Blog Img

General Insurance Newsletter Friday 13th August 2021

Back to Blogs

Insurance News

esure Groupand its brand Sheilas’ Wheels have partnered withPikl, which provides specialist insurance for those renting out assets such as a spare room, a parking space, or a whole property. The tie-up, financial terms of which were not disclosed, will see esure and Sheilas’ Wheels sell the host insurance top-up product from Pikl.

The mid and high net worth personal lines insurance space now has a new entrant –Hoxton Insurance Services(Hoxton), an MGA trading exclusively through brokers. The new venture, which has been launched by MGA specialist NuVenture International Ltd, will offer protection for homes, possessions, fine art, valuables, cars, travel and investment properties.

CNA Financial Corporation, the US insurance group behind Europe-wide and Lloyd’s providerCNA Hardy, is looking for a new chief financial officer. According to CNA, executive vice president and CFO Al Miralles has resigned, in a move marking the company stalwart’s departure from the insurance industry. It was announced that Miralles is leaving next month to transition to a career in technology.

A man from London has been sentenced for stealing £67,499.88 from his employer through bogus insurance claims and then fleeing to the United States in order to avoid prosecution. Rasheed Talabi, 34, of Hombury Grove, Croydon, London, abused his position as a claims assessor atAllianzin order to create fictitious customers and submit fraudulent claims for pet insurance on these policies.

H1 reports are well and truly underway with the following announced this week...

The UK arm ofZurich Insurance Grouphas revealed its H1 2021 results this week. CEO, Tim Bailey said he was “very, very pleased” that the overall group had been able to deliver such a strong first half, and with the performance of the UK business. “What’s particularly pleasing is we’re seeing strong performance across the business,” he said, “and across all the key measures. We’ve seen strong growth in top line with 17% growth in GWP across our P&C business relative to the first half of last year. And we’ve also enjoyed good growth in our life business as well, with new business in life also up 17% compared to H1 2020. We’re very pleased with our revenue growth and we’ve seen strong profitability. Our total UK business operating profit is at £265 million which is a very pleasing result at the half-year mark.”

An increasing proportion of the world’s population is exposed to floods, according to new research published by Willis Research Network partnerCloud to Street. The research revealed that the share of the global population exposed to floods has grown by 24% since the start of the millennium – a tenfold difference from what scientists previously estimated. Growing exposure and a rising number of flood events are driving the increase, the report said.

According toAviva, its IFRS (International Financial Reporting Standards) loss for the first half of 2021 amounted to £198 million. In the same six-month span last year, the group enjoyed an £874 million profit. The result was attributed to non-operating items, including a £538 million charge on the expected loss on disposal of France and investment variances on Aviva’s continuing operations. Aviva expects to eventually recognise a profit on disposals of Poland and the remaining Italian operations on completion. Operating profit, meanwhile, stood at £1.13 billion, which is slightly lower than the £1.23 billion posted in the second half of 2020. Of the sum for H1 2021, £725 million came from the group’s continuing operations.    

After reporting $1.7 billion in business operating profit during the first half of 2020, P&C operating profit of just $751 million and a P&C combined operating ratio of 99.8%,Zurich Insurance Grouphas reported a significant surge in this year’s H1 results – with business operating profit up 60% to $2.7 billion, P&C operating profit leaping 108% to $1.5 billion and its P&C combined operating ratio cut to 93.9%. In the eyes of CEO Mario Greco, the results represented an “outstanding” turnaround.

ARAGhas extended its accreditation under ISO standards with the addition of its 22301:2019 certification. The 22301:2019 standard addresses an organisation’s business continuity management system, determining whether the organisation is resilient enough to endure disruption and is designed to continually improve with learning.

Brussels-headquartered insurance groupAgeashas published its consolidated interim financial statements for the first half of 2021, revealing a net result worth €407 million. The latest figure represents a decrease from the group net result of €791 million in the same six-month span in 2020. The financial statements as of June 30 do not include the impact of the July 2021 floods in Belgium.

QBE Insurance Group Limitedhas published its interim results for the half year ended June 30 (1H21), and the Sydney-headquartered global insurer is the bearer of good news. From 1H20’s US$712 million net loss after tax, the group bounced back to a statutory net profit after tax of US$441 million this time around. QBE attributed the result to a “material turnaround” in both underwriting and investment returns. The company’s underwriting profit stood at US$642 million. In the same six-month span last year, QBE suffered an underwriting loss worth US$524 million. Net investment income, meanwhile, amounted to US$58 million – also a leap from 2020’s US$90 million loss. Gross written premium posted growth, as well, to US$10.2 billion.

