter in 2017. (Ryan Smith, 27/6/2024, Insurance Business UK, 'RSA snags new senior underwriter')Hamilton Global Specialty has announced the appointment of Niamh O’Brien as its new Chief Actuary. O’Brien first joined Hamilton in 2021 and had led its key actuarial reserving activity as well as providing advisory support as one of its actuarial consultants. She also held senior actuarial roles over the past 20 years in firms such as Caitlin, Hiscox, W.R. Berkley, and Tokio Marine Kiln. (Abigail Adriatico, 26/6/2024, Insurance Business UK, 'Hamilton Global Specialty welcomes new chief actuary')Zurich North America has appointed former Fortitude Re CEO James Bracken as its new Chief Finance Officer (CFO), replacing Peter Hirs, who will return to Zurich Insurance Group in Switzerland as Head of Mergers & Acquisitions. Both start their roles on July 1. Bracken, a UK Chartered Accountant with over 25 years of financial services experience, was previously CFO at AIG General Insurance and worked at GE Insurance, GE Capital, and Arthur Andersen & Co. As Fortitude Re’s CEO, he built a $75 billion runoff reinsurance company and led its sale to an investor consortium. Hirs, succeeding Dalynn Hoch, previously held CFO roles at Zurich Asia Pacific, Zurich Global Corporate North America, and Zurich Switzerland, and joined Zurich Group M&A in 2005 after working at Morgan Stanley and Credit Suisse. He will report to group CFO Claudia Cordioli. (Noel Sales Barcelona, 26/6/2024, Insurance Business UK, 'Former reinsurance chief switches to insurer')​Sompo has announced the appointment of Allan Murley as its new UK Distribution, Insurance Head effective from the last quarter of the year. Murley joined Sompo in 2019 after his stint at AXA XL as Head of UK Broker Management. He has more than 30 years of experience in the insurance industry, including 14 years at Zurich, before joining XL in 2014 as a Client and Distribution Leader. (Noel Sales Barcelona, 26/6/2024, Insurance Business UK, 'Sompo names new head of UK distribution, insurance')QBE Insurance Group has appointed Simon Højmark as Product Manager for Cyber and Dr. Patrick Seul as Product Manager for Management Liability and Financial Institutions in its European operations. Højmark, based in Copenhagen, has been with QBE for 13 years, starting as Finance Controller and progressing to roles in underwriting and cyber insurance. Seul, based in Germany, has 14 years of insurance experience, having previously managed portfolios for QBE, Allianz, Aon, and AIG. (Terry Gangcuangco, 26/6/2024, Insurance Business UK, 'QBE promotes duo to product managers for Europe')DUAL Europe announced the appointment of Aram Stoop as DUAL Benelux’s new Managing Director as its Founder Peter Kegel leaves the company. Stoop joined DUAL Europe in 2023, assuming the role of Head of Marine, which is headquartered in Benelux. DUAL Europe in a statement said that Stoop brought with him more than 20 years of solid experience in leadership roles in the insurance industry, including as an internationally recognized market-leading Underwriter in Marine Builders Risks. (Noel Sales Barcelona, 25/6/2024, Insurance Business UK, 'DUAL Benelux appoints Aram Stoop as new managing director')Chaucer has made a strategic leadership change by appointing Hayley Spink as its new Group Chief Operating Officer – she will take the role in the fourth quarter. The move is significant as it aligns with Chaucer’s aim to enhance its operational efficiency and service strategy amid a competitive insurance market. She joins Chaucer with over 20 years of experience in the London Market, having held senior roles at Lloyd’s. She is currently the Chief Operating Officer at Apollo Syndicate 1969. (Mav Rodriguez, 24/6/2024, Insurance Business UK, 'Chaucer confirms new COO')​In a move to boost its global expansion, BMS Group has appointed Ali Trauttmansdorff as its new Group Chief People Officer, effective immediately. Trauttmansdorff brings extensive global experience, having held senior HR roles at Goldman Sachs and Rothschild & Co. She was most recently the Chief Human Resources Officer for a US publicly listed global wealth and alternatives manager. (Mav Rodriguez, 24/6/2024, Insurance Business UK, 'BMS Group enhances global leadership with new chief people officer')Palomar Holdings, Inc., a specialty insurance provider, has announced the appointments of Tim Carter as Chief People Officer, effective June 24, and Rodolphe “Rudy” Herve as Chief Operating Officer, effective July 1. Carter joins Palomar from LPL Financial Inc., where he was Senior Vice President of human resources. His extensive experience includes key roles at G4S Integrated Services, Parexel, Home Depot, and as a captain in the United States Marine Corps. Carter’s expertise in human capital, talent management, and corporate real estate is expected to support Palomar’s growth strategies. (Jonalyn Cueto, 24/6/2024, Insurance Business UK, 'Palomar Holdings appoints new chief people officer and COO')UK-headquartered Aviva Plc has appointed Canadian national Thomas Neil Morrison to its board as a Non-Executive Director. The former Platform Insurance Management Chair and Managing Partner brings more than 38 years of Canadian insurance industry experience to the Aviva board. Morrison presently chairs Canada-based cybersecurity, prevention, and insurance provider BOXX Insurance. Appointed by Aviva on June 17, Morrison is a past Chair of the Insurance Institute of Canada and a past Chair of Worldwide Broker Network. His credentials also include time spent at Hub International. The new Non-Executive Director, who is also currently a board observer of InsurePay Inc., will become a member of Aviva’s nomination & governance and risk committees. (Terry Gangcuangco, 24/6/2024, Insurance Business UK, 'Aviva adds overseas market expert to board')All information provided in this Market Digest has been gathered from Insurance Business UK.

