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General Insurance Newsletter Friday 24th June 2022

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Insurance News

The Financial Conduct Authority added 1966 possible scams to its consumer warning list between May 2021 and April 2022 the watchdog has confirmed as it updated on the progress of its data strategy. The figure was over a third more than during the same period the previous year. The FCA detailed that it is using data to tackle online fraud faster by scanning approximately 100,000 websites created every day to identify those that appear to be scams.

In further news...The Financial Conduct Authority (FCA) has fined JLT Specialty £7,881,700 for financial crime control failings, which in one instance allowed bribery of over $3m (£2.45m) to take place. The FCA previously fined JLT Specialty £1,876,000 in December 2013 for similar risk control failures around overseas introducers and bribery and corruption.

Ceta has developed a notional home proposition, Prestige Notional, which is backed by Aviva. It is available to Brokers using Ceta’s Infinity Platform and gives clients blanket cover for £1m on their property and £100,000 for contents. The product was developed with, and is supported by, Prestige Underwriting.

Managing General Agent Nexus Underwriting has launched Nexus Frontier. Frontier will start by focusing on Commercial D&O, Commercial PI, Commercial Crime, Financial Institutions D&O, Financial Institutions PI, Financial Intuitions Crime and Pension Trustee Liability. The MGA is committed to expanding into new and existing markets in the future. According to the Nexus, the new structure will meet the needs of both Brokers and clients.

Jensten Group is set to beat the deadline it set itself to reach £500m GWP according to Retail Managing Director, Robert Organ. In June last year, following the purchase of Tasker, the Huntingdon-headquartered Jensten team said it expected to reach the £500m target within the next three to five years. At the time of the deal, Jensten controlled in excess £300m GWP, with Tasker becoming part of Jensten Retail.

Food retailer Greggs has boosted the number of events cited in its £150m Covid-19 Business Interruption legal case against Zurich. A re-amended legal filing to the High Court on 13 June detailed 104 instances of what had been governmental advice being given statutory force. The revised figure was up from 63 across England, Scotland, Wales and Northern Ireland.

Motor provider ERS has developed its digital offering and is set to add its manually-traded Prestige and Enthusiast products to its e-trade proposition as it seeks to make them more accessible to Brokers. According to the Insurer the move reflects its strategy to create the most efficient experience for brokers to bind and manage risks, by bringing more of its specialist products online either through software houses, ERS eTrade or Plug-in to ERS.

Texas-based Insurtech firm MIC Global Services has announced that it has gained approval for Lloyd’s Syndicate5183 to commence underwriting, effective immediately. Syndicate 5183 will be managed by Asta through Lloyd’s syndicate-in-a-box (SIAB) platform. The approval bolsters MIC Global’s position in providing embedded insurance products to platform companies. Erik Johnson, who joined the firm in May, will serve as Senior Underwriting Manager.

Wiser Academy has launched a new initiative, known as Rise Up Insurance, to encourage more young people to take up insurance as a career. In order to close the recruitment gap in the industry, Wiser Academy will target 10,000 students, aiming to get at least 500 to join a series of insurance boot camps during the summer.

Family-owned Lifesure, which specialise in providing Personal Lines insurance to the UK Leisure sector with a customer-centric and personal service, is celebrating 50 years of business. This important business milestone will be marked by a series of commissioned artwork by local artist Georgina Westwood.

Mergers & Acquisitions

Amicus CEO, Adam Scott, has said that the Broker is looking to do deals as it aims to become the largest Construction Waste Broker in the UK, following last year's MBO which was supported by Shawbrook Bank. Scott commented: “We’re getting to a point now where we’re in a position to probably start doing some acquisitions next year. I’ve got one lined up which is about £500,000 in commission."

US-based Acrisure has moved further into the UK market and bought Nottinghamshire-based Russell Scanlan for an undisclosed sum. The Broker stated that, as part of its M&A strategy, the existing Russell Scanlan management team, led by Managing Director Bryan Banbury, Sales & Marketing Director Mike Dickinson, and Director Simon Winiarski, will continue to run the business.

Buying ProAktive is Clear Group’s gateway to the North and part of the plan to expand across the country, Executive Chairman Howard Lickens has confirmed. The deal for the Doncaster-headquartered business takes Clear up to over £330m of gross written premium with over 600 staff in 15 locations.

