General Insurance Newsletter Friday 31st May 2024

Insurance News

Industrial insurer HDI Global SE, part of the Talanx Group, has made a successful start to the new financial year 2024. The combined ratio improved by 1.4 percentage points compared to the same period last year, now standing at 91.8 percent. The insurance revenue totalled EUR 2.3 (2.1) billion. The operating profit increased to EUR 140 (86) million, while net income rose to EUR 104 (69) million. (HDI Global SE, 30/5/2024, youTalk Insurance, 'HDI Global starts 2024 with good first quarter')

Allianz has released its Global Insurance Report 2024, examining global insurance market trends and developments. The report indicates that the global insurance industry experienced a remarkable 7.5% growth in 2023, the highest rate since 2006. Insurers worldwide collected €6.2 trillion in premiums, distributed across life (€2.6 trillion), property & casualty (€2.2 trillion), and health (€1.4 trillion) insurance. This marked a significant increase of €1.1 trillion, or 21.5%, over the past three years. However, due to high inflation, real premium growth was modest, with only a 0.7% uptick since 2020. (Terry Gangcuangco, 29/5/2024, Insurance Business UK, 'Global premium income enjoys highest growth rate since 2006')

Munich Re Automation Solutions has announced that its SARA risk assessment solution is now operational with Brazilian life insurer MAG Mongeral Aegon. SARA, a digital underwriting solution, is deployed at the point-of-sale and will be used by MAG to automate new business in its private segment. The automated tool works as a software-as-a-service (SaaS) solution that can be integrated via API (application programming interfaces) with insurance companies’ systems. (Kenneth Araullo, 28/5/2024, Insurance Business UK, 'Munich Re's automated underwriting solution goes live for insurer')

Pacific Life Re has announced an asset-intensive reinsurance agreement in Japan with Tokio Marine & Nichido Life Insurance (Anshin Life). The agreement, which covers in-force whole of life policies, aims to enable Anshin Life to mitigate long-term interest rate risk in its portfolio and enhance asset liability management. Phill Beach, executive vice president of savings and retirement at Pacific Life Re, stated that supporting transactions like these in Japan is a crucial part of their overall strategy. (Kenneth Araullo, 28/5/2024, Insurance Business UK, 'Pacific Life Re inks asset intensive reinsurance deal with Tokio Marine & Nichido Life')

Since Ken Norgrove joined RSA as CEO, UK & International in January 2022, he has been clear about his “north star” ambition for RSA to become the best commercial insurer in the UK market by the end of 2026. Earlier this year, the timeframe for hitting that target was expedited an entire year by news of RSA’s acquisition of NIG and FarmWeb, making RSA the third-largest commercial lines insurer in the UK. Discussing the integration of the businesses in her new role as MD of RSA’s commercial lines business, Sonya Bryson emphasised the ‘better together’ ambition at its heart. Essentially, she said, the integration is about bringing together two hugely complementary businesses, and delivering a breath of fresh air to the commercial lines market in the form of a broadened product suite with stronger relevance for brokers and their customers. (Mia Wallace, 28/5/2024, Insurance Business UK, 'RSA and NIG integration – what does it mean for the market?')

Specialist education insurer Ecclesiastical has introduced The Independent Schools Risk Barometer to assist brokers in discussing the major risks faced by independent school clients. The Independent Schools Risk Barometer 2024 was developed to explore the top risks within the independent education sector, focusing on key areas of concern such as managing mental health and wellbeing, mergers and acquisitions, and school building safety. Research conducted by the insurer identified the biggest concerns for independent school leaders in the UK: the costs of maintaining school buildings (22%), managing the mental health and wellbeing of pupils (21%), and recruitment and retention of teachers (20%). (Kenneth Araullo, 28/5/2024, Insurance Business UK, 'Ecclesiastical launches new risk barometer for independent school clients')

In 2023, the UK’s bulk purchase annuity (BPA) market experienced significant growth, with transaction volumes soaring to £50 billion. This is expected to persist for the next five to 10 years, driven by a greater number of pension schemes becoming ready for transactions, according to Gallagher Re. The booming market has not only attracted new players but has also spurred innovations in the realm of funded reinsurance, utilized increasingly by BPA insurers to enhance their financial efficiency and competitive stance. (Mav Rodriquez, 27/5/2024, Insurance Business UK, 'Gallagher Re reveals new high for UK BPA market')

Reinsurance Group of America (RGA) has solidified an agreement with Tokio Marine & Nichido Life Insurance Co., Ltd. (Anshin Life) to reinsure an approximately 100 billion JPY paid-up block of whole life policies through coinsurance. “Our ongoing partnership with Anshin Life is a testament to RGA’s strategic commitment to the Japanese market and our understanding of its distinctive requirements. This transaction is a reflection of our deep-rooted dedication to collaborate with insurers, addressing capital and market risks, and affirming our readiness to support our clients’ evolving goals with innovative and customized financial solutions,” RGA Senior Vice President Gaston Nossiter said. (Mav Rodriguez, 27/5/2024, Insurance Business UK, 'RGA partners up for ¥100 billion reinsurance deal')

