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General Insurance Newsletter Friday 27th October 2023

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Insurance News

Results season continues with the turn of WTW to outline its performance in the third quarter of 2023. Broken down into segments, WTW’s health, wealth & career business posted a 29% increase in operating income to US$305 million. The risk & broking segment, meanwhile, generated an operating income worth US$134 million, representing a 28% jump from the same quarter in 2022. In particular, corporate R&B enjoyed strong new business, improved client retention, and rate increases in Q3 of this year. (Terry Gangcuangco, 27/10/2023, Insurance Business UK, 'WTW releases earnings report for Q3 2023')

Arthur J. Gallagher & Co. has published its financial results for the three months ended 30th September 2023. Gallagher Chair, President, and Chief Executive J. Patrick Gallagher, Jr. had this to say: “We had an excellent third quarter. Our core brokerage and risk management segments combined posted 22% reported revenue growth, 10.5% organic revenue growth, a 15.5% reported net earnings margin, and we improved our adjusted EBITDAC margin by 78 basis points". (Terry Gangcuangco, 27/10/2023, Insurance Business UK, 'Gallagher outlines Q3 2023 financial results')

Hiscox-managed Syndicate 33 has emerged on top of the Lloyd’s Underwriting Ratings by market intelligence platform Insurance DataLab. In a release, Insurance DataLab said: “Based on our proprietary formula, the research rated every Lloyd’s syndicate across three key metrics to assess underwriting performance – underwriting result, aggregate underwriting result over the last three years, and the improvement in the underwriting result for the most recent year. The research found that overall underwriting performance has declined over the last 12 months, with the average score falling five percentage points to 61% for 2023, down from 66% a year earlier. This is, however, a significant improvement on 2021 when the average rating stood at just 55%.” (Terry Gangcuangco, 27/10/2023, Insurance Business UK, 'Revealed – the best Lloyd’s syndicates')

Moonrock Drone Insurance has been accepted as a member of the Managing General Agents Association (MGAA). The drone specialist announced news of its membership in an emailed press release, with Founder and Managing Director Simon Ritterband commenting on the opportunities that this development will bring to the business: “This is a real badge of honour for Moonrock and highlights our commitment to operating in a fair and ethical way,” he said. “It also offers us a great opportunity to play an active part in the insurance discourse and contribute to all the important discussions in the MGA space.” (Mika Pangilinan, 27/10/2023, Insurance Business UK, 'Moonrock Drone Insurance announces MGAA membership')

Several prominent UK insurance companies have thrown their support behind an initiative aimed at raising awareness of the significance of sport and exercise in the rehabilitation of individuals with life-changing injuries. Conceived by experts from Clyde & Co’s spinal injury subject matter group, the “Stoke Mandeville Experience Day” offered opportunities for disabled individuals to engage in sports and lead healthy, active lives. It was developed in collaboration with WheelPower, the British national charity dedicated to wheelchair sport. This event, which was held Oct. 19 at Stoke Mandeville Stadium in Buckinghamshire, united over 70 insurance and legal professionals who had the opportunity to gain firsthand insights from former and current Paralympians, shedding light on the transformative impact of sports. Notable attendees included Allianz, AXA, Aviva, Direct Line Group, MIB, Pen Underwriting, QBE, and RSA. (Kenneth Araullo, 27/10/2023, Insurance Business UK, 'UK insurers join initiative for sports-aided rehabilitation awareness')

​New data analysis from the Financial Conduct Authority (FCA) reveals a significant surge in the adoption of Private Medical Insurance (PMI) in the United Kingdom, with 6.9 million adults now enrolled. This trend, which saw one million holders gained in the past five years, is expected to gain momentum as businesses increasingly prioritise the health and well-being of their employees. Conducted by Broadstone, an independent consultancy, the analysis of FCA's Financial Lives Survey data underscores that 13% of UK adults currently possess PMI. (Kenneth Araullo, 26/10/2023, Insurance Business UK, 'PMI holders in the UK reach almost seven million')

Chubb Limited’s performance in the third quarter of 2023 has formed part of a record nine months. The company’s net premiums written in Q3 grew 9.1%. Of this consolidated result, property & casualty, global P&C (excludes agriculture), and life insurance all posted growth. Underwriting income for both P&C and global P&C increased as well, as did the segment income for life insurance. “We had another outstanding quarter which contributed to a record nine months,” Chubb Chair and Chief Executive Evan G. Greenberg said in a release.(Terry Gangcuangco, 26/10/2023, Insurance Business UK, 'Chubb reports Q3 2023 financials')

