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General Insurance Newsletter Friday 15th September 2023

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Insurance News

Chubb has announced the launch of a new Lloyd’s consortium aimed at addressing the risks associated with the transit and storage of lithium batteries. The consortium was conceived in response to the growing demand for insurance solutions tailored to the lithium battery supply chain. It offers coverage limits of up to $50 million, encompassing risk types such as transit, stock throughput, standalone stock and warehouse legal liability, excess stock, and part orders. Led by Chubb Global Markets with support from 11 other Lloyd’s syndicates, the consortium will also leverage the capabilities of Chubb Climate+, the company’s global climate business unit that launched earlier this year. (Mika Pangilinan, 15/9/2023, Insurance Business UK, 'Chubb introduces Lloyd’s lithium battery consortium')

Moody’s RMS has introduced a cyber industry steering group to foster industry-wide efforts in response to the expanding global cyber insurance market. Key industry players, including Munich Re and Gallagher Re and global cyber risk management firm Bitsight, have joined the group. Additional partners from the insurance sector are expected to follow suit. Given the significant growth potential in cyber underwriting, the group was established to address current barriers to growth within the cyber insurance market. (Kenneth Araullo, 14/9/2023, Insurance Business UK, 'Moody's RMS creates industry steering group for cyber market')

FM Global has unveiled its second consecutive resilience credit initiative to bolster client investments in climate resilience solutions. This resilience credit, totalling approximately US$350 million (£280 million), will be distributed among FM Global’s clients, equipping them with additional resources to safeguard against severe weather risks such as wind, flooding, and wildfires. Building on FM Global’s inaugural resilience credit in 2022, which amounted to US$300 million, clients accelerated the implementation of natural hazard-related recommendations. According to the mutual insurer, this proactive approach potentially reduced the economic impact of such hazards by up to US$20 billion. (Kenneth Araullo, 14/9/2023, Insurance Business UK, 'FM Global unveils second credit support for climate resilience solutions')

​Complaints about motor and buildings insurance in the UK have reached their highest level in half a decade, according to the complaints data published by the Financial Ombudsman Service. In a release, it was noted that the Financial Ombudsman received 3,869 complaints about car or motorcycle insurance and 1,776 for buildings insurance during April to June 2023 – the first quarter in the service’s 2023/24 financial year. (Terry Gangcuangco, 14/9/2023, Insurance Business UK, 'Complaints about motor, buildings insurance reach new high')

WTW has announced the appointment of Gaby Joyner as the Head of Great Britain at WTW. The appointment follows the retirement of John Ball from the firm in August 2023. Joyner, who has been a part of the company for 23 years, currently serves as the Head of WTW’s Employee Experience business for Europe. She will continue in this role while taking on additional responsibilities as she leads WTW’s Great Britain business. (Kenneth Araullo, 14/9/2023, Insurance Business UK, 'WTW names new leader for Great Britain')

​Lockton Re has released a new report addressing a pressing issue in cyber insurance: blending distinct first and third-party risks with systemic risks. In its new report titled “The All Risk Cyber (ARC) Challenge: An Evaluation for Simplifying Cyber Reinsurance,” the reinsurance business examined the current state of the cyber market with regards to all risk cyber (ARC) products and how it hinders access to the wider reinsurance segment. (Kenneth Araullo, 13/9/2023, Insurance Business UK, 'Cyber report highlights need for product clarity as current reinsurance is "finite"')

The British Insurance Brokers’ Association (BIBA) has launched a new latent defects scheme offering specialist building warranty coverage for the property development and construction industry. Latent defects insurance (LDI) policies safeguard against any inherent defects in design, workmanship, or materials that might become apparent in a building’s structure or waterproofing envelope, leading to physical loss or damage. The new scheme is provided by GBW, an independent broker specialising in the field. BIBA members can visit a dedicated BIBA page on GBW’s website or refer their clients to the specialist broker. (Mika Pangilinan, 13/9/2023, Insurance Business UK, 'BIBA unveils new latent defects scheme')

WWF, supported by Deloitte, has published a new global report examining the impact of underwriting on climate and biodiversity goals. Called “Underwriting our planet: how insurers can help address the crises in climate and biodiversity,” the 77-page report found that many economic activities underwritten by insurers are in fact fuelling climate change and biodiversity loss, instead of underwriting companies helping to address the issue. Examples of these activities are deforestation and land conversion. (Terry Gangcuangco, 13/9/2023, Insurance Business UK, 'WWF says many activities underwritten by insurers fuel climate change and nature loss')

