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General Insurance Newsletter Friday 4th August 2023

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Insurance News

According to the latest Global InsurTech Report from Gallagher Re, new funding for the insurtech sector decreased to US$916.71 million in the second quarter of 2023. This represents a decline of 34% from the previous quarter's total of US$1.39 billion. Notably, this is the first time in three years that the quarterly total has fallen below the US$1 billion mark. Although there was a significant decrease in the overall funding, the average deal size only declined by 16.1% to US$12.39 million in Q2, the report stated. This decrease in average deal size can be attributed to the smaller number of investments, with only 97 reported for the quarter. (Steven Byerley, 4/8/2023, Insurance Business UK, 'New funding for insurtech dips – Gallagher Re')

​Intact Financial Corporation has released its financial results for the second quarter of 2023, posting a combined ratio up 6.1 points year-on-year.  The P&C insurer said its undiscounted combined ratio of 96.3% included 4 points of catastrophe losses that ran “higher than expected.” Catastrophe losses rose by $176 million on-year to $421 million. Intact reported a 31% decrease on its net operating income, as it dropped to $402 million from $581 million in the prior-year quarter. (Mika Pangilinan, 3/8/2023, Insurance Business UK, 'RSA parent company Intact unveils catastrophe-hit Q2 results')

PartnerRe has released its first half 2023 financial results, showing positive performance across various key metrics. The company reported a net income attributable to common shareholders of $783 million, marking a significant improvement of $1,786 million compared to the same period last year. This translates to an annualised return on equity of 23.9%. Operating income for the first half of 2023 reached $636 million, indicating a 4.1% increase in the annualised operating income return on equity, which stood at 19.5%. (Steven Byerley, 3/8/2023, Insurance Business UK, 'PartnerRe announces first-half financial results')

The online insurance broker Yoga has announced the appointment of Ageas to its exclusive panel of van insurers. In a follow-up to its addition of Ageas to its private car panel last year, the fully self-service broker is now offering Ageas van insurance to its customers. Commenting on the move, James Littlewood, company Director at Yoga Insurance, highlighted that Ageas “really understands” the brokerage’s vision and what it’s looking to deliver for its customers. (Mia Wallace, 3/8/2023, Insurance Business UK, 'Yoga adds Ageas Insurance to van panel')

​Preliminary talks with potential equity buyers are reportedly being explored by claims management giant Sedgwick. Citing people familiar with the matter, a Bloomberg report said there’s “inbound interest” for minority shareholding and that private deliberations are taking place ahead of a possible sales process. Sedgwick became majority owned by global alternative asset manager The Carlyle Group following a US$6.7 billion transaction that was completed more than four years ago. At the time, Sedgwick was handling more than 3.6 million claims on an annual basis. (Terry Gangcuangco, 3/8/2023, Insurance Business UK, 'Sedgwick minority stake potentially for sale - report')

The half-year 2023 (H1 2023) trading results are in for AXA and according to CEO Thomas Buberl the insurance giant has delivered “another good set of results… reflecting the strength of [its] business model”. Among the headline figures revealed, AXA noted that its total gross written premiums & other revenues were up 2% on a reported basis standing at €55.7 billion in H1 2023, compared to €54.9 billion in H1 2022. (Mia Wallace, 3/8/2023, Insurance Business UK, 'AXA unveils first-half financial results')

Markel Group and SiriusPoint have published their respective financial results for the second quarter and first half of 2023. In the three months ended June 30, Markel bounced back from last year’s comprehensive loss to shareholders worth US$1.2 billion to this year’s US$564.5 million in comprehensive income to shareholders. For the half year, the turnaround was from a loss of US$1.7 billion to a positive result amounting to US$1.2 billion. Also back in the black is SiriusPoint, whose net income available to SiriusPoint common shareholders in Q2 2023 stood at US$66.3 million. In the same quarter last year, the group suffered a loss of US$60.8 million. For the six-month span, the 2023 result was US$204.9 million in income – a huge jump from the US$277.8 million loss a year ago. (Terry Gangcuangco, 3/8/2023, Insurance Business UK, 'Markel Group, SiriusPoint report interim results')

