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General Insurance Newsletter Friday 14th June 2024

​Insurance News​The British Insurance Brokers’ Association (BIBA) has extended its professional indemnity (PI) accredited broker agreement with Griffiths & Armour for another three years. Griffiths & Armour, which has been a BIBA accredited provider since 2013, boasts over nine decades of experience in delivering coverage to various professions. Matt MacLaren, Professional Risks Director at Griffiths & Armour, expressed his enthusiasm about the renewal, noting: “We are delighted to continue to offer support and cover to BIBA members as an accredited PI provider. Our exclusive BIBA PI scheme was founded more than 10 years ago based on core principles of market-leading cover alongside a secure long-term approach." (Terry Gangcuangco, 13/6/2024, Insurance Business UK, 'BIBA extends professional indemnity tie-up with Griffiths & Armour')Allianz Engineering Inspection Services (AEIS) has revealed its ambitious growth plans to become the biggest engineer surveyor team in the UK and offer market-leading inspection services aiming to grow their engineering workforce to over 800 in the next four years. AEIS is dedicated to providing leading inspection services with a strong emphasis on customer safety and compliance, and their commitment to customer satisfaction has been acknowledged through their position as a loyalty leader. (Allianz, 13/6/2024, youTalk Insurance, 'Allianz unveils ambitious growth plans in engineering inspection business')The first Prestige Underwriting Non-Standard Survey reveals that over three-quarters (79%) of brokers have experienced an increase in non-standard insurance enquiries over the past year, with an equal percentage also expecting continued growth in the non-standard market in the year ahead. The anticipated growth is primarily attributed to an expected rise in the number of customers entering the non-standard market, as highlighted by 79% of brokers. In contrast, only 13% believe that growth will be driven solely by an increase in premium rates. Focusing on specific sectors, more than half (55%) of brokers identify the greatest growth potential in insurance to come from unoccupied homes and homes at risk of flooding over the next few years. Additionally, 26% predict significant increase in the market for homes at risk of subsidence. (Prestige Underwriting, 13/6/2024, youTalk Insurance, 'Prestige Underwriting finds that brokers expect growth in non-standard market in the year ahead')Aon has announced a $350 million insurance program with the US International Development Finance Corporation (DFC) to bolster insurance capacity and accelerate capital investment and economic recovery in Ukraine. The global broker coordinated a $50 million reinsurance facility, collaborating closely with DFC and the Ukraine Ministry for Development of Economy and Trade. This initiative aims to support the issuance of war risk policies for businesses operating in Ukraine. Additionally, Aon and DFC developed $300 million in war risk insurance specifically for Ukraine's health care and agriculture sectors. (Kenneth Araullo, 12/6/2024, Insurance Business UK, 'Aon charges ahead where many others fear to tread')The latest Consumer Intelligence Home Insurance Price Index has revealed that the average quoted price of home insurance surged by 41.6% over the 12 months to April. This marks the steepest annual rise since Consumer Intelligence began monitoring quoted premiums in 2014. According to Consumer Intelligence, the trend shows no signs of slowing, as quoted premiums for buildings and contents insurance jumped by 10.3% in the last three months as well – the highest quarterly increase in a decade. (Terry Gangcuangco, 12/6/2024, Insurance Business UK, 'UK home insurance premiums break records')Specialist insurance provider CFC has announced its second insurance solution for buyers of voluntary carbon credits. The new Carbon Cancellation Insurance from CFC protects purchased carbon credits from financial and management risks in case of cancellation or invalidation due to political risks, such as regulatory changes and weather events affecting carbon projects. Additionally, the insurance covers buyers against revocation of Article 6 transfer eligibility and loss of eligibility under the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA). (Kenneth Araullo, 11/6/2024, Insurance Business UK, 'CFC launches carbon cancellation insurance solution')​Specialist managing general agent (MGA) HB Underwriting has expanded its digital offerings with the launch of a new health and social care product and an innovative quote and buy portal. This service, the MGA says, is designed for individuals who need insurance when employing a personal assistant or carer to support their social or healthcare needs. Employer Protect is tailored for those using Local Authority Direct Payments or NHS Personal Health Budgets to hire personal assistants. As employers, they are legally required to have Employers’ Liability Insurance. (Kenneth Araullo, 11/6/2024, Insurance Business UK, 'HB Underwriting launches new personal assistant product')American International Group (AIG) has fulfilled the criteria necessary for the deconsolidation of Corebridge Financial for accounting purposes following AIG’s decision to relinquish its right to a majority representation on the Corebridge board and the resignation of AIG Executive Vice President and Global Chief Underwriting officer Chris Schaper from the same board. Peter Zaffino, Chairman and Chief Executive of AIG, stated: “[The] announcement about AIG’s deconsolidation of Corebridge Financial is a major achievement, which reflects the culmination of a series of well-planned and deliberate strategic decisions which will position AIG for the future as a leading global property and casualty insurer." (Terry Gangcuangco, 11/6/2024, Insurance Business UK, 'AIG completes deconsolidation')Devonshire Underwriting, based in London, has expanded into Europe with approval from Lloyd’s. Launched in the UK in April, the transactional risk managing general agent now serves the Nordics, Germany, France, Spain, Benelux, Poland, Italy, and Central and Eastern Europe. Founded by Natasha Attray, James Dodd, James Fletcher, and Charles Turnham, Devonshire specializes in warranty & indemnity, tax, and contingency insurance. With a combined 30 years of underwriting experience and 15 years in law and tax, the MGA focuses on sectors like infrastructure, technology, logistics, healthcare, and financial services for large transactions. Devonshire expects numerous significant deals this year and is actively engaging in preliminary discussions. (Terry Gangcuangco, 11/6/2024, Insurance Business UK, 'Devonshire Underwriting secures green light for European expansion')​Brokerbility has announced that Cairn Corporate has joined its network of independent brokers, in addition to becoming an appointed representative of the Gauntlet Group. Cairn Corporate, based in Kirkcaldy, Scotland, will now have access to Brokerbility’s insurer relationships and services, aiding its growth and expansion plans. Additionally, Cairn Corporate is set to utilise Gauntlet’s range of FCA-compliant broking and back office services, allowing it to focus on client-facing services, advice, and guidance. (Kenneth Araullo, 10/6/2024, Insurance Business UK, 'Brokerbility Network welcomes newest member Cairn Corporate')Mergers & Acquisitions​Jensten has announced the acquisition of Chris Knott Insurance Consultants, pending regulatory approval. The acquisition will bring a team of 19 professionals and an office in Hastings to Jensten, along with an additional £6.1 million in gross written premium (GWP). Chris Knott Insurance Consultants, known for its niche motor scheme focusing on classic cars and owners club vehicles, also provides tailored solutions for small charities, allotments, canine-related activities, and photographers. This acquisition is part of Jensten's strategic regional expansion across the UK, enhancing its presence in the London and South East regions. (Kenneth Araullo, 13/6/2024, Insurance Business UK, 'Jensten expands in London and South East with major acquisition')​The Clear Group has announced its acquisition of the book and assets of Rycroft Associates LLP, which includes Inspire Credit Management Limited. The transaction, financial terms of which were not disclosed, enhances Clear’s commercial offerings amid insolvencies in the UK reaching a 30-year high. Rycroft, located in Lichfield, assists businesses across the UK and Europe in securing competitive trade credit insurance products. Citing Association of British Insurers (ABI) data, Clear highlighted the importance of cover against bad debts and invoice credit risks. (Terry Gangcuangco, 12/6/2024, Insurance Business UK, 'The Clear Group swoops for trade credit insurance business')Oxbridge Re Holdings’ board of directors is evaluating a range of strategic options, including a potential sale, spinoff, merger, divestiture, or recapitalization, according to a company statement. As per a statement, the board is reviewing alternatives to maximize shareholder value and will consider options for both the company and its subsidiary, SurancePlus Holdings Ltd. Oxbridge Re's board has not set a specific timeline for the review. “The company cannot assure that its evaluation will result in the company and/or its subsidiaries pursuing a transaction or that any transaction, if pursued, will be completed on attractive terms,” Oxbridge Re said in its statement. (Kenneth Araullo, 11/6/2024, Insurance Business UK, 'Oxbridge Re board evaluating potential sale, merger options')​JMG Group has acquired specialist scheme broker Gleaming Insurance and motor trade insurance broker Executive Insurance Services for an undisclosed sum. Known for its expertise in providing specialised Hiscox-underwritten insurance policies for cleaning professionals, Gleaming Insurance will continue to trade using its existing branding while now under the JMG Group umbrella. Managing Director Martin Holden, who launched the business in 2011, will remain at the helm with the support of Gleaming Insurance’s new owner. Holden’s insurance career started in 1989, with him working at a large national insurance company as an underwriter before he transitioned to the broking side. (Terry Gangcuangco, 11/6/2024, Insurance Business UK, 'JMG Group announces double deal')​Brown & Brown (Europe) Ltd has acquired 100% of the equity capital of T Oscar Rollins & Company Ltd, known as Rollins Insurance Brokers. Rollins, founded in 1945 by T Oscar Rollins, has operated as a family-owned business in Holywood, Northern Ireland. The company provides commercial and personal lines insurance, with a focus on insurance for social clubs, golf clubs, and other sports associations. Following regulatory approval, Rollins will be integrated into Brown & Brown’s Northern Ireland business, ABL Group. The existing Rollins team, including Managing Director Dermot Rollins, will remain and continue to develop the business, reporting to ABL Group CEO Maurice Boyd. (Kenneth