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General Insurance newsletter Friday 13th June 2025

Insurance NewsMGA outlook: is growth clashing with capacity concerns? - The MGA market is experiencing unprecedented growth, with projections reaching around $110 billion globally. With over 350 UK MGAs placing 10%+ of the country's £47 billion in general insurance premiums, MGAs are thriving in today's market, but could capacity concerns and regulatory complexities stifle growth? Read IDEX Consulting's analysis. (IDEX Consulting news, 'MGA outlook: is growth clashing with capacity concerns?')What's your brokerage worth? Find out with IDEX's free calculator- Based on your insurance company's profile, revenue and profit, IDEX's easy to use calculator provides an instant valuation offering you the essential data you need to make key business decisions. (IDEX Consulting news, 'What's your brokerage worth?')M&A insights: advice from tax and legal specialists -Looking to grow or sell your business? Check out expert insights from our tax, legal, accountancy and buy-and-sell specialists. They offer valuable guidance on maximizing sale value and ensuring a seamless transaction. (IDEX Consulting news, 'M&A insights: advice from tax and legal specialists')Predictive analytics: what to expect in 2025 h2? - Predictive analytics is transforming the insurance industry by enhancing risk management, fraud detection, efficiency, and customer service. Success lies in scaling AI from pilots to enterprise-wide solutions to address industry challenges. But what can insurers, brokers and MGAs expect for the remainder of 2025? (IDEX Consulting news, 'Predictive analytics: what to expect in 2025 h2')New findings from Aviva’s latest Broker Barometer suggest that underinsurance continues to pose a material concern for insurance professionals, with the majority of brokers observing significant gaps between declared and actual asset values. According to the survey, 68% of brokers believe their clients are underinsured. Only 28% of those clients are said to consistently use surveys to assess the value of insured assets. Another 59% use surveys intermittently, while 12% rarely or never rely on one. This approach, brokers say, increases the likelihood of claim disputes or partial settlements. (Rod Bolivar, 13/6/2025, Insurance Business, 'Brokers warn on widespread underinsurance risk - Aviva')Managing general agents will have new tools to support strategic planning and operational assessment following a collaboration between the Managing General Agents’ Association (MGAA) and market intelligence provider Insurance DataLab. The agreement gives the MGAA full access to Insurance DataLab’s insight platform, which contains performance data on all regulated non-life insurers, Lloyd’s syndicates, major MGAs, and broking firms. (Rod Bolivar, 13/6/2025, Insurance Business, 'MGAA expands member tools with DataLab')The United Kingdom became the world’s second-largest art market in 2023, overtaking China with an 18% share, according to Art Market Review by Ecclesiastical Insurance. The report, authored by Dr James Lindow, is based on data from the Art Basel and UBS Global Art Market Report and outlines key figures and developments across the sector. (Rod Bolivar, 13/6/2025, Insurance Business, 'UK overtakes China in art market - insurer')As global trade tensions rise and tariff policies remain uncertain, multinational corporations are increasingly diversifying their supply chains, embracing nearshoring and “friend-shoring” to enhance their resilience. While these strategies help reduce companies’ dependence on specific regions, entering new markets or expanding in existing ones can also bring a host of new risks. (Gia Snape, 12/6/2025, Insurance Business, 'Tariffs push multinationals to diversify supply chains, creating new risks')Insurance United Against Dementia (IUAD) is moving into its next stage of development following the appointment of Chris Lay (pictured), CEO of Marsh McLennan UK, as its new campaign chair. The transition comes after the campaign reached its initial £10 million fundraising target, which supported a range of dementia-focused projects in partnership with Alzheimer’s Society. (Rod Bolivar, 12/6/2025, Insurance Business, 'Insurance United Against Dementia names Chris Lay new chair')As weather-related insurance losses fluctuate across Europe, WTW and the University of Exeter are entering a new phase of their long-running research collaboration focused on windstorm risk. Now in its 20th year, the partnership is moving towards understanding how climate variability over the next five to 10 years could influence storm activity and related insurance exposures. (Rod Bolivar, 12/6/2025, Insurance Business, 'WTW and Exeter partnership targets evolving windstorm risk')The Z Zurich Foundation marked a record-breaking year in 2024, delivering support to 10.5 million people globally - an increase of 179% from the previous year - according to its latest impact report. This surge was underpinned by strategic investments and expanded programming in its four core focus areas: climate adaptation, mental wellbeing, social equity, and crisis response. (Jonalyn Cueto, 12/6/2025, Insurance Business, 'Z Zurich Foundation more than doubles its global reach')A Boeing 787 Dreamliner operated by Air India has crashed into a residential neighbourhood in Ahmedabad, western India, shortly after take-off on a scheduled flight to London Gatwick. All 242 people on board - comprising 232 passengers and 10 crew - were subject to emergency response operations, with casualties feared. The aircraft was reportedly insured under a $10 billion aviation cover led by Tata AIG General Insurance Company. (Matthew Sellers, 12/6/2025, Insurance Business, 'Gatwick-bound 787 Dreamliner crashes with 242 on board')Chancellor Rachel Reeves’ recently announced Spending Review, which includes an additional £29 billion per year for the NHS in England, is drawing scrutiny from the insurance sector, particularly over the adequacy and future of flood defence funding. Among the measures outlined, the government pledged £4.2bn over three years for new flood protection infrastructure across the UK. The review also included a £39bn allocation over a decade for housing and a planned increase in defence spending from 2.3% to 2.6% of GDP by 2027.(Rod Bolivar, 12/6/2025, Insurance Business, 'Flood defence funding sparks insurance concerns')Applied Systems’ withdrawal of its Epic broker management system (BMS) from the UK has prompted industry voices to weigh in on what the move reveals about the state of broker software and market dynamics in the region. While Applied Systems cited insurer alignment challenges and complex commercial product requirements as key factors in its decision, industry professionals say the announcement also signals broader considerations around market consolidation, supplier saturation, and long-term commitment to UK-specific needs. (Rod Bolivar, 12/6/2025, Insurance Business, 'Applied Epic UK withdrawal – reaction pours in')Insurance Europe has called on European regulators to reassess parts of the proposed anti-money laundering (AML) rules, cautioning that several elements under consultation could create unnecessary operational burdens, particularly for life insurance providers dealing with low-risk products. The federation submitted its position to the European Banking Authority (EBA) as part of the consultation on new Regulatory Technical Standards (RTS), which are being developed in line with the EU’s sixth Anti-Money Laundering Directive (AMLD6). (Rod Bolivar, 12/6/2025, Insurance Business, 'Insurers seek balance in AML rules')The High Court in London has ruled that insurers must carry out claims made by aircraft lessors for commercial jets impounded by Russia in the wake of its 2022 invasion of Ukraine, delivering a pivotal judgment in one of the most consequential aviation insurance disputes of recent decades. In a ruling that could reverberate across multiple jurisdictions, Mr Justice Butcher found that claims for the loss of 147 aircraft and 16 engines – at approximately $4.5 billion - can be pursued under war-risk policies. While the judge drew a clear distinction between war risk and all-risk cover, the ruling offers a substantial win for lessors seeking recompense for assets effectively nationalised by Moscow under emergency legislation. (Matthew Sellers, 11/6/2025, Insurance Business, 'Lloyd's, AIG, Chubb, Swiss Re hit by Russian jet decision in UK court')Through its proprietary platform Fast Trade and partnerships with the Acturis eTrade software house, Aviva’s digital operation empowers brokers serving small to medium enterprises (SMEs) with simple, fast, and increasingly sophisticated digital insurance solutions. As e-trading continues to grow at a double-digit pace, the insurer is positioning itself at the forefront of digital insurance transformation. Embedded insurance opportunities, more flexible trading models, and deeper broker relationships are all on the horizon, according to members of Aviva’s digital team. (Gia Snape, 11/6/2025, Insurance Business, 'How Aviva's digital team is powering the next era of e-trading')Canopius Group has confirmed that Samsung Fire & Marine Insurance (SFMI) will acquire an additional 21% equity stake in the company, raising its total shareholding to 40%. The stake will be purchased from existing shareholder Fidentia Fortuna Holdings, which is backed by US-based private equity firm Centerbridge Partners. This marks the third investment by SFMI in Canopius, following prior commitments made in 2019 and 2020. The companies have maintained a strategic partnership since SFMI's initial involvement. (Kenneth Araullo, 11/6/2025, Insurance Business, 'Samsung Fire and Marine boosts Canopius stake')Markel Insurance has introduced a new product tailored for insurtech firms called InsurtechRisk+. It is designed to provide insurance and risk management cover for businesses based in the UK, Europe, Australia, Asia and Canada. The product includes four insuring clauses: insurance services and technology liability, directors and officers (D&O) liability, crime, and cyber liability and loss. Policy limits extend up to £10 million. (Kenneth Araullo, 11/6/2025, Insurance Business, 'Markel debuts InsurtechRisk+ covering UK and other major markets')Allianz has introduced the Unity Awards, a new initiative designed to highlight individuals and organisations across the UK who use sport to bring people together. The awards are part of the insurer’s wider ‘Power of Unity’ programme, which aims to counter social division by supporting community-based sports initiatives. (Rod Bolivar, 11/6/2025, Insurance Business, 'Allianz Unity Awards open for submissions from grassroots clubs and individuals')Insurance companies are reviewing the potential impacts of the UK government’s proposed mandatory pay gap reporting on ethnicity and disability, raising concerns around data quality, employee privacy, and reporting thresholds. The International Underwriting Association (IUA), which represents London Market insurers, has submitted its response to the consultation on the Equality (Race and Disability) Bill. (Rod Bolivar, 11/6/2025, Insurance Business, 'Pay gap proposals raise privacy concerns')German insurtech firm Feather has launched a new business insurance product aimed at international companies with expat employees across Europe. The digital-first service extends the startup’s reach beyond individual coverage to cross-border workforces. Feather, which initially gained traction by digitising insurance access for expats in Germany, France, and Spain, is now targeting human resource departments with a platform that covers employee health, life, and pension insurance. It also includes professional liability, general liability, and cybersecurity insurance. (Jonalyn Cueto, 11/6/2025, Insurance Business, 'Feather rolls out business coverage for expats')The Luxembourg Institute of Science and Technology (LIST) has teamed up with commercial insurer FM in a research initiative aimed at addressing cyber and climate risks, reflecting an ongoing strategy in Europe to mobilise public research capabilities to support industry resilience. The collaboration combines FM’s experience in commercial property insurance with LIST’s research in cybersecurity, artificial intelligence, Earth observation, and digital twin technologies. (Rod Bollivar, 11/6/2025, Insurance Business, 'FM partners with LIST on risk projects')The UK’s motor insurance industry is bracing for another milestone in its evolution, as Uber and Cambridge autonomous vehicle start-up Wayve announce plans to pilot fully driverless taxi services on London’s public roads. Backed by heavyweight investors including Microsoft and SoftBank, Wayve will supply the technology powering the fleet, while Uber will offer the customer-facing platform via its app. The move signals a critical phase in the UK’s broader strategy to establish itself as a serious player in the global autonomous mobility sector - one that will rely heavily on the flexibility and foresight of the insurance industry. (Insurance Business, 'Driverless Ubers given green light in London – but are insurers ready?')Crawford & Company has released its latest report outlining key trends and operational pressures that continue to reshape the global insurance claims environment. The report identifies a measurable increase in both the frequency and severity of extreme weather events. According to Crawford, these developments are contributing to a “new normal” characterized by climate change-driven catastrophes, which are increasing volatility across the insurance sector. (Kenneth Araullo, 10/6/2025, Insurance Business, 'Crawford warns of growing protection gaps and operational strain')Mergers and AcquisitionsGlobal mergers and acquisitions (M&A) activity is expected to face headwinds in 2025, with sentiment shifting due to a combination of geopolitical uncertainty and economic concerns. This outlook emerges from a Norton Rose Fulbright survey, conducted by Mergermarket in the first quarter of 2025 (Q1 2025), of 200 senior-level executives involved in cross-border M&A deals valued at US$200 million or more. (Roxanne Libatique, 12/6/2025, Insurance Business, 'Mergers and acquisitions heat up with AI, insurance, private equity moves')MoversHis appointment was confirmed by the AIA Board of Directors during its recent meeting in Orlando, Florida. Wrigglesworth succeeds Chris Morin of MURRAY, MORIN & HERMAN, P.A. in Tampa, and becomes the first non-US president of the AIA since David Sales concluded his term in 2017. Ian Wrigglesworth (pictured), global head of Aviation and Aerospace Specialty at Guy Carpenter, has been elected president of the Aviation Insurance Association (AIA) for the 2025–2027 term. (Jonalyn Cueto, 13/6/2025, Insurance Business, 'Wrigglesworth named president of Aviation Insurance Association')Two insurance companies have announced senior appointments as they continue expansion strategies across international and domestic markets. MNK Group has appointed Wajahat Khawaja (pictured) as head of governance and controls, bringing more than 30 years of industry experience to the independent global insurance group. The appointment comes as the company continues its international expansion across multiple continents. (Jonalyn Cueto, 12/6/2025, Insurance Business, 'Insurance moves: MNK Group and Agria')The Financial Conduct Authority has named Sarah Pritchard (pictured) as its first deputy chief executive as the regulator implements a series of reforms and takes on new duties related to stablecoins, non-bank financial leverage and market conduct. The role was created in response to an increase in the FCA’s responsibilities, including the integration of the Payment Systems Regulator and new oversight of cryptoasset firms, stablecoins and buy now, pay later (BNPL) credit services. (Jonalyn Cueto, 12/6/2025, Insurance Business, 'FCA appoints Sarah Pritchard as first deputy chief executive')All information provided in this market digest has been gathered from Insurance Business and IDEX Consulting.

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MGA outlook: is growth clashing with capacity concerns?

