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General Insurance Newsletter Friday 16th February 2024

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Motor insurance underwriter Sabre Insurance Group believes its financial results for 2023 will either meet or exceed market expectations. In a trading update, Sabre said: “Since 2022, Sabre has taken rapid and decisive pricing actions to mitigate the ongoing elevated claims inflation. Consequently, it now expects to deliver a strong result for 2023 as it continues to rebuild toward its historical level of profitability." According to Sabre, its 2023 gross written premium (GWP) is forecast to amount to around £225 million. If reached, the figure will mean a 31% growth in GWP. Motor vehicle premium growth is expected to be around 47%. (Terry Gangcuangco, 16/2/2024, Insurance Business UK, 'Sabre Insurance Group issues results forecast')

Wholesale broker GAWS of London has announced its plans for a rebranding initiative set to take place on March 4, 2024. This move, the company explains, comes as a response to its substantial growth, and aims to represent its current operations and strategic goals more accurately in the face of a dynamic risk environment. (Kenneth Araullo, 16/2/2024, Insurance Business UK, 'GAWS of London sets date for rebrand')

QBE Insurance Group has released its financial results for 2023 – a period in which the insurer saw more than a doubling of its earnings. In 2023, QBE’s COR in Australia Pacific was 93.6%; for international, 89.5%; and in North America, 103.7%. GWP in all three divisions grew from 2022. (Terry Gangcuangco, 15/2/2024, Insurance Business UK, 'QBE in massive profit jump')

Arch Capital Group has disclosed its financial results for the fourth quarter of 2023, reporting a surge in its insurance and reinsurance profits. The group’s reinsurance segment experienced growth, with gross premiums written rising by 9.7% and net premiums earned by 32.2%. (Kenneth Araullo, 15/2/2024, Insurance Business UK, 'Reinsurance profits surge at Arch Capital')

Following the success of its inaugural transaction, Warwick Re has now successfully executed its second transaction, establishing an annuity reinsurance agreement with a US life insurer. The deal involves Warwick Re taking on the reins of an existing block of US annuity business, while the original insurer will continue to manage and administer the policies. Additionally, Warwick Re has committed to providing quota share reinsurance for new fixed annuity business going forward. (Kenneth Araullo, 15/2/2024, Insurance Business UK, 'Warwick Re closes second transaction with US life insurer')

​Marsh McLennan has introduced an enhancement to its directors and officers (D&O) insurance offering through the D&O Echo facility, aiming to bolster financial security for its clients against the backdrop of persistent market volatility and fluctuating insurance premiums. The D&O Echo facility, accessible to Marsh's international clientele across all principal sectors, including financial institutions, offers up to US$75 million in additional D&O insurance coverage. This coverage kicks in above the initial US$25 million. (Kenneth Araullo, 15/2/2024, Insurance Business UK, 'Marsh D&O Echo facility announces enhanced coverage amid market volatility')

The WTW Research Network has disclosed its latest partnership with the London Mathematical Laboratory, aiming to enhance decision-making in the insurance industry through advanced catastrophe modelling. The collaboration is anchored by the expertise of Professor Erica Thompson, a renowned figure in applying mathematical models to practical decision-making scenarios. Thompson's work revolves around deconstructing the construction and application of models, with a focus on refining their reliability and effectiveness. This partnership with WTW leverages her pioneering research to improve natural catastrophe models, which play a critical role in the insurance sector's assessment of climate-related risks. (Kenneth Araullo, 15/2/2024, Insurance Business UK, 'WTW Research Network finalises new mathematical modelling collaboration')

Global insurers Tokio Marine, Sompo, and MS&AD have released their latest financials. In terms of consolidated earnings forecasts for fiscal year 2023 (April 1, 2023 to March 31, 2024), Tokio Marine is expecting to report ¥670 billion in net income attributable to owners of the parent; Sompo, ¥324 billion; and MS&AD, ¥280 billion. (Terry Gangcuangco, 15/2/2024, Insurance Business UK, 'Results round-up: Tokio Marine, Sompo, MS&AD')

Allianz has created an in-house financial lines claims unit in Milton Keynes. “Bringing our financial lines claims team in-house for the first time ensures that we can deliver the best possible service to both our brokers and customers, ensuring that they are supported every step of the way – from their product requirements through to claims processing and legal advice if needed,” Allianz Commercial Casualty Claims Head Mark Merrix said in a release. (Terry Gangcuangco, 15/2/2024, Insurance Business UK, 'Allianz forms in-house financial lines claims unit')