The Broker Investment Group (TBIG) has created an MGA (managing general agent) division to be headed by Chief Executive James Watkin. Based in Maidstone, the MGA division CEO will have a UK remit and will be focused on further expansion of TBIG’s MGA stable through acquisitions and the creation of new entities. “I am delighted to have been given the opportunity to join TBIG following my consultancy role at what is a very exciting time for the group,” said Watkin, the former Managing Director of Camberford Underwriting who helped create the architecture for the new unit. (Terry Gangcuangco, 3/8/2023, Insurance Business UK, 'The Broker Investment Group launches MGA division')

Lloyd’s Europe, formally known as Lloyd’s Insurance Company S.A., will be closing its branches in Austria, Finland, and Poland following the withdrawal of the freedom of establishment authorisation in those countries. In a market bulletin, Lloyd’s Europe said: “Lloyd’s Insurance Company S.A. would like to inform the market that from July 31, 2023, it will no longer provide non-life insurance business services on a freedom of establishment basis in Austria, Finland, and Poland but will solely operate on a freedom to provide services basis."(Terry Gangucangco, 2/8/2023, Insurance Business UK, 'Lloyd’s Europe to close three branches')

AXIS Capital Holdings has published its financial results for the quarter and half year ended June 30, 2023. In terms of segment performance, the group’s insurance segment saw a 22% increase in underwriting income for the second quarter to US$115 million; 16% to US$218 million in the first six months. The reinsurance segment, meanwhile, enjoyed a 48% growth, to US$34 million, in its Q2 underwriting income. The corresponding sum in the first half was US$70 million – a slight uptick of 4%. (Terry Gangcuangco, 2/8/2023, Insurance Business UK, 'AXIS Capital releases Q2 earnings report')

National Friendly has teamed up with UK-based fintech Stubben Edge Group to launch a new income protection product, the Accident Only Income Protection policy. This first-of-its-kind policy is designed for those in the small business community, including self-employed, employed, and company directors who do not typically consider insuring themselves from disabling injuries or health issues that could prevent them from working. This new proposition covers younger entrepreneurs financially if they are medically certified as unable to carry out their occupation due to an accident, resulting in loss of earnings. Depending on the chosen benefits, policyholders can pick benefits of up to £6,000 per month. (Kenneth Araullo, 2/8/2023, Insurance Business UK, 'National Friendly partners with UK fintech for income protection')

American International Group (AIG) has announced its second-quarter financial results. AIG chairman and CEO Peter Zaffino said the company had achieved remarkable financial performance and successfully executed on strategic priorities during the quarter. AIG's adjusted after-tax income per diluted common share reached $1.75 (£1.36), the highest since 2007. (Steven Byerley, 1/8/2023, Insurance Business UK, 'AIG reveals Q2 results')

The Global Cyber Alliance (GCA) has announced a new partnership with Amazon aimed at bolstering consumer education on scam identification, prevention, and the importance of reporting scams among young adults in the 18-25 age group. Both GCA and Amazon are actively engaging with this community to gain insights into their needs and vulnerabilities. They aim to understand the attitudes, behaviours, and habits of young adult internet users, particularly in regard to cyber hygiene and scam awareness. (Steven Byerley, 1/8/2023, Insurance Business UK, 'Global Cyber Alliance joins forces with Amazon')

AXA, following an in-depth review, has decided to stop offering AXA First and AXA Residential Let policies in the UK. Part of the insurer’s retail intermediary home strategy, the decision relates to policies with a start or renewal date on or after September 1, 2023. According to AXA, the products will no longer be available to sell and will not show on its panel for broking partners. Similarly, renewal invites will not be offered.(Terry Gangcuangco, 1/8/2023, Insurance Business UK, 'AXA to discontinue two products in the UK')

The Clear Group has announced its financial results for the year ended October 31, 2022. In its earnings report, the independent broker said Clear’s revenue rose by 26% to £56.7 million in the period while EBITDA (earnings before interest, tax, depreciation, amortisation, and exceptional items) saw a 37% increase to £14.3 million. (Terry Gangcuangco, 1/8/2023, Insurance Business UK, 'Clear Group reports full-year financial results')