The global Managing General Agents (MGA) market continues to evolve rapidly, experiencing a considerable amount of dynamic growth, brimming with opportunities for expansion in specialised areas and technological advancement.Over the past few years changing market conditions have fuelled significant growth, especially for MGAs that specialise in hard-to-place risks or other niche expertise such as customer service or claims management. In fact, according to Conning Insurance Research group’s study the market is projected to reach roughly $110 billion, with a significant portion, around $90 billion, concentrated in the US (The insurer: European MGA growth to accelerate as super cycle expands beyond US).The ‘hard’ insurance market characterised by rising claims costs and increased premiums has persisted for the last few years, creating opportunities for MGAs, who unlike some insurers are able to offer specialised solutions for complex risks. The growth of ‘fronting carriers’ (insurers that take on risk and then cede a large portion to reinsurers) has also contributed to MGA market growth, with many finding new ways to secure capital including, sidecars, ILS partnerships, and corporate quota shares, which continues to support MGA expansion. In their 2024 report, Marshberry highlight that “In the UK, over 350 MGAs place more than 10% of the country’s £47 billion in general insurance premiums” (Marshberry: The Evolution of the Managing General Agent in Europe).Recent data from the Managing General Agents' Association (MGAA) also indicates a robust and expanding sector, with membership numbers continuing to climb, reflecting the growing confidence in the MGA model. This growth is fuelled by the ability of MGAs to nimbly address niche and underserved markets where larger insurers may lack specific expertise or operational agility.Although, a positive growth outlook remains, a persistent undercurrent of concern regarding capacity provision and regulatory navigation is shaping strategic discussions across the industry. As such, we look at the trends that will shape the MGA market and the various opportunities they can capitalise on.Specialised insurance is driving growthA key driver of opportunity lies in the increasing demand for specialised insurance solutions. As risks become more intricate, particularly in areas like cyber liability and environmental exposures, MGAs with deep domain expertise that specialise in nice insurance areas are well-positioned to take market share. Industry analysis suggests that the specialty insurance market “is projected to reach USD 184.4 billion by 2033, exhibiting a growth rate (CAGR) of 7% during 2025-2033” (Research and Markets: Specialty Insurance Market Report).The rising exposure of businesses to varied and complex risks, advancements in healthcare and medical innovations, and the increasing construction activities of residential and commercial places are some of the major factors propelling the market.Technology as a catalystEmbracing technological advancements presents another significant avenue for MGAs. Investment in AI-powered underwriting tools and data analytics is on the rise, with an increasing number of MGAs implementing AI solutions to enhance efficiency and pricing accuracy. With agility and scalability on their side MGAs often serve as models for technology adoption, providing test cases and learnings that insurers can adopt. M&A opportunitiesDespite macroeconomic challenges and increased capital costs, research shows that MGAs involved in M&A deals is likely to increase. Marshberry report that “the U.S. leads the pack regarding transaction activity, with 181 specialty transactions last year, accounting for 22% of total insurance broker and agent transactions” (Marshberry: The Evolution of the Managing General Agent in Europe). The UK also continues to see a spike of activity, reporting “another record high of 16% of the total 148 all-sector deals registered” (Marshberry: The Evolution of the Managing General Agent in Europe). With typical EBITDA margins in the high 20s to low 30s, low capital intensity and high free-cash flow conversion, MGAs remain an attractive financial profile for private capital investors, insurance carriers, and retail and wholesale brokers. Capacity concernsDespite the optimistic growth trajectory, securing and maintaining adequate capacity remains a critical concern. While the MGAA reports a healthy influx of capacity into the sector, the reliance on insurer backing leaves MGAs potentially vulnerable to shifts in their capacity providers' strategies or financial health. This emerging ‘capacity crunch’ threatens to limit an MGA’s ability to onboard new business, underwrite policies and thus limit business growth. This will require MGAs to diversity their capacity sources, evidence disciplined underwriting processes and potentially evaluate their product mix, concentrating on business areas where they have proven expertise and results. Regulatory complianceNavigating the evolving regulatory landscape and ensuring compliance with FCA regulations will continue to be essential. As compliance becomes more stringent, especially around AI, MGAs must keep pace to avoid straining relationships with insurers.This is particularly true of Consumer Duty compliance which will require continuous investment and vigilance. Attracting talentThe agile and technology focused nature of MGAs means they are often talent powerhouses attracting forward thinking and skilled data analytics and software specialists. In comparison to traditional insurers, their ability to innovate and respond to market conditions quickly means they can capitalise on their agile and entrepreneurial working environment, using it as a key attraction tool for prospective talent seeking autonomy and an innovative culture.Given their ‘open minded’ and democratic internal cultures, decision making can often be less bureaucratic than traditional larger insurance firms, which enables fast paced and progressive growth. This nimble quality allows professionals to broaden their skillsets across various functions, accelerating career development. Looking ahead2025 looks to be promising for MGAs who are willing to embrace technological developments, stay ahead of regulation, and cultivate strong broker relationships. Rather than seeing MGAs as a threat, carriers need to embrace partnerships to support growth, innovation and talent acquisition for mutual benefit. Looking to explore your business growth options or perhaps you’d just like the latest developments on the insurance and M&A market? Get in touch with one of our insurance specialists who will be happy to have an informal, confidential chat.Sources· Marshberry: The Evolution of the Managing General Agent in Europe· McKinsey & Company: Insurance MGAs, opportunities and considerations for investors· Research and Markets: Specialty Insurance Market Report· The insurer: European MGA growth to accelerate as super cycle expands beyond US

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General Insurance newsletter Friday 6th June 2025

Insurance News2025 Insurance regulatory changes for UK and US insurers and brokers - In 2025, UK and US insurance regulators are enhancing cross-border regulatory alignment, strengthening data privacy and consumer protection measures, and intensifying climate risk disclosure requirements, compelling insurers and brokers to adapt to more rigorous compliance standards and operational practices. (IDEX Consulting news, '2025 Insurance regulatory changes for UK and US insurers and brokers')How is AI shaping the insurance sector?- AI is transforming insurance by streamlining underwriting, speeding up claims, improving fraud detection, and enhancing customer service through tools like generative AI and predictive analytics—despite challenges with legacy systems and regulation. Learn what tools you should be taking advantage of. (IDEX Consulting news, 'How is AI shaping the insurance sector?')Bad hires are costing employers: here's how you can improve your process- To enhance hiring outcomes, employers should adopt structured interviews, utilise behavioural techniques, and incorporate AI tools and cognitive assessments. This approach reduces bias, improves candidate evaluation, and helps avoid costly hiring mistakes. (IDEX Consulting news, 'Bad hires are costing employers: here's how you can improve your process')Time for a pay rise? Check your salary with our calculator- The IDEX Consulting Salary Calculator helps you benchmark your pay against current market rates. By entering your role, experience, and location, you get a personalised salary range - ideal for career planning, job moves, or salary reviews. (IDEX Consulting news, 'Time for a pay rise? Check your salary with our calculator')Kennedys reported a 13% revenue growth to £428 million for the financial year ending April 2025, marking its 11th consecutive year of growth, and set a target to achieve US$1 billion in global revenue by 2030 through strategic expansions, leadership changes, and investments in innovation and infrastructure. (Josh Recamara, 5/6/2025, Insurance Business, 'Kennedys reports 13% revenue growth, eyes US$1 billion by 2030')Howden has acquired Granular Investments to enhance its credit risk transfer capabilities across Europe, focusing on synthetic securitisation and tailored financial solutions for banks and insurers, aligning with its strategy to expand in the credit risk-sharing market. (Kenneth Araullo, 4/6/2025, Insurance Business, 'Howden boosts European credit risk transfer with Granular Investments deal')Beazley warns SMEs to strengthen cyber defences against rising threats like phishing, ransomware, and AI-driven attacks by implementing measures such as employee training, multi-factor authentication, regular system updates, vulnerability assessments, and incident response plans, while addressing gaps in cyber insurance adoption. (Kenneth Araullo, 4/6/2025, Insurance Business, 'SMEs must bolster cyber defences, Beazley warns')Hiscox UK has revamped its technology insurance product to include explicit AI-related coverage, addressing risks like AI model failures, negligent advice, and incorrect AI outputs, while also expanding coverage for sustainability-focused technologies and removing exclusions for pollution and Log4j vulnerabilities. (Josh Recamara, 6/6/2025, Insurance Business, 'Hiscox revamps tech insurance product with AI focus')Mergers and AcquisitionsMarkel has acquired The MECO Group, a specialist marine managing general agent, to enhance its global marine insurance capabilities, integrating MECO's established brands and expertise into Markel's specialty division to expand its presence in the marine sector. (Kenneth Araullo, 2/6/2025, Insurance Business, 'Markel acquires MECO Group to expand global marine capabilities')Dai-ichi Life Holdings plans to acquire a 15% stake in M&G plc as part of a strategic partnership to expand its European presence, enhance asset management collaboration, and leverage growth opportunities in private markets and life insurance across Europe and Asia. (Kenneth Araullo, 2/6/2025, Insurance Business, 'Dai-ichi Life to acquire 15% stake in M&G')MoversMarkel has promoted Mike Petchey, with over 20 years of industry experience, to head of schemes, where he will lead the broker-led specialist schemes team, focusing on sector-specific propositions and strengthening broker relationship. (Josh Recamara, 6/6/2025, Insurance Business, 'Insurance moves: Mission Underwriters and Markel')Mission Underwriters has appointed Sujatha Raju as chief technology officer, leveraging her 23+ years of experience in technology transformation to enhance scalable infrastructure, operational efficiency, and technological tools, following the recent acquisition of Talage. (Josh Recamara, 6/6/2025, Insurance Business, 'Insurance moves: Mission Underwriters and Markel')All information provided in this market digest has been gathered from Insurance Business and IDEX Consulting.

