General Insurance Newsletter Friday 19th April 2024

Insurance News

With every new day bringing new use cases, the risks and opportunities presented by generative AI (GenAI) are becoming clearer than ever. At the crux of the balancing act of utilizing GenAI while mitigating the threats it can pose is the same factor behind its recent evolution – its accessibility. It is this which sets GenAI apart from other elements of artificial intelligence, according to Barbara Fernandez, head of Insur_space at MAPFRE. (Mia Wallace, 19/4/2024, Insurance Business UK, 'Balancing GenAI’s risks and opportunities in insurance')

The Generali board of directors, led by chairman Andrea Sironi, has endorsed a significant restructuring of the organisation as proposed by group CEO Philippe Donnet. Effective June 1, 2024, Generali Group will reposition itself as a diversified financial entity with a dual focus on its insurance and asset management divisions. (Kenneth Araullo, 19/4/2024, Insurance Business UK, 'Generali unveils new organisational structure')

AEGIS London has announced an enhancement of its cyber insurance capabilities with the recruitment of a new underwriting team. Daniel Johnson (pictured above, right) has been named as the new class underwriter for cyber, with Lydia Lambert (pictured above, left) joining as a cyber underwriter. Both individuals are transitioning to AEGIS London from AIG. (Kenneth Araullo, 19/4/2024, Insurance Business UK, 'AEGIS London brings in ex-AIG cyber team to bolster portfolio')

The Capgemini Research Institute has published its World Property and Casualty Insurance Report 2024, which examined, among other things, underwriters’ confidence when it comes to the use of artificial intelligence or machine learning technology (AI/ML). (Terry Gangcuangco, 19/4/2024, Insurance Business UK, 'Do insurance underwriters trust AI?')

Marsh McLennan has reported robust growth across its segments as it unveiled its financial results for the first quarter ending March 31, 2024. The global risk management, insurance, and professional services firm reported consolidated revenue of US$6.5 billion in Q1 2024, a significant 9% increase compared to the same period last year. Underlying revenue also rose by 9%, reflecting sustained momentum in the company’s operations. (Gia Snape, 18/4/2024, Insurance Business UK, 'Marsh McLennan unveils first quarter 2024 results')

With a host of professional designations to his name and decades spent serving the re/insurance market, including as CEO of both Lloyd’s and non-Lloyd’s brokers in the UK and Bermuda, Bermuda Brokers’ Neil Hitchcock has seen the market through fair and foul winds alike. (Mia Wallace, 18/4/2024, Insurance Business UK, 'Reinsurance broking stalwart on how the sector has evolved')

A new reinsurance report from Aon highlights the state of the market following the April 1 renewals, with the broker believing the supply-demand dynamic is reaching a tipping point. The recent renewal period, a pivotal moment for the industry particularly in Asia, mirrored the positive adjustments seen at the start of the year, marking a steady progression towards a more stable and comprehensible market landscape for 2024 and beyond. (Kenneth Araullo, 18/4/2024, Insurance Business UK, 'Reinsurance dynamics at a tipping point post-April renewal – Aon')

International specialty re/insurer Convex Group has reported a notable increase in its financial performance for the year ending December 31, 2023. The company’s gross written premiums surged to $4.217 billion, marking a 39% rise from $3.035 billion in 2022. Net premiums earned also grew by 39% to $2.337 billion, up from $1.687 billion the previous year. Convex achieved an underwriting profit with a net combined ratio of 89.6%, improving from 98% in 2022. (Kenneth Araullo, 18/4/2024, Insurance Business UK, 'Convex sees double-digit increases in financial results')

CCR Re has shared its 2023 Activity Report, highlighting a year marked by substantial growth and strategic enhancements. The company noted that it is set to progress into 2024 buoyed by favorable market conditions and a strengthened partnership with its shareholders.(Kenneth Araullo, 18/4/2024, Insurance Business UK, 'CCR Re publishes activity report for full year')

During a panel discussion on ‘Optimising Data Utilisation in the 2024 Broking Landscape’ at the 2024 Global Insurtech Summit, Taffy Jo Meyers shared her insights into the critical role people and culture play in the success of transformation programmes. She was backed by panel chair Lisa Wardlaw president and founder of 360 Digital Immersion, who noted that many insurance businesses have access to the same cheque books, technologies and capabilities. (Mia Wallace, 18/4/2024, Insurance Business UK, 'How are cultural shifts impacting brokers' transformations?')