Stronger profitability will enable the non-life insurance industry to increase capital and capacity to match growing demand as risks evolve, according to a new study by Swiss Re Institute. The non-life insurance sector is swiftly adapting to a new era of higher interest rates, driven by the most significant monetary policy tightening since the 1980s. Research indicates that 2023 is a transitional year characterized by an enhanced global profitability landscape in non-life insurance. (Kenneth Araullo, 12/9/2023, Insurance Business UK, 'Better non-life insurance outcomes mark sector's vital role')

The market outlook for reinsurers holds promise but also increased uncertainty, according to new insights by Munich Re. Between 2023 and 2025, the global reinsurance market will experience a modest uptick in real average annual growth, slightly below levels during 2020 and 2022. Munich Re predicts the most substantial future growth for the Asia-Pacific and Latin America regions. Data sourced from AM Best and Guy Carpenter also indicate that reinsurance capital is projected to rebound to US$461 billion (£369.5 billion) in 2023 (compared to US$434 billion in 2022, adjusted for equity effects stemming from higher interest rates). (Kenneth Araullo, 12/9/2023, Insurance Business UK, 'Reinsurance capacity bouncing back, although future remains uncertain')

Average insurance losses from natural catastrophes are now at around US$133 billion (approximately £106.2 billion) annually, a record high, according to new data by Verisk. According to Verisk, the insurance industry would have to prepare for more than US$100 billion in total insured losses from natural catastrophes yearly and possible annual losses of more than US$200 billion. (Jonalyn Cueto, 11/9/2023, Insurance Business UK, 'Average annual natural catastrophe losses reach US$133 billion – Verisk')

The International Underwriting Association of London (IUA) has published its latest statistics report for the London company market, detailing the market’s performance last year in terms of premium figures. Compiling information from 79 insurance and reinsurance companies operating in London, the trade body reported that total premium income for the London company market in 2022 amounted to £44.07 billion – an increase from £35.65 billion previously. (Terry Gangcuangco, 11/9/2023, Insurance Business UK, 'Revealed – London company market premium income in 2022')

Todd Insurance, an independent insurance provider based in Northern Ireland, has announced a partnership with mental health charity AWARE NI. The collaboration comes as Todd Insurance celebrates its 90th anniversary and is described as a way to give back to the community that has supported the family-run business over the years. (Mika Pangilinan, 11/9/2023, Insurance Business UK, 'Todd Insurance teams up with mental health charity for 90th anniversary')

Inari, a provider of core technology infrastructure for global insurance and reinsurance industry, has announced it has raised $5.2 million in funding from a seed round led by Caixa Capital Risc through Criteria Venture Tech. The funds enable Inari’s longer-term growth strategy, which includes the expansion of its teams in Barcelona and London, to grow its reach. The infrastructure provider will be able to build more features based on its technology to cater to their current (re)insurance clients as well as attract new opportunities. (Jonalyn Cueto, 11/9/2023, Insurance Business UK, 'Inari raises $5.2 million for innovative technology in insurance')

Aviva has launched Sustainable Business Coach, a new, free-to-use digital tool designed to help brokers discover the impact their business has on the environment and wider society. The tool aims to support brokers in building a more resilient business, helping them become more efficient - resulting in potential cost savings – while measuring their improvement over time. (Aviva, 14/9/2023, youTalk Insurance, 'Aviva launches Sustainable Business Coach tool')

Allianz and partner DWF have won a recent fraudulent case after a claimant's injury was found to be fundamentally dishonest, despite them attempting to withdraw the case a month before the trial date. Following a hearing before a Judge at Manchester County Court, Allianz’s customer, and solicitor firm DWF were successful in pursuing its indemnity costs from the claimant, in excess of £25,000 – despite the claimant stating she’d rather ‘do time than give them the money’. (Allianz, 11/9/2023, youTalk Insurance, 'Allianz and DWF claim victory against £100k fraud')