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Financial Services newsletter Friday 30th May 2025

Financial Services NewsJM Finn reported a 17% rise in pre-tax profits to £11.9m for 2023, despite a 7% increase in operating costs, with funds under management growing 6% to £11.7bn. (Financial Planning Today, 28/5/2025, 'JM Finn profits rise 17% despite costs increase')James Edgedale, longtime JM Finn Chairman (1999–2020) and Investment Director, passed away aged 62; he joined JM Finn in 1987, helped expand the firm, and later served as a Non-Executive Director at Church House Investments. (Dylan Lobo, 28/5/2025, Citywire Wealth Manager, 'JM Finn stalwart James Edgedale dies')Michael O'Brien, a Non-Executive Director at Aberdeen Group and veteran investment executive, passed away unexpectedly on 24 May 2025; he joined the board in 2022 and previously held senior roles at JPMorgan, BlackRock, and Barclays Global Investors. (Financial Planning Today, 27/5/2025, 'Aberdeen director dies unexpectedly')AJ Bell's platform customer base grew 9% to 593,000 over six months, with assets under administration reaching a record £90.4bn, revenue up 17% to £153.2m, and pre-tax profit rising 12% to £68.8m, driven by £3.3bn in net inflows and strong brand appeal. (Financial Planning Today, 23/5/2025, 'AJ Bell platform customers up 9% to 593,000')The Financial Services Compensation Scheme (FSCS) has reduced its 2025/26 levy forecast by £36m to £356m, with the life distribution and investment intermediation class—covering most financial advisers—seeing a drop from £123.6m to £87.3m, due to £56m recovered from failed firms and fewer expected claims. (Financial Planning Today, 23/5/2025, 'Adviser FSCS levy costs drop by £36m')Phoenix Group is considering rebranding itself as Standard Life within the next 12 months, aiming to revive the historic brand on the London Stock Exchange. The company, which acquired the Standard Life brand from abrdn in 2021, has successfully leveraged it to expand into individual annuities and bulk purchase annuities, achieving significant market share. The potential rebrand aligns with Phoenix’s strategy to modernize its identity and strengthen its position in the retirement and savings sectors. A final decision is expected in the coming months. (Momodou Musa Touray, 23/5/2025, Money Marketing, 'Phoenix Group considers rebrand to Standard Life')Evelyn Partners has launched its low-cost Index Managed Portfolio Service (MPS) to UK financial advisers, offering five risk-profiled portfolios with a 0.15% annual management fee and estimated 0.10% underlying fund charges; the service, previously exclusive to direct clients, is now available on platforms including Aviva, Abrdn Wrap, and Quilter. (Financial Planning Today, 20/5/2025, 'Evelyn launches low-cost index MPS to advisers')Quilter Cheviot has relocated its 64-member Birmingham team to the Paradise development, enhancing its presence in the city. This move aligns with the firm's strategy to expand its regional footprint and modernise its office spaces. The new location offers improved facilities to better serve clients and support the team's growth. (Natalia Vasnier, 19/5/2025, Citywire Wealth Manager, 'Quilter Cheviot moves 64-strong Birmingham team to Paradise')Amid expectations that President Trump's reciprocal tariffs will partially return after the current pause ends on July 8, 2025, fund managers are reducing U.S. investments, anticipating sub-1% GDP growth and potential recession; Quilter's Investor Trends Survey reveals that 53% now foresee the U.S. delivering the worst index returns, a reversal from six months prior when it was expected to be the best performer. (Financial Planning Today, 20/5/2025, 'Fund managers turn their backs on US on tariff fears')Triple Point has launched a new inheritance tax (IHT) tool designed to support financial advisers in estate planning. The tool aims to streamline the process of assessing clients' IHT liabilities and identifying suitable investment solutions. By providing a user-friendly interface and real-time calculations, it assists advisers in making informed decisions and enhancing client outcomes. (Dan Cooper, 16/5/2025, Money Marketing, 'Triple Point launches IHT tool to support financial advisers')Only 9% of UK adults paid for financial advice in the past two years, down from 11% in 2023, according to The Lang Cat's 2024 Advice Gap report. The decline is attributed to the Financial Conduct Authority’s Consumer Duty regulation, which 80% of advisers say has made it harder to serve clients, leading 55% to stop advising those with lower investable assets. Despite this, 91% of consumers who received advice found it helpful. (Dan Cooper, 16/5/2025, Money Marketing, 'Less than 9% of UK population received financial advice last year')Aviva's wealth division reported a 15% year-on-year decline in net flows to £2.3bn for Q1 2025, attributed to the outflow of a large workplace scheme; however, platform business net flows increased by 52%, and total net flows reached £4bn by April, representing 6% of opening assets under management. (Financial Planning Today, 15/5/2025, 'Aviva wealth division sees 15% drop in net flows for Q1')Quilter’s WealthSelect MPS has surpassed £20bn AUM, boosted by availability on third-party platforms and £1.4bn in Q4 2024 inflows; it offers active, passive, blended, and sustainable portfolios managed by Stuart Clark, Helen Bradshaw, and Bethan Dixon. (Dan Cooper, 15/5/2025, Money Marketing, 'Quilter’s WealthSelect MPS smashes £20bn AUM barrier')Public trust in the UK pensions industry has increased for the fourth consecutive year, rising to 5.26 out of 10 in 2023, up from 4.95 in 2022, according to Trafalgar House’s Trust & Confidence Index. (Financial Planning Today, 15/5/2025, 'Trust in pensions sector drops for first time in 5 years')Avenir has launched a ChatGPT-powered tool for wealth management firms, offering a unified, AI-driven interface to streamline data access, enhance client service, and support compliance. This enterprise-grade solution aims to transform how advisers interact with client information and internal systems. (Darius McQuaid, 13/5/2025, Money Marketing, 'Avenir unveils ChatGPT for wealth managers')Plannr has integrated AI assistants Emma and Evie into its CRM system, developed in partnership with AdvisoryAI, to automate administrative tasks such as meeting notes, suitability reports, and client data updates, aiming to enhance adviser efficiency and client capacity. (Financial Planning Today, 9/5/2025, 'Plannr adds AI assistants to CRM')A global survey by the Financial Planning Standards Board (FPSB) found two-thirds of financial planners are using or plan to adopt AI within 12 months, with 78% seeing it as a way to improve client service and 60% expecting better advice quality, though concerns remain over data privacy and cybersecurity. (Financial Planning Today, 8/5/2025, '2 in 3 Financial Planners utilising AI')Evelyn Partners reported £345 million in net inflows for Q1 2025, maintaining positive growth despite a £1.1 billion decline in assets under management to £61.9 billion, attributed to market volatility; gross inflows of £2 billion offset £1.7 billion in outflows, marking a 13% annual increase. (Financial Planning Today, 8/5/2025, 'Net flows hold steady for Evelyn Partners as assets dip in Q1')David Mead, Founder of Future Proof and joint Head of Protection at St. James’s Place, warns many advisers struggle to consistently recommend income protection and is concerned about reduced market competition after Aegon UK’s exit; he’s actively involved in FCA discussions on protection product value and sales practices. (Tom Browne, 8/5/2025, Money Marketing, 'Advisers urged to prioritise income protection as financial risk grows')Risk and Compliance talent insights - The risk and compliance sector is evolving fast, driven by complex regulations, tech advances, and focus on climate risk, ESG, and data privacy. Employers need to streamline hiring and offer strong incentives, while candidates should keep up with new technologies and regulations to stay competitive. (IDEX Consulting news, 'Risk and Compliance talent insights')Time for a pay rise? Check your salary with our calculator - The IDEX Consulting Salary Calculator helps you benchmark your pay against current market rates. By entering your role, experience, and location, you get a personalised salary range - ideal for career planning, job moves, or salary reviews. (IDEX Consulting news, 'Time for a pay rise? Check your salary with our calculator')The Employee Benefits talent market: key insights - In 2025, employee benefits face talent shortages and rising salary expectations. Employers seek tech-savvy, client-focused professionals and must offer strong employer brands and competitive packages. Candidates should