Everest Group has had an “excellent” third quarter in terms of financial results, according to President and Chief Executive Juan C. Andrade. The company’s operating income in Q3 was attributed to continued underwriting margin improvement and strong net investment income generation. Pre-tax underwriting income in the period amounted to US$301 million – a major turnaround from 2022’s US$367 million in pre-tax underwriting loss. (Terry Gangcuangco, 26/10/2023, Insurance Business UK, 'Everest Group publishes Q3 2023 results')

In a move to bridge the talent gap and combat pervasive misconceptions surrounding careers in the insurance industry, the Chartered Insurance Institute (CII) 2022/23 New Generation Programme Broking group has unveiled the “Insurance Influencer” campaign, which provides a range of resources to bolster the sector's collective efforts in attracting fresh talent. The campaign aims to shine a positive light on the insurance field, targeting both young individuals and those contemplating a career change. It also highlights the insurance industry's pivotal roles in unconventional areas like festivals, farming, renewable energy, and cybersecurity. (Kenneth Araullo, 25/10/2023, Insurance Business UK, 'CII takes aim at younger talent with influencer campaign')

Ransomware attacks spiked in Q3 by 11% over the second quarter and 95% year over year, according to a new report from cyber underwriter Corvus Insurance. Corvus Insurance’s Q3 2023 Global Ransomware Report, which analyses data from ransomware leak sites, found that ransomware attacks are continuing to set a record-breaking pace. (Ryan Smith, 25/10/2023, Insurance Business UK, 'Ransomware attacks setting record pace')

​Quoted motor insurance premiums in the UK have skyrocketed, with a record 61% increase in the year to August 2023, according to the latest Consumer Intelligence Car Insurance Price Index. The index also revealed that the average quoted car insurance premiums saw a record 22% increase in the three months to August 2023, the biggest quarterly increase since the index started tracking in October 2013. (Roxanne Libatique, 25/10/2023, Insurance Business UK 'Quoted motor insurance premiums skyrocket with record 61% increase')

Insurance brokerage Brown & Brown, Inc. has announced its financial results for the third quarter of 2023 – a period described by President and Chief Executive J. Powell Brown as outstanding. Commenting on the numbers, the CEO said: “We had another outstanding quarter and are winning a substantial amount of net new business that drove organic revenue growth of 9.6% for the quarter and over 11% year to date.” (Terry Gangcuangco, 25/10/2023, Insurance Business UK, 'Brown & Brown reports quarterly results')

Aviva has introduced a new cyber insurance product in the UK where, according to research by the insurer, only 2% of micro-SMEs have a cyber insurance policy. Micro-SMEs, or businesses with up to nine employees and £1 million turnover, account for 95% of all businesses in Britain. The goal of “Aviva Cyber Respond” is to offer reasonably priced cover and breach response services to very small businesses who want cyber protection but do not need the all-inclusive policies that their larger counterparts purchase. (Terry Gangcuangco, 25/10/2023, Insurance Business UK, 'Aviva to roll out cyber product for UK micro-SMEs')

Munich Re has posted its preliminary results for the quarter ending 30th September, underscoring good operational performance for its businesses. The preliminary net result for this period stands at approximately €1.2 billion, surpassing market consensus expectations of €1.131 billion. In the domain of property-casualty reinsurance, Munich Re noted major losses, although the reinsurer clarified that they were slightly below the anticipated average. Meanwhile, in the field of life and health reinsurance, the total technical result once again exceeded pro-rata guidance to underscore the firm’s resilience. (Kenneth Araullo, 24/10/2023, Insurance Business UK, 'Munich Re unveils Q3 preliminary results')

SEIB Insurance Brokers, part of the Benefact Group, has revamped its core and classic horse insurance options to offer budget-friendly coverage with premiums starting at less than £10 per month. A press release from the firm said the move is a result of an in-depth review of its policies and client feedback, which highlighted flexibility and affordability as top priorities for horse owners seeking insurance coverage. (Mika Pangilinan, 24/10/2023, Insurance Business UK, 'SEIB Insurance Brokers unveils changes to horse insurance proposition')

