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General Insurance Newsletter Friday 8th March 2024

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Insurance News

​Admiral Group (Admiral) has disclosed a notable 23% surge in its pre-tax profits, climbing to £442.8 million for the year 2023, up from £361.2 million in the preceding year. The firm's group turnover witnessed a whopping 31% increase, escalating to £4.81 billion from £3.68 billion in 2022. Despite the overall upward trend in financial performance, there was a slight downturn in the dividend per share, which decreased by 8% to 103.0p from 112.0p the year before. The previous year's special dividend of 45.0p per share, related to the disposal of Penguin Portals comparison entities, was not repeated in 2023. (Roxanne Libatique, 7/3/2024, Insurance Business UK, 'Admiral Group reveals significant turnover increase')

Insurance giant Aviva has announced its full-year results for 2023, with group CEO Amanda Blanc pointing to its “significant progress”. Among the key financials posted by the insurer, Aviva recorded an operating profit increase of 9% to £1.47 billion, up from £1.35 billion in 2022 and announced a new £300 million share buyback programme. Aviva’s general insurance business showed strong growth with premiums up 13% to £10.88 billion, compared with £9.75 billion in 2022. Its undiscounted combined operating ratio (COR) came in at 96.2% for the year, up from 95.2%. (Mia Wallace, 7/3/2024, Insurance Business UK, 'Aviva announces full-year financial results')

UK Chancellor Jeremy Hunt delivered the Spring Budget 2024 on Wednesday, and the likes of BIBA (British Insurance Brokers’ Association) and CII (Chartered Insurance Institute) have been quick to react. For BIBA, the Budget was a combination of welcome interventions and missed opportunities. BIBA Chief Executive Graeme Trudgill commented in a statement: “With the cost of living continuing to bite, we welcome the positive measures to ease the burden on businesses and working people announced in the Budget. However, we also recognise the missed opportunity when it comes to taking more decisive action on issues such as Insurance Premium Tax, and increased flood investment in response to inflationary pressures." (Terry Gangcuangco, 7/3/2024, Insurance Business UK, '"Missed opportunity" in Spring Budget 2024')

LMHC (consisting of Liberty Mutual Holding Company and its subsidiaries) has published the group’s financial results for 2023. Choosing to focus on the quarterly figures, Liberty Mutual President and Chief Executive Tim Sweeney said: “We had a strong finish to the year with net income attributable to LMHC of US$654 million for the fourth quarter. We continue to make progress toward our 95% combined ratio target by the end of 2025, with 4.7 points of improvement in our underlying combined ratio and 2.3 points of improvement in our total combined ratio from the prior year quarter." (Terry Gangcuangco, 7/3/2024, Insurance Business UK, 'Liberty Mutual sees net income tumble')

Allianz Trade, a specialist in trade credit insurance, has introduced Allianz Trade pay, a payment solution tailored for the B2B e-commerce sector. This service suite, as the company explains, aims to revamp how businesses manage their online transactions. Allianz Trade pay offers support through a variety of services, including trade credit insurance protection, a fraud prevention module, a digital buyer onboarding solution, and instant financing options via financial institution partners. (Kenneth Araullo, 6/3/2024, Insurance Business UK, 'Allianz Trade reveals payment solution for B2B activities')

​Reinsurer SCOR has disclosed its financial results for the fourth quarter of 2023, with the firm showcasing a solid performance amid challenging market conditions. The group reported a net income of €162 million for Q4 2023, with an adjustment for the mark-to-market impact of the option on own shares leading to a slightly higher figure of €179 million. Throughout 2023, SCOR achieved a net income of €812 million, with an adjusted figure of €780 million. (Kenneth Araullo, 6/3/2024, Insurance Business UK, 'SCOR reveals latest financial results')

​The home insurance sector in the UK witnessed a notable surge in average quoted prices, marking a 40.6% increase — the most significant yearly escalation recorded by Consumer Intelligence since its inception in 2014. This upward trend surpassed prior records, with hikes of 36.1% and 25.7% in the preceding two quarters, positioning the most common quotes between £150 and £199, as indicated by 29% by the insight provider’s observations. (Kenneth Araullo, 6/3/2024, Insurance Business UK, 'UK home insurance sector sees record surge in average quote prices')

