Insurance News
Bermuda-based Warwick Re has successfully finalized a quota share reinsurance agreement with Just Group plc, a UK-based bulk purchase annuity (BPA) insurer. The deal, which was completed in December 2023, represents a significant $500 million transaction and marks Warwick Re’s entry into the reinsurance market. (Kenneth Araullo, 8/2/2024, Insurance Business UK, 'Warwick Re closes inaugural reinsurance transaction')
Talanx Group (Talanx) has achieved an unprecedented profit milestone, recording a net income of EUR 1,581 million for financial year 2023 (FY23), significantly outperforming its projected target of around EUR 1.4 billion. The insurance group unveiled these figures in its preliminary unaudited financial results, highlighting a noteworthy uptick in insurance revenues to EUR 43.2 billion from the previous year’s EUR 39.7 billion. This financial uplift translated to a robust return on equity rate of 16.6%, far surpassing the company’s strategic aim of 10%. (Roxanne Libatique, 8/2/2024, Insurance Business UK, 'FY23 financial results: Talanx surges ahead of profit forecasts')
Everest Group has published its latest set of financial results. Commenting on the numbers, President and Chief Executive Juan C. Andrade said: “Everest’s strong fourth quarter performance capped off an exceptional 2023, delivering record annual results in underwriting income, net investment income, operating income, net income, and cash flow from operations. We executed on our strategic objectives, while delivering an operating ROE (return on equity) of over 23% and a total shareholder return of over 26% for the full year. 2023 was the most profitable year in our history." (Terry Gangcuangco, 8/2/2024, Insurance Business UK, 'Everest announces 2023 financial results')
Pro Global has touted notable progress and a positive outlook for the future following its operations in 2023, with the firm reporting growth throughout the year. Over the year, Pro Global experienced a 12% increase in revenue, marking the third year in a row of double-digit growth and outperforming inflation rates. As per a news release, this growth is attributed to the company’s strategic focus on expanding its services and leveraging technological advancements to better serve its clients. (Kenneth Araullo, 8/2/2024, Insurance Business UK, 'Pro Global outlines growth in 2023 results')
The uptake of telematics insurance among UK drivers is seeing a notable increase, as a significant portion of motorists view it as a strategic avenue to secure discounts on their car insurance premiums, according to a study conducted by The Green Insurer. The study reveals that awareness of telematics insurance is widespread, with 81% of UK car drivers familiar with the concept. Despite only 8% of those surveyed currently utilising telematics devices, a considerable 35% express openness to considering such policies at their next insurance renewal. (Kenneth Araullo, 8/2/2024, Insurance Business UK, 'Telematics insurance on the rise for UK drivers – The Green Insurer')
Tokio Marine HCC International (TMHCCI) has confirmed it will be incorporating specific members of the Lavaretus Underwriting team, a specialist managing general agent (MGA) and Lloyd’s coverholder with a focus on the shipping, power, and energy sectors, following an agreement with Marsh Specialty UK. The integration is slated for completion shortly after the first quarter of 2024. Lavaretus, with operations across Finland, Sweden, Denmark, and the UK, covers niche insurance products catering to the construction, operational, and business interruption risks in static floating industrial solutions. This includes areas such as power generation, battery storage, and data storage solutions, highlighting its expertise in providing survey and risk engineering services. (Kenneth Araullo, 8/2/2024, Insurance Business UK, 'TMHCCI inks deal with Marsh Specialty UK for specialist MGA')
The average premium paid for home insurance in the UK rose in the fourth quarter of 2023, according to the latest household premium tracker published by the Association of British Insurers (ABI). The ABI said the average cost of home insurance saw an increase both on a quarterly and a yearly basis. Meanwhile it was noted that the industry paid out £352 million in support of home insurance customers whose houses were damaged by Storms Babet, Ciaran, and Debi. The amount spans 36,000 claims. (Terry Gangcuangco, 8/2/2024, Insurance Business UK, 'ABI releases latest household premium tracker')
