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General Insurance newsletter Friday 4th July 2025

Insurance NewsIDEX Salary Calculator: Is it time for a pay rise? - Use the data from our free salary calculator to arm yourself with accurate market benchmarks that you can use to influence your employer. (IDEX Consulting news, 'IDEX Salary Calculator: Is it time for a pay rise?')Beat your competitors with a compelling sustainability strategy - Building a sustainability strategy is essential for businesses to attract talent, meet investor expectations, and adapt to regulatory demands. Key steps include aligning with the UN sustainability goal framework, avoiding greenwashing, and embedding sustainability into operations to drive resilience and long-term success. (IDEX Consulting news, 'Beat your competitors with a compelling sustainability strategy')Maximising MGA partnerships for future success - The MGA market is experiencing rapid growth, driven by demand for specialised insurance, technological advancements, and M&A activity. However, challenges like capacity constraints and regulatory compliance require MGAs to diversify capacity sources, embrace innovation, and maintain disciplined underwriting. (IDEX Consulting news, 'Maximising MGA partnerships for future success')Looking to hire? Here's how IDEX can help you - IDEX Consulting connects employers with top talent through a network of 70,000 professionals, leveraging advanced technology, market intelligence, and strategic marketing to deliver tailored recruitment solutions with a 98% long-term placement success rate. (IDEX Consulting news, 'Looking to hire? Here's how IDEX can help you')The UK's managing general agent (MGA) sector faces increasing pressure due to economic headwinds, regulatory scrutiny, and shifting risk appetites, while balancing innovation, underwriting discipline, and compliance to remain key players in the evolving insurance ecosystem, according to a report by Clyde & Co in collaboration with the Managing General Agents’ Association (MGAA). (Josh Recamara, 4/7/2025, Insurance Business, 'UK's MGA sector under pressure - report')The growing solar energy market presents new opportunities for insurance brokers, driven by increased capacity and lower pricing. However, challenges like extreme weather risks, supply chain tariffs, and the complexity of long-term investments require brokers to focus on resilience and tailored risk management, according to Jason Kaminsky, CEO of kWh Analytics.(Daniel Wood, 3/7/2025, Insurance Business, 'Solar farms and broker opportunities')A series of limpet mine attacks on oil tankers, suspected to target Russia's "shadow fleet," and Germany's new maritime insurance compliance checks have disrupted global shipping markets, driving up war risk premiums and tightening insurance terms amid heightened geopolitical tensions. (Matthew Sellers, 3/7/2025, Insurance Business, 'Limpet mine attack adds to insurer war risk chaos')Hiscox has launched the UK’s first affirmative AI liability cover, updating its Technology Professional Indemnity policy to address risks from AI use, including faulty outputs and third-party harm, while providing clear, explicit terms for emerging tech liabilities. (Manal Ali, 3/7/2025, Insurance Business, 'Hiscox launches first affirmative AI liability cover in UK market')In further news...Hiscox has launched a new Cargo API to streamline the placement of small cargo and stock throughput risks. Targeting SMEs, the digital solution allows brokers to quote and bind risks instantly, covering goods like clothing and equipment with limits up to $5 million. Developed in-house, the API addresses a market gap for smaller value cargo risks and is backed by Hiscox’s claims team. (Josh Recamara, 1/7/2025, Insurance Business, 'Hiscox launches new cargo API solution')Allianz Commercial has launched the CAReS platform to help businesses assess and mitigate climate risks, offering data-driven insights on 12 climate perils and projections across multiple timeframes to support long-term resilience planning. (Kenneth Araullo, 2/7/2025, Insurance Business, 'Allianz Commercial launches CAReS climate risk platform for businesses')MS Amlin has consolidated its brand under a single trading identity, unifying its global presence and simplifying engagement for brokers, partners, and clients, as part of a broader restructuring by parent firm Mitsui Sumitomo Insurance. (Kenneth Araullo, 2/7/2025, Insurance Business, 'MS Amlin consolidates brand under single trading identity')Affinity Brokers has rebranded as Acrisure UK Broking Limited, reflecting Acrisure’s strategy to unify its UK operations under a single identity and strengthen its brand presence. The Glasgow-based firm will continue serving clients locally, with no changes to staff or service levels, marking a milestone in its growth under the Acrisure structure. (Josh Recamara, 2/7/2025, Insurance Business, 'Affinity Brokers rebrands as Acrisure UK Broking Limited')MBC Insurance has rebranded as Clear Insurance Ireland, aligning with Clear Group’s strategy to consolidate its Irish operations under a unified brand. The move follows Clear Group’s acquisition of MBC in 2023 and aims to integrate services while maintaining local client relationships and continuity. (Josh Recamara, 2/7/2025, Insurance Business, 'MBC Insurance rebrands as Clear Insurance Ireland')Brokerslink has added Drivento and HWF Partners to its global network, enhancing expertise in innovation and transactional risk insurance. Drivento offers strategic consulting across multiple regions, while HWF specialises in transactional risk solutions, having advised on over 5,800 deals. These additions expand Brokerslink’s reach to 133 countries with over 45,000 professionals. (Kenneth Araullo, 30/7/2025, Insurance Business, 'Brokerslink adds Drivento and HWF to boost global expertise')Lloyd’s has welcomed the US decision to withdraw Section 899 from its reconciliation bill, which would have significantly increased taxes on foreign insurers. The move, supported by G7-level agreements, ensures continued international investment and protects Lloyd’s operations in its largest market, the US. (Kenneth Araullo, 30/7/2025, Insurance Business, 'Lloyd's welcomes US tax rollback that protects foreign insurers')Aon CEO Greg Case has called for $1 trillion in private capital over the next decade to address insurance gaps in natural disasters and cyber risks. With only a fraction of global losses currently insured, Aon is focusing on alternative capital, parametric solutions, and advanced analytics to meet rising demand and reduce volatility for clients. (Josh Recamara, 30/7/2025, Insurance Business, 'Aon CEO says $1 trillion in private capital needed to bridge insurance gaps')BIBA has released a new guide to help brokers understand and adopt AI in their operations. Developed with input from members and supported by Markel, the guide covers AI use cases, regulatory considerations, and practical insights. It emphasises ethical adoption and ongoing oversight while highlighting AI’s transformative potential in the insurance sector. (Josh Recamara, 30/7/2025, Insurance Business, 'BIBA releases new guide on AI')Mergers and AcquisitionsActivate Group has acquired Avant Group, a UK-based collision repair specialist, to expand its accident management and repair operations. Backed by private equity firm Elysian Capital, the deal includes Avant’s three core units and integrates Bodynet’s digital tools to enhance