Insurance News
The Financial Conduct Authority (FCA) has raised concerns over “uncertain” cyber insurance policy wordings that it has said may not be meeting customer needs. In a letter to wholesale insurance CEOs, which outlined priorities in a variety of areas, FCA Director of Insurance Supervision, Policy & Competition – Consumers & Competition Matt Brewis pledged that the regulator will continue to monitor the cyber insurance landscape and would “take action” on any firms it deems as outliers. Current global cyber insurance direct written premium sat at $16.7 billion (£13.5 billion) in 2022, with this figure expected to boom to $33.4 billion by 2027, according to Globaldata figures cited by the regulator. (Jen Frost, 21/9/2023, Insurance Business UK, 'FCA sounds alarm on 'uncertain' cyber insurance wordings')
In further news...The Financial Conduct Authority (FCA) has continued to see financial crime issues across the wholesale insurance market, buoyed by Russia sanctions, the regulator said on Wednesday. In a letter to wholesale insurance CEOs, Matt Brewis, FCA Director of Insurance Supervision, Policy & Competition – Consumers & Competition, said: “We continue to see financial crime problems across the wholesale insurance market, particularly due to the rapid imposition of sanctions from the war in Ukraine". The regulator zoned in on intermediaries with “poor anti-bribery and corruption controls” and insurers with “poor sanction controls”, which increase the risk of financial crime. (Jen Frost, 21/9/2023, Insurance Business UK, 'Russia sanctions add to insurance financial crime issues')
Following up on the annual conference of the International Union of Marine Insurance (IUMI) in Edinburgh, Scotland and President Frédéric Denèfle’s musings on “turbulent seas” facing the otherwise strong and stable sector, several other insights were discussed as the union underscored a need for cooperation in the face of global changes. Firstly, while hull underwriters had a positive year, the segment can expect some shifts within its market. Global ocean hull premiums experienced a notable rise of 5.7% in 2022, reaching a total of US$8.4 billion. This increase was primarily attributed to a combination of heightened activity, escalated vessel values, and a decrease in market capacity. (Kenneth Araullo, 21/9/2023, Insurance Business UK, 'Sailing ahead – hull, offshore energy, and net-zero goals at IUMI conference')
The Lloyd’s Market Association (LMA) has announced the launch of its Environmental, Social, and Governance (ESG) Academy. The academy has been developed in collaboration with leading external ESG advisors in the market, which include the Better Insurance Network. It has also been designed specifically for professionals within the LMA market as well as the global (re)insurance sector. (Abigail Adriatico, 21/9/2023, Insurance Business UK, 'Lloyd's Market Association announces launch of ESG Academy')
Trium Cyber has unveiled a London office aimed at providing coverage for clients beyond US borders. The announcement, led by CEO Josh Ladeau, emphasises Trium Cyber’s strong demand on the international stage due to the company’s robust underwriting, stellar claims management, and Lloyd’s A+ rated security, it claimed. “Our advanced technical underwriting, outstanding claims management and Lloyd’s A+ rated security have resulted in great demand for our services internationally,” Ladeau said. “The opportunity to bring somebody of Amie’s calibre aboard to help execute the launch made the expansion an obvious decision.” (Kenneth Araullo, 21/9/2023, Insurance Business UK, 'Trium Cyber underscores international demand with London office announcement')
The Financial Conduct Authority (FCA) has witnessed a “concerning increase” in reports of non-financial misconduct, which can include harassment and discrimination, in the wholesale insurance market over the past year, the regulator said this week in a letter to wholesale market insurance CEOs. Meanwhile, the regulator said it has taken a dim view of some firms having argued that culture will “take a generation to fix” as an excuse for not acting. (Jen Frost, 21/9/2023, Insurance Business UK, ''Concerning increase' in non-financial misconduct insurance incidents – FCA')
In further news...The Financial Conduct Authority (FCA) has sent letters to insurance firms issuing a warning about how they must take more action to ensure fairness with their customers. The FCA reminded them that they are expected to ensure that their products are providing fair value to their customers and provided evidence that some Guaranteed Asset Protection (GAP) products may not be giving their customers a fair deal. (Abigail Adriatico, 21/9/2023, Insurance Business UK, 'FCA warns insurers to take more action in providing fair value to customers')