Lancashire Holdings has disclosed its financial outcomes for the full-year period ending on December 31, 2023. The group reported an increase in gross premiums written, from $1,652.3 million in 2022 to $1,931.7 million in 2023. Revenue from insurance activities also rose to $1,519.9 million, compared to $1,226.5 million in the previous year. (Kenneth Araullo, 6/3/2024, Insurance Business UK, 'Lancashire reports full year financials for 2023')

Arc Legal Group has announced a collaborative agreement with HomeServe, designed to enhance the latter’s offering by incorporating Arc Legal's Home Accident Cover into their array of emergency insurance solutions for homeowners. The addition of Home Accident Cover to HomeServe's portfolio will provide homeowners with another level of protection, designed to assist policyholders in the unfortunate event of accidents that result in injuries necessitating hospitalisation or leading to fatalities. (Kenneth Araullo, 6/3/2024, Insurance Business UK, 'Arc Legal Group inks deal to offer revamped home accident coverage')

Lloyd’s has released the findings from its latest Market Policies and Practices (MP&P) return. The fifth iteration of the report highlights a marked advancement in the adoption of inclusive practices and a culture of high performance among market firms. The improvements have been driven by a greater emphasis on leadership and accountability, with specific, measurable goals for fostering a diverse corporate culture. The MP&P return outlines substantial strides made towards diversity goals, particularly regarding leadership roles for women and hiring from ethnically diverse backgrounds. (Terry Gangcuangco, 6/3/2024, Insurance Business UK, 'Lloyd's report points to market progress on D&I targets')

Flood Re has joined the British Insurance Brokers’ Association (BIBA) as an official partner, marking the first time a public body has joined the association. Over the years, BIBA and Flood Re have embarked on several collaborative ventures, notably launching the Flood Insurance Directory with the Association of British Insurers in 2022. In a more recent endeavour, Flood Re contributed to BIBA’s educational efforts through a series of webinars for brokers focussed on the Build Back Better initiative. (Terry Gangcuangco, 6/3/2024, Insurance Business UK, 'Flood Re joins BIBA')

​Mosaic Insurance has expanded its offerings with the launch of a primary technology errors and omissions (E&O) insurance product for firms specialising in products such as artificial intelligence, virtual reality, educational technology, IT consulting, data analytics, software as a service, and peer-to-peer platforms. The primary tech E&O coverage, boasting a capacity of up to $15 million, has the backing of Mosaic’s Syndicate 1609 and a group of syndicated capital partners. Available through underwriting hubs in London, the US, Canada, Europe, and the UAE, the new coverage serves as a global blended product instead of being offered on an excess basis only. (Terry Gangcuangco, 6/3/2024, Insurance Business UK, 'Mosaic Insurance introduces primary tech E&O product')

​Claims management specialist Crawford & Company has announced its financial outcomes for the fourth quarter ending December 31, 2023, alongside its annual results for the year. Crawford & Company’s fourth quarter saw a slight increase in revenue due to foreign currency exchange rates, contributing an additional US$3.4 million or a 1% increase, making the revenues before reimbursements US$292.7 million. However, this marked a decrease of 9% from the fourth quarter of 2022. The net income attributable to shareholders, on a non-GAAP basis, totalled US$3.3 million in the fourth quarter of 2023, a decrease from US$11.4 million in the same period the previous year. (Kenneth Araullo, 5/3/2024, Insurance Business UK, 'Crawford & Company confirms full-year financial results')

Specialist re/insurance broker Miller has revealed its annual results for the year ending December 31, 2023. The firm report record revenue of £240 million, marking a 26% increase from the previous year. The revenue growth was attributed to 19% organic growth and the positive impact of acquisitions made in 2022. Miller also reported a 31% rise in group EBITDA from the previous year, with total gross written premium (GWP) placed reaching approximately $4 billion. (Kenneth Araullo, 6/3/2024, Insurance Business UK, 'Miller breaks revenue record')

