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General Insurance Newsletter Friday 26th May 2023

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Insurance News

​International insurance giant Generali has announced its Q1 2023 trading results, revealing a 1.3% bump in its gross written premiums (GWP) to €22.2 billion (approx. £19.28 billion). In a results release, Generali credited this increase to robust growth in its P&C segment (up 10.1%). Among other key figures released by the insurer, it was revealed that its operating result rose 22.1% to €1,820 million, largely due to strong contribution from the P&C segment, while its life segment was resilient. Generali’s combined ratio improved to 90.7% (-5.6 p.p.) with its new business margin standing at 5.72% (up 0.32 p.p.).(Mia Wallace, 25/5/2023, Insurance Business UK, 'Generali unveils Q1 2023 results')

Global broker Aon has released a new report on the state of the “buyer-friendly” cyber and errors and omissions (E&O) market, with the highlight being the distinct changes that is making early 2023 a prime period for buying insurance under these lines. One of the report’s key highlights revealed that substantial new capacity will help soften the market, and that Aon expects premium rates this year to be more competitive compared to the past 24 months. This development is driven by improved loss ratios and an influx of new capital that has created a higher global premium pool, especially in excess markets. (Kenneth Araullo, 25/5/2023, Insurance Business UK, 'Aon unveils report on “buyer-friendly” cyber and E&O market')

The total amount of claims paid last year was £85.76 million more when compared with the total claims paid in 2021, and brought the total amount paid out to customers to £3.8 billion over the last five years. The number of claims paid across Legal & General’s protection product offerings saw a 5% increase on the previous year. Financial services group Legal & General provided a record £883 million to 17,768 claims across life insurance, income protection, and critical/terminal illness products in 2022, which means that it paid out an average of over £2.4 million in retail protection claims a day last year. (Rommel Lontayao, 24/5/2023, Insurance Business UK, 'Legal & General delivers record retail protection claims payouts')

​UK merchant banking group Close Brothers has reported that it performed well in the third quarter of its financial year, covering the period from February 1 to April 30, 2023. Adrian Sainsbury, Chief Executive at Close Brothers, said the group delivered a good performance in Q3, highlighted by 2% growth, to £9.2 billion, of its loan book, or 3.9% if business units in run-down are stripped out, and net interest margins remaining stable at 7.8%. (Rommel Lontayao, 24/5/2023, Insurance Business UK, 'Close Brothers enjoys improved Q3 numbers')

Phoenix Group has released its Net Zero Transition Plan. The plan outlines a roadmap designed to decarbonise Phoenix Group’s investment portfolio, supply chain, and operations to help achieve a net-zero economy by 2050. Among the components, the investment portfolio accounts for 99% of the group’s emissions. The plan also focuses on managing the risks and maximising the opportunities of climate change for its customers. (Roxanne Libatique, 24/5/2023, Insurance Business UK, 'Phoenix Group unveils net-zero transition plan')

Six UK-based businesses have been selected to take part in the InsurTech Corridor US-UK collaboration. Launched last year, the initiative aims to enable insurance industry trade links and drive innovation between the UK and the US insurance industry hub of Connecticut. The program is a partnership between the UK government’s Department of Business and Trade (DBT) and the Connecticut Insurance and Financial Services trade association, the state Department of Insurance, the MetroHartford Alliance, InsurTech UK and Connecticut’s lead economic development agency, DECD. It provides support, industry connections and market insights to insurtechs free of charge. (Ryan Smith, 24/5/2023, Insurance Business UK, 'Transatlantic insurtech partnership announces second wave of participants')

​Royal London has announced a £1.2 million charity partnership with Cancer Research UK to tackle cancer inequalities, including the funding of research into hard-to-treat cancers and initiatives to improve the pathway to early diagnosis. It will also support programs that increase cancer awareness in communities. (Kenneth Araullo, 24/5/2023, Insurance Business UK, 'Royal London unveils charity partnership to tackle cancer inequalities')