PoloWorks (Polo) has announced the launching of a new digital marketing offering called Polo Digital, which aims to support the digitisation of the London insurance market through Blueprint 2. Blueprint 2 is a Lloyd’s of London programme set to deliver a digitalised marketplace for its members. In an emailed news release, Polo said the new digital service will allow clients a wide range of AI-supported digital solutions that involve the creation, storage, transformation, and management of underwriting data sets through Digitisation as a Service (DaaS). (Jonalyn Cueto, 20/9/2023, Insurance Business UK, 'PoloWorks launches new AI-driven digital service')
Global Aerospace, an aerospace insurance firm, recently announced that it will be utilising the ACORD Data Exchange Platform and Translator (ADEPT) by ACORD Solutions Group, a solutions provider for standardised data exchange within the global (re)insurance industry, in order to interact with the broker community all over the world. “Global Aerospace is committed to advancing innovation and collaboration in the aviation industry, integrating capabilities that help connect our clients and partners around the world,” said Mike Ashton, Chief Data & Applications Officer Europe, Global Aerospace. (Abigail Adriatico, 20/9/2023, Insurance Business UK, 'Global Aerospace utilises data exchange platform to interact with brokers worldwide')
The Association of British Insurers (ABI) has released home insurance figures for the second quarter of the year. The data saw an 11% rise in home insurance payouts in Q2 with paid claims amounting to £782 million. The total amount of paid claims was equivalent to £8.6 million every single day. “Home insurance continues to do what it says on the tin – support customers when the worst happens.” said Mervyn Skeet, ABI’s Director of General Insurance Policy. (Abigail Adriatico, 20/9/2023, Insurance Business UK, 'Revealed – how much UK home insurance payouts are increasing')
Vitality has released its life claims data for 2022, demonstrating that it honoured 96.6% of all protection claims, amounting to £96 million. This encompassed a total of 2,440 claims spanning life and terminal illness, serious illness, and income protection products. In the previous year, Vitality approved 99.7% of life claims, translating to £60 million. Cancer remained the primary cause of life claims, followed by heart and artery-related issues and respiratory ailments. Notably, the impact of COVID-19 shifted from being the fourth leading cause of claims in 2021 to the seventh in 2022. (Kenneth Araullo, 20/9/2023, Insurance Business UK, 'Vitality publishes claims statistics')
Captive owners, brokers, insurers, and representatives from the wider risk management community have gathered to explore the idea of introducing a captive insurance regime in the UK. Brought together by Economic Secretary to the Treasury Andrew Griffith and the London Market Group (LMG), the roundtable signifies the first time that the government has convened market experts to discuss the benefits that a captive regime could bring to the country. “The London Market is very grateful to the City Minister for his energy and focus on helping the market to thrive through the possible introduction of new products,” LMG Chief Executive Caroline Wagstaff said in a release. (Terry Gangcuangco, 19/9/2023, Insurance Business UK, 'UK mulls captive insurance regime')
Embattled insurtech Vesttoo has come to the defence of its probe report amid doubts expressed by certain creditors. Recently, Vesttoo announced that the investigation into the letters of credit fraud involving the firm had identified “pervasive and systemic misconduct” that was supposedly engaged in by ex-Vesttoo leaders and bank staff. Now it’s been revealed that certain creditors are questioning the independence of the probe. Bertele and Lifshitz themselves had previously cited a “significant” conflict of interest in relation to the investigation team. (Terry Gangcuangco, 19/9/2023, Insurance Business UK, 'Vesttoo defends probe report amid creditors’ doubts')
The Lloyd’s underwriting room has reopened for face-to-face trading after being closed for 10 weeks for refurbishment. The underwriting room and Galleries One and Two were closed from July 10 to September 17. Gallery Three and the rest of the iconic Lloyd’s building in London remained open at the time. In an update, the centuries-old insurance marketplace said: “The ground floor and Galleries One and Two have reopened, and we welcome 13 additional managing agents to the ground floor of the underwriting room. Our popular tours will recommence from September 25." (Terry Gangcuangco, 19/9/2023, Insurance Business UK, 'Lloyd’s underwriting room reopens')
