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General Insurance Newsletter Friday 10th November 2023

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Insurance News

It’s Allianz’s turn to outline how it’s doing so far this year. Citing an “exceptional high level” of claims from natural catastrophes, Allianz attributed the decrease in operating profit in the third quarter to a lower operating insurance service result in the insurer’s property-casualty business segment. In the first three quarters, operating profit saw an increase mainly due to a higher operating investment result in the life/health business segment, Allianz noted. (Terry Gangcuangco, 10/11/2023, Insurance Business UK, 'Allianz reports interim results')

Lancashire Holdings has published its trading statement for the period up to the 30th of September 2023, detailing its financial performance. Gross premiums for the group surged by $294.2 million, marking a 23.2% increment within the first nine months of the year compared to the corresponding time frame in 2022. It is worth noting that Lancashire observed a 26.2% increase in this segment in the first half of the year over the same period last year. (Kenneth Araullo, 10/11/2023, Insurance Business UK, 'Lancashire posts financial results for first nine months of 2023')

Zurich Insurance Group has reported strong premium growth in its property & casualty (P&C) and life insurance segments into the third quarter of 2023. P&C insurance revenue increased 9% on a reported, like-for-like basis, driven by growth in commercial and retail insurance, supported by rate increases of 6%. New business premiums in its life business jumped 23%. (Gia Snape, 9/10/2023, Insurance Business UK, 'Zurich Insurance reveals results for Q3 2023')

​Liberty Mutual has reported its results for Q3 2023, revealing net income of $219 million for the quarter and a net loss of $441 million for the first nine months of the year. "Solid underwriting results in our Global Risk Solutions business and the tailwind from rising net investment income helped offset continued pressure from inflation and severe weather impacting US personal lines,” said Liberty Mutual President and CEO Tim Sweeney. (Jen Frost, 9/11/2023, Insurance Business UK, 'Liberty Mutual results revealed for Q3 2023')

Following a recent incident in which climate activists smashed the glass cover of The Rokeby Venus at the National Gallery in Central London, Ecclesiastical Insurance is urging brokers to advise their heritage, arts, and culture clients to remain vigilant in protecting their artwork and exhibits. Two activists from Just Stop Oil were arrested this week for suspected criminal damage after they used safety hammers to shatter the glass protecting Diego Velazquez’s iconic painting, raising concerns about the safety of artworks housed in cultural institutions. (Mika Pangilinan, 9/11/2023, Insurance Business UK, 'Ecclesiastical urges vigilance after activists target iconic artwork')

Global underwriters Argo Group, Enstar Group, and SiriusPoint have published their respective earnings reports for the third quarter of 2023. The three insurance groups, which are headquartered in British overseas territory Bermuda, all reported improvements in the period. In the three months ended 30th of September, Argo slightly narrowed its net loss attributable to common shareholders from US$51.4 million in 2022 to US$49.5 million this time around. The company, however, posted an operating loss worth US$21.1 million, versus operating earnings of US$15.5 million last year. According to Enstar’s announcement, the insurer bounced back from last year’s net loss attributable to Enstar ordinary shareholders of US$432 million to net earnings attributable to ordinary shareholders of US$38 million in Q3 2023. Led by chief executive Scott Egan, SiriusPoint reported US$73.8 million in consolidated underwriting income – a turnaround from Q3 2022’s underwriting loss of US$46.9 million. Net income available to SiriusPoint common shareholders in the quarter amounted to US$57.5 million. The corresponding result last year was a loss worth US$98.4 million. (Terry Gangcuangco, 9/11/2023, Insurance Business UK, 'Argo, Enstar, SiriusPoint release Q3 2023 financial results')

Munich Re has reported its financial results for the three months ended 30th of September, 2023. Of the group’s net result in the period, €995 million came from the reinsurance segment. Broken down further, €351 million was contributed by life & health reinsurance; €644 million, property-casualty reinsurance. (Terry Gangcuangco, 8/11/2023, Insurance Business UK, 'Munich Re outlines Q3 2023 performance')