Araullo, 10/6/2024, Insurance Business UK, 'Brown & Brown swoops for Rollins Insurance')​Independent insurance brokerage and risk management firm TL Dallas is snapping up Marsh Commercial’s operations in the Highlands and Islands of Scotland. The transaction, financial terms of which were not disclosed, is anticipated to be completed in August. A fourth-generation family business, TL Dallas is owned by its staff and leadership team. With over a century in operation, it stands among the UK’s largest independent insurance brokers. The firm trades nationwide, from Shetland to London, with a workforce of more than 165 people. TL Dallas offers an extensive array of commercial and personal insurance services spanning corporate, SME, trade credit, demolition, agriculture, health, collectables, and private clients. (Terry Gangcuangco, 10/6/2024, Insurance Business UK, 'TL Dallas swoops for Highlands and Islands business from Marsh Commercial')Movers​Andrzej Klesyk and Vincent Vandendael have joined the supervisory board of MJM Holdings SA, a re/insurance brokerage based in Poland. Klesyk will serve as the Chairman of the supervisory board. His background includes roles such as Managing Partner at Cornerstone Investment Management and CEO of PZU from 2007 to 2015. He has also been involved with the Ministry of Ownership Transformations and co-founded Handlobank and Bank Inteligo. His earlier career includes positions at McKinsey & Company in London and Boston Consulting Group. Vandendael, the other new board member, brings international experience to the table. He recently served as CEO of Everest Global Markets and its Lloyd’s Syndicate 2786 and chaired the Ireland board. His previous roles include Global Chief Commercial Officer for Lloyd’s of London and Chief Executive of Lloyd’s Europe in Brussels, along with nearly two decades at Zurich Financial Services. (Kenneth Araullo, 13/6/2024, Insurance Business UK, 'MJM Holdings tap two new members for supervisory board')TheChartered Insurance Institute (CII) has appointed Dr. Desmond Bermingham and Jon Graham to its board, effective June 3, 2024. Dr. Bermingham will chair the Education & Learning Committee (ELC) and also chairs the Independent Technical Advisory Panel for the Global Partnership for Education at the World Bank. Jon Graham will chair the Audit & Risk Committee (ARC) and has a background in chartered accountancy and professional training, with leadership roles in various organizations. (Kenneth Araullo, 13/6/2024, Insurance Business UK, 'CII board appoints two new members')​International managing general agent DUAL Group has brought in its first-ever head of emerging products. Taking on the newly created London-based role in September is Scott Sayce. With over two decades of experience in specialist lines insurance, Sayce has held various global leadership positions. His previous posts include Group Head of Financial Lines and Cyber at AXA; Head of Cyber, Technology, and Life Science at CNA Hardy; and, latterly, Global Cyber Head at Allianz Commercial. (Terry Gangcuangco, 13/6/2024, Insurance Business UK, 'DUAL Group creates new leadership role')London-based digital risk exchange InsurX has welcomed Canopius Founder and former Council of Lloyd’s member Michael Watson as Non-Executive Chairman. Watson, who will be succeeded by Andy Haste as Canopius Chair in July, brings significant governance experience to his new role as InsurX advances its technology and widens the company’s workforce to meet growing client demand. As part of its growth plans, InsurX is also expanding into new business classes. (Terry Gangcuangco, 13/6/2024, Insurance Business UK, 'Canopius founder becomes InsurX chair')​Hamilton Insurance DAC, a subsidiary of Hamilton Insurance Group in Ireland, has announced the appointments of Ross Reynolds as Chief Executive and Matthew Saunders as interim Chief Underwriting Officer. Reynolds joined the Bermuda-headquartered specialty insurance and reinsurance company in 2014, following the group’s acquisition of Ironshore Europe DAC in 2019. His most recent role at Hamilton was as Global Head of Operations, preceded by his position as Global Head of Financial Planning and Analysis. The promoted leader began his career with Irish Progressive Services International and later moved to Zurich Insurance Company. (Terry Gangcuangco, 13/6/2024, Insurance Business UK, 'Hamilton Insurance DAC names new CEO')Euclid Program Managers has announced the launch of Euclid Mortgage, a managing general underwriter (MGU) focused on underwriting mortgage credit risk for insurers and reinsurers. The new offering aims to address a market need by providing scalable access to the profitable and diverse mortgage reinsurance market. Leading the initiative are Joe Monaghan and Joe Hissong, two experienced figures in the mortgage reinsurance industry. Monaghan will serve as the Managing Principal and CEO of Euclid Mortgage, following his contributions to the post-GFC mortgage reinsurance market at Aon. Hissong, on the other hand, will join as Chief Operating Officer, bringing experience from Essent Group, Ltd, where he helped establish its MGA and Bermuda reinsurer. (Kenneth Araullo, 12/6/2024, Insurance Business UK, 'Euclid establishes MGU for mortgage re/insurance market')​International re/insurance group Aventum has announced the appointment of Jeff Uden as its new Head of Learning & Development. Uden brings over 23 years of HR experience to Aventum. He joins from MS Amlin, where he served as Senior Talent & Development Manager. Prior to that, he was Head of Talent at Iceland and held strategic HR roles at Morrisons and Argos. (Kenneth Araullo, 12/6/2024, Insurance Business UK, 'Aventum names new group head of learning & development')Reinsurance brokerage Lockton Re has announced the upcoming addition of Andy Wakefield as a Senior Broker in its marine & energy division. Wakefield, who will be based in London, is set to join later this year. With more than three decades of experience as a marine and energy reinsurance broker, Wakefield currently works at Aon Reinsurance, where he serves on the marine executive committee and leads new business production. His career began at Tysers, followed by tenures at Benfield (later Aon Benfield) and Willis Re. (Kenneth Araullo, 11/6/2024, Insurance Business UK, 'Lockton Re bolsters marine & energy division with key hire')​Marsh McLennan reinsurance specialist Guy Carpenter has announced the creation of the Capital & Advisory group within its Global Capital Solutions unit. The firm also appointed Alexander Schnieders as Global Head of Capital & Advisory. Schnieders joins Guy Carpenter from Teneo Holdings, where he led the Financial Institutions Group and co-headed M&A. In his previous role, he managed Teneo’s US insurance practice, overseeing strategy, business planning, deal sourcing, and executing capital raising and M&A transactions. (Kenneth Araullo, 11/6/2024, Insurance Business UK, 'Guy Carpenter launches capital & advisory group')Argenta Holdings Limited has announced the appointment of Niranjan Nathan as Group Chief Risk Officer, pending regulatory approval. Nathan will take over the role from Carol-Ann Burton, who will continue as Group General Counsel and Compliance Director. He will also join the board of ASML. Nathan brings over 20 years of experience in the global insurance industry, with expertise in risk, pricing, reserving, risk capital, strategy development, and transformation. He joins Argenta from EY, where he was a Partner and the UK Non-Life Actuarial Practice Leader. Prior to EY, Nathan spent more than a decade at Swiss Re, where his roles included Head of Actuarial Pricing UK, Director Group Corporate Strategy and Development, and Chief Risk Officer of Swiss Re Corporate Solutions. (Kenneth Araullo, 11/6/2024, Insurance Business UK, 'Argenta names new group chief risk officer')​The Geneva Association has announced that Lee Yuan Siong, Group Chief Executive and President of AIA, was appointed Chairman of the organization, succeeding outgoing Chairman Christian Mumenthaler, CEO of Swiss Re. Lee has been Vice Chairman of The Geneva Association since November 2021. Three members were also elected to the Association's board of directors at the 2024 general assembly: Satoru Komiya, CEO of Tokio Marine; Pauline Leclerc-Glorieux, CEO of BNP Paribas Cardif; and Bianca Tetteroo, CEO and Chair of the executive board of Achmea. (Kenneth Araullo, 10/6/2024, Insurance Business UK, 'AIA chief executive succeeds Swiss Re CEO as chairman of The Geneva Association')Lockton Re has announced that James Mackay has joined the company as Head of Lloyd’s Capital, based in London. Mackay joins Lockton Re from Aon, where he served as Head of Lloyd’s Relationships and Executive Director of Aon Securities. With over 30 years of market experience, Mackay began his career at Argenta Private Capital and later moved to Argenta Holdings as Business Development Director. (Kenneth Araullo, 10/6/2024, Insurance Business UK, 'Lockton Re bolsters capital division with key appointment for Lloyd's')Independent specialist re/insurance broker Miller has announced its expansion into the Japanese market, extending its specialty offerings into non-marine insurance lines through its Japanese business, Lead Insurance Services Limited (Lead). Tokinori Kono will join as Head of Non-Marine Broking, enhancing Miller’s product capabilities in Japan. Kono previously served as General Manager at I&T Risk Solutions (now Comos Risk Solutions) for seven years and spent four years at Aon. His career began at Tokio Marine, and he has experience in establishing an international trade business that monitored and managed risk. (Kenneth Araullo, 10/6/2024, Insurance Business UK, 'Miller expands in Japan with key hire')​AUB Group Limited (AUB) has agreed to acquire a 40% equity stake in Momentum Broker Solutions (Momentum), a prominent authorised representative (AR) network in the UK. This transaction is pending regulatory approval and signifies a strategic expansion for AUB in the UK market. AUB aims to use its extensive experience in managing delegated authority and AR networks in Australia and New Zealand to benefit Momentum’s partners and clients. This investment will enable Momentum to maintain its independence while accessing AUB’s expertise to drive further growth. (Roxanne Libatique, 10/6/2024, Insurance Business UK, 'AUB Group buys 40% stake in Momentum Broker Solutions')Helios Underwriting, an investment firm that provides direct access to a varied portfolio at Lloyd’s, has announced Michael Wade’s immediate transition from Non-Executive Chairman to Executive Chair. The move comes in response to Martin Reith’s departure from his position as Chief Executive to pursue other opportunities. The search for Reith’s successor is now also underway. Additionally, Nigel Hanbury, who is currently the Executive Deputy Chairman at Helios, will assume the role of Non-Executive Deputy Chair. (Terry Gangcuangco, 10/6/2024, Insurance Business UK, 'Michael Wade becomes Helios executive chair')All information provided in this Market Digest has been gathered from Insurance Business UK.

