General Insurance newsletter Friday 17th January 2025
Insurance News2025 Insurance Talent Trends - The 2025 General Insurance Talent Trends highlight a shift towards hiring the "right" talent following the market’s return to normal hiring patterns in 2024. Employers are increasingly focusing on authenticity in their Employer Value Propositions to attract and retain talent. Meanwhile, employees are advised to adapt to advancements in AI, Machine Learning, and Data Management to stay competitive. The trend emphasizes the importance of flexibility in work models and the need to evolve alongside technological changes. (IDEX Consulting news, '2025 Insurance Talent Trends')US insurance market outlook- The U.S. insurance market, exceeding $1T in annual premiums, remains resilient despite cyber threats, climate change, and regulatory shifts. Projected to grow at 8.5% CAGR, it could reach $3.03T by 2027. With 3M+ employees, the sector is stable, but technological innovation, AI-driven underwriting, and compliance with evolving regulations like DORA are crucial for future competitiveness. (IDEX Consulting news, 'US insurance market outlook')The wealth management talent shortage - The wealth management industry faces a talent shortage due to an ageing workforce and a lack of younger professionals entering the field. Factors contributing to this include high barriers to entry, changing career priorities, and a lack of awareness about the profession. To address this, firms should reframe the industry’s narrative, emphasise its impact, and offer flexible working conditions. By doing so, they can attract the next generation of talent, ensuring the long-term success of the profession. (IDEX Consulting news, 'The wealth management talent shortage')Reports of non-financial misconduct on the rise - Reports of non-financial misconduct, including bullying, harassment, and discrimination, have surged by over 67% in the UK finance sector since 2021. This rise may reflect improved reporting systems or a failure to meet governance standards. Firms are urged to strengthen their workplace culture, ensuring clear guidelines and promoting ethical behaviour. The FCA is set to introduce new policies, which could impact recruitment, as firms increasingly focus on cultural transparency to attract top talent. (IDEX Consulting news, 'Reports of non-financial misconduct on the rise')The Interntational Underwriting Association is reviewing core services for London insurers, focusing on evolving risk transfer. Its 2025 plan includes a central risk function for issues like sustainability and cyber risk. CEO Dave Matcham says the review ensures members can meet changing customer needs. (Josh Recamara, 17/1/2025, Insurance Business, 'International Underwriting Association to review core services')Enstar’s Syndicate 2008 has entered a $196M loss portfolio transfer with Atrium Syndicate 609, covering discontinued marine, property, and US liability reinsurance. The deal, based on Q3 2024 reserves, transfers full claims handling to Enstar.(Kenneth Araullo, 16/1/2025, Insurance Business, 'Enstar's Syndicate 2008 secures loss portfolio transfer with Atrium')Sheila Cameron, CEO of the Lloyd’s Market Association, announced a renewed focus on North America, emphasising its long-standing importance to Lloyd’s profitability and planning a 2025 strategy with regulatory engagement alongside Lloyd’s. (Josh Recamara, 16/1/2025, Insurance Business, 'LMA CEO aims to grow US presence this year')RGA has invested in PACT Capital, an independent firm supporting middle-market alternative asset managers. The deal includes an anchor commitment, aligning with RGA’s strategy to expand in alternative assets and diversify its portfolio. (Kenneth Araullo, 16/1/2025, Insurance Business, 'RGA makes strategic investment in PACT Capital to expand alternative assets')BIBA’s 2025 Manifesto, themed "Partnering to Deliver Value," builds on 2024’s successes, focusing on regulatory reforms, premium finance challenges, and regional broker issues—particularly in Northern Ireland. Key priorities include reducing Consumer Duty scope, addressing differential pricing, and refining permitted insurance payments under the Leasehold and Freehold Reform Act, while continuing strong collaboration with the FCA and industry stakeholders. (Graeme Trudgill, 16/1/2025, Insurance Business, 'Broker manifesto brings a new hope')The Insurance Fraud Bureau, in partnership with Shift Technology, will launch a unified counter-fraud platform in 2026, integrating insurers’ transactional, suspected, and confirmed fraud data with case management. This system aims to enhance fraud detection, streamline investigations, and improve collaboration across the industry, enabling IFB members to make quicker, more informed decisions on fraud cases. (Kenneth