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General Insurance Newsletter Friday 3rd November 2023

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Insurance News

AXA is the latest to share how it has performed so far this year. Under the P&C segment, commercial and personal lines both saw an increase in premiums while AXA XL reinsurance posted a decline. Life & health, meanwhile, was dragged down by the health business following the non-renewal of two large legacy international group contracts in France. Commenting on the figures, chief financial officer Alban de Mailly Nesle said: “AXA achieved another very good performance in the first nine months of 2023. Revenue growth remained strong with good momentum in our technical and cash generative lines and across our two commercial and personal pillars." (Terry Gangcuangco, 3/11/2023, Insurance Business UK, 'AXA reports interim 2023 performance')

MORE THAN, RSA’s direct-to-consumer brand, has revamped its home insurance business, introducing a new consolidated home product and an improved customer experience. The transformed offering is relaunching just nine months after the project commenced, done with the support of RSA’s partnerships with ICE InsureTech and Deloitte. According to an emailed news release, MORE THAN required a modern, scalable platform that could provide rapid product launches, integrate seamlessly with its existing IT ecosystem, and ensure improved security, availability, and cost-efficiency. (Mika Pangilinan, 3/11/2023, Insurance Business UK, 'RSA's MORE THAN revamps home insurance business')

​Tiptree Inc has announced plans to take its specialty insurance subsidiary, Fortegra, public via primary offering. The IPO’s proceeds will be used to support Fortegra’s growth, a news release from the company said. Tiptree will maintain majority ownership of Fortegra. Fortegra is headquartered in Jacksonville, Florida and has 15 locations globally, including London, Prague, and Malta. (Gia Snape, 2/11/2023, Insurance Business UK, 'Tiptree announces intent to take Fortegra public')

​UK firm Tysers Insurance Brokers, a subsidiary of Australia-headquartered AUB Group, has agreed to pay nearly US$47 million to resolve an investigation by the US Department of Justice. In AUB’s financial report for the year ended June 30, 2023 (FY23) that was released in August, the ASX 200-listed insurance group noted: “The DOJ investigation relates to suspicions of bribery and corruption, and possible associated money laundering. If this investigation reveals any unlawful conduct by companies within the Tysers group, Tysers (and/or the relevant group companies) may be subject to fines and/or other penalties and may incur reputational damage."(Terry Gangcuangco, 2/11/2023, Insurance Business UK, 'Tysers to pay nearly US$47 million to resolve overseas probe')

American International Group has published its earnings report for the third quarter of 2023 – a period in which the global insurer delivered “exceptional” financial results, according to Chair and Chief Executive Peter Zaffino. In a release, AIG noted: “The increase in AATI was due to higher underwriting income in general insurance, higher net investment income, and better results in other operations, partially offset by an increase in adjusted income tax expenses as well as an increase in non-controlling interest expense due to the Corebridge secondary offering.” (Terry Gangcuangco, 2/11/2023, Insurance Business UK, 'AIG publishes financial results for Q3 2023')

The latest Global Insurance Market Index, issued by global broker Marsh, indicates a consistent 3% uptick in global commercial insurance prices during the third quarter of 2023, mirroring the pricing trend observed in the preceding quarter. This also marks the 24th consecutive quarter displaying an increase in pricing. Pricing trends remained relatively uniform across most regions in Q3. Comparable to Q2, these trends predominantly stemmed from persistent rate reductions in financial and professional lines, alongside a slight drop in prices within the cyber insurance market. However, these were countered by notable escalations in property insurance, especially evident in the US, where property prices soared by an average of 14%. (Kenneth Araullo, 1/11/2023, Insurance Business UK, 'Insurance pricing continues to stabilise amid 24 straight quarters of rate hikes')

The All-Scotland Sheriff Personal Injury Court (ASSPIC) has sided with HF Scotland and Zurich in a legal proceeding as both have attained the disapplication of Qualified One-Way Costs Shifting (QOCS) protection due to fraudulent representation and manifestly unreasonable conduct by the pursuer. The case, Natalia Musialowska v Zurich Insurance Plc, revolved around an incident where the pursuer acted as a passenger in a stationary vehicle within a line of traffic. Zurich’s insured individual was in the vehicle ahead and cautiously attempted a U-turn, realising the need to reverse as the manoeuvre couldn’t be completed. During this slow reversal, the vehicle in which the pursuer was a passenger moved forward, resulting in a minor collision. (Kenneth Araullo, 1/11/2023, Insurance Business UK, 'Court disapplies QOCS protection in favour of HF Scotland, Zurich')