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2024 Risk & Compliance market outlook

​We spoke to Jack Johnson, Business Director, about the Risk, Governance and Compliance market. Jack shares his thoughts below on current market trends, factors affecting hiring, in demand roles and skills, and what businesses and professionals need to be aware of, for the remainder of the year.For advice on the Risk, Governance and Compliance market, support with your hiring strategy or guidance on finding a new role, contact Jack. What specific trends have you seen in your market?The Consumer Duty deadline (July 31st) meant there was a big push for conduct risk professionals in the market, we also saw Lloyd’s clients opening up their searches to retail P&C professionals. Although M&A in insurance was down last year, we have seen a spike in compliance and risk professionals with M&A experience, particularly from a policy and framework perspective. This could be due to the activity of 2022 having a knock-on impact on the market.Salaries in the industry have slowed down post the COVID boom. Although we are still seeing competitive counter offers, we are also now starting to see professionals move roles laterally or for smaller wage increases, which was not the case during COVID. Counter-offers are a short-term fix for a long-term problem with many candidates registered with IDEX, having accepted counter offers in the last two years.What factors have affected talent attraction and retention in the past 12 months?Back to work policies remain a focus for employers. There is a push for a more structured hybrid working model, with businesses enforcing on average two days in the office, and three working from home. Some businesses have gone further with three to four days in the office.Post the COVID boom, there was always going to be a slightly quieter market. We are now seeing the importance more so than ever, of proactive resources. With direct applications reducing in number and quality, the majority of placements are now through proactive sourcing methods.Which roles are most likely to be in demand and why?Roles in technology and automation are still high in demand. Whether that’s to support the automation of polices or the new risks associated with cyber and technology risk. This will remain a growth area for the industry. As consumer duty continues to impact businesses and associated roles remain important, professionals with strong conduct experience will remain in demand. What skills are in-demand for professionals wanting to work in this market?Professionals with project exposure are always in demand. With businesses going through large transformation projects, organic growth or through M&A, clients are often looking for experienced professionals who can deliver on risk and compliance policy changes. This is also replicated with the heighted focus on regulation.What do clients and professionals need to be aware of throughout the remainder of 2024?You will often hear the phrase ‘talent shortage’ or ‘war for talent’. I would disagree with these statements and say there is some exceptional talent in the market, but you just have to be looking in the right places, making sure you have the most attractive proposition in the market. It is very competitive, so you need to have the smoothest processes and the slickest onboarding offering to attract the best candidates.For professionals it’s important to be flexible and prepared for every interview.Counter-offers are rife but always remember why you were initially thinking of leaving. In any sort of exit from a business everyone is considering their own options, so make sure you do what is best for you and not what is going to make your boss’ life easier in the short term. About JackJack leads our Risk, Governance and Compliance division for IDEX, recruiting Risk, Actuarial and Compliance professionals across the UK and internationally. He has an excellent network of candidates and clients in the Insurance (Broker, Lloyds, P&C and Life Insurance) and Financial Services (Wealth, Asset Management and Financial Planning) industry.For advice on the Risk, Governance and Compliance market, support with your hiring strategy or guidance on finding a new role, contact Jack.  ​