Hiscox has released its financial results for nine months ending 30th of September, 2023, reporting strong premium growth across its lines of business. The international specialist insurer said its group insurance contract written premiums (ICWP) increased by 6.8% in constant currency, reaching US$3.76 billion compared to US$3.56 billion in Q3 2022. (Mika Pangilinan, 8/11/2023, Insurance Business UK, 'Hiscox reveals strong premium growth in Q3 financials')

Conduit Holdings Limited (CHL), the parent entity of the Bermuda-centric reinsurer Conduit Re, has issued a trading update for the first nine months of the year ending 30th of September, 2023. During this period, the firm recorded estimated ultimate premiums of US$909.3 million, marking a 56.4% uptick from the same timeframe in 2022. The reinsurer’s gross premiums written reached US$764.4 million, showing a 50.3% increase compared to the first three quarters of the previous year. (Kenneth Araullo, 8/11/2023, Insurance Business UK, 'Conduit Holdings announces financial results for first nine months of 2023')

Bromley-headquartered insurer Direct Line Insurance Group Plc (Direct Line Group or DLG) has outlined its performance in the third quarter of 2023. Commenting on the results, DLG acting Chief Executive Jon Greenwood said: “Throughout Q3 we have continued to address our three key priorities: to restore our capital resilience, improve our performance in motor, and maintain our performance in our other businesses. The sale of our brokered commercial business to RSA Insurance Limited strengthens our business strategically and financially." (Terry Gangcuangco, 8/11/2023, Insurance Business UK, 'Direct Line Group issues Q3 2023 trading update')

Beazley has unveiled its financials for the nine-month period ending 30th of September, 2023. The specialist insurance group underscored robust financial performance with insurance written premiums climbing by 9% to US$4.325 billion, reflecting an upward trajectory from the US$3.978 billion reported in the same period last year. Furthermore, the company has seen a 26% increase in net written premiums, which now stand at US$3.532 billion, up from US$2.8 billion in the previous year. (Kenneth Araullo, 7/11/2023, Insurance Business UK, 'Beazley announces Q3 financials')

In a bid to bolster protection for company leaders during turbulent financial times, McGill and Partners has unveiled SAIFElimits, a new solution designed to provide continued coverage for directors and officers in the event of corporate insolvency. This scheme is engineered to seamlessly integrate with existing primary directors’ and officers’ (D&O) policies, activating automatically if insolvency occurs and safeguarding the interests of directors and officers for a span of up to six years throughout the insolvency proceedings. (Kenneth Araullo, 7/11/2023, Insurance Business UK, 'McGill and Partners launches new corporate insolvency solution')

Prudential Plc has published its financial results for the third quarter of the year. The company reported an uptick in annualised premium equivalent (APE) sales, with a substantial year-on-year increment. When setting aside broader economic impacts, the firm's new business margins are also up, benefiting from strategic changes in both channel and regional contributions. Notably, health and protection products now account for 37% of Prudential’s new business profit. (Kenneth Araullo, 6/11/2023, Insurance Business UK, 'Prudential unveils Q3 financial results')

Markel Group, a diverse family of businesses with specialty insurance at its core, has reported the firm’s financial results for the quarter and nine months ended 30th of September, 2023. According to Markel Group, its underwriting results included US$46.2 million of net losses and loss adjustment expenses attributed to the Hawaiian wildfires and Hurricane Idalia. Commenting on the interim financials, Chief Executive Tom Gayner said: “Markel Ventures delivered exceptional margins and cash flows this quarter, and our net investment income was up significantly." (Terry Gangcuangco, 6/11/2023, Insurance Business UK, 'Markel Group announces interim financials')