Araullo, 16/1/2025, Insurance Business, 'IFB unveils counter-fraud platform to tackle insurance fraud')Cyber incidents, including data breaches, ransomware, and IT outages, have been ranked as the top business risk for 2025, according to Allianz's latest Risk Barometer report. Business interruption and natural catastrophes follow as major concerns, with climate change reaching its highest position at fifth place. The report, based on input from 3,778 respondents across 106 countries, highlights the growing sophistication of cyberattacks and increasing reliance on technology as key drivers of this trend. (Roxanne Libatique, 15/1/2025, Insurance Business, 'Cyber tops business threats in 2025 as climate risks surge')Guernsey-based Polo Insurance Managers (PIM) has launched Clockwork Re, a Category 4 commercial general reinsurer founded by Dhruv Patel, a capital provider at Lloyd's and Director at the Association of Lloyd’s Members. Clockwork Re aims to access superior returns from Lloyd’s and collateralized reinsurance markets and has secured regulatory approval from the Guernsey Financial Services Commission. Polo Insurance Managers CEO Mark Elliott praised the launch as a testament to PIM's ability to structure and manage complex transactions efficiently. (Abigail Adriatico, 15/1/2025, Insurance Business, 'Polo Insurance Managers announces launch of Clockwork Re')DARAG Group, a legacy acquisition specialist, and wefox Insurance AG have announced the transfer of a run-off portfolio, including motor damage, third-party liability, private liability, and property business across Germany, Italy, and Switzerland. This transfer follows the sale of wefox Insurance AG to a consortium led by BERAG. The transaction includes an initial loss portfolio transfer (LPT) and the full transfer of all EEA-domiciled business, pending regulatory approval. Tom Booth, CEO of DARAG, highlighted that the transaction marks a significant start to 2025, coinciding with DARAG’s 15th year as a run-off consolidator in Europe. (Kenneth Araullo, 14/1/2025, Insurance Business, 'DARAG and wefox finalize run-off portfolio transfer across Europe')Tokio Marine raises its 2024 net income forecast by ¥40 billion (US$258 million) to ¥1.04 trillion (US$6.71 billion), driven by strong international underwriting and accelerated equity sales. The company reported ¥771.2 billion (US$4.98 billion) in adjusted net income for H1, reaching 77% of its annual target, supported by solid underwriting results and foreign exchange gains, though offset by provisions for commercial real estate loans. (Roxanne Libatique, 14/1/2025, Insurance Business, 'Tokio Marine announces leadership shift as new CEO prepares to take helm')AEGIS London has launched a portfolio solutions division to leverage third-party underwriting in the London market. Led by Richard Palengat, with support from Henry Watts, Barry Plummer, and Bradley Lawrence, the division will cover property, casualty, specialty, and multi-line business. (Josh Recamara, 14/1/2025, Insurance Business, 'AEGIS London launches portfolio solutions division')Los Angeles wildfires are set to cost P&C insurers billions due to severe damage to homes and businesses. The uncontained Palisades and Eaton fires have triggered evacuations, with Cal Fire working on containment. Moody’s warns that insured losses could be among California’s largest. (Liezel Once, 13/1/2025, Insurance Business, 'LA wildfires threaten billions in insurance losses: Moody's')Mergers and AcquisitionsKnighthead Insurance Group has acquired Merit Life Insurance Co., which will now operate under the Knighthead Life brand, led by CEO and CIO Edward Massaro. This acquisition marks a strategic expansion into the US market, focusing on retirement solutions and secure insurance products. Knighthead Life has launched a new multi-year guaranteed annuity (MYGA) to protect retirement savings with guaranteed returns, supported by Knighthead's strong capital position. (Abigail Adriatico, 15/1/2025, Insurance Business, 'Knighthead Insurance Group acquires Merit Life Insurance Co')According to preliminary data from MarshBerry, M&A activity in the UK insurance distribution market remained strong in 2024, recording 152 deals, slightly exceeding the 151 announced in 2023, making it the most active year in the sector’s history. This total mirrors the high levels seen in 2023 and 2021 but significantly surpasses the long-term average. The firm’s upcoming annual report highlights trends in buyer and seller behaviour, the nature of acquired businesses, and deal sizes, revealing a mature domestic consolidation environment and rising cross-border M&A activity. (Josh Recamara, 15/1/2025, Insurance Business, 'What's happening with UK insurance M&A?')Global M&A activity surged in 2024, with 710 deals over $100M—up 