CFC Underwritinghas launched a transaction liability solution aimed at unlocking the micro segment of the M&A market. According to CFC, micro M&A represents the largest volume of deals, and CFC estimates it could be worth up to £5.7bn ($8bn) in grow written premium. CFC suggested that the segment has “been all but ignored by the insurance market to date”.
A man has been charged with the murder of the 26-year-old who worked atEasy4Insurance/Bromwich Insurance. Moses Smith is accused of killing Abdi Mohamed on 8th June. Mohamed was found in Upper High Street with serious neck injuries and rushed to hospital. However, the 26-year-old sadly died soon after his arrival. Mohamed, described by his colleagues as one of the “nicest, kindest thoughtful people we know”, worked as an Insurance Advisor at Easy4Insurance, which is also known as Bromwich Insurance.
Environmental, Social and Governance (ESG) concerns have affected Brokers and their clients for many years, but they are increasingly being gathered under a single umbrella and developed into an individual risk factor. The awareness of ESG issues has accelerated significantly in the last few years and the exposures they carry are now better defined, although there is still some way to go. These changes are making ESG risks more tangible and developing them into a mainstream consideration for Brokers and their clients alike. In turn, they are driving corporate behaviours and the way Underwriters assess and rate risks.
Ransomware cartels are employing new tactics to extort money, according to a new report by Cyber risk analytics ProviderCyberCube. Gangs of Cyber criminals are organising themselves along the lines of drug cartels and changing their strategy of attack in order to keep ahead of authorities’ efforts to stamp them out, according to the report, Enterprise Ransomware: Assessing the future threat and what it means for (re)insurers. These cartels are formed to execute ransomware campaigns collaboratively, expanding hackers’ playbooks to include so-called “double extortion,” data exfiltration and data modification.
Chubb, the world’s largest publicly traded Property and Casualty Insurer, has announced the development of its “Pay As You Roam” (PAYR) travel insurance proposition. The PAYR service uses digital technology to simplify the way customers access and purchase travel insurance, Chubb said. The service uses mobile phone roaming data to identify when customers are outside their home country, activating coverage automatically at a daily premium.
Allianz UK’sAllianz Community Fund, an initiative introduced in 2020 in partnership with the Community Foundation for Surrey, has named three charities that will be the beneficiaries in the first round of donations for this year. In a release, the Insurer said £5,000 will go to TALK Surrey; £5,083 to Surrey Care Trust (SCT); and £4,917 to the Prison Advice and Care Trust (PACT). They were chosen by employees of Allianz UK, which donates an annual total of £30,000 to local charities as part of the initiative.
AXA Group’sFrench unit has announced a €300 million settlement offer for 15,000 restaurant Owners who hold the Insurer’s professional multi-risk, SME multi-risk, and company multi-risk policies with extended coverage for Business Interruption losses linked to administrative closure in France.
In further news, AXA and Teach First have announced a dedicated partnership to deliver the AXA Head Coaches programme in disadvantaged communities across England. The programme is a youth-focused mental health initiative designed to help Teachers and Pastoral Leaders spot potential mental health issues with their pupils and signpost them to appropriate professional help.
The former CEO ofVolkswagenhas agreed to shell out a hefty settlement for what the company said was his failure to quickly investigate the 2015 scandal over diesel engines rigged to cheat on emissions tests. Martin Winterkorn will pay €11.2 million (around £9.6 million) in compensation. The former CEO’s payment is his share of a €288 million settlement with Volkswagen by him and three other former Managers.
TheRisk Management Association (RMA)has launched a new community initiative aimed at helping women advance and thrive in their financial industry careers, particularly in risk management. The new “Women in Risk” initiative will be an RMA community that provides peer sharing, inspiration, events, and resources to women professionals in risk management. The events held by the initiative include Women in Risk forums, affinity groups and an annual themed issue of The RMA Journal.
French insurance groupCovéaand Paris-headquartered global reinsurerSCORhave now handed each other an olive branch, signified by the signing of a settlement agreement that was drawn up under the aegis of Autorité de Contrôle Prudentiel et de Résolution (ACPR) Vice Chairman Jean-Paul Faugère.
