General Insurance Newsletter Friday 17th November 2023

Insurance News

The climate risk technology platform, Arbol, has announced its expansion it’s the UK via the launch of a new London-based MGA. The newly established business will look to leverage Arbol’s UK partnerships with capacity brokers and brokers to fortify its global network and service the international insurance market outside the US. In a press release, Arbol highlighted that this is a “pivotal moment” for the business which underscores its ambition to serve stakeholders impacted by climate risk globally. Through the expansion, Arbol said it is looking to ‘redefine standards of resilience and sustainability worldwide’. (Mia Wallace, 16/11/2023, Insurance Business UK, 'New UK MGA launches to serve international insurance market')

United Insurance Brokers (UIB) President and Co-Founder Mounir Kabban has passed away. In a statement on its website, the London-headquartered brokerage said: “His legacy, marked by a lifetime of dedication to United Insurance Brokers, will forever endure in our hearts and organisation.” (Terry Gangcuangco, 17/11/2023, Insurance Business UK, 'United Insurance Brokers president passes away')

Direct Commercial Limited (DCL), a specialist provider in the commercial motor space, has announced the launch of a new broker portal aimed at streamlining access to its services. The newly launched portal was designed to enhance efficiency and policy servicing, the managing general agent (MGA) said in an emailed news release. Among its key features is a claims progress tracker, which has customisable filters that allow for specific updates and insights based on criteria such as driver information or claims type. (Mika Pangilinan, 16/11/2023, Insurance Business UK, 'Direct Commercial unveils broker portal for commercial motor market')

The British insurance giant Aviva plc has become the latest insurer to reveal how it fared in the first nine months of 2023, a period referred to by group CEO Amanda Blanc as one of “strong growth”. Aviva’s UK&I GWP rose 15% year-on-year while its Canadian GWP jumped 11% - both figures were attributed to strong rate, new business volumes and retention. Aviva saw gross written premium (GWP) for its General Insurance business rise 13% to £8 billion, compared to £7.2 billion for 9M 2022. Meanwhile, sales in its Protection & Health business spiked 23% in the period, reflecting strong growth in Individual Protection, and Health. (Mia Wallace, 16/11/2023, Insurance Business UK, 'Aviva posts 13% spike in General Insurance GWP in 9M 2023 results')

Lloyd’s has reportedly secured a new lease agreement with the insurance marketplace’s landlord to remain in its renowned London headquarters for at least another 18 years. Citing real estate sources, a Sky News report said the current agreement with building owner Ping An – the Chinese insurance giant that acquired the property from Commerzbank in 2013 – will be replaced with an extended lease. It was noted that the agreement in place at present features a break clause, which will be removed, and that the lease would end in 2031 if not for the soon-to-be-announced extension. (Terry Gangcuangco, 16/11/2023, Insurance Business UK, 'Lloyd's seals new lease agreement with landlord Ping An – report')

Specialist commercial insurance and reinsurance group International General Insurance Holdings (IGI) has published its financial results for the quarter and nine months ended September 30. In a release, IGI noted: “The decrease in net income [in Q3] was primarily driven by the negative movement of US$17.2 million in the change in fair value of derivative financial liabilities relating to warrants and earnout shares, and to a lesser extent higher net loss and loss adjustment expenses and general and administrative expenses." (Terry Gangcaungco, 16/11/2023, Insurance Business UK, 'IGI releases latest earnings report')

WTW has introduced A-Star, a new excess layer directors' & officers' (D&O) insurance solution. The facility will offer an additional capacity of up to £/US$/€ 80,000,000 for D&O liability insurance, aiming to cover non-indemnified loss scenarios effectively. A-Star is designed to supplement primary D&O insurance policies by providing an extra layer of protection. This additional coverage is intended to reassure directors, officers, and other insured individuals about their financial security in the event of unindemnified liabilities. These liabilities may arise due to various factors, including legal restrictions, insolvency, or a refusal of indemnification. (Kenneth Araullo, 15/11/2023, Insurance Business UK, 'WTW establishes global D&O excess facility')

The Chartered Insurance Institute (CII) has published the latest figures from its Public Trust Index. Overall consumer satisfaction with insurance policies stood at 86%. That means, the CII explained in an emailed release, 86% of those who had recently purchased insurance were satisfied. Broken down by policy type, the same statistic applied to motor and travel, while 84% was recorded for buildings/contents. (Terry Gangcuangco, 15/11/2023, Insurance Business UK, 'CII releases latest customer satisfaction data')

