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General Insurance Newsletter Friday 14th April 2023

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Insurance News

Lloyd’s has become the 21st partner of the British Insurance Brokers’ Association. To commemorate the tie-up, BIBA and Lloyd’s are hosting two one-day forums in Birmingham and Manchester to help brokers learn more about doing business with the Lloyd’s market. The specialist insurance market has more than 380 registered Lloyd’s brokers and a global network of more than 4,000 local cover holders. (Sophie Locke-Cooper, 13/4/2023, Insurance Age, 'Lloyd’s joins Biba as a partner')

Lloyd’s broker Miller has marked its second anniversary as an independent broker with revenues breaking through £200m. It added that it had recorded organic growth in the ‘mid-teens’ since March 2021, with “strong performance across all classes”, and that 130 new employees had joined. Twelve new teams were launched in 2022, to “deliver new product lines and enhance its proposition”, including Delegated Authorities, Construction, Bloodstock and Livestock, Farms and Estates, Media & Entertainment and Renewables.(Insurance Age Reporter, 13/4/2023, Insurance Age, 'Miller CEO targets growth at ‘greater pace’ as revenues top £200m')

Ecclesiastical has warned that with rising inflation and the cost-of-living crisis, wealthy individuals and their home offices are prime targets for criminals, and has urged brokers to speak with clients about how best to protect themselves. New research commissioned by the insurer has revealed that two in five (39%) crimes experienced by high-net-worth clients happened in home offices during the past 12 months. It added 26% of these crimes took place in home offices within the main residence, while 23% of crimes took place at an external home office in the garden or an outbuilding. (Sophie Locke-Cooper, 12/4/2023, Insurance Age, 'Ecclesiastical urges brokers to help HNW clients protect their home offices')

​Hagerty has cut its headcount by 4%, marking its second workforce trim within months. In the latest tranche of cuts, 83 employees have been affected, according to an SEC filing dated April 12, 2023. The specialty classic car insurance provider let go of 103 staff members (approximately 6% of its workforce at the time) last December. (Jen Frost, 12/4/2023, Insurance Business UK, 'Hagerty reduces workforce by 4%')

​ACORD, the standards-setting body for the global insurance industry, has released the results of 2023’s first ACORD Global Stock Index Update. The update revealed a positive year-over-year return of +2.9% for the insurance industry, contrasted with a -9.1% decline in the global equity market. The reinsurance sector posted record-high performance with a total return of +23.6%, likely spurred by strong premium and exposure growth, improved underwriting results, robust investment gains, and additional operating leverage.(Ryan Smith, 14/4/2023, Insurance Business UK, 'ACORD reveals latest on insurers' stock performance')

The Ince Group Plc, brands of which include insurance law firm Ince, has been put into administration. In its announcement, the Ince parent said: “The company confirms that its audit process for the financial year ended March 31, 2022 remains uncompleted. The company’s shares have been suspended since January 3, 2023 and the length of the auditing process has put increasing pressure on the cash flows of the business. As a result, the company has been holding discussions with its major lender and other creditors, including HMRC, to establish their level of support."(Terry Gangcuangco, 14/4/2023, Insurance Business UK, 'Board “has no choice” but to place Ince parent into administration')

Mergers & Acquisitions

PIB Group has acquired specialist professional indemnity insurance broker, Pure Risks. Founded by Director, Jonathan Bogan in 2012, Bristol-based Pure Risks places PI business for Financial Planners, Architects, Engineers, chartered surveyors and other regulated and non-regulated professions. The appointed representatives of Ten Insurance also offers a full insurance programme placing directors’ and officers’, office Insurance and all other associated insurance covers relating to professional services firms. (Insurance Age Reporter, 13/4/2023, Insurance Age, 'PIB buys Bristol-based PI broker Pure Risks')

Global Risk Partners has acquired 100% of the share capital of Thompson and Co (Risk Solutions) Holdings. The deal has received regulatory approval, and the consideration is undisclosed. Thompson and Co is a family owned commercial insurance broker, based in Solihull, West Midlands. The business was founded in 1987 by Paul Thompson, who is still with the firm, alongside fellow Directors Baljit Thompson and Jennie Sutcliffe.(Insurance Age Reporter, 13/4/2023, Insurance Age, 'GRP buys West Midlands broker')

AssuredPartners-owned PSP Group has agreed to acquire the general insurance business assets of Sterling Select Insurance Services and Castle Sundborn. SSI and Castle will operate as part of PSP Group, and in doing so will allow for the expansion of its existing operations in Wiltshire and the creation of a new office presence in Gloucestershire. The acquisitions will add £4m of GWP and all staff will report to PSP Group CEO Bob Parkins. (Insurance Age Reporter, 12/4/2023, Insurance Age, 'AssuredPartners-owned PSP seals two more deals')