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2024 Wealth Management Advisory market outlook

As the Wealth Management sector grapples with a challenging economic climate, political uncertainty, and the need to deliver exceptional levels of personalisation through generative AI, we spoke to Alex Merrick, Business and Regional Manager about changing business expectations and in demand roles and skills. Having worked in the sector for over 20 years, first as a Financial Advisor, Alex has in-depth knowledge of the market and how businesses can stay competitive to attract the best talent.For advice on the Wealth Management Advisory market, support with your hiring strategy or guidance on finding a new role, contact Alex.What specific trends have you seen in your market?Over the past 12 months Financial planning recruitment was steady but as time went on, we saw a slowdown. Demand for Chartered Advisors continues as does businesses looking for talent that can bring AUM and clients with them. 48% of FP’s earn a basic salary of £80k+ in 2023 compared to 30% in 2022.What factors have affected talent attraction and retention in the past 12 months?Increased flexibility in work arrangements is still a big factor when it comes to talent attraction and retention. Companies that offer hybrid working options will have greater success in hiring and retaining talent than those who are moving back to office working. Fluctuating market conditions and economic uncertainty / slowdown seems to have significantly impacted recruitment, with companies more likely to spread work between other employees as the belt gets tightened.Consumer duty which was rolled out in the middle of 2023, has placed an increased burden on financial service businesses to ensure they are complying with new regulations, resource and budget requirements.The financial services sector has a laser focus on transformation. Incumbents face an uncertain macroeconomic market environment, sustained pressure from regulators, growing concerns related to environmental, social and governance (ESG) factors and disruption from platforms (including embedded finance) and FinTech’s. Technology and generative AI will likely lead to more disruption for the sector. All this is creating an even more urgent need for financial service companies to consider more transformational steps towards digitalisation, ESG, and portfolio optimisation.Which roles are most likely to be in demand?Trainee IFA’s. With the average age of a financial planner over 55 and an expectation from reports complied by FT Advisor that two thirds of these will retire within the next five years, there is a big onus on recruiting new talent into the industry. There has been significant growth in academies being set up inhouse as wealth management firms seek to bring in graduates and nurture their own talent, due to a shortage of planners in the industry.Chartered Advisors remain in demand as firms look to this status level to differentiate themselves from competitors.What skills are in-demand for professionals wanting to work in this market?The implementation of AI and the benefits that this could offer is a hot topic, however the value of face-to-face advice will remain an integral part of the consultancy process. The industry is moving rapidly away from ‘transactional’ business towards lifestyle modelling. Combining technical expertise with strong interpersonal skills, as well as being technologically proficient are key skills for candidates as the industry moves forward.What do clients and professionals need to be aware of for the remainder of 2024?We see a positive growth and recruitment outlook for the remainder of 2024, following a period of uncertainty due to the 2023 consumer duty changes and hike in costs.Clients, if looking to hire, should prioritise conducting recruitment in a timely and efficient manner. Strong candidates are likely to have multiple options and the interview process needs to be slick and streamlined. Time kills deals!Professionals need to be aware that although salaries have continued to rise over the last few years, there is a noticeable slowdown in the levels of basic pay. It’s advisable that people consider working towards a chartered status.About AlexPrior to working in recruitment, Alex was a Financial Adviser for 16 years. He started his career advising clients and businesses in the Bancassurance market and then worked in an IFA role. Alex has a great understanding of the Financial Services sector which enables him to provide specialist advice and knowledge to clients and candidates.For advice on the Wealth Management Advisory market, support with your hiring strategy or guidance on finding a new role, contact Alex.

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General Insurance Newsletter Friday 7th June 2024