Chubb UK has rebranded its technology industry practice to now include media, having rolled out a media insurance product in the country. “The launch of our new media product and the rebranding of our technology and media practice demonstrates our commitment to this fast-growing sector,” Louise Joyce, Head of Industry Practices for EMEA at Chubb, said in an emailed release. According to Chubb’s announcement, the expanded unit will be overseen by Joyce. Technology and Media Industry Practice Leader Alex Smith, meanwhile, will head a specialist underwriting team. (Terry Gangcuangco, 15/11/2023, Insurance Business UK, 'Chubb UK introduces media insurance product')

Managing general agent (MGA) Horizon (UW) has made all of its employees, including Directors, redundant, with the business set to no longer have an underwriting partner from 31 January, 2024 and “not enough time” to sell the business or find new capacity. In a message to brokers, the high-net-worth (HNW) MGA cited high levels of inflation over the last 12 to 18 months as having driven growth “outside of budgets and plans”, and alleged that Pen Underwriting had issued it with notice “out of the blue” six months into a three-year contract as Horizon had become too large a proportion of Pen’s business with Aviva. (Jen Frost, 14/11/2023, Insurance Business UK, 'MGA makes all employees redundant after underwriting partner pulls out')

Pen Underwriting UK has rolled out its intellectual property (IP) insurance offering with the help of capacity provider Tokio Marine Kiln. “With the demand for IP insurance expected to grow strongly due to the corresponding rise in the value of intangible business assets, brokers are looking for more choice in a limited market, which we are excited to provide,” Pen IP Head Erik Alsegard said in a release. Alsegard came on board the managing general agent in April – moving from Gallagher where he served as IP Director – to lead Pen’s foray into IP insurance. (Terry Gangcuangco, 14/11/2023, Insurance Business UK, 'Exclusive – Pen Underwriting UK unveils intellectual property insurance proposition')

The Talanx Group has reported a substantial increase in its group net income for the first nine months of 2023, reaching €1.279 billion. This robust financial performance has led the company to revise its full-year earnings forecast upwards, now anticipating over €1.5 billion. Looking further ahead, Talanx expects its group net income to surpass €1.7 billion in 2024, exceeding its previous medium-term target of around €1.6 billion in 2025. This marks a significant achievement for the group, achieving and surpassing its target a year earlier than planned. Talanx intends to unveil new targets for 2025 in March 2024 alongside its 2023 financial statements. (Kenneth Araullo, 14/11/2023, Insurance Business UK, 'Talanx outlines financial results for first nine months of 2023')

After France and the Nordics, the Marine Cargo and Fine Art & Specie products are now live in Germany. Australian insurer QBE has launched a marine offer that will insure international trade for European customers who want to be serviced locally. The marine insurance market has seen a strong performance from Europe while Asian growth appears to be slowing, according to the latest statistics from the International Union of Marine Insurance (IUMI). Marine premiums increased 8.3% to $35.5bn in 2022 and almost half of this amount (47.7%) originated in Europe. (QBE, 13/11/2023, youTalk Insurance, 'QBE expands Marine in Europe')

Mergers & Acquisitions

US-headquartered AssuredPartners continues to expand in the UK with its latest acquisition in Somerset. Under the deal, financial terms of which were not disclosed, Taunton-based Atom Insurance Brokers became part of AssuredPartners-owned PSP Group. The acquired business specialises in commercial SME insurance and has been trading since 2002. (Terry Gangcaungco, 17/11/2023, Insurance Business UK, 'AssuredPartners UK & Ireland continues expansion')

Premier Choice Healthcare (PCH), the Brown & Brown-owned health insurance intermediary, has expanded its operations by acquiring 100% of the share capital of Buckinghamshire-based Homewood Health Ltd and the health insurance portfolio of Margaret Clark in Peterborough. Both Homewood Health and Margaret Clark's portfolio are known for their consumer and business healthcare insurance offerings. Following these acquisitions, Andrew Needham, Director of Homewood Health, and Margaret Clark will join PCH as ambassadors. In their new roles, they will contribute their industry knowledge and experience to the PCH team. (Kenneth Araullo, 16/11/2023, Insurance Business UK, 'PCH snags two new health insurance businesses')