Aviva Plc has published its trading update for the first quarter of 2023 – a period in which Chief Executive Amanda Blanc believes the insurer delivered “encouraging” results. During the first three months, Aviva’s general insurance gross written premium (GWP) rose 11% on a constant currency basis to £2.4 billion. Of the total GWP, £1.5 billion came from UK & Ireland; £0.8 billion from Canada. Both markets posted growth, of 13% and 9%, respectively. (Terry Gangcuangco, 24/5/2023, Insurance Business UK, 'Aviva reports quarterly results')

Specialist mutual insurer TT Club has become the only non-P&I (protection and indemnity) insurer to be part of the Maritime Anti-Corruption Network (MACN). In a release, the new MACN member said: “TT Club has long been aware of the issues surrounding corruption in the maritime transport industry. The insurer is dedicated to ensuring these corrupting effects on the overall integrity of freight transport worldwide are minimised, if not eradicated. (Terry Gangcuangco, 24/5/2023, Insurance Business UK, 'TT Club joins Maritime Anti-Corruption Network')

​HDI Global, an industrial insurer that is part of the Talanx Group, has unveiled its financial results for the first quarter of 2023 (Q1 2023), reflecting a promising start. In its financial report, HDI Global revealed that its insurance revenue totalled a whopping €2.1 billion for Q1 2023 with a combined ratio of 93.2%, which came in below the stated medium-term target of 95%. (Roxanne Libatique, 23/5/2023, Insurance Business UK, 'HDI Global announces latest financial results')

Swiss Re, the world’s number two reinsurer, has joined fellow reinsurance giants Munich Re and Hannover Re in cutting ties with the United Nations-convened Net-Zero Insurance Alliance (NZIA). In an emailed statement to Reuters, Swiss Re confirmed its decision to leave the NZIA but did not cite the reason behind the move. Hannover Re, the third largest reinsurer, also chose not to outline its reasons when the company’s departure from the NZIA was announced in April. Two other major names – global provider Zurich Insurance Group and top reinsurer Munich Re – already left before then. (Terry Gangcuangco, 23/5/2023, Insurance Business UK, 'Swiss Re exits Net-Zero Insurance Alliance')

Total global insurance premium income amounted to nearly €5.6 trillion last year, according to a new report by Allianz Trade. Life remained the largest insurance segment at €2.6 trillion, followed by property-casualty (€1.8 trillion) and health (€1.1 trillion). The premium pool grew by 4.9%, or €259 billion, amid a global inflation rate of 8.6%, Allianz Trade said. (Ryan Smith, 22/5/2023, Insurance Business UK, 'Global insurance premium income revealed in Allianz report')

​Automotive specialist Hagerty is revving up its focus on the UK market, with the launch of a commercial valuations service. According to the firm, the goal of the service is to provide bespoke market data to its users – this can include vehicle inspections, value forecasts, written reports and more. (Paul Lucas, 22/5/2023, Insurance Business UK, 'Hagerty launches commercial valuations service')

MS Amlin parent MS&AD Insurance Group Holdings has released its summary of financial statements for the year ended March 31, 2023. For the current fiscal year, MS&AD’s underwriting income amounted to ¥4.5 trillion while investment income stood at ¥745.7 billion. The results were in part attributed to efforts in the areas of value creation, business transformation, and group synergy. (Terry Gangcuangco, 22/5/2023, Insurance Business UK, 'MS&AD Insurance Group reports annual earnings')

Tokio Marine Holdings has published its financial results for the year ended March 31, 2023 (fiscal year 2022). Highlighting the company’s efforts to expand its domestic and overseas operations, Tokio Marine reported an underwriting income of ¥5.6 trillion and investment income of ¥875.4 billion. (Terry Gangcuangco, 22/5/2023, Insurance Business UK, 'Tokio Marine Holdings announces financial results')