Former UK Prime Minister Tony Blair will be speaking at this year’s FIDES – described as the biggest insurance conference in Latin America – in Rio de Janeiro. Taking place from September 24 to 26, 2023, the FIDES Western Hemisphere Insurance Conference is organised every two years by the Inter-American Federation of Insurance Companies. Previous editions were held in Chile (2015), El Salvador (2017), and Bolivia (2019). Blair is joining fellow keynote speakers Luis Alberto Moreno, former president of the Inter-American Development Bank, and Nobel Prize winner in economics Paul Krugman. Panellists, meanwhile, include leaders from the likes of Munich Re, Aon, Allianz Commercial, Swiss Re, and AIG. (Terry Gangcuangco, 18/9/2023, Insurance Business UK, 'Tony Blair to speak at major insurance conference')
Lloyd’s insurer Brit Limited has published its interim financial results for the six months ended June 30. Commenting on the numbers, Group Chief Executive Martin Thompson said in an emailed release: “I am pleased to report that our strategy has delivered an excellent overall performance for the first half of 2023, underpinned by a strong underwriting result, with an undiscounted combined ratio of 93.3% for the period. This primarily reflects the combination of a healthy attritional ratio and the absence of any major losses". (Terry Gangcuangco, 18/9/2023, Insurance Business UK, 'Brit reports interim financials')
A total of 22 insurance companies have already committed to not insuring the East African Crude Oil Pipeline (EACOP), and protesters outside Chubb’s Abbey House office in Manchester were urging the global insurer to make the same pledge. Aside from their placards and banner, the Stop EACOP campaigners also brought with them recorded messages from those who would be affected by the planned pipeline in East Africa. They are opposing the project not only because of EACOP’s contribution to climate change but also due to its impact on wildlife and on local communities. (Terry Gangcuangco, 18/9/2023, Insurance Business UK, 'Campaigners rally outside Chubb office in Manchester')
Q Underwriting is once again demonstrating its commitment to meeting their brokers unique needs of Electrical Contractors and associated traders by introducing a new, optional, Professional Indemnity (PI) extension, to its Contractors Combined product. The PI Cover is designed to benefit electrical contractors and associated traders involved in activities such as periodic inspections, issuing Electrical Installation Condition Reports, and performing Portable Appliance Testing work. One of the key features of this new offering is a substantial £250,000 Professional Indemnity limit. This is often a prerequisite for contractors involved in electrical installation certification services. (Q Underwriting, 21/9/2023, youTalk Insurance, 'Q Underwriting introduces professional indemnity as optional extension for electrical contractors')
Tech-powered commercial insurance broker, Hubb, has rebranded as Taveo. Founded in 2019, the firm is revolutionising business insurance by using AI, automation and data science to increase transparency and efficiency in the sector, and provide better service and value to UK SMEs. (Taveo, 18/9/2023, youTalk Insurance, 'Hubb rebrands as Taveo to bring transparency and efficiency to SME insurance with AI and data science')
Tokio Marine HCC– Specialty Group has enhanced its global broker services by integrating its crisis management insurance team into its international division. This strategic move aims to simplify intermediaries’ access to Tokio Marine HCC’s expertise and facilitate discussions about a broader range of client needs through a single point of contact. The inclusion of the crisis management insurance team, offering kidnap & ransom, maritime piracy, and active assailant covers, provides the international division of the specialty group with a third line of business. These specialized products grant clients access to crisis management experts capable of guiding them through complex situations. (Kenneth Araullo, 22/9/2023, Insurance Business UK, 'Tokio Marine HCC – Specialty Group places crisis management into international arm')