Global insurance company MAPFRE experienced substantial growth in the first half of 2023, with revenue surging by 15% and reaching an impressive €17 billion (about $18.73 billion), according to results released by the company. However, the net result was slightly impacted, standing at €317 million, a 6% decrease. The dip was attributed to challenges in the auto segment and the aftermath of the earthquake in Turkey. (Steven Byerley, 31/7/2023, Insurance Business UK, 'MAPFRE reveals half-year results')

Arthur J.Gallagher & Co. has published its financial results for the second quarter of 2023. Commenting on the numbers, Gallagher chair, president, and chief executive J. Patrick Gallagher, Jr., said in a release: “We had a fantastic second quarter. Our core brokerage and risk management segments combined to post 20% reported revenue growth, 10.8% organic revenue growth, a 14% reported net earnings margin, and we improved our adjusted EBITDAC margin 52 basis points. (Terry Gangcuangco, 31/7/2023, Insurance Business UK, 'Gallagher publishes financial results for second quarter')

Leeds-headquartered appointed representative network principal Gauntlet Group has launched a ‘brokerage builder’ programme for account executives looking to set up their own broking business. A 22-month programme, Gauntlet Brokerage Builder is said to be “a unique third route” into becoming an AR. The option was particularly designed for account executives who currently lack the financial stability or confidence to be a startup broker.(Terry Gangcuangco, 31/7/2023, Insurance Business UK, 'Gauntlet Group launches ‘brokerage builder’')

​Global commercial insurance prices increased 3% in the second quarter of 2023 (down from a 4% increase in Q1), according to the Global Insurance Market Index released by Marsh. The second quarter marks the 23rd consecutive quarter of pricing increases. Pricing was relatively consistent across all regions in Q2. This was driven largely by rate decreases for financial and professional lines and continued moderation in the cyber insurance market, which was offset by property insurance increases, the largest of any major product line this quarter. In the UK, composite pricing increased by 1% (down from a 3% increase in Q1 of 2023), in Pacific by 2% (down from 7% in Q1), and was flat in Asia (down from 1% in Q1). The remaining regions recorded identical increases on the previous quarter; in Latin America and the Caribbean pricing increased by 8% (8% in Q1), in Continental Europe by 5% (5% in Q1), and in the US by 4% (4% Q1).(Marsh, 1/8/2023, youTalk Insurance, 'Global commercial insurance rates continue to moderate in Q2 2023 as pricing up 3%')

Results season continues with the turn of reinsurance giant Swiss Re sharing its earnings report for the first six months of 2023. “The overall result in the first half of 2023 reflects the good positioning of Swiss Re, as well as the quality of our new business,” Group Chief Executive Christian Mumenthaler said in a release. “The performance of P&C Re and Corporate Solutions contributed to a solid second quarter.” According to Swiss Re, its profit in the second quarter amounted to US$804 million. (Terry Gangcuangco, 4/8/2023, Insurance Business UK, 'Swiss Re releases half-year earnings report')

Mergers & Acquisitions

​The independent and family-owned insurance brokerage Verlingue has revealed its acquisition of Gloucester-based Brunsdon Employee Benefits – an independently owned employee benefits specialist. In a Press release, Verlingue highlighted that the deal, which is subject to regulatory approval, bolsters its recent expansion in the Midlands and Southwest and strengthens its employee benefits capabilities in the SME and mid-corporate market. The move also aligns with Verlingue Group’s 2024 strategic plan to create a major European, family-owned, independent insurance brokerage. (Mia Wallace, 3/8/2023, Insurance Business UK, 'Verlingue extends UK footprint with key deal')

Global Risk Partners Limited (GRP) – a Brown & Brown company – has taken its first foray into the pet insurance market via the acquisition of Petsmedicover Limited, trading as VetsMediCover. Founded in 2016 and led by Sarah Bascombe, VetsMediCover is a pet insurance broker based in Sutton Coldfield, West Midlands which specialises in cat and dog insurance. The acquisition has received regulatory approval and the consideration is undisclosed. Post-completion, the firm will become part of Insync Insurance, a digital broker acquired by GRP in December 2020. (Mia Wallace, 3/8/2023, Insurance Business UK, 'GRP enters new market with latest acquisition')