build their personal brand and stay updated on industry trends. (IDEX Consulting news, 'The Employee Benefits talent market: key insights')Is there a wealth management talent shortage? - The wealth management sector faces a talent shortage due to retirements, high entry barriers, and low youth interest. Firms can tackle this by offering flexible work, investing in development, and providing competitive pay. (IDEX Consulting news, 'Is there a wealth management talent shortage?')Mergers and AcquisitionsMattioli Woods and Kingswood have agreed to merge, forming a £25bn wealth management group serving over 25,000 clients across 40 UK offices; the deal, subject to FCA approval, aims to enhance scale, client service, and adviser development, with plans to train 50 new advisers annually. (Financial Planning Today, 29/5/2025, 'Mattioli Woods and Kingswood merger confirmed')Rathbones Asset Management is actively seeking alternative investment opportunities, particularly in infrastructure funds. This strategic move is driven by the firm's aim to diversify its portfolio and capitalize on sectors offering inflation-linked returns. The initiative is led by David Coombs and Will McIntosh-Whyte, who have recently made their first foray into core infrastructure investments, including funds like HICL Infrastructure and The Renewables Infrastructure Group, attracted by their government-backed revenues and liquidity. (Danielle Levy, 28/5/2025, Citywire Wealth Manager, 'Exclusive: Rathbones funds boss on the hunt for alts deals')Bain Capital has acquired a 30% stake in UK adviser network Openwork for £120 million, with FCA approval and 98% partner support; the investment aims to accelerate growth and adviser succession initiatives. (Financial Planning Today, 27/5/2025, 'Bain Capital pays £120m for 30% stake in Openwork')Saltus has acquired Hertfordshire-based Delta Financial Management, a £400m AUM firm with over 500 clients, as part of its strategy to expand financial planning capabilities; Delta's nine-member team will remain, with Directors Jarrod Ellis and Amin Malik becoming Saltus partners. (Financial Planning Today, 23/5/2025, 'Saltus buys £400m AUM Herts Financial Planner')Unum UK has acquired the renewal rights to Generali UK's employee benefits business, including its Group Risk products, and has joined the global Generali Employee Benefits (GEB) Network. This strategic move enables Unum to expand its reach in the UK workplace benefits sector and collaborate with GEB to offer solutions to global employers. The acquisition also involves integrating Generali UK's employee benefits team and managing in-force policies and claims to ensure continuity and a seamless transition for customers. (Momodou Musa Touray, 23/5/2025, Money Marketing, 'Unum acquires Generali UK’s employee benefits business')Royal London is acquiring UK infrastructure asset manager Dalmore Capital, which oversees £6bn in assets including the Thames Tideway Tunnel and 24 UK wind farms; the deal includes a £500m commitment to future Dalmore funds and aims to expand Royal London's private assets strategy. (Financial Planning Today, 22/5/2025, 'Royal London to buy infrastructure asset manager')According to a report from Heligan Group, UK IFA M&A activity surged in April 2025, driven by demographic pressures, regulatory demands, and the need for operational efficiency; notable transactions included Söderberg & Partners' partial stake in Active Financial Planners, Corbel Partners' succession-focused buyouts, and Perspective Financial Group's nine acquisitions year-to-date. (Financial Planning Today, 19/5/2025, 'Adviser M&A activity surges in April')Tribe Impact Capital has acquired Snowball Impact Investments, a UK-based impact fund manager known for its diversified multi-asset portfolios aligned with social equity and environmental sustainability. The acquisition enhances Tribe’s impact investing capabilities and aligns with its mission to deliver financial returns alongside positive societal and environmental outcomes. (Darius McQuaid, 13/5/2025, Money Marketing, 'Tribe Impact Capital acquires Snowball Impact Investments')MoversDan Olley is stepping down as CEO of Hargreaves Lansdown after less than two years, following the firm's £5.4bn acquisition by a private equity consortium. Richard Flint, former CEO of Sky Betting and Gaming and current transformation committee chair, will serve as interim CEO pending regulatory approval. Olley will remain for a five-month transition period. The leadership change comes amid efforts to revamp digital services and enhance competitiveness in the investment platform market. (Financial Planning Today, 29/5/2025, 'Hargreaves CEO steps down after 2 years')Schroders has promoted Jamie Fowler to Head of UK Wealth, elevating him from his previous role as Head of Regional and Advisory Sales. Fowler, who joined Schroders in 2002 after serving as a Regional Sales Manager at HSBC Asset Management, brings over two decades of experience in wealth management and advisory services. His appointment is part of Schroders' strategic efforts to strengthen its UK wealth management division. (Darius McQuaid, 19/5/2025, Money Marketing, 'Schroders promotes Jamie Fowler to head of UK wealth')Seccl, the Octopus-owned investment platform managing over £3bn for 250,000+ clients, is set for dramatic expansion after fresh investment; CEO David Ferguson moves to Executive Chairman to focus on strategy, and the firm is actively searching for a new CEO to lead growth and aims to triple assets under administration within a year. (Financial Planning Today, 20/5/2025, 'Seccl promises ‘dramatic expansion’ after Octopus investment')Lindsey Rix-Broom, CEO of Canada Life UK since 2021, will become CEO for Europe at Great-West Lifeco on 1 July 2025, continuing to lead Canada Life UK until a successor is appointed; under her leadership, Canada Life UK hit record £4.9bn sales in 2024, and she is recognized for championing diversity and inclusion. (Dan Cooper, 22/5/2025, Money Marketing, 'Canada Life UK CEO Lindsey Rix-Broom to take on European role')Mirabaud Wealth Management has hired Jonathan Unwin as Head of Portfolio Management UK to support its UK expansion; he brings 16+ years’ experience from Credit Suisse and Banque Havilland. (Natalia Vasnier, 21/5/2025, Citywire Wealth Manager, 'Mirabaud hires RBC Wealth bespoke specialist for UK push')Personal Finance Society (PFS) Vice-President Daniel Williams and Member Director Ben Wright have resigned, citing concerns over the organisation's governance and structure; Williams expressed issues with the PFS's culture and transparency, while Wright criticised the board's lack of independence and clarity of purpose. (Financial Planning Today, 19/5/2025, '2 PFS board members resign including vice-president')Alex Hoctor-Duncan has stepped down as CEO of River Global after three and a half years, during which he led the firm's rebranding from AssetCo. His responsibilities will be divided: Matt Hudson, previously Head of Equities, becomes Chief Investment Officer of River Global Investors, assuming regulatory and management duties for the asset management arm, while Gary Marshall, the group's Chief Finance and Operations Officer, takes over as CEO of SVM Asset Management, handling Hoctor-Duncan's other responsibilities. (Dylan Lobo, 16/5/2025, Citywire Wealth Manager, 'River Global CEO Hoctor-Duncan exits')Brooks Macdonald has appointed Karen Charlery as Chief Operating Officer, effective 23 June 2025. Charlery joins from BlackRock, where she was EMEA Head of Regulatory Change, bringing over 20 years of experience in financial services. She replaces Gavin Neilson, who has served as interim COO since August 2024. (Financial Planning Today, 15/5/2025, 'Brooks Macdonald looks to Blackrock for new COO')Rathbones Asset Management has appointed Emma Letheren, formerly of RBC Capital Markets, as an equity research analyst in its multi-asset team. With over seven years of experience focusing on European consumer staples, Letheren will report to fund manager Will McIntosh-Whyte and head of multi-asset investing David Coombs. (Sophie Downes, 22/5/2025, Citywire Wealth Manager, 'Rathbones AM boosts multi-asset team with ex-Amati hire')In further news...Rathbones Asset Management has strengthened its distribution leadership with the appointments of James Crossley as Head of Asset Management Distribution, Abigail Sater as Head of Distribution Strategy, and Kim Nelson as Business Development Director for Scotland and Northern Ireland. Crossley brings over 25 years of experience from LGIM and Jupiter Asset Management, Sater joins from The Big Exchange and Standard Life Aberdeen, and Nelson previously led client relationships at Schroders. These hires are part of Rathbones' strategic initiative to enhance its intermediary and regional