efficiency. (Josh Recamara, 4/7/2025, Insurance Business, 'Activate Group buys UK-based collision repair specialist')Specialist Risk Group (SRG) has acquired Generation Underwriting, a Newcastle-based managing general agent, to enhance its regional underwriting capabilities in property, liability, and fleet, integrating the business into its MX division while retaining its local market focus. (Josh Recamara, 3/7/2025, Insurance Business, 'Specialist Risk Group buys Generation Underwriting')HSBC has agreed to sell its UK life insurance unit, HSBC Life (UK), to Chesnara for £260 million as part of its global streamlining strategy, focusing on core banking and Asia. The deal, expected to complete in early 2026, will add £4 billion in assets under administration and 454,000 policies to Chesnara’s UK operations. (Insurance Business, 3/7/2025, 'HSBC sells UK life unit to Chesnara amid global streamlining strategy')Aviva’s £3.7 billion acquisition of Direct Line has received final approval from the CMA. The deal will double Aviva’s UK motor insurance market share, with plans to retain Direct Line’s brands while restructuring operations and leadership to achieve £125 million in annual cost synergies. (Kenneth Araullo, 1/7/2025, Insurance Business, 'Aviva's Direct Line takeover clears final hurdle with CMA nod')AXA has sold its investment unit, AXA Investment Managers, to BNP Paribas for €5.1 billion, forming a €1.5 trillion asset management entity. The deal includes a long-term partnership for investment services and is expected to generate a €2.2 billion net income gain for AXA, despite a €0.4 billion annual earnings reduction. BNP Paribas aims to expand in private markets through this acquisition. (Kenneth Araullo, 1/7/2025, Insurance Business, 'AXA sells investment unit to BNP Paribas in strategic asset shift')The Ardonagh Group has secured a $2.5 billion equity investment led by Stone Point Capital, valuing the company at $14 billion. The funds will support global expansion, M&A activity, and technology initiatives like Ardonagh Intelligence. Formed in 2017, Ardonagh now places $18 billion in gross written premiums annually across multiple markets. (Josh Recamara, 1/7/2025, Insurance Business, 'Ardonagh Group completes $2.5 billion equity investment')MoversArch Insurance International has appointed Stephen Convery as Senior Construction Underwriter to strengthen its global construction portfolio, bringing over 18 years of experience in the construction insurance market, including a similar role at SCOR. (Kenneth Araullo, 3/7/2025, Insurance Business, 'Insurance hires: Arch, Ki')Ki has appointed Jacques Bonneau as Non-Executive Chair of Ki Financial Limited, effective July 1, bringing extensive leadership experience from roles such as President and CEO of PartnerRe, Group Chief Underwriting Officer at Chubb, and Senior Adviser to the Bermuda Monetary Authority, alongside current non-executive positions with Brit Re and Novel. (Kenneth Araullo, 3/7/2025, Insurance Business, 'Insurance hires: Arch, Ki')Aviva has finalised its merger with Direct Line Group, unveiling a new leadership team led by Jason Storah, CEO of the combined businesses, who brings extensive experience as CEO of Aviva UK & Ireland General Insurance. Owen Morris has been appointed CEO of UK personal lines, overseeing both Aviva and Direct Line’s personal lines businesses.(Kenneth Araullo, 2/7/2025, Insurance Business, 'Aviva confirms new leadership team after Direct Line merger')CFC has appointed Ian McLean as Chief Technology Officer. With experience as Chief Product and Technology Officer at Pollinate and senior roles at Covéa, UnderwriteMe, and Validis, McLean will lead CFC’s technology roadmap, focusing on AI-driven underwriting and operational scalability. (Josh Recamara, 2/7/2025, Insurance Business, 'Insurance moves: Aspen, CFC, HF, UK P&I Club, ISC Group and Brokerslink')Aspen Insurance Holdings has appointed Mariza Costa as Head of Investor Relations, a newly created role. With over 20 years of experience, including positions at Everest Group, AM Best, and Allianz, Costa will manage Aspen’s investor, analyst, and rating agency relationships, while supporting shareholder communications and strategic insights. (Josh Recamara, 2/7/2025, Insurance Business, 'Insurance moves: Aspen, CFC, HF, UK P&I Club, ISC Group and Brokerslink')Legal and insurance advisory firm HF has appointed eight new partners across restructuring, employment, catastrophic injury, property, cyber consultancy, and credit hire, following CBPE’s 2024 investment. Notable appointments include Peter Crewe (restructuring & insolvency), Gareth Matthews (employment), Claire Dinoff and Mark Dunn (catastrophic injury), Steven Smith (property), Matthew Stanton (casualty), Craig Kennedy (cyber consultancy), and Melanie Mooney (credit hire), each bringing specialised expertise to their roles. (Josh Recamara, 2/7/2025, Insurance Business, 'Insurance moves: Aspen, CFC, HF, UK P&I Club, ISC Group and Brokerslink')The UK P&I Club has announced two senior promotions in its safety & risk management division. Ansuman Ghosh, who joined the Club in 2018 and has held various technical and operational roles, becomes Director of Engineering, focusing on maritime technology transitions and decarbonisation. Akshat Arora, now Regional Loss Prevention Director for Singapore, will lead efforts in the Asia-Pacific region, building on his extensive experience in loss prevention. These roles aim to help members address regulatory changes and emerging risks like cyber security and sustainability. (Josh Recamara, 2/7/2025, Insurance Business, 'Insurance moves: Aspen, CFC, HF, UK P&I Club, ISC Group and Brokerslink')ISC Group, the global network championing women in insurance, has appointed Huw Evans, Partner and Head of Insurance at KPMG UK, as its first male ambassador. Evans, who has advised on regulatory and climate-related risks and held industry leadership roles, will support ISC’s mission to promote gender balance and inclusive leadership in insurance and financial services. (Josh Recamara, 2/7/2025, Insurance Business, 'Insurance moves: Aspen, CFC, HF, UK P&I Club, ISC Group and Brokerslink')Conrad Wong, Chief Commercial Officer of Nova Insurance Consultants in Hong Kong and Managing Director of its Beijing operations, has joined the board of directors of Brokerslink, a global broking network. Wong’s international experience is expected to enhance collaboration across the network. His appointment follows the retirement of long-serving Nova CEO Patrick Chan, whose contributions to the Asia-Pacific insurance industry were recognised by Brokerslink President and CEO José Manuel Fonseca. (Josh Recamara, 2/7/2025, Insurance Business, 'Insurance moves: Aspen, CFC, HF, UK P&I Club, ISC Group and Brokerslink')Liberty Specialty Markets has appointed Niala Butt as Head of Casualty Claims for the UK. With 28 years of experience, including roles at CNA Hardy, Butt will oversee the casualty claims team, focusing on operational efficiency and stakeholder engagement. This appointment follows recent leadership changes and reflects LSM’s commitment to diversity and evolving client needs. (Josh Recamara, 1/7/2025, Insurance Business, 'Liberty Specialty Markets names head of casualty claims for UK')All information provided in this market digest has been gathered from Insurance Business and IDEX Consulting

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What does nuclear fusion energy mean for insurers?