Chaucer, a global specialty (re)insurance group, has released a report into cartel insurance, revealing a rise in the demand for coverage across Latin America following a rise in the number of high-profile incidents in the region. The ‘organised crime cover’ policy covers physical damage arising from cartel activity in Guatemala, Honduras, El Salvador, and Mexico. It is available as an extension to its strikes, riots, and civil commotion (SRCC) insurance. (Jonalyn Cueto, 22/9/2023, Insurance Business UK, 'Demand for cartel insurance on the rise - report')
Lockton Ireland has welcomed Stephanie Zambra, renowned striker for Ireland and Shamrock Rovers, into her new role as brand ambassador for the privately-owned brokerage. Zambra is a prominent figure in women’s sports and recently immersed herself in media work for RTE during the World Cup in Australia. Her meteoric rise to fame traces back to her remarkable goal in 2013, earning her a nomination for FIFA Goal of the Year. The achievement placed her among the ranks of soccer legends like Lionel Messi and Cristiano Ronaldo at the 2014 FIFA Ballon D’or Awards. Notably, she was also the first woman ever to secure a top three nomination in that category, ultimately finishing as the runner-up with an astounding 1.2 million votes. (Kenneth Araullo, 22/9/2023, Insurance Business UK, 'Lockton Ireland adds Ireland striker as new ambassador')
Dale Underwriting Partners has entered a strategic partnership with CVC, a prominent global private markets manager overseeing €161 billion in assets. As part of the deal, CVC funds will make investments into Dale, serving to replace existing third-party capital providers and fuel business expansion. This investment will result in CVC funds securing a majority stake in the company. According to the Lloyd’s Syndicate, the investment ensures a substantial and stable long-term capital pool to drive Dale’s growth, capitalising on the competitive global standing of the Lloyd’s market and the expertise and strong position of the Dale team. (Kenneth Araullo, 18/9/2023, Insurance Business UK, 'Dale Underwriting Partners inks strategic deal with CVC')
Mergers & Acquisitions
Ripe, an insurtech company, has acquired Craftinsure, a specialist boat insurer. The acquisition serves as Ripe’s first major acquisition since Aquiline Capital Partners invested in the company. “[this] announcement marks the beginning of Ripe’s strategy to expand through targeted acquisitions in specialist leisure, lifestyle and small business markets. This is a landmark moment for Ripe as we expand our boating portfolio through Craftinsure,” said Paul Williams, CEO of Ripe. (Abigail Adriatico, 21/9/2023, Insurance Business UK, 'Ripe acquires specialist boat insurer')
Markerstudy sees the challenges in the UK personal lines market as a runway for further growth, following a deal to acquire Atlanta Group, the personal lines brokerage of Ardonagh Group. Leaders said the new player created by the merger could surpass £3 billion in gross written premium (GWP) very quickly. “We would like to be a one-stop shop for insurance,” said Kevin Spencer, CEO of Markerstudy Group. Spencer also said the merged business would be able to pursue more opportunities for growth, both organically and through M&A. (Gia Snape, 20/9/2023, Insurance Business UK, 'Markerstudy and Atlanta see personal lines difficulties as growth runway')
London-based MGA and Lloyd’s coverholder Occam Underwriting has been snapped up by acquisitive brokerage giant Brown & Brown in a deal. The move, which has already received the regulatory green light and consideration for which is undisclosed, sees Brown & Brown take 100% of the share capital of the MGA. (Paul Lucas, 20/9/2023, Insurance Business UK, 'Brown & Brown snaps up Occam Underwriting')
Intact Financial Corp (Intact), a Canadian multinational property and casualty insurance company and the parent company of RSA, has started the sale of RSA’s personal insurance business, according to reports. A Bloomberg report revealed that Intact has been working with JPMorgan Chase & Co to gauge buyer interest in the personal insurance business, which is valued at approximately £500 million and covers everything from home to pet protection. The business also sells insurance policies directly to clients and includes partnerships with other financial institutions. (Roxanne Libatique, 20/9/2023, Insurance Business UK, 'Intact commences sale of RSA personal insurance subsidiary')
Leading independent broker, The Clear Group has announced the acquisition of regional broker, Miles Archer Limited. Miles Archer Limited is a Kent based broker, which specialises in property owners’ insurance. The business will now work closely with Clear’s Property Owner’s team to drive cross sell opportunities. (The Clear Group, 19/9/2023, youTalk Insurance, 'Clear Group continues to build balanced and sustainable business with regional broker buy')
