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General Insurance Newsletter Friday 5th May 2023

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​Gallagher has announced a multi-year partnership with World Rugby, making the global brokerage an official partner of Women’s Rugby and Rugby World Cup 2025. Under the sponsorship agreement, Gallagher will be an official partner of World Rugby WXV 2023 and 2024 – a new, annual global women’s competition that features 18 teams. (Ryan Smith, 4/5/2023, Insurance Business UK, 'Global broker announces partnership with World Rugby')

The specialist UK brokerage Provenance Insurance Brokers has switched up gears, announcing a new deal with the North Yorkshire-based supercar, prestige and performance car specialist Redline Specialist Cars. In a Press release, Provenance CEO Jason Connon said the partnership will enable Redline clients to obtain private client motor insurance and associated insurance services through the Redline Specialist Insurance brand. (Mia Wallace, 4/5/2023, Insurance Business UK, 'Provenance switches up gears with supercar insurance proposition')

Swiss Re has enjoyed a turnaround, reporting a profitable first quarter after suffering a loss in the same three-month span in 2022. The reinsurance giant attributed the increase in P&C Re net income to robust price improvements and higher investment results, while L&H Re’s result benefitted from a strong decline in COVID-19 claims and a higher investment income. (Terry Gangcuangco, 4/5/2023, Insurance Business UK, 'Swiss Re bounces back in Q1 numbers')

The specialist international insurer Hiscox Ltd has revealed its trading statement for Q1 2023, ended March 31, 2023. Among the highlights pinpointed by the company, Hiscox noted that its insurance contract written premiums increased by 7.4% year-on-year to $1,420.2 million (approx. £1,130.61 million) – compared to $1,363.7 million in 2022. This was largely attributed to an attractive rate environment across all business segments. (Mia Wallace, 4/5/2023, Insurance Business UK, 'Hiscox reveals Q1 2023 results')

Consulting and digital services business Capita, clients of which include Aviva, has already restored impacted client services following a cyber incident, but the Financial Conduct Authority (FCA) is telling potentially affected companies to make sure their data had not been compromised. Capita said in an update: “From our investigations to date, it appears that the incident arose following initial unauthorised access on or around March 22 and was interrupted by Capita on March 31. As a result of the interruption, the incident was significantly restricted, potentially affecting around 4% of Capita’s server estate." (Terry Gangcuangco, 4/5/2023, Insurance Business UK, 'Aviva, others urged to examine extent of data compromise following Capita breach')

Prestige Underwriting has joined Flood Re’s Build Back Better scheme, making the firm the first managing general agent (MGA) to do so. With this, Prestige Underwriting now offers its customers access to reimbursement costs of up to £10,000 over and above work to repair damage and losses caused by a flood in the UK. (Kenneth Araullo, 4/5/2023, Insurance Business UK, 'Prestige Underwriting signs up for Build Back Better scheme')

Cyber incidents, macroeconomic developments, and changes in legislation and regulation are the top risks for financial services companies, according to a new survey by Allianz Global Corporate & Specialty (AGCS). The publication of AGCS’s Global Industry Solutions Financial Services Outlook follows the release of the Allianz Risk Barometer 2023 in January. The latest release is one of several risk trend briefings for specific industry sectors. (Ryan Smith, 3/5/2023, Insurance Business UK, 'Financial services sector's top concerns revealed – Allianz report')

The British government’s draft Terrorism (Protection of Premises) Bill is now available for pre-legislative scrutiny, and terrorism reinsurer Pool Re has been quick to react. To be known as Martyn’s Law (previously Protect Duty), the proposed legislation aims to improve public safety and national security by protecting public premises and events against the threat of terrorism. The goal is to require those responsible for certain premises and events to implement appropriate and proportionate mitigation measures. (Terry Gangcuangco, 3/5/2023, Insurance Business UK, 'Government publishes draft Terrorism (Protection of Premises) Bill – Pool Re reacts')

Starr Insurance Companies has announced that as of April 23, the group now directly underwrites its property – technical risks coverage through its own insurance companies. The change concludes a 17-year relationship with Chubb, Starr said. Starr said the transition of its complex risks and energy property business to its own insurance companies should be seamless for customers. (Ryan Smith, 2/5/2023, Insurance Business UK, 'Chubb subsidiary concludes long relationship with insurance giant')