​Insurance News​An AM Best special report into how risk-sharing partnerships between specialty commercial-focused fronting insurers and their reinsurers are evolving revealed that “the market is ripe with opportunities for companies offering hybrid fronting arrangements to demonstrate their value and gain greater acceptance.” (Mia Wallace, 06/6/2024, Insurance Business UK, 'Bermuda Brokers on the rapid evolution of hybrid fronting models')Global credit rating agency AM Best has affirmed the credit ratings of Société Tunisienne de Réassurance (Tunis Re), which had a Financial Strength Rating (FSR) of B and a Long-Term Issuer Credit Rating (Long-Term ICR) of “bb” – but with a negative outlook. AM Best came to the conclusion that Tunis Re’s balance sheet strength was strong and that its operating performance was adequate, its business profile was limited, and its enterprise risk management (ERM) was marginal. (Abigail Adriatico, 06/6/2024, Insurance Business UK, 'AM Best affirms Tunis Re ratings – but with a negative outlook')The Chartered Property Casualty Underwriters Society (CPCU) – Bermuda chapter has increased its annual education award fund to $3,000, from the usual $1,500. According to reports, Ariel Re sponsored the additional $1,500, enabling CPCU–Bermuda to accommodate one more scholar this year. This annual scholarship helps students pay for their CPCU exams. On top of the examination fee assistance, the CPSU scholarship also provides future casualty underwriters exam process support and guidance, as well as free access to Bermuda CPCU Society networking and education events. (Noel Sales Barcelona, 06/6/2024, Insurance Business UK, 'Reinsurer's backing allows organization to double exam fund')Bringing together two legacy businesses with their own distinctive cultures, ways of working, client propositions and broker relationships is always an intricate undertaking. So, what happens when you add a third legacy business to the mix? That has been the task at hand for Ann Owen (pictured) and the team she leads as managing director of Aviva Private Clients over the last three years. Having spent her whole career in the high-net-worth insurance market, Owen joined Aviva as part of the 30-strong team that came across following its acquisition of AXA XL’s private clients business in 2021. (Mia Wallace, 06/6/2024, Insurance Business UK, 'Aviva MD on bringing together legacy businesses')DA Strategy has announced that Crux Risk Services (Crux), a new managing general agent (MGA) specialising in terrorism underwriting, has been approved by Lloyd’s as a coverholder. Crux launches with an initial line size of $100 million, led by Chaucer, and brokered by BMS. DA Strategy provided Crux with Appointed Representative licensing, enabling the MGA to target alternative distribution in the UK and US, with plans for international expansion. Crux operates on Azur Technology’s award-winning platform, which allows brokers to quote, bind, and manage policies in real-time. (Jonalyn Cueto, 06/6/2024, Insurance Business UK, 'DA Strategy launches new terrorism underwriting authority')London-headquartered global insurance marketplace Lloyd’s is opening an office in Miami in September. The move is aimed at bolstering the marketplace’s Latin America and Caribbean business while continuing to support growth in the Americas. Lloyd’s noted that the Latin America and Caribbean segment contributed US$2.7 billion in gross written premium (GWP) in 2023, representing 4.6% of the Lloyd’s GWP pie. (Terry Gangcuangco, 06/6/2024, Insurance Business UK, 'Lloyd’s to open new overseas office')The global market for commercial property and casualty (P&C) insurance retail broking was valued at approximately $76.6 billion in revenue in 2023, reflecting a 13.1% increase from 2022 without adjusting for inflation, and 6.2% accounting for inflation, according to research firm Insuramore. The top five groups in this sector by revenue were MarshMcLennan, Aon, Gallagher, WTW, and Acrisure, collectively representing 37% of the global market. The top 15 broking groups accounted for 56.8% of the market, while the top 300 groups generated around 88.1% of the global revenues, amounting to $67.5 billion. (Kenneth Araullo, 06/6/2024, Insurance Business UK, 'How did the global commercial P&C insurance market evolve in 2023?')HCI Group has announced the completion of its catastrophe reinsurance programs for the 2024-2025 treaty year, running from June 1, 2024, through May 31, 2025. HCI secured two reinsurance towers for its insurance subsidiaries, Homeowners Choice and TypTap, similar to the prior year. Reinsurance Tower 1 covers all Homeowners Choice policies issued in Florida. (Kenneth Araullo, 05/6/2024, Insurance Business UK, 'HCI announces completion of catastrophe reinsurance programs for 2024-25')Juniper Re, reinsurance broking arm and indirect subsidiary of The Baldwin Group, has announced a strategic collaboration with catastrophe risk assessment firm Reask to provide Juniper Re clients with pre- and post-landfall hurricane wind speeds and precipitation forecast data. Hurricanes present significant challenges in obtaining accurate wind speeds due to limited observations and traditional measurement failures at high wind speeds. Despite technological advancements, Juniper Re noted that translating hurricane paths and probabilities into actionable risk metrics for pre-landfall forecasts remains difficult. (Kenneth Araullo, 05/6/2024, Insurance Business UK, 'Juniper Re collaborates with Reask for hurricane risk information solutions')In a recent interview with Insurance Business, Ed Halsey (pictured), VP of marketing at Genasys, shared his insights into the need for insurtech businesses to build solid foundations and not fall into the trap that is ‘growth at all costs’. He highlighted that there has “undoubtedly” been far too great an emphasis on growth in the insurtech space, with some players forgetting that, “if you build an exceptional product or service, growth ultimately takes care of itself”. (Mia Wallace, 05/6/2024, Insurance Business UK, 'Why insurtechs must avoid the trap that is 'growth at all costs')​​According to Marsh’s Q1 2024 cyber insurance report, the UK cyber insurance market has become increasingly “buyer-friendly”, with ample capacity and intense competition among insurers leading to rate decreases. During the first quarter of 2024, organisations strengthened their cyber risk management with effective, data-driven controls. This led to decreased rates, improved terms and conditions, and an increase in underwritten business by insurers. (Kenneth Araullo, 05/6/2024, Insurance Business UK, 'UK cyber insurance market heats up')Insurtech company Bondaval is establishing a reinsurance vehicle to support future growth, marking a significant expansion from its role as a managing general agent (MGA). The creation of Bondaval Re will enable the company to collaborate directly with reinsurers and insurers, including those within its existing global reinsurance treaty, thereby broadening potential business opportunities. As per a report from AM Best, clients will continue to engage directly with insurance partners. (Kenneth Araullo, 04/6/2024, Insurance Business UK, 'Bondaval launches reinsurance vehicle for future growth')A Financial Times report has pointed to a decades-old Munich Re paper that cited the need to keep an eye out on climate change back in the 1970s. It was reported that the reinsurance giant’s paper highlighted the importance of studying global warming, polar ice melt, and other environmental changes, given that their potential impact on long-term risk trends had scarcely been examined. (Terry Gangcuangco, 04/6/2024, Insurance Business UK, 'Has the insurance industry failed to heed the climate change warning?')​Last Sunday it was hot. I was hot. I could feel the sweat drops going down my face... one after the other. The streets of Bristol were bustling with energy as runners from all walks of life gathered to participate in the Great Bristol Run, all with a common goal in mind: to have fun and support what each believed in - being a charity, helping a friend or maybe just keeping healthy. Despite the scorching sun beating down, the enthusiasm and determination of the participants shone through as they embarked on a challenging 10k run or half marathon. (ARAG, 03/6/2024, youTalk Insurance, 'Running for Justice')It’s a never-ending war of attrition. As fast as companies find ways to protect themselves from cyber attacks, malicious actors find new ways round the defences. So, what can you do to help protect your business from threat? Around a third of UK companies know they have been attacked or been breached in the 12 months prior to the end January 2023, according to government figures. (NIG, 03/6/2024, youTalk Insurance, 'How to become cyber resilient')​Mergers & AcquisitionsRiverStone International has announced the completion of its deal for Electric Insurance Company (EIC) and its two subsidiaries, Elm Insurance Company and Electric Insurance Agency LLC, saying that the merger will further expand the reinsurance legacy solutions provider’s presence in North America. (Noel Sales Barcelona, 06/6/2024, Insurance Business UK, 'RiverStone completes insurer's takeover')​Seventeen Group has announced the completion of two acquisitions this month. The deals further expand the group’s regional operations and sector capabilities. The first acquisition involves Wisemans Insurance Services Limited (Wisemans Insurance Services), a general broker located in Ashford, Surrey. The firm employs nine staff members and handles total premiums amounting to £3.5 million. (Roxanne Libatique, 06/6/2024, Insurance Business UK, 'Seventeen Group expands regional presence with double swoop')Jensten has completed the acquisition of Melville Burbage and Henry Seymour & Co following final regulatory approval. The acquisitions will add 37 specialist professionals and three offices to Jensten, contributing over £20 million in gross written premiums (GWP). Melville Burbage is known for providing commercial broking solutions and serves over 5,000 businesses and individuals. The company operates in various sectors, including construction, non-profit, and professional services, and brings expertise in the engineering and printing sectors, which are new areas for Jensten. (Kenneth Araullo, 03/6/2024, Insurance Business UK, 'Jensten finalises two acquisitions') Markerstudy Group has announced that the merger between Markerstudy and Atlanta, the personal lines broking business of The Ardonagh Group, was approved by the FCA (Friday 31 May 2024), following the Competition and Markets Authority’s clearance on 26 March 2024, six months after the proposed merger was announced in September 2023. (Markerstudy Group, 03/6/2024, youTalk Insurance, 'Markerstudy and Atlanta merger approved')MoversEverest Reinsurance has announced the appointment of Mayur Doshi (pictured) as its new head of North America treaty casualty. Speaking on the appointment, Everest Reinsurance head of North America treaty reinsurance Jiten Voralia spoke of how the firm will benefit from Doshi’s experience. (Abigail Adriatico, 06/6/2024, Insurance Business UK, 'Everest Reinsurance welcomes new head of North America treaty casualty')Sompo has announced the appointment of Thomas Leone (pictured) 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. Sompo chief financial officer Nicolas Burnet expressed his excitement at welcoming Leone to the company. (Abigail Adriatico, 06/6/2024, Insurance Business UK, 'Sompo welcomes new chief investment officer')Flood Re has today announced that its chief executive officer Andy Bord (pictured) will step down from his leadership role at its AGM in July 2024. In a Press release, the organisation hailed Bord’s “seven transformative years” as the head of the joint initiative between the government and the insurance industry to make home insurance affordable and available for households at risk of flooding. It was highlighted that under Bord’s leadership, Flood Re enabled over 550,000 households to access affordable home insurance while creating its Build Back Better (BBB) initiative to boost the resilience of flood-affected homes. (Mia Wallace, 06/6/2024, Insurance Business UK, 'Flood Re CEO Andy Bord to stand down')Polo Insurance Managers has announced the appointment of Mel Carvill (pictured) as chairman. According to a news release, Carvill brings extensive experience in the financial services industry to his new role. He spent over 20 years at Generali Group, where he held positions including head of risk management, head of corporate finance and M&A, head of strategic planning, and head of Western Europe, Americas, and the Middle East. (Jonalyn Cueto, 06/6/2024, Insurance Business UK, 'Mel Carvill appointed chairman of Polo Insurance Managers')The Texel Group, a specialist credit and political risk insurance broker, has announced the addition of two new brokers to its London office. Ivan Jesensky (pictured) and Michaela du Toit (pictured) bring to the company significant expertise in digitisation and structured finance, respectively. Jesensky has joined as Texel’s first digitisation broker. Reporting to Simon Bessant, head of insurance and a director at Texel, Jesensky will focus on building out the company’s use of technology and software, integrating innovative solutions within the firm’s operations. His role involves understanding the digital landscape’s impact on clients and ensuring Texel remains current with digital transformation trends. (Jonalyn Cueto, 06/6/2024, Insurance Business UK, 'The Texel Group expands London office with two key hires')CNA Financial Corporation executive vice president and global head of underwriting Doug Worman (pictured) will step into the roles of president and chief executive at the start of next year. The appointment will see current chairman and CEO Dino E. Robusto transition to the executive chairman position. In his new capacity beginning 2025, Robusto will lead the CNA board of directors while acting as a strategic advisor to Worman, supporting the company’s objectives. (Terry Gangcuangco, 06/6/2024, Insurance Business UK, 'CNA Financial Corporation picks next CEO')Fairfax Financial Holdings Limited has announced the appointment of Gobinath Athappan as chairman and chief executive officer of Fairfax Asia. Athappan will also be appointed chairman of Singapore Re, pending regulatory approval. Athappan has been with Fairfax and Fairfax Asia for 23 years. During his tenure, he has served as the chief executive officer of Fairfax’s Falcon Insurance in Hong Kong and Pacific Insurance in Malaysia. Since 2015, he has held the position of vice-chairman of Fairfax Asia. (Kenneth Araullo, 05/6/2024, Insurance Business UK, 'Fairfax appoints new Asia CEO, chairman for Singapore Re')Global reinsurance firm MS Reinsurance has announced the appointment of Miguel Marin (pictured above) as its new head of data, with his hiring effective immediately. Marin heads into the new role from Swiss Re, bringing with him decades of industry expertise. He served as head of business intelligence, data quality, and operations at the reinsurance giant, a role which saw him managing its data landscape transformation. In total, he honed his craft at the Swiss reinsurer for more than 20 years. (Kenneth Araullo, 05/6/2024, Insurance Business UK, 'MS Reinsurance names new head of data')It’s all change at the top for industrial insurer HDI Global in the UK & Ireland. The company has announced a new CEO for the region, in the form of Stephanie Ogden (pictured above). She moves into the hotseat on September 1, as Richard Taylor (pictured below) has taken the decision to retire at the end of the year before moving into a consultancy role. (Paul Lucas, 04/6/2024, Insurance Business UK, 'HDI Global names new CEO for UK & Ireland')​All information provided in this Market Digest has been gathered from Insurance Business UK.

