His Royal Highness, The Prince of Wales has launched his Sustainable Markets Initiative (SMI) Insurance Task Force during a visit toLloyd’s. According to Lloyd’s, the SMI Insurance Task Force, convened by HRH and Chaired by Lloyd’s, is comprised of Executives from many of the world’s largest insurance and reinsurance companies.
More than three quarters (77%) of Motor Insurers need to evolve their products to reflect the changes in how people are now using their cars, according to research from technology platformBy Bits. The study found that there are stark differences between how older drivers and younger drivers use their vehicles and what they expect from their Insurers as a result.
As the world celebrates Pride this month, InsurtechZegohas introduced a workplace policy which supports its trans and non-binary employees. The announcement follows Zego’s recent introduction of paid leave for employees who suffer pregnancy loss, stating that the recent moves showcase a wide commitment to create a highly diverse, inclusive and supportive working environment where all employees can belong and flourish.
TheChartered Insurance Institute (CII)is seeking new applicants for its 2021 New Generation Group. The Group will be made up of 40 promising professionals split into four groups - claims, underwriting, broking, and the London Market. To join the CII’s New Generation Group, all applicants need to do is send in their CV plus a few lines about why they consider themselves to be a rising star in the profession. They will also need their Line Manager’s approval to take part in the talent programme’s activities.
CFChas announced that CFC Syndicate 1988 has incepted and begun trading. This follows the news from April that the Managing General Agent had gained approval “in principle” from Lloyd’s to create a syndicate, which will be managed byAsta Managing Agency.
AXIS Capital Holdingshas announced that all its Aviation units have been rebranded with the AXIS brand and logo. This is the final phase of the company’s 2016 acquisition of European specialty Aviation Insurer and reinsurerAviabeland its Dutch brandNederlandse Luchtvaartpool (NLP). The retirement of the Aviabel and NLP brands completes the alignment of AXIS’s global Aviation business, the company said.
In further news...AXIS Capital Holdings Limited has announced that it expects to release financial results for the second quarter ended June 30, 2021 on Tuesday, July 27, 2021 after the close of the financial markets. Albert Benchimol, President and Chief Executive Officer and Peter Vogt, Chief Financial Officer, will host an investor teleconference, including a question and answer period, on Wednesday, July 28, 2021 at 9:30 a.m. EDT to discuss the second quarter results as well as related matters.
Insurance & Mobility Solutions (IMS)is launching a new telematics product that will allow both Insurers and Brokers to test a usage-based insurance (UBI) programme before deciding whether to offer the innovative auto insurance product to policyholders. The new Try Per Mile solution is a highly configurable mileage-based telematics system that allows users to trial a UBI system and then launch it within one month.
The release of the now infamous Ever Given vessel is in the offing. In an update, theUK P&I Clubstated: “The UK Club is pleased to announce that, following extensive discussions with theSuez Canal Authority’s (SCA)negotiating committee over the past few weeks, an agreement in principle between the parties has been reached. “Together with the Owner and the ship’s other Insurers, we are now working with the SCA to finalise a signed settlement agreement as soon as possible. Once the formalities have been dealt with, arrangements for the release of the vessel will be made.”.
TheManaging General Agents’ Association (MGAA)has added legal firmCarpenters Groupas a new supplier member. The partnership will allow MGAA members to access Carpenters’ outsourced claims services, which include FNOL claims handling, TPA services and even comprehensive defendant litigation capability to trial.
Zurich UKhas published its ethnicity pay gap data for 2021, which revealed a 10.2% difference in mean average hourly pay. This year’s pay gap is slightly higher than last year’s at 9.8%, which Zurich attributed to staff turnover. The company also revealed that 87% of its employees share information about their ethnicity and 7.7% identify as belonging to an ethnic minority.
Turnover has grown to almost £12m at insurance, risk and wealth management groupThomas Carroll, with client retention at a record high of 96 per cent. The company reported a pre-tax profit of £1.9m in the year to 31 December 2020, up 13.4 per cent and an increase in turnover to £11.7m, up 4 per cent.
Swinton Insurancehas announced a partnership withInsurance United Against Dementia (IUAD)that will invite customers buying a car insurance policy online to donate £1 to Alzheimer’s Society. IUAD has so far raised £5.5 million to fund crucial research and support services since the campaign was launched in September 2017.