Mergers & Acquisitions

​QuestGates has acquired Bristol-based QCH Legal, adding legal services to the claims management group’s capabilities. “As we celebrate our 20th year in business, we are excited to be entering a new specialism and scaling our operation, cementing our position as the UK’s largest independent loss adjusting and claims solutions group,” QuestGates Managing Director Chris Hall said in a release. The deal, financial terms of which were not disclosed, was described by QuestGates as “another key milestone” following recent purchases. Further transactions, meanwhile, are expected to be announced in due course. (Terry Gangcuangco, 8/11/2023, Insurance Business UK, 'QuestGates acquires QCH Legal')

​Gallagher has expanded its Irish footprint with the strategic acquisition of Dublin's Keaney Insurance Brokers. Transaction details were not disclosed. With over 275 risk professionals across Ireland and placing €150 million in gross written premiums into the market, Gallagher's existing Irish operations span several key locations including Dublin, Limerick, and Kerry. The integration of Keaney into Gallagher's fold not only reinforces the latter’s market presence, particularly in Dublin, but also enhances its capabilities across Ireland. (Kenneth Araullo, 7/11/2023, Insurance Business UK, 'Gallagher expands Irish footprint with major broker acquisition')

The Travelers Companies has announced that it has agreed to acquire Corvus Insurance Holdings. Travelers will pay approximately US$435 million for the company. Corvus, founded in 2017, is a cyber insurance managing general underwriter. Corvus has a strong presence in the middle-market excess and surplus cyber insurance marketplace, Travelers said. The MGU serves both wholesale brokers and large retail producers. (Ryan Smith, 6/11/2023, Insurance Business UK, 'Travelers snaps up Corvus')

Howden has entered the Peruvian insurance market with its acquisition of Contacto Corredores de Seguros S.A (Contacto), an insurance broker in the country. The move also signifies an advancement in Howden's objective of extending its presence in Latin America, facilitating enhanced client services in the region. The alliance between Howden and Contacto commenced in 2017 through the Howden One network, a global network of local strategic broker partners. Upon finalisation, Contacto's integration will bolster Howden’s Latin American workforce to over 800 employees across Peru, Mexico, Colombia, Chile, and Brazil, with essential support from Howden’s hub in Miami. (Kenneth Araullo, 6/11/2023, Insurance Business UK, 'Howden enters Peruvian insurance with major acquisition')

Howden Scotland (formerly Bruce Stevenson) has officially revealed its acquisition of Neilson Laurence & Neil, UK-based specialists in business insurance located in Glasgow. This move represents a strategic initiative by Howden to strengthen its foothold in Scotland. The integration of Neilson Laurence & Neil into the Howden Glasgow team will expand the portfolio of insurance and risk management solutions available to clients, significantly broadening the range of services provided, including D&O, PI, and motor offerings. (Insurance Business UK, 'Howden Scotland expands UK footprint with Glasgow acquisition')


US-headquartered cyber insurance provider Coalition, which expanded into the UK in September 2022, has hired an underwriter in Manchester as part of the company’s move to provide regional support for brokers outside London. Gareth Machin, whose focus will be on developing relationships with brokers in Northwest England, previously served as Senior Professional Indemnity Underwriter at Allianz and as a Chubb Senior Cyber Underwriter. His credentials also include time spent at WTW, RSA, and QBE. (Terry Gangcuangco, 10/11/2023, Insurance Business UK, 'Coalition grows UK presence')

Artificial intelligence video telematics and connected fleet data specialist VisionTrack has appointed Ben Pickard as Chief Executive. He is replacing Founder Simon Marsh, who left the business by mutual consent following a restructure. (Abigail Adriatico, 10/11/2023, Insurance Business UK, 'VisionTrack announces new CEO')