PIB Group has expanded its portfolio of businesses in Ireland, with the acquisition of Limerick-based Sullivan Insurances. The deal, which is pending regulatory approval, marks the London-headquartered intermediary’s sixth acquisition in the country and comes a week after snapping up commercial insurance Broker Fingal Insurance Group.

Movers & Shakers

James Hands will succeed Greg Collins as Miller CEO, the Broker has confirmed. Hands is currently joint Head of Special Risks for Miller and a member of the group executive committee.

In further news...Miller has recruited Susana Bramwell to lead its expansion into media, TV and film. Bramwell has over 30 years’ experience in the media and entertainment business, Miller detailed adding that she will come on board from Marsh where she has worked for seven years as Head of Media & Entertainment, leading its London-based team.

​Chubb has named industry veteran Ed Nicklin as Global Client Executive for its UK and Ireland (UKI) operations, effective immediately. Prior to joining Chubb, Nicklin held several client relationships and business development positions at leading insurance providers, including Head of Portfolio Solutions and Key Account Management, and Broker Development Manager. He has been working in the insurance industry for 18 years and holds an Advanced Diploma in Insurance from the Chartered Insurance Institute (CII).

​WTW has announced the appointments of Elizabeth Carabas and Jennifer Wheeler as Global Client Advocates. In their new roles, they will focus on bringing industry expertise and robust experience to clients. Carabas joins WTW as a Global Client Advocate within the Technology, Media and Telecommunications practice. She has more than 20 years of brokerage experience in Silicon Valley and deep knowledge of Casualty risk, along with experience in the Technology sector and managing large accounts. Wheeler has more than 25 years of global brokerage experience, primarily in San Francisco. She has deep knowledge of Property, Casualty, and Management Liability insurance, as well as expertise in the complex risks facing Life Science and Technology industry leaders.

​Tom Hoad joins Howden to launch full-service innovation springboard for insurance start-ups. Tom Hoad will join the Group to lead this initiative. He will bring together expertise and resources from across both Howden and DUAL to create an investment and risk incubation hub that will proliferate new product development in the London market.

HDI Global UK has announced three promotions across the London and regional Liability Underwriting teams. David Nurse, Clara Malcolm and Katie Booth have all been appointed Senior Underwriters, effective 1st June 2022. Furthermore, Christina Newman has, in addition to her role as Senior Underwriter, been appointed a Practice Lead within the Liability team in London.

Ian Sawyer has joined AXA XL as its London Head of US Casualty, Reinsurance. Mr Sawyer is a seasoned reinsurance executive with 35 years of industry experience across broking, underwriting and claims handling and a proven track record in the US Casualty space.

Specialist global Insurer Hiscox has appointed Fiona Mayo as its new UK Marketing Director. With over 20 years of experience, Mayo has held several senior marketing roles across a range of sectors.

Arch Insurance International has made David Longley Head of Professional Indemnity, with immediate effect. Longley has over 25 years of PI-focused underwriting experience in both Lloyd’s and the Company Market. Most recently, he was Deputy UK PI Manager at Axa XL, having joined the company in 2011.

Marsh McLennan has named John Jones as Chief Marketing and Communications Officer and Pat Hageman as Chief Operating Officer of COO. Jones joined Marsh McLennan in 2016 and is currently Chief Marketing Officer of Marsh. He has more than 25 years of marketing, communications, and strategy experience, including as SVP of marketing and strategy of AIG’s commercial insurance business. In her 40-year career at Marsh, Hagemann has held numerous leadership roles, including Global Risk and Compliance Officer and Chief Operating Officer for the US and Canada. She has been Chief Administrative Officer of Marsh since 2017.

Consilium, the international (re)insurance Broker, which is part of The Aventum Group, has given James Baird a senior leadership role. Baird joins Consilium from Ardonagh-owned Ed Broking where he was Director of its strategic risk group. He will work alongside Aventum’s leadership team, to manage the strategic direction and growth of Consilium globally.

Covéa Insurance has appointed Catherine Masters as Head of Market Pricing to lead the development and expansion of its retail pricing capability. Masters brings over 12 years’ experience gained at Esure where she was Senior Pricing Manager and Interim Head of Data Strategy.

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