​The Financial Conduct Authority (FCA) has clarified that its conduct rules will not extend to distribution services conducted outside the United Kingdom, the London and International Insurance Brokers’ Association (LIIBA) has revealed. The broking body made the announcement to its members, with the clarification aimed at alleviating the regulatory pressures previously faced by LIIBA members when engaging with clients based overseas. The confirmation from the FCA also comes as a resolution to a longstanding request for clarity from LIIBA, marking the end of a decade-long advocacy campaign. (Kenneth Araullo, 5/3/2024, Insurance Business UK, 'LIIBA confirms FCA ruling')

Hiscox has unveiled its full-year financial results for the year ended December 31, 2023, revealing a significant leap in profitability, plus a strong outlook for growth. The firm reported an increase in insurance contract written premium to $4,598.2 million from $4,355.4 million in the prior year, with net insurance contract written premium also rising to $3,555.8 million from $3,225.5 million. Notably, the insurance service result surged to $492.3 million from $360.9 million, and there was a turnaround in net investment result to $384.4 million from a previous loss of $187.3 million. (Kenneth Araullo, 5/3/2024, Insurance Business UK, 'Hiscox publishes full-year financial results')

RSA Insurance has unveiled an updated and expanded accident and health (A&H) insurance offering, designed to provide comprehensive group personal accident and business travel coverage. This revamped solution is crafted to assist organisations in meeting their duty of care by safeguarding their personnel, assets, and operations globally. It boasts support from industry partners including Healix, a global healthcare and risk management brand, and Teladoc Health UK, a virtual healthcare specialist. RSA has made this product available to brokers and their clients through its UK Specialty Lines division, offering a suite of benefits aimed at enhancing the emotional and physical wellbeing of employees. (Kenneth Araullo, 5/3/2024, Insurance Business UK, 'RSA revamps A&H offering')

​Lloyd’s has given the green light to AXIS Capital’s Energy Transition Syndicate 2050 to start underwriting from April 1. The full nod follows last December’s preliminary approval to create a syndicate aimed at fostering the energy transition. Syndicate 2050 will focus on offering specialty insurance designed to mitigate the risks involved in the shift away from fossil fuels towards greener, low-carbon alternatives. Elliot Lyes, who heads upstream energy at AXIS, will lead Syndicate 2050 as its Active Underwriter. Lyes, together with a diverse team of underwriters, will concentrate on delivering tailored insurance services that address the unique challenges of transitioning to sustainable energy sources. (Terry Gangcuangco, 5/3/2024, Insurance Business UK, 'AXIS gets full approval for Energy Transition Syndicate 2050')

AXA Commercial is stepping up to assist small and medium-sized enterprises (SMEs) with their fleet management challenges by introducing a complimentary online health check tool. The initiative aims to pinpoint potential safety issues and direct users towards valuable resources to enhance their knowledge and practices. Given the common scenario where SMEs might not have a fleet manager, the risk management aspect often gets sidelined or inadequately addressed due to a lack of know-how, impacting both safety and insurance costs. (Terry Gangcuangco, 5/3/2024, Insurance Business UK, 'AXA Commercial rolls out online health check for motor fleet')

​Oman’s sole reinsurance firm has published its financial results for 2023 – how did it perform? The company disclosed notable growth in reinsurance revenue, achieving OMR42.1 million (US$109.3 million) for the fiscal year ending December 31, 2023. This figure represents a 29% rise from the OMR32.5 million (US$84.5 million) recorded the previous year. (Kenneth Araullo, 4/3/2024, Insurance Business UK, 'Oman Re publishes financial results')

Following its initial announcement in February, wholesale broker GAWS of London has confirmed the launch of its new brand, Evolin Broking Limited (Evolin). This rebranding initiative, the company explained, is aimed at highlighting the company’s dedication to evolving client relationships and its adaptation to the dynamic insurance industry landscape. (Kenneth Araullo, 4/3/2024, Insurance Business UK, 'GAWS of London completes rebrand to Evolin')

​In a significant move to support Ukraine’s export trade amid ongoing conflict, Marsh McLennan’s Lloyd’s insurance facility for the country has been expanded. Initially rolled out last November to facilitate shipments of grains and critical food supplies worldwide by offering lower-priced war risk insurance, the ‘Unity’ facility now covers all non-military goods, including key Ukrainian exports like iron ore, steel, electrical equipment, and animal fodder. (Terry Gangcuangco, 4/3/2024, Insurance Business UK, 'Marsh McLennan, Lloyd's widen Unity facility for Ukraine')