For the fiscal year ended March 31, 2023, Sompo Holdings saw a nearly 60% decline in the company’s net income attributable to shareholders of the parent. Sompo’s underwriting income for the year was ¥4.1 trillion, while investment income amounted to ¥325.7 billion. As for the lower net income, Sompo had this to say: “Ordinary expenses increased by ¥632.6 billion to ¥4.5 trillion compared to the previous fiscal year, the components of which were underwriting expenses of ¥3.6 trillion, investment expenses of ¥113.7 billion, operating, general, and administrative expenses of ¥598.4 billion and other ordinary expenses of ¥174.3 billion. (Terry Gangcuangco, 22/5/2023, Insurance Business UK, 'Sompo Holdings net income tumbles')

Howden has announced that 1,000 of its employees have chosen to invest for the first time in the company through its 2023 Internal Share Offer scheme (ISO). This takes the total number of employee shareholders to approximately 4,500 across 35 countries out of the 50 in which Howden operates, representing the largest shareholder group. Howden is the fifth largest employee-owned business in the UK. The success of this year’s ISO underlines its unique capital model, which blends employee ownership with aligned, external minority investors, driving Howden’s ability to deliver stellar, sustainable growth and build a business for the long term. (Howden Group, 25/5/2023, youTalk Insurance, 'Howden employee shareholders reach 4,500 after exceptional 2023')

Prestige Underwriting has announced that it has signed a multiyear contract with Qlaims Limited to include its claims assistance insurance cover in the Prestige Underwriting Coverall Household Policy. Qlaims Insurance, an Insurtech MGA, provides clients who experience a loss with their own claims specialist (a CILA loss adjuster) to prepare and manage their property claims. The help is most beneficial on larger claims and Prestige Underwriting has selected customer claims above £25K to benefit from the support of this value-added service. (Prestige Underwriting, 25/5/2023, youTalk Insurance, 'Prestige Underwriting signs multi-year contract with Qlaims')

Mergers & Acquisitions

Yorkshire-based JMG Group has acquired North East commercial and corporate broker, Insure Business, in what is the group’s 20th acquisition since its formation just over 2½ years ago. Insure Business will join the JM Glendinning North East business, part of the JMG Group, adding to the established team of insurance professionals based at Gosforth Business Park in Newcastle. This move is part of JMG Group’s ongoing growth strategy, which is underpinned by a personal approach to the acquisition process. (JMG Group, 23/5/2023, youTalk Insurance, 'JMG Group makes 20th broker acquisition')

Bspoke Insurance Group Ltd (Bspoke Group) has announced that it is acquiring Miramar Underwriting Ltd (Miramar), subject to regulatory approval. It is the first acquisition by Leeds-based Bspoke Group since it rebranded in April. London-based Miramar was founded by Jeff Turner and Tim Simpson in 2009 and operates as an MGU delegating authority to coverholders specialising in writing property owners’, non-standard residential, unoccupied property, and other commercial and residential property classes. (Bspoke Insurance Group Ltd, 23/5/2023, youTalk Insurance, 'Bspoke Group buys MGU Miramar Underwriting')


​Global specialty insurer Fortegra has appointed Abbie Taylor as Chief Operating Officer and Jon Lettween as Chief Innovation, Data Science, and Technology Officer. Taylor joins Fortegra from Asurion where she served as the Head of Client Operations for strategic accounts, developing portfolio strategy and driving improvements in digital services, supply chain management, and customer service. Her experience in global management and strategy roles spans nearly two decades. Prior to joining Fortegra, Lettween was the Principal and Head of Data & Analytics at Osso Capital. (Mika Pangilinan, 25/5/2023, Insurance Business UK, 'Fortegra bolsters leadership team with key appointments')