The Fortegra Group, a multinational specialty insurer, has confirmed the withdrawal of its previously announced initial public offering. Fortegra is a subsidiary of Tiptree Inc. In a news release, the insurer said that it was withdrawing the registration statement relating to its IPO due to “prevailing market conditions” and the “high value” placed on its growth prospects by Tiptree and Warburg Pincus. “Tiptree and Warburg remain committed to supporting Fortegra as it continues to execute its growth strategy,” Fortegra said in the news release. (Ryan Smith, 7/2/2024, Insurance Business UK, 'Fortegra withdraws plans for IPO')
Hannover Re has reported an inflation- and risk-adjusted rate increase of 2.3% for its treaty renewals as of January 1, 2024, in the traditional property and casualty reinsurance sector. This development, Hannover Re explained, comes amid a market landscape that appears more stable compared to the preceding year, coupled with an increased demand for reinsurance capacity, predominantly from existing market participants. (Kenneth Araullo, 7/2/2024, Insurance Business UK, 'Hannover Re confirms risk-adjusted rate increase')
The board of directors at RenaissanceRe has decided to raise the quarterly dividend issued to its shareholders to $0.39 per common share, an increase from the previous $0.38 per common share. This marks a continuation of the company’s trend of increasing dividends annually for 29 years since RenaissanceRe went public. The firm first listed in 1995 on the New Yerk Stock Exchange (NYSE), selling 3.1 million common shares at a split-adjusted price of $6.33 per share. (Kenneth Araullo, 7/2/2024, Insurance Business UK, 'RenaissanceRe increases quarterly dividend')
Industry-owned Polaris has announced a 21% increase in insurance premiums processed through its digital trading platform, imarket, reaching £394 million in 2023, growth which accompanies the firm’s commitment to enhancing its digital offerings. This commitment includes a £1.5 million investment in imarket's infrastructure and over £1 million in the development of ProductWriter, its rating engine. (Kenneth Araullo, 7/2/2024, Insurance Business UK, 'Polaris publishes 2023 usage figures')
WTW had a “solid” financial performance in 2023, according to Chief Executive Carl Hess. Segment-wise, both risk & broking and health, wealth & career posted increases in revenue and operating income in the fourth quarter. “WTW closed 2023 with robust momentum, delivering strong organic revenue, margin, and earnings growth in the fourth quarter to cap a solid financial performance for the year,” Hess said. “Our topline results and healthy pipeline for 2024 reflect the success of our growth initiatives with both new and existing clients." (Terry Gangcuangco, 7/2/2024, Insurance Business UK, 'WTW reports results for Q4 and full-year 2023'
The British Insurance Brokers’ Association (BIBA) has three main things on its wish list for the upcoming Spring Budget. Amid the continuing cost-of-living crisis, BIBA wants the government to lower Insurance Premium Tax (IPT) rates, invest more in flood defences, and reform the apprenticeship levy. “We know individuals and businesses are struggling due to the cost of living, and this sits at the heart of our calls to action in our latest Manifesto and our budget submission,” BIBA Chief Executive Graeme Trudgill said in a release. (Terry Gangcuangco, 7/2/2024, Insurance Business UK, 'BIBA outlines Spring Budget 2024 wish list')
As part of its Forward 2026 strategic plan unveiled in September 2023, SCOR reported significant growth in its property & casualty (P&C) business during the January 2024 renewals. The global reinsurance firm achieved 13.6% growth in Expected Gross Premium Income (EGPI), surpassing the growth projections set out in its strategic plan. This growth is attributed to an increase in preferred lines, including engineering, marine, IDI (Income Disability Insurance), and international casualty, reflecting SCOR’s commitment to diversifying its portfolio and enhancing technical profitability in a persistently hard market. (Kenneth Araullo, 6/2/2024, Insurance Business UK, 'SCOR announces P&C growth following 1.1 renewals')