Factory Mutual Insurance Company, known in the industry as FM Global, has had its A+ (Superior) Financial Strength Rating (FSR) and “aa” (Superior) Long-Term Issuer Credit Ratings (Long-Term ICRs) reaffirmed by AM Best. AM Best is a leading authority in credit ratings, news publishing, and data analysis for the insurance sector. (Roxanne Libatique, 14/2/2024, Insurance Business UK, 'AM Best shares FM Global ratings')

​MAPFRE has disclosed its financial performance for the year 2023, showcasing growth in its insurance and reinsurance segments. The company reported that MAPFRE RE premiums, encompassing reinsurance and global risks operations, escalated by 8.8%, achieving close to €7.9 billion. Notably, the reinsurance sector saw a 7.8% increase, whereas the global risks division expanded by 12.2%. (Kenneth Araullo, 14/2/2024, Insurance Business UK, 'MAPFRE publishes financial results for insurance, reinsurance units')

Dynamic Re has announced the inclusion of Liberty, Austral Re, and AXA XL to its group of reinsurers. This collaboration, as Dynamic Re explains, signifies a notable improvement in its capacity across different business sectors. Dynamic Re anticipates that this partnership will bring substantial benefits to its clients and will aid in the company’s ongoing growth. (Kenneth Araullo, 14/2/2024, Insurance Business UK, 'Dynamic Re welcomes trio to panel of reinsurers')

​Intact Financial Corporation has published its financial results for the fourth quarter and full-year 2023. According to Intact, its combined ratio for Canada in the fourth quarter was 86.7%; UK&I, 104.6%; and in the US, 86.4%. Commenting on the figures, Chief Executive Charles Brindamour said in a release: “The past year has been challenging for society, particularly in the face of numerous natural disasters. Through it all, our people worked relentlessly to ensure customers get back on track quickly. Despite shouldering elevated catastrophe losses as a result, the business demonstrated tremendous resilience." (Terry Gangcuangco, 14/2/2024, Insurance Business UK, 'RSA parent announces Q4, full-year earnings')

GBN Worldwide has unveiled its latest venture, GBN Worldwide Risk Solutions Ltd, operating under the name GBN Risk Solutions (GBN RS), as a newly established independent broker and managing general agent (MGA) based in London. This new entity is set to play a key role in the expansion of international business activities for GBN Worldwide and its affiliates, offering the broader insurance market opportunities to place risks in regions beyond their local jurisdictions. (Kenneth Araullo, 14/2/2024, Insurance Business UK, 'GBN Worldwide launches independent broker and MGA')

Recent findings highlight cyber incidents, including ransomware attacks, as the predominant risk for organisations associated with Airmic members in 2024. Airmic, representing a wide range of professionals in risk management, has emphasised the growing concern over cyber threats within the industry. According to Julia Graham, Airmic's CEO, the interwoven nature of risks and the rapid pace of change are intensifying cyber vulnerabilities. (Kenneth Araullo, 14/2/2024, Insurance Business UK, 'Airmic members reveal the leading risk for 2024')

It’s the turn of American International Group (AIG) to share its financial results for the quarter and year ended December 31, 2023. The decline in 2023 net income was mainly attributed to net realised losses largely related to Fortitude Re funds withheld embedded derivative at life & retirement as well as derivative activity. Commenting on the numbers, AIG Chair and Chief Executive Peter Zaffino said in a release: “In 2023, AIG delivered outstanding financial results, highlighted by excellent underwriting performance and the successful execution of multiple complex initiatives, while delivering exceptional value for our clients and stakeholders." (Terry Gangcaungco, 14/2/2024, Insurance Business UK, 'AIG posts lower earnings in 2023')

Broking giant Marsh has moved forward in its digital trading initiative for London market risks with the help of Verisk’s Whitespace platform. “Following last year’s successful pilot, we are pleased to welcome Marsh to the Whitespace platform,” Verisk Specialty Business Solutions Chief Executive Tim Rayner said in a release. “Our collaboration thus far with Marsh has led to meaningful improvements to the platform, benefitting the London insurance market."(Terry Gangcuangco, 14/2/2024, Insurance Business UK, 'Marsh charges ahead in London market digitisation')