The global pursuit of clean, abundant energy has brought nuclear fusion from the realm of science fiction closer to commercial reality. As the prospect of operational nuclear fusion reactors in the 2030s looms, a compelling call is being made to insurers across the industry to actively back this transformative technology. This isn't merely about new business opportunities, it's about enabling a future energy source with profound implications for climate change, energy security, and economic stability.Is fusion energy safer?Nuclear fusion, the process that powers the sun and stars, involves fusing light atomic nuclei together to release immense amounts of energy. Unlike nuclear fission, which currently powers nuclear plants, fusion reactions do not produce any long-lived radioactive waste. The source relies on readily available fuels like deuterium, abundant in seawater, and tritium which future plants can produce themselves.Crucially, fusion is considered an inherently safe method for power generation. If perurbation occurs, the fusion reaction simply stops, effectively turning itself off. This makes a meltdown scenario, as seen in fission reactors, practically impossible. Experts state that the safety profile of a fusion plant is similar to coal plants, rather than nuclear fission plants, a misconception which needs to be understood across the insurance market. The development of fusion technologyScientists in over 50 countries who have been researching nuclear fusion, have made significant breakthroughs recently, with the development of various machine designs that use powerful magnetic fields and lasers.Bringing fusion energy to life depends on global teamwork and quickly developing new technologies. Institutes will also need to build the right support systems and ensure appropriate safety standards are in place. The ITER project in France, a large-scale international nuclear fusion research and engineering project which began assembly in 2020, will run its first experiments soon. The goal is to prove fusion works for electricity, aiming for full power by 2036. Many experts believe fusion power plants could be in operation by 2050, with private companies even pushing for earlier deployment.UK and US governments leading the charge UK and US Governments are making significant investments to accelerate fusion's development. The UK, for instance, is positioning nuclear fusion as a cornerstone of its industrial strategy, allocating over “£2.5 billion over 5 years to lead the global race for fusion energy, with the STEP [Spherical Tokamak for Energy Production] programme at its core…It aims to deliver a prototype fusion power plant by 2040 at West Burton, Nottinghamshire (Gov.UK: Fusion energy powers UK’s industrial strategy).Similarly, the US is a major player in private-sector fusion investment, leading the way alongside China. Total private investment in global fusion development has increased considerably over the past year, demonstrating growing confidence in its commercial viability. Further US investment is projected to reach $1.5 billion, with the country actively fostering private sector involvement and commercialisation (Nuclear business platform: Top 3 fusion energy players).What does this mean for insurers?Despite the compelling advantages and significant investment, the insurance industry faces a unique challenge in underwriting nuclear fusion. The primary hurdle lies in deeply ingrained perceptions and outdated policy exclusions designed for nuclear fission. “Many developers who are now building pilot and demonstration sites, find themselves subject to policy exclusions that assume persistent decay heat, chain reactions and multi-year spent fuel storage. As a result of this, legacy nuclear-risk clauses drive up insurance premiums, forcing additional capital outlays during the costliest phases—construction and initial operation, especially for first-of-a-kind risks” (Fusion energy insights: Affirmative Insurance Coverage for Fusion, 3 key insights).This blanket approach can lead to inflated premiums and contractual limitations, burdening pilot and demonstration projects with unnecessary capital outlays during the costly phases of development and initial deployment. The Lloyd's Market Association's 2023 revision (LMA5621), for example, retains broad restrictions on all nuclear activities, hindering insurers from providing tailored coverage for fusion's distinct risk profile.As Tim Dodwell, Chief Executive at DigiLab, notes, "We have to accept that fusion is a game of extrapolation, as we scale it up to the size of the reactor that we want. This is much more an engineering risk” (Insurance Times: Insurers urged to back nuclear fusion as commercial viability nears).The complexity of the technology maks determining precise scientific and operational risks, and therefore the appropriate cost of cover for initial constructions, a challenging exercise for insurers.How can insurers respond?The call for insurers to proactively engage with nuclear fusion is growing louder. They are being urged to move beyond fission-era exclusions and embrace affirmative insurance coverage that accurately prices fusion's unique risks. As detailed in Newfront’s (global insurance company) insights piece ‘Affirmative insurance coverage for fusion: 3 key insights’, this includes:Eliminating blanket nuclear exclusions: Replacing meltdown-based triggers with data-driven modelling for partial-load plasma tests and other relevant fusion failure modes.Incorporating lower radiological risk: Acknowledging the short half-lives of activated material and minimal risk of large-scale releases, unlike fission fuel rods.Capturing ancillary industrial exposures: Addressing high-voltage systems, vacuum handling, thermal loops, and specialised tritium-processing lines under standard property and casualty policies.Some major players are already stepping up. Chubb CEO, Evan Greenberg has described next-generation nuclear as an "opportunity hiding in plain sight...[pointing] to the benefits of carbon-neutral power generated by nuclear plants as demand for electricity grows amid an expansion of cloud computing and generative artificial intelligence” (E&E news: Chubb CEO on oil and gas), affirming a willingness to insure it. Munich Re have also expressed interest, “adapting coverage for advanced plants” (Fusion energy insights: Affirmative Insurance Coverage for Fusion, 3 key insights), if clear liability frameworks exist. Surplus lines markets in the US and Bermuda are also exploring first-of-a-kind solutions.For brokers and MGAs, this presents a significant opportunity to be at the forefront of a new, potentially vast market. They will need to work closely with fusion developers and insurers to craft bespoke policies, educate clients on the distinct risk profiles of fusion, and navigate the evolving regulatory landscape. The UK government itself is actively "exploring ways to offer insurance for fusion energy plants at a competitive and fair price," indicating a recognition of insurance as a key enabler (Power Engineering: Fusion and Fission central to UK’s clean energy industrial strategy).Nuclear fusion energy presents substantial opportunities for insurers, where they can unlock new underwriting avenues, contribute to clean energy, and position themselves at the heart of what could become the world's dominant power source. The future of energy, and with it, a significant new market for insurance, hinges on the development of this powerful new source.Sources:E&E news: Chubb CEO on oil and gasFusion energy insights: Affirmative Insurance Coverage for Fusion, 3 key insightsGov.UK: Fusion energy powers UK’s industrial strategyInsurance Times: Insurers urged to back nuclear fusion as commercial viability nearsNuclear business platform: Top 3 fusion energy playersPower Engineering: Fusion and Fission central to UK’s clean energy industrial strategy

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Financial Services newsletter Friday 27th June 2025