Brown & Brown (Europe) Limited has announced its acquisition of 100% of the share capital of HoldCo NHL Ltd, the holding company of Nsure Ltd. The deal has received regulatory approval, and the consideration is undisclosed. specialist commercial Chartered insurance broker based in Worthing, West Sussex, Nsure boasts strong expertise in renewables. In a press release, Brown & Brown noted that the acquired business will become part of its South East retail broker, Greens, under the leadership of Duncan Coleman. Meanwhile, Nsure’s MD Phil Bristow and his broking team will continue to operate in their Worthing office under the existing brand. (Mia Wallace, 14/11/2023, Insurance Business UK, 'Brown & Brown’s South East broker Greens acquires Nsure Limited')

Long-term savings and retirement business Phoenix Group now expects to deliver approximately £1.8 billion of cash generation this year, following the finalised funds merger of its Standard Life and Phoenix Life Assurance Limited businesses into Phoenix Life Limited. In its announcement, Phoenix Group said the completed Part VII transfer creates additional free surplus within its life companies. As a result, the group’s 2023 cash generation target has been upgraded from £1.3-1.4 billion to around £1.8 billion. (Terry Gangcaungco, 14/11/2023, Insurance Business UK, 'Phoenix Group completes Standard Life, Phoenix Life funds merger')

The Clear Group has announced the acquisition of Peter Hoare & Company (Insurance Brokers) Limited based in Sheffield. This latest deal grows Clear’s presence in the North of England as it continues to build a long term and sustainable business. Established in 1964, Peter Hoare & Company (Insurance Brokers) Limited is a highly reputable broker with particular strengths in commercial, motor and liability risks. Since 1983 the business has also been providing insurance services to members of the British Metal Recycling Association. (The Clear Group, 13/11/2023, youTalk Insurance, 'Clear Group grows northern footprint with broker acquisition')

It’s official: Argo Group International Holdings is now owned by Brookfield Reinsurance. In an update, the acquired specialty insurance underwriter said it adds a “foundational piece” to Brookfield Reinsurance’s expanding operations. Valued at approximately US$1.1 billion, the all-cash transaction saw Brookfield Reinsurance snap up all issued and outstanding common shares of Argo. (Terry Gangcuangco, 17/11/2023, Insurance Business UK, 'Argo Group sale crosses finish line')

Movers

The UK P&I Club has named its new Chair following the mutual insurer’s board meeting in Japan. According to the Club’s announcement, Alberta Shipmanagement’s Nicholas Inglessis was succeeded by Jan Valkier of Anthony Veder. The former Chair was commended for having led the Club through a period of global economic and financial turbulence due to the COVID-19 pandemic, volatile investment markets, and an abnormal frequency of large losses. (Terry Gangcuangco, 17/11/2023, Insurance Business UK, 'UK P&I Club names new chair')

Cara Morton, Global Chief Executive of Zurich Insurance Group subsidiary Cover-More Group will become CEO of Zurich Global Ventures from February next year. In the interim, Morton will remain at the helm of the travel insurance and assistance provider. A new Cover-More CEO will be announced in due course. (Terry Gangcuangco, 17/11/2023, Insurance Business UK, 'Zurich Insurance Group taps leader from subsidiary')

ManyPets has overhauled its UK executive team, with Luisa Barile moving across from the role of Group CFO to UK CEO. Discussing Barile's new leadership role, ManyPets Co-Founder and Group CEO Steven Mendel said Barile has been a part of ManyPets' success story for several years, having led the company's efforts to secure funding to grow in the UK and the US. Further appointments include Justin Clarke – previously from RSA, Direct Line Group, and Allianz, takes on the role of Chief Underwriting Officer and Darren Spriggs, previously at Ageas Protect (AIG Life) and Pacific Life Re joins ManyPets as Chief Operating Officer to lead customer service and claims. (Roxanne Libatique, 16/11/2023, Insurance Business UK, 'ManyPets shakes up UK executive team, announces new CEO')

Aventum Group’s managing general agent Rokstone has launched a sports & prize indemnity division with an exclusive facility from Allianz Commercial. To be led by Sports & Prize Indemnity Chief Executive Bradley Morrish, the fully regulated insurance vehicle has the ability to write line sizes of US$20 million and above. Morrish, who comes from a sports betting exchange background, will be supported by football legend Gary Lineker’s son Angus. (Terry Gangcuangco, 16/11/2023, Insurance Business UK, 'Rokstone unveils new division')

Melissa Rayner and Christian Garcia have been appointed as Relationship Managers for the Global Network team at RSA Insurance. Rayner, a former Senior Multinational Case Handler at QBE, already came on board RSA last month. Meanwhile Garcia is joining from Deloitte Legal in January 2024. (Terry Gangcuangco, 15/11/2023, Insurance Business UK, 'RSA Insurance adds relationship managers to Global Network')