The British Insurance Brokers’ Association (BIBA) has partnered with iprism Underwriting to deliver a high-value home insurance scheme for BIBA members. Specifically designed to meet the sophisticated needs of high-net-worth clients, the cover provided by iprism was described as “one of the more comprehensive” policies available today. The proposition includes generous limits on items such as jewellery, watches, as well as fine art and antiques, alongside protections against identity theft and provisions for home emergency and alternative accommodation lasting up to half a decade. (Terry Gangcuangco, 4/3/2024, Insurance Business UK, 'BIBA taps iprism for high-value home insurance')

Mergers & Acquisitions

Nottingham-based insurance broker Russell Scanlan has acquired Leicester’s Building & Land Guarantees (BLG). An expert in specialist insurance services related to long-term construction projects, BLG has been trading since 2006. Its offerings span residential and commercial property warranties, insurance-backed guarantees, as well as warranties for component parts, machinery, and electrical plants. (Terry Gangcuangco, 8/3/2024, Insurance Business UK, 'Russell Scanlan acquires specialist broker in Leicester')

Aon has acquired the technology assets and intellectual property of insurance provider Limited (Humn), which went into administration earlier this year, to bolster the broking giant’s commercial fleet capabilities. Jillian Slyfield, Aon’s Chief Innovation Officer, highlighted the boost the transaction will bring to the table, saying: “It is more important than ever for our fleet and mobility clients to have access to data-driven insights and tools that inform their risk and business strategies." (Terry Gangcuangco, 8/3/2024, Insurance Business UK, 'Aon snaps up tech assets of in-administration Humn')

​Howden has announced its acquisition of Hencilla Canworth GI Ltd, a UK-based specialist insurance broker with a focus on the performing arts sector, to further enhance the insurance group’s sport and entertainment division. Hencilla Canworth, which has been operating under its current name since 2021 but was originally established in 1981, is headquartered in Croydon, UK. The company specialises in insurance solutions tailored for the performing and creative arts industries. This acquisition is also part of Howden's strategic expansion in the sport and entertainment insurance sector, following a series of acquisitions across Europe. These include the Franz Gossler Insurance Group in Germany, Assimovie in Italy, and Media Insurance Brokers in the UK and Ireland, all of which are known brokers in the film and entertainment insurance industry. (Kenneth Araullo, 6/3/2024, Insurance Business UK, 'Howden bolsters sport and entertainment footprint with major acquisition')

​JM Glendinning Insurance Brokers has expanded its portfolio through the acquisition of Birmingham’s Madoc & Rhodes (Lea Village). Founded in 1967, Madoc & Rhodes is led by a team of seven brokers, with Managing Director Paul McGrory at the helm. His journey with the firm began in 1985, evolving from employee to co-owner in 1997, and ultimately becoming the sole proprietor in 2008. McGrory, who has over 37 years of experience in the insurance industry, will continue to lead the firm as it maintains its operations from the Lea Village office. The company specialises in vehicle, home, and property insurance, catering to a wide range of client needs while working in close collaboration with JM Glendinning’s Birmingham-based operations. (Kenneth Araullo, 5/3/2024, Insurance Business UK, 'JM Glendinning to acquire Birmingham-based brokerage')

​Allianz S.p.A. has officially completed its acquisition of Tua Assicurazioni S.p.A. from Assicurazioni Generali S.p.A., with the transaction amounting to €280 million. First announced on October 12, 2023, and following the receipt of regulatory approvals, the acquisition is set to bolster Allianz S.p.A.’s position in the Italian property and casualty (P&C) insurance market, raising its market share by approximately one percentage point. It will become the third-largest player in the country’s sector. (Kenneth Araullo, 4/3/2024, Insurance Business UK, 'Allianz finalises major acquisition in Italy')

Insurer Aviva has finalised a transaction to acquire Probitas, a Bermuda-based holding company, which includes a syndicate and other insurance subsidiaries. Under the agreement, Aviva will purchase Probitas Holdings (Bermuda) Limited, the parent company of the Probitas Group, for a guaranteed sum of £242 million. Included in this acquisition are the Probitas Managing Agency, responsible for managing Lloyd’s Syndicate 1492, Probitas Corporate Capital Limited, and other subsidiary entities. (Kenneth Araullo, 4/3/2024, Insurance Business UK, 'Aviva inks major deal for Probitas')

