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General Insurance Newsletter Friday 3rd September 2021

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Insurance News

The IDEX's Lands End to John O'Groats bike ride has begun! We are raising money for mental health charity 'Fight for All the Feels' with a team of 11 fantastic people taking part, with representatives from, Aviva, Broker Network, Mitie and Geo Underwriting. Thanks to our current corporate sponsors, Partners&, Broker Insights, Gymshark, Bloomkubes, Ardonagh, Assured Partners, Motor Point and Denis O. Brown. 

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:

Specialist insurance providerCFChas announced the addition of a new phishing simulation tool to its Response mobile app. The tool allows users to run a simulated phishing campaign against a targeted list of colleagues whose credentials have been exposed on the dark web, CFC said.

Insurance providerbattlefronthas announced the launch of ravel insurance coverage for space tourists. The new policy is a customised offer with benefits available including accidental death and permanent dismemberment. Underwritten by certain underwriters at Lloyd’s, the policy can be valid for space flights operated by Elon Musk’s SpaceX, Jeff Bezos’s Blue Origin, Richard Branson’s Virgin Galactic and others.

Zurich UK, which has a workforce of around 4,500 people in the country, has forayed into the world of British private healthcare insurance. Marking its market entry, the insurer rolled out “Zurich LiveWell Diagnostics” – a new group policy. The private medical insurance product is aimed at ‘opening up’ healthcare coverage for more employers and is available without out-patient limits.

Global insurance groupEnstar Group Limitednow has a 75.1% equity interest – from 47.4% originally – in Bermuda-based reinsurerEnhanzed Reinsurance Ltd. The additional 27.7% stake was snapped up by an Enstar subsidiary from a Hillhouse Group affiliate for US$217.1 million. Allianz SE, meanwhile, continues to own 24.9% of the reinsurer.

Q Underwritingis excited to confirm that the entire business will come together under the single brand of Q Underwriting, with a refreshed identity. The legacy trading brands of aQmen Underwriting, TFP Schemes and Thistle Underwriting will be retired from this date.

Insurtech ecosystem specialistQuotall have announced that it has entered into a significant strategic partnership withWHSmithto deliver an exciting new insurance service for their UK retail customers.

BLW Insurance Brokersis aiming to grow its panel of regional Brokers after becoming a registered Lloyd’s Broker last month, according to Chief Executive Officer Brett Sainty. Sainty said that the wholesale Broker, which currently works with 30 regional Brokers across the UK, is now actively looking for more Broker Partners.

TheFinancial Conduct Authorityhas warned the public to “decline to do business” with BrokerProfessional Construction Risks (PCRL). It also advised any customers of Professional Construction Risks to contact their Insurer directly to check the status of their policy. The regulator stated that it has serious concerns that PCRL appears to have made an application for a loan in the name of one of its consumers, without having authority to do so and without making arrangements for the consumer to receive the benefit of loan funds.

BrokerAdrian Fluxhas said it has systems in place to “highlight possible discrepancies” in its black box technology, after it was criticised by comedian Joe Lycett on Channel 4 on 26 August. In a segment in the comedy consumer rights show Joe Lycett’s Got Your Back, the comedian discussed telematics insurance and accused Adrian Flux of using “unreliable technology” after a viewer complained that her black box had been recording her data incorrectly.

Major reinsurerSCORhas announced a slew of changes within the company’s Group Executive Committee, as proposed by new Chief Executive Laurent Rousseau and approved by the board. “I have shaped this Group Executive Committee – both the members and the allocation of responsibilities – with a view to ensuring that we will work and act as one team to execute SCOR’s strategy and, together with our more than 3,000 employees, write the next chapter of SCOR’s success story,” asserted Rousseau.

Mergers & Acquisitions

Simply Insurance Services Ltd (Simply Insurance)has become the newest addition toPIB Group’sgrowing group of specialist businesses. In a Press release, PIB noted that its purchase of the Purfleet-based firm will strengthen its motor offering, Simply Insurance, which was established in 2000, offers road risks solutions for VSME customers and was originally formed by CEO Mark Oldrey, who discovered a niche market in the motorcycle business. Today the firm offers motor trade insurance and has evolved into a multi-product commercial Motor insurance provider, arranging insurance for driving tuition and Motor fleets. Non-Motor commercial and other policies are also arranged on request for existing Motor clients.