“While good progress has been made in restoring some of our systems, services around the country are continuing to see significant impacts and disruptions to services.” Those were the words of theHealth Service Executive (HSE)in Ireland in an earlier release outlining the impact on healthcare services following a cybersecurity incident. Now a new report by Ireland’sTravel Trade Network (ITTN)outlines that among those disrupted is the online system for getting a European Health Insurance Card (EHIC).
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Mergers & Acquisitions
Arch Reinsurance, a subsidiary of Arch Capital Group is to buySomerset Bridge GroupandSouthern Rock Holdings and affiliates,subject to regulatory approval. According to the provider, the proposed acquisition will include Somerset’s Motor Managing General Agent, distribution capabilities through direct and aggregator channels, affiliated Insurer and fully integrated claims operation. The deal sees Arch Re take 100% stake in the business with founder Arron Banks to exit. It is believed the business was bought for £100m.
Minster LawandLyons Davidsonhave been appointed byLV= General Insurance (LV=GI)in a five-year joint arrangement for Motor Legal Expense and Personal Injury claims.
Gallagherhas acquired all of the remaining shares of Swiss insurance BrokerHesse & Partner AGandHesse Consulting GmbH. Details of the transaction will not be disclosed. Swiss insurance Broker Hesse, established in 1997 and headquartered in Zurich, provides risk management and insurance solutions for companies of all sizes, from small and mid-sized enterprises to major international corporations, in the industrial and service provider sectors.
Bristol-headquarteredCastlemead Insurance Brokers Ltdhas joinedBrokerbility. “We are delighted to welcome Castlemead to our exclusive group,” said Brokerbility Managing Director Ian Stutz. “Them joining continues our clear vision and commitment to supporting independent broking in the UK insurance market.”.
Movers & Shakers
Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, announced the promotion ofJennifer Quinnto Underwriting Manager Strategic Assets, London with immediate effect.
Liverpool-headquartered BrokerMason Owen Financial Serviceshas expanded into Wales by addingLouise Jonesto its Specialist Legal Indemnity team.
TheFCAhas appointedDavid Anthony Scottas its interim General Counsel. The announcement follows the recent departure of General Counsel Sean Martin. Scott was most recently a Litigation Partner at Freshfields before retiring from the firm in October 2020. At Freshfields he specialised in High Court litigation and regulatory investigations and proceedings.Daniel Thornton, currently Director of Enforcement Legal, has also been appointed as Deputy General Counsel. The FCA is also planning to appointRaj Parkeras part-time Senior Legal Adviser.
MS Amlin Underwriting, the Lloyd’s global specialty (re)insurer, has announced the appointment ofRichard Littleas Senior Underwriter for Marine Energy Liability. Little will take up the role later this year and report directly to Kevin Massey, Marine Liability Product Group Leader.
Hiscoxhas strengthened the existing board-level expertise within its two UK legal entities with the appointment of three new Independent Non-Executive Directors.James Illingworthwill sit on the Board of Hiscox Syndicates Ltd (HSL), which oversees the Insurer’s globally traded specialty (re) insurance lines, whileMark CliffandJane Hayeswill both join the Board of Hiscox Insurance Company (HIC), which oversees its UK Retail operations.
TL Dallashas launched a new division headed by experienced duoSimon DrewandMark Wilding, formerly of Marsh Commercial. Dallas Wilding Drew is based in Settle, North Yorkshire and has been developed to service customers in the local area and further afield as part of the network of TL Dallas operations.
SSPhas announced thatColin Greenhillhas been named as Chief Executive Officer. Greenhill brings a wealth knowledge and experience into the role.
Lonmar Professions, has appointed experienced Financial Lines BrokerSean Trentinto the role of Divisional Director. Sean, who joins Lonmar from Gallagher, started in June 2021 and will work alongside Lonmar Professions Managing Director Alan Newall and his team.
After over three decades with Allianz,Holger Schaeferis making the switch to international insurance BrokerHowden. Coming onboard in September, Schaefer will serve as Howden’s Chief Executive in Germany. His imminent arrival follows recent CEO appointments for Switzerland and Europe.
Oneglobal Brokinghas launched a new special risks team, and has namedAlistair Foxas Leader of the unit. Fox will report to Oneglobal Broking Group CEO Mike Reynolds; his appointment is effective September 01, 2021.
All information provided in this Market Digest has been gathered from multiple General Insurance Media sources and individual company press releases.