AI-driven claims automation insurtech has successfully raised £5.4 million in a funding round led by venture capital investors Amadeus Capital Partners and Praetura Ventures. UK investor Capricorn Capital Partners, US investor Forefront Venture Partners, Canadian investor Verstra Ventures, and UK investor Portfolio Ventures Angel Fund joined’s existing investors in this funding initiative. Octopus Ventures led the first round of funding for the insurtech back in 2021, managing to raise £8 million. Other investors that participated in Series A included Playfair Capital and Techstars. (Kenneth Araullo, 1/11/2023, Insurance Business UK, ' announces successful funding for claims transformation')

AXA XL Risk Consulting has launched a new tool aimed at helping organisations better assess and mitigate the various water risks brought on by climate change. The Water Impact and Sustainability Evaluation (WISE) tool is a remote, customisable solution designed to evaluate risks across three components: physical, regulatory, and reputational. The tool also considers process efficiency and business continuity, an emailed news release noted, providing an adaptable evaluation framework. (Mika Pangilinan, 1/11/2023, Insurance Business UK, 'AXA XL launches tool to manage water risks')

The Movo Partnership network (Movo) has celebrated its £100 million gross written premium (GWP) milestone well in advance of its projected year-end target, marking a notable achievement for the network. Currently counting 96 members, surpassing the initially set year-end goal of 90, Movo anticipates further growth, aiming to expand its membership to 120 by 2024. The network touted a surge of 150% over the past two years since gaining independence. Membership is also evenly divided, with a 50/50 split between startups and existing brokers. (Kenneth Araullo, 1/11/2023, Insurance Business UK, 'Movo marks £100 million milestone')

The Generali Group, a global insurance and asset management provider, has announced that Generali Ventures, its venture capital initiative, will be entering new markets and looking for promising investment opportunities in the insurtech and fintech sectors. “As set out in our ‘Lifetime Partner 24: Driving Growth’ strategic plan, Generali is an innovative customer-oriented group, focused on the best possible use of data and emerging technology. Thanks to this new venture capital initiative, we will make long-term investments in the global innovation ecosystem,” said Bruno Scaroni, Group Chief Transformation Officer of Generali. (Abigail Adriatico, 1/11/2023, Insurance Business UK, 'Generali Group’s venture capital initiative enters new markets')

RSA Insurance has announced the launch of its new design and construct professional indemnity (D&C) product. The D&C product will further expand RSA’s professional indemnity and financial lines offering. Designed to protect contractors who can be held responsible should they fail to deliver on agreed professional activities and duties, the product will cover damages, claimant costs, and the cost of replacing or restoring documents. It will also cover other expenses or defence costs as well as protect against issues which can include a breach of confidentiality, infringement of IP rights, negligence, libel, and slander. (Abigail Adriatico, 1/11/2023, Insurance Business UK, 'RSA launches new design and construct professional indemnity product')

Individuals and firms across the UK’s insurance sector will be coming together to participate in the Insurance Day for Dementia, with the goal of raising over £200,000 for the Alzheimer’s Society. The dedicated fundraising day, which is set to take place on the 30th of November, offers a range of opportunities for the insurance community to actively engage in the fight against dementia. For the fourth consecutive year, Zurich Community Trust will be backing the initiative by providing a £100,000 donation to match contributions made by others across the industry. (Mika Pangilinan, 31/10/2023, Insurance Business UK, 'UK insurance sector gears up to raise funds for dementia research')

Shane Fitzsimons, the former Chief Financial Officer who left American International Group earlier this year following a medical leave of absence, has passed away. A Chartered Accountant from Ireland, Fitzsimons came on board AIG in 2019 and assumed the CFO role during the pandemic. Further details of his passing were not announced. In an online post, AIG said: “We extend our deepest sympathies to Shane’s family and friends.” (Terry Gangcuangco, 31/10/2023, Insurance Business UK, 'AIG’s former finance chief passes away')