Movers
Nirvana, a media, tech, and cyber managing general agent (MGA), has announced the launch of its new European small and medium enterprise (SME) warranty and indemnity (W&I) binder. The team will be led by Thomas Mannsdorfer in Barcelona and will focus on local products in both local languages and English. It will provide specific solutions to the European SME sector. Mannsdorfer has been a Mergers and Acquisitions (M&A) Underwriter for more than 20 years across European markets. Before joining Nirvana, he was a qualified Lawyer and headed European specialty underwriting at Sompo International, also leading its branch in Barcelona as well as its underwriting hub. Previously, he served as Director of M&A Insurance and Chief Underwriting Officer (international) with ANV. Mannsdorfer will be supported by two Underwriters: Eloi Nuñez-Romero and Isaure Maltonti. Eloi Nuñez-Romero was previously with Eversheds Sutherland where he specialized in M&A. Maltonti was a Financial Lines Underwriter with Tokio Marine Europe. (Abigail Adriatico, 21/9/2023, Insurance Business UK, 'Nirvana launches new European SME W&I binder')
Allianz Commercial is expanding its global specialty leadership team and has named Darren Smart as Global Head of Construction at Allianz Global Corporate & Specialty SE. Smart currently serves as Global Construction Practice Leader at Liberty Specialty Markets. He is set to join Allianz by March 2024. Smart began his underwriting career with Allianz Cornhill (Allianz UK) before progressing to the role of Assistant Vice President at Trans Re. He joined Liberty Specialty Markets in 2007 as Construction Regional Product Line Manager for EMEA and subsequently assumed his current position as Global Construction Practice Leader in 2016. (Mika Pangilinan, 20/9/2023, Insurance Business UK, 'Allianz Commercial names global head of construction')
Lloyd’s global (re)insurer MS Amlin has announced its appointment of Jessie Burrows as Chief Financial Officer (CFO) effective in early 2024, subject to regulatory approval. Currently with Direct Line Group (DLG), Burrows is the Managing Director of Customer Sales, Service and Claims, leading the efforts of around 6,500 people across both commercial and personal lines. Prior to DLG, she has taken on senior roles throughout her career including at Aviva, Aviva Global Asset Management and Aviva’s UK & Ireland General Insurance business. She also spent a number of years within KPMG’s insurance practice, supporting clients across a broad spectrum of consulting and advisory services. (Jonalyn Cueto, 20/9/2023, Insurance Business UK, 'MS Amlin introduces new chief financial officer')
There will soon be a new man at the helm of Crawford & Company in both Europe and the Middle East. Niels de Kock is assuming the role of President for the two regions, beginning October 1. Currently Managing Director for the Netherlands, Germany and Belgium, de Kock is set to retain that role with the support of local leadership. He originally joined Crawford back in 2003 and has held a host of Europe-based roles since. (Paul Lucas, 20/9/2023, Insurance Business UK, 'Crawford names new president for two regions')
Tokio Marine Kiln (TMK) has welcomed Liam Burke, ACII, as a new Underwriter in its life sciences division, effective immediately. Burke, previously a US Specialty Programs Underwriter at Beazley, will hold the position second in seniority to TMK’s Head of Life Sciences, Kirsten Shastri, whom he will be reporting to. According to his LinkedIn, Burke spent almost six years at Beazley in various underwriting roles. He graduated from the University of Nottingham and is an Associate of the Chartered Insurance Institute (ACII) as of October 2020. (Kenneth Araullo, 19/9/2023, Insurance Business UK, 'TMK bolsters life sciences segment with underwriter addition')
Parametric insurance specialist Descartes Underwriting has added London Market stalwart Ola Jacob to its team as its newly appointed UK & Ireland Business Development Director. Having spent over a decade in London Market distribution, Jacob brings with him a wealth of experience. His journey began with UK liability and product recall at Gallagher, extending to international terrorism and onshore energy at Alesco. According to his LinkedIn, Jacob was also vital in FloodFlash’s distribution, while he currently serves as a Lloyd’s Charities Trustee and a member of the Innovative Risk Labs Advisory Board. (Kenneth Araullo, 19/9/2023, Insurance Business UK, 'Descartes taps rising star to head UK & Ireland business development')
