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General Insurance Newsletter Friday 11th November 2022

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Insurance News

As the implementation of the appointed representative requirements edges closer, Senior Consultant Sue Mallender at Sicsic Advisory has warned Broker Expo delegates that principal firms need to act to make sure they hit the deadline. On August 2022, the Financial Conduct Authority published a policy statement to enhance and strengthen the rules on the oversight of ARs. These additional requirements will come into force on 8 December 2022. (Sophie Locke-Cooper, 11/11/2020, Insurance Age, 'Broker Expo 2022: Brokers urged to act now over looming AR rules deadline')

Brokers have voted NMU as their preferred Commercial Lines insurer in this year’s Insurance Age Broker Satisfaction Survey, with Covéa Insurance in second place and CFC Underwriting in third. The exclusive research scores insurers on metrics based on: new business - efficiency in providing quotes, quality of underwriting, communication and access to decision makers, policy documentation, cover and renewals. (Rachel Gordon, 09/11/2022, Insurance Age, 'NMU takes the crown in Age’s 2022 Broker Satisfaction Survey')

Aviva has reported a slip in its UK combined operating ratio from 94.2% to 95%. According to the insurer, the COR for the first nine months of the year worsened due to increased claims frequency which was partly offset by improved performance in Commercial Lines and lower weather costs. UK GWP increased by 7% compared to the same period of 2021 to £3.94bn. (Sophie Locke-Cooper, 09/11/2022, Insurance Age, 'Aviva grows GWP but COR worsens')

Zurich Insurance Group, which turned 150 years old in October, has published the insurer’s gross written premium (GWP) figures for the first nine months of 2022. GWP for Property and Casualty (P&C) amounted to $33.5 billion in 9M, representing an increase from the same period in 2021. Broken down by region, North America contributed $16.2 billion in P&C GWP; Europe, Middle East, and Africa’s share was $14.1 billion; Asia-Pacific, $2.6 billion; and Latin America, $2 billion. All four markets reported higher GWP.(Terry Gangcuangco, 10/11/2022, Insurance Business UK, 'Zurich Insurance Group unveils GWP numbers')

​The international insurance giant Generali has announced its 9M 2022 results, spotlighting its continued growth momentum and very solid capital position. In the period ended September 30, 2022, the insurer saw its gross written premiums increase 1.3% to €59.8 billion (approx. £52.48 billion) – driven by growth in P&C (up 10.3% year-on-year), led by the non-motor line. Meanwhile, Life premiums contracted 2.9% with Life net inflows standing at €7.7 billion – driven by the unit-linked and protection lines, consistent with the strategy to reposition the Life business portfolio. (Mia Wallace, 10/11/2022, Insurance Business UK, 'Generali announces 9M 2022 results')

The Allianz Group has reported its interim financial results, which show an increase in both operating profit and net income attributable to shareholders in the quarter ended September 30. Broken down into business segments, the P&C unit delivered a 32% rise in operating profit in Q3; 13.5% in 9M. Meanwhile, life and health, as well as asset management, posted lower operating profit compared to the quarterly and nine-month figures in 2021.(Terry Gangcuangco, 10/11/2022, Insurance Business UK, 'Allianz publishes financial results for third quarter')

Result season continues with the release of PartnerRe’s interim financials for the third quarter of 2022. In the quarter ended September 30, the reinsurer suffered a net loss attributable to common shareholders worth $387 million. Last year, the same three-month span yielded $70 million in income. Similarly, the first nine months saw a dive from 2021’s $317 million income to a $1.5 billion net loss attributable to common shareholders this time around. (Terry Gangcuangco, 10/11/2022, Insurance Business UK, 'PartnerRe outlines Q3 performance')

Preparations are underway for the Insurance United Against Dementia (IUAD) campaign’s next Insurance Day of Giving, which is going to be held on Thursday, December 1, 2022. In a Press release, IUAD noted that the Insurance Day of Giving is an opportunity for the industry to unite to fundraise and raise awareness of dementia. Businesses across the sector including AXA UK, AXA XL, WTW, Crawford & Company, Sedgwick and Aviva have already committed to taking part on the day. (Mia Wallace, 10/11/2022, Insurance Business UK, 'IUAD gears up for next Insurance Day of Giving')

Pen Underwriting has partnered with California-based cybersecurity firm Paladin Cyber to launch a suite of Cyber risk management tools aimed at protecting brokers and their clients from cybercrime by reducing the risk of data loss, extortion and exfiltration. Phase one of the new UK strategic partnership commenced Wednesday and introduced Pen brokers to a new scanning solution from Paladin Cyber as a value-added benefit for clients and prospects. (Mika Pangilinan, 10/11/2022, Insurance Business UK, 'Pen Underwriting begins rollout of cyber risk management suite')