Leeds-based managing general agent Bspoke Group has successfully acquired 100% of the share capital of Police Mutual Healthcare (PMHC) and Police Mutual General Insurance (PMGI) from The Royal London Mutual Insurance Society’s Police & Forces Mutual for an undisclosed sum. Chief Executive Tim Smyth, whose camp is backed by RCapital Partners LLP and MIG Partners LLP, hailed the importance of the transaction for Bspoke Group. The swoop for PMHC and PMGI brings a substantial portfolio – approximately 250,000 general insurance policies and about 16,000 healthcare policies – to Bspoke Group, propelling the MGA into the mid-tier among its peers. (Terry Gangcuangco, 4/3/2024, Insurance Business UK, 'Bspoke Group snaps up Police Mutual Healthcare and Police Mutual General Insurance')


The Managing General Agents’ Association (MGAA) has officially announced the induction of three new members to its board following the Annual General Meeting held at Lloyd's. The appointees include Ian Cook, the Managing Director of MX Underwriting; Daniel Berry, Chief Underwriting Officer at Brown & Brown Europe; and Paul Brady, Market Oversight Counsel at Lloyd’s.(Kenneth Araullo, 8/3/2024, Insurance Business UK, 'MGAA names trio to join board')

​In a strategic move to bolster broker support across the UK, Allianz Commercial has added four new Regional Distribution Managers for the South, North, London, and Midlands & South West. Victoria Ashman is set to manage the South region. Her journey with Allianz began in 2010, starting out in the corporate partner team before she assumed bigger roles, most notably as a Strategic Account Manager handling some of Allianz’s key accounts. Viral Patel will have oversight of the Midlands & South West region. Patel, whose career at Allianz dates back to 2005, previously served as Distribution Manager for engineering construction & power in the London & real estate markets. The North region will benefit from the expertise of Mark O’Brien, who came on board Allianz in 2011. Prior to his regional appointment, the AXA alumnus was Distribution Manager for Manchester from 2017. Julie O’Donovan is in charge of the London region, where she will lead the broker development manager team and oversee the mid-market distribution strategy. O’Donovan’s credentials include stints in Ireland, Australia, and Singapore. (Terry Gangcuangco, 7/3/2024, Insurance Business UK, 'Allianz Commercial names new regional distribution managers')

​BRP Group’s reinsurance brokerage arm has set up shop in Bermuda, in addition to naming a new head for the island nation’s office. Juniper Re has received preliminary approval from the Bermuda Monetary Authority (BMA) to initiate operations in Bermuda through its subsidiary, Juniper Re Bermuda, with the company naming Chris Hayward as the Head of Office for this new operation. With over three decades of experience, Hayward’s career spans notable positions, including leadership roles at MS Amlin AG and nearly a quarter-century at Willis Re. His recent stint as Chief Underwriting Officer at MS Amlin AG’s Bermuda branch underscored his expertise in underwriting strategy, change management, and profitability enhancement, the company said. (Kenneth Araullo, 6/3/2024, Insurance Business UK, 'Juniper Re opens Bermuda office')

Global broker Aon has announced the appointment of Roman Romeo as the new Chief Executive Officer of its Reinsurance Solutions Bermuda division, set to take effect on April 1. Romeo is set to head up Aon’s reinsurance operations in Bermuda, focusing on fostering leveraging the expertise of the broker’s worldwide network. Having become part of Aon in 2022, he brings to the table over two decades of industry experience. His professional background includes a tenure of six years at AXIS Capital, where he was the President and Head of Property at AXIS Specialty Ltd, as well as an eight-year stint at PartnerRe, serving as a Senior Underwriter for property catastrophe. Prior to that, Romeo held roles at Flagstone Reinsurance Holdings and XL Group plc.(Kenneth Araullo, 6/3/2024, Insurance Business UK, 'Aon Reinsurance appoints new CEO for Bermuda unit')