SiriusPoint has announced the appointment of Stephen Smyth as Head of Marine in London, effective October 16. Additionally, Smyth is set to become the Active Underwriter for Syndicate 1945, pending Lloyd’s approval. Formerly at Travelers, where he successfully established a profitable specialist insurance operation for UK marine risks as Managing Senior Underwriter of Marine, Smyth brings a wealth of experience to SiriusPoint. Prior to Travelers, he held other prominent roles, including Head of UK Regional Marine and Head of Office at Beazley. His extensive career also encompasses marine underwriting positions at Allianz, AIG, and Commercial Union. Notably, Smyth was a member of the Joint Cargo Committee at Lloyd’s of London from 2001 to 2009 and served as the UK market lead for Public/Private Partnership with NaVCIS Freight (National Vehicle Crime Intelligence Service), reporting into the National Police Chief’s Council. (Kenneth Araullo, 18/9/2023, Insurance Business UK, 'SiriusPoint bolsters global marine practice with senior appointment')
Towergate has revealed a significant appointment at one of its key arms. Richard Jackson has been brought into the role of Head of Consulting for Towergate Health & Protection. He is now set to lead the employee benefits consulting team across the south, with the company having ambitions to grow in the region. Jackson makes the switch to Towergate Health & Protection from Gallagher. Indeed he has extensive experience across the insurance sector, with roles including Director of People Experience Consulting, Head of Intermediaries and Head of Corporate Sales at companies such as Bupa Global. (Paul Lucas, 18/9/2023, Insurance Business UK, 'Towergate arm names new head of consulting')
The Chartered Institute of Loss Adjusters (CILA) elected Steven Wallace, Managing Director of McLarens UK & EMEA, as President during its Annual General Meeting (AGM). The appointment follows the tenure of Dr Marc Sweeney of Davies, who served in the role for the customary one-year term. Assisting Wallace in his capacity as President is Adam Humphrey, the newly elected Vice President and CEO of GRS International, a subsidiary of the GRS Group. With over 30 years of experience, Wallace is primarily a Practitioner Loss Adjuster and has held significant management roles in international adjusting firms. He previously served as the President of the Insurance Institute of Northern Ireland. Wallace also has a longstanding association with CILA, having first qualified as an Associate of the Chartered Institute of Loss Adjusters (ACILA) in 1997 and later becoming a Fellow of the Chartered Institute of Loss Adjusters (FCILA) in 2002. (Kenneth Araullo, 18/9/2023, Insurance Business UK, 'CILA names new president')
PIB Group Ltd has appointed Charles Burgess as CEO for Underwriting & Schemes. Charles is a Senior Executive and board member with a career of over 30 years. He has a strong track record in establishing new businesses and start-ups and in successfully growing established businesses, leading large international functions, as well as providing consultancy for blue chip customers in the insurance, reinsurance and broker markets. He is also a qualified accountant. Charles joins from Munich Re Specialty Group (MRSG) after seven years, most notably holding the position of CEO for International Distribution where he was responsible for MRSG’s wholly owned MGAs, brokers and Syndicate Service companies in UK, Europe, Asia, Middle East and North America. (PIB Group, 21/9/2023, youTalk Insurance, 'PIB Group appoints Charles Burgess as CEO for Underwriting & Schemes')
QBE has appointed Naintara Agarwal as the Director of Underwriting and Portfolio Management for Europe. Naintara brings a wealth of knowledge and experience to the role from an insurance industry career spanning more than 15 years. Her experience includes leadership roles in developing underwriting strategies, portfolio management, pricing and developing and executing business plans across several business lines. Most recently, Naintara was Group Head of Underwriting Performance, having joined QBE in 2019. (QBE, 21/9/2023, youTalk Insurance, 'QBE appoints Director of Underwriting and Portfolio Management for Europe')
In further news...QBE has launched a cyber offering in the Middle East as part of its global cyber growth strategy. The new offering forms part of QBE’s International Markets portfolio. To lead the portfolio in the region, QBE has appointed Sarah Hamlat as Senior Cyber Underwriter. Sarah joins QBE from Marsh where she spent more than six years as a Cyber Broker based in Paris before joining the Dubai office as Regional Cyber Growth Leader. Prior to this, Sarah worked at WTW for more than two years as a Financial Lines & Cyber Broker. (QBE, 18/9/2023, youTalk Insurance, 'QBE Middle East launches cyber offering with appointment of senior underwriter')