Sedgwick has announced the appointment of Elizabeth Francy Demaret as President of Carrier Services. Demaret has more than 35 years of experience in broking, underwriting and claims management. She has been with Sedgwick for 11 years, most recently serving as President of Specialty Operations. Prior to taking that role, Demaret held various leadership positions within the company, including Chief of Staff and Executive Vice President of Carrier Relations and Managing Director of International and Carrier Development. (Ryan Smith, 15/11/2023, Insurance Business UK, 'Sedgwick reveals new president of carrier services')

Insurance platform Accelerant has announced the appointment of Gabriella Engstrand as Head of Distribution for Europe. Engstrand has over 17 years of insurance industry experience. She joins Accelerant from Lloyd’s, where she most recently served as Head of European Broker Distribution. (Mika Pangilinan, 15/11/2023, Insurance Business UK, 'Accelerant selects head of distribution for Europe')

Allianz Partners has officially announced the appointment of Anna Kofoed as the new CEO of Travel and member of the board of management. According to her LinkedIn, Kofoed joins the company following her tenure at Amadeus, a global travel technology firm known for its B2B and B2B2C travel services. In her most recent position at Amadeus, she served as Executive Vice President for EMEA travel sellers. Her career at Amadeus included various global leadership positions encompassing marketing, sales, strategy, and business planning. She is an alumnus of Copenhagen Business School in Denmark, holding an International MBA, and a recent graduate of Harvard's Advanced Management Program. (Kenneth Araullo, 14/11/2023, Insurance Business UK, 'Allianz Partners names new CEO for travel business')

The global specialty (re)insurer Canopius Group has announced the appointment of Mark Newman as Chief Executive Officer for the UK. According to a press release, Newman, who currently serves the group as CEO for the Asia Pacific region, is set to take up his new role from January 1, 2023. Meanwhile, interim UK CEO Kate Roy will step away from the position on December 31, 2023, retaining her role as Group Chief Operating Officer. Newman joined Canopius as APAC CEO in 2016, becoming part of its global leadership team in 2021. In addition, he has been a Canopius Asia Pte. Ltd (CAPL) board member and Monetary Authority of Singapore (MAS) approved Principal Officer since 2016. (Mia Wallace, 14/11/2023, Insurance Business UK, 'Canopius names chief executive officer for the UK')

Insurance training specialist Zing365 has announced the appointment of Andy Fairchild as Non-Executive Director. Fairchild was formerly the CEO of Broker Network and Applied Systems Europe. His experience also includes time spent as Retail Managing Director at Jensten Group, as well as other leadership roles at AXA, First Direct, and Footman James. (Mika Pangilinan, 14/11/2023, Insurance Business UK, 'Zing365 appoints industry veteran as non-executive director')

Aspen Insurance Holdings has announced the appointment of Edward Hart as International Head of Cyber. Hart joined Aspen in February as a Senior Underwriter. In the short time he’s been at the company, he was able to expand distribution relationships, attract leading talent and provide invaluable insights that have shaped the group's underwriting strategy. Hart has a decade of experience in cyber underwriting, honed through roles at Brit Insurance and Barbican Insurance Group. He maintains an Associateship of the Chartered Insurance Institute (ACII) designation and holds an undergraduate degree in economics and management from the University of Leeds. (Mika Pangilinan, 13/11/2023, Insurance Business UK, 'Aspen names international head of cyber')

The global business solutions provider Sedgwick has named Neil Gibson its CEO in the UK. Having most recently served as COO of Sedgwick’s operations in the UK, New Zealand, Middle East, Africa and Asia, Gibson is also on Sedgwick’s global environmental, social and governance (ESG) committee. In a press release, Sedgwick noted that Gibson brings over 18 years of insurance industry leadership experience to the role as well as decades of operational claims management and colleague development expertise. (Mia Wallace, 13/11/2023, Insurance Business UK, 'Sedgwick names new UK CEO')

American International Group, Inc. has announced that Roshan Navagamuwa will be joining AIG in December and has been named EVP and Chief Information Officer, effective January 1, 2024. Mr. Navagamuwa joins AIG from CVS Health (NYSE: CVS), where he was Executive Vice President and Chief Information Officer. Previously at CVS Health, he was Senior Vice President, Client Services, Pharmacy Benefits Management. Earlier in his career, he held successive leadership roles in Aon's (NYSE: AON) Global IT division. (AIG, 16/11/2023, youTalk Insurance, 'AIG appoints Roshan Navagamuwa as EVP and Chief Information Officer')