​AXA XL, the property & casualty and specialty risk division of global insurer AXA, has appointed Adias Gerbaud as Chief Underwriting Officer for APAC & Europe and XL Insurance Company SE (XLICSE). Her predecessor, Etienne Champion, is assuming the role of P&C Commercial Lines Group CUO at AXA Group. Most recently Chief Operating Officer for APAC & Europe and XLICSE, Gerbaud will be in charge of developing core underwriting strategies, optimising product offerings, and driving profitability in Europe, Asia, and Australia. She has been with AXA XL since 2007. (Terry Gangcuangco, 9/11/2023, Insurance Business UK, 'AXA XL appoints regional CUO')

Mobility insurance provider Aioi Nissay Dowa Europe (AND-E) has appointed Jon Hermon as Group Chief Finance Officer. The new CFO’s credentials span more than two decades spent in the motor insurance sector. He was previously with the likes of Hastings Insurance Group, Freedom Services Group, and First Central Group. (Terry Gangcuangco, 9/11/2023, Insurance Business UK, 'Aioi Nissay Dowa Europe names group CFO')

Arch Insurance International has unveiled its new intangible assets division, with operations starting forthwith. This development follows the acquisition of select components of Aon’s intellectual property (IP) liability MGA business. The newly formed unit is under the leadership of Ian Lewis, appointed as the Head of Intangible Assets. The team, consisting of five specialists transitioning from Aon, will provide a suite of insurance products targeting the rapidly shifting landscape of intangible assets. With a career spanning over three decades, Lewis is acknowledged for his expertise, especially in the intellectual property and intangible risk sectors. Before his new role, he was the Global Head of Intellectual Property Underwriting Solutions at Aon and has previously held positions at Tokio Marine Kiln, Samian Underwriting Agency, and Miller Insurance Services. The London-based underwriting group also includes Justyn Hardcastle as Senior Underwriter, Carys Bickmore and Ben Kemsley as Underwriters, and Chris Sclimenti, who is based in the US, as a Senior Underwriter. (Kenneth Araullo, 9/11/2023, Insurance Business UK, 'Arch International launches intangible assets arm')

Miller has announced the appointment of Andreas Bisbas as Chairman of Marine Mutual Reinsurance and Head of Mutual War. According to Miller, Bisbas is set to join the firm in late November, moving from his position as Managing Director of Tsakos Shipping (London) Ltd and Director of Argosy Insurance Company. His background includes participation in several high-profile marine boards and committees, such as Britannia P&I Club, ITOPF, and Maritime London. He also served as Chairman of the International Chamber of Shipping’s Insurance Committee for a decade. (Mika Pangilinan, 8/11/2023, Insurance Business UK, 'Miller reveals senior appointment within its marine team')

Howden has reinforced its team with the appointment of Enrico Bertagna as the new Managing Director for its MGA division within the European reinsurance segment. With a track record spanning over three decades in the insurance industry, Bertagna’s career includes over two decades at Lloyd’s in Europe, pivotal roles in business development at Allied World, and spearheading the MGA network as well as MGA Solutions at Zurich. (Kenneth Araullo, 8/11/2023, Insurance Business UK, 'Howden Tiger taps new MD for MGA reinsurance division in Europe')

Marsh has promoted Asia-Pacific Placement Head John Donnelly to Global Head of Placement. The industry stalwart began his career at Marsh in 1983, staying for one and a half decades before he moved to JLT where he spent about nine years. In 2013, Donnelly returned to Marsh from Aon. (Terry Gangcaungco, 7/11/2023, Insurance Business UK, 'Marsh announces internal hire for global placement ro

Aviva has named the third Underwriting Director for its global corporate & specialty (GCS) division in the UK. Internal hire and former Commercial Motor Head Marc Wanless, who has been with the British insurer since 2010, is now the permanent Underwriting Director for corporate lines, GCS. Wanless previously served in an interim capacity from July while a search was conducted. At the time, two other GCS Underwriting Directors were appointed – Matthew Gordon for specialty lines & multinational and Ramesh Singh for financial lines. Singh is joining Aviva in 2024 from CNA Hardy. (Terry Gangcuangco, 7/11/2023, Insurance Business UK, 'Aviva unit fills third underwriting director position')