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General Insurance Newsletter Friday 21st June 2024

​Insurance NewsK2 International, the London-based specialty insurance and reinsurance underwriting platform owned by K2 Insurance Services, has unveiled K2 Rubicon Specialty. Established by industry veterans Gavin Wall, Parth Patel, Chris McGill, and Matt Eve, K2 Rubicon Specialty is a new division that will write across multiple lines such as marine and US property within the London Market. (Terry Gangcuangco, 21/6/2024, Insurance Business UK, 'K2 Rubicon Specialty marks London Market debut')​Artex Capital Solutions reports that global reinsurers experienced a notable improvement in underwriting profitability and return on equity (ROE) in 2023, contributing to an increase in their capital base. Many companies reported some of the best reinsurance underwriting conditions in over two decades. The redistribution of risk between primary and secondary markets in property catastrophe and specialty segments has driven a substantial improvement in ROEs for reinsurers. Underlying ROEs rose significantly, ranging from 12% to 14.3% for the year. This increase was due to a reduction in the underlying combined ratios and higher recurring investment income. The underlying combined ratio continued its downward trend, decreasing from 98.5% to 96%, driven by a lower attritional loss ratio and a normalized natural catastrophe load. (Kenneth Araullo, 20/6/2024, Insurance Business UK, 'Artex on the state of the global reinsurance market')​Appian and PwC UK have announced a new alliance aimed at improving processes within the insurance industry. This partnership will enable PwC to offer services that streamline operations, enhance customer experiences, and boost efficiency for insurance companies using the Appian Platform. PwC supports over 4,000 insurance clients globally and understands the challenges posed by multiple, disparate systems, particularly legacy platforms, and complex regulatory processes. PwC says that it brings expertise in Appian implementation and first-hand experience of operational benefits using Appian. The alliance enhances PwC’s role as a key partner to Appian. PwC uses the Appian Platform and the Appian Connected Claims solution to manage its claims services. (Kenneth Araullo, 20/6/2024, Insurance Business UK, 'Appian, PwC UK announce partnership for revamped insurance services')Insurtech Pikl has announced a significant new partnership with Prestige Underwriting that has the backing of Aviva. The collaboration will transition Pikl’s current UK managing general agent capacity for its specialised vacation rentals / short-term rental insurance to the wider facility. Designed for both individual homeowners and property managers, Pikl’s products address risks associated with vacation rentals and short-term lets, including property damage and liability. They complement standard home insurance policies by covering usual exclusions like guest-caused damage. (Terry Gangcuangco, 20/6/2024, Insurance Business UK, 'Aviva, Prestige Underwriting in new partnership with Pikl')The challenges of 2023 eroded the buffers that many insurers had previously enjoyed, bringing an increased focus on capital management and a variety of capital sources, according to Aon’s capital poll. With robust pricing levels in many primary insurance markets and significant unmet need, the outlook for the insurance sector appears more positive. However, insurers still face challenges. Aon’s Capital Poll highlighted that reinsurance was the most common source of capital used by respondents (60%), followed by equity (41%). Given the higher retentions experienced on the primary side throughout 2023, Aon noted that it is not surprising that insurers seek to cover those gaps when possible. (Kenneth Araullo, 19/6/2024, Insurance Business UK, 'Reinsurance still the top source of capital for insurers – Aon')​Constantine “Dinos” Iordanou, former Chairman and Chief Executive officer of Arch Capital Group, has died at age 74. “The entire Arch family is saddened by the passing of former chair and CEO Dinos Iordanou,” Arch said. “In his nearly 15-year tenure as CEO, Dinos played an integral role in developing Arch into a market-leading company with a worldwide presence in insurance, reinsurance and mortgage insurance. He was full of life, incredibly generous and a role model for anyone seeking to make a lasting impact.” Marc Grandisson, CEO of Arch Capital Group Ltd, also praised Iordanou, noting that “so much of Arch’s success over the past 20-plus years can be directly attributed to Dinos and his leadership.” (Kenneth