15% from 2023, per WTW’s QDPM. Large transactions drove growth, with $1B–$10B deals rising 36% in H2. Overall, 162 large deals closed (134 in 2023), while megadeals ($10B+) increased from 11 to 15. (Josh Recamara, 14/1/2025, Insurance Business, 'Global M&A activity on the rise – WTW report')Saudi Arabia’s Public Investment Fund (PIF) has acquired a 23.08% stake in Saudi Reinsurance Company (Saudi Re) to enhance the company’s domestic capacity and support the growing insurance market in the kingdom. The capital injection will enable Saudi Re to offer advanced reinsurance solutions and improve risk management for insurance companies, helping them provide broader coverage and manage earnings volatility in the sector. (Kenneth Araullo, 14/1/2025, Insurance Business, 'PIF acquires 23% stake in Saudi Re to boost kingdom's insurance sector')MoversCommercial Express has appointed Andy Jones as Head of Underwriting and Joanne Caton as Underwriting Manager, both from RSA. Jones, former Regional Underwriting Manager, is known for leading high-performing teams, while Caton brings 25+ years of technical underwriting expertise. (Josh Recamara, 17/1/2025, Insurance Business, 'Commercial Express makes double swoop on RSA')Gallagher Re has promoted Ben Wathen to Chief Claims Officer, leading its Global Claims Advocacy team. With 20+ years in claims, underwriting, and broking, he joined Gallagher Re in 2024 after senior roles at Canopius, MS Amlin, Amlin plc, and Marsh.(Kenneth Araullo, 16/1/2025, Insurance Business, 'Gallagher Re promotes Ben Wathen to chief claims officer')Swiss Re has nominated Morten Hübbe and George Quinn for board election at its April 11 AGM. Hübbe, former Tryg CEO and CFO, chairs multiple boards. Quinn, ex-Zurich CFO, previously held leadership roles at Swiss Re. Philip Ryan and Sir Paul Tucker will not seek re-election. (Kenneth Araullo, 16/1/2025, Insurance Business, 'Swiss Re nominates Morten Hübbe and George Quinn to board of directors')Arch Insurance International has restructured its casualty division, promoting Robin Hamilton—who joined in 2018 from JLT Specialty—to Head of Energy and Marine Liability, integrating both teams. Tony Flatman remains Head of Marine Liability, overseeing underwriting and portfolio management. Rory Thompson has been appointed Head of London Market Wholesale, General Liability, while Marie-Claire Bessada takes on the role of Head of Retail, General Liability. Thompson, who began his underwriting career at Arch in 2014, and Bessada, formerly Deputy Class Underwriter at Chaucer, step into these key leadership positions as Arch aligns its structure with strategic growth plans. (Kenneth Araullo, 16/1/2025, Insurance Business, 'Arch restructures casualty division with key promotions')CFC has appointed Matthew Glenville as Group Chief Operating Officer to improve operations and strengthen collaboration across its underwriting, technology, and business teams. Glenville, with experience as Group COO at DWF Law and COO/CTO at ICE Clear Europe, will support CFC’s global growth strategy. The company also announced senior role changes: Tim Boyce, previously Head of Professions and Healthcare, has been promoted to Deputy Chief Underwriting Officer, while Michael Brunero, formerly Head of Tech, Media and IP, will relocate to New York as Managing Director, USA . (Josh Recamara, 16/1/2025, Insurance Business, 'CFC appoints Matthew Glenville as group COO')DUAL Europe has launched its Accident & Health (A&H) business across Europe, appointing Samia Baliad, an Underwriter with over two decades of experience in the sector, to lead the initiative. Baliad has held senior roles at AIG Europe France, AXA Corporate Solutions, Chubb Europe, and AXA Partners. The new business will focus on building a team of underwriters to drive growth, capitalizing on increasing demand for healthcare services in the European market. (Josh Recamara, 16/1/2025, Insurance Business, 'DUAL Europe launches A&H business')Westfield Specialty International has appointed Craig Nugent and Joseph Beltran to its professional indemnity (PI) team as part of its growth strategy. Nugent, with over 15 years of experience, joins as a Senior Underwriter from Sompo International, where he previously worked, and has also held roles at AXIS Capital. Beltran, who has a decade of experience in the industry, takes on the role of Underwriter after holding underwriting positions at The Hartford and Optio Group. (Josh Recamara, 16/1/2025, Insurance Business, 'Westfield Specialty expands its PI team')Bridge Insurance Brokers Ltd has appointed Wayne Knowles to lead its expanding private clients division. Knowles brings over 18 years of private client insurance experience, and will be supported by Nathan Drew, who joins with a decade of underwriting expertise. The