Admiral Group Plchas released its financial results for the first half of 2021, and the figures are mostly positive for the Cardiff-headquartered Insurer. Group profit before tax from continuing operations grew 76% to £482.2 million. Of this, UK insurance contributed £543.5 million. International insurance and Admiral loans, on the other hand, posted losses worth £0.9 million and £1.9 million, respectively.

It has been a busy year already forPhoenix Group, which reported the sale of its Ark Life Assurance Company DAC unit to Irish Life Group Limited only last month. This week the group has revealed its results for the H1 2021 period. It was a strong half-year for the business which saw its cash generation more than double to £872 million, up from £433 million in H1 2020. Phoenix Group highlighted that this figure reflects the scale of the enlarged group and ensures it is on track to deliver at the top of its full-year target range for 2021 - £1.5 billion to £1.6 billion. Meanwhile, the group’s operating profit rose from £361 million in H1 2020 to £527 million in H1 2021.

We are fast approaching the 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 Partners&, 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 -

Sponsorship link:

Mergers & Acquisitions

Specialist loss adjustorQuestGateshas made its third major deal of 2021, with a move forall-uk adjusters. With a focus on third-party property damage, removers, self-storage, as well as bus and coach claims, all-uk is set to complement QuestGates’ focus on third-party and transport claims.

SME-focused broking houseMoorhouse Grouphas been acquired byRight Choice Holdingsfor an undisclosed sum. Founded by chief executive Lyndon Wood in 1990, the Caerphilly-based business is joining the Right Choice Holdings family and will become a sister company of Bennetts Motorcycling Services Limited and Right Choice Insurance Brokers (RCIB).

Aston Lark Grouphas announced its latest acquisition – the purchase of Hornchurch-basedEssex Insurance Brokers Ltd(EIB). EIB, which was established in 1964, serves both personal and business clients nationwide, with a particular focus on the film and visual arts insurance sector, which complements the services of Aston Lark’s performance film & media brand.

Movers & Shakers

Benjamin Fauberthas been recruited byTokio Marine HCC– Credit Group to serve as Senior Underwriter within its growing European Credit and Political Risk team. Making the switch from Société Générale, Faubert brings more than a decade of market experience to the post. His credentials include time spent at Coface and Euler Hermes in London, New York, and Paris.

Gallagherhas enlisted seasoned legal and aviation expertNick Hughesas Consultant for its Global Aerospace practice. According to the international brokerage, Hughes will support client-facing teams by providing legal input to complex insurance coverage, claims and contractual issues. He will also help grow Gallagher’s aerospace client base.

Carlisle-basedRAW Insurance Brokersis opening a south Cumbria office later this year and has named the person to lead the unit. Three-decade industry veteranRussell Lintonhas joined the business to head the operations in Kendal, South Lakes, Ulverston, and Barrow. The key hire began his insurance career in 1989 at Provincial before moving to Talbot Insurance Brokers, which became part of Marsh.

QBEhas announced the appointment ofIan Franceas Head of Property, European Operations. France joins the Insurer from AXA XL, where he was International Property Manager. He also previously held senior Property roles at XL Catlin and AIG.

Zachary Wolf has stepped down as chief financial officer ofEnstar Group Limited. In a release, the global insurance group said Wolf will remain available until September 30 for a transition period. He is leaving Enstar to pursue unspecified opportunities.

Motorcycle insurance providerMCEhas announced thatLeonard Labinjohas joined its board as finance director. Labinjo’s appointment marks the second addition to the insurer’s leadership team in recent weeks, following Paul Ormiston joining MCE as claims director.

Swiss Re Corporate Solutionshas appointedMarilynBlattner-Hoyle as global head trade finance in its global credit and surety unit.

Crawford & Company(Crawford), a global claims management company, has appointedYadranka Häschkeas its new operations leader of its global client development team – effective August 01, 2021.

Hazelton Mountfordexpands Worcester city HQ team, as Caera Spratleyhas joined the expanding insurance experts as an account handler after gaining three years’ experience as a claims handler, in a previous role.

SchemeServehas announced the appointment ofLisa Priceas business development manager (BDM).  Price joins SchemeServe with nearly 30 years’ broking and nationwide business development experience. After 12 years as a regional broker for Bromwich serving the West Midlands, she then went on to spend five years with Towergate Insurance, latterly as regional development manager for the Midlands, Central and Wales Regions.

All information provided in this Market Digest has been gathered from multiple General Insurance Media sources and individual company press releases.