Mergers & Acquisitions

​Lebanon-headquartered investment group Chedid Capital has acquired UK-based Lloyd’s coverholder Trilogy Managing General Agents Limited (Trilogy MGA) for an undisclosed sum. Purchased from Resolution Underwriting Holdings via Chedid Capital subsidiary Chedid Europe Insurance & Reinsurance Brokerage, Trilogy MGA underwrites a wide range of classes through appointed representative Trilogy Underwriting. The managing general agent has been operating since 2013. (Terry Gangcuangco, 13/9/2023, Insurance Business UK, 'Trilogy MGA gets sold to investment group')

The Clear Group has announced the acquisition of Heath Crawford & Foster Holdings Limited, including its subsidiaries Heath Crawford & Foster Ltd, ABA Insurance and Merenda & Co Ltd. This latest acquisition is a continuation of Clear’s long-term strategy to build a balanced and sustainable business. Heath Crawford & Foster was founded in 1982 by Paul Weinberg. The business has grown through a blend of organic growth and carefully selected acquisitions. In the last three years, the business has doubled in size, now controlling £18m GWP. (The Clear Group, 14/9/2023, youTalk Insurance, 'Clear Group buys Heath Crawford & Foster Holdings Limited')

Gallagher has announced the acquisition of Lifesure Group Limited (Lifesure). Terms of the transaction were not disclosed. Lifesure was established in 1971 and provides insurance broking services in the holiday and leisure industry. Products include park home, motorhome, holiday caravan, leisure home, car and home insurance. It employs a team of 50 and is led by Managing Director, Paul Reid. (Gallagher, 11/9/2023, youTalk Insurance, 'Gallagher expands SME & personal lines operations with broker acquisition')

Howden has announced that it has successfully completed the acquisition of Apex Insurance New Zealand and its associated subsidiaries (Apex), effective Thursday, 31 August 2023. This acquisition greatly accelerates Howden’s strategy to form a leading broking operation in the Pacific region and builds on the solid foundation for the ongoing delivery of Howden’s growth plans in New Zealand and the overall servicing capabilities across the region. (Howden, 11/9/2023, youTalk Insurance, 'Howden acquires one of New Zealand's largest brokers')

Acrisure has announced its acquisition of Modus Underwriting Ltd (Modus), an award-winning, technology driven, Managing General Agent (MGA). Modus is an insurance provider that unites traditional insurance disciplines with cutting-edge technology to offer fully automated, e-traded insurance products for its partner brokers. Modus will be part of Acrisure UK MGA Limited (‘AUK’). (Acrisure, 11/9/2023, youTalk Insurance, 'Acrisure buys Modus Underwriting')


​Bob Thaker, former chief executive of Hiscox UK, is taking on two CEO posts at Sompo International. In a release, Sompo International announced Thaker’s appointment as chief executive of UK commercial property & casualty insurance and of the company’s UK business legal entity. He will report to global markets CEO Julian James. Meanwhile, part of the new insurance leadership team are Ian Keegan and Mike Reid, who will be in charge of the London Market wholesale & specialty division and UK commercial lines division, respectively. Additionally, Keegan will serve as chief underwriting officer of the UK business legal entity. (Terry Gangcuangco, 15/9/2023, Insurance Business UK, 'Ex-Hiscox UK chief to take on key posts at Sompo International')

HF Solicitors (formerly known as Horwich Farrelly) has appointed Jennette Newman as partner and head of London Markets. With a career spanning over 25 years in the legal and insurance sectors, Newman is an experienced UK and international casualty lawyer. Her expertise encompasses various areas, including claims, defence litigation, and coverage. She provides counsel to insurers, reinsurers, intermediaries, corporates, and other risk carriers across all aspects of claims, investigation processes, litigation, and alternative dispute resolution (ADR). (Kenneth Araullo, 15/9/2023, Insurance Business UK, 'HF names new head of London Markets')

Allianz Holdings has announced the appointment of Henry Topham as the new managing director of its UK Retail business, following the recent news that Heather Smith will be leaving the business to take up a new opportunity. Henry will start on 1 October 2023 and report to Serge Raffard, managing director of Allianz Personal Lines. Henry has been with Allianz since December 2016 and is currently the managing director of Britannia Rescue and Flow. In his time at the company, he has successfully led the development and execution of the company’s strategy for both its breakdown business and also digital-only insurance product, Flow. Prior to joining Allianz, Henry worked at a number of other companies including Aviva and Direct Line Group. (Allianz Holdings, 15/9/2023, youTalk Insurance, 'Allianz appoints new Managing Director for UK Retail business')