CNA Financial Corporation has announced its financial results for the third quarter of 2023. The commercial P&C insurer reported a net income of $258 million, equivalent to $0.95 per share. This marked a substantial turnaround from the prior year quarter's net loss of $42 million, amounting to $(0.15) per share. (Kenneth Araullo, 31/10/2023, Insurance Business UK, 'CNA reveals Q3 financial results')

Liechtenstein-based insurer Helvetia Global Solutions, part of Switzerland-headquartered Helvetia Group, has secured approval for its UK branch. In a release, the company said: “Helvetia Global Solutions has received confirmation from UK regulators that its authorisation to underwrite non-life insurance business in the UK has been approved and comes into effect on the 1st of November, 2023." Set up last year and led by Chief Executive Marc Davis, the UK branch was established in response to Brexit. Britain’s withdrawal from the European Union meant that UK business could only be underwritten on a freedom-of-services basis until the end of 2023. (Terry Gangcuangco, 31/10/2023, Insurance Business UK, 'European insurer gets approval for UK branch')

Five insurance brokerages in the UK have pledged to cap their fees at 15% and to stop sharing their commissions with the likes of landlords and freeholders amid leasehold buildings insurance reforms. A report by the Financial Times cited Bridge Insurance Brokers, Brown & Brown Europe (formerly Global Risk Partners), Lockton, PIB Insurance Brokers, and WTW as the companies that have agreed with the government to do the above. (Terry Gangcuangco, 30/10/2023, Insurance Business UK, 'WTW, PIB, three others pledge to cap fees amid leasehold buildings insurance reforms')

US-headquartered Marsh McLennan, parent of broking giant Marsh, doesn’t think its UK listings on the Financial Conduct Authority (FCA) and the London Stock Exchange (LSE) are worth it. In a release, the company said it has given notice of its intention to request the FCA to cancel the standard listing of Marsh McLennan’s ordinary shares on the regulator’s Official List and to request the LSE to cancel the admission to trading of the same shares on the Main Market for listed securities of the stock exchange. (Terry Gangcuangco, 30/10/2023, Insurance Business UK, 'Marsh McLennan wants to delist in the UK')

Endsleigh Insurance has inked an agreement with Unite Students, a leading student accommodation provider in the UK, to deliver a 24/7 wellbeing and mental health support program to benefit 70,000 students. The wellbeing initiative, crafted to complement Unite Students' existing support services, encompasses Endsleigh's 24/7 Student Wellbeing Helpline and Digital Therapy. These services offer students unrestricted access to a British Association for Counselling and Psychotherapy-accredited counselling helpline available round the clock. (Kenneth Araullo, 30/10/2023, Insurance Business UK, 'Endsleigh inks deal to support 70,000 UK students')

​AXIS Capital Holdings Limited has announced financial results for the third quarter ended on the 30th of September, 2023. Commenting on the third quarter 2023 financial results, Vince Tizzio, President and CEO of AXIS Capital said: “During the quarter, we continued to grow in our chosen markets across both our insurance and reinsurance businesses, while capitalizing on favorable market conditions across nearly all our lines. This included achieving our highest-ever third quarter production on record for our specialty insurance business, coupled with an 88.2% combined ratio in the quarter. The repositioning of AXIS Re as a more focused and less volatile specialist continues to take hold as evidenced by a 92.7% combined ratio and solid new business growth in our key areas." (AXIS, 2/11/2023, youTalk Insurance, 'AXIS announces Third Quarter 2023 Results')

Mergers & Acquisitions

Jensten Group’s acquisition of East Anglia-based One Broker Group has been finalised following approval from the Financial Conduct Authority. This acquisition marks the largest one for Jensten to date, offering the company a substantial new regional centre in East Anglia, with operational offices in Norwich and Cambridge. The acquisition brings on board 115 staff members and contributes £60 million in gross written premiums to Jensten's business portfolio. (Kenneth Araullo, 3/11/2023, Insurance Business UK, 'Jensten finalises One Broker acquisition')