Hanoi Re has announced substantial growth in its financial results for 2023, with a 12% increase in revenue reaching VND2,990 billion (approximately US$122.8 million) and a notable 35% rise in pretax profit to VND256 billion. This performance, the company says, marks the highest profit level since its inception in 2011 and signifies a significant improvement in its combined ratio to below 95%. (Kenneth Araullo, 6/2/2024, Insurance Business UK, 'Hanoi Re celebrates profit milestone in financial results')
Howden Group Holdings has disclosed its financial outcomes for the fiscal year ending September 30, 2023. The company witnessed a significant financial upturn, marking a 33% increase in revenue to £2,443 million, up from £1,841 million the previous year. Adjusted consolidated EBITDA also rose by 30% to £780 million, from £599 million, with an EBITDA margin of 31.9%. This growth was attributed to a blend of organic growth, recorded at 13%, and strategic acquisitions. (Kenneth Araullo, 6/2/2024, Insurance Business UK, 'Howden publishes full year 2023 results')
CNA Financial Corporation has published its earnings report for 2023. “We ended the year strong, with core income up 37% to a record high of US$362 million in the fourth quarter capping off a record level for the year of US$1,284 million, a 54% increase driven by a 25% increase in pretax net investment income and record levels of underlying and all-in underwriting income,” Dino E. Robusto, CNA Chair and Chief Executive, said in a release. (Terry Gangcuangco, 6/2/2024, Insurance Business UK, 'CNA Financial Corporation announces Q4, full-year results')
Reinsurance Group of America, Inc. (RGA) has made significant strides in its Continental Europe operations by finalizing an asset-intensive reinsurance transaction with the Belgian subsidiary of Baloise, a prominent insurance entity in Belgium known as Baloise Belgium NV. According to a Press release, the transaction encompasses approximately 57,000 individual life insurance policies with guaranteed minimum returns and total reserves of around €900 million. This transaction includes collateral in a custody account supporting RGA’s liabilities. (Jonalyn Cueto, 5/2/2024, Insurance Business UK, 'RGA expands European reach with Baloise reinsurance deal')
The Ardonagh Group Ltd (Ardonagh) is poised to embark on a US$2 billion bond sale, signalling a triumph for banks against private credit firms proposing a record-breaking US$5 billion loan for the UK brokerage. Insiders familiar with the situation said a coalition of Wall Street lenders – led by Morgan Stanley and Goldman Sachs Group Inc – is positioned to oversee the bond offering. (Roxanne Libatique, 5/2/2024, Insurance Business UK, 'Ardonagh launches US$2 billion bond sale')
It’s Aon Plc’s turn to share how it fared in the three and 12 months ended December 31, 2023. In terms of revenue in the fourth quarter, all Aon segments – commercial risk solutions, reinsurance solutions, health solutions, and wealth solutions – saw an increase from the same quarter in 2022.(Terry Gangcuangco, 5/2/2024, Insurance Business UK, 'Aon announces Q4 and full-year 2023 results')
Mergers & Acquisitions
Catalina Insurance Ireland is now owned by RiverStone International. “We are very pleased to welcome the Irish team to RiverStone International,” Group Chief Executive Luke Tanzer said in an emailed release. “This acquisition demonstrates our commitment to delivering on our geographical expansion strategy, and in particular our objective to continue to grow our capabilities within the European market.” RiverStone International – a legacy acquirer operating in the UK company and Lloyd’s markets, Bermuda, and Europe – completed the transaction with the Catalina Group earlier this month. (Terry Gangcuangco, 7/2/2024, Insurance Business UK, 'Catalina Insurance Ireland gets new owner')
Brown & Brown has completed the acquisition of Oxlea Investments, which trades as Stewart & Partners, marking a significant expansion of its operations within the UK. Stewart & Partners, a brokerage firm based in Welling, Kent, will now operate under the umbrella of Green Insurance Group (Greens), Brown & Brown's retail broker in the South East. This acquisition, which has already received regulatory approval, also represents a strategic move by Brown & Brown to strengthen its position in the UK insurance market. While the financial terms of the deal were not disclosed, the merger is anticipated to offer mutual benefits for both entities, enhancing service delivery to clients and expanding the market reach of Brown & Brown in the UK. (Kenneth Araullo, 6/2/2024, Insurance Business UK, 'Brown & Brown announces acquisition for South East retail division')