The specialist insurance provider CFC has revealed it has moved to a new online home at In a press release, the group noted that the newly acquired domain reflects an “important milestone” in its 20-plus-year history. Commenting on the move, Katherine Nellums, Marketing Director at CFC said: “CFC is a dynamic, global insurance business with sophisticated capabilities spanning underwriting and claims, technology and innovation, cyber security, incident response and more."(Mia Wallace, 2/5/2023, Insurance Business UK, 'CFC moves to new online home')

The Chartered Insurance Institute (CII) and Personal Finance Society (PFS) have announced plans to simplify their membership structure by bidding farewell to their GI Societies. Announced on their website, the move aims to streamline membership and enhance the overall experience for members of the professional bodies. As part of their strategic plan, the CII and PFS have committed to renewing their governance and identity to ensure both bodies can flourish as professional membership organisations. (Miko Pagaduan, 2/5/2023, Insurance Business UK, 'CII, PFS revamp governance structure for better member experience')

Aon Plc has released its earnings report for the three months ended March 31, and the results show the insurance broking giant posting growth all-round. All segments – commercial risk solutions, reinsurance solutions, health solutions, and wealth solutions – contributed improved revenues. (Terry Gangcuangco, 2/5/2023, Insurance Business UK, 'Aon posts growth in quarterly report')

Results season continues with Everest Re Group among the latest to reveal how it performed in the first three months of 2023. According to Everest, it also posted its third highest pre-tax underwriting income over the past five years, at US$273 million. Broken down by segment, reinsurance contributed US$2.64 billion in GWP; insurance, US$1.11 billion – both amounts higher compared to the corresponding sums in 2022. Additionally, the insurance segment saw its underwriting profit jump 12% to US$66 million in Q1. (Terry Gangcuangco, 2/5/2023, Insurance Business UK, 'Everest Re Group publishes Q1 numbers')

Media and entertainment company Sky, which in recent years acquired smart home technology provider Neos, has now rolled out its smart home insurance proposition in the UK under the company’s Sky Protect brand. While Sky Protect was launched in late 2022 to provide building and contents cover, it is only now that the brand is introducing its smart home insurance bundle that features a tech kit, according to multiple publications. The kit, which is said to be valued at £250, is only available to Sky Protect policyholders.(Terry Gangcuangco, 2/5/2023, Insurance Business UK, 'Sky rolls out smart home insurance offering')

Property and casualty (P&C) business insurer CNA Financial (CNA) has released its financial performance report for the first quarter of 2023 (Q1 2023). For Q1 2023, CNA reported a net income of US$297 million (US$1.09 per share), up from US$295 million in the previous year quarter. It also saw US$325 million core income (US$1.19 per share), up 9% from US$298 million in the previous year. (Roxanne Libatique, 1/5/2023, Insurance Business UK, 'CNA Financial releases Q1 2023 numbers')

The Bank of England is warning insurers to exercise caution as they look to take on more business from pension schemes seeking to offload risk. Charlotte Gerken, Executive Director for insurance supervision at the bank, cautioned that insurers need to be mindful of the risks associated with bulk purchase annuities, especially as deals become larger and more complex. Gerken also noted that rising interest rates have improved funding levels of pension schemes, making them cheaper to offload to an insurer, but warned insurers against stretching their capabilities in the short term. (Miko Pagaduan, 1/5/2023, Insurance Business UK, 'Bank of England gives insurers a reality check on pensions push')

​AXIS Capital Holdings Limited has announced that its board of directors has declared a quarterly dividend of $0.44 per common share payable on July 18, 2023 to shareholders of record at the close of business on June 30, 2023. In addition, the Board declared a dividend of $34.375 per Series E 5.50% preferred share (equivalent to $0.34375 per depositary share) payable on July 18, 2023 to shareholders of record at the close of business on June 30, 2023. (AXIS Capital, 4/5/2023, youTalk Insurance, 'AXIS Capital declares quarterly dividends')