appointment supports Bridge's growth in the private client business through client recommendations and internal referrals from its corporate segment. (Camille Joyce Lisay, 15/1/2025, Insurance Business, 'Bridge Insurance Brokers appoints new private clients lead')Woodgate & Clark has appointed Mike Higgins as Operations Director, succeeding Graeme Fitzpatrick, who retired after 12 years with the company. Higgins, with nearly 30 years of experience in insurance and claims management, joins from Crawford, where he was Head of Construction. He began his career in insurance claims before transitioning to loss adjusting in 2002 with GAB Robins. Higgins later held leadership roles at Crawford, including London Market Director and leadership of a field team development programme.(Josh Recamara, 15/1/2025, Insurance Business, 'Woodgate & Clark appoints new operations director')Cytora has expanded its global advisory board by appointing Clive Buesnel to support its continued global growth. Buesnel, currently Managing Partner International at Insurance Advisory Partners, brings extensive experience in strategic transformation within the global insurance industry. He most recently served as CEO of Tysers, acquired by AUB Group, and has also held roles as Vice Chairman and UK Head of Insurance at Deloitte, as well as a founding member of Xchanging. (Josh Recamara, 15/1/2025, Insurance Business, 'Cytora appoints Clive Buesnel to advisory board')Lockton Re has appointed Daniel Moruzzi and Matthew Cope as Senior Brokers in its international property and casualty (P&C) division in London. Moruzzi brings extensive experience in the casualty and financial lines market, having started his career at Everest Re in 1999 and later working at Barbican, Ascot, and serving in leadership roles with the IUA and LMA. Cope joins with over a decade of experience, most recently as a Casualty Treaty Broker at Aon. He began his career at Aspen and spent eight years at Aon, advising re/insurer clients on corporate strategy and distribution before joining the international casualty treaty team. (Kenneth Araullo, 14/1/2025, Insurance Business, 'Lockton Re adds industry vets to boost international P&C growth')Africa Specialty Risks (ASR) has appointed Genevieve Ahinful and Suzan Pardesi as Deputy Active Underwriters of Syndicate 2454, supporting the syndicate's growth and expansion since its launch in April 2024. Ahinful, ASR’s Head of Political Risk and Trade Credit, brings over 20 years of experience, having worked at companies including Euler Hermes, Aon, HCC, Gallaghers, Equinox, and ATIDI. Pardesi, ASR’s Head of Energy, has over 24 years of industry experience, with previous roles at XL Global Services, XL Insurance, Arup, and Lloyd’s syndicate Navigators. (Kenneth Araullo, 14/1/2025, Insurance Business, 'ASR strengthens Syndicate 2454 with key underwriting appointments')Berkshire Hathaway Specialty Insurance (BHSI) has appointed Bertrand Le Gall as Head of Casualty in France to strengthen its casualty portfolio and multinational program offerings in the region. Le Gall, with over 20 years of experience specialising in large corporate casualty risks, previously served as Regional Manager for casualty and professional lines across EMEA at SCOR. Based in Paris, he will oversee BHSI’s casualty operations in France, focusing on public and private liability coverage for large corporations and multinational clients. (Mav Rodriguez, 14/1/2025, Insurance Business, 'Former SCOR executive joins Berkshire insurance arm')Doug Humberstone has been appointed as Head of Claims at Bridgehaven Specialty UK Limited, the UK’s first risk-taking fronting insurer in commercial and specialty lines. With over 40 years of experience in senior claims roles, Humberstone has held leadership positions at Hiscox, Capita, the Lloyd’s Market Association (LMA), and QBE. His expertise includes managing complex, multinational claims and collaborating with key market players. Most recently, he served as Delegated Authority Claims Manager at Brit. (Mav Rodriguez, 14/1/2025, Insurance Business, 'Bridgehaven names veteran claims specialist to lead team')Swiss Re has announced that Ute Michaelsen will step down as Head of its North America facultative property/casualty division on March 31 after 28 years with the company. Michaelsen has overseen underwriting and production responsibilities across property, casualty, and specialty lines for global and regional clients, with operations in New York, Chicago, Atlanta, and Toronto. During her career at Swiss Re, she held senior roles in client and broker relationship management and led operational and finance teams. Before joining Swiss Re, Michaelsen worked in private banking and institutional asset management across Europe and the U.S. (Mav Rodriguez, 14/1/2025, Insurance