Financial Services NewsWealth manager Quilter reported a 200% year-on-year rise in Lifestyle Trusts in 2024, driven by upcoming inheritance tax changes affecting pensions from 2027, prompting clients to restructure wealth and seek tax-efficient solutions. (Financial Planning Today, 25/6/2025, 'Lifestyle Trust numbers rise 200% following IHT shake-up'Manchester-based Pareto Financial Planning reported a 30% rise in new business for the year ending March 2025, fuelled by significant growth in its employee benefits division, which has become a key driver of the firm's expansion. (Financial Planning Today, 25/6/2025, 'Employee benefits drives growth for Pareto FP')AJ Bell has launched "Touch," a streamlined platform designed to help financial advisers implement investment advice more efficiently. The platform features open banking integration, secure messaging, and digital approval tools, aiming to reduce administrative burdens and bridge the advice gap for clients with lower asset values. (Financial Planning Today, 24/6/2025, 'AJ Bell launches streamlined Touch platform')The FCA has announced a focus on "proportionate regulation" in its new 5-year strategy, aiming to simplify rules, reduce outdated requirements, and ease the regulatory burden on smaller firms. This includes reviewing unnecessary data collections and streamlining frameworks to better align with firms' business models. (Financial Planning Today, 19/6/2025, 'FCA to focus on 'proportionate' regulation')Four women CEOs in financial services have been recognised in the King's Birthday Honours List. Debbie Crosbie, CEO of Nationwide, received a damehood; Ruth Handcock, CEO of Octopus Money, was awarded an OBE; Michelle Scrimgeour, former CEO of LGIM, earned a CBE; and Tiina Lee, CEO of Citi UK, also received a CBE for their contributions to the sector. (Financial Planning Today, 16/6/2025, 'Women financial services CEOs awarded King's honours')A study by Capital Group reveals that 27% of high-net-worth (HNW) millennials prefer seeking investment guidance from social media and "finfluencers" over financial advisers (18%). Despite this, 65% of Gen X and millennial inheritors regret their inheritance decisions, with many wishing they had invested more. The research highlights a growing reliance on non-traditional advice sources and the challenges of succession planning. (Financial Planning Today, 13/6/2025, 'HNW millennials prefer finfluencers to advisers')Nine Wealth Management, a Welsh Financial Planning firm and St. James's Place partner, has achieved Chartered Firm status from the Chartered Institute for Securities and Investment (CISI). This recognition highlights their commitment to professionalism, integrity, and client care in financial planning. (Financial Planning Today, 12/6/2025, 'Welsh SJP partner firm gains Chartered Firm status')Tatton Asset Management reported a 28.9% rise in pre-tax profits to £21.6m and a 24% increase in assets under management (AUM) to £21.83bn for the year ending March. The firm also saw a 13.8% growth in IFA firms and a 22% rise in client accounts. CEO Paul Hogarth highlighted strong progress despite market challenges and reaffirmed the goal of reaching £30bn AUM by FY29. (Financial Planning Today, 10/6/2025, 'Tatton profits and AUM climb by a quarter')Intelliflo has launched two new products: Intelliflo IQ, an AI-driven adviser-client relationship tool, and Intelliflo Video, a video integration service. These tools aim to enhance adviser efficiency, streamline financial planning, and improve client engagement. Intelliflo IQ includes AI-powered assistants for engagement and advice, while Intelliflo Video simplifies financial concepts through educational content. (Financial Planning Today, 10/6/2025, 'Intelliflo launches video and AI-driven advised client products')Counter-offers - the real truth behind the proposal - Before accepting a counter-offer, professionals should evaluate their reasons for resigning, consider the long-term impact on job satisfaction, compare career development opportunities, and seek impartial advice, as research shows most who accept counter-offers leave within a year due to unresolved issues. (IDEX Consulting news, 'Counter offers - the real truth behind the proposal')Time for a pay rise? Check your salary with our calculator - Compare your salary against market benchmarks with the IDEX Salary Calculator, designed for professionals in General Insurance and Financial Services. Discover how your earnings stack up against minimum, average, and maximum rates for your role and region, while accessing expert career advice and exploring new job opportunities. (IDEX Consulting news, 'Time for a pay rise? Check your salary with our calculator')Optimise the interview process to find the best hire - Smart hiring starts with mastering the interview process. Employers can improve outcomes by using structured frameworks, multi-method assessments, and diverse panels to reduce bias. Research shows structured approaches cut costs and improve hiring accuracy, while AI tools and active listening further enhance candidate selection. (IDEX Consulting news, 'Optimise the interview process to find the best hire')Financial Services M&A: tips from our experts - M&A activity remains strong, with sellers encouraged to act quickly to maximise sale value. Key strategies include planning exits early, ensuring financials are in order, and leveraging expert advice to navigate regulatory changes. The sooner firms can engage an M&A specialist to help them maximise their earn-out, and avoid unnecessary tax charges, the better. (IDEX Consulting news, 'Financial Services M&A: tips from our experts')Mergers and AcquisitionsWealth managers are shifting M&A strategies, focusing on cultural alignment and long-term value over rapid cost-cutting. SEI research shows 75% of deals aim for growth and scale, with 77% of firms planning acquisitions in 2025. However, only 32% of firms meet financial targets due to under-resourced integrations. (Momodou Musa Touray, 26/6/2025, Money Marketing, 'Wealth managers rethink strategy amid M&A surge')Fairstone has achieved its 100th Downstream Buy Out (DBO) milestone by acquiring Halifax-based Richardson Premier Wealth Ltd. This marks a key step in Fairstone's growth strategy, supporting over 60,000 clients and managing £20bn in assets. The DBO model offers firms operational support and phased earn-outs, with average payouts exceeding 120% of sale value. (Momodou Musa Touray, 26/6/2025, Money Marketing, 'Fairstone reaches 100th DBO milestone with Halifax IFA')Wren Sterling has acquired City Financial, a Scottish financial planner managing £700m in assets under management (AUM), doubling its presence in Scotland and strengthening its national footprint. (Financial Planning Today, 25/6/2025, 'Wren Sterling acquires £700m AUM Scottish Financial Planner')Manchester-based Chartered Financial Planning firm Suttons Independent Financial Advisors has acquired Bolton-based Whitewell Financial Planning, adding £40m in assets under management. This marks Suttons' third acquisition, enhancing its service offerings and expanding its client base while maintaining Whitewell's founder, Phil O’Connor, as the main client contact. (Financial Planning Today, 23/6/2025, 'Manchester-based Chartered Planner acquires Bolton firm')Openwork has acquired Milecross, a 100-adviser firm with £750m in assets under management, marking its first acquisition since receiving a £120m investment from Bain Capital. The deal supports Milecross's succession planning while maintaining its management team and strengthening Openwork's adviser network. (Financial Planning Today, 19/6/2025, 'Openwork acquires 100 adviser member firm')Shackleton, formerly the Skerritts Group, has been acquired by New York-based private equity firm Lee Equity Partners, succeeding Sovereign Capital Partners. Shackleton, managing £7.2bn in assets, aims to leverage this investment to expand its UK footprint and capitalise on industry consolidation. (Financial Planning Today, 17/6/2025, 'Shackleton taken over by New York private equity firm')Oakglen Wealth, a Jersey-based investment manager, has acquired Homebuyer Financial Services Limited for an undisclosed amount. This acquisition expands Oakglen's services to include comprehensive financial and retirement planning alongside its core wealth management offerings. Homebuyer's leadership will assist during the transition, ensuring continuity for clients. (Financial Planning Today, 10/6/2025, 'Oakglen Wealth acquires Jersey Financial Planning firm')Loyal North has acquired