​NFP has announced its acquisition of SeaChange Limited, a health and safety consultancy headquartered in Naas, County Kildare. It represents a major expansion for the broker’s European health and safety services, aiming to enrich solutions for clients across Ireland, the UK, and mainland Europe. The acquisition transaction was completed, effective from the 1st of October. (Kenneth Araullo, 2/11/2023, Insurance Business UK, 'NFP acquires Irish health and safety consultancy')

In further news...NFP has announced the acquisition of West Midlands-based broker Resolute Insurance Services in a move to expand its commercial insurance offerings. The deal will also provide Resolute access to NFP’s global portfolio of complementary specialists and group benefits, risk management, wealth management, and pension solutions, according to an emailed news release. (Mika Pangilinan, 30/10/2023, Insurance Business UK, 'NFP grows West Midlands presence with latest acquisition')

Davies has revealed its agreement with Brown & Brown Insurance to acquire four claims and services businesses, solidifying a long-term strategic partnership. The acquisition includes American Claims Management (ACM), which functions as a third-party claims administrator, and Preferred Governmental Claims Services (PGCS), which specialises in claims management for Florida governmental and municipal agencies. (Kenneth Araullo, 2/11/2023, Insurance Business UK, 'Davies signs acquisition deal with Brown & Brown')

​The Ardonagh Group had announced its acquisition of ASSEPRO, an independent commercial broker for small and medium-sized enterprises based in Switzerland. “ASSEPRO is an ambitious business with its sights firmly set on achieving high levels of growth while continuing to deliver an excellent service to clients,” said Conor Brennan, Executive Chairman of Ardonagh’s international platform. David Ross, Ardonagh Group’s CEO, expressed the importance of the firm’s acquisition: “The addition of ASSEPRO cements our foothold in Europe, creating the foundation of a further platform in multiple regions key to our growth plans. This deal marks a significant milestone in our value creation story, adding quality earnings to our portfolio and a committed leadership team who become significant shareholders in Ardonagh,” he said. (Abigail Adriatico, 1/11/2023, Insurance Business UK, 'Ardonagh acquires Swiss broker to further expand European presence')


Aspen Insurance Holdings has announced the appointment of Tim Mardon as Global Head of Property Catastrophe Reinsurance. Mardon will also become Chief Underwriting Officer of Aspen Bermuda Limited (ABL) and a member of the Aspen Re leadership team. Mardon has more than 30 years of reinsurance industry experience. He joins Aspen from SiriusPoint, where he served as Global Head of Property Reinsurance. He has also held roles at Chubb Tempest Re and Torus Re in Bermuda. (Ryan Smith, 3/11/2023, Insurance Business UK, 'Aspen names new global property catastrophe head')

Gallagher has named Ben Redmond as the Head of Private Client for Ireland in a bid to expand the broker’s clientele and enrich its product range within the high net worth (HNW) segment. According to his LinkedIn, Redmond arrives with over a decade of brokerage experience within the Irish insurance sector, having most recently served as the Private Client Manager at Castleacre Insurance. His prior role as the Business Development Manager at Frank Glennon Insurance Brokers saw him spearhead and manage the firm’s private client team. (Kenneth Araullo, 3/11/2023, Insurance Business UK, 'Gallagher bolsters HNW offering in Ireland with key appointment')

Aon Plc is combining its UK and EMEA (Europe, Middle East, and Africa) client-serving capabilities and operations. Julie Page, who came on board in 2016 and currently serves as UK Chief Executive, will become EMEA CEO on the 15th of November. Her predecessor, Eduardo Dávila, is leaving Aon at the end of the year. Prior to joining Aon more than seven years ago, Page was Chief Executive of the UK Consumer and Commercial Business at Marsh. (Terry Gangcuangco, 3/11/2023, Insurance Business UK, 'Aon to integrate UK, EMEA operations')

​Lizzie Smith-Foreman, the Director of Group Marketing, Communications, and Sustainability at Markerstudy Group, has assumed a position on the board of the Managing General Agents’ Association (MGAA). With experience spanning over 20 years in insurance industry marketing, Smith-Foreman joined Markerstudy Group in 2010. Before her tenure at Markerstudy, she served as a Marketing Brand Manager at Groupama, a mutual insurance group and a subsidiary of Ageas. (Kenneth Araullo, 2/11/2023, Insurance Business UK, 'MGAA board adds Markerstudy director to its ranks')