$1.39 billion of InsurTech investment in Q1 as the sector resets at “more normal levels” and a “new era” begins. After its broad-based reset in 2022, new funding for the global InsurTech sector rose to $1.39 billion during the first quarter of 2023, up 37.6% from $1.01 billion in Q4, 2022, its lowest quarterly total since Q1, 2020. Average deal size was up 25.3%, but deal count remained steady. Mega-round funding accounted for only 12.9% of the total, the lowest since the 2020 Q1 dip, according to the latest Global InsurTech Report from Gallagher Re, the global reinsurance broker. (Gallagher Re, 4/5/2023, youTalk Insurance, 'insurTech investment rises to $1.39 billion in Q1 2023')

Global specialty insurer and reinsurer SiriusPoint has turned things around, reporting a profitable first quarter after being in the red in the same period in 2022. Of the group’s total underwriting income, US$79.7 million came from the reinsurance segment; US$27.7 million from insurance & services. SiriusPoint attributed the improvement in net underwriting results to improved favourable prior year loss reserve development of US$105.4 million for Q1 2023 compared to last year’s US$5.5 million. (Terry Gangcuangco, 5/5/2023, Insurance Business UK, 'SiriusPoint marks turnaround in Q1 earnings report')

AIG has reported its Q1 2023 results, experiencing a significant decline in net income but hailing achievements in general insurance. AIG saw net income of US$23 million for Q1 2023, shrinking from US$4.2 billion for the prior year quarter. The insurer’s pre-tax loss from continuing operations was US$231 million for the quarter, versus a pre-tax income of US$5.7 billion for Q1 2022. (Jen Frost, 4/5/2023, Insurance Business UK, 'Revealed – AIG’s Q1 2023 results')

Mergers & Acquisitions

Specialist Risk Group (SRG) has announced the acquisition of The Medical Professional Liability Company Limited (The MPLC), subject to regulatory approval. This latest acquisition is a continuation of SRG’s strategy of building out its Underwriting business, MX. The deal continues to demonstrate SRG’s commitment to the broker and underwriting intermediary market, by investing in specialist underwriting capability and technical expertise. (Specialist Risk Group, 4/5/2023, youTalk Insurance, 'Specialist Risk Group buys specialist MGA')


​Lockton, the world's largest privately-owned independent insurance broker, has announced the appointment of Simon Jesson as the new Business Development Manager for its commercial wholesale team in Manchester. With over 20 years of commercial broking experience, Jesson will be responsible for developing new business as Lockton aims to increase its clientele in the UK. (Miko Pagaduan, 4/5/2023, Insurance Business UK, 'Lockton welcomes new BDM to commercial wholesale team')

As part of its Aon United strategy, Aon Plc has appointed Chief Executives for its restructured risk capital and human capital capabilities. Risk capital, which spans commercial risk and reinsurance, will be led by Andy Marcell with immediate effect. Human capital – under which Aon’s health, wealth, and talent solutions are now integrated – will be headed by Lambros Lambrou. Prior to the restructure, Marcell served as CEO for both risk capital and reinsurance solutions, while Lambrou was Chief Executive for both human capital and commercial risk solutions. (Terry Gangcuangco, 4/5/2023, Insurance Business UK, 'Aon names CEOs for combined capabilities')

Bronek Masojada, who left Hiscox at the end of 2021 after serving as Chief Executive for over two decades, has joined the board of directors at global specialty insurer and reinsurer SiriusPoint. “We are delighted to welcome Bronek to the SiriusPoint board,” said SiriusPoint interim Chair Sharon Ludlow. “His extensive industry and executive leadership experience complements our existing board and will be a great asset to SiriusPoint." (Terry Gangcuangco, 4/5/2023, Insurance Business UK, 'Ex-Hiscox CEO Bronek Masojada joins SiriusPoint board')

Berkshire Hathaway Specialty Insurance (BHSI) has announced the promotion of two executives to lead the firm’s businesses in Europe and the Middle East. Alessandro Cerase, who joined BHSI as a Senior Executive Officer for BHSI Middle East in 2018, has been promoted to President & Head of Europe region. He comes to the role with more than 25 years of global insurance industry experience. Neeraj Yadvendu, who also joined BHSI in 2018 as Deputy Senior Executive Officer and Head of Third Party Lines for the Middle East, has been promoted to Head of Middle East. Pending regulatory approval, Yadvendu will also take on the role of Senior Executive Officer of the Dubai International Financial Centre Branch. Yadvendu comes to the role with more than 26 years of global insurance industry experience. (Kenneth Araullo, 3/5/2023, Insurance Business UK, 'Berkshire Hathaway taps two to leadership roles in Europe, Middle East')

