Insurance News
We are incredibly proud of the IDEX Lands End to John O'Groats bike ride team, who completed their 980 mile charity ride earlier this month.
Raising over £28,000, the ride was in support of the mental health campaign, 'Fight For All The Feels' who help children and young people battling mental health issues.
If you'd like to support this incredible campaign, follow the link where you can make a small donation:https://lnkd.in/d277bxj
Shout out to NIG, who took part in Direct Line Group’s 2021 Sprintathon showdown between Bristol, Bromley and Leeds to raise money for Stand up to Cancer.
Well done toAllianzcolleagues who abseiled the ArcelorMittal Orbit in London on Friday 24th September 2021 to raise money for the mental health charity Mind.
Partners&has revealed a full programme of events for colleagues during National Inclusion Week, which takes place from 27 September to 3 October and is designed to celebrate inclusion in the workplace.
Ecclesiasticalhas reported a profit before tax of £46.5m for the first half of 2021, a departure from its £59.7m loss for the first half of 2020. Gross written premiums in the UK and Ireland were £142.8m, up 7% from £133.7m in H1 2020.
In further news...research byEcclesiasticalshows 40% of Brokers do not understand how their business will be impacted ahead of the new product governance rules coming into force on 1 October. Two in five Brokers are in the dark about how theFinancial Conduct Authority’s (FCA)crackdown on fair value will affect their business.
Insurtech start-upSuperscripthas partnered withAmazon Businessto provide insurance for UK micro and small businesses, as well as Sole Traders, through Amazon membership programme Business Prime. Superscript stated that the partnership is a response to the changing needs of UK SMEs following the pandemic.
Prestige Valuationshas launched a programme to find the replacement value of any item of jewellery, which it said will help Brokers ensure clients have the right cover.
Rumours thatAllianz SEwas in “advanced talks” to transfer a block of Swiss life insurance assets toResolution Life, are true. Resolution Life has revealed that its Bermudian reinsurance platform – Resolution Re - has entered into a reinsurance agreement with Allianz Suisse Lebensversicherungs-Gesellschaft AG (Allianz Suisse). The deal, which has been hailed by Resolution Re’s CEO Steve Hales as “the largest European-to-Bermuda life legacy portfolio reinsurance transaction to date”, transfers a quota share of 80% of the liabilities of Allianz Suisse’s Traditional Individual Life Business, made up of endowment and annuity policies (deferred and in pay-out) relating to coverage for market risks and insurance risks.
TheAssociation of Insurance and Risk Managers in Industry and Commerce (Airmic)aims to drive transformation in risk management and insurance. The organisation’s Chief Executive, Julia Graham, said that Airmic achieves this purpose by leading the development of risk management and insurance “as integrated and dynamic professions” in the UK and worldwide. Airmic’s membership consists of approximately 1,500 individuals and 400 organisations, mostly large corporations as well as universities and not-for-profit institutions.
ACORD, the standards-setting body for the global insurance industry, has announced the expansion of its Global Reinsurance & Large Commercial (GRLC) data standards to include new standards for electronic placing. Reinsurers will be able to use the new standards in order to adopt advanced electronic placement processes from submission to bind, ACORD said.
Abacai Group, which was co-founded by ex-Aviva boss Mark Wilson this year, has partnered with connected Motor InsurtechTicker. “We have been deeply impressed by the quality of the team that Ticker has built and their approach to delivering connected products to new segments of the market,” said Wilson, who is Abacai’s Co-Chairman and Chief Executive. “Our partnership is testament to the value of Abacai’s service to its insurance Partners across innovation, underwriting and claims.”
A European Commission proposal to lower Solvency II (S2) capital charges for long-term equities may spur the region’s insurance sector to show more interest in assets with environmental, social and governance (ESG) characteristics, according to a recent report from credit ratings agencyFitch Ratings.
Avivahas announces a £10 million investment, and a five year extension to its innovation partnership withFounders Factoryto support new start-ups in the UK. Founders Factory is a global venture studio and accelerator that was co-founded by Brent Hoberman and Henry Lane Fox in 2015. Since its inception, over 200 businesses have been created and accelerated through the Founders Factory and have gone on to raise more than £400m in funding.
The Marine Cargo insurance market has seen an increase in containers being lost at sea, an increase in major fire losses on container vessels as well as a proliferation of complex international regulations and taxes around the globe, all of which mean the need for the right cover has never been greater, argue Marion Robertson, Cargo Underwriter and Steve Foreman, Director of Marine Cargo,HDI Global SE.
AXIS Capital Holdings Limitedhas announced that it expects to release financial results for the third quarter ended September 30, 2021 on Wednesday, October 27, 2021 after the close of the financial markets.
The spike in captive insurance company formations gained even greater momentum last year as more companies looked to balance their insurance purchasing with increased risk retention, according to a report by insurance Broker and Risk AdvisorMarsh.
Wakefield-headquarteredMinster Lawis set to add around 6,500 cases per year to the Personal Injury (PI) solicitor’s case volume by sealing a consolidation deal with law firmIrwin Mitchell. For an undisclosed sum, Minster Law is acquiring Irwin Mitchell’s back book (WIP) of fast-track Road Traffic Accident (RTA), Employer Liability (EL), and Public Liability (PL) injury claims. Under the transaction, Minster Law will take ownership of any future fast-track injury customers from Irwin Mitchell’s direct channel.