​Monzo Bank, the UK-licensed digital lender that already offers phone and travel insurance to its premium account holders, is giving the company’s insurance expansion a boost with the arrival of insurtech Founder Phoebe Chibuzo Hugh. Making the switch from Direct Line Group (DLG) where she served as Product Innovation Head and latterly as Venture Chief Executive, Hugh was the name behind digital insurance brand Brolly prior to its sale to DLG. Before leaving the insurer, she led the launch of Caha!, which is a car ownership and management app. (Terry Gangcaugnco, 7/11/2023, Insurance Business UK, 'Digital bank Monzo boosts insurance expansion with DLG hire')

Verlingue has launched Verlingue London Markets, marking a significant development in the insurance brokerage following NBJ London Markets’ rebranding. The team is being led by Barry Reynolds, appointed as Executive Director. Reynolds brings an extensive background, with over three and a half decades immersed in London market insurance, most recently with the Jensten Group. His career also includes the establishment of the Tasker Group and extensive experience in broking and underwriting within the Lloyd's marketplace. The corporate brokerage is also bolstering its leadership with strategic hires, which include Lucy Colleran, who takes up the role of Broking Manager after her stint atCitynet, and Simon Clegg, assuming the position of Head of Broker Development following his tenure at Lonmar Global Risks. They are joined by Marc Smart, who has been appointed as Head of Motor, carrying with him a wealth of experience from senior roles at Zego and Covea. (Kenneth Araullo, 6/11/2023, Insurance Business UK, 'Verlingue launches London Market operations following rebrand')

WTW has hired Simon Delchar as Head of Great Britain Corporate Risk & Broking (GB CRB) and Global Head of Portfolio Placements within the company’s risk & broking segment. Delchar, who most recently served as Head of Placement for UK and Ireland at Marsh, will come on board WTW in 2024. (Terry Gangcuangco, 6/11/2023, Insurance Business UK, 'WTW makes broking leadership appointment')

​HSB (UK and Ireland) has announced the strengthening of its UK Business Development team following a trio of appointments. Sarah Purnell, Michael Farrugia and Lydia White will be responsible for supporting HSB's growth and strengthening its broker partner relationships across the UK. Sarah Purnell has been appointed Business Development Manager for the East and West Midlands and has previously worked for British Engineering Services, Zurich and Axa. Based in East Anglia and the Home Counties, Michael Farrugia has amassed over 30 years' experience in the insurance sector. He has previously held a variety of account management positions for DAS UK Group and Anchor Insurance Brokers. Lydia White has been promoted to Business Development Manager for the North West region. Since joining HSB in 2017, Lydia has gained extensive knowledge and experience in HSB's underwriting and client services areas in the Northern region. (youTalk Insurance, 9/11/2023, 'HSB announces trio of Business Development appointments')

​AXIS Capital Holdings Limited has announced the appointment of John Owen as Chief Executive of AXIS Managing Agency Limited, subject to regulatory approval. Mr. Owen has been with AXIS (and Novae prior to its merger with AXIS in 2017) for 19 years in underwriting and leadership roles, having been Head of Marine & Political Risks until May 2023 and now Head of Specialty, Global Markets. (AXIS, 9/11/2023, youTalk Insurance, 'AXIS Capital Appoints Owen as CEO of AXIS Managing Agency')

​Aon has announced that it is bringing together its client-serving capabilities and operations in the UK and EMEA regions and have appointed Julie Page as CEO of their EMEA region, inclusive of the UK, effective 15th of November 2023. A proven Aon leader, Julie Page has more than 30 years of experience spanning the firm’s Risk Capital and Human Capital capabilities. EMEA CEO Eduardo Dávila will depart the firm at the end of 2023 to pursue the next chapter of his distinguished career. (Aon, 6/11/2023, youTalk Insurance, 'Aon appoints Julie Page CEO of UK and EMEA regions')

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