Araullo, 18/6/2024, Insurance Business UK, 'Constantine Iordanou, Ex-CEO of Arch Capital, dies at 74')​Global brokerage Aon has introduced Fleet Risk Intelligence, a platform designed to assist motor fleet operators in identifying and managing risk within their fleets. The Fleet Risk Intelligence’s overall goal is to reduce accidents, enhance operations, and cut costs. This new solution delivers actionable insights to fleet operators and drivers through advanced analysis of comprehensive datasets. It uses vehicle telematics, such as GPS and acceleration/speed data, alongside real-time weather and road conditions, to develop proprietary models with artificial intelligence and machine learning. (Kenneth Araullo, 18/6/2024, Insurance Business UK, 'Aon launches Fleet Risk Intelligence to support motor fleet operators')Allianz Trade and specialist credit and political risk insurance broker BPL have launched a collaboration to enhance the efficiency of how underwriters and brokers share enquiry data. This initiative uses application programming interface (API) integration via the digital trading platform Whitespace, a Verisk business. Allianz Trade’s new collaboration aims to address the inefficiencies faced by underwriters in the bank non-payment insurance sector. Currently, the market sees over 10,000 enquiries annually, with underwriters manually entering data from unstructured and varied formats. This process, Allianz Trade highlighted, is time-consuming, prone to human error, and limits market growth. (Kenneth Araullo, 18/6/2024, Insurance Business UK, 'Allianz Trade, BPL partner for AI-powered enquiry system')​Higher interest rates are encouraging life insurance companies to acquire assets, marking a shift from years of low rates that pushed listed insurers to divest assets, often to private equity investors, according to new insights from Swiss Re. The current environment supports strong, profitable balance sheet growth, it was suggested, with Swiss Re forecasting a 40% increase in industry investment income in key markets by 2027. Competition remains intense, with asset management capabilities developed during the low yield years serving as a key differentiator and fostering product innovation beyond traditional life offerings. (Kenneth Araullo, 17/6/2024, Insurance Business UK, 'Swiss Re reveals what's impacting the life insurance market')​Managing general agent (MGA) Prestige Underwriting has announced the expansion of its non-standard product offerings and its enhanced presence on the Applied Systems platform with the launch of its new non-standard motor insurance product. With this enhancement, brokers using Applied software now have streamlined access to Prestige Underwriting’s non-standard motor and home insurance products. The MGA explained that these enhanced products are tailored to address niche and growing risks in the UK market. (Kenneth Araullo, 17/6/2024, Insurance Business UK, 'Prestige Underwriting revamps non-standard product portfolio on Applied Systems')KPMG is letting people go in the UK after recently announcing the British unit’s merger with KPMG Switzerland. On May 24, KPMG UK and KPMG Switzerland confirmed their planned combination, noting that the resulting entity will be the second biggest KPMG operations within the group’s global network. At the time, the Big Four enterprise highlighted: “Both firms enter the merger from positions of strength as growing, profitable businesses in their respective home markets and have a long and strong history of working together for multinational clients.” (Terry Gangcuangco, 21/6/2024, Insurance Business UK, 'KPMG UK to slash jobs after announcing merger')Mergers & Acquisitions​Seventeen Group has acquired East Pennine Insurance Consultants (EPIC) which trades as Fletcher Smith in Sheffield and North East Insurance Brokers in the north-east. The business was originally formed in 1985 and controls £6.1M GWP. There are 9 staff in total, including Directors Steve Brooke and Simon Walton. EPIC has a strong presence in the motor trade sector and so will become a ‘centre of excellence’ within the Group for this class of business as well as developing wider opportunities for James Hallam and Seventeen Group in the North. (Seventeen Group, 21/6/2024, youTalk Insurance, 'Seventeen Group buys broker')Movers​SCOR has announced the appointment of Olga Chestiperova as Senior Underwriter in the Alternative Solutions Reinsurance team, with her role effective June 5. Chestiperova joins SCOR with a background in structured solutions consulting at Marsh France, where she worked from June 2020 to June 2024. Prior to