Insurance News
Allianz Trade has announced the introduction of its next-generation trade credit insurance product for the UK & Ireland market. This new product is designed to mitigate the risks of non-payment of trade receivables should a customer fail to fulfil their contractual obligations. The enhanced trade credit insurance suite includes several key improvements aimed at increasing efficiency for both brokers and insureds. Notably, the policy now offers fully retrospective cover for approved buyer risks and includes confiscation, expropriation, nationalisation, and destruction (CEND) political risk coverage as standard features — elements not previously part of the core offering. (Kenneth Araullo, 12/4/2024, Insurance Business UK, 'Allianz Trade launches new proposition in the UK and Ireland')
QCH Legal has introduced a new brand identity as it marks a new phase in its integration with the QuestGates group. The legal arm will now be known as QGLaw, operating independently as an authorised entity. Jason Spencer steps into the role of Managing Director at QGLaw, embarking on a campaign to recruit a team of legal experts throughout the UK. The firm is poised to concentrate on delivering essential legal services to the motor, casualty, and property sectors, with plans to extend its expertise into recoveries and fraud. Furthermore, QGLaw is set to broaden its reach into specialty markets and seek additional strategic opportunities. (Kenneth Araullo, 11/4/2024, Insurance Business UK, 'QCH Legal announces rebrand, names new managing director')
Forecasting a strong resurgence in life insurance premium growth during 2024-25, Swiss Re Head of Financial Market Portfolios Robert Turnbull pointed to the increasing consumer demand for savings and retirement products in the APAC life market. This trend positions the life re/insurance sector as a pivotal support system for retirement readiness. With reinsurance acting as a strategic partner, life insurers are well-placed to address the needs of policyholders, promoting sectoral expansion. (Kenneth Araullo, 11/4/2024, Insurance Business UK, 'Swiss Re delivers verdict on APAC life market')
As the cyber insurance market continues to evolve, this new collaboration represents a unique approach to helping companies assess and mitigate cyber risk. ReliaQuest, the force multiplier of security operations, today announced a collaboration with Aon plc, a leading global professional services firm, to help organizations around the world rapidly mature their security programs. The collaboration brings together ReliaQuest’s expertise and technology in detection, investigation, and response with Aon’s cyber resilience capabilities. (Aon, 11/4/2024, youTalk Insurance, 'Aon and ReliaQuest announce collaboration to help organisations manage cyber risk')
CCR Re has announced financial results for the year 2023, marking a period of significant growth amid a challenging economic landscape. The reinsurer said that it navigated an inflationary environment that exerted pressure on claim costs, and therefore it adapted a cautious approach in its evaluations. It contended with a notable increase in catastrophe claims within its operations, attributed to the frequent occurrence of large-scale secondary risks. Despite these challenges, CCR Re experienced a buoyant financial market environment. The company’s total sales for 2023 reached €1,186 million, marking a 20% increase from 2022 at current exchange rates, and 23% at constant exchange rates. (Kenneth Araullo, 10/4/2024, Insurance Business UK, 'CCR Re posts strong growth in financial results')
The insurance-linked securities (ILS) market witnessed an unprecedented year in 2023, marked by robust pricing levels for reinsurance capital. As outlined in AM Best’s report titled “Disciplined Deployment of Capital Pays Off in Record-Breaking Year for ILS” a scarcity of significant peak peril insured loss events led to relatively stable rate increases for 2024’s renewal pricing. A minimal impact from severe convective storms also prompted strategic de-risking by ILS managers. This approach involved raising attachment points and tightening terms and conditions. (Kenneth Araullo, 10/4/2024, Insurance Business UK, 'How reinsurance supported a record-breaking ILS year – AM Best')
SiriusPoint has revealed its annual report for the fiscal year ending December 31, 2023, outlining a new strategic direction aimed at establishing the company as a leading figure in the insurance and reinsurance sectors. The company’s leadership expressed a commitment to positioning SiriusPoint among the most dependable entities in the industry. This ambition, CEO Scott Egan said, is anchored in the integration of talent, expertise, and data to deliver savvy risk solutions. “Our focus remains on executing against our three strategic goals: simplification, reducing volatility, and profitability,” Egan said. (Kenneth Araullo, 10/4/2024, Insurance Business UK, 'SiriusPoint highlights "transformative year"')
Lemonade, which is headquartered in New York and has a European base in Amsterdam, has expanded further in Europe with a new offering in France. The digital insurance company first forayed into the French market in December 2020 to offer renters’ insurance that is powered by artificial intelligence. Now, with BNP Paribas Cardif acting as co-insurer, Lemonade will begin to provide homeowners’ insurance across France. (Terry Gangcuangco, 10/4/2024, Insurance Business UK, 'Lemonade marks further European expansion')