​iprism, a specialist MGA operating in the HNW, construction, property and commercial spaces, has appointed Aaron Woodhams as Chief Underwriting Officer and Bradley Harmer as Chief Commercial Officer. Woodhams joined iprism in 2019 as an Underwriting Manager and was promoted to the role of Head of Underwriting two years later. His industry experience also includes senior positions at Arch Insurance, Axiom, and Allianz. Harmer has been with iprism since 2015, when he joined as Business Development Manager. He has held a number of roles within the MGA through the years and was named Head of Sales and Business Development last year. (Mika Pangilinan, 2/11/2023, Insurance Business UK, 'iprism grows executive team with dual appointments')

CNA Hardy has announced the appointment of Ariel Berman to the role of Vice President, Head of Specialty (UK & Continental Europe). With over two decades of experience in the insurance sector, Berman has held senior positions at AIG and, most recently, at Marsh, where he served as the Head of the Financial Institutions division – FINPRO. (Kenneth Araullo, 2/11/2023, Insurance Business UK, 'CNA Hardy taps new specialty head')

UK managing general agent Pen Underwriting has promoted Ian Summerfield to Head of Cyber, effective in the New Year. Currently, Summerfield serves as Commercial Director for Hazardous Goods & Environmental Industries within the MGA’s specialty division. Succeeding Hamir Patel after a comprehensive handover period, Summerfield brings more than 15 years of industry experience to the role. The RSA alumnus, who came on board Pen in April 2020, will take on the strategic and operational leadership of the dedicated unit. (Terry Gangcuangco, 2/11/2023, Insurance Business UK, 'Pen Underwriting appoints cyber head')

​AXA has completed the acquisition Laya Healthcare for a consideration of €650 million, contingent to the deal’s unveiling earlier in May. The French insurer acquired Laya from AIG, with the latter confirming details of the deal back in August. Laya Healthcare is one of the largest private healthcare insurers in Ireland with close to 700,000 policyholders and a 28% market share. (Kenneth Araullo, 2/11/2023, Insurance Business UK, 'AXA finalises Laya Healthcare acquisition')

McGill and Partners his announced the appointment of Steve Postlewhite as its newest Partner for the reinsurance team. With an industry tenure of over 20 years, Postlewhite brings a wealth of expertise in various domains such as analytics, capital, risk, and underwriting. His qualifications as an Actuary complement his extensive leadership background in global insurance and reinsurance enterprises. Formerly serving as the Managing Director and Chief Underwriting Officer at QBE RE, Postlewhite was tasked with overseeing all aspects of the global inwards reinsurance portfolio, focusing on strategy development and its execution. Prior to this, he held the position of CEO at Aspen Insurance. (Kenneth Araullo, 1/11/2023, Insurance Business UK, 'McGill and Partners adds new reinsurance partner')

Brit has revealed the departure of Christiern Dart from his role as Group Chief Underwriting Officer after 17 years of service. Dart has played various key roles within Brit since he joined the company in 2006, making significant contributions throughout his tenure. After careful consideration, he has made the decision to explore a different career direction, leading him to step down from his current position. Before his tenure at Brit, Dart worked as Deputy Class Underwriter for Liberty Syndicates from 1999 to 2006. He also served as Assistant Underwriter for CNA Re for almost five years. (Kenneth Araullo, 1/11/2023, Insurance Business UK, 'Brit group CUO to exit the firm')

In line with ADVA Underwriting's strategic expansion blueprint, the independent global managing general agent has announced the appointment of Gordon Burrows to its team as new Head of Solutions. With an extensive career spanning over 35 years, Burrows is recognised as an authority in the establishment, regulation, and functioning of MGAs. He is actively involved in the MGA community and participates in various market forums. Throughout his career, Burrows has held several key positions, encompassing the creation, management, and underwriting of a European commercial property portfolio under numerous binders. His influence extends to supporting numerous MGAs in developing product, operational, and regulatory solutions across various jurisdictions, both domestically in the UK and internationally in Europe, the US, Canada, and Asia. (Kenneth Araullo, 1/11/2023, Insurance Business UK, 'ADVA introduces new head of solutions to mark expansion')