Glasgow-based insurance broker Solutions Healthcare has been acquired by Ardonagh Advisory, the SME broking platform within The Ardonagh Group, for an undisclosed sum. Under the deal, Solutions Healthcare will operate as part of Ardonagh Advisory’s whole of market provider Towergate Health & Protection. According to the announcement, Co-Founder Evelyn Christie will continue to guide the private medical insurance and employee benefits broker in a client-facing role. (Terry Gangcuangco, 6/2/2024, Insurance Business UK, 'Solutions Healthcare joins Towergate Health & Protection')
Monument Re has finalised the acquisition of a closed book portfolio from Integrale Luxembourg S.A., through its Luxembourg subsidiary, Monument Assurance Luxembourg S.A. (MAL). The transaction encompasses a long-term life insurance business portfolio, which primarily caters to the markets in Luxembourg, the Netherlands, and France. Its terms and conditions remain the same for policyholders following the transfer to MAL, according to a news release. (Mika Pangilinan, 5/2/2024, Insurance Business UK, 'Monument Re announces latest acquisition')
The AA has acquired key cover provider Keycare for an undisclosed sum. “Both the AA and Keycare have market-leading positions and strong complementary brands, and our organisations have a shared ethos which puts the customer at the centre of everything we do,” Keycare Chief Executive Steve Wainwright said when the deal was announced. (Terry Gangcuangco, 5/2/2024, Insurance Business UK, 'The AA acquires Keycare')
Fosun International Ltd (Fosun) is reportedly mulling over the possibility of selling its minority stake in Ageas, the largest insurer in Belgium, in a bid to alleviate its debt burden. Ageas, headquartered in Brussels, houses insurance assets that were formerly owned by Fortis, a Belgian financial services giant rescued during the 2008 financial crisis. The company provides property and casualty as well as life insurance services in several countries – including Belgium, France, and Portugal – and offers motor cover in the UK. It also operates in Asian markets such as China, Malaysia, and Thailand. Fosun, which increased its stake to around 10% in 2021, is currently the insurer's largest individual shareholder. (Roxanne Libatique, 6/2/2024, Insurance business UK, 'Conglomerate considers sale of minority stake in Ageas')
Movers
RSA Insurance has bolstered its UK specialty lines division with the appointment of two new Underwriters, enhancing its capabilities in property and power, engineering, and renewable energy underwriting. John Lawrence and Henry Henderson are set to join the company, bringing expertise to RSA’s operations within Intact’s Global Specialty Lines. Lawrence, with a background in property underwriting, will assume the position of Senior Specialist Underwriter – Property, from March 18. His career has spanned various leading insurers, including AXA, AIG, and an earlier period at RSA, before his most recent role at Allianz since 2018. Henderson is set to contribute to RSA’s power and renewable energy portfolio as a Specialist Underwriter. His career includes significant stints at Brit and HDI Global Specialty, culminating in a recent role at Liberty Specialty Markets in the power and renewable energy team since January 2022. (Kenneth Araullo, 9/2/2024, Insurance Business UK, 'RSA bolsters specialty lines with new underwriters')
The property & casualty and specialty risk division of international insurer AXA has appointed its first-ever Global Chief Underwriting Officer for specialty. The newly created role at AXA XL will be assumed by Anne Marie Elder – currently Global CUO for marine – on April 1. Her wider remit will span AXA XL’s marine, aerospace, and specialty niche portfolios. Elder’s credentials include time spent at The Hartford, Allianz, and CNA Insurance. Based in Connecticut, she has been with the business since 2011. (Terry Gangcuangco, 9/2/2024, Insurance Business UK, 'AXA XL names global chief underwriting officer for specialty')