Gallagher has appointed David Cousins as Chief Risk and Compliance Officer for its Europe, Middle East, and Asia (EMEA) operations. Cousins, a 25-year industry veteran, has been with the brokerage since 2007. Prior to this new role, Cousins held several senior-level compliance and risk roles in the firm and was most recently the Chief Compliance Officer for the UK. He began his career at the Bank of England before moving to the now-defunct Financial Services Authority (FSA). In his tenure for the latter, he worked as a policy specialist working on regulation for insurance and mortgage intermediaries, prior to managing the team overseeing London market insurance broking. (Kenneth Araullo, 3/5/2023, Insurance Business UK, 'Gallagher selects risk and compliance head for EMEA')

As part of an ongoing growth strategy for the UK, QBE has appointed heads of trading for its key regional offices in the country. Leading the regional underwriting teams are the following heads of trading: Birmingham – David Round, Bristol – Steve Field, Leeds – Janine Wood and Manchester – Stacey Flannery. Field and Wood were both Regional Casualty Underwriting Managers, while Round and Flannery previously served as Regional Motor Underwriting Manager and Senior Motor Underwriter, respectively. Round has been with QBE for 12 years; Field, 25 years; Wood, 19 years; and Flannery, five years. (Terry Gangcuangco, 3/5/2023, Insurance Business UK, 'QBE boosts regional operations in the UK')

As part of its new broker strategy, Allianz Commercial has promoted Harriet Allen and Vicky Barrett to Broker Segment Managers in the UK. Allen came on board in 2015 and most recently served as Distribution Manger for Newcastle, while Barrett has been with the insurer since 2010 and contributed to the review of the network strategy and development of the new segmentation model in her capacity as Distribution Consultant. (Terry Gangcuangco, 3/5/2023, Insurance Business UK, 'Allianz Commercial names broker segment managers')

RSA Insurance has expanded its marine proposition with the launch of a new practice aimed at providing comprehensive cover for owners of superyachts. The superyacht practice will focus on the larger end of the market, which is traditionally professionally skippered and crewed, and will be led by Senior Yacht Underwriter Emily Grew. Coming on board in July, the yacht specialist brings more than 15 years of insurance experience. Grew’s credentials include time spent at AIG, Miller Insurance Services, JLT Specialty, and CRS Yachts. Currently she is a Senior Yacht Underwriter at Chubb. (Miko Pagaduan, 3/5/2023, Insurance Business UK, 'RSA enters superyacht market')

AXA XL has announced the following hires in its Energy team, further bolstering its offering in the UK & Lloyd’s Business Unit. Josephine Stroud joins from Willis Towers Watson as Senior Underwriter, Energy Liability, UK & Lloyd’s, Daniella Simmons joins from Chubb Global Markets as Underwriter, Downstream, Power and Renewables, UK & Lloyd’s and Lulu Knott joins as Underwriting Assistant, Energy Liability and Downstream Energy, UK & Lloyd’s. Ms. Knott is new to the energy insurance industry and will support the Downstream and Liability teams with the delivery of their ambitions for the Business Unit. (AXA XL, 4/5/2023, youTalk Insurance, 'AXA XL strengthens Energy team with three hires')

Andrew Wheeler has been promoted to President of BMS Re, the specialty reinsurance arm of global broking group BMS. “BMS has been my home for most of my career, which is a testament to the excellent culture we have built,” said Wheeler, who has been with the company for over two decades. “This not only benefits its employees, but also extends to the service we provide to our clients."(Terry Gangcuangco, 5/5/2023, Insurance Business UK, 'BMS names president of specialty reinsurance arm')

Following eight years on the board, Personal Group has announced that Group Chief Executive Deborah Frost has notified the board of her intention to retire at the end of the year, effectively stepping down from her current role on Dec. 31, 2023. The Personal Group board has named Paula Constant as Frost’s successor, joining the workforce insurance provider as Group Chief Executive and Executive Director pending regulatory approval. Constant will join Personal Group starting Sept. 1. Constant is a highly experienced CEO with over 20 years of experience in the telecoms, banking, and outsourcing fields. (Kenneth Araullo, 5/5/2023, Insurance Business UK, 'Personal Group chief executive to retire, successor named')

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