The French Prudential Supervision and Resolution Authority has granted Sompo International a licence to write primary insurance in France. “The granting of the French primary insurance license not only supports the company’s strategic expansion but further strengthens our position in Continental Europe,” Ralph Brand, President of Continental Europe Insurance at Sompo International, said in a release. (Terry Gangcuangco, 14/2/2024, Insurance Business UK, 'Sompo International secures French primary insurance license')

Independent specialist insurance and reinsurance broker BMS has announced a partnership with Artificial Lab to implement their Contract Builder into its operations. This move is part of BMS’s overarching initiative to embrace digital placing initiatives within the brokerage framework. The deployment of the digital contract-building platform is slated to commence across various business lines at BMS in February, with a phased integration plan extending throughout the year. (Jonalyn Cueto, 13/2/2024, Insurance Business UK, 'BMS partners with tech provider to digitise contracts')

Global specialty re/insurer SiriusPoint has entered a strategic partnership with Stockholm-based managing general underwriter (MGU), Ryan Specialty Nordics AB. As part of the collaboration, SiriusPoint is set to back Ryan Specialty Nordics in delivering insurance solutions for onshore windfarms, mainly within Sweden, alongside a comprehensive package designed for small to medium-sized enterprises (SMEs) covering commercial property and legal liability. SiriusPoint will act as the sole risk bearer for these insurance products. (Kenneth Araullo, 13/2/2024, Insurance Business UK, 'SiriusPoint unveils trading partnership with Ryan Specialty Nordics')

Allianz Commercial reported a significant increase in detected claims fraud for the year 2023, with the figures reaching £77.4 million, up from £70.7 million in the previous year. The insurer also reported savings of £1.95 million from application fraud, attributed to the ongoing cost-of-living crisis, which is believed to be exacerbating financial pressures on businesses, consequently elevating the risk of insurance fraud. (Kenneth Araullo, 13/2/2024, Insurance Business UK, 'Allianz fraud savings in claims hit nearly £80 million in 2023')

HDI Embedded, a subsidiary of HDI International, has been chosen by Berlin-based insurtech wefox and Italian multi-service operator Wind Tre to offer extended warranty services for household appliances and electronics. This service aims to extend protection beyond the manufacturer's warranty period. This collaboration was announced shortly after Wind Tre unveiled its insurance agency, Wind Tre Assicurazioni. For this venture, wefox was selected as a key partner, tasked with the integration and selection of leading insurers to develop exclusive, user-friendly products for Wind Tre's clientele. (Kenneth Araullo, 13/2/2024, Insurance Business UK, 'HDI Embedded announces major partnership')

Acrisure has launched a global aerospace division. Led by Managing Partner Jason Riley, Acrisure Aerospace combines several Acrisure businesses, including Halton Hall & Associates. Riley, who previously led Halton Hall & Associates, will be supported by Growth Head Barry Dowlen and Operations Head Debi Fleischer. Lifting the lid on the development, Acrisure Chair and Chief Executive Greg Williams said in a release: “The aerospace industry has seen unprecedented risk and opportunity in recent years. Acrisure is doubling down on our expertise and ability to serve these clients, whose needs are often complex and multi-faceted." (Terry Gangcuangco, 13/2/2024, Insurance Business UK, 'Acrisure creates aerospace division')

Insurers Covéa and Markel have won against reinsurers in their respective COVID-19 business interruption disputes in the UK. Given the “substantial overlap” between the issues and the matters relevant to their determination in the two separate appeals – UnipolRe was appealing against Covéa; General Reinsurance against Markel – Mr Justice Foxton produced a single judgment, with the insurers emerging triumphant. (Terry Gangcuangco, 13/2/2024, Insurance Business UK, 'Markel, Covéa win against reinsurers in BI dispute')

New captive manager Polo Insurance Managers (PIM) has been launched by PoloWorks after ‘approval in principle’ was granted by the Guernsey Financial Services Commission. “We see a tremendous opportunity as a truly independent insurance manager to offer our existing and future clients with a comprehensive and bespoke insurance management service,” PIM Chief Executive Mark Elliott said in an emailed release. (Terry Gangcuangco, 13/2/2024, Insurance Business UK, 'PoloWorks secures go-ahead for new captive manager')