Brokers across the UK continue to express concerns over underinsurance among their clients, a situation highlighted in Aviva’s recent Broker Barometer survey. The study reveals that three in four (73%) brokers worry about clients being underinsured, with inflationary pressures cited as a primary cause. This concern ranks second only to insurer service among the market challenges brokers face. (Kenneth Araullo, 18/4/2024, Insurance Business UK, 'Aviva survey highlights major challenge for brokers')

Thousands of brokers and industry professionals from across the UK have already registered for next month’s annual BIBA Conference in Manchester on 15 & 16 May. The Aviva team are looking forward to returning to the event as Principal Sponsor and answering ‘What’s next?’ as we delve into the future of insurance, look at current and emerging trends and share how Aviva can support you and your clients to move forward. (Aviva, 18/4/2024, youTalk Insurance, 'Join the Aviva team at the BIBA Conference 2024')

AXIS Capital Holdings Limited has joined The Project Healthy Minds Corporate Coalition. This partnership is part of a broader, year-round internal and external program the Company is launching in May, timed to Mental Health Awareness Month, to promote mental health and well-being within the insurance profession through advocacy, education, and employee volunteering. (AXIS, 18/4/2024, youTalk Insurance, 'AXIS joins Project Healthy Minds Corporate Coalition')

HDI Global, through its subsidiary HDI Risk Consulting GmbH, has launched a new service called “Climate Risk Reporting”, designed to assist businesses in analyzing and managing location-specific physical climate risks. The company has aligned the release of this new offering with EU Taxonomy guidelines, so companies can comply with emerging legal requirements and regulatory frameworks concerning climate risks. (Kenneth Araullo, 17/4/2024, Insurance Business UK, 'HDI Global reveals climate risk reporting service')

Mergers & Acquisitions

Kingfisher Insurance has formed a strategic partnership with the 2CVGB Club through its classic vehicle insurance arm, Peter James Insurance, introducing a tailored insurance scheme for owners of Citroën A-Series vehicles. (Kenneth Araullo, 19/4/2024, Insurance Business UK, 'Kingfisher forges new partnership to cover Citroën A-Series owners')

Managing general agent Pen Underwriting has sealed a long-term capacity deal with (re)insurer SiriusPoint for the benefit of the not-for-profit housing association sector in the UK. Under the multi-year arrangement, SiriusPoint is set to fully back the MGA’s specialist social housing practice and allow Pen to underwrite in excess of £150 million in premiums. Pen’s two-decade expertise in the housing association sector spans buildings, incidental contents, property owners’ liability, and terrorism insurance. (Terry Gangcuangco, 19/4/2024, Insurance Business UK, 'Pen Underwriting bags major deal with SiriusPoint')

Howden has announced that it has acquired Curran Connolly & Company (Drogheda) Ltd, the commercial and personal lines insurance broker based in County Louth, Ireland. This transaction follows Howden's recent acquisition of Intersure, a brokerage firm also located in Drogheda and cements Howden Ireland’s presence in the North-East of the country. (Howden, 15/4/2024, youTalk Insurance, 'Howden Ireland acquires Curran Connolly & Company Drogheda Ltd')

Seventeen Group has announced its third acquisition of 2024, Watford based Jannard Quadrant. The business was owned by Stephen Sweden and Geoff Callaway, both of whom will remain and eventually move into Seventeen Group’s existing Watford office along with the wider Jannard Quadrant team. (Seventeen Group, 15/4/2024, youTalk Insurance, 'Howden Ireland acquires Curran Connolly & Company Drogheda Ltd')

Movers

Markel Group has elevated Chloe Gordge (pictured above) to head of terrorism in London, with immediate effect, as the company focuses on bolstering its position in the terrorism insurance market and pursuing expansion across its portfolios in Asia, London, and the United States. (Kenneth Araullo, 19/4/2024, Insurance Business UK, 'Markel elevates company veteran to head of terrorism in London')

Allianz Commercial has appointed Alex Ktenidis (pictured) as director of digital trading and Allianz Legal Protection (ALP) in the UK with immediate effect. Since joining Allianz in 2014, Ktenidis has held various leadership roles in both the UK and Germany. He returns from his recent posting in Munich, where he served as strategic transformation leader. There, he worked on Allianz Commercial’s global strategy to engage mid-sized companies, large enterprises, and those with specialist risks. (Terry Gangcuangco, 19/4/2024, Insurance Business UK, 'Allianz Commercial makes key appointment')

Munich Re has announced a comprehensive revision of its underwriting structure across the Asia-Pacific, Middle East, and Africa (APAC MEA) regions as it aims to enhance local market underwriting capabilities. The revamp includes bolstering the mandate of local market underwriting positions and closer proximity to clients through increased localization of teams. The restructuring also aims to refine the focus within its business divisions in these regions. (Kenneth Araullo, 18/4/2024, Insurance Business UK, 'Munich Re announces leadership shakeup in APAC and Africa')