Sequel– a Verisk business that develops insurance software – has entered into an agreement to acquireIgnite Software Systems. Based in Manchester, Ignite licenses an integrated Software as a Service (SaaS) platform which features policy administration, rating engine and digital engagement for Brokers and MGAs. In particular, the Ignite platform specialises in serving professionals in the Motor, Property, and Pet insurance lines of business.

AllClear Travel Insurancehas announced it has acquiredInsureandGofrom the global insurance company MAPFRE Asistencia - a move that will more than double the size of AllClear in the UK travel insurance market.

Ethos has plans to reach £500m in GWP by the end of next year as it targets further deals, according to Ethos Broking UK CEO, Richard Tuplin. Earlier this summer, the Broker expanded its footprint in East Anglia through the acquisition of Drayton Insurance Services, one of the largest Brokers within the area. The deal is Ethos’ third acquisition this year, and it was made through its Norwich-based regional broking hub,Hugh J Boswell. Tuplin said that the purchase initially came about by word of mouth.

Movers & Shakers

American International Group (AIG)has announced the appointment ofClara Bradyas Chief Underwriting Officer for International Casualty. In this role, Brady will lead the overall strategic direction and objectives for International Casualty underwriting.

“It is a great honour to take up this important role at such a challenging time.” Those were the words ofPetra Hielkemawhen she assumed the Chairmanship at theEuropean Insurance and Occupational Pensions Authority (EIOPA)on September 01.

MS Amlin Insurance SE (MS AISE)has appointedFrédéric Fischeras Chief Financial Officer. Fischer joined MS Amlin’s European primary insurance arm from AXA, where he was most recently CFO of AXA Corporate Solutions.

Paragon Risk Engineeringhas announced the appointment ofMartin Turneras General Manager, EMEA, reporting to Jon Woodman, CEO. Martin joins Paragon having most recently been Director of Risk Consulting at RSA.

AXIS Insurancehas announced the promotion ofUsman Malikto Chief Pricing Actuary. In this role, Mr. Malik will lead pricing strategy across the global Insurance segment, centered around enabling a consistent and global approach for portfolio construction. 

QBE Rehas announced a major expansion of its Bermuda office, with the appointment ofTracey Gibbonsas Head of QBE Re, Bermuda. Tracey joins in September from SiriusPoint where she was Senior Vice President. She brings over 30 years’ experience to the role and a remit to develop the Bermuda product offering to QBE Re’s platform, having held senior roles at Third Point Re and Allied World.

Marshhas announced the appointment ofStefan Farahanias Head of Specific Risks in the UK Private Equity and Mergers & Acquisitions Practice. In this newly created role, Mr. Farahani is based in London and reports to Alastair Lowry and Leo Flindall, Co-Heads, UK Transactional Risk, Marsh Specialty. 

Allianz Insurancehas promotedMark Terryto the position of Maidstone Branch Manager. Mark will be responsible for Broker relationships and trading in the area, leading the team of over 50 underwriting and business development colleagues.

Howdenhas announced that it will appointAdam Reedas Managing Director, Corporate Client Relations, to build out its global proposition for major corporate clients. Reed has over 25 years of experience managing large, complex, global client relationships, most recently at Willis and, before that, Marsh and Aon. He will join Howden UK’s leadership team as a member of its Executive Committee.

Zurich UKhas hiredCaroline Dunnas Chief Underwriting Officer. She replacesHayley Robinsonwho was recently promoted to Chief Group Underwriting Officer at Zurich Insurance Group. Dunn joins from Lloyd’s where she has spent seven years heading up various divisions such as market development and underwriting.

Willis Towers Watson has announced its new Global Leadership Team to drive the company forward. “The leaders named are highly accomplished and embody the true spirit of one Willis Towers Watson,” said John Haley, Chief Executive Officer. “This Global Leadership Team consists of voices across our geographies, segments and functions. We believe this balanced approach strengthens teamwork, fosters collaboration, enables us to make better decisions and leads to faster execution once a decision is made. Willis Towers Watson is well positioned to compete vigorously and innovate quickly across our businesses around the world.”.

Global specialty (re)insurerCanopius Group– which has underwriting operations in the UK, the US, Australia, Bermuda, China and Singapore – will be welcoming 2022 with a new Group Chief Financial Officer in the form ofGavin Phillips. The incoming CFO is taking on the post in January, succeedingNigel Meyerwho will step back in March next year. Phillips will join from PwC, where he worked for nearly three decades.

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