Businesses and organisations went digital when the COVID-19 pandemic started, changing the shape of the Cyber risk landscape, and unsurprisingly, increasing the demand for Cyber re/insurance coverage due to heightened and increasing awareness of Cyber risks. Financial services giantS&P Global (S&P)’slatest report found that the pandemic exacerbated the Cyber reinsurance protection gap by causing existing and new clients to request larger limits and more inclusions in their policies' terms and conditions (T&C).
Mergers & Acquisitions
Aviva plchas announced the completion of the sale of its French business toAéma Groupeand has received £2.8 billion1 (€3.2 billion) in cash consideration. The transaction was announced on 23 February 2021.
Movers & Shakers
Emma Rawlinsonis set to replaceIan DonaldsonasAtlantaCEO after he was promoted to the new position of CEO for Ardonagh Retail. Rawlinson has been Atlanta Group CFO for two years, where she helped develop the digital transformation of Swinton. Prior to this, she was CFO and Business Strategy and Performance Director at Swinton.
Jensten Grouphas expanded its Wholesale division’s Liability and Construction operation with two key hires.Paul SnashalljoinsSenior Wrightas Liability and Construction Placing Broker to drive growth across its existing book of high-end, high value construction clients.Stuart Daffinhas joinedCity Underwritersas Senior Construction Underwriter to head up the development of a bespoke Construction underwriting proposition for the SME and middle market, incorporating single project, CAR and annual policies.
BritCEOMatthew Wilsonhas taken an indefinite leave of absence for health reasons, withMartin Thompsonnamed interim CEO. Wilson has led Brit since January 2017. Brit updated that the company wishes him well and looks forward to his return. Thompson, who is stepping in as interim boss, is the former President and CEO of RSA Canada, having spent 20 years at the Insurer.
Pool ReChief Executive OfficerJulian Enoizihas been elected President of theInsurance Institute of London, succeedingAIGCEOAnthony Baldwin. Additionally, Chris Lay, CEO of Marsh UK & Ireland and UK Country Corporate Officer of Marsh McLennan has been elected Deputy President.
Simon Hugheshas joinedAtaraxiaas a Non-Executive Director. He was previously Chief Operating Officer and Executive board member for Open GI and responsible for software development and delivery, as well as a background in customer services and technical operations at the software house.
Sandy Dunn, a veteran in the world of insurance, has passed away after a brief illness. Dunn started his insurance career withEagle Starin his native Scotland moving his young family around the country wherever the job took him. Dunn set up Eagle Star Direct, over thirty years ago and settled for good in Southampton. He then launched Gan Minster’s direct arm, Touchline in rival city Portsmouth.
Beazleyhas appointedBob Quaneas its new Chief Underwriting Officer (CUO), subject to regulatory approval. Quane has over 30 years of underwriting leadership experience and joins the provider from Axis Capital where he was CUO of the insurance segment.
Luke Powis– who came onboardChubbin London in 2016 as an Accident and Health Underwriter in major accounts and most recently served as A&H head in South Africa – has been appointed as Head of A&H for major accounts in the UK and Ireland.
Lockton, the world’s largest privately owned independent insurance Broker, has appointedAndrzej Danylukas Head of International Property in its Wholesale Property and Casualty division.
James Baum– who has been withAon Plcsince 2005 and has led the company’s Australian business since 2018 – is taking up a new position, based in London, starting October 01. The Aon Australia Chief Executive will become UK Head of Commercial Risk.
RSAis pleased to announce thatAndy Joneshas been appointed as new Risk Consulting Director. Andy is currently Head of Operations and Proposition, Risk Consulting at RSA and will begin his new role with immediate effect.
AXA XLhas announced the appointment ofAndy MacFarlaneas Head of Climate. In this newly created role, Mr. MacFarlane will be responsible for developing a single, global climate strategy for AXA XL, ensuring the division’s climate-related efforts are aligned towards furthering AXA’s climate leadership position.
Lonmar Global Risks (Lonmar), part of Global risk Partners (GRP), continues the development of its Financial and Specialty Lines team with the appointment of experienced Financial Lines BrokerDavid Doleman.
Allianz SEhas announced changes to its board of management.Jacqueline Huntwishes to step back from her day-to-day responsibilities as a member of the board and has been appointed as a Strategic Consultant toOliver Bäte, Group Chief Executive, the company has announced. Hunt has been responsible for Allianz’s asset management and US life businesses since joining the group in 2016.Andreas Wimmer, currently CEO of Allianz Lebensversicherungs-AG (Allianz Leben) has been appointed as a member of the board of management and will succeed Hunt as Head of the asset management division and Allianz Life in the US.
Specialist loss adjusterQuestGateshas bolstered its Cyber investigation service with the appointment ofWill Gowas its new Head of Cyber and Financial Lines. Gow is a specialist in Cyber and Financial Lines insurance claims, as well as a qualified Solicitor with experience in Cyber insurance disputes, third-party claims and asset recovery.
Tokio Marine Management (Australasia) Pty Ltd (TMMA)– part of which is The Bond & Credit Co. (BCC), the Sydney-based Tokio Marine subsidiary that used to insure the now insolvent London-headquartered supply chain finance firm Greensill Capital – will reportedly see a change in leadership sometime this month. TMMA Chief ExecutiveToby Guyis being replaced by Tokio Marine HCC Chief Innovation OfficerShilpa Strong, whose appointment will see the US-based executive relocate.
.png)
All information provided in this Market Digest has been gathered from multiple General Insurance Media sources and individual company press releases.