Cyber insurance provider Cowbell has announced new additions to its UK and US teams. The company has named Claud Bilbao as UK Director of Underwriting. In the US, Matt Byrne has joined the company as Vice President of Tech Errors & Omissions Underwriting. Prior to joining Cowbell, Bilbao served as a Senior Underwriter at CNA where he was responsible for running the London specialty cyber and technology portfolios for both its company and Lloyd’s platforms. He has also served as a US Technology and Cyber Underwriter at CFC Underwriting. Byrne has more than eight years of underwriting experience in cyber and professional lines at traditional carriers and managing general agents. He also has experience working on traditional property & casualty lines supporting larger programs. (Ryan Smith, 25/5/2023, Insurance Business UK, 'Cowbell bolsters UK, US teams')

Allianz Holdings has revealed that Allianz Personal CEO Steve Treloar and Allianz UK CFO Fernley Dyson are stepping away from their respective roles to take on new opportunities. Commenting on the news, Colm Holmes, CEO of Allianz Holdings, said: “During a period of determined headwinds and exciting changes, Steve has played a crucial role in the success of our business. I would like to thank him for his significant contribution that has earned us the recognition of being one of the leading personal lines insurers in the UK. While a successor has not yet been appointed, I am thankful that Steve has agreed to work with the Allianz Personal senior leadership team to ensure a smooth transition.” Holmes also expressed thanks to Dyson for his contributions to the business over the last four years, highlighting his “key role” in building the business and leading its finance functions through the acquisitions of LV= General Insurance and L&G General Insurance. (Mia Wallace, 24/5/2023, Insurance Business UK, 'Allianz Holdings shakes up executive leadership roster – two big names depart')

​Property & casualty (re)insurance provider Sompo International has named Risa Ryan as Chief Underwriting Officer, which is a newly created position at the company. Based in New Jersey, Ryan joined Sompo International from Swiss Re where she was Global Head of Standard Insurance Products. Ryan’s credentials also include time spent at QBE and Munich Re. (Terry Gangcuangco, 24/5/2023, Insurance Business UK, 'Sompo International creates chief underwriting officer position')

Broker Insights has announced the appointment of Tom Duke as Chief Operating Officer. Duke’s career spans over 25 years in the technology industry, during which he has collaborated with numerous fast-growing businesses, including Broker Insights, to develop products that keep pace with rapidly evolving industries. The tech veteran also played a pivotal role in the growth and subsequent sale of TVSquared, one of Scotland’s most successful technology ventures. (Mika Pangilinan, 24/5/2023, Insurance Business UK, 'Broker Insights appoints tech sector veteran as COO')

AXA XL has announced the appointment of Vicky Roberts-Mills as Head of Energy Transition. This new role will effectively bring together AXA XL and AXA Group’s capabilities in partnering with clients to transition to their respective net zero goals. She will join AXA XL later this year. Roberts-Mills previously worked at Aon as the Offshore Renewables Leader. Prior to this, she spent almost 18 years at BP in various senior roles. (Kenneth Araullo, 24/5/2023, Insurance Business UK, 'AXA XL appoints head of energy transition')

​Liberty Mutual Insurance Global Risk Solutions (GRS) has announced the appointment of Patrick Thielen as Global Head of Cyber. Thielen joins Liberty Mutual from Chubb, where he served as Senior Vice President of tech errors and omissions and cyber insurance product lead. He previously served in various technical and strategic positions at Travelers. GRS also announced the promotion of Jelmer Andela to the newly created role of Head of Cyber Underwriting for Liberty Specialty Markets (LSM), its London-based specialty insurer. “Jelmer has more than two decades of experience in the insurance market, underwriting across multiple lines of business, and is an exceptional cyber specialist,” Rachel Conran, Chief Underwriting Officer at LSM, said. (Ryan Smith, 23/5/2023, Insurance Business UK, 'Insurance giant announces global cyber appointments')

Consilium, the international broking arm of Aventum Group, has announced the launch of a new cyber, tech, and fintech division. Leading the division is Tom Abbotts, who has been appointed as Associate Partner. Abbotts has extensive experience as a specialist Cyber, Tech, and Fintech Insurance Broker with a strong background in serving the financial markets. He joins Consilium from Elmore Insurance Brokers where he was one of the founding members and led the cyber, technology, and fintech team. (Mika Pangilinan, 23/5/2023, Insurance Business UK, 'Consilium expands services with launch of cyber, tech & fintech division')