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2024 Insurer and MGA market outlook

​We spoke to Paul Davey, Managing Director about the state of the Insurance Company and MGA markets. Paul shares his thoughts on current market trends, factors affecting hiring, in-demand roles and skills. A big factor, as Paul mentions, is a company’s ability to differentiate themselves through their unique employee value proposition. "The winners throughout 2024 and beyond will be the ones who are able to articulate their story best to attract the highest performing individuals. Part of that will derive from the financial rewards on offer, but as we know from our salary surveys in the past, a large part of the way to ‘win hearts and minds' is around the career opportunities and ‘story’ you can offer to prospective employees joining”, says Paul.For advice on the market, support with your hiring and retention strategy or guidance on finding a new role, contact Paul.What specific trends have you seen in your market?2023 saw a calming in the waters when it came to talent hiring, that’s not to say it’s been quiet; but more a returning to ‘normal’ levels of attrition and hiring, after what was by all measures a supernormal 2022. A year which saw attrition rates soar, in some insurers to north of 30%.Service levels for brokers continues to be a pain point in the broker, client and insurer relationship. We expect this to be a huge focus of attention and interest for insurers throughout 2024 as they look to capitalise on gains made during the hard market and translate these into significant land grabs by either geography or speciality, or both.What factors have affected talent attraction and retention in the past 12 months?The prior two years saw the biggest single brain drain in the history of the market, as large numbers of highly knowledgeable people chose to retire early or flip to another employer for more money.Insurers in particular, due to their complexity, have been slow to respond to this seismic change and are still remedying that loss of knowledge, particularly in the technical arenas of underwriting, claims and actuarial. Internal promotions have filled some of those gaps but a lot has been driven by external hiring and re-firing up their graduate schemes, which have been at best on a low heat for the prior decade.The third area of brain drain from the insurers is the broker market, as that sector continues to overheat with an excess of demand vs supply, it has increasingly turned to poaching experienced leaders from the insurers.Which roles are most likely to be in demand in 2024 and why?As insurers and MGAs continue to drive scale in 2024, we expect to see higher numbers of sales and development orientated roles across both the distribution and underwriting channels. This is driven by two main factors. Firstly, insurers looking to capitalise on solid COR numbers by driving higher revenues with increased confidence in their underwriting decisions, and secondly by consistent (and persistent) poor ratings from brokers when it comes to connectivity with underwriters (and more widely decision makers) at insurers.What skills are in-demand for professionals wanting to work in this market?The most in-demand skill for insurer-based professionals will be sales and development. In underwriting that will be those who can ‘trade’ at underwriter level through to leadership roles that can drive (profitable) revenue from strong broker market relationships.In the distribution space we expect to see an upturn in demand for Business Development Managers, across the board, both by insurers looking to bolster existing teams and insurers/MGA’s exploring new territories (geographic or by specialty).What do clients and professionals need to be aware of throughout the rest of the year?All insurers and MGA’s want the holy grail of great technical, sales and underwriting skills in all of their market facing personnel. The winners throughout 2024 and beyond will be the ones who are able to articulate their story best to attract the highest performing individuals. Part of that will derive from the financial rewards on offer, but as we know from our salary surveys in the past, a large part of the way to ‘win hearts and minds' is around the career opportunities and ‘story’ you can offer to prospective employees joining. Think more of what your role will offer an individual’s life and career, than the immediate functional purpose of hiring the person to fulfil a role.About PaulPaul’s experience ranges from running large scale talent attraction campaigns for global insurers and brokers; to bespoke retained assignments, targeting senior appointments across the Broking and Underwriting markets. Paul enjoys working in partnership with people to deliver the results that allow them both to achieve the success they strive for.For advice on the market, support with your hiring strategy or guidance on finding a new role, contact Paul.  

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General Insurance Newsletter Friday 31st May 2024