Sompo Holdings has announced a leadership shake-up for its risk and reinsurance activities following the impending retirement of one of its key leaders. The insurance group has named Koji Takahashi as the new Chief Risk Officer and Head of Reinsurance for Sompo Japan, the company’s subsidiary. This leadership transition occurs as Emiko Maki, the current Chief Risk Officer and Head of Reinsurance for Sompo Japan, steps down following her retirement announcement. Takahashi, who is transitioning from his role as Chief Risk Officer for Sompo in the Asia-Pacific region, has over three decades of experience within the company. (Kenneth Araullo, 6/3/2024, Insurance Business UK, 'Sompo names new CRO, head of reinsurance for Sompo Japan')

Kay International AMEA Limited, a reinsurance intermediary based in the Dubai International Financial Centre (DIFC), has expanded its operations into Southeast Asia with the establishment of a new regional reinsurance placement hub in Singapore. To spearhead the operations of the newly established subsidiary, Ho Wing Hoong has been appointed as Regional Chief Executive Officer and Director. With over two decades of experience in the reinsurance industry, Ho brings to the role a background in facultative and treaty underwriting management, particularly within Asia and the Middle East. (Kenneth Araullo, 6/3/2024, Insurance Business UK, 'Kay International AMEA establishes new regional placement hub')

​AXIS Capital has appointed Simon Dejung as Chief Underwriting Officer for global cyber & technology (GCT) with immediate effect. Dejung made the switch from SCOR where he recently held the position of Cyber CUO as part of a 13-year tenure. He has a robust background in cyber and specialty lines (re)insurance, as well as prior experience in the science, engineering, and energy sectors. (Terry Gangcuangco, 6/3/2024, Insurance Business UK, 'AXIS hires CUO for global cyber & technology')

Specialist re/insurance broker Miller has welcomed Frédérique Champvillard as its new Head of Operations in Asia. Champvillard, who has over 30 years of experience in the insurance and reinsurance industry, previously served as Managing Director and Head of Operations in Marsh’s Asia Wholesale Placement Hub. (Kenneth Araullo, 5/3/2024, Insurance Business UK, 'Miller breaks revenue record')

Global specialty re/insurer SiriusPoint has announced the hiring of three seasoned professionals to bolster its global underwriting operations. Christopher Larson steps into the role of Global Head of Casualty in New York, while David Godlis takes on responsibilities as Underwriting Strategy and Analytics Lead, also based in New York. Additionally, Ramiz Mohamed has been appointed as Global Head of Exposure Management in London. Larson joins from BMS Group, where he served as Managing Director and Co-Head of Casualty, following a near 25-year tenure at QBE Reinsurance Corporation and beginning his career at AIG in New York. Godlis transitions to SiriusPoint from Jefferies, where he contributed to the power and infrastructure investment banking team, after holding multiple roles in risk and portfolio management at AIG. Mohamed moves from Hiscox, where he managed casualty exposure management among other roles, following a stint at XL Catlin in various actuarial positions. (Kenneth Araullo, 5/3/2024, Insurance Business UK, 'SiriusPoint expands global underwriting division')

Lockton Re continues its cyber expansion with a new leader for the practice in North America. The reinsurance broker has announced the appointment of Brian Lewis as Senior Broker leading the cyber practice in the region. Lewis will be stationed in Lockton Re’s New York office. Lewis’ career in the insurance industry spans over two decades, marked by significant roles in broking and underwriting with a focus on cyber insurance. Prior to joining Lockton Re, he served as Cyber Product Leader at Zurich North America and also held positions as a Cyber Broker and Team Leader at Willis Towers Watson, in addition to roles in underwriting and claims at AIG. (Kenneth Araullo, 5/3/2024, Insurance Business UK, 'Lockton Re names new leader for cyber in North America')

Dale Underwriting Partners has officially named Will Curran as its new Head of Global Property Reinsurance, starting March 11, 2024. Curran brings to the role nearly three decades of industry experience, with a background in leadership positions within global property reinsurance lines. His most recent role was as Active Underwriter for Tokio Marine Kiln Syndicate 557, where, from 2019 to 2022, he also took on responsibilities as Head of Reinsurance, overseeing the company’s global reinsurance underwriting operations. Before his tenure at Tokio Marine Kiln, Curran oversaw the reinsurance division at Wellington. (Kenneth Araullo, 5/3/2024, Insurance Business UK, 'Dale Underwriting Partners makes property reinsurance appointment')