distribution capabilities. (Darius McQuaid, 13/5/2025, Money Marketing, 'Rathbones AM makes three senior hires to distribution team')Canaccord Wealth has appointed Gary Steel as a Senior Wealth Planner in London, bringing over 25 years of experience from Brewin Dolphin, where he was Divisional Director; Steel will focus on lifestyle financial planning and report to David Goodfellow, Head of Wealth Planning at Canaccord Wealth. (Financial Planning Today, 8/5/2025, 'Canaccord adds senior Planner from Brewin Dolphin')Louis Petherick will join Nucleus Financial Platforms as Group Chief Risk Officer in August 2025, bringing over 20 years of risk leadership experience from Brooks Macdonald, FNZ UK, and AJ Bell; he succeeds interim CRO Richard Collins. (Dan Cooper, 8/5/2025, Money Marketing, 'Nucleus appoints Louis Petherick as group CRO')Evelyn Partners has appointed David Little as a Partner in financial planning at its Glasgow office. He joins from 7IM Private Client, bringing over 25 years of experience and holds Chartered Financial Planner status as well as Fellowship with the Personal Finance Society. His appointment strengthens the firm's financial planning and investment services across Scotland. (Financial Planning Today, 7/5/2025, 'Evelyn Partners adds Chartered Planner to Glasgow team')Darren Bentley, former Chief Customer Officer at MoneySuperMarket and MoneySavingExpert with over 20 years’ experience, has joined Flagstone as Chief Growth Officer to drive its billion-pound growth strategy, focusing on asset growth, customer experience, and digital marketing. (Dan Cooper, 7/5/2025, Money Marketing, 'Flagstone appoints former MoneySupermarket executive to drive billion-pound growth strategy')Warren Buffett, at 94, announced he will step down as CEO of Berkshire Hathaway by the end of 2025, after leading the company for over 60 years; he has recommended Greg Abel, currently Vice Chairman of non-insurance operations and CEO of Berkshire Hathaway Energy, as his successor. (Financial Planning Today, 6/5/2025, 'Buffet to step down as CEO of Berkshire Hathaway')Chancellor Rachel Reeves has appointed Julia Black, Anita Kimber, John Ball, and Stéphane Malrait as new Non-Executive Directors to the FCA Board, with terms starting between May and October 2025; Richard Lloyd’s term has also been extended. The appointees bring strong expertise in financial regulation, technology, pensions, and market structure, supporting the FCA’s goal to strengthen regulatory capabilities and align with the government’s Plan for Change. (Financial Planning Today, 6/5/2025, 'Chancellor appoints four new FCA board members')Jo Swain has been appointed Chief Risk Officer at Clifton Asset Management, bringing over 30 years of experience in financial services. Previously, she served as Compliance Director at Succession Wealth and held senior roles at Barclaycard, Aviva Life Insurance, and Phoenix Group. Jo will join Clifton's main board in early May 2025, contributing to the company's growth and regulatory compliance efforts. (Tom Browne, 6/5/2025, Money Marketing, 'Clifton Asset Management appoints Jo Swain as chief risk officer')All information provided in this market digest has been gathered from Financial Planning Today, Money Marketing, Citywire Wealth Manager, and IDEX Consulting.

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General Insurance newsletter Friday 30th May 2025

Insurance NewsCounter offers - the real truth behind the proposal - Before accepting a counter-offer, reflect on why you wanted to leave, assess whether the offer genuinely addresses those concerns, and weigh it against the new opportunity in terms of career growth, culture, and long-term goals—keeping in mind that most who accept counter-offers still leave within a year. (IDEX Consulting news, 'Counter offers - the real truth behind the proposal')Time for a pay rise? Check your salary with our calculator - The IDEX Consulting Salary Calculator helps you benchmark your pay against current market rates. By entering your role, experience, and location, you get a personalised salary range - ideal for career planning, job moves, or salary reviews. (IDEX Consulting news, 'Time for a pay rise? Check your salary with our calculator')How is AI shaping the insurance sector? - AI is transforming insurance by streamlining underwriting, speeding up claims, improving fraud detection, and enhancing customer service through tools like generative AI and predictive analytics—despite challenges with legacy systems and regulation. Learn what tools you should be taking advantage of. (IDEX Consulting news, 'How is AI shaping the insurance sector?')Bad hires are costing employers: here's how you can improve your process - To enhance hiring outcomes, employers should adopt structured interviews, utilise behavioural techniques, and incorporate AI tools and cognitive assessments. This approach reduces bias, improves candidate evaluation, and helps avoid costly hiring mistakes. (IDEX Consulting news, 'Bad hires are costing employers: here's how you can improve your process')Helios Underwriting reported a stable underwriting profit of £31.6 million for 2023, up from £116,000 in 2022, despite a 5.6% reduction in its 2025 portfolio capacity to £484 million; the firm attributes this to strategic adjustments, including reduced exposure to new syndicates and a focus on established ones, aiming for sustained profitability and shareholder returns. (Kenneth Araullo, 29/5/2025, Insurance Business, 'Helios records stable underwriting profit amid lower headline earnings')Tokio Marine Holdings has launched Tokio Marine GX (TMGX), a new platform offering up to $500 million in coverage per risk to support businesses in their energy transition efforts; TMGX will provide tailored insurance and risk advisory services for sectors like renewable energy, nuclear, and hydrogen, aiming to facilitate decarbonisation and unlock investment in sustainable initiatives. (Rod Bolivar, 29/5/2025, Insurance Business, 'Tokio Marine creates climate risk platform')CFC has launched a free, CII- and III-accredited Cyber Masterclass to boost brokers' cyber insurance expertise, offering video modules on cybercrime, claims, and client communication, plus case studies and practical tools to close knowledge gaps. (Kenneth Araullo, 28/5/2025, Insurance Business, 'CFC unveils global cyber training programme for insurance brokers')A recent Willis (WTW) survey of 500 global executives reveals that 65% now view cyberattacks as the top reputational risk, up from 52% in 2023, while 64% cite environmental concerns, also a significant rise. Despite increased preparedness—87% have formal crisis response teams and 91% conduct annual drills—only 11% report strong capabilities to forecast the financial impact of reputational events. This highlights a gap between operational readiness and analytical insight in managing reputational risks. (Josh Recamara, 28/5/2025, Insurance Business, 'Cyber threats and environmental issues top reputational risks - survey')Eleos Life, a UK-based digital insurer, has expanded into the US market by partnering with Assurity and SCOR to offer embedded term life and disability insurance via banks, credit unions, and fintech platforms. Licensed in 41 states and the District of Columbia, Eleos Life provides fully online, API-integrated policies that include remote primary care and mental health support. This move aims to address the significant underinsurance gap in the US, where fewer than 30% of individuals hold term life insurance, and around 18% have individual disability coverage. (Josh Recamara, 28/5/2025, Insurance Business, 'Eleos Life enters US market via partnerships with Assurity and SCOR')Allianz's 2024 Safety and Shipping Review highlights a record low of 27 total losses of large vessels, down from 35 in 2023, yet underscores emerging risks such as geopolitical tensions, piracy resurgence, and the expansion of the "shadow fleet"—unregulated tankers transporting Russian oil, now comprising up to 20% of the global crude oil tanker fleet. (Kenneth Araullo, 27/5/2025, Insurance Business, 'New hazards emerge as maritime safety metrics improve – Allianz')Allianz's global insurance sector grew by 8.6% in 2024, reaching €7.0 trillion in premiums, with life insurance leading at €2.9 trillion, followed by P&C at €2.4 trillion and health at €1.7 trillion; North America was the dominant market, contributing over half of global P&C premiums. (Kenneth Araullo, 27/5/2025, Insurance Business, 'Global insurance charts steady growth across key segments – Allianz')Howden's 2025 report indicates that the credit and political risk insurance (CPRI) market remains steady, valued at approximately $49 billion globally, with consistent underwriting profitability and sustained demand driven by geopolitical tensions and economic