Brown & Brown (Europe) Limited, formerly known as Global Risk Partners (GRP), has added Ageas UK to its panel of partner insurers for personal lines. In a release, Ageas said: “Adding to its success in personal lines, Brown & Brown has chosen Ageas as a partner insurer panel member for their home, personal motor, and van insurance in the UK.” The Hampshire-based insurer is known for its intermediated personal lines offering. (Terry Gangcuangco, 24/10/2023, Insurance Business UK, 'Brown & Brown Europe adds Ageas UK to personal lines panel')

AXA XL and the AXA Research Fund have joined a research hub initiated by the Cambridge Centre for Risk Studies (CCRS), geared towards addressing and mitigating systemic risks, encompassing challenges such as climate change, pandemics, cyber threats, geopolitical shifts, and financial crises. The Cambridge Systemic Risks Hub, founded by the CCRS, focuses on attaining a deeper comprehension of the interlinked nature of systemic risks. It delves into the drivers, consequences, and potential solutions, ultimately empowering the insurance industry to better respond to both current and future threats. (Kenneth Araullo, 24/10/2023, Insurance Business UK, 'AXA XL, AXA Research Fund join risk initiative')

Since stepping into his role as Lord Mayor of London, Nicholas Lyons has demonstrated his commitment to revitalising relations between the City of London and the (re)insurance market. This year marked the first time a Lord Mayor of London attended Rendez-Vous de Septembre, while, in September, two insurance stalwarts - Alderwoman Dame Susan Langley and Alderman Bronek Masojada – took office as City of London Sheriffs. “The most important function of the Lord Mayor is really as the ambassador for the UK’s financial and professional services sector, which creates £100 billion of value for the UK economy, and employs two and a half million people across the UK,” he said. “So, it really does need somebody banging the drum". (Mia Wallace, 23/10/2023, Insurance Business UK, 'Lord Mayor of London on plans to promote impact of insurance sector')

Global insured losses from natural disasters hit $88 billion by the end of the third quarter, according to a new report from Aon. The total is 17% higher than the 21st century annual average, according to Aon’s Q3 Global Catastrophe Recap report. It was driven by third-quarter events such as severe convective storms (SCS) in the US and Italy and the Maui wildfire. Year-to-date economic losses were $295 billion, down from the 21st century annual average of $310 billion, the report found. (Ryan Smith, 23/10/2023, Insurance Business UK, 'Revealed - global catastrophe losses for Q3 2023')

South African financial services organisation Discovery Limited is exiting Britain’s car insurance market. In the UK, Discovery currently operates in the life, health, and car insurance sectors. This is set to change in the middle of 2024. “The UK car insurance market has experienced unprecedented claims inflation, leading to significant price increases which our underwriter has had to pass on to our VitalityCar members,” Discovery said in its integrated annual report for the year ended June 30, 2023. (Terry Gangcuangco, 23/10/2023, Insurance Business UK, 'Financial services group to exit British motor insurance market')

Allianz Commercial has expanded its digital product offering in the UK, with accident & health now available on the insurer’s QuoteSME platform as well as a new product called ‘Complete Mini Fleet’. “Ease of trading is crucial in this busy world, and I am delighted to confirm these changes to the market,” Allianz Commercial Digital Trading Director Helen Bryant said in a release. “We’ve been investing heavily in our e-trading capabilities, listening to feedback, and empowering our underwriters, all of which are resulting in tangible benefits for our brokers". (Terry Gangcuangco, 23/10/2023, Insurance Business UK, 'Allianz unit expands digital offering in the UK')

Prestige Underwriting Ireland is delighted to announce a new distribution deal with Aviva Insurance Ireland for the MGA’s non-standard Home and Property Owners product range in Ireland. This agreement builds on the existing trading relationship with Aviva in the UK for similar products. Commenting on the announcement of the new multi-year trading deal, Alison Williams, Managing Director at Prestige Underwriting said: “Prestige Underwriting has a strong and established relationship with Aviva UK’s Home and Motor markets. We are delighted to build on the successes we have achieved to date and to expand our trading footprint on our non-standard home and property owners’ products in the Irish market. Our property product portfolio in Ireland has evolved in line with broker’s needs and we are fully committed to delivering niche solutions to our valued network of brokers and partners as we embark on our extended partnership with Aviva.” (Prestige Underwriting, 23/10/2023, youTalk Insurance, 'Prestige Underwriting in new partnership with Aviva for Ireland’s Non-standard Home and Property Owners')