​Insurance NewsIndustrial insurer HDI Global SE, part of the Talanx Group, has made a successful start to the new financial year 2024. The combined ratio improved by 1.4 percentage points compared to the same period last year, now standing at 91.8 percent. The insurance revenue totalled EUR 2.3 (2.1) billion. The operating profit increased to EUR 140 (86) million, while net income rose to EUR 104 (69) million. (HDI Global SE, 30/5/2024, youTalk Insurance, 'HDI Global starts 2024 with good first quarter')​Allianz has released its Global Insurance Report 2024, examining global insurance market trends and developments. The report indicates that the global insurance industry experienced a remarkable 7.5% growth in 2023, the highest rate since 2006. Insurers worldwide collected €6.2 trillion in premiums, distributed across life (€2.6 trillion), property & casualty (€2.2 trillion), and health (€1.4 trillion) insurance. This marked a significant increase of €1.1 trillion, or 21.5%, over the past three years. However, due to high inflation, real premium growth was modest, with only a 0.7% uptick since 2020. (Terry Gangcuangco, 29/5/2024, Insurance Business UK, 'Global premium income enjoys highest growth rate since 2006')Munich Re Automation Solutions has announced that its SARA risk assessment solution is now operational with Brazilian life insurer MAG Mongeral Aegon. SARA, a digital underwriting solution, is deployed at the point-of-sale and will be used by MAG to automate new business in its private segment. The automated tool works as a software-as-a-service (SaaS) solution that can be integrated via API (application programming interfaces) with insurance companies’ systems. (Kenneth Araullo, 28/5/2024, Insurance Business UK, 'Munich Re's automated underwriting solution goes live for insurer')Pacific Life Re has announced an asset-intensive reinsurance agreement in Japan with Tokio Marine & Nichido Life Insurance (Anshin Life). The agreement, which covers in-force whole of life policies, aims to enable Anshin Life to mitigate long-term interest rate risk in its portfolio and enhance asset liability management. Phill Beach, executive vice president of savings and retirement at Pacific Life Re, stated that supporting transactions like these in Japan is a crucial part of their overall strategy. (Kenneth Araullo, 28/5/2024, Insurance Business UK, 'Pacific Life Re inks asset intensive reinsurance deal with Tokio Marine & Nichido Life')​Since Ken Norgrove joined RSA as CEO, UK & International in January 2022, he has been clear about his “north star” ambition for RSA to become the best commercial insurer in the UK market by the end of 2026. Earlier this year, the timeframe for hitting that target was expedited an entire year by news of RSA’s acquisition of NIG and FarmWeb, making RSA the third-largest commercial lines insurer in the UK. Discussing the integration of the businesses in her new role as MD of RSA’s commercial lines business, Sonya Bryson emphasised the ‘better together’ ambition at its heart. Essentially, she said, the integration is about bringing together two hugely complementary businesses, and delivering a breath of fresh air to the commercial lines market in the form of a broadened product suite with stronger relevance for brokers and their customers. (Mia Wallace, 28/5/2024, Insurance Business UK, 'RSA and NIG integration – what does it mean for the market?')​Specialist education insurer Ecclesiastical has introduced The Independent Schools Risk Barometer to assist brokers in discussing the major risks faced by independent school clients. The Independent Schools Risk Barometer 2024 was developed to explore the top risks within the independent education sector, focusing on key areas of concern such as managing mental health and wellbeing, mergers and acquisitions, and school building safety. Research conducted by the insurer identified the biggest concerns for independent school leaders in the UK: the costs of maintaining school buildings (22%), managing the mental health and wellbeing of pupils (21%), and recruitment and retention of teachers (20%). (Kenneth Araullo, 28/5/2024, Insurance Business UK, 'Ecclesiastical launches new risk barometer for independent school clients')In 2023, the UK’s bulk purchase annuity (BPA) market experienced significant growth, with transaction volumes soaring to £50 billion. This is expected to persist for the next five to 10 years, driven by a greater number of pension schemes becoming ready for transactions, according to Gallagher Re. The booming market has not only attracted new players but has also spurred innovations in the realm of funded reinsurance, utilized increasingly by BPA insurers to enhance their financial efficiency and competitive stance. (Mav Rodriquez, 27/5/2024, Insurance Business UK, 'Gallagher Re reveals new high for UK BPA market')​Reinsurance Group of America (RGA) has solidified an agreement with Tokio Marine & Nichido Life Insurance Co., Ltd. (Anshin Life) to reinsure an approximately 100 billion JPY paid-up block of whole life policies through coinsurance. “Our ongoing partnership with Anshin Life is a testament to RGA’s strategic commitment to the Japanese market and our understanding of its distinctive requirements. This transaction is a reflection of our deep-rooted dedication to collaborate with insurers, addressing capital and market risks, and affirming our readiness to support our clients’ evolving goals with innovative and customized financial solutions,” RGA Senior Vice President Gaston Nossiter said. (Mav Rodriguez, 27/5/2024, Insurance Business UK, 'RGA partners up for ¥100 billion reinsurance deal')Mergers & AcquisitionsMiller, is pleased to announce the acquisition of Madrid-based commercial insurance and reinsurance broker Bruzon Correduría de Seguros y Reaseguros S.A. and Bruzon Services S.A. (“Bruzon”), subject to regulatory approval. The transaction is Miller’s second Continental European acquisition as it continues to expand its specialty boutique model internationally, combining solutions to complex risk-transfer needs with excellence in client service. Established in 1990, Bruzon is one of Spain’s leading insurance and reinsurance brokers, excelling in the structuring and placement of direct and reinsurance risks. Bruzon’s clients include large banks, insurance companies, large corporates and members of the IBEX 35. The broker offers a broad range of solutions and is a market leader in Facultative Reinsurance, Accident & Health, Sports, Financial Lines, Credit and Surety Insurance. Bruzon Services, a boutique consultancy firm, concentrates its main activities in financial advisory and structuring. (Miller, 30/5/2024, youTalk Insurance, 'Miller expands in Europe with acquisition of specialty broker')​Specialty insurance provider NSM Insurance Group has announced it has signed a definitive agreement to acquire InsurEVO. InsurEVO, based in the UK, specializes in personal lines travel insurance and operates two well-known brands, AllClear Travel Insurance and InsureandGo, serving over three million customers. The acquisition is pending regulatory approvals and customary closing conditions. They have been in the market since 2000. (Kenneth Araullo, 29/5/2024, Insurance Business UK, 'Insurance group swoops for two UK brands')MoversMX, the managing general agent of Specialist Risk Group (SRG), is gearing up to launch a dedicated motorsport underwriting division called MX Motorsport. Backed by A-rated capacity, the upcoming global proposition will specialise in underwriting all classes of motorsport business. MX Motorsport’s products will be distributed through a specialist motorsport brokers panel. Set to lead MX Motorsport is Tim Skilton, who will bring extensive expertise in global motorsport products. Previously, he was Product Leader for international motorsport at Allianz Commercial. (Terry Gangcuangco, 30/5/2024, Insurance Business UK, 'Specialist Risk Group to launch MX Motorsport')RSA Insurance has announced the appointment of Indhira Mani as Chief Data Officer. With two decades of experience, Indhira is a recognised leader in the industry having led a number of complex data and tech initiatives. She joins RSA Insurance from Danske Bank, where she was Group Head of Data Transformation. Prior to her time at Danske Bank, she worked at a number financial services businesses including Deutsche Bank, BNP Paribas, RBS and Barclays. In addition to her current role she contributes her expertise as a governing body member of the Gartner Evanta CDAO network. (RSA, 30/5/2024, youTalk Insurance, 'RSA names Indhira Mani as Chief Data Officer')International managing general agent DUAL Group has brought in its first-ever head of emerging products. Taking on the newly created London-based role in September is Scott Sayce. With over two decades of experience in specialist lines insurance, Sayce has held various global leadership positions. His previous posts include Group Head of Financial Lines and Cyber at AXA; Head of Cyber, Technology, and Life Science at CNA Hardy; and, latterly, Global Cyber Head at Allianz Commercial. (Terry Gangcuangco, 30/5/2024, Insurance Business UK, 'DUAL Group creates new leadership role')UK insurtech hyperexponential has appointed Risa Ryan as Head of US P&C to lead the company’s expansion. Based in Manhattan, Ryan most recently served as Sompo International’s Chief Underwriting Officer. She brings more than two and a half decades of industry experience to hyperexponential. Her credentials