this, she was a Treaty Property Underwriter for the French Market at Swiss Re from September 2008 to June 2020. (Kenneth Araullo, 20/6/2024, Insurance Business UK, 'SCOR taps new senior underwriter for alternative solutions reinsurance unit')Brace Underwriting Limited has brought in Michael Davis as Senior Underwriter. Davis joins Brace with over 13 years of industry experience. He previously served as a Property Underwriter at Tokio Marine Kiln where he began his career as a graduate trainee in 2010. He was promoted to Property Claim Adjuster in 2012 before transitioning to underwriting in 2015. (Terry Gangcuangco, 20/6/2024, Insurance Business UK, 'UK hire to help expand underwriter's book of business')​Global broker Aon has announced the appointment of Tracy-Lee Kus as Head of its London-based Global Broking Centre (GBC), effective September 1, 2024. She succeeds Mark Parker, who will be retiring shortly. After Parker's interim leadership of the GBC in recent months, Kus will focus on enhancing client relationships and leveraging Aon’s Risk Capital capabilities. Kus brings over 30 years of experience in the insurance industry, having worked in South Africa, Singapore, and the United Kingdom. She rejoined Aon in 2011 and has held several senior roles, most recently as Head of Commercial Risk for Aon in the Asia Pacific region. (Kenneth Araullo, 20/6/2024, Insurance Business UK, 'Aon names new head of Global Broking Centre')Arch Insurance has announced the appointment of Roberto Tous as Director of Strategy & Distribution for Europe, effective immediately. Tous brings over 16 years of experience in the european insurance market to the position. He joins from Zurich Insurance, where he held several leadership roles, including Head of General Liability, Financial Lines and Cyber Risk in Benelux, and Financial Lines EMEA Business Development Manager. Prior to this, Tous was a Financial Lines Underwriter at Chubb Insurance Europe. (Kenneth Araullo, 20/6/2024, Insurance Business UK, 'Arch Insurance appoints European director of strategy and distribution')Tokio Marine HCC (TMHCC) – Specialty Group, part of the Tokio Marine HCC group of companies, has announced the appointment of Shaun Russ as Head of London Market, Crisis Management. Russ brings over 15 years of London Market experience to TMHCC, having previously served as Senior Product Recall Underwriter at Axa XL. His career also includes roles at Chubb Global Markets and Lockton Companies International. (Kenneth Araullo, 20/6/2024, Insurance Business UK, 'Tokio Marine HCC – Specialty Group names new head of London Market')​London-headquartered independent specialty Lloyd’s broker Servca has launched a new office in Northern Ireland, leveraging the location’s unique position as a key trading hub for both the UK and Europe. The new office will enhance Servca’s high-touch customer service approach by bringing the broker closer to its clients and partners in the region, while also matching the company’s international growth strategy aimed at the Republic of Ireland and continental Europe. Becca McCullough was appointed as Regional Associate Director to lead the new office. With her extensive experience in casualty insurance and strong local connections, McCullough will focus on enhancing existing programmes and developing new solutions specifically for Northern Irish clients. (Terry Gangcuangco, 19/6/2024, Insurance Business UK, 'Servca launches new office in Northern Ireland')SCOR CEO Thierry Léger and Lloyd’s CEO John Neal have been appointed Chair and Vice-Chair, respectively, of Insurance Europe’s Reinsurance Advisory Board (RAB). Thierry Léger succeeds Gen Re’s Charlie Shamieh, who has held the RAB chairmanship since June 2023. Léger, with 25 years of experience in the reinsurance industry, has been CEO of SCOR since May 2023. Meanwhile, John Neal, CEO of Lloyd’s of London since 2018, will serve as Vice-Chair of the RAB before succeeding Léger as Chair in June 2025. (Kenneth Araullo, 18/6/2024, Insurance Business UK, 'Insurance Europe adds two major names to reinsurance advisory board')Global specialty P&C re/insurer Canopius Group has announced the appointment of Chris Getty as Cyber and Technology Underwriter. Getty brings over nine years of cyber insurance experience to Canopius. He joins from Talbot Underwriting, where he most recently served as Head of Cyber and Technology, leading the London and New York underwriting teams. Getty began his career with Barlow Lyde & Gilbert LLP and is a qualified Solicitor. (Kenneth Araullo, 17/6/2024, Insurance Business UK, 'Canopius bolsters cyber division with key appointment')In