MGAs Commercial Express and ARAG have teamed up to provide commercial legal protection to brokers serving a wide range of Retail and Wholesale business clients, as well as emergency assistance and legal protection to Residential Property Owners. The legal expenses insurance cover, including access to digital legal services, will be available to tens of thousands of clients of brokers using the Commercial Express schemes for offices, shops, pubs, restaurants and fast-food outlets, as well as wholesalers. (Dickson & Co Insurance Brokers, 07/11/2022, youTalk Insurance, 'Top 50 independent listed UK broker Dickson & Co acquires Jim Burton Insurance Services')

​Global risk and reinsurance specialist Guy Carpenter has launched a new tool that allows clients to assess and optimise their reinsurance structure. The new MetaRisk Live tool enables clients to instantly evaluate the impact of any changes to their reinsurance structure, leveraging Guy Carpenter’s MetaRisk platform – which is a comprehensive suite of underwriting, reserve, catastrophe, credit, and investment risk capabilities.(Lyle Adriano, 11/11/2022, Insurance Business UK, 'Guy Carpenter launches new reinsurance optimisation tool')

International General Insurance Holdings Ltd. (IGI) has announced its financial results for the third quarter and first nine months of 2022, ended September 30, 2022. Commenting on the results seen, IGI chairman and CEO Wasef Jabsheh noted that the insurer recorded another strong set of results in Q3 2022, continuing the momentum of the prior two quarters and resulting in a combined ratio of 73.6%. Market conditions and rates are holding up across IGI’s portfolio, he said, and it continues to grow at a steady pace, with GWP up over 11% year-to-date. (Mia Wallace, 11/11/2022, Insurance Business UK, 'IGI reports Q3 and 9M 2022 results')

Beazley has become the latest insurance company to issue a trading statement for the 9M period ended September 30, 2022. Among the key highlights revealed, the specialist insurer noted that its gross written premiums (GWP) spiked 22% in the period to $3,980 million – up from $3,271 million last year. Meanwhile, premium rates on renewal business increased by 17% - compared to last year’s 23% while its high 80s combined ratio guidance remains for FY 2022. (Mia Wallace, 11/11/2022, Insurance Business UK, 'Beazley announces 9M 2022 results')

Mergers & Acquisitions

US-headquartered AssuredPartners has bought Professional indemnity specialist Anchorman Insurance Consultants. Devon-based Anchorman, founded in 1998, places in the region of £8m in gross written premium for over 3000 SMEs. The broker has a particular focus on property-based professionals such as estate agents, surveyors, architects and structural engineers. AssuredPartners confirmed that all the team will stay in their current roles and continue under the management of Tony and Gillian Cross. (Emmanuel Kenning, 08/11/2022, Insurance Age, 'AssuredPartners buys Anchorman')

Premier Choice Healthcare has bought Independent Healthcare (UK) and Paul Ganjou. Both IHUK and Paul Ganjou, based in the London area, distribute private medical insurance to SMEs and consumers. IHUK vendors Siraj Kalania and Alex Alton will remain with the business, Kalania as a member of the PCH team while Alton will be in an ambassadorial role. Paul Ganjou will also become a PCH brand ambassador following completion.(Emmanuel Kenning, 08/11/2022, Insurance Age, 'GRP-owned PCH snaps up two businesses')

Dickson & Co (NI) Ltd, has announced a further acquisition, increasing its network of offices in Northern Ireland to eight. Dickson & Co also has representation in the Republic of Ireland through its joint ownership of Dickson & Wilson Insurance Brokers Limited, which is based in Dunboyne, Co Meath, with a further office due to open in Monaghan within the next few weeks. This most recent acquisition comes on top of two successful acquisitions completed in 2021 and are part of the company’s continued plans for expansion. (ARAG, 07/11/2022, youTalk Insurance, 'Commercial Express and ARAG team up on broker schemes')

Earlier this year the Clear Group revealed that the asset management arm of multinational investment bank Goldman Sachs has invested in the broker. The Chartered insurance broker has announced that it has completed the new investment and is in place to utilise it to drive the next phase of growth. (Mia Wallace, 11/11/2022, Insurance Business UK, 'Clear Group seals investment from Goldman Sachs')

​Wholesale Managing General Agent iprism has completed its acquisition of specialist underwriting agency Metier Trading Limited (MTL), formally known as Metier Underwriting. The deal marks iprism’s first acquisition following a management buyout in November 2021. Ian Lloyd, Chief Executive Officer of iprism, previously expressed his strong intentions to grow iprism through acquisitions, with the swoop for MTL expected to be “the first of several.” (Micah Guiao, 11/11/2022, Insurance Business UK, 'iprism acquires Metier Underwriting')

​Stubben Edge Group has further expanded with its latest acquisition, specialist Managing General Underwriter Cedar Underwriting. The deal is subject to regulatory approval. The announcement is the latest in a series of purchases made by the UK fintech, including the acquisition of Genesis Special Risks and 1Edge Insurance as well as financing platform Finpoint.(Mary Or, 11/11/2022, Insurance Business UK, 'Stubben Edge swoops for MGU')

