Insurance News
Amid concerns surrounding travel disruptions, cancellations, and unexpected illnesses spurred by the pandemic, new managing general agent Capacity Insights has entered the UK insurance market with the goal of providing personalised underwriting solutions based on market insights and data science. (Mika Pangilinan, 9/6/2023, Insurance Business UK, 'New MGA Capacity Insights enters UK insurance market')
Legal expenses insurer ARAGhas reported a positive net result for 2022 as it attained an 18.4% growth in gross written premiums (GWP) for the year, equivalent to £60.6 million. This figure means that ARAG has now profited for the 13th year in a row, with this year driven by the insurer’s strong before-the-event (BTE) legal expenses insurance and assistance business. To compare, last year, ARAG gained £51.4 million in GWP. Legal expenses insurer ARAG has reported a positive net result for 2022 as it attained an 18.4% growth in gross written premiums (GWP) for the year, equivalent to £60.6 million. (Kenneth Araullo, 9/6/2023, Insurance Business UK, 'ARAG posts 18.5% GWP uptick in 2022')
International specialist insurer Hiscoxhas restated its financial results for the full year and half year 2022 under new accounting standard IFRS (International Financial Reporting Standards) 17. (Terry Gangcuangco, 9/6/2023, Insurance Business UK, 'Hiscox restates financial results')
During a wide-ranging Wednesday session in which insurer bosses and an insurer association representative were grilled on topics ranging from pre-existing condition travel access to loss adjuster accountability, insurers were questioned over how they will evidence that tens of billions of pounds expected to be unlocked by Solvency II changes will be pumped back into the economy for the benefit of British infrastructure. The government or regulators should hold insurers to account on pledged investments from Solvency II windfalls, insurance leaders told MPs at a Treasury Committee hearing. (Jen Frost, 9/6/2023, Insurance Business UK, Insuance Business UK, 'Hold us to account on Solvency II, insurers tell MPs')
Specialist (re)insurance broker McGill and Partners has announced the appointment of Peter Stubbings as a partner. In his new role, Stubbings will focus on reinsurance. He will be based in the firm’s Bermuda location. Prior to joining McGill, Stubbings served as CEO of Global ReSpecialty. He has also served as chairman of Guy Carpenter in Bermuda. (Steven Byerley, 9/6/2023, Insurance Business UK, 'McGill and Partners bolsters Bermuda operation')
“These valuable insights enable discerning risk selection while allowing companies investing in cybersecurity to be recognized accordingly, and are reflected in their risk-transfer pricing,” said Mark Wheeler, co-founder and co-CEO of Mosaic. “As we continue to innovate with SAFE, we look forward to bringing more capacity and relevant coverage to the market.” Mosaic Insurance and Safe Security have announced an initiative aimed at encouraging clients to share their assessments of cyber-risk profiles in exchange for broader coverage and premium rating credits of up to 30%. (Steven Byerley, 9/6/2023, Insurance Business UK, 'Mosaic, Safe Security launch cyber coverage incentives')
In May 2019, a container ship in a port in Thailand burst into flames. When the fire was extinguished, inspectors expected the damage to be limited to the ship and its cargo. There was a human cost as well, however, with over 130 people being taken to the hospital with eye, throat, and skin irritations. Some of the cargo turned out to be calcium hypochlorite and chlorinated paraffin, none of which had been declared by the shippers. (AXA XL, 8/6/2023, youTalkinsurance, 'Using AI to detect misdeclared cargo')
Leading legal expenses insurance and assistance provider ARAG has reported another positive result for 2022, the company’s 13th successive year in profit. During the year, the company’s overall gross written premium under management increased by 18.5% to £60.6 million (2021: £51.4 million), driven by strong growth in it’s before-the-event (BTE) legal expenses insurance and assistance business. (ARAG, 8/6/2023, youTalkinsurance, 'Strong BTE growth pushes ARAG past £60 million mark')
This month’s round-up of threats includes; British Government set to proscribe Wagner Group as a terrorist organisation, Man pleads guilty to preparing an act of terrorism targeting a Christian preacher at Speakers’ Corner, Hyde Park and enior Islamic State Leaders Killed In Afghanistan and Syria. (Pool Re, 8/6/2023, youTalkinsurance, 'Pool Re publishes its latest Monthly Threat Update')
Regulatory approval received. Global Risk Partners (GRP), a Brown & Brown company, has acquired 100% of the share capital of Amicus Solutions Holdings Ltd (Amicus), a specialist commercial insurance broker headquartered in Surrey. (Global Risk Partners, 8/6/2023, youTalkinsurance, 'GRP buys specialist broker Amicus')
As Part of Acrisure, the UK-based Network Will Go to Market as “Eleven Network”.Acrisure has announced (7 June 2023) its acquisition of TEn Insurance Services Ltd (TEn). Since 2005, TEn has been the preeminent network providing services for industry professionals operating as Appointed Representatives (ARs). As part of the acquisition, TEn will go to market as Eleven Network. The deal is expected to close in the near term, pending FCA regulatory approvals. (Acrisure, 8/6/2023, youTalkinsurance, 'Acrisure acquires Ten Insurance Services and changes trading name to Eleven Network')