Pool Re, Britain’s leading terrorism reinsurer, is pleased to announce that, following the completion of a competitive tender process, it has awarded Guy Carpenter a renewed reinsurance broking contract for three years, with an option to run to five. Guy Carpenter will support Pool Re in returning risk and premium to the private sector thereby distancing UK taxpayers from the risks that Pool Re mutualises on their behalf. This comes as Pool Re seeks to modernise its treaty arrangements, which represents the most fundamental structural shift it has seen during its thirty-year lifespan. (Pool Re, 23/10/2023, youTalk Insurance, 'Pool Re renews Guy Carpenter reinsurance broking contract')

Markel has announced a 49% investment in Certa, a prominent tax managing general agent (MGA). This significant move, the specialty firm noted, is tapped to fast-track Certa's product development initiatives and geographic expansion plans, while affording Markel increased access to the substantial long-term growth potential within the specialised and maturing sector. Certa was founded in 2019 by industry stalwarts Ed Beckwith, Tom Cartwright, Rachel Hine, and Adam Singer, and established with the mission of creating a dedicated tax underwriting MGA. The company had the backing of Markel as one of its original capacity providers. (Kenneth Araullo, 23/10/2023, Insurance Business UK, 'Markel announces major investment in tax MGA')

Mergers & Acquisitions

Following regulatory approval from the Financial Conduct Authority (FCA), Jensten has finalised the acquisition of Berns Brett, marking a strategic move aimed at fortifying its regional and specialist centres. The transaction introduces a team of 40 professionals and more than 5,000 clients into the Jensten group. Berns Brett, with established offices in London, West Sussex, and Cavan, Ireland, is renowned for serving mid-market corporate clients across various sectors. The company specialises in advising clients on intricate and substantial risks, with the ability to place them into Lloyd's through its London Market team. Furthermore, the firm also operates a specialised division catering to private clients, including high-net-worth individuals and sports professionals. (Kenneth Araullo, 23/10/2023, Insurance Business UK, 'Jensten finalises Berns Brett acquisition')


​The Institute of Chartered Accountants in England and Wales (ICAEW) has appointed industry leader Alan Vallance as its new Chief Executive Officer (CEO). In a statement, the Chartered Insurance Institute (CII) confirmed that Vallance will step down from his role as CEO in spring 2024 to become the CEO of ICAEW. The CII also revealed that it will shortly begin a process to identify a replacement for Vallance. Vallance is a qualified chartered accountant and long-standing Fellow of the ICAEW. He joined the CII Group in August 2022 after leading the Royal Institute of British Architects. (Roxanne Libatique, 26/10/2023, Insurance Business UK, 'CII CEO Alan Vallance to step down')

Evolution Claims Management has announced the appointment of Russell Crewe as its new Managing Director. Crewe, formerly the Chief Operating Officer for Property & Niche Claims at Davies Group will leverage his extensive background in fostering the growth of insurance claims enterprises. According to LinkedIn, he also previously served as the Business Unit Director, Claims Management for Direct Group from 2012 until it was acquired by Davies Group in 2018. His career also includes a tenure as Director of Loss Adjusting Services at Merlin Claims Limited. (Kenneth Araullo, 26/10/2023, Insurance Business UK, 'Evolution Claims Management appoints new MD')

Pro Global has announced the appointment of two Senior Claims Technicians, further enhancing its specialist claims team. Lutty Choudhury, formerly a Solicitor with Keoghs LLP for 12 years, joins Pro with an extensive background in insurance litigation. Choudhury's legal career also encompasses previous roles at Haliwells LLP and Hill Dickinson LLP. She initiated her career as a Claims Handler with Iron Trades Management Services. Tanya Cross, until recently a Partner at Clyde & Co, brings with her over 28 years of experience in defendant insurance litigation for major insurers and corporates. Her specialisation lies in occupational disease litigation. Cross’ career history also includes her tenure as a Partner at Berrymans Lace Mawer. She commenced her legal career with Silverbeck Rymer and Hill Dickinson. (Kenneth Araullo, 26/10/2023, Insurance Business UK, 'Pro Global taps two to further build claims expertise')