Direct Line Group (DLG) has announced the appointment of James Gearey as Director of Claims Services, with Gearey set to commence his new role in Q1 2024. With an extensive background in the finance industry, Gearey joins the Direct Line Group from MotoNovo Finance, a division of Aldermore Bank, where he serves as the Interim Commercial and Performance Director. His professional journey includes leadership positions in organisations such as Aviva, Siemens Financial Services, and Covea Insurance. (Kenneth Araullo, 31/10/2023, Insurance Business UK, 'Direct Line Group names new director of claims services')

Insurance and legal services provider Carpenters Group has announced the appointment of Kevin Perkins to the position of Operations Manager and Fraud Lead for the defence team, starting this month. With a background as a Solicitor since 2009, Perkins’ career has predominantly revolved around the defendant personal injury field. His previous role in a national law firm involved overseeing a substantial insurer-client account. Notably, his skill set encompasses a broad array of responsibilities, including performance monitoring, trend analysis, ensuring service continuity, offering strategic advice to clients, and managing high-value litigated cases. (Kenneth Araullo, 31/10/2023, Insurance Business UK, 'Carpenters bolsters defendant department with key appointment')

​Beazley has announced the appointment of Brenna Westinghouse as the new Corporate Head of Strategy. Westinghouse will be succeeding Rachel Turk, who is transitioning to Lloyd’s as its Chief Underwriting Officer. With over two decades of industry experience, Westinghouse has most recently held the role of Focus Group Leader, Professions PI, within Beazley’s specialty risks division based in London. Her tenure at Beazley commenced in 2017 after over 10 years at Marsh, where she occupied several senior positions in its international financial and professional lines practice, spanning London, UK, and Boston, USA. (Kenneth Araullo, 31/10/2023, Insurance Business UK, 'Beazley names corporate head of strategy')

​Aon has announced the appointment of Mona Barnes as Chief Claims Officer, Global Broking Centre (GBC) & UK. In previous roles, Mona led Swiss Re Group’s Key Case & Large Loss Management team and served as a Vice-President of Chubb Overseas Claims Management. She is an active participant in relevant industry forums, including the RAND Institute for Civil Justice, of which she has been an Advisory Board Member. (Aon, 30/10/2023, youTalk Insurance, 'Aon appoints Mona Barnes as Chief Claims Officer, Global Broking Centre & UK')

The British Insurance Brokers’ Association (BIBA) has appointed Shayne Halfpenny-Ray, Social Affairs Manager at Phoenix Group, as its new Head of Policy and Public Affairs. Shayne has been working at FTSE100 business Phoenix Group, leading on strategic engagement on social policy issues and collaborating with key government departments such as the Department for Work and Pensions and the Department for Business and Trade. He was previously Public Affairs Manager at the Chartered Insurance Institute where he provided the secretariat services for the Insurance & Financial Services APPG and sat on both the Access to Insurance Steering Group and BIBA’s Access to Insurance Committee. (Aviva, 30/10/2023, youTalk Insurance, 'Shayne Halfpenny-Ray appointed as BIBA’s Head of Policy and Public Affairs')

​Sedgwick has fortified its client relationship management team in the UK by appointing five Client Directors. The firm has brought in Laura Adamson, Darren Mabley-Jones, Graeme Mutch, Angela Thomas, and Lindsey Thorpe amid a period of expansion within Sedgwick’s corporate and key client base. Adamson, with eight years as a Client Delivery Lead, has been promoted to the position of Key Account Client Director. She has been with Sedgwick for 18 years. Mabley-Jones brings 38 years of insurance claims experience to Sedgwick, a third of which were spent in B2B client-facing roles. His prior 10-year role as a Client Account Director adds a wealth of expertise to his current position. Mutch, appointed as Client Director for Sedgwick’s home emergency division, brings 19 years of client-facing experience from a business specialising in security solutions for vacant and occupied sites. Thomas, with over 30 years of loss adjusting expertise, has a robust background in liability claims. Her most recent insurance role was as a Client and Central Services Director. Thorpe, assuming the role of Corporate Client Director, has gathered 19 years of insurance claims experience as a Commercial Insurance Manager. (Kenneth Araullo, 3/11/2023, Insurance Business UK, 'Sedgwick unveils major expansion for UK client relationship team')

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