two South West financial advice firms, Blue House Financial Services and Lewins Investments, adding £80m in client funds. These firms will integrate into Loyal North's regional hub, Milsted Langdon Financial Planning, ensuring continuity of service and a client-first approach. (Financial Planning Today, 10/6/2025, 'Loyal North snaps up two South West firms')Frenkel Topping, a Salford-based financial adviser, is in talks over a £68m takeover bid from private equity firm Harwood. The offer includes a cash deal of 50p per share or an alternative mix of cash and shares in a new company. Shareholders opting for the latter can retain a final dividend. Harwood has until 30th June to formalise the bid. (Financial Planning Today, 2/6/2025, '£68m private equity bid for Frenkel Topping')MoversFormer Treasury Director Kirstin Baker has been appointed interim Chair of The Pensions Regulator (TPR), effective from August 1, 2025, for up to nine months, succeeding Sarah Smart and bringing extensive experience from her roles in the civil service and regulatory bodies. (Financial Planning Today, 24/6/2025, 'New interim chair for The Pensions Regulator')TrinityBridge, formerly Close Brothers Asset Management, has appointed veteran Financial Planner Nigel Stockton as CEO, subject to regulatory approval. Stockton, who previously led Ascot Lloyd for eight years, overseeing 80 acquisitions and significant growth, succeeds Eddie Reynolds, under whose leadership managed assets rose from £16bn to £21bn and the firm rebranded under Oaktree Capital Management. (Financial Planning Today, 24/6/2025, 'TrinityBridge hires veteran Financial Planner as CEO')Hulya Gunay, formerly with Aegis Financial Planning and St. James’s Place, has joined Hoxton Wealth's UK team, focusing on cross-border financial planning. With experience as an expat and a commitment to achieving Chartered Financial Planner status, she aims to leverage Hoxton's global presence to serve internationally mobile clients. (Financial Planning Today, 19/6/2025, 'Former Aegis and SJP adviser joins Hoxton Wealth')Network ValidPath has appointed Roger Perry, formerly of Defaqto, to lead the expansion of its IFA proposition. With 20 years of experience driving the success of adviser software at Defaqto, Perry will focus on enhancing member services, developing provider relationships, and advancing technology and AI solutions to support IFAs. (Financial Planning Today, 19/6/2025, 'Validpath hires Defaqto’s Perry to spearhead growth')Ian Pickford, a Chartered Financial Planner and former CEO of Forvis Mazars Financial Planning, has been appointed as an independent Non-Executive Director at Fintel. With over 35 years of experience, he will focus on strategic development and chair the remuneration and nomination committees. (Financial Planning Today, 17/6/2025, 'Chartered Financial Planner becomes Fintel director')Brooks Macdonald has appointed former England rugby player Josh Lewsey as Group Strategy and Corporate Development Officer. With over 20 years in financial services, Lewsey brings experience from roles in private equity and Ernst & Young. He joins the executive team to align strategic goals with operational execution. (Financial Planning Today, 13/6/2025, 'Brooks adds ex-rugby pro to exec team')Stuart Coombe, a rural specialist Financial Planner at Old Mill, has been promoted to Partner. Joining in 2008, Coombe has developed expertise in advising rural businesses and individuals. He plans to mentor upcoming advisers while continuing to serve his clients. (Financial Planning Today, 11/6/2025, 'Old Mill promotes rural specialist Planner to partner')First Wealth has appointed Jess Biggs, formerly of Evelyn Partners, to lead its new sports and entertainment division. With extensive experience supporting elite clients in sports and entertainment, and a background in competitive sports, Biggs will provide tailored financial advice for clients with unique career challenges. (Financial Planning Today, 11/6/2025, 'Chartered Planner to launch sports and entertainment arm')Sarah Pritchard has been promoted to Deputy CEO of the FCA, a newly created role reflecting the regulator's expanding remit. Joining the FCA in 2021, Pritchard previously led its supervision, policy, and competition functions and has extensive experience in financial crime compliance, including roles at HSBC and the National Economic Crime Centre. (Financial Planning Today, 10/6/2025, 'Sarah Pritchard appointed deputy CEO of FCA')Andrew McGlone, CEO of Quilter Cheviot, will step down later this year after 31 years with the firm. Starting as a trainee, McGlone rose through the ranks to become CEO in 2019. He will be succeeded by John Goddard, a 29-year HSBC veteran, in September. (Financial Planning Today, 10/6/2025, 'Quilter Cheviot CEO to step down')Chris Pond, former Work and Pensions Minister, has been appointed Chair of the FCA's Financial Services Consumer Panel, succeeding Helen Charlton. With extensive experience in consumer and social justice issues, Pond aims to balance consumer protection with economic growth. (Financial Planning Today, 2/6/2025, 'New chair of FCA Financial Services Consumer Panel')All information provided in this market digest has been gathered from Financial Planning Today, Money Marketing, and IDEX Consulting.

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General Insurance newsletter Friday 27th June 2025

Insurance NewsWhat does nuclear fusion energy mean for insurers? - Nuclear fusion energy, nearing commercial viability, offers insurers a unique opportunity to support clean energy while potentially driving new commercial avenues. By embracing tailored coverage for fusion's distinct safety profile, insurers can unlock new markets and play a pivotal role in advancing this transformative technology. (IDEX Consulting news, 'What does nuclear fusion energy mean for insurers?')How the Brokerbility network creates opportunities for brokers - In an interview with John Dunn, Managing Director of Brokerbility, the premier network was highlighted for its tailored growth support, peer mentoring, innovative tech solutions, and training academy, enabling independent brokers to achieve double-digit growth and outperform market competitors. (IDEX Consulting news, 'How the brokerbility network created opportunities for brokers')The AI insurance tools to look out for - AI tools to support predictive analytics, and automated claims processing are transforming the insurance industry by enhancing risk assessment, customer service, and operational efficiency, while addressing challenges such as regulatory scrutiny and integration with legacy systems. (IDEX Consulting news, 'The AI insurance tools to look out for')Attracting top insurance talent: what you need to know- The insurance employment market continues to see positive growth, with a 0.58% increase in jobs driven by technological advancements and rising demand for skilled talent, while challenges like talent shortages, an ageing workforce, and employee dissatisfaction highlight the need for stronger employer value propositions and improved industry reputation. (IDEX Consulting news, 'Attracting top insurance talent: what you need to know')Beazley's 2025 Risk & Resilience report reveals that 29% of global executives now rank cyber risk as their top concern (up from 26% in 2024), with 83% feeling prepared to manage threats despite the increasing complexity of cyber challenges, including AI-driven ransomware, hacktivism, and third-party vulnerabilities. (Josh Recamara, 27/6/2025, Insurance Business, 'More executives consider cyber risk as top concern – Beazley report')SBS Insurance Services partnered with UnlikelyAI to pilot a claims processing platform that automated 40% of claims with 99% accuracy, leveraging rule-based logic for transparency and regulatory compliance, while reducing miscategorisation rates by 99% and improving operational efficiency. (Josh Recamara, 27/6/2025, Insurance Business, 'SBS Insurance Services' pilot project with alternative AI system')Marsh launched Cyber Unity, a cyber insurance facility offering up to €5 million in primary coverage for mid-sized businesses in Europe and select regions, featuring broader protections, streamlined claims processes, and integrated risk management services to