Movers & Shakers

Hiscox has announced the appointment of James Stewart-Smith to Broker Sales Director - a newly created role within the broker arm of its UK business. He will take up the role with immediate effect and be responsible for managing all seven regional branches. Stewart-Smith joined Hiscox in 2014 and has previously held roles within the London Market and UK Retail teams. His promotion comes on the heels of other significant appointments with Trish White taking on the new position of Strategic Accounts Director and Dave Smith replacing Mark Plews as Head of Schemes, managing a team of 40. White has held a number of roles within Hiscox after joining as Regional Manager Commercial London in 2016. Smith joined Hiscox in 2004 as a Trainee Underwriter in London and has taken on a variety of positions since, most recently Head of Underwriting for Schemes and Partnerships.(Insurance Age Reporter, 09/11/2022, Insurance Age, 'Hiscox promotes trio from within to reshape broker leadership team')

John Dunn has been appointed to the role of Managing Director of Brokerbility, with responsibility for leading the network as Julie Rayson-Flynn leaves after 15 years with the business. Rayson-Flynn has held a variety of roles at the firm including Operations Director and joined the main board of Brokerbility as Director in October 2021 with day-to-day responsibility for the network, reporting to Ian Stutz. Dunn previously held senior positions at Allianz, which latterly included leadership of its Luton branch, before joining Luker Rowe. Prior to that, he led the head office property underwriting team, as well as its commercial strategic initiatives and London Market Real Estate team. (Emmanuel Kenning, 09/11/2022, Insurance Age, 'John Dunn named MD of Brokerbility as Julie Rayson-Flynn departs')

The London Market Group has confirmed Sean McGovern, Axa XL’s CEO for the UK & Lloyd’s, as its next Chair taking up the role on 1 January 2023. McGovern will replace Matthew Moore, Executive Vice President and President of Underwriting at Liberty Mutual Global Risk Solutions who will step down at the end of his three-year tenure but remain on the LMG board. McGovern commented: “I have served on the board of the London Market Group since 2019, leading its regulatory and government relations work for most of that time. This has allowed me to see first hand exactly how critical cross-market support is for projects that can stimulate growth, promote our interests as an industry and deliver positive change.”(Emmanuel Kenning, 09/11/2022, Insurance Age, 'LMG names Axa XL boss Sean McGovern as chair')

MS Amlin Underwriting Limited, the Lloyd’s market global (re)insurer, has announced the appointment of Clare Constable as Head of Claims. Constable will take up her role on 21 November and will report to Alberto Verga, Chief Operating Officer. Constable joins MS Amlin with more than 20 years’ specialty and reinsurance claims experience, having joined from HDI Global Specialty, where she spent over a decade as Claims Director. Prior to HDI, Constable was Head of Open Market & Reinsurance Claims at Canopius. In these roles, Constable was responsible for successfully delivering and improving the claims service.(MS Amlin, 07/11/2022, youTalk Insurance, 'MS Amlin appoints Clare Constable as Head of Claims')

American International Group, Inc. has announced that the Board of Directors has elected Paola Bergamaschi as a Director of the company, effective December 1, 2022. In addition, John G. Rice, who joined the Board in March 2022, will take on the role of Lead Independent Director, effective January 1, 2023. Douglas M. Steenland, who served as Non-Executive Chairman from 2015 until March 1, 2021 when he became Lead Independent Director of the Board, has decided not to stand for re-election at the Annual Meeting of Shareholders in 2023. (AIG, 07/11/2022, youTalk Insurance, 'AIG announces changes to Board of Directors')

Lockton Re, the global reinsurance business of the world’s largest privately held independent insurance broker, has announced the appointment of Ben Ryan as a Senior Broker in its non-marine retrocession and property specialty team in London. Ryan began his career as part of the graduate program at Aon Reinsurance Solutions. He joined the non-marine retrocession team in 2015 and spent time in New York, focusing on retrocession clients in the US and Bermuda before returning to London earlier this year. (Ryan Smith, 11/11/2022, Insurance Business UK, 'Lockton Re selects new senior broker')

Cyber risk firm Resilience has announced the appointment of George Kotsiopoulos as Executive Vice President and Global Head of Distribution and Strategy. He succeeds the late Tom Gamble in the role. Kotsiopoulos has extensive experience in the market. Prior to joining Resilience, he served as Head of US Distribution and Senior Vice President of Broker Distribution at Aspen Insurance Group. He has also held senior underwriting positions at Zurich and AIG, focusing on large US national accounts. (Ryan Smith, 11/11/2022, Insurance Business UK, 'Resilience selects global distribution head')

​DWF Partner Nicola Critchley has been tapped to lead the Forum of Insurance Lawyers (FOIL) through 2023. Critchley will take over from BLM’s Stuart Hardy, who was appointed as President in November 2021 – the same time she was selected to become Vice President of FOIL. Critchley has worked with insurers and policyholders for more than 20 years, supporting them in controlling third-party costs and legal spending, and deals with all kinds of costs litigation. (Micah Guiao, 11/11/2022, Insurance Business UK, 'FOIL welcomes DWF partner as president for 2023')

All information provided in this Market Digest has been gathered from Insurance Age, Insurance Business UK and youTalk insurance.