As part of Marsh Specialty’s new global cyber insurance centre, Shannan Fort has been appointed as International Cyber Product Leader in London. An Aon alumnus with more than 16 years of international experience, Fort will be joining from McGill and Partners on April 1. Her previous roles include Cyber Product Development Leader. (Terry Gangcuangco, 9/2/2024, Insurance Business UK, 'Marsh Specialty makes cyber hire in London')
Specialty insurer Markel has appointed Katie Costello as Hull & War Head and Paul Western as Head of Hull Underwriting. Costello has been with Markel since 2017, Western since 2021. (Terry Gangcuangco, 9/2/2024, Insurance Business UK, 'Markel bolsters hull & war underwriting')
Managing general agent Nirvana has hired Andrea García-Beltrán as Cyber Europe Head. Based in Barcelona, García-Beltrán will be in charge of leading and building a new cyber insurance product for SMEs in Europe. Her credentials include time spent as Cyber Underwriting Head at RSA and Chair of the International Underwriting Association’s cyber underwriting insurance committee. (Terry Gangcuangco, 9/2/2024, Insurance Business UK, 'Nirvana brings in cyber head for Europe')
Mitsui Sumitomo Insurance Company (Europe), Limited (MSI EU) – a subsidiary of the Japanese insurance giant Mitsui Sumitomo Insurance (MSI) – has announced the appointment of Martyn Rodden as the interim CEO of its UK operations, now known as MSIG UK. He transitions to this role from his previous position as Director of Strategy & Transformation at MS Amlin Underwriting Limited (MS AUL). Bringing over 20 years of experience in the specialty London Market, Rodden has spent more than a decade in executive leadership roles. His tenure on the executive committee at MS AUL was marked by significant contributions to strategic changes that led to the firm’s recent successes. Notably, he oversaw the Reinsurance To Close deal in 2023, described as a landmark transaction in Lloyd’s market history. Before his latest appointment at MSI EU, Rodden held progressively senior positions at MS Amlin for eight years and has a rich background with prominent London Market entities. His prior roles include Chief Risk Officer at Faraday Underwriting and Head of Risk at Chaucer’s syndicate business. (Roxanne Libatique, 8/2/2024, Insurance Business UK, 'MSIG's UK subsidiary announces interim CEO')
WF Risk Group, based in Belfast and the parent company of Willis Insurance & Risk Management, has announced the appointment of two Directors for Kennett Insurance Brokers Ireland DAC, located at the notable address of Merrion Square South in Dublin. As part of the development, the firm has strategically positioned Bruce Low as Managing Director and Wayne Kwan as Sales Director for its operations in Ireland. With a history of conducting business in Ireland spanning over four and a half decades, WF Risk Group has responded to the post-Brexit landscape by establishing a regulated entity in Dublin. This move, the company explained, ensures it can continue its services seamlessly across both Northern and Southern Ireland. (Kenneth Araullo, 8/2/2024, Insurance Business UK, 'WF Risk Group announces expansion in Ireland')
Chris Inglis, who served as cybersecurity adviser to US President Joe Biden from 2021 to 2023, is joining the American International Group board as an Independent Director. An expert on cyber intelligence and security, the former National Cyber Director and ex-brigadier general will take on the AIG post in March. His credentials include 43 years of federal service. (Terry Gangcuangco, 8/2/2024, Insurance Business UK, 'Former White House advisor to join AIG board')
Zoe Knight, who joined NFU Mutual in 2019, has become the insurer’s first-ever Head of Commercial. The Commercial Head started out as a Commercial Underwriter in 1994, bringing three decades of insurance experience to the newly created role. (Terry Gangcuangco, 8/2/2024, Insurance Business UK, 'NFU Mutual names first-ever commercial head')
Lewis Cursley has joined Bridge Specialty Group’s Lonmar Global Risks as Business Development Manager to grow the broker’s market presence in the North and Midlands. Commenting on the appointment, Business Development Director Rob O’Connor said: “He’s a highly capable BD specialist with good connections in the region, and I’m confident he’ll make a positive difference, building on our existing relationships and further developing our market presence.” (Terry Gangcuangco, 8/2/2024, Insurance Business UK, 'Lonmar Global Risks makes key appointment as part of expansion')