address accessibility challenges in the cyber insurance market. (Josh Recamara, 27/6/2025, Insurance Business, 'Marsh launches cyber insurance facility')Aviva's Global Corporate & Specialty (GCS) division has unified its construction, latent defects, and real estate operations under a new "Real Estate & Construction" framework. This strategy supports sustainable construction, including mass timber projects, and offers insurance across 180+ jurisdictions. The initiative aims to enhance risk management, sustainability, and client engagement throughout project lifecycles. (Kenneth Araullo, 25/6/2025, Insurance Business, 'Aviva unifies construction and real estate under new GCS strategy')Paris-based digital insurer Orus has raised €25 million in a Series B funding round led by Singular, with plans to expand into Spain and other European markets. Orus, which offers digital-first insurance for SMBs, will also launch a broker platform to streamline policy management. Since its Series A, Orus has grown revenue tenfold and now serves over 30,000 businesses. (Josh Recamara, 25/6/2025, Insurance Business, 'Orus secures €25 million in funding round')Saga Group is finalising a partnership with NatWest to enhance its financial services offerings through NatWest's "Banking-as-a-Service" platform. This collaboration will introduce Saga-branded savings and personal finance products, aligning with Saga's strategy of leveraging third-party partnerships to expand its Money division. (Matthew Sellers, 24/6/2025, Insurance Business, 'Saga Group confirms tie-up with NatWest')Aon's analysis reveals the UK insurance market has entered a soft phase, with rates dropping 11-20% across most classes, excluding motor insurance. Buyers benefit from increased capacity, broader coverage, and competitive pricing. Professional indemnity and liability lines saw significant rate reductions, while motor insurance rates rose slightly due to inflation. Aon advises clients to lock in favourable terms and revisit policies reduced during the hard market. (Matthew Sellers, 24/6/2025, Insurance Business, 'UK insurance market tips further in favour of buyers, Aon finds')In further news...Aon has launched Broker Copilot, a platform designed to enhance the insurance placement process by providing brokers with real-time data insights on pricing, carrier appetite, and market sentiment. Integrated with Aon's Risk Analyzer tools, it aims to improve decision-making and streamline workflows. Initially rolled out in the US and London, it will expand globally by 2026. (Kenneth Araullo, 24/6/2025, Insurance Business, 'Aon unveils Broker Copilot to transform insurance placement')Berkeley Research Group (BRG) has launched its Business Insurance Claims (BIC) practice in the EMEA region, marking its first expansion outside the US. Led by Richard Cameron-Williams, the practice will focus on high-value and complex insurance claims, including business interruption disputes. This move aligns with BRG's strategy to meet growing demand for forensic claims expertise in sectors like manufacturing, energy, and retail. (Josh Recamara, 24/6/2025, Insurance Business, 'Berkeley Research Group launches new insurance claims practice')Mergers and AcquisitionsMunich Re's Ergo Group has merged its Nordic operations, combining Danish travel insurer Europæiske Rejseforsikring A/S with Norwegian health insurer Ergo Forsikring AS. The new entity, Ergo Forsikring A/S, headquartered in Copenhagen, will focus on health and travel insurance across Denmark, Norway, and Sweden. (Kenneth Araullo, 25/6/2025, Insurance Business, 'Munich Re's Ergo merges Nordic units to form new pan-Scandinavian insurer')Aon's 2024 Global Transaction Solutions Claims Study reported record M&A insurance claims payouts, with a 26% rise in claims notifications in EMEA. North America saw over $300 million in recoveries, with tax and compliance breaches leading claims. Globally, Aon has handled over 1,600 claims, totalling $1.75 billion in payouts. (Josh Recamara, 25/6/2025, Insurance Business, '2024 saw highest ever total for M&A claims payouts, Aon report')Marco Capital has acquired R&Q Gamma, a UK-based legacy insurer with liabilities tied to maritime and port worker claims from the UK P&I Club. This marks Marco's continued expansion in the European legacy insurance market, supported by €500 million in equity from Oaktree Capital. The acquisition aligns with Marco's strategy to manage complex run-off liabilities. (Kenneth Araullo, 23/6/2025, Insurance Business, 'Marco Capital acquires UK legacy insurer R&Q Gamma')MoversRobert Kennedy will become CEO of Howden UK & Ireland on October 1, succeeding Carl Shuker, who transitions to Deputy Chairman. Kennedy, previously CEO of Howden Ireland, brings experience from Aston Lark, Aviva, and RSA. Shuker, with 45 years in the industry, will support the leadership transition. (Gia Snape, 26/6/2025, Insurance Business, 'Shuker replaced as Howden CEO')Dr. Christian Wegener has been appointed as HDI Global's new Head of Investment Management, effective June 15. He succeeds Thorsten Wölbern and will oversee asset allocation, risk-adjusted returns, and global currency hedging. Wegener brings experience from HSBC and AXA, with roles across Europe and Asia. (Kenneth Araullo, 26/6/2025, Insurance Business, 'HDI Global appoints Christian Wegener as head of investment management')Everest Group has appointed Pamela Sinclair as Executive Vice President and Chief Human Resources Officer, effective July 14. She succeeds Gail Van Beveren, who retires after nearly 40 years with the company. Sinclair brings over 30 years of HR experience, including leadership roles at PGIM and Barclays. (Josh Recamara, 26/6/2025, Insurance Business 'Everest Group names new chief human resources officer')Aviva's £3.7 billion acquisition of Direct Line Group will finalise in July, creating the UK's largest motor insurer. Leadership changes include the departure of Direct Line's CEO Adam Winslow and CFO Jane Poole, with Aviva's Jason Storah and Stephen Pond stepping into these roles. The merger aims to achieve £125 million in annual cost synergies and strengthen Aviva's motor and home insurance presence. (Matthew Sellers, 24/6/2025, Insurance Business, 'Aviva set to clear the decks at Direct Line as CEO, CFO out')All information provided in this market digest has been gathered from Insurance Business and IDEX Consulting

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General Insurance newsletter Friday 20th June 2025

Insurance NewsClimate change: what insurers need to know - Climate change is reshaping the insurance industry, driving up premiums, creating uninsurable areas, and presenting opportunities for innovation in climate-resilient products and strategies. Learn more about how insurers can adapt and thrive. (IDEX Consulting news, 'Climate change: what insurers need to know')Tips to boost your insurance career - As AI takes off, data analytics increases in importance and employers look for more lateral skills in employees, the job market is becoming more competitive. Learn how you can aid your employment prospects for the remainder of 2025. (IDEX Consulting news, 'Tips to boost your insurance career')Risk and Compliance employment market trends- The risk and compliance sector is rapidly evolving, driven by complex regulations, technological advancements, and a competitive talent market. Explore how businesses can adapt and attract top professionals in this dynamic field. (IDEX Consulting news, 'Risk and Compliance employment market trends')How insurers can be more agile in a digital age - As the insurance market faces ongoing challenges like economic volatility, cybersecurity threats, and climate risks, businesses need to constantly pivot and attract the right talent to drive innovation. Dive deeper into strategies for success in this evolving landscape. (IDEX Consulting news, 'How insurers can be more agile in a digital age')AXA XL and the AXA Research Fund have supported a new Cambridge Centre for Risk Studies framework to help organisations manage risks tied to the low-carbon transition, focusing on systemic interdependencies and resilience planning. (Kenneth Araullo, 19/6/2025, Insurance Business, 'AXA XL backs new CCRS framework to map climate transition risks')The London insurance