uncertainties. (Josh Recamara, 27/5/2025, Insurance Business, 'Credit and political risk insurance market remains steady in 2025 – Howden report')Mergers and AcquisitionsAdvent International has entered exclusive negotiations to acquire Paris-based insurance broker Kereis from Bridgepoint; the deal, pending regulatory and employee approval, aims to bolster Kereis's digital capabilities and European market presence. (Rod Bolivar, 29/5/2025, Insurance Business, 'Kereis in ownership talks with Advent')GOAT Insurance has completed its first UK acquisition by buying IGG Insurance’s full book of business, with IGG’s managing director and team joining GOAT to ensure client continuity; the deal supports GOAT’s expansion and plans to develop AI-driven service improvements. (Josh Recamara, 28/5/2025, Insurance Business, 'GOAT Insurance completes acquisition of IGG Insurance assets')MoversAtrium has promoted Adam Payne to Deputy Head of Digital Underwriting, where he will support the expansion of digital operations, lead initiatives like AUGold, and contribute to innovation efforts including Lloyd’s Lab and Atrium Innovate. (Kenneth Araullo, 29/5/2025, Insurance Business, 'Insurance hires: Atrium, Gallagher, Root Platform')Gallagher has appointed Steve Parker as Managing Director of Vasek Insurance, succeeding James Collins (now leading Gallagher’s national real estate offering); Parker will oversee operations, product development, and distribution, reporting to David Birch, and brings 30+ years of experience from roles at Staysure, Jensten, and Coversure. (Kenneth Araullo, 29/5/2025, Insurance Business, 'Insurance hires: Atrium, Gallagher, Root Platform')Root Platform has appointed Oliver Evans as Head of Growth UK, tasking him with leading UK expansion and supporting digital distribution of delegated authority products; he brings experience from Praedicat, Loro, and Lloyd’s, with a background in go-to-market strategy and insurance innovation. (Kenneth Araullo, 29/5/2025, Insurance Business, 'Insurance hires: Atrium, Gallagher, Root Platform')AXIS Capital has announced a series of leadership changes within its Global Markets division to enhance underwriting effectiveness and operational performance across its specialty insurance lines. Key appointments include Sarah Stephen as Head of Liability, overseeing General Liability and International Casualty MGA teams; Raj Brar as Head of Construction, succeeding Anna Woolley; and Sam Patrick in the newly created role of Head of Global Markets Transformation, focusing on operational efficiency and product innovation. Additionally, the UK Property binder team will now operate under the Global Markets Property division, led by Steve Cross. These changes aim to bolster collaboration and leadership depth within AXIS's underwriting and operations teams. (Jonalyn Cueto, 29/5/2025, Insurance Business, 'AXIS Capital announces leadership changes')BIP has appointed Lisa Orme as Partner and Head of its UK insurance practice, leveraging her 20+ years’ experience from Capgemini and DXC to expand the client portfolio, develop services, and tailor BIP’s global capabilities to address UK market challenges including regulatory risk, AI, ESG, and digital transformation. (Josh Recamara, 28/5/2025, Insurance Business, 'Insurance moves at BIP and Thoughtworks')Thoughtworks has appointed Rav Hayer as Managing Director for UK & Ireland and head of BFSI for Europe, bringing 25+ years of financial services tech and transformation experience from Alvarez & Marsal to drive strategic growth, digital innovation, and client relationships across the region. (Josh Recamara, 28/5/2025, Insurance Business, 'Insurance moves at BIP and Thoughtworks')Clearway Group has appointed Phil Doyle as CEO, succeeding Peter Eglinton. With over 20 years in the security and safety sector, including roles at Bosch Security Systems and AXIS Communications, Doyle aims to drive growth across core European markets. Under his leadership, Clearway has expanded into Germany and Austria, complementing its existing operations in the UK and France. (Josh Recamara, 27/5/2025, Insurance Business, 'Insurance moves at Clearway Group and Zurich UK')Zurich UK has appointed Georgina Davis as Head of Regional Market for the Midlands, South West, and Wales, where she will lead regional operations and broker engagement to drive growth, leveraging her broker-focused experience and prior role shaping Zurich’s distribution strategy. (Josh Recamara, 27/5/2025, Insurance Business, 'Insurance moves at Clearway Group and Zurich UK')All information provided in this market digest has been gathered from Insurance Business and IDEX Consulting.

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General Insurance newsletter Friday 23rd May 2025

Insurance NewsRisk and Compliance talent insights: advice for employers and job seekers - The risk and compliance sector is rapidly growing, with competition for specialist talent on the rise. There’s high demand for expertise in M&A, climate risk, ESG, data privacy, and consumer duty. Automation and AI continues to transform the profession, with businesses seeking expertise in data, technology and governance. R&C Business Director, Jack Johnson shares strategic recruitment advice in his opinion piece. (IDEX Consulting news, 'Risk and Compliance talent insights: advice for employers and job seekers')2025 UK and US insurance regulatory changes - This year, UK and US insurers and brokers face stricter regulations on data protection, consumer fairness, and climate risk. The UK’s FCA expands Consumer Duty for transparency and vulnerable customers, while the Data Reform Bill targets algorithmic transparency. In the US, the NAIC data security law enhances data security and consumer control, with heavy penalties for non-compliance. The UK also mandates climate risk disclosures under TCFD, requiring firms to report climate-related risks and adjust strategies accordingly. (IDEX Consulting news, '2025 UK and US insurance regulatory changes')How to tackle the insurance gender imbalance - Gender parity remains a major challenge in insurance, with women holding 45% of entry-level roles but only 18% of C-suite positions and just 15.7% of UK broking roles. Addressing this requires proactive action from employers and partners to ensure equitable practices. How can employers close the 28.8% gender pay gap and authentically tackle unconscious bias, especially for women balancing caregiving? We share more in our article. (IDEX Consulting news, 'How to tackle the insurance gender imbalance')Using diversity of thought to drive retention - Championing diverse perspectives in the workplace requires proactive allyship, including educating oneself on different cultures, addressing biases and microaggressions, fostering psychological safety for open dialogue, and reflecting on past experiences to improve future actions. Read more to adopt practical ways to build a more remote inclusive environment where all voices are heard and valued. (IDEX Consulting news, 'Using diversity of thought to drive retention')ARAG Group reported a 17.4% surge in premium income for 2023, reaching €172.5 million, driven by strong growth in legal insurance across international markets. (Josh Recamara, 23/5/2025, Insurance Business, 'ARAG Group sees premiums surge by more than 17%')CFC has expanded its cyber cover for high-risk sectors like digital health, fintech, and tech, adding AI-specific protections, revenue loss cover, and built-in cyberattack prevention. (Roxanne Libatique, 22/5/2025, Insurance Business, 'CFC boosts cyber cover for high-risk digital sectors')HDI Global SE reported a strong start to 2025, with Q1 insurance revenue rising to €2.6 billion and net income increasing to €141 million, driven by new business growth and inflation-linked pricing, despite large catastrophe losses. (Kenneth Araullo, 22/5/2025, Insurance Business, 'HDI Global sees strong start to 2025 despite catastrophe losses')Generali reported an 8.9% year-over-year increase in Q1 2025 operating profit to €2.07 billion, with growth across all segments—particularly in property and casualty (P&C), which saw an 18.7% rise in operating result and an improved combined ratio of 89.7%; life net inflows rose 30.4% to over €3 billion, driven by strong performance in Italy and Germany. (Kenneth Araullo, 22/5/2025, Insurance Business, 'Generali posts growth across all segments in Q1 update')Geo Underwriting has partnered with Merit Advantage to offer agricultural policyholders a 5% discount on a digital risk management platform that streamlines asset tracking, safety checks, and compliance, aiming to enhance operational efficiency and reduce administrative burdens for farmers and estate managers. (Josh Recamara, 22/5/2025, Insurance Business, 'Geo Underwriting partners up to boost agricultural