Lockton Re has announced the launch of its global mortgage and structured credit segment, which will be co-led by Sean Hannah and Joe Koebele. Hannah, a member of the Lockton Re team since 2020, brings extensive experience as a credentialed Actuary and Broker. He was integral to developing Lockton Re’s analytics platform and its deployment to enhance client and market services. Prior to his tenure at Lockton Re, he was instrumental in establishing the global mortgage and structured credit analytics capability at Willis Re. Koebele, who recently joined Lockton Re, has years of experience in reinsurance broking, with a specialisation in mortgage and structured credit solutions. His career journey began in investment management across various asset classes. Most notably, Koebele served as SVP at Guy Carpenter, having joined the company after completing his MBA at Cambridge University. (Kenneth Araullo, 14/9/2023, Insurance Business UK, 'Lockton Re debuts global mortgage and structured credit segment')

Former Canopius UK Chief Executive Sarah Willmont is said to be joining Lockton Re’s retrocession and property specialty division. It’s been reported that Willmont, who left Canopius in July 2023 after taking on the UK CEO post in the second quarter of last year, is coming on board in October as a Senior Broker. The move will mark Willmont’s return to reinsurance broking, having worked at Aon Benfield prior to her shift to underwriting. (Terry Gangcuangco, 11/9/2023, Insurance Business UK, 'Lockton Re brings in ex-Canopius UK chief')

Specialist (re)insurance broker Miller has selected Gérald Castanier to lead its European leasing practice. Castanier joins Miller from Aon, where he played a pivotal role in developing its leasing solutions practice. He began his career at began at Societe Generale, holding various trade finance positions. He later moved to Deutsche Bank and served as VP Sales Trade Finance Officer for 12 years. (Mika Pangilinan, 14/9/2023, Insurance Business UK, 'Miller selects leader for newly formed European leasing practice')

Zurich Insurance Group’s Zurich Resilience Solutions has partnered with KPMG Switzerland while also appointing Dirk De Nil as Global Head of the commercial risk advisory and services unit. The tie-up is aimed at providing comprehensive climate change advisory services by combining Zurich Resilience Solutions’ physical risk assessment with KPMG’s transition risk assessment capabilities. De Nil, who came on board Zurich in 2008, is succeeding Hanno Mijer. The latter, whose previous roles include CoverMore Chief and Corporate Life & Pensions Global Head, is retiring next month. As for De Nil’s replacement, the search is already underway. (Terry Gangcuangco, 14/9/2023, Insurance Business UK, 'Zurich unit announces partnership, names global head')

​AXA XL has announced the appointment of Laëtitia Lebas as the Head of Mid-Market for the APAC and Europe regions. Lebas began her journey with AXA France in 2012 as a Global Account Manager for AXA Santé Collective. Over the years, she has taken on various roles, including International Sales Director for AXA Creditor, Regional Director for Western Europe, and Legal Representative for Genworth entities in France. In 2017, she joined the Executive Committee of AXA Partners France and was subsequently appointed as Sales Director for Credit Lifestyle Protection and Motor & Banking Assistance. Before her tenure with the French conglomerate, she also held roles at BNP Paribas Assurance, AIG, Viel, and Euler Hermes. (Kenneth Araullo, 12/9/2023, Insurance Business UK, 'AXA XL bolsters mid-market strategy in EU and APAC')

AXA XL has announced two new members of the Boards of AXA XL Underwriting Agencies Ltd and AXA XL Insurance Company UK Ltd (AXA XL UK): Jennifer Lejeune – Non-Executive Director and Nathan Williams – Independent Non-Executive Director. Ms. Lejeune is CEO of AXA Liabilities Managers (AXA LM) and has held various senior positions within AXA entities, including Chief of Staff and Head of Investor Relations for North America at AXA Equitable, Managing Director at AXA LM Fund Management, and Chief Financial Officer of AXA LM. Ms. Lejeune is a member of the Advisory Board for the ALLCOT Group – a leader in greenhouse gas emissions management tools and strategies – and is a Member of the US Society of Actuaries. Mr. Williams has more than 30 years’ experience in the insurance sector, having worked extensively across the UK, Europe, North and South America and the Middle East. He spent 16 years at RSA in several senior roles including Group Pricing Director, Chief Underwriting Officer for RSA Scandinavia, and from 2016 to 2021, he was Group Chief Underwriting Officer. Prior to joining RSA, he held underwriting and pricing roles at Aviva. (AXA XL, 11/9/2023, youTalk Insurance, 'AXA XL appoints two new members to its UK Boards')