Insurtech managing general agent (MGA) Loadsure has unveiled Columbia, a new insurance product designed for the logistics industry, emphasising the use of data to enhance coverage for small and medium-sized enterprises (SMEs). Columbia offers comprehensive insurance solutions, specifically catering to motor carriers, freight brokers, and freight forwarders, with a focus on covering potential damage to cargo. (Kenneth Araullo, 12/2/2024, Insurance Business UK, 'Loadsure unveils new motor truck cargo insurance')

Mergers & Acquisitions

Howden has announced its plans to acquire ARM Group Holdings Limited (ARM), marking a pivotal expansion in its services. The completion of this acquisition is pending regulatory approval. ARM specializes in the establishment and management of insurance captives. The acquisition, the firm stated, aligns with Howden’s strategy to bolster its multinational clients practice and enhance its offerings to both multinational and large clients. ARM, headquartered in Guernsey and licensed in Bermuda, operates a consortium of companies providing insurance management services globally. (Kenneth Araullo, 15/2/2024, Insurance Business UK, 'Howden expands into captive management with key acquisition')

​Hagerty, Inc. subsidiary Hagerty Insurance Holdings is acquiring all of the issued and outstanding capital stock of Consolidated National Insurance Company (CNIC) held by Everspan Insurance Company. In a US Securities and Exchange Commission filing, Hagerty said its subsidiary has agreed to pay approximately US$18.4 million to Everspan, subject to upward or downward adjustment in accordance with the agreement’s terms. (Terry Gangcuangco, 14/2/2024, Insurance Business UK, 'Hagerty Insurance Holdings reveals deal')

Marco Capital Holdings Limitedhas announced the launch of Marco Re, a merger of its Guernsey subsidiaries Humboldt Re and Kelvin Re. The consolidation positions Marco Re as Marco Capital’s leading international property and casualty (P&C) reinsurance platform for legacy business. The merger, which received approval from the Guernsey Financial Services Commission, aims to leverage economies of scale and enhance service offerings in the P&C legacy sector. (Kenneth Araullo, 12/2/2024, Insurance Business UK, 'Marco Re launches as new brand of recently merged reinsurance subsidiaries')

The Competition and Markets Authority (CMA) has launched its merger inquiry into Aviva’s proposed purchase of AIG Life UK. The watchdog said: “The CMA is considering whether it is or may be the case that this transaction, if carried into effect, will result in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and, if so, whether the creation of that situation may be expected to result in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.”(Terry Gangcuangco, 12/2/2024, Insurance Business UK, 'Aviva-AIG deal faces CMA scrutiny')


International managing general agent (MGA) USQRisk has announced the promotion of Tony Harrington-Jones to the position of Chief Operating Officer (COO). His promotion is a progression from his previous role as Director of Global Operations, appointed in April 2023. As per his LinkedIn, he also held previous roles at QBE where he stayed for six years. Prior to that, Harrington-Jones also had prior roles at ANV, Aviva, and Zurich. (Kenneth Araullo, 16/2/2024, Insurance Business UK, 'USQRisk names new COO')

Inver Re, the reinsurance brokerage division of Ardonagh Specialty, has announced the appointment of Steven Rance to the newly established role of Head of Specialty London. With a career spanning 35 years, Rance brings a wealth of experience to his new role. He transitions to Inver Re from Gallagher Re, where he served as Managing Partner and Head of Global Mortgage. His extensive background also includes a decade as Head of Global Mortgage at JLT, along with significant positions at Radian, a US mortgage insurer, as European Managing Director, and at Genworth, a mortgage insurance specialist, as Managing Director for structured transactions. (Kenneth Araullo, 15/2/2024, Insurance Business UK, 'Inver Re swoops for big name from rival')

Howden Group’s underwriting arm DUAL has made further C-suite appointments in the UK. Joining DUAL UK in May as Chief Distribution Officer is Rob Corner, while incoming Chief Underwriting Officer Catherine Dixon will come on board in June. Their appointments come hot on the heels of UK & Europe Chief Actuary Catherine Farnworth’s arrival last month. DUAL UK Chief Executive Simon McGinn commented, “Catherine, Catherine, and Rob bring fantastic relevant experience and complementary skills to the DUAL UK leadership team." (Terry Gangcuangco, 16/2/2024, Insurance Business UK, 'DUAL UK expands C-suite roster')