ACORD has released its Global Insurance Stock Index for the first quarter of 2024 with positive results. An extension of ACORD’s Global Value Creation methodologies and corresponding studies, the quarterly index tracks the performance of more than 200 of the largest publicly traded life and non-life insurance carriers. “The ACORD Global Insurance Stock Index returned 32.4% in the first quarter 2024, amid a strong global equity market which ended the quarter up 21.0%,” ACORD reported. “Positive returns outnumbered negative 5:1. (Terry Gangcuangco, 9/4/2024, Insurance Business UK, 'ACORD publishes Global Insurance Stock Index for Q1')
Gallagher Re’s latest annual reinsurance market report, now in its 10th iteration, reveals substantial gains in underwriting profitability and return on equity (ROE) among global reinsurers for the fiscal year 2023. These improvements have propelled the capital base of the reinsurance sector to its highest mark since the report’s inception in 2014. Notably, the report underscores a significant elevation in underlying ROEs, driven by reduced combined ratios and augmented recurring investment income, forecasting a continuation of this upward trend. (Kenneth Araullo, 8/4/2024, Insurance Business UK, 'Gallagher Re publishes reinsurance market report')
Mergers & Acquisitions
PIB Group Limited has added Romania to its growing European footprint, by pairing up with one of the most reputable insurance brokers in the country. STEIN Bestasig Insurance Broker (‘STEIN Bestasig’) represents an important milestone as PIB’s first venture in the Romanian insurance market. The move into Romania represents the Group’s ongoing commitment to increasing geographic diversity and creating a leading specialist and diversified pan-European insurance distribution business. STEIN Bestasig will coordinate PIB’s further expansion in the market whose ambition is to attract at least 20 more local brokers in Romania through M&A activity and become a major player in Romania and Southern Europe. (PIB Group, 11/4/2024, youTalk Insurance, 'PIB Group enters new market with latest broker acquisition')
AIG Life UK is now owned by Aviva. In an update, Aviva confirmed receipt of all necessary approvals to complete its purchase of American International Group’s protection business in the UK. AIG Life UK was sold by AIG subsidiary Corebridge Financial. According to Aviva, the final consideration stood at £453 million. When the acquisition was first announced last September, the price tag was £460 million, with the consideration representing 0.9x AIG Life UK’s Solvency II Own Funds after adjusting for expected capital synergies. (Terry Gangcuangco, 10/4/2024, Insurance Business UK, 'Done deal: Aviva completes swoop for AIG Life UK')
Ardonagh Advisory has expanded its commercial insurance footprint in England's northwest by acquiring Southport Insurance Brokers Limited (SIB Insurance), an independent brokerage known for its broad risk coverage expertise, particularly in the industrial, care, and agricultural sectors. SIB Insurance Managing Director Ian Robertson will continue in his role, supported by the firm's existing leadership team, ensuring continuity in service and client relationships. (Roxanne Libatique, 9/4/2024, Insurance Business UK, 'Ardonagh Advisory bolsters northwest presence with SIB Insurance swoop')
Insurance broker Kingfisher Insurance has acquired Lynbrook Insurance Services. By bringing Lynbrook into its fold, Kingfisher broadens its footprint in the classic vehicle insurance space as part of Kingfisher’s ambition to expand through both organic growth and the integration of specialist businesses. The deal, financial terms of which were not disclosed, will see Lynbrook operating in tandem with Peter James Insurance, Kingfisher’s primary classic vehicle brand, enriching the company’s offerings in this niche. (Terry Gangcuangco, 8/4/2024, Insurance Business UK, 'Kingfisher swoops for Lynbrook Insurance Services')
Movers
RSA Insurance has unveiled a new regional trading structure in preparation for the merger between its commercial lines business and NIG, set to take place at the start of next month. As part of the restructuring, Moira Spencer and Deena Hemming will serve as Trading Directors for the North and South regions, respectively. Under the oversight of Regional Director Steve Scott, the two will be in charge of their respective territories’ profitability, growth, and broker relationships. In the North, Spencer will oversee the merged teams from RSA and NIG in various locations: Glasgow under Iain Geekie, Leeds managed by Paul Berry, Manchester helmed by Aron Thompson, and Birmingham led by Paul Lovatt. The South region spans the London team under Louise Field, the Outer London unit – covering Watford, Maidstone, and Horsham – headed by Beki Colyer, and the Bristol operations. Alan Houston, meanwhile, will step into the new role of Strategic Sales and Accounts Director to develop the commercial lines central sales strategy that will guide the regional teams. Another change following RSA’s swoop for NIG from Direct Line Group is Steve Salter moving from his position as South Regional Director to become the Trading Director for large & complex accounts. (Terry Gangcuangco, 12/4/2024, Insurance Business UK, 'RSA gears up for NIG integration with new regional trading structure')