Sompo International has added two senior middle market hires to its UK commercial property & casualty insurance unit. Joining from RSA and Travelers, respectively, are Jon Pope and Toby Harris. The latter will serve as Technology Head for middle market insurance, while Pope is assuming the position of Middle Market Insurance Head for the London region. Harris, who most recently was Technology Practice Leader for Europe, brings more than three decades of industry experience to Sompo International. His credentials include time spent at AIG and Chubb. Meanwhile Pope, a Hiscox alumnus, has over 16 years of insurance experience, including his latest role as Lead Casualty Trading Underwriter. (Terry Gangcuangco, 26/10/2023, Insurance Business UK, 'Sompo International expands UK commercial P&C insurance unit with double hire')

Dale Underwriting Partners, trading under Dale Managing Agency Limited’s Lloyd’s Syndicate 1729, has announced the appointment of Preben Prebensen as the Independent Non-Executive Chair of the group board. Prebensen brings a wealth of experience to his new role, with over 40 years in the banking and insurance sectors. He served as the CEO of Close Brothers Group Plc, a FTSE 250 merchant bank, for 11 years. His previous roles include Chief Investment Officer and member of the group executive committee at Catlin Group, and CEO at Wellington Underwriting. Additionally, he currently holds the position of the Independent Non-Executive Chair at RiverStone International and Enra Specialist Finance, as well as Senior Independent Director at The British Land Company plc. (Kenneth Araullo, 26/10/2023, Insurance Business UK, 'Dale Underwriting Partners taps 40-year vet to chair group board')

Aventum-owned managing general agent (MGA) Rokstone has announced the appointment of Mike Nukk as Head of Marine. With a career spanning over two decades in the marine insurance sector, Nukk brings a wealth of experience to Rokstone. Prior to his role at AIG, he spent two decades at Liberty, with his most recent position being Senior Vice President, Global Marine Practice Leader and Marine Chief Underwriting Officer at Liberty Mutual Insurance. During his time at Liberty, he also worked in London for seven years as the Vice President of Marine, EMEA at Liberty Special Markets. (Kenneth Araullo, 25/10/2023, Insurance Business UK, 'Rokstone taps head of marine')

Arch Insurance has announced the immediate appointments of Sergio Pierro as Senior Cyber Underwriter and Roxanne Deslandes as Cyber Underwriter. Pierro brings a wealth of experience to his role, having previously served as the Underwriting Manager for cyber at AXA XL. His journey in cyber insurance began in 2008 when he held the position of Cyber and Professional Indemnity Underwriter at XL Catlin. Deslandes, on the other hand, joins Arch Insurance from Bessé, where she was a valued member of the cyber risk advisory team. Her background encompasses diverse roles in insurance, broking, and cybersecurity advisory. Deslandes has previously lent her expertise to esteemed organizations such as Marsh, Airbus, and Thales. (Kenneth Araullo, 25/10/2023, Insurance Business UK, 'Arch further expands EU operations with key cyber additions in France')

The British Insurance Brokers’ Association (BIBA) has announced the appointment of Shayne Halfpenny-Ray as its new Head of Policy and Public Affairs effective on the 14th of November. Halfpenny-Ray, who currently serves as Social Affairs Manager at Phoenix Group, will assume responsibility for key elements of BIBA’s policy, representation, and lobbying efforts that were previously overseen by BIBA Chief Executive Graeme Trudgill. (Mika Pangilinan, 25/10/2023, Insurance Business UK, 'BIBA names head of policy and public affairs')

MS Amlin has announced the promotion of Jamie Cleary to the position of Head of Crisis Management, effective immediately. With over two decades of experience in the London market, Cleary brings a wealth of knowledge to his new role. He spent seven years at Talbot AIG before joining MS Amlin's crisis management team in 2010, where he played a key role in developing the business's credit and political risk and political violence accounts. He is recognised as an expert in credit, political risk, war, and terrorism insurance, and serves as a member of the Lloyd's Trade Credit and Political Risk Panel. Cleary will be taking on this additional role while retaining his responsibilities as the Lead Underwriter for Credit and Political Risk. (Kenneth Araullo, 25/10/2023, Insurance Business UK, 'MS Amlin names new head of crisis management')