Ardonagh Advisory – the Ardonagh Group's SME broking platform comprising Bravo Networks, Ethos Broking, Footman James, Hera Indemnity, Lorega, Towergate, Towergate Health & Protection, Thompson & Bryan, Compass UK, and Usay Compare brands – has continued its acquisition spree by swooping for Sorvio Insurance brokers (Sorvio). Located in Salisbury, Sorvio is an independent insurance broker with over 30 years of experience. It provides commercial insurance products to clients across the Southwest of England and has stable and deep-rooted relationships with both its clients and insurer partners. (Roxanne Libatique, 3/8/2023, Insurance Business UK, 'Ardonagh Advisory continues acquisition spree with Sorvio swoop')

​Ardonagh has announced it has completed its acquisition of Classicus, an Amsterdam-based high-net-worth broker. In a press release, the group said the deal is part of its strategy to expand its footprint in the Netherlands and across Europe. “Classicus is a real specialist and leader in the high-net-worth insurance market with a wealth of experience within the team,” said Conor Brennan, CEO at Ardonagh Europe. “We’re excited about the potential to support their growth with both commercial and consumer clients, by extending their product distribution even more widely across the market.” (Jonalyn Cueto, 3/8/2023, Insurance Business UK, 'Ardonagh swoops for Dutch broker')

The Clear Group has announced the acquisition of leading specialist commercial lines MGA, Profile Risk Solutions Ltd. This represents the Clear Group’s third MGA deal and is a continuation of its strategy to build a market leading MGA capability. Based in Essex, Manchester and London, Profile Risk Solutions Ltd which trades as Profile Underwriting was founded by CEO Paul Adams in 2015. Under the leadership of Paul and fellow Directors James Kerr and Jeremy Cameron, the business has grown strongly, now controlling £22m GWP. A professional underwriting team of 20+ staff provide niche property and liability solutions for corporate and SME clients through London market and regional broker partners. The business is also a member of the Managing General Agents Association (MGAA) and a Lloyd's approved coverholder. (The Clear Group, 31/7/2023, youTalk Insurance, 'Clear Group buys Profile Risk Solutions to drive forward its MGA capability')


​Sigma7, a global risk information and services company, has announced the appointment of Owen Belman as CEO. Belman, who boasts extensive experience in the international banking sector, joins Sigma7 after leading the operations of global professional services firm Aon in Asia for 12 years. His appointment comes as Sigma7 prepares for its next phase of growth and expansion. Belman's most recent role was as the CEO for Asia at Aon, where he played a pivotal role in expanding the company's presence in the rapidly evolving insurance markets across Asia. (Steven Byerley, 3/8/2023, Insurance Business UK, 'Sigma7 names new CEO')

Specialty insurance provider Hagerty has appointed Diana Chafey as its new Chief Legal Officer. A Legal Executive, Chafey joins Hagerty with over 25 years of experience. She has advised senior executives and boards of directors on complex legal, compliance, and risk management issues in heavily regulated industries. This includes representing domestic and international insurers, reinsurers, intermediaries, and service providers in transactional and regulatory matters within the insurance space. (Mika Pangilinan, 3/8/2023, Insurance Business UK, 'Hagerty names chief legal officer')

​John Ball, who joined WTW in 1983 fresh out of university, has left after four decades with the broking giant. Ball most recently served as Head of Great Britain, having replaced Nicolas Aubert in late 2021 before the latter moved to Howden to become the company’s Chief Executive in France. (Terry Gangcuangco, 3/8/2023, Insurance Business UK, 'Great Britain head leaves WTW after four decades')

Aon has announced the appointment of Graeme MacMillan as Chief Broking Officer for commercial risk solutions in the UK. MacMillan assumes his new position with more than two decades of broking leadership experience. He also has well-established connections with the regional and London markets, having held senior market roles at Aviva, Marsh, and The Ardonagh Group. (Mika Pangilinan, 3/8/2023, Insurance Business UK, 'Aon selects chief broking officer for UK commercial risk')