AXA XL has announced the appointment of Anthony Dagostino to a newly created role of Global Chief Cyber Underwriting Officer, Commercial Lines. Mr. Dagostino joins AXA XL from Converge, a cyber insurance and risk management provider which he founded. He brings more than 20 years of cyber insurance experience to this new role. Mr. Dagostino will lead an AXA-wide team tasked with creating product and service solutions for cyber risk transfer for commercial clients of all sizes, establishing a clear risk appetite and globally consistent cyber underwriting guidelines, managing aggregation risk, assisting in the recruitment and development of cyber talent, and developing prevention and recovery services for AXA clients. (AXA XL, 18/9/2023, Insurance Business UK, 'AXA XL welcomes Anthony Dagostino as Global Chief Cyber Underwriting Officer for Commercial Lines')
AXA Health has announced the appointment of Heather Smith as Chief Executive Officer (CEO). Heather will take on the role in mid-January 2024. Heather will be joining AXA Health from Allianz where she is currently MD for Retail and responsible for providing personal lines insurance for 3.7 million customers across all major distribution channels. Previously, Heather spent 10 years at Aviva across both Life and General Insurance sectors in roles that moved from marketing and sales into profit & loss ownership of the Direct Insurance business line. Prior to this, she spent 13 years at Aviva Health in a number of roles that included responsibility for affinity partnerships, marketing (brand and product) and sales. Heather succeeds Matt Vardy who has been carrying out the role on an interim basis since the departure of Tracy Garrad in March 2023. (AXA, 18/9/2023, youTalk Insurance, 'AXA Health appoints Heather Smith as new CEO')
AXIS Capital Holdings Limited has announced that Kelly Beaudoin is joining the Company as Head of its Partnership Office, a cross-functional team that guides the organization’s change management programs. Ms. Beaudoin joins AXIS following 20 years with The Hartford where she most recently served as Head of Strategy, Global Specialty. Prior to that, she held a succession of roles with increasing levels of responsibility that spanned business intelligence, financial operations, and 3rd party data. Ms. Beaudoin began her career as an Underwriter at Hartford Life. (AXIS, 18/9/2023, youTalk Insurance, 'AXIS appoints Kelly Beaudoin as Head of its Partnership Office')
Integrated legal and business services provider DWF has expanded its insurance division with the addition of a new Partner, Andrew Symons. Symons assumes his new role after 11 years with DLA Piper. He has over three decades of experience in insurance and reinsurance markets, with an extensive background in advising clients on disputes and case law in dispute resolution, litigation, and arbitration. (Mika Pangilinan, 22/9/2023, Insurance Business UK, 'DWF grows insurance division with new partner')
AEGIS London, an insurer at Lloyd’s of London, has announced the appointment of Viren Patel as its Head of Risk. Before he joined AEGIS London, Patel held a leadership role at Starr Companies as its Head of Risk for five years. He focused on core enterprise risk management (ERM), internal model validation, and environmental, social, and governance (ESG). Prior to that, he had a number of London market risk and actuarial roles in which he focused on capital modelling and validation. He also worked at Lloyd’s for a few years. (Abigail Adriatico, 22/9/2023, Insurance Business UK, 'AEGIS London welcomes new head of risk')
Verlingue Ltd. (Verlingue), a chartered insurance broker, has announced the appointment of two new Client Directors at its Birmingham office: James Hall and Sam Foster. James Hall has over 12 years of experience in insurance broking. He began his broking career at Jelf Insurance Brokers in 2011. His most recent experience was at Gallagher where he worked as a Corporate Account Executive. Sam Foster has more than six years of insurance broking experience. He previously worked at WW Group as an Insurance Broker and PIB Group as a Senior Sales Executive. (Abigail Adriatico, 22/9/2023, Insurance Business UK, 'Verlingue appoints two new client directors in Birmingham office')
All information provided in this Market Digest has been gathered from Insurance Business UK and youTalk Insurance.