Mergers & Acquisitions

Miller, is pleased to announce the acquisition of Madrid-based commercial insurance and reinsurance broker Bruzon Correduría de Seguros y Reaseguros S.A. and Bruzon Services S.A. (“Bruzon”), subject to regulatory approval. The transaction is Miller’s second Continental European acquisition as it continues to expand its specialty boutique model internationally, combining solutions to complex risk-transfer needs with excellence in client service. Established in 1990, Bruzon is one of Spain’s leading insurance and reinsurance brokers, excelling in the structuring and placement of direct and reinsurance risks. Bruzon’s clients include large banks, insurance companies, large corporates and members of the IBEX 35. The broker offers a broad range of solutions and is a market leader in Facultative Reinsurance, Accident & Health, Sports, Financial Lines, Credit and Surety Insurance. Bruzon Services, a boutique consultancy firm, concentrates its main activities in financial advisory and structuring. (Miller, 30/5/2024, youTalk Insurance, 'Miller expands in Europe with acquisition of specialty broker')

Specialty insurance provider NSM Insurance Group has announced it has signed a definitive agreement to acquire InsurEVO. InsurEVO, based in the UK, specializes in personal lines travel insurance and operates two well-known brands, AllClear Travel Insurance and InsureandGo, serving over three million customers. The acquisition is pending regulatory approvals and customary closing conditions. They have been in the market since 2000. (Kenneth Araullo, 29/5/2024, Insurance Business UK, 'Insurance group swoops for two UK brands')

Movers

MX, the managing general agent of Specialist Risk Group (SRG), is gearing up to launch a dedicated motorsport underwriting division called MX Motorsport. Backed by A-rated capacity, the upcoming global proposition will specialise in underwriting all classes of motorsport business. MX Motorsport’s products will be distributed through a specialist motorsport brokers panel. Set to lead MX Motorsport is Tim Skilton, who will bring extensive expertise in global motorsport products. Previously, he was Product Leader for international motorsport at Allianz Commercial. (Terry Gangcuangco, 30/5/2024, Insurance Business UK, 'Specialist Risk Group to launch MX Motorsport')

RSA Insurance has announced the appointment of Indhira Mani as Chief Data Officer. With two decades of experience, Indhira is a recognised leader in the industry having led a number of complex data and tech initiatives. She joins RSA Insurance from Danske Bank, where she was Group Head of Data Transformation. Prior to her time at Danske Bank, she worked at a number financial services businesses including Deutsche Bank, BNP Paribas, RBS and Barclays. In addition to her current role she contributes her expertise as a governing body member of the Gartner Evanta CDAO network. (RSA, 30/5/2024, youTalk Insurance, 'RSA names Indhira Mani as Chief Data Officer')

International managing general agent DUAL Group has brought in its first-ever head of emerging products. Taking on the newly created London-based role in September is Scott Sayce. With over two decades of experience in specialist lines insurance, Sayce has held various global leadership positions. His previous posts include Group Head of Financial Lines and Cyber at AXA; Head of Cyber, Technology, and Life Science at CNA Hardy; and, latterly, Global Cyber Head at Allianz Commercial. (Terry Gangcuangco, 30/5/2024, Insurance Business UK, 'DUAL Group creates new leadership role')

UK insurtech hyperexponential has appointed Risa Ryan as Head of US P&C to lead the company’s expansion. Based in Manhattan, Ryan most recently served as Sompo International’s Chief Underwriting Officer. She brings more than two and a half decades of industry experience to hyperexponential. Her credentials include time spent at Munich Re, QBE, and Swiss Re. (Terry Gangcuangco, 30/5/2024, Insurance Business UK, 'UK insurtech marks US expansion with key hire')

Sutton Winson (SW) has announced the appointment of Joe Perry as a Director and board member, pending FCA regulatory approval. Perry has been with SW since July 2011, beginning his career as an Account Technician. Over the years, he has advanced to the role of Head of Corporate, Development and International. (Kenneth Araullo, 30/5/2024, Insurance Business UK, 'Sutton Winson appoints new director and board member')

Global specialty re/insurer SiriusPoint has announced the appointment of Susan Cross as Board Director, effective May 24, 2024. Her addition brings the total number of board members to 10. Cross has over 40 years of experience in the reinsurance industry, focusing on developing and leading actuarial and analytical functions to support global growth. She has been a Director of Enstar Group Limited since October 2020 and previously served as Executive Vice President and Global Chief Actuary at XL Group (now AXA XL) from 2008 to 2018. In addition to her roles at SiriusPoint and Enstar, Cross serves as a Non-Executive Director at Unum Group, a Fortune 500 insurer. She has also been on the boards of IFG Companies, American Strategic Insurance, Mid Ocean Limited, and XL Life Ltd. (Kenneth Araullo, 29/5/2024, Insurance Business UK, 'SiriusPoint appoints new director to its board')

CCR Re has announced the appointment of Cédric Boureau as Senior Actuary Underwriter. Boureau returns to CCR Re after four years at Swiss Re, where he served as Reinsurance Senior Client Treaty Underwriter (non-life) for France, Belgium, and Luxembourg. Prior to his tenure at Swiss Re, Boureau worked at CCR Re as a Non-Life Treaty Underwriter, significantly contributing to business development in Asia and South Africa. (Kenneth Araullo, 29/5/2024, Insurance Business UK, 'CCR Re appoints senior actuary underwriter')