market’s Joint War Committee has reviewed the Middle East’s security situation amid Israel-Iran tensions, noting no immediate changes to high-risk areas but highlighting increased war risk premiums and ongoing monitoring of maritime risks. (Josh Recamara, 19/6/2025, Insurance Business, 'London insurance market's war committee reviews security situation in Middle East')Towergate Insurance has warned about risks associated with AI use, including misinformation from "AI hallucinations" and data security concerns, urging businesses to verify AI outputs and consider cyber insurance as part of their risk management strategy. (Josh Recamara, 19/6/2025, Insurance Business, 'Towergate Insurance issues warning over growing AI use')Marine insurance premiums for vessels navigating the Strait of Hormuz have surged by over 60%, according to figures from Marsh McLennan, amid escalating Israel-Iran tensions. The report highlights heightened risks from potential conflicts, cyber threats, and regional instability. (Matthew Sellers, 18/6/2025, Insurance Business, 'Shipping cover leaps by 60% as tensions rise')Aon's 2025 Cyber Risk Report reveals that companies experiencing cyber incidents with reputational impacts saw an average 27% drop in shareholder value. The report analyzed over 1,400 global cyber events, highlighting malware and ransomware as the most reputation-damaging attack types. (Josh Recamara, 18/6/2025, Insurance Business, 'Cyber incidents linked to shareholder losses: Aon report')Aviva has upgraded its Broker Portal, introducing an "Accept Quote" feature that allows brokers to independently accept mid-market new business quotes and hold cover without underwriter involvement. This enhancement, led by Jason Chambers, Director of Innovation for SME at Aviva, reflects brokers' growing demand for automation and faster, self-service tools. (Kenneth Araullo, 18/6/2025, Insurance Business, 'Aviva's latest portal upgrade gives brokers full control over quote acceptance')Descartes Underwriting has secured a strategic investment from Battery Ventures, completed at a premium valuation. Marcus Ryu, Battery Partner and former Guidewire CEO, will join as a board observer. The investment supports Descartes’ global expansion and focus on climate-related risks, with the company operating in over 60 countries and reporting $200M in gross written premium in 2024. (Josh Recamara, 18/6/2025, Insurance Business, 'Descartes Underwriting receives major investment')INSER has rebranded to Verlingue in Italy, two years after joining the Verlingue group. The move aligns with Verlingue’s Better Future 28 strategy to expand in Europe, aiming to become a top 10 insurance broker in northern and central Italy by 2028. (Josh Recamara, 18/6/2025, Insurance Business, 'INSER officially rebrands to Verlingue')Scattered Spider, a notorious hacking group, is now targeting insurers in the UK and US, following attacks on Marks & Spencer and others. Recent victims include Erie Insurance and Philadelphia Insurance, facing disruptions and scrutiny. Experts urge insurers to strengthen defences against rising cyber threats.(Matthew Sellers, 17/6/2025, Insurance Business, 'First M&S – now insurers are hackers' target')Marsh has launched Nimbus, an insurance facility offering up to €1 billion in construction all-risks coverage for large-scale data centres in the UK and Europe. Backed by Lloyd’s and other insurers, Nimbus addresses growing demand for digital infrastructure, supporting projects from construction to operations. (Josh Recamara, 17/6/2025, Insurance Business, 'Marsh launches new insurance facility to support large-scale data centres')Lockton reported $4 billion in revenue for FY25, marking its fifth year of double-digit organic growth. Key drivers include a 29% revenue rise in Lockton Re and global expansion efforts. Leadership changes and a focus on technology and talent have further fueled its success. (Jonalyn Cueto, 16/6/2025, Insurance Business, 'Lockton reports US$4bn in revenue for FY25')Asefa, the Madrid-based subsidiary of France’s leading mutual insurer SMABTP, has suffered a cyberattack by the Qilin ransomware group, which claims to have stolen over 200GB of sensitive data, including files linked to FC Barcelona’s Camp Nou redevelopment. While core operations remain unaffected, the breach highlights rising cybersecurity risks in the insurance sector. (Matthew Sellers, 16/6/2025, Insurance Business, 'Major European insurer hit by cyberattack')Mergers and AcquisitionsGenerali’s proposed merger with Natixis to form Europe’s second-largest investment firm has intensified tensions in Italy’s banking sector. The deal faces resistance from key shareholders, including Francesco Gaetano Caltagirone, and political concerns, while its largest investor, Mediobanca, remains supportive. This development adds to the broader challenges of stalled mergers and acquisitions in the region. (Paul Lucas, 19/6/2025, Insurance Business, 'Generali deal adds fuel to banking merger drama')The Clear Group has acquired Surrey-based C.R. Toogood & Co, a third-generation family-run broker with £14.5 million in gross written premiums, as part of its strategy to expand in the South of England and enhance its service capabilities. (Josh Recamara, 19/6/2025, Insurance Business, 'The Clear Group acquires commercial insurance broker in Surrey')United Risk Global has acquired Sydney-based Pinnacle Underwriting and its affiliate Pinnacle Holdings Group, expanding its global footprint. Pinnacle, led by CEO Jon Gilliott, specialises in property, power generation, and political violence insurance, with 70% of its reinsurance business originating in the Asia-Pacific region. (Daniel Wood, 19/6/2025, Insurance Business, 'United Risk acquires Aussie underwriting firm')Atec Group has acquired Moorhouse Group, an SME commercial insurance broker, marking its first acquisition since receiving private equity backing from Perwyn. The deal, which includes Moorhouse's 80 employees and three business units—Xbroker, constructaquote.com, and Toledo—expands Atec's reach into the SME market and aligns with its goal to triple in size within five years. (Kenneth Araullo, 18/6/2025, Insurance Business, 'Atec Group acquires Moorhouse to expand into SME market')Howden has acquired Ureta & Fernández Corredores de Seguros Limitada (U&F), a leading independent retail brokerage in Santiago, Chile, as part of its Latin American growth strategy. U&F Founder Felipe Ureta will become CEO of Howden Chile, enhancing Howden's capabilities in marine, industrial, and specialty insurance lines. (Paul Lucas, 18/6/2025, Insurance Business, 'Howden announces Chile acquisition')The Aviva-Direct Line merger is set for a High Court decision on July 1, 2025, following regulatory approvals and shareholder backing. Announced in December 2024, the deal will make Aviva the UK’s largest motor insurer, with Direct Line shares ceasing trading by July 2, 2025. (Jonayln Cueto, 17/6/2025, Insurance Business, 'Aviva-Direct Line merger awaits court approval')Arachas, part of Ardonagh, has acquired Craftinsure Ireland, a specialist marine insurance broker. Known for its digital "quote and buy" platform, Craftinsure strengthens Arachas’ presence in the niche marine sector as part of its ongoing expansion strategy. (Matthew Sellers, 16/6/2025, Insurance Business, 'Ardonagh-owned brokerage snaps up specialty marine broker')MoversHowden has appointed Patrick De Baets as CEO of its Belgium operations, bringing over 30 years of experience from leadership roles at Foyer Assurances, Touring Assurances (AXA Group), and BNP Paribas Cardif Belgium, to drive growth in the Benelux region and build on recent acquisitions in Belgium and Luxembourg. (Kenneth Araullo, 19/6/2025, Insurance Business, 'Howden names Patrick De Baets CEO of Belgium operations')Pen Underwriting has appointed Jamie Lawson as Head of Digital E-Trade. With a decade of experience in e-trading, including his role as E-Trading and Schemes Director within Pen’s SME & personal lines division, Lawson will lead digital growth across underwriting and distribution, focusing on enhancing broker engagement and operational efficiency. (Josh Recamara, 19/6/2025, Insurance Business, 'Pen Underwriting appoints head of digital e-trade')Sampo Oyj has appointed Morten