Tokio Marine Kiln (TMK) has announced the promotion of Matthew Shaw to the role of Chief Executive Officer, effective April 1 and pending regulatory consent. Shaw is set to take over from Brad Irick, who will transition to a new role as Co-Head of international business for Tokio Marine Holdings, the parent entity of Tokio Marine Group, with a focus on augmenting its global presence. Shaw, who has served as TMK's Chief Underwriting Officer (CUO) since 2020, brings to the table a wealth of industry experience spanning four decades. Prior to his tenure at TMK, Shaw worked for nearly two decades at Chubb. Concurrent with Shaw's appointment, Vivek Syal, TMK’s Chief Risk Officer, will assume the role of CUO from April 1, also subject to regulatory approval. Since joining TMK in 2017, Syal has been pivotal in shaping the company’s strategic vision and direction. (Kenneth Araullo, 16/2/2024, Insurance Business UK, 'Tokio Marine Kiln names new CEO')

​Gallagher has unveiled a series of high-level facultative reinsurance appointments to signal the strategic expansion of its global facultative team. In April, Claire Burrell will step into the role of Chief Operating Officer (COO) for the facultative division. Burrell transitions from The Ardonagh Group, where she served as COO following a tenure in senior roles at ERS, First Central Law, and First Central Insurance Management. Alex Groves is appointed as an Executive Director, bringing three decades of reinsurance experience from his previous positions at Guy Carpenter, WTW, Decus, and Marsh. Trevor Noad joins as Broking Director with a focus on clients on the USA and Canada, coming from Howden and with prior experience at TBH Group. Mark Sherwin has been appointed as an Executive Director and Head of Fac Property UK & Ireland, transitioning from Miller with prior roles at Guy Carpenter. Emily Stanford also joins as an Executive Director, following her tenure at Ardonagh Specialty and positions at Guy Carpenter, Lonmar, and Alexander Forbes. (Kenneth Araullo, 14/2/2024, Insurance Business UK, 'Gallagher reveals raft of appointments for new international reinsurance hubs')

​Reinsurance brokerage Chedid Re has announced the promotion of two key personnel within its facultative division, with Patricia Atallah named Senior Director of the firm’s property portfolio, while Jalal Tabaja steps into the role of Senior Director of Energy, Marine & Specie. With nearly two decades of experience in the industry and based in Lebanon, Atallah assumes her new position after previously serving as Director of Facultative Operation – Property, Engineering, and Political Violence at Chedid Re. Tabaja, bringing over 15 years of experience to his new role, previously held the position of Director within Chedid Re, having joined the firm in 2014 as Senior Manager – Marine & Energy. (Kenneth Araullo, 14/2/2024, Insurance Business UK, 'Chedid Re announces promotions in its facultative division')

ACORD has inaugurated its ACORD Global Advisory Council (GAC), aiming to broaden cooperation among industry participants and focusing on the advantages of standardised data exchange. Dave Matcham, Chief Executive of the IUA, has been appointed as the Chair of the council. Matcham expressed optimism about the GAC’s potential, while Bill Pieroni, President & CEO of ACORD, also underscored the critical role of ongoing data standard adoption for efficient and effective digital processes within the interconnected insurance ecosystem. (Kenneth Araullo, 13/2/2024, Insurance Business UK, 'ACORD introduces new global advisory council')

Ardonagh Specialty has announced the appointment of Patrick Rastiello as the CEO of its reinsurance operations in North America. Rastiello brings a wealth of experience to his new position, having previously served as CEO and President of Accredited, where he successfully expanded the company’s premium run rate to over $1.1 billion. His leadership at Accredited focused on underwriting and growth strategies, marking a significant phase of development for the company. Before his tenure at Accredited, Rastiello spent 24 years at Aon Reinsurance, where he was instrumental in founding the MGA practice group. This initiative grew to become one of the largest MGA brokers in the United States.(Kenneth Araullo, 13/2/2024, Insurance Business UK, 'Ardonagh Specialty names new CEO for North America reinsurance')

Bermuda-based legacy group Compre has announced the creation of a global claims and operations function to streamline its operations following a year of significant growth and successful transactions in 2023. Simon Hawkins, previously CEO for Europe at Compre, has been promoted to Executive Managing Director – Operations, a newly established role that underscores the importance of this global function. David Presley, who was instrumental in expanding Compre’s footprint in the United States since joining in 2022 as CEO for North America, has departed from the company. (Kenneth Araullo,12/2/2024, Insurance Business UK, 'Compre reveals formation of global claims and operations function')