Managing general agent Itasca MGA Limited, which specialises in aviation and is part of the Pine Walk platform, has appointed Gareth John as Chief Executive and Director. Subject to regulatory approval, John will take over from Kostya Zolotusky, who is retiring at the end of the month. Zolotusky has served as CEO from when the business was set up by The Fidelis Partnership subsidiary Pine Walk Capital Limited and alternative investment manager Castlelake in 2023. John, who joined The Fidelis Partnership in April as Head of Bespoke Economic Lines, will assume the top post at Itasca MGA in addition to his current role. Bringing extensive experience in aviation investment banking, the former Natixis Global Aviation Head will continue to support The Fidelis Partnership’s economic lines of business. (Terry Gangcuangco, 29/5/2024, Insurance Business UK, 'Itasca MGA gets new CEO')

Marine war risk insurer Vessel Protect, a managing general agent under the Pen Underwriting UK umbrella, has hired James Kent from broker Lockton Omni to serve as Senior Business Development Underwriter starting June 3. Kent’s over two decades of marine insurance experience includes 15 years as an Underwriter, advancing to a Senior Underwriter role at Thomas Miller Specialty and Navigators Insurance Company. A British Marine and Lodestar Marine alumnus, he began his career handling marine liability claims at Steamship Mutual P&I Club. (Terry Gangcuangco, 29/5/2024, Insurance Business UK, 'Vessel Protect snaps up Lockton hire')

Jon Clark has been promoted to Chief Operating Officer at global claims services provider McLarens. The new position places Clark in McLarens’ C-suite, underlining the company’s continuing expansion of its specialist proposition worldwide. Since joining McLarens in April 2020, Clark has played a pivotal role in transforming the company from a loss adjusting firm to a broader claims services provider with a focus on complex, commercial, and specialty insurance markets. Previously serving as Vice President of corporate development, Clark led the global buildout of McLarens’ forensic and technical services. His team’s efforts have resulted in 13 successful M&A (mergers and acquisitions) transactions, expanding the company's reach in engineering, forensic science and investigation, and building consultancy. (Terry Gangcuangco, 29/5/2024, Insurance Business UK, 'McLarens promotes corporate development VP to COO')

Blenheim Underwriting has announced the hiring of David Barber as a Senior Liability Treaty Underwriter for Syndicate 5886. According to Blenheim, the appointment is aimed at developing a portfolio of niche liability classes through longstanding delegated authority or reinsurance relationships. Barber is poised to add what the underwriting business called a “significant pillar” to the syndicate’s offerings. The key hire transitions to Blenheim from Fortegra where Barber worked for four years. Before that, he spent two and a half decades at Chaucer, leading the liability division. (Terry Gangcuangco, 29/5/2024, Insurance Business UK, 'Blenheim Syndicate 5886 announces key addition')

Investment, protection, retirement, and in-house advice specialist LV= has appointed Gary Beyer as its new Protection Proposition Director. Beyer will join LV= in July, bringing nearly 25 years of experience in the financial services industry, including senior positions at Royal London, Scottish Widows, and Prudential Assurance. Most recently, he led the Royal London Modernisation programme as head of its protection futures proposition. (Kenneth Araullo, 28/5/2024, Insurance Business UK, 'LV= names new protection proposition director')

Dundee-based Broker Insights, which is known for its Vision Decision Intelligence platform, has made changes at the helm to bolster the company’s growth within the UK and spearhead its expansion into the US. Bringing more than two decades of leadership experience in high-growth tech enterprises, Peter Scott will assume the role of Chief Executive after six months as an Advisor to the firm. The key hire also has significant international know-how to his name. Meanwhile Fraser Edmond, Founder and current CEO of Broker Insights, will become President, dividing his time between the US and the UK to lead the overseas expansion while maintaining home market engagement. The former Aviva Distribution Director has been in the industry for over 25 years. Aside from the leadership tweak, Broker Insights is also set to appoint two commercial directors dedicated to specific customer segments. (Terry Gangucangco, 28/5/2024, Insurance Business UK, 'Broker Insights makes changes at the top to propel expansion')

Coaction Specialty Insurance Group has welcomed industry veteran John Berger as its new Chairman of the board, effective immediately. Berger has over three decades of experience in global re/insurance. His extensive background in executive leadership is expected to support the management team on Coaction’s strategic direction. Before retiring from Ascot Re in 2021, Berger was the founding Chairman and CEO of Third Point Reinsurance, a publicly traded reinsurer based in Bermuda. His prior roles include CEO of reinsurance and Vice Chairman of the board for Alterra Capital Holdings and Chairman of Alterra Reinsurance. He also served as CEO and President of Chubb Re from 1998 to 2005 and was an original member of the F&G Re team. Berger replaces Stan Galanski, who had served as Chairman since August 2021. (Mav Rodriguez, 27/5/2024, Insurance Business UK, 'Coaction taps reinsurance veteran as new chairman')