Clear Group has acquired Irish commercial broker McAuliffe Barry & Collins Ltd (trading as MBC Insurance and, its first deal outside the UK. Under the terms of the deal, Clear has acquired 100% ownership of the insurance business of MBC Insurance, representing its 38 deal since 2001. (Jonathan Swift, 11/4/2023, Insurance Age, 'Clear Group buys first international broker with MBC deal')

Acquisitive broker NFP has bought Gravity Risk Services for an undisclosed sum. NFP will integrate Gravity’s risk services into its existing commercial insurance, employee benefits and human resources arm. The West Midlands-based Gravity Risk Services’ team and key executives will become part of the NFP team, including Founder Dale Collett. (Sophie Locke-Cooper, 12/4/2023, Insurance Age, 'NFP snaps up Gravity Risk Services')

Enstar Group, which has acquired more than 110 companies and portfolios since its holding company was formed in 2001, has closed another deal. First announced in February by QBE Insurance Group, the now completed transaction is a loss portfolio transfer between wholly-owned Enstar subsidiaries and certain subsidiaries of QBE. The deal features what was described as a “diversified” book of business that spans international and North America financial lines, European and North American reinsurance portfolios, and several discontinued programs in the US. (Terry Gangcuangco, 11/4/2023, Insurance Business UK, 'QBE, Enstar complete loss portfolio transfer deal')

The Ardonagh Group (“Ardonagh”, “The Group”) has announced that it has agreed to acquire Klap Verzekeringsmakelaar (“Klap”), a specialist commercial lines insurance broker based in the Netherlands, from family office, Nedvest (“Nedvest”). Under the leadership of Jorg Roodbeen, Klap CEO, and with support from Tim Kreté, partner at Nedvest, Klap has achieved high levels of growth in recent years, cementing its position as a key player in the Dutch insurance market. Klap’s growth was achieved through a combination of its successful acquisition strategy and by maintaining operational excellence to ensure strong organic growth. (Ardonagh Group, 13/4/2023, youTalk Insurance, 'Ardonagh Group acquires Dutch broker Klap')


Aston Lark has opened a new office in Norwich, which will be headed by former Alan Boswell Director James Monkhouse. The new premises is in addition to those announced earlier this year in the Thames Valley and South Wales. Director Monkhouse, a 16-year veteran of Norwich-headquartered Alan Boswell will be joined by former colleague Katherine Campbell as Sales Director. Campbell spent more than a decade at Alan Boswell as an Account Executive.(Insurance Age Reporter, 12/4/2023, Insurance Age, 'Aston Lark recruits Boswell duo to open Norwich office')

​Sergio P. Ermotti, who is back at UBS as Chief Executive, has been re-elected as Chair of Swiss Re ahead of his imminent departure from the reinsurance giant. In a release following the company’s annual general meeting, Swiss Re noted: “Shareholders approved the re-election of Sergio P. Ermotti as the Chairman of the Board of Directors. As announced on March 29, 2023, Sergio P. Ermotti will step down after the AGM and a short handover period."(Terry Gangcuangco, 13/4/2023, Insurance Business UK, 'UBS chief gets re-elected as Swiss Re chair ahead of departure from reinsurer')

RSA Insurance has appointed Ade Adeyemo as the new Head of Construction for its UK risk consulting team. Adeyemo originally joined RSA Risk Consulting in October 2022 and will now lead the construction risk engineering proposition across both Commercial and Specialty lines. He will be replacing current UK Construction Lead Trevor Chainey, who is set to retire after a 45-year career. (Mika Pangilinan, 13/4/2023, Insurance Business UK, 'RSA appoints new construction risk lead')

McLarens UK & Ireland, which has doubled in size since 2019, has implemented changes to its leadership structure. Liz Tubb, Group General Counsel; Tushar Nimbalkar, Finance Director EMEA (Europe, the Middle East, and Africa); and Emma Youatt, Human Resources Director EMEA all join the new board. Steven Wallace has been promoted to the expanded role of Managing Director of McLarens EMEA, David Gillan takes control of UK loss adjusting operations; Kieran Gallagher will take the reporting line from McLarens’ expanding adjacencies and emerging practices; Neil Baldwin takes control of commercial development; and Toby Knight has been appointed to a new role of Property Practices Director to oversee the business’ Commercial Property, Private Clients & Estates, and Real Estate practices. Meanwhile, David Walker is stepping down from his Executive Director position to assume a global consultancy role with McLarens. (Terry Gangcunagco, 13/4/2023, Insurance Business UK, 'McLarens boosts leadership structure for the UK and Ireland')