Canopius Group has announced the hiring of Valentina Minetti as its Head of Medical Professional Liability (MPL). According to LinkedIn, her career spans almost three decades, marked by significant roles within the insurance sector. Minetti’s most recent position was Active Underwriter at Coverys Syndicate 1975. Before that, she managed the US hospitals portfolio at Beazley and started her career in actuarial positions at RSA, followed by GE Financial and Groupama. (Kenneth Araullo, 7/2/2024, Insurance Business UK, 'Canopius appoints new head of medical professional liability')
VIG Re, the reinsurance arm of Vienna Insurance Group, has announced the elevation of Tobias Sonndorfer to the role of Vice-Chairman of the board of directors, effective February 1, 2024. He joined the board of directors at VIG Re on January 1, 2023. According to his LinkedIn, his previous tenure at Munich Re was marked by significant achievements, including his role as Client Management Executive, where he managed relationships across Central and Eastern Europe, Southeastern Europe, Austria, Switzerland, Belgium, and Luxembourg. Sonndorfer’s experience also includes key positions in managing both traditional and innovative reinsurance solutions on an international scale. Prior to joining Munich Re, he was a Senior Consultant at PwC in Germany. (Kenneth Araullo, 7/2/2024, Insurance Business UK, 'VIG Re taps vice-chairman for board of directors')
RSA, after acquiring NIG from Direct Line Group (DLG), has hired DLG Commercial Managing Director Sonya Bryson. Bryson, who also served as NIG Managing Director, will join RSA in May as Commercial Lines MD. She is succeeding Lee Mooney, who is leaving the insurer after 26 years. (Terry Gangcuangco, 7/2/2024, Insurance Business UK, 'DLG leader to join RSA')
SiriusPoint has announced a strengthening of its leadership team with the appointments of Chris Fenn as Head of Marine, London, and John Hopper as Head of Energy. Fenn joins SiriusPoint with over 25 years in the marine and energy insurance industry. Before this, Fenn held several key positions at Markel International, including Senior Liability Underwriter Marine and Energy, Managing Director, Marine, and Divisional Managing Director, Marine, marking a 14-year tenure that began in 2008. Fenn also has experience in reinsurance from his time at Sirius International in 1995. Hopper, meanwhile, brings more than three decades of experience in marine, offshore, and renewable energy underwriting to his role as Head of Energy at SiriusPoint. Hopper’s previous role was Senior Underwriter for the natural resources & sustainable energies team at QBE Europe, starting in April 2023. His extensive background includes serving as Head of Energy at AmTrust’s Lloyd’s Syndicate 1861 from 2014 to 2019. Additionally, SiriusPoint announced Victoria Hopgood as Senior Underwriter for energy, further reinforcing the company’s expertise in this sector. Hopgood transitions to SiriusPoint from Liberty Specialty Markets. (Kenneth Araullo, 6/2/2024, Insurance Business UK, 'SiriusPoint expands energy and marine with key appointment')
Re/insurance MGA Rokstone has announced the appointment of Travis Bowles as its new Global Head of Claims, signaling a strategic move to bolster its claims management capabilities as the company continues its rapid global expansion. As per LinkedIn, Bowles transitions to Rokstone from AXIS Capital, where he served for five years as International Head of Claims. Beginning his career as a Solicitor with Reynolds Porter Chamberlain, Rokstone introduced Bowles as someone who has developed a reputation for his strategic approach to claims management, exceptional decision-making skills, and an eye for identifying opportunities that enhance value and the overall claims process. (Kenneth Araullo, 6/2/2024, Insurance Business UK, 'Rokstone names global head of claims')
Generali Global Corporate & Commercial (GC&C) has named Carlos Gomez as its new Head of Insurance, effective from January 30, 2024. Gomez, who is currently the Head of GC&C for the Mediterranean & Latin America regions, will retain his existing role on an interim basis while taking on his new responsibilities. As per his LinkedIn, Gomez’s career in the insurance industry extends over 30 years, all within the Generali Group, where he has assumed several key leadership roles. His significant achievements include driving Generali’s expansion in the Iberian and Latin American markets. (Kenneth Araullo, 6/2/2024, Insurance Business UK, 'Generali Global Corporate & Commercial appoints new head of insurance')