The Ardonagh Group has confirmed that it has completed its acquisition of specialist commercial lines insurance broker, Klap Verzekeringsmakelaar. Founded in 1854 and based in Amsterdam, Klap advises SME companies on employee benefits, insurance, and pensions, distributing over €100m of GWP annually. (The Ardonagh Group, 6/6/2023, youTalkinsurance, 'Ardonagh Group completes acquisition of Dutch broking firm')
Aston Lark, a Howden company, has announced (5 June 2023) that George Seatter (pictured) will be joining the business as a Client Director within the Private Client division, bringing with him the client base he developed whilst a partner at Vizion. Laura Coles also joins Aston Lark as Account Executive to work alongside George. (Aston Lark, 6/6/2023, youTalkinsurance, 'Aston Lark announces High Net Worth book purchase')
Average quoted price of home insurance stands at £162 and quoted premiums rose 9.3% in the past three months, the highest quarterly rise since 2014. The average quoted price of home insurance rose by 6.7% in the past year, the highest annual increase since 2018, the latest Consumer Intelligence Home Insurance Price Index shows. (Consumer Intelligence, 5/6/2023, youTalkinsurance, 'Quoted home insurance prices rise at the fastest rate in 5 years')
According to the latest study from Aviva, two thirds (67%) of Brits admit to having debt that's weighing them down. Almost one in ten (9%), or the equivalent of just over 5 million adults in the UK, ‘haven't got a clue’ how much they owe in outstanding debts and worryingly this figure rises to more than one in six (16%) of those aged 45 and over. Overall, one in 7 (15%) feel their debt is out of control or they have no way of paying it off - this figure rises to 18% of over those aged 45-54, while one in ten (11%) over 55s say they are also struggling. (AVIA, 5/6/2023, youTalkinsurance, 'More than 1 in 10 over 55s have mortgage debt in the run up to retirement')
Movers
Managing general agent Direct Commercial Limited (DCL) has hired Joe Hantson as deputy chief executive. “I believe Joe will be an outstanding addition to the Direct Commercial team,” DCL CEO Phil Cunningham said in a release. “He has an exceptional track record within the commercial motor insurance industry and will be a real asset to us. Managing general agent Direct Commercial Limited (DCL) has hired Joe Hantson as deputy chief executive. (Terry Gangcuangco, 9/6/2023, Insurance Business UK, 'Direct Commercial appoints deputy CEO')
“I am very excited to be joining Hiscox; a brand I have admired for some time,” Brossart said in a release. “I look forward to being part of the team, driving talent, growth and delivering for our customers.” Hanna Kam, who is leaving specialist global insurer Hiscox after a decade, will be replaced by Fabrice Brossart as chief risk officer. (Terry Gangcuangco, 9/6/2023, Insurance Business UK, 'CRO leaving Hiscox – replacement named')
In his new role, Pruzinsky will spearhead the introduction of the Resilience Solution into the global cyber insurance market. He previously led the underwriting team for the company’s managing general agency. Cyber insurance company Resilience has announced the promotion of CJ Pruzinsky (pictured above) to the position of global head of underwriting and sales. Previously leading the underwriting team for the company's managing general agency. (Steven Byerley, 9/6/2023, Insurance Business UK, 'Resilience announces new underwriting and sales head')
AXIS Capital Holdings Limited has announced the appointment of Lori Bailey as Global Head of Growth within the Global Cyber & Technology division. She reports to Dan Trueman, Global Head of Cyber & Technology. In this newly created position, Ms. Bailey will play a key role in shaping the team’s strategic direction. She will focus on identifying, developing, and maximizing opportunities that complement the existing appetite as well as those within emerging areas of growth across geographies, products, and customer segments. (AXIS, 8/6/2023, youTalkinsurance, 'AXIS appoints Lori Bailey as Head of Growth for Global Cyber and Technology')
Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has announced the appointment of Zara Ismail to the role of Head of Business Development – Claims (London). She is based in London and takes up the role with immediate effect. Ismail reports to Scott Kellers, Head of London Claims and Deputy Head of GRS International Claims, and Mark Stephenson, Head of Business Development and Market Relationships, LSM. (Liberty, 6/6/2023, youTalkinsurance, 'Liberty Speciality Markets appoints Head of Business Development - Claims')
SiriusPoint Ltd has announced the appointment of Bronek Masojada as Chair of the Company’s Board of Directors, effective immediately. Mr Masojada, who joined the board on May 2 this year, is an insurance market veteran with over 30 years’ leadership experience in the industry. (SiriusPoint Ltd, 5/6/2023, youTalkinsurance, 'Former Hiscox CEO Bronek Masojada appointed Chair of SiriusPoint')
Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has announced the appointment of Zara Ismail to the role of Head of Business Development – Claims (London). She is based in London and takes up the role with immediate effect. Ismail reports to Scott Kellers, Head of London Claims and Deputy Head of GRS International Claims, and Mark Stephenson, Head of Business Development and Market Relationships, LSM. (Liberty, 6/6/2023, youTalkinsurance, 'Liberty Speciality Markets appoints Head of Business Development - Claims')
All information provided in this Market Digest has been gathered from Insurance Business UK.