include time spent at Munich Re, QBE, and Swiss Re. (Terry Gangcuangco, 30/5/2024, Insurance Business UK, 'UK insurtech marks US expansion with key hire')Sutton Winson (SW) has announced the appointment of Joe Perry as a Director and board member, pending FCA regulatory approval. Perry has been with SW since July 2011, beginning his career as an Account Technician. Over the years, he has advanced to the role of Head of Corporate, Development and International. (Kenneth Araullo, 30/5/2024, Insurance Business UK, 'Sutton Winson appoints new director and board member')Global specialty re/insurer SiriusPoint has announced the appointment of Susan Cross as Board Director, effective May 24, 2024. Her addition brings the total number of board members to 10. Cross has over 40 years of experience in the reinsurance industry, focusing on developing and leading actuarial and analytical functions to support global growth. She has been a Director of Enstar Group Limited since October 2020 and previously served as Executive Vice President and Global Chief Actuary at XL Group (now AXA XL) from 2008 to 2018. In addition to her roles at SiriusPoint and Enstar, Cross serves as a Non-Executive Director at Unum Group, a Fortune 500 insurer. She has also been on the boards of IFG Companies, American Strategic Insurance, Mid Ocean Limited, and XL Life Ltd. (Kenneth Araullo, 29/5/2024, Insurance Business UK, 'SiriusPoint appoints new director to its board')CCR Re has announced the appointment of Cédric Boureau as Senior Actuary Underwriter. Boureau returns to CCR Re after four years at Swiss Re, where he served as Reinsurance Senior Client Treaty Underwriter (non-life) for France, Belgium, and Luxembourg. Prior to his tenure at Swiss Re, Boureau worked at CCR Re as a Non-Life Treaty Underwriter, significantly contributing to business development in Asia and South Africa. (Kenneth Araullo, 29/5/2024, Insurance Business UK, 'CCR Re appoints senior actuary underwriter')​Managing general agent Itasca MGA Limited, which specialises in aviation and is part of the Pine Walk platform, has appointed Gareth John as Chief Executive and Director. Subject to regulatory approval, John will take over from Kostya Zolotusky, who is retiring at the end of the month. Zolotusky has served as CEO from when the business was set up by The Fidelis Partnership subsidiary Pine Walk Capital Limited and alternative investment manager Castlelake in 2023. John, who joined The Fidelis Partnership in April as Head of Bespoke Economic Lines, will assume the top post at Itasca MGA in addition to his current role. Bringing extensive experience in aviation investment banking, the former Natixis Global Aviation Head will continue to support The Fidelis Partnership’s economic lines of business. (Terry Gangcuangco, 29/5/2024, Insurance Business UK, 'Itasca MGA gets new CEO')Marine war risk insurer Vessel Protect, a managing general agent under the Pen Underwriting UK umbrella, has hired James Kent from broker Lockton Omni to serve as Senior Business Development Underwriter starting June 3. Kent’s over two decades of marine insurance experience includes 15 years as an Underwriter, advancing to a Senior Underwriter role at Thomas Miller Specialty and Navigators Insurance Company. A British Marine and Lodestar Marine alumnus, he began his career handling marine liability claims at Steamship Mutual P&I Club. (Terry Gangcuangco, 29/5/2024, Insurance Business UK, 'Vessel Protect snaps up Lockton hire')​Jon Clark has been promoted to Chief Operating Officer at global claims services provider McLarens. The new position places Clark in McLarens’ C-suite, underlining the company’s continuing expansion of its specialist proposition worldwide. Since joining McLarens in April 2020, Clark has played a pivotal role in transforming the company from a loss adjusting firm to a broader claims services provider with a focus on complex, commercial, and specialty insurance markets. Previously serving as Vice President of corporate development, Clark led the global buildout of McLarens’ forensic and technical services. His team’s efforts have resulted in 13 successful M&A (mergers and acquisitions) transactions, expanding the company's reach in engineering, forensic science and investigation, and building consultancy. (Terry Gangcuangco, 29/5/2024, Insurance Business UK, 'McLarens promotes corporate development VP to COO')Blenheim Underwriting has announced the hiring of David Barber as a Senior Liability Treaty Underwriter for Syndicate 5886. According to Blenheim, the appointment is aimed at developing a portfolio of niche liability classes through longstanding delegated authority or reinsurance relationships. Barber is poised to add what the underwriting business called a “significant pillar” to the syndicate’s offerings. The key hire transitions to Blenheim from Fortegra where Barber worked for four years. Before that, he spent two and a half decades at Chaucer, leading the liability division. (Terry Gangcuangco, 29/5/2024, Insurance Business UK, 'Blenheim Syndicate 5886 announces key addition')​Investment, protection, retirement, and in-house advice specialist LV= has appointed Gary Beyer as its new Protection Proposition Director. Beyer will join LV= in July, bringing nearly 25 years of experience in the financial services industry, including senior positions at Royal London, Scottish Widows, and Prudential Assurance. Most recently, he led the Royal London Modernisation programme as head of its protection futures proposition. (Kenneth Araullo, 28/5/2024, Insurance Business UK, 'LV= names new protection proposition director')Dundee-based Broker Insights, which is known for its Vision Decision Intelligence platform, has made changes at the helm to bolster the company’s growth within the UK and spearhead its expansion into the US. Bringing more than two decades of leadership experience in high-growth tech enterprises, Peter Scott will assume the role of Chief Executive after six months as an Advisor to the firm. The key hire also has significant international know-how to his name. Meanwhile Fraser Edmond, Founder and current CEO of Broker Insights, will become President, dividing his time between the US and the UK to lead the overseas expansion while maintaining home market engagement. The former Aviva Distribution Director has been in the industry for over 25 years. Aside from the leadership tweak, Broker Insights is also set to appoint two commercial directors dedicated to specific customer segments. (Terry Gangucangco, 28/5/2024, Insurance Business UK, 'Broker Insights makes changes at the top to propel expansion')​Coaction Specialty Insurance Group has welcomed industry veteran John Berger as its new Chairman of the board, effective immediately. Berger has over three decades of experience in global re/insurance. His extensive background in executive leadership is expected to support the management team on Coaction’s strategic direction. Before retiring from Ascot Re in 2021, Berger was the founding Chairman and CEO of Third Point Reinsurance, a publicly traded reinsurer based in Bermuda. His prior roles include CEO of reinsurance and Vice Chairman of the board for Alterra Capital Holdings and Chairman of Alterra Reinsurance. He also served as CEO and President of Chubb Re from 1998 to 2005 and was an original member of the F&G Re team. Berger replaces Stan Galanski, who had served as Chairman since August 2021. (Mav Rodriguez, 27/5/2024, Insurance Business UK, 'Coaction taps reinsurance veteran as new chairman')All information provided in this Market Digest has been gathered from Insurance Business UK.

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Michelle Paish, Business Manager, General Insurance

Michelle Paish, Business Manager, General Insurance

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

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Colin McKenna, M&A Specialist

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

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Dan Griffiths, Business Manager General Insurance

Dan Griffiths, Business Manager General Insurance

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

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Meena Bahanda, Business Director and Head of Legal recruitment for Scotland

​“Meena was exceptional throughout the entire process and made the move go very smoothly. She provided excellent advice and assistance throughout.”

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Alison MacMillan, Executive Director Financial Services

Alison MacMillan, Executive Director Financial Services

"​From the moment you meet Alison she makes you feel at ease, and she really took time to listen to the types of roles I was interested in. Alison asked me a range of questions to get to know me, my strengths and my ambitions and then very quickly managed to short list a range of roles that all very much fit the profile I was looking for. Alison kept in touch with me during the end to end recruitment process, offering help, support and encouragement and I am really delighted to have found the perfect role for me as a result! If you are looking for a recruitment partner I would not hesitate to recommend Alison for either search and selection or recruitment partnership. A very enjoyable experience from start to finish as a candidate and a really nice person to be connected with too. 5 stars and a huge thank you Alison!”

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