Accident management solutions provider Activate Group has appointed Adrian Furness as Managing Director of its motor repair network business. Furness brings extensive insurance leadership experience to his new role. Before joining Activate Group, he served as the CEO of Covea UK. He also held key positions such as Chief Operating Officer and Claims Director at Covea and its predecessor, Provident Insurance. (Mika Pangilinan, 12/9/2023, Insurance Business UK, 'Activate Group taps leader for insurance division')

Mark Jackaman, who has been with QBE Re since 2012, has been appointed as General Manager for London. Prior to his promotion, Jackaman was London Casualty Head from May 2022 and was also Interim General Manager for London in the past four months. He is now in charge of the London unit’s strategic development, growth initiatives, and P&L delivery. (Terry Gangcuangco, 12/9/2023, Insurance Business UK, 'QBE Re picks London general manager')

Dermot Dick, an Underwriter with more than four decades of industry experience, has been appointed as Senior Underwriter for energy at Specialty MGA UK. “This is an exciting time of growth for the business, and it’s fantastic to be part of the company’s further expansion into the energy sector,” Dick, whose credentials include time spent at Oneglobal Broking, said in an emailed release. Group Chair Manoj Kumar cited Dick’s wealth of experience and “extremely strong” global network of brokers, agents, and insurers. Dick has written business in regions including Africa, Asia, and North America. (Terry Gangcuangco, 12/9/2023, Insurance Business UK, 'Specialty MGA UK adds veteran underwriter to roster')

Consilium has announced the appointment of Richard Ellis as an Associate Partner Placing Specialist and Complex Property Risks. Ellis comes to Consilium from Citynet Insurance Brokers, where he served as a Senior Broker on its property and casualty team. With 38 years of experience in both retail and wholesale property and liability insurance, including the placement of terrorism, high-net-worth, and contingency risks, he has held Senior Broker roles at several leading firms, including Tasker & Partners, Senior Wright Ltd, CBC UK, and Jelf. He brings with him a network of underwriters and brokers, operating in both London and Company Markets, and extensive expertise in complex and non-standard property placements. As part of the Consilium property team, Ellis will be responsible for assisting brokers and their clients in placing specialized property and commercial combined policies. (Kenneth Araullo, 12/9/2023, Insurance Business UK, 'Consilium boosts property practice with associate partner')

Probitas 1492 has brought in former Munich Re Syndicate Deputy Chief Underwriting Officer Natasha Jodrell to lead a special purpose arrangement (SPA) – a type of Lloyd’s syndicate – for the 2024 year of account (YOA). Called “AdA SPA 2024,” the special purpose arrangement will be focussed on marine and specialty, leveraging Jodrell’s expertise. The insurance veteran brings nearly three decades of industry experience to AdA. (Terry Gangcuangco, 11/9/2023, Insurance Business UK, 'Probitas 1492 taps Munich Re Syndicate alum for new platform')

Nick Gavin-Powell has been appointed to lead a new Private Client team at Price Forbes. He most recently co-founded Miller’s Private Client business, and prior to that was Head of Private Clients for Aon. Before that he was Divisional Director at RKH/Howden, co-founding the Howden Private Office business for ultra-high-net worth individuals and families. (Price Forbes, 11/9/2023, youTalk Insurance, 'Price Forbes appoints Nick Gavin-Powell as new Head of Private Clients')

Liberty Specialty Markets has announced the promotion of Simon Baily to Head of Affinity and Programme Business Europe, effective September 2023. Baily joined LSM in February 2021 as Affinity and Programme Business Europe Distribution Manager. He replaces former Head of Affinity and Programme Business Europe, Kerry McKay, who has left to pursue a new career opportunity. Since joining, Baily has been instrumental in building up LSM’s delegated authority capability in the region. (Liberty, 11/9/2023, youTalk Insurance, 'Liberty promotes Simon Baily to Head of Affinity and Programme Business Europe role')

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