There are only three months to go until IDEX's Lands End to John O'Groats bike ride, raising money for mental health charity 'Fight for All the Feels'. We have recruited 10 brave souls to undertake the challenge, with representatives from NFU Mutual, Aviva, Gymshark, Broker Network, Mitie and Geo Underwriting. If you'd like to support their efforts, follow the link where you can make a small donation, and if you'd like more information contact Rebecca Howarth - firstname.lastname@example.org.
Sponsorship link: https://lnkd.in/egmBDy7
Mergers & Acquisitions
IDEX consulting Ltdhas announced that it has expanded its operations through an IDEX led merger withAspects Insurance Recruitment Limited, the business set up by Allison Marshall in 2007. This merger became official on 7th June 2021 and will involve Aspects merging into IDEX’s existing Business Growth Consultancy practice, with Allison taking the newly created role of Client Partnership Director.
Crotty Insurancehas bought Cavan-basedMartin Insurancefor an undisclosed sum. This is Dublin-headquartered Crotty’s first acquisition since it became Global Risk Partners’ (GRP) hub in the Republic of Ireland in September 2020. The business explained that Martin is a family business which was founded in 1980 by Seamus Martin.
Congratulations toGRPon completing the deal to acquireMarsh Networks. GRP hasn’t wasted any time in re-launching the business under a single brand, Hedron. Marsh Networks joins the ranks of other networks that are now owned by consolidators, including Cobra Network (PIB), Bravo (Ardonagh) and Brokerbility (Clear Group).
Simply Business, one of the UK’s largest digital insurance Brokers for small business and Landlords, is pleased to announce its partnership withRSA, one of the world’s longest standing general Insurers. With a legacy spanning three centuries, RSA will join Simply Business’s panel of insurance providers and offer tailored insurance products to Simply Business’s customers via MORE THAN and RSA brands.
Independent broking groupClear Group (Clear)has acquiredAnderson White Insurance Brokers (Anderson White), the group’s 30th acquisition since it was established in 2001. As part of the deal, Clear expects Horsham-based Anderson White to strengthen its presence in the South East, where the group has branches in London, Maidstone, and Cranleigh. Clear’s team in Cranleigh will also relocate to new offices in Horsham, joined by the Anderson White team.
Marco Capital Holdings Limited, the Malta-headquartered European Property and Casualty (P&C) insurance run-off group that was born last August, has snapped upVA Insurance Services Limited (VAISL)from Thomas Cook Group Treasury Limited.
Movers & Shakers
Insurtech and Managing General AgentQlaimshas appointedLiz Latteras Chief Executive Officer. Latter, who previously worked as Commercial Director for Saga Services, joined Qlaims last September as Chief Commercial Officer.
Aston Larkhas announced the appointment ofRobert Beereas Director of Lloyd’s Broker, Incepta. The Broker said that along with the new hire, it will continue to build out its London Market capability, particularly in the areas of Property, Casualty, and Terrorism.
Hiscoxhas appointedCheralyn Perryto the new role of Head of Art and Private Client (APC) within Hiscox UK. She joins from RSA, where her most recent position was Partnerships Director.
Jason Knighthas been appointed as Global Head of the insurance segment atState Street Corporation.
Liberty Specialty Markets Bermuda (LSM Bermuda), part of Liberty Mutual Insurance, has announced the appointment ofNicholas Garsideto the newly created role of Chief Underwriting Officer. He will report to Steve Horton, President of LSM Bermuda.
Gallagherhas announces thatTom Wakefieldwill become Chief Executive Officer (CEO) of its reinsurance business, Gallagher Re, subject to regulatory approval. Tom will take over the role from current CEO Simon Behagg who will transition to the new role of Managing Director of Gallagher Re.
Global insurance services providerMcLarenshas strengthened its Major Loss Practice with the appointments ofSimon ShawandMartin Allanto two new senior management roles. Simon Shaw has been named Head of Major Loss Practice for London & South-East, while Martin Allan was appointed Head of Major Loss Practice for Scotland.
Locktonhas expanded its Global Construction Practice (GCP) with several senior hires –James Cook, Deputy International Practice Leader;Steve Leeming, Senior Vice President, International Construction, andLewis Coward, Head of Placement.
Arch Insurance International (Arch)has appointedKirsten Valderas the new Chief Administrative Officer andJason Kittingeras the new Chief Operating Officer, effective on June 30, 2021.
All information provided in this Market Digest has been gathered from multiple General Insurance Media sources and individual company press releases.