CFC has announced the appointment of Nichola Archibald as the company’s interim Chief People Officer. Archibald brings to CFC over two decades of experience in human resources across various industry sectors, including significant roles at Inter Hannover Plc, Hannover Re, RSA, and Aviva. Before joining CFC, Archibald had been offering HR consulting and executive coaching to diverse businesses for more than 10 years. (Kenneth Araullo, 6/2/2024, Insurance Business UK, 'CFC unveils interim chief people officer')
Xenia Broking Group Limited, part of the Brown & Brown group, has announced the appointment of Steven Stennett as its new Chief Executive Officer. Stennett, with over two decades of experience in the trade credit insurance industry, steps into the role with a wealth of knowledge from various senior positions, including his recent tenure as Commercial Director at Allianz Trade UK and Ireland. His career began at Atradius, followed by significant contributions at Coface where he enhanced the company's commercial strategies. Stennett takes over from Tim Coles, who has moved into a significant leadership role within Bridge Specialty Group, a wholesale brokerage segment of Brown & Brown, as CEO of international operations. (Kenneth Araullo, 6/2/2024, Insurance Business UK, 'Xenia Broking Group names new CEO')
Active cyber insurer Coalition has announced the appointment of Laura Stewart as the company's inaugural UK Claims Leader. Stepping into the role of Claims Counsel, her professional journey spans notable positions at DAC Beachcroft and Ernst & Young, culminating in a recent tenure at the US-based Morrison Foerster law firm. There, she played a pivotal role in assisting clients with matters related to data protection, privacy issues, cyber incidents, negotiation, and security awareness training. As per her LinkedIn, Stewart has offered her expertise to a diverse clientele, from small British enterprises to large multinational corporations. Additionally, she possesses significant experience in handling insurance claims and coverage disputes. (Kenneth Araullo, 6/2/2024, Insurance Business UK, 'Coalition names inaugural leader for claims in the UK')
Howden has appointed London Stock Exchange Group (LSEG) Chief Operating Officer and Integration Head David Shalders as Group COO. The incoming leader, who was Group Operations and Technology Director at WTW, has more than three decades of experience in integration, technology, and operations in the financial services sector. His credentials include time spent at The Royal Bank of Scotland, UBS, JPMorgan, and Accenture. (Terry Gangcuangco, 6/2/2024, Insurance Business UK, 'Howden snaps up key leadership hire')
Manan Sagar has been appointed as Chief Executive of Gallagher Bassett’s UK operations (GB UK). The Deloitte alumnus most recently served as Global Head of Insurance and brings experience from the likes of Fujitsu, Capita, Allied World, Lockton, and Willis. (Terry Gangcuangco, 6/2/2024, Insurance Business UK, 'Gallagher Bassett names CEO for UK operations')
Somerset Reinsurance has announced the appointment of Thomas Porter as its new Chief Underwriting Officer. Prior transitions to Somerset from Hannover Re, where he had served as the Head of Financial Reporting & Valuation since 2020. He also held other key positions and was involved in financial solutions structured reinsurance, captive, and derivative transactions. (Mika Pangilinan, 5/2/2024, Insurance Business UK, 'Somerset Re names new chief underwriting officer')
Insurance broker BMS has appointed Rob Neighbour as Divisional Director of Energy. Neighbour, who will report to BMS Energy Director Allex Collier, is joining the London line-up upon completing his contractual obligations at Alesco Risk Management Services. He most recently served as Executive Partner. Neighbour’s credentials include time spent at Howden Insurance Brokers and Thompson Heath and Bond. (Terry Gangcuangco, 5/2/2024, Insurance Business UK, 'BMS hires divisional director of energy')
All information provided in this Market Digest has been gathered from Insurance Business UK.