Marsh has announced the launch of a global cyber practice, which integrates all of Marsh’s cyber capabilities across insurance, risk intelligence, incident management, and cybersecurity worldwide. The practice will be formally launched on the 1st of January, 2024, and will be headed up by Tom Reagan, currently Cyber Practice Leader, US and Canada, Marsh Specialty. Along with the launch, Marsh has named new leaders in its cyber division. Meredith Schnur, Cyber Brokerage Leader, US and Canada, will succeed Reagan as Head of Marsh Specialty’s US and Canada cyber practice. Greg Eskins, Cyber Product Leader, US and Canada, will assume leadership of a new global cyber insurance centre that will oversee the development and delivery of innovative cyber insurance solutions tackling current and emerging issues. Brian Warszona, who most recently served as Deputy UK Cyber Practice Leader, will assume leadership of a new global cyber digital centre, which is tasked with deploying innovative digital delivery tools and resources for clients. (Gia Snape, 24/10/2023, Insurance Business UK, 'Marsh announces new global cyber practice')

In further news...Marsh, a business of Marsh McLennan, has expanded its leadership team by appointing Beth Thurston as CEO of UK Risk Management and Hema Mistry as CEO of the UK Financial and Professional (FINPRO) Business, effective on the 1st of January, 2024. Thurston has been with Marsh for 14 years and is currently the CEO of UK FINPRO. Before joining Marsh, she was a Solicitor of the Supreme Court of England and Wales – an Of Counsel in a city law firm where she specialised in insurance and reinsurance litigation for more than 14 years. Mistry joined Marsh in 2010 as a Management Liability Wholesale Team Leader in London and has extensive international experience in developing services and solutions for professional risks. (Roxanne Libatique, 24/10/2023, Insurance Business UK, 'Marsh makes dual leadership appointments for UK team')

Howden has officially announced the appointment of Alan McNamara as Executive Director, Balance Sheet Advisory & Structuring for Howden CAP. McNamara joins Howden from the Bank of Ireland, where he dedicated 20 years to various senior positions, culminating in his role as the Head of Group Balance Sheet Management & Execution. In this capacity, he was responsible for overseeing the bank's extensive SRT (significant risk transfer) program. (Kenneth Araullo, 24/10/2023, Insurance Business UK, 'Howden CAP welcomes new executive director in Dublin')

Lockton has announced the immediate appointment of three professionals to enhance its insurance expertise and expand its capabilities. Lewis Parle, with a background in intellectual property risk, has been appointed to lead client solutions in this domain. Parle joins Lockton from Icen Risk, where he spearheaded a transactional IP risk team. Laura Patrick has been appointed as Producer and Due Diligence Project Manager, having previously served at Artex. Lauren McKay will lead business development efforts for Lockton's transactional risk real estate team. Coming from CBRE, she led business development and client solutions for real estate investors and landlords before joining Lockton. (Kenneth Araullo, 24/10/2023, Insurance Business UK, 'Lockton taps three to boost transactional risk offering')

Consilium has announced the appointment of Rukhsana “Roxy” Zeb as the newest Partner in its professional and executive risks solutions team. Zeb will leverage her expertise in financial and professional risks to drive service-driven growth in the UK, Ireland, and other key financial hubs. According to LinkedIn, she joins Consilium from Marsh, where she held the role of Client Development Leader, Financial Institutions, FINPRO, Marsh Specialty. With over 20 years of experience in relationship management and the delivery of strategic advice across the professional and financial risk spectrum, including previous roles at both Aon and Gallagher, Zeb brings a wealth of knowledge to her new position. (Kenneth Araullo, 24/10/2023, Insurance Business UK, 'Consilium names new partner for professional and executive risks')

Sompo International has announced two significant appointments for its Iberian Insurance operation. José María Conde-Salazar will assume the role of Head of Distribution & Client Relationship Management, while Olivier Marcén will be the new Head of Professional Lines. Conde-Salazar brings over two decades of experience in the Iberian insurance market to his new role. He joins from Generali Global, where he served as the Head of Clients and Brokers for Iberia and Latin America. His previous roles include positions at ACE European Group, Marsh, and AIG Europe. Meanwhile, Marcén comes to Sompo International from AIG, where he dedicated 17 years to the company. His most recent role at AIG was as Manager, Cyber and Professional Indemnity Technology Underwriting Operations in Barcelona. (Kenneth Araullo, 24/10/2023, Insurance Business UK, 'Sompo International taps two for Iberian operations')

Allianz Commercial has appointed Claudia Valencia as its first-ever Global Head of Portfolio Solutions. The key hire, who is a Zurich alumnus, is joining from AIG’s New York office where she latterly served as Latin America regional Head of Client and Broker Engagement. (Terry Gangcuangco, 23/10/2023, Insurance Business UK, 'Allianz Commercial hires first-ever global head of portfolio solutions')

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