further news...Canopius has announced the appointment of Mark Houghton as Global Product Leader, Specialty. With over 20 years of experience in insurance and financial services, Houghton joins Canopius from AXA XL, where he led the political risk team for over a decade before becoming Head of Specialty in Asia. (Kenneth Araullo, 18/6/2024, Insurance Business UK, 'Canopius names new global product leader for specialty')Consilium has announced its entry into the credit and political risk insurance market. As part of the new portfolio, Consilium has hired Alan Wallace to support the business as it aims to establish a differentiated presence in terms of talent, innovative policy wordings, broad coverage, and A-rated Lloyd’s and London Market capacity. Wallace, an experienced insurance professional with over 30 years in the London and global markets, will lead Consilium’s credit and political risk solutions. He brings extensive expertise in developing differentiated policy structures and wordings across credit, political risk, and surety classes, as well as strong business development and leadership skills. (Kenneth Araullo, 18/6/2024, Insurance Business UK, 'Consilium establishes credit and political risk portfolio')​Global insurance intermediary group Howden has chosen Paul Hipson to take on the newly established role of London Broking Head for the corporate & commercial division within Howden UK & Ireland. Hipson, whose credentials span nearly 21 years with Howden (including Aston Lark and its predecessor firms), will report to Chief Placement Officer for corporate & commercial Paul Hasib. Prior to his widened function, Hipson led the London corporate existing business team through significant development. (Terry Gangcuangco, 18/6/2024, Insurance Business UK, 'Howden picks first-ever London broking head')Specialist marine managing general agent Amphitrite Underwriting London has formed a cargo division to be led by Scott Sykes. The new division head joins the London office from Singapore, where he spent the last 14 years. Sykes most recently led Argenta Underwriting Pte Ltd at Lloyd’s Asia. He brings more than 35 years of Lloyd’s experience to Amphitrite, which has secured cargo capacity from the centuries-old marketplace. (Terry Gangcuangco, 18/6/2024, Insurance Business UK, 'Amphitrite forms cargo division')Generali has announced the appointment of Cécile Paillard as Group Chief Transformation Officer. She will also become a member of the group management committee at Generali as part of her role. Paillard brings more than two and a half decades of experience in the financial services sector, with significant expertise in strategic planning and innovation. Her career includes leadership posts at international insurance companies, most recently serving as Chief Executive for the Mediterranean, Middle East, and Africa regions at Coface Group. She has also held increasingly senior positions at AXA. (Terry Gangcuangco, 18/6/2024, Insurance Business UK, 'Generali names group chief transformation officer')​International specialty re/insurance managing general agent (MGA) Rokstone has announced the appointment of Graham Amato to launch a new global sports personal accident portfolio. Amato joins Rokstone from Worldwide Special Risks, where he was a Senior Underwriter on worldwide contingency and personal accident books. With a 35-year underwriting career, Amato has held senior positions at Aviva, InterHannover, and HDI Global Specialty. (Kenneth Araullo, 17/6/2024, Insurance Business UK, 'Rokstone establishes global sports personal accident division')​Allianz Commercial has announced a key appointment to its global leadership team, effective immediately, as Vanessa Maxwell has been named Global Head of Cyber, in addition to her current role as Global Head of Financial Lines. Maxwell, who has over 20 years of experience in financial lines and cyber, joined Allianz Commercial as Global Head of Financial Lines nearly two years ago from Berkshire Hathaway. Maxwell’s career history includes positions at Berkshire Hathaway Specialty Insurance as Country Manager, UK, and Head of Executive and Professional Lines - UK. Prior to this, she also held roles at AIG, including Head of PI/Cyber UK, Underwriting Manager, and Assistant Professional Liability Manager. She began her career as a Production Specialist at AIG. (Kenneth Araullo, 17/6/2024, Insurance Business UK, 'Allianz Commercial introduces new global head of cyber and financial lines')All information provided in this Market Digest has been gathered from Insurance Business UK.

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