Insurance broker Howden has announced the appointment of Colin Reddy as Head of Financial Institutions and Advisory for its Capital, Advisory, and Placement business, HowdenCAP. Reddy comes to the role with over 20 years of experience in the financial sector, most recently from Mizuho Financial Group. In that role, Reddy oversaw the financial institutions debt capital markets team across Europe, Middle East, and Africa. Prior to this, he spent 10 years at Bank of Ireland, working across various functions relating to asset and balance sheet management. (Kenneth Araullo, 13/4/2023, Insurance Business UK, 'Howden CAP taps industry veteran to head financial institutions and advisory')

Allianz Commercial, which serves Allianz Group’s business insurance customers, has appointed Mark Ashwood and Olivia Baker as Head of Property Insurance and Head of Motor Trade Insurance, respectively. Ashwood worked in several branches in commercial underwriting roles before becoming a Motor Trade Manager and most recently the Motor Trade Underwriting Account Manager. Baker joined Allianz’s graduate program in 2010. Since then, she has held several underwriting roles focusing on account management and portfolio steering, including leading the motor trade account in the Woking branch and most recently as a Manager in the motor trade head office account team.(Roxanne Libatique, 12/4/2023, Insurance Business UK, 'Allianz Commercial announces double senior move')

Specialist (re)insurance broker Miller has appointed Laura McDonough as new Head of Professional and Financial Risks. In this new role, McDonough will focus on growing the firm’s Professional and Financial Risk offerings while based in Miller’s London office. McDonough previously worked for 14 years in Lockton’s Professional Indemnity insurance practice. Before this, she also worked at both Miller and WTW. (Kenneth Araullo, 12/4/2023, Insurance Business UK, 'Miller appoints new head of professional and financial risks')

Zurich Insurance Group’s Board Chair and members, whose term of office ended on April 6, have all been re-elected for another term. Staying on are Chairman Michel M. Liès and fellow board members Joan Amble, Catherine Bessant, Dame Alison Carnwath, Christoph Franz, Michael Halbherr, Sabine Keller-Busse, Monica Mächler, Kishore Mahbubani, Peter Maurer, Jasmin Staiblin, and Barry Stowe. (Terry Gangcuangco, 11/4/2023, Insurance Business UK, 'Zurich Insurance Group retains board line-up')

Insurance data provider Verisk has appointed Chris Sawford as the new Managing Director of Claims for its UK branch. Sawford is an industry expert who co-founded Validus-IVC, a top provider of claims management solutions based in the UK. Validus-IVC was acquired by Verisk in 2018.(Kenneth Araullo, 10/4/2023, Insurance Business UK, 'Verisk appoints new managing director to bolster business efficiency')

FUW Insurance Services (FUWIS) have appointed prominent business woman Ann Beynon OBE as its Chair of the Board. Ms Beynon, who is the first female Chair of the FUWIS board, has been a Non-Executive Director since 2016. During her period as a Director of the business, she has been a member of the Audit and Risk Committee and Chair of the Remuneration Committee. Ms Beynon takes over from Tom Jones, who served on the FUWIS Board as its Chair for 9 years. During this time, FUWIS grew by well over 50% which is a remarkable testament to his steady leadership of the organisation.(FUW Insurance Services, 13/4/2023, youTalk Insurance, 'Largest Welsh agricultural broker FUW Insurance Services appoints new chair')

QBE Re has appointed Andy Richardson as Head of Underwriting for Bermuda. He joins from Aeolus Capital Management, Bermuda where he was Portfolio Manager and has experience in senior roles at Lancashire Insurance and Guy Carpenter.(QBE Re, 13/4/2023, youTalk Insurance, 'QBE Re appoints Head of Underwriting for Bermuda')

​Global data analytics provider Verisk has made key changes to the leadership roster of its claims solutions group, promoting Carrie Barr to President of Casualty Solutions and Aaron Brunko to President of Property Estimating Solutions. Barr has been with Verisk since 2010, where she began as an Account Executive and quickly advanced to leadership positions within sales and operations. Brunko, meanwhile, joined Verisk in 2001 as a tech support agent, most recently serving as Senior Vice President of claims on the property estimating solutions team.(Mika Pangilinan, 14/4/2023, Insurance Business UK, 'Verisk appoints executives for claims solutions group')

AIG has announced the appointment of Chris Colahan as Regional President for AIG Asia Pacific. Colahan is replacing the outgoing Steven Barnett, who is leaving to pursue opportunities outside the company. Colahan has more than 20 years of insurance experience, most recently serving as a President of UK and Europe for Berkshire Hathaway Specialty Insurance (BHSI). Prior to this, he also served as President of BHSI Australasia. (Kenneth Araullo, 13/4/2023, Insurance Business UK, 'AIG announces new Asia head')

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