Managing general underwriter Carbon Underwriting Limited, the name behind Lloyd’s Syndicate CBN 4747, has brought in Rob Crocker as Active Underwriter. Crocker, whose appointment took effect this month, brings more than three decades of industry experience to the role. The W.R. Berkley Europe alumnus made the switch from Everest Re, where he served as Active Underwriter and Professional Lines Head. Crocker’s credentials also include a notable tenure at XL Catlin. (Terry Gangcuangco, 12/4/2024, Insurance Business UK, 'Carbon Underwriting hires active underwriter')
Marsh McLennan reinsurance specialist business Guy Carpenter has announced the hiring of Richard Chu as Managing Director for credit, bond & political risk within its global specialties division. Before joining Guy Carpenter, Chu had held the position of head of financial risks for Asia-Pacific at Partner Re since 2015. His previous roles also include serving as Senior Vice President, Head of Credit & Surety, at Asia Capital Re from March 2008 to December 2014, Regional Vice President at AIG from April 2004 to February 2008, and Vice President, Credit Solutions at Swiss Re from January 1996 to April 2004, all based in Singapore. (Kenneth Araullo, 11/4/2024, Insurance Business UK, 'Guy Carpenter appoints new managing director for global specialties')
Howden Re is expanding its team with the addition of three industry professionals, each bringing a wealth of experience following the division’s recent rebrand. Terrence McDowell, Melodie Vanderpuye, and Hannah Ferriday Lanner have been appointed to roles that will enhance Howden Re International’s treaty capabilities, analytics services, and client coordination in the Nordics, respectively. McDowell comes to Howden Re International Treaty from Guy Carpenter, where he served as Managing Director. His extensive career also includes a significant tenure at Aon, where he was the Head of Broking for the Nordics and Baltics, responsible for a range of key operational and strategic functions. Vanderpuye joins Howden Re to spearhead the development of analytics propositions for global clients. Her background includes a recent role as Senior Cat Model Specialist at Swiss Re and positions at Qatar Reinsurance Company Ltd and Antares Reinsurance, where she focused on catastrophe pricing and analytics. Ferriday Lanner, meanwhile, will be part of the International Nordics team as Senior Client Coordinator. Her experience includes roles at Aon as Senior Client Coordinator and at Zurich Insurance plc as an Underwriting Service Specialist in financial lines. With previous positions at WTW and Willis Limited, Lanner’s expertise in client advising and broking for large and complex cases will enhance the firm’s service delivery in the Nordics region. (Kenneth Araullo, 11/4/2024, Insurance Business UK, 'Howden Re adds three to expand global expertise')
AXIS Capital Holdings has announced the retirement of Alistair Robson, the Head of Underwriting for AXIS Global Markets and Chief Underwriting Officer of AXIS Managing Agency. Robson will depart at the end of June 2024, marking the end of a distinguished 13-year tenure with AXIS and a 39-year career in the insurance industry. (Kenneth Araullo, 11/4/2024, Insurance Business UK, 'AXIS underwriting head retires – new promotions unveiled')
The London Market Group (LMG) has announced the appointment of Sarah Hughes, Chief Executive Officer (CEO) of Howden Specialty, as a new board member, representing the London & International Insurance Brokers Association (LIIBA). Hughes' elevation to the board reflects her extensive background in the insurance sector. Recently, she held the role of Global Practice Leader for Financial Lines at Howden Specialty in February 2020, preceding her promotion to CEO in October of the same year. (Kenneth Araullo, 11/4/2024, Insurance Business UK, 'Howden Specialty CEO added to London Market Group board')
Direct Line Insurance Group Plc (Direct Line Group or DLG) has poached Chief Financial Officer Jane Poole from Aviva’s UK & Ireland general insurance business. Poole, who was with RSA from 2006 to 2021, is set to reunite with DLG Chief Executive Adam Winslow in October. Winslow took the helm at DLG last month after serving as UK&I General Insurance CEO at Aviva. (Terry Gangcuangco, 11/4/2024, Insurance Business UK, 'Direct Line Group lures another Aviva C-suite hire')
Arch Insurance International (Arch) has officially announced significant changes within its accident & health (A&H) division, with Sebastian Terry being appointed as the Head of A&H and Georgina Raeburn stepping into the role of Senior A&H Underwriter, both promotions effective immediately. With a background spanning two decades in A&H underwriting, Terry's career at Arch began in 2004, and he has since ascended from a Senior A&H Underwriter role. This leadership transition also occurs as Dennis Matthews retires after an eight-year tenure leading the team, leaving a legacy of strong leadership and expertise. Meanwhile, Raeburn's promotion comes as a continuation of her trajectory at Arch, which she joined in 2019 following the acquisition of Barbican, coupled with her experience at Starr Insurance, enhancing her role within the division. (Kenneth Araullo, 10/4/2024, Insurance Business UK, 'Arch appoints new head for accident & health')