Specialist (re)insurance broker Miller has revealed the appointment of Oscar Holloway as Head of Miller Europe. In a press release, Miller noted that he started his career as an infantry officer in the British Army, going on to develop expertise in M&A advisory at Rothschild, and later at Jardine Lloyd Thomson (now Marsh) as Director of Corporate Development. (Mia Wallace, 2/8/2023, Insurance Business UK, 'Miller selects new head of Europe')

Global broker Marsh, a business unit of Marsh McLennan, has announced the appointment of Angela Duca as Global Head of Credit Specialties for its subsidiary, Marsh Specialty. Duca succeeds Nick Robson, who has been named Global Chairman of Credit Specialties. Duca joined Marsh in 2008 and has held various senior positions specializing in political risk and structured credit. Over the past three years, she has served as the Chief Administrative Officer of Credit Specialties. During this time, she played a pivotal role in driving the team's global growth strategy, digital transformation of client solutions, and implementing numerous initiatives for colleagues. (Steven Byerley, 2/8/2023, Insurance Business UK, 'Marsh reveals global head of credit specialities')

Former DWF Partner Will Marshall has joined newly launched insurance and risk management provider Altea Insurance as Legal and Risk Management Head. The key hire brings nearly three decades of insurance healthcare litigation experience to the new London-based market player. (Terry Gangcuangco, 2/8/2023, Insurance Business UK, 'New insurance provider Altea makes key appointment')

HDI Global SE has made senior appointments within the insurer’s UK & Ireland branch, aimed at reinforcing its underwriting and distribution capabilities and driving ambitious growth plans. Antonia Osborne has been tapped for the role of Director of Underwriting. Osborne joins HDI from Chubb Global Markets where she served as Head of Underwriting Operations and Governance. She was also a founding member of the Apollo Syndicate and has an extensive background in the Lloyd’s London Market. Additionally, HDI has announced the appointment of Philip Smith as the new Lead Cyber Underwriter. In this role, he will spearhead the growth and development of the cyber insurance product line. Smith was previously the Cyber & Technology Practice Leader for Victoria, Western Australia, and South Australia at Chubb. He had also spent seven years with HDI in Australia, gaining extensive experience across various underwriting roles. He will work closely with Osborne and report directly to her. (Mika Pangilinan, 2/8/2023, Insurance Business UK, 'HDI Global SE announces appointments for UK & Ireland branch')

​Three Abacai Directors, including former Abacai Co-Founder and former Aviva CEO Mark Wilson have exited the motor insurtech, which has looked to make redundancies. A source close to the matter confirmed that senior leaders Mark Wilson, Colin Price and Jamie Hay have left the business and that Barry Bown has taken on the role of Group CEO at Abacai. Redundancies are part of efforts to realign the cost base of the business while retaining talent, it is understood. (Insurance Business UK Reporter, 1/8/2023, Insurance Business UK, 'Abacai directors exit amid redundancies')

Flood Re has appointed Bridget Rosewell CBE, FICE, MA, MPhil as Non-Executive Director and Chair, subject to regulatory approval. Rosewell has a wealth of experience across various industries, most recently in infrastructure, utilities, financial services, and transport. She also has a solid economics background, having served as Chief Economic Adviser to the Greater London Authority from 2002 to 2012, Deputy Director of Economic Affairs at the Confederation of British Industry, and economics lecturer at the University of Oxford. Currently, Rosewell is the Non-Executive Chair of Audit and Risk for the UK Infrastructure Bank, NED of Northumbrian Water, Chair of M6 Toll (the UK's only tolled motorway), and Chair of the challenger bank, Atom. Previous roles also include as Commissioner of the National Infrastructure Commission (2015-2023) and a member of the independent review of finances of TfL. (Roxanne Libatique, 1/8/2023, Insurance Business UK, 'Flood Re names new chair')

David Lee, who is retiring after 49 years in insurance, will be succeeded by Shelley Wright as Commercial Wholesale Head at Lockton UK. Prior to joining Lockton, Wright was UK Regional Business Head at Swiss Re Corporate Solutions. Her 36 years of industry experience includes time spent at Lorega, Groupama, Fortis Insurance, and Catterall Insurance Services. (Terry Gangcuangco, 1/8/2023, Insurance Business UK, 'Lockton UK picks next commercial wholesale head')