Thorsrud as Head of its If P&C Insurance division, as CEO effective October 1, succeeding Torbjörn Magnusson. Thorsrud, with over 20 years of experience within the Sampo Group, has been instrumental in growing If P&C into the leading general insurer in the Nordic and Baltic regions. Magnusson, who has served Sampo for 25 years and as CEO since 2019, will remain as a Senior Adviser to the company until the end of 2025, ensuring a smooth leadership transition. (Paul Lucas, 18/6/2025, Insurance Business, 'Sampo names new CEO in leadership transition')Gallagher has appointed Henk Bijl as a Senior Broker in Amsterdam to lead its new European transactional risks practice. With 25 years at Aon, Bijl brings expertise in M&A risk management and will work alongside Joyce Koch (tax) and Aldo Borsani (cyber) to offer tailored insurance solutions. (Kenneth Araullo, 18/6/2025, Insurance Business, 'Insurance moves: Gallagher, Ecclesiastical, AEGIS London, Clyde & Co')Ecclesiastical Insurance has named Anna Stratton as UKGI Finance Director, starting July 2025. Formerly with Allianz Partners, Stratton brings extensive financial strategy experience. Reporting to group CFO Mark Bennett, she joins the UK leadership team as the company aims to double in size to boost charitable contributions. (Kenneth Araullo, 18/6/2025, Insurance Business, 'Insurance moves: Gallagher, Ecclesiastical, AEGIS London, Clyde & Co')AEGIS London has appointed Sarah Yuile as an Underwriter to expand its international casualty team. Joining from QBE, where she managed London Market European business, Yuile will focus on growing AEGIS’s casualty portfolio in Canada, Australia, and Europe, leveraging her expertise in multi-jurisdictional liability solutions. (Kenneth Araullo, 18/6/2025, Insurance Business, 'Insurance moves: Gallagher, Ecclesiastical, AEGIS London, Clyde & Co')H&H Insurance Brokers (HHIB) has appointed Tom Lawlor as Broker Manager, a new role focused on strengthening insurer relationships and enhancing client offerings. Lawlor, with over five years of experience, joins from the Hedron Network, where he supported independent brokers and insurer partnerships. (Josh Recamara, 18/6/2025, Insurance Business, 'Insurance moves: H&H Insurance Brokers, Liberty Specialty and IUA')Liberty Specialty Markets (LSM) has restructured its UK and MENA leadership, forming three underwriting divisions: marine & aviation, specialty, and property. Meghan Walker, with 13 years at Liberty and prior broking roles at Aon and Lockton, will lead marine & aviation. Mike Burle, experienced across specialty lines and deputy active underwriter for Syndicate 4472, will head specialty. Recruitment is underway for a property division lead. Dermot Walsh, currently Head of Commercial Property, will transition to Director of UK Retail. (Josh Recamara, 18/6/2025, Insurance Business, 'Insurance moves: H&H Insurance Brokers, Liberty Specialty and IUA')The International Underwriting Association (IUA) has restructured its leadership under new CEO Chris Jones. Tom Hughes, previously Head of Market Services, is now Director of Underwriting, focusing on creating a chief underwriting officer network. Joe Shaw, formerly Head of Claims, becomes Director of Claims, tasked with developing best practice guides. Kim Darrington, with over 20 years of experience, has been promoted to Director of Market Operations and Transformation, leading digitalisation and efficiency initiatives. (Josh Recamara, 18/6/2025, Insurance Business, 'Insurance moves: H&H Insurance Brokers, Liberty Specialty and IUA')Everest Insurance International has consolidated its specialty operations into a single unit, integrating marine, aviation, energy & construction, cyber, and industry practices. Paul Trueman, with over 20 years of experience and previously Head of Aviation at Everest, has been appointed Head of Specialty. The move aims to streamline decision-making and enhance collaboration across underwriting teams, supporting Everest’s growth in international insurance markets. (Josh Recamara, 17/6/2025, Insurance Business, 'Everest Insurance integrates marine, aviation and other lines')QBE has appointed Henrik Larsen as General Manager for the Nordics, effective June 23, pending regulatory approval. Larsen, with 19 years of insurance broking experience, including as Denmark and Finland CEO at Marsh, will focus on expanding QBE’s presence in Denmark and Sweden. He succeeds Maths Stanser, now Head of Distribution for European markets. (Jonalyn Cueto, 17/6/2025, Insurance Business, 'Insurance moves: QBE, Arch and HDI')Arch Insurance UK has promoted Mark McGrady to Liability Underwriting Manager for its regional division. With over 15 years of underwriting experience, including roles at Chapman and Stacey, LV=, and Aviva, McGrady will oversee liability underwriting for commercial package and standalone policies, focusing on complex and emerging risks. (Jonalyn Cueto, 17/6/2025, Insurance Business, 'Insurance moves: QBE, Arch and HDI')HDI Global SE has appointed Alexandrine Ajavon as General Manager, Global Network Africa. Based in Paris, Ajavon will oversee relationships with network partners across Africa and support multinational clients. With 20 years of experience at AIG, Marsh, and Sanlam-Allianz, her appointment underscores HDI Global’s dedication to enhancing its international programme offerings, managing around 5,300 programmes globally. (Jonalyn Cueto, 17/6/2025, Insurance Business, 'Insurance moves: QBE, Arch and HDI')Hiscox has named Harriet Hanna as Chief Operating Officer of Hiscox Syndicates Ltd (HSL), effective September 2025, pending regulatory approval. She succeeds Adam Rushin, retiring after 25 years, and brings over 20 years of experience, including roles at RBS, Barclays, Amazon, and Funding Circle. (Josh Recamara, 17/6/2025, Insurance Business, 'Insurance moves: Hiscox and Send Technology')Insurtech firm Send has appointed Will Sparkes as Chief People Officer. Sparkes, with senior HR experience at Informa, Metlife, and tech firms, will develop talent strategies and performance frameworks to support Send’s remote-first, international team as it scales. (Josh Recamara, 17/6/2025, Insurance Business, 'Insurance moves: Hiscox and Send Technology')ERS has promoted Annie Ward to Head of Bespoke Personal Lines and Agriculture. With over a decade at ERS, Ward will oversee underwriting for prestige and agricultural vehicles. Her focus includes enhancing digital trading and specialist claims services. (Jonalyn Cueto, 16/6/2025, Insurance Business, 'ERS names new head of bespoke personal lines and agriculture')Marine Insurer, Skuld, has announced leadership changes for 2026. Kjell-Åke Augustsson will retire as Head of Skuld Piraeus, with Leandros Kotsakis, a Skuld veteran since 2007 with extensive experience in the Greek market, stepping in. Mudit Singh, previously Head of Freight, Demurrage, and Defence (FDD), will lead Skuld Western Europe, supported by Erwan Merrien as Vice-President and Head of Underwriting. These appointments reflect Skuld’s commitment to leveraging internal talent for long-term growth. (Rod Bolivar, 16/6/2025, Insurance Business, 'Skuld confirms 2026 leadership moves for four executives')CFC has named Nick Line as Chief Underwriting Officer, starting in 2026. With 28 years at Markel, including as CUO, Line brings expertise in underwriting strategy and international expansion. His appointment aligns with CFC’s focus on innovation and global growth. (Josh Recamara, 16/6/2025, Insurance Business, 'CFC appoints chief underwriting officer')IQUW has announced two senior promotions to enhance underwriting governance and operational oversight. Phil Furlong, previously Head of Marine, Energy, and Aviation, has been named Head of Technical Underwriting and Oversight, overseeing governance, technical standards, and claims. Mark McDonach, who joined in 2022, steps into Furlong’s former role, leading strategy for these lines. (Josh Recamara, 16/6/2025, Insurance Business, 'Insurance moves: IQUW and Volante Global')All information provided in this market digest has been gathered from Insurance Business and IDEX Consulting.

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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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