Re/insurance broker Miller has officially announced the recruitment of Hayley Kennedy as Client Advocate for the upstream and onshore energy divisions. Kennedy transitions to Miller following her tenure at Shell International, where she held the role of Risk Manager & Deputy Chair of the enABLE Network, and, notably, was seconded to Petroleum Development Oman as Head of Insurance. According to LinkedIn, her career trajectory also includes significant positions at Aon Singapore, where she led the offshore energy team as Placement Director, and at Marsh, where she managed the offshore drilling & FPSO contractor portfolio. (Kenneth Araullo, 12/2/2024, Insurance Business UK, 'Miller strengthens energy proposition')

Miami-based broker ATL RE has expanded its executive team with the addition of Marcelo Podawacz as Director and Head of Property, coming shortly after the company announced its entry into the markets of Latin America and the Caribbean. As per LinkedIn, Podawacz brings over three decades of experience in the insurance and reinsurance industry, with a significant portion of his career dedicated to the Latin American sector. He transitions to ATL RE from the Ardonagh Group (previously known as Ed. Miami), where he held the position of Technical Account Manager in the P&C reinsurance division in Miami. Before his tenure at Ardonagh Group, Podawacz served as a Director at America Premium Re Solutions, focusing on business development in South America. (Kenneth Araullo, 12/2/2024, Insurance Business UK, 'ATL RE bolsters property practice with key appointment')

Tokio Marine HCC International (TMHCCI) has announced Nicola Hannay as its new Head of Power Generation within the company's energy practice based in London. Hannay's move to TMHCCI follows her tenure at SCOR, where she held the position of Global Head of Power within the company's business solutions division. With an extensive career spanning almost 30 years, Hannay has a track record of developing and leading successful power portfolios for companies such as AXA XL and AIG. (Kenneth Araullo, 12/2/2024, Insurance Business UK, 'Tokio Marine HCC International broadens energy portfolio with key hire')

Specialty re/insurer IQUW has announced the recruitment of three key figures to its property division, aiming to bolster broker relations and drive the company's strategic expansion both domestically and globally. The new team members include Mike Barrett, appointed as Lead Underwriter for property direct and facultative (D&F); Jonathan Powell, who will serve as Senior Underwriter for property delegated authority (DA); and Charles Tinworth, taking on the role of Senior Property Underwriter. Before Barrett's move to IQUW in January 2024, he was associated with Lockton, holding the position of Senior Vice President of P&C specialties for close to five years, following a tenure as a Senior Broker at Prospect Insurance Brokers. Powell transitioned to IQUW in February 2024 after a three-year leadership role at Bishopsgate Insurance Brokers and experiences at Neon and Hiscox. Tinworth previously contributed his skills at Allianz Commercial and AIG, enhancing his profile as a Senior Property Underwriter. (Kenneth Araullo, 12/2/2024, Insurance Business UK, 'IQUW bolsters property division with trio of appointments')

Direct Line Insurance Group Plc (Direct Line Group or DLG), which last year announced Adam Winslow’s imminent arrival in the first quarter of 2024, has now confirmed the incoming Chief Executive’s start date. “Adam Winslow will join the group as Chief Executive Officer on March 1, 2024,” the insurer said in a London Stock Exchange filing. “Adam’s appointment to the board of Direct Line Group is to be with effect from March 21, 2024.” Currently on gardening leave, Winslow previously served as UK & Ireland General Insurance Chief at Aviva. His departure saw Aviva group CEO Amanda Blanc return to the Association of British Insurers board. The former ABI Chair replaced Winslow as Aviva’s representative to the line-up. (Terry Gangcuangco, 12/2/2024, Insurance Business UK, 'Direct Line Group confirms new CEO’s first day')

AXA UK & Ireland has announced the appointment of Gwenaël Fourré as Chief Operating Officer. Shali Vasudeva, who has held the role for five years, will be retiring to pursue non-executive opportunities. Gwenaël Fourré joins AXA UK & Ireland on 4 March* from AXA France, where he is currently Chief Digital Officer. Prior to this, he was Chief Information Officer for one of the business units in AXA France and held roles at AXA Group Operations and Microsoft. (AXA, 12/2/2024, youTalk Insurance, 'AXA UK & Ireland appoints Gwenaël Fourré as Chief Operating Officer')

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