Placing Platform Limited (PPL) has announced a restructuring of its senior management team to support its digital journey. Colin O'Malley has been appointed as Chief Operating Officer, Amit Arora has been appointed as Chief Commercial Officer, Tanya Duckworth will take on the role of Director of Channels & Partnerships and Andy Woolley has been named Director of Product & Placement. (Mika Pangilinan, 1/8/2023, Insurance Business UK, 'PPL revamps senior management team to accelerate digital agenda')

Fixed premium protection and indemnity insurer Thomas Miller Specialty Marine (TMS Marine) has announced a strategic restructuring aimed at strengthening its alignment with the UK P&I Club. The restructuring includes the appointment of Helge Volger, Managing Director and Chief Executive of TMS GmbH, as Chief Underwriting Officer. (Mika Pangilinan, 31/7/2023, Insurance Business UK, 'Thomas Miller Specialty Marine appoints CUO as part of strategic restructuring')

Everest Insurance International has announced two senior appointments to further strengthen its leadership suite: Véronique Brionne will join as Insurance Head of Europe on Sept. 28, based in Paris, while Martyn Benson takes on the role of Head of Operations, effective Aug. 7 and based in London. According to her LinkedIn, Brionne is currently the Deputy Managing Director for Chubb European Group as well as Co-Founder, board member, and Treasurer for ISC Group. She has a long and extensive career in the industry across firms like Chubb, AGIPI, AXA, and Mutuelle Saint Christophe. According to Benson's LinkedIn, he currently works at Chubb as COO for consumer lines EMEA. He has previously worked at Standard Chartered Bank, WTW, Morgan Stanley, OEE, and Accenture. (Kenneth Araullo, 31/7/2023, Insurance Business UK, 'Everest Insurance International bolsters leadership with key appointments')

Altea Insurance (Altea), the specialist insurance and risk management provider for the medical, allied health and care sector, is pleased to announce that Will Marshall has joined the organisation, leading AlteaPlus as Head of Legal and Risk Management. With nearly 30 years of experience as a prominent UK insurance healthcare litigation lawyer, Will brings a wealth of knowledge and expertise to his new role. Throughout his impressive legal career, Will has worked for some of the world's top insurance law firms in London, defending the interests of both Insureds and Insurers alike. Before joining Altea, he successfully led the Insurance in Healthcare practice team as a Partner of renowned law firm DWF. (Altea, 3/8/2023, youTalk Insurance, 'MGA Altea launches AlteaPlus with Will Marshall announced as head of division')

Gallagher has expanded its Liverpool team as it continues to grow and strengthen its service to clients in the city. The business has welcomed six new recruits to its team with a wealth of experience in supporting organisations in the region with their risk management and insurance needs. Callum Goulding is joining as a Business Development Executive having worked in the insurance industry for over 15 years, most recently specialising in in medical malpractice insurance. Jessica Smith, who brings 10 years’ experience gained both locally and internationally, joins as Account Broker. The appointment of Gill Birchall as Account Broker will see Gallagher strengthening its marine expertise and expand its client offering. Gill has worked in the marine industry for over 30 years specialising in shipping and insurance claims management. Three new Account Brokers have been hired to look after Gallagher’s growing corporate client base in Merseyside which includes businesses of all sizes from SMEs to large corporates. Helen Hall brings with her 27 years’ experience having delivered insurance services to businesses and high net worth individuals. Martin Rimmer brings over 20 years’ experience and Ben Thomas joins with a background of developing insurance solutions for SMEs as well as product development. (Gallagher, 31/7/2023, youTalk Insurance, 'Gallagher expands presence in Liverpool with suite of new hires')

David Skinn has been appointed as a Non-Executive Director to the Board at Prestige Underwriting ServicesWith 35 years of experience within the General Insurance Sector, David’s depth of insurance knowledge and leadership experience will make a significant contribution to Prestige Underwriting as the MGA specialising in non-standard and niche risks sets out to achieve ambitious strategic growth targets. (Prestige Underwriting, 31/7/2023, youTalk Insurance, 'Prestige Underwriting appoints new non-executive director to board')