Asta, a third-party MGA at Lloyd’s, has appointed Seema Bradbury as Chief Risk Officer (CRO) and Liz Catchpole as an Independent Non-Executive Director and Chair of its audit committee. Bradbury, brings a wealth of knowledge and experience to her new role at Asta, having spent over 20 years in the London market. She joins Asta from AXIS, where she was the Group Risk Director and CRO. Previously, she has held various roles in the Lloyd’s and London market, including at Lloyd’s, Beazley, ArgoGlobal, and Miller. Catchpole is a certified Chartered Accountant with over 20 years of executive board level experience gained mainly in insurance, outsourcing, and property sectors. She is also an: Independent Non-Executive Director and Audit Chair at Investec Wealth and Investment; Independent Non-Executive Director, Senior Independent Director, and Audit Chair of GBG plc; and Independent Chairman of TP Bennett. (Roxanne Libatique, 22/5/2023, Insurance Business UK, 'Asta announces board appointments')

​In what is described as a “crucial time” for the firm, MS Amlin has bolstered its natural resources claims expertise with the addition of Erman Hassan. Hassan makes the switch from QBE, where he helped set up a specialist team to drive efficiencies within complex claims. He originally joined the firm back in 2016 and has represented the insurer at the Lloyd’s Market Association and with the International Underwriting Association. He has also previously held roles with both Charles Taylor Adjusting and Warwick International. (Paul Lucas, 22/5/2023, Insurance Business UK, 'MS Amlin strengthens natural resources line-up')

Miller has bolstered its data and analytics division with the appointment of Kate Enright as Head of Data. Prior to this position, Enright worked as Data Strategy and Delivery Manager for Beazley, her home for the past eight years. According to LinkedIn, Enright also worked as a Business Analyst for Watertrace. (Kenneth Araullo, 22/5/2023, Insurance Business UK, 'Miller boosts data and analytics with key appointment')

Lockton has appointed James Bannister as Head of Global War, Terrorism & Political Violence, effective immediately. James brings a wealth of Political Violence experience having been part of the London market for over fifteen years. He joins from Aon, where he held a series of roles, culminating with his appointment as Executive Director, Head of North American Terrorism. Prior to this, he served as a War and Terrorism Underwriter at Canopius. (Lockton, 22/5/2023, youTalk Insurance, 'Lockton appoints new Head of global war, terrorism and political violence')

Argenta Syndicate Management Limited (ASML) has announced the appointment of Hannah Wyatt as Direct and Facultative (D&F) Property Underwriter, US and International. Wyatt spent more than a decade underwriting property at several Lloyd’s syndicates. She joins ASML from property and speciality (re)insurer IQUW, where she served as Senior Property Underwriter.(Ryan Smith, 26/5/2023, Insurance Business UK, 'Argenta appoints D&F property underwriter')

Patricia Moon, who most recently served as Chief Executive of Allianz Partners Japan, is now the CEO for Allianz Partners UK and Ireland. Prior to her stint in Japan, Moon was based in France and held the position of Global Head of Human Resources for Allianz Partners Group. Her credentials also include time spent at Allianz Portugal and at Allianz SE in Germany. (Terry Gangcuangco, 26/5/2023, Insurance Business UK, 'Allianz Partners gets new CEO for UK and Ireland')

Rachel Turk will be joining Lloyd’s as Chief Underwriting Officer at a date to be announced in due course. A board member of the Lloyd’s Market Association and the London Market Group, Turk is making the switch from Beazley where she spent more than 14 years in management roles. The JP Morgan Cazenove alumnus was Group Head of Strategy at Beazley from September 2021. (Terry Gangcuangco, 26/5/2023, Insurance Business UK, 'Beazley veteran to join Lloyd’s as underwriting chief')

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