Business, 'Swiss Re's North America facultative head to retire after 28 years')Tokio Marine Holdings has announced that Masahiro Koike will succeed Satoru Komiya as President and CEO of Tokio Marine Holdings and group CEO of Tokio Marine Group, effective after the company’s shareholders’ meeting in June, pending customary approvals. Koike, who has been with Tokio Marine since 1994, currently serves as Managing Executive Officer for the company’s international business. His previous roles include heading strategic initiatives in corporate planning, overseeing US operations as COO for Tokio Millennium Re AG, and leadership in aerospace underwriting, ceded reinsurance management, and corporate strategy. Komiya will transition to Chairman of the board. (Roxanne Libatique, 14/1/2025, Insurance Business, 'Tokio Marine announces leadership shift as new CEO prepares to take helm')Phoenix Specialty has appointed Andrew Charlton as Managing Director, pending FCA approval. Charlton, formerly with Consort Technical Underwriting Managers, brings significant industry experience. Tim James will transition to CEO of Phoenix Global, focusing on global strategy and expansion, while remaining an Adviser for Phoenix Specialty’s holding company. (Kenneth Araullo, 14/1/2025, Insurance Business, 'Phoenix Specialty appoints Andrew Charlton as new managing director')Crawford & Company has promoted Jordan Hall to Global Data Protection Officer, effective Jan. 1, 2025, succeeding retiring David Parker. Hall, who joined in May 2024, brings extensive GDPR expertise and has managed data protection during major events like COVID-19 and Brexit. (Josh Recamara, 14/1/2025, Insurance Business, 'Crawford promotes new global data protection officer')Lloyd’s has appointed Alexander Baugh as an independent council member, pending regulatory approval. He will chair the risk committee and join the audit committee, succeeding Neil Maidment, who steps down after nine years. Baugh brings three decades of experience at AIG, including roles as global CUO for liability and financial lines and North America President. Meanwhile, Lloyd’s CEO John Neal will depart this year after more than six years leading the marketplace, during which he drove digital innovation, cultural transformation, and profitability improvements, strengthening Lloyd’s financial ratings. Neal is expected to join Aon as global CEO of reinsurance and global Chairman of climate solutions, though the timing remains undetermined. (Josh Recamara, 14/1/2025, Insurance Business, 'Alexander Baugh to join council of Lloyd’s')McLarens Aviation has appointed John Bayley as its first Global Technical Director, alongside his role as Regional Director for Europe. Based in London, Bayley will drive technical consistency and innovation across the company’s global network. Joining McLarens Aviation in 1998 after a 15-year aviation career spanning operators and a major aerospace manufacturer, he has since blended engineering expertise with claims management to handle complex aerospace cases. (Rod Bolivar, 13/1/2025, Insurance Business, 'McLarens Aviation appoints global technical director')Arch Insurance (EU) dac (AIEU) has appointed Duncan Smith as CEO, succeeding Søren Scheuer. Smith, who joined Arch in 2005, was deputy CEO of AIEU and previously led professional lines for Arch Insurance International. He will oversee AIEU’s growth across Europe, spanning P&C, mortgage insurance, and MGAs via Alwyn Europe. Scheuer will remain on AIEU’s board as a Non-Executive Director, pending regulatory approval, and will lead the accident & health team at Arch Re Underwriting ApS. The CEO transition follows Tim Watson’s promotion to Credit Underwriting Manager at Arch Insurance International. Based in London, Watson will oversee underwriting for credit and political risk, reporting to Ed Cornish. He joined Arch in 2021 from Canopius and also chairs the International Underwriting Association of London’s Political Risks Committee. (Roxanne Libatique, 13/1/2025, Insurance Business, 'Arch Insurance (EU) dac appoints new CEO to drive European expansion')Pen Underwriting has appointed Robert Dobson as Marine Claims Manager. With over 40 years of experience in marine claims management and adjusting, Dobson has held senior roles at Argo Global, Aon, and Chubb Insurance Company of Europe. He has managed a wide range of marine claims, including hull machinery, cargo, liabilities, and yachts, while enhancing claims control through technical advice and collaboration with underwriting teams.(Josh Recamara, 13/1/2025, Insurance Business, 'Pen Underwriting names Robert Dobson marine claims manager')All information provided in this market digest has been gathered from Insurance Business and IDEX Consulting.
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