clients')Acrisure has secured $2.1 billion in funding led by Bain Capital, elevating its valuation to $32 billion; the capital will support refinancing, strategic acquisitions, and expansion of its fintech platform targeting SMEs globally, including services in real estate, cybersecurity, payroll, and wealth solutions. (Kenneth Araullo, 21/5/2025, Insurance Business, 'Acrisure secures major capital backing to advance fintech strategy')Tokio Marine reported a 56% year-over-year increase in net income for fiscal 2024, reaching ¥1.1 trillion (approximately $7.4 billion), driven by improved underwriting performance in key markets like North America and Brazil, reduced catastrophe losses in Japan, and accelerated sales of business-related equities. (Josh Recamara, 21/5/2025, Insurance Business, 'Tokio Marine sees net income almost double')Marks & Spencer projects a £300 million loss in operating profit for fiscal 2025/26 due to an April cyberattack attributed to the Scattered Spider group, which disrupted online operations and compromised customer data; the retailer expects to mitigate some losses through insurance claims up to £100 million and aims to resume full online services by July. (Kenneth Araullo, 21/5/2025, Insurance Business, 'Marks & Spencer projects massive losses after cyberattack')LV’s 2024 data shows mental health is now the third leading cause of income protection claims, making up 15% of cases, with a 61% rise in use of remote psychological support. Despite this, 48% of UK adults remain without income protection. (Kenneth Araullo, 21/5/2025, Insurance Business, 'Mental health now third leading cause of income protection claims – LV=')Xceedance has received Chartered Insurance Institute (CII) accreditation for its XCERA catastrophe risk modelling training programme, enhancing global recognition and supporting professional development in risk analytics. (Josh Recamara, 21/5/2025, Insurance Business, 'Xceedance gets CII accreditation for catastrophe risk modelling training programme')Marsh has been appointed by the Australian government to manage insurance and risk advisory for the Royal Australian Navy’s Maritime Insurance Program, covering assets such as six Hunter-class frigates, three Hobart-class destroyers, and six large surface vessels. The program supports a significant naval fleet expansion and infrastructure development initiative, positioning Marsh to engage with global marine insurance markets to secure suitable coverage terms. (Roxanne Libatique, 20/5/2025, Insurance Business, 'Marsh secures navy insurance role')MS Amlin’s 2024 profit after tax fell to £149 million (from £197 million in 2023) under IFRS 17, despite a rise in net premiums to £1.575 billion and an underwriting profit of £215 million; 2025 net income is projected at £189 million, including wildfire loss provisions. (Kenneth Araullo, 20/5/2025, Insurance Business, 'MS Amlin sees profits fall')West of England P&I Club’s combined ratio rose to 103.9% in 2024–25 due to higher International Group Pool claims, but its three-year average ratio hit an eight-year low of 98.4%; investment returns of $44M boosted reserves to $306.1M, with an A- rating from AM Best. (Josh Recamara, 19/5/2025, Insurance Business, 'West of England P&I Club sees combined ratio sink')Mergers and AcquisitionsBMS Group has acquired Istanbul-based insurance broker Oria Sigorta, enhancing its presence in Turkey and the Middle East. Oria's team will integrate into BMS Turkey, with Founder Cenk Erden becoming Chief Growth Officer. (Josh Recamara, 23/5/2025, Insurance Business, 'BMS Group buys Istanbul-based insurance broker Oria Sigorta')Stubben Edge Group has acquired Jaywing UK, a 25-year-old integrated marketing agency and risk consultancy, to enhance its data, analytics, and AI capabilities, particularly supporting its growing distribution platform in financial services. Jaywing's proprietary Accelerator Lab and expertise in data science are expected to complement Stubben Edge’s technology-driven offerings, while Jaywing will continue operating under its existing structure within the group. (Josh Recamara, 22/5/2025, Insurance Business, 'Stubben Edge Group acquires Jaywing UK')Ryan Specialty has acquired 360° Underwriting, a managing general underwriter based in Dublin and Galway, specialising in commercial construction insurance. Founded in 2017, 360° Underwriting offers services such as latent defect insurance and owner-controlled insurance programmes, utilising proprietary modelling practices to manage risk aggregation and maintain consistency across its portfolio. The acquisition allows Ryan Specialty to expand its footprint in Ireland and complement its existing latent defect business. (Kenneth Araullo, 20/5/2025, Insurance Business, 'Ryan Specialty acquires 360° Underwriting to expand in Irish construction market')Deva Risk Group, backed by TBIG, acquired David Vaughan & Co, a 51-year-old North Wales broker with £1.2M GWP; the firm will keep its name and staff, with Founder David Vaughan stepping down and his son Andrew becoming Managing Director. This marks Deva’s second regional acquisition in 2025 as it aims to grow GWP to £20M by 2027. (Josh Recamara, 19/5/2025, Insurance Business, 'TBIG's Deva Risk acquires David Vaughan & Co')MoversTokio Marine HCC International (TMHCCI) has appointed Claire Spiteri as Senior Underwriter in its professional risks division. Based in Manchester, Spiteri joins from AIG, where she specialised in professional indemnity across sectors like construction, engineering, and media. She will focus on expanding TMHCCI’s professional indemnity and management liability portfolios while strengthening broker relationships across the UK. (Josh Recamara, 23/5/2025, Insurance Business, 'Tokio Marine HCC names AIG veteran as senior underwriter')Aspen Insurance has appointed Jon Kattman as Head of Inland Marine, where he will lead the underwriting team from Atlanta, overseeing strategy and risk management; Kattman brings over 14 years of underwriting experience, having joined Aspen in 2017 and previously serving as Senior Vice President, Head of Field for Inland Marine. (Josh Recamara, 22/5/2025, Insurance Business, 'Insurance moves: Aspen, Send and AXA XL')Send Technology Solutions has promoted Shelley McCormack to Chief of Staff, where she will drive cross-functional collaboration and support international expansion; McCormack previously led delivery and strategic projects after joining from Aviva. (Josh Recamara, 22/5/2025, Insurance Business, 'Insurance moves: Aspen, Send and AXA XL')AXA XL has named Tavpraneet Singh as Chief Underwriting Officer for International Financial Lines across APAC and Europe, effective June 1, succeeding Ana Dores, who becomes Country Leader for Iberia; Singh, who has held senior roles for AXA XL including Regional Product Leader for Financial Lines and Cyber since 2021, will oversee underwriting strategy for PI, management liability, FI, cyber, and M&A. (Josh Recamara, 22/5/2025, Insurance Business, 'Insurance moves: Aspen, Send and AXA XL')Rebekah Clement is stepping down from her role as Corporate Affairs Director at Lloyd’s to pursue a new opportunity outside the organisation. During her tenure, she led efforts to develop Lloyd’s sustainability framework and contributed to its communications strategy, enhancing its profile as a global reinsurance marketplace. Clement brings over two decades of experience in corporate affairs, including senior positions in both the public and private sectors, notably with New Zealand’s Department of Prime Minister and Cabinet. (Kenneth Araullo, 19/5/2025, Insurance Business, 'Rebekah Clement steps down from Lloyd's')HDI Global appointed Phil McDowell as Global Sales & Distribution Lead for International Programmes and Captives; he will drive global broker relationships, enhance client portals, and support marketing. McDowell, a Chartered Insurer with experience at RSA and Allianz, will be based in London within the global IP department, where HDI manages 5,300 programmes across 175+ countries. (Kenneth Araullo, 19/5/2025, Insurance Business, 'HDI Global, McLarens announce key leadership appointments')McLarens appointed Shoukat Ali Bhamani as its first global Chief Information Officer, joining the management team to lead IT strategy, ERP development, data infrastructure, and analytics, focusing on operational resilience and tech-driven client improvements. Bhamani brings 20+ years’ experience in enterprise tech and digital transformation, with leadership roles at Luk, Schaeffler, and Serta Simmons Bedding. (Kenneth Araullo, 19/5/2025, Insurance Business, 'HDI Global, McLarens announce key leadership appointments')All information provided in this market digest has been gathered from Insurance Business and IDEX Consulting.

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