​Broadway Insurance Brokers has announced the strengthening of its executive team with the appointment of Gary Ward as its new Director of Operations, Internal Audit, Risk and Compliance. In a press release, Broadway noted that Ward comes to the team after four years compliance officer with IC Insurance Brokers in Bolton and brings four decades of insurance experience to his new role. He is also currently Deputy Chairman of the Manchester Committee of the British Insurance Brokers' Association (BIBA). (Mia Wallace, 4/8/2023, Insurance Business UK, 'Broadway snaps up new director')

Vesttoo Chief Executive Yaniv Bertele and Chief Financial Engineer Alon Lifshitz have been put on paid leave while the company’s board considers its options, including the duo’s removal, amid the scandal being faced by the insurtech. Vesttoo has been making headlines since the firm disclosed that it was investigating discrepancies in potentially fraudulent letters of credit used by investors to guarantee reinsurance transactions that were arranged through the insurtech. Earlier this week, it was reported that Vesttoo’s offices in Tokyo, Hong Kong, and Seoul would be closed – leaving the embattled business with its presence in Tel Aviv, London, Bermuda, New York, and Dubai. (Terry Gangcuangco, 4/8/2023, Insurance Business UK, 'Vesttoo leaders put on paid leave while board mulls removal')

Specialist (re)insurance brokerage BMS Group has appointed Chris Brook as Chief Operating Officer. Brook will come on board in 2024 after he completes his contractual obligations with Gallagher Re where he served as Global COO. Meanwhile, Brook’s predecessor, Adam Stafford, will become Group Strategy and Operations Officer for the company’s UK and international specialty businesses. (Terry Gangcuangco, 4/8/2023, Insurance Business UK, 'BMS Group names chief operating officer')

Sompo International has appointed a new Chief Executive for SI Insurance (Europe), SA (SIIE). In its announcement, Sompo International said Thomas Brazil will be succeeded by Dr Cornelia Röskau (pictured) at the helm of the European unit. “With two decades of international experience, Cornelia has extensive market knowledge, combined with a cutting-edge skillset and strong leadership qualities that will help drive our continued expansion in Continental Europe,” commented Ralph Brand, Continental Europe Insurance president at Sompo International. “Having lived and worked in multiple countries, she has a deep understanding of European jurisdictions, regulations, and cultures which will translate well for the truly international scope of this position.” Brazil, meanwhile, will move to Switzerland to become Strategic Implementation Head for Continental Europe Insurance. (Terry Gangcuangco, 4/8/2023, Insurance Business UK, 'Sompo International picks CEO for European unit')

McGill and Partners has appointed Anna Beadsmoore as a Partner in its property and casualty team, along with Jessica Cook who comes on board as an Associate. The duo’s addition creates a new subspecialty within the specialist (re)insurance broker that is focused on legal liabilities. Beadsmoore joins the team from Gallagher where she built and led the legal indemnity team as Executive Director. Meanwhile Cook, a respected Operator, brings more than six years of experience in the legal indemnities market. (Mika Pangilinan, 4/8/2023, Insurance Business UK, 'McGill and Partners introduces new legal liabilities subspecialty')

Argenta Syndicate Management Limited (ASML) has announced the appointment of Philip Hancock as Head of Engineering and Construction, effective immediately. According to his LinkedIn, Hancock is a seasoned industry veteran with close to three decades of experience in engineering and construction insurance in the London market. Prior to this new role, Hancock worked at Ensurance UK, where he was Head of Underwriting and International Engineering. He also worked as an Underwriter at WISE Underwriting Agency before holding the Head of Engineering role for London at BritSyndicate 2987. Hancock also held senior underwriting positions at Montpelier Syndicate 5151, TSM Syndicate 1110, Navigators Syndicate 1221, AIG Europe, Copenhagen Re, and SCOR UK. (Kenneth Araullo, 3/8/2023, Insurance Business UK, 'Argenta names head of engineering and construction')

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