PIB Group has announced the recruitment of Richard Kirby to the position of Chief Transformation & Integration Officer, marking a significant enhancement to the insurance intermediary’s executive team. Making the switch from LDC Private Equity, the key hire brings more than two and a half decades of experience to PIB. Kirby’s credentials include time spent at Aon and Marsh. (Terry Gangcuangco, 10/4/2024, Insurance Business UK, 'PIB Group hires chief transformation & integration officer')
Acies MGU has established Phoenix Specialty, a specialist managing general agent (MGA) dedicated to the construction sector. Phoenix Specialty is poised to commence operations under the leadership of Tim James as Managing Director, pending regulatory consent. James has a noteworthy track record, having spearheaded the growth and successful divestiture of Ensurance, a construction and engineering-focused MGA. His extensive experience also includes over 16 years in senior and board-level positions at HSB. Joining James is Milan Kosorin, taking on the role of Senior Construction Underwriter. Kosorin's background includes significant stints as Senior Underwriter in energy and construction at Allianz, as well as engineering at Generali Global Corporate and Commercial, coupled with nearly a decade of global construction underwriting roles at AXA Corporate Solutions. (Kenneth Araullo, 9/4/2024, Insurance Business UK, 'Acies MGU launches new construction-focused MGA')
iprism, a managing general agent (MGA) specialising in construction, property, commercial, and high net worth sectors, has announced the appointment of Adrian Saunders to the role of Non-Executive Director. Saunders joins the firm with an extensive background, having accrued over two decades of experience in the insurance industry, including a recent stint as Commercial Director at Ecclesiastical Insurance Group. His career has also seen him occupy various senior positions at notable companies such as Marsh, Zurich Financial Services, and Hiscox. (Kenneth Araullo, 9/4/2024, Insurance Business UK, 'iprism board adds new non-executive director')
Specialty re/insurance broker Consilium has announced the recruitment of two key senior partners for its property & casualty (P&C) division. The firm has added James Williams, from Price Forbes, and Steven Taylor, from Howden, following the recent addition of former Gallagher Director Jack Anderson to Head the North American property team. Williams, with a background of over 20 years in international and US power generation and natural resources insurance, has been appointed to lead property insurance for Consilium’s natural resources and mining sector. His career includes significant roles at Price Forbes, JLT, Marsh, and Aon. Taylor, who brings more than 15 years of global casualty market expertise with an emphasis on North America, will head up Consilium’s global casualty team. Taylor’s background includes positions at Howden London, McGill & Partners, and Aon London, along with an earlier career in professional rugby before transitioning to the insurance industry. (Kenneth Araullo, 8/4/2024, Insurance Business UK, 'Consilium expands P&C practice with senior appointments')
Loss adjusting specialist Charles Taylor has announced the dual appointments of Hugh Thacker as Global Director of Aviation and David Boghurst as Global Managing Director of Marine. In addition to these high-profile hirings, the organisation has also designated James Godden as Global Operations Director for aviation and marine, tasked with spearheading strategy and fostering operational coherence between these two pivotal transport divisions. Thacker and Boghurst, both of whom have been pivotal in handling complex claims and engaging with high-profile stakeholders in their respective fields, bring extensive experience to their new positions. (Kenneth Araullo, 8/4/2024, Insurance Business UK, 'Charles Taylor bolsters marine and aviation teams with new appointments')
Independent specialist re/insurance brokerage Miller has announced a new addition for its energy proposition, welcoming Nick Rnjak as the new Client Advocate for its energy teams. Rnjak's career includes significant roles such as Chief Executive Officer at ADNIC International Ltd., where he served from January 2022 to October 2023, and prior positions at Travelers Syndicate 5000 as an Active Underwriter and Chief Underwriting Officer. Before joining Miller, Rnjak also held the position of Business Unit Head at Travelers Syndicate 5000 from July 2007 to August 2010. (Kenneth Araullo, 8/4/2024, Insurance Business UK, 'Miller names client advocate for energy teams')
Mandy Hunt, Chair of the Chartered Insurance Institute’s Underwriting Community Board, has taken on a key position at The Clear Group. An RSA alumnus, Hunt served as Commercial Lines Chief Underwriting Officer before she left the insurer in the third quarter of 2023. Aside from various RSA posts, her credentials also include time spent as Managing Director at Insurance Corporation of the Channel Islands, Claims Manager at Lambert Fenchurch, and Account Handler at Willis. In a career update on LinkedIn, Hunt said: “I’m thrilled to have started my new role as managing director - MGA at The Clear Group. The week has flown by, and the welcome from the whole group has been fantastic.” (Terry Gangcuangco, 8/4/2024, Insurance Business UK, 'The Clear Group boosts MGA push with key hire')
All information provided in this Market Digest has been gathered from Insurance Business UK and youTalk Insurance.