​Nick Harris, who was supposed to take on the UK Retail Chief Executive position at Marsh at the start of the year, is joining Gallagher as CEO of UK & Ireland retail broking. The former JLT Australia and New Zealand Chief Executive headed Marsh’s Pacific operations from 2019 until the end of 2023. Last September he was picked to become UK retail CEO, but the appointment – which marked the leader’s return to London –did not take effect as planned in January. Details of the shock departure remain scant. Now it’s been revealed that Harris will come on board Gallagher in July, subject to regulatory approval, to lead the company’s UK & Ireland retail division. (Terry Gangcuangco, 5/3/2024, Insurance Business UK, 'Ex-Marsh leader emerges at Gallagher following shock exit')

Sedgwick has brought in Emily Fink as the company’s Chief Marketing Officer. With her extensive background in marketing and brand management, Fink will lead the development and execution of Sedgwick’s marketing strategies, aiming to support the claims management giant’s objectives and enhance its position in the global market. Bringing over two decades of experience to Sedgwick, Fink has a storied career in marketing and brand management, with previous roles at Liberty Mutual Insurance, Colgate Palmolive, and Pfizer. Her last 11 years were spent at Liberty Mutual, where she made notable contributions, including the creation of the memorable LiMu Emu and Doug mascots and the catchy “Liberty, Liberty, Liberty” advertising jingle. (Terry Gangcuangco, 5/3/2024, insurance Business UK, 'Sedgwick names chief marketing officer')

​Global broker WTW has continued its grand expansion plans for its global specialty practice with a key appointment, coming from a fellow global broker. The firm has announced Julien Bosc as the newest member of its Global Specialty team within the Insurance Consulting and Technology (ICT) sector. In his new role as Global Specialty Director, a position specifically created for him, Bosc will be instrumental in leading this division’s operations. Previously part of Aon for 15 years, Bosc contributed to the strategy consulting division, focusing on business strategy projects for insurers and reinsurers and co-heading Aon’s commercial due diligence service. (Kenneth Araullo, 4/3/2024, Insurance Business UK, 'WTW brings in ex-Aon stalwart to bolster global specialty')

China Reinsurance (China Re) has confirmed that Ye Mei has officially started her role as a Director following approval by the National Administration of Financial Regulation (NAFR), as previously announced on December 20, 2023. Ye’s career includes a wealth of roles across a number of companies in re/insurance and other industries. Concurrent to this position, she also holds board roles with Jamieson Wellness, Bekaert, Rhodes Trust, and the New York Military Academy (NYMA). Prior to this, she held roles at Eurazeo, McKinsey & Company, Hansgrohe, Stanford Global Projects Center, Shenwan Hongyuan Group, Gartner/Dataquest, and more. (Kenneth Araullo, 4/3/2024, Insurance business UK, 'China Re adds new independent director to board committee')

Acrisure Re has named a new Global Executive Vice President as the firm continues to expand its operations internationally. Joel Hodges began his tenure on March 1. He is based in London but will serve in a global capacity, and brings over two decades of experience in the reinsurance and insurance industry to his new role. Before joining Acrisure Re, Hodges served as the International Head of Analytics at Howden Tiger, where he led data analytics initiatives across all product lines and spearheaded efforts to boost business performance. His previous experience also included several senior positions at Liberty Mutual, notably as the Head of Portfolio Management for Global Risk Solutions. (Kenneth Araullo, 4/3/2024, Insurance Business UK, 'Acrisure Re adds new global EVP')

Global boutique specialist re/insurance broker McGill and Partners has announced an expansion of its ports and terminals services with the appointment of Julien Horn as a Partner. Horn transitions to McGill and Partners after a significant tenure at TT Club, the mutual catering to international transport and logistics. His tenure there began in 2006, with Horn most recently holding the position of Senior Underwriter within the marine division, focusing on regions including the Middle East, Africa, Eastern Mediterranean, and Turkey. His career at TT Club also included a six-year stint as Business Development Director based in Dubai, where he oversaw activities in the Middle East, India, and Africa. (Kenneth Araullo, 4/3/2024, Insurance Business UK, 'McGill and Partners bolsters ports and terminals with key hire')

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