General Insurance newsletter Friday 7th March 2025

Insurance News

How IDEX Consulting accelerated Morton Insurances' growth - Morton Insurance Brokers came to IDEX to ask them to support the growth of their business, and find a suitable buyer as its founder, Adrian Morton, prepared for retirement. After careful analysis and due diligence IDEX's M&A specialists matched Morton with Specialist Risk Group (SRG), ensuring continuity of service, employee job security, and continued growth. The deal was finalised in just under seven months, enabling Adrian to securely prepare for retirement. (IDEX Consulting news, 'How IDEX Consulting accelerated Morton Insurances' growth')
M&A buy and sell strategies: predictions from our experts - M&A activity is expected to grow despite recent tax reforms, particularly around Capital Gains Tax and Business Asset Disposal Relief. If you’re considering an exit strategy or looking to acquire, M&A experts urge you to start the planning process now. Understanding how new and changing regulations will impact your business, especially concerning cyber risks and ESG, will be key for successful transactions. (IDEX Consulting news, 'M&A buy and sell strategies: predictions from our experts')
2025 Insurance employment trends - The 2025 insurance employment outlook highlights moderate job growth across the industry, with talent acquisition of suitably skilled professionals remaining a key challenge due to developments in technology, an ageing workforce and a lack of younger recruits. Research shows employee dissatisfaction is growing, with 60% of employees planning to change jobs, mainly due to low pay, heavy workloads, and a lack of career progression. Understanding what your employer brand is, how it’s perceived in the market and how to use it to attract top talent will be a key differentiator in 2025. (IDEX Consulting news, '2025 Insurance employment trends')
How to tackle the gender imbalance in insurance - The insurance profession continues to face significant gender parity issues, with women, especially from minority ethnic backgrounds, underrepresented in leadership roles. Despite some progress in entry-level positions, there are still barriers such as a 30% gender pay gap and lack of professional development opportunities. Addressing how you can implement incremental changes that are sustainable and having leaders champion gender equity authentically is crucial for improvement. (IDEX Consulting news, 'How to tackle the gender imbalance in insurance')
Aviva has enhanced its digital commercial combined insurance with expanded underwriting, broader coverage, and a 16-member underwriting team in Perth to support brokers in placing complex risks online. (Josh Recamara, 7/3/2025, Insurance Business, 'Aviva updates digital commercial combined insurance product')
MAPFRE RE has partnered with CyberCube to strengthen its cyber insurance position, licensing CyberCube’s tools to manage cyber risks and expand into new markets, amid growing demand for cyber coverage. (Rod Bolivar, 6/3/2025, Insurance Business, 'MAPFRE RE boosts cyber risk management with CyberCube')
Brand Finance reports a 9% YoY rise in brand value among the top 100 insurers, with nine of the top 10 growing in 2025, despite climate challenges; Ping An remains No. 1 at $33.6B, while US insurers now hold 25% of total brand value. (Rod Bolivar, 6/3/2025, Insurance Business, 'Global insurance brands increase in value amid challenges')
Airmic’s 2025 Captives Survey shows rising captive insurance use for risk management, with members overseeing £22.6B in assets and £5.1B in annual premiums; over 25% of respondents report premiums between £2M–£5M, while 17% exceed £50M. (Rod Bolivar, 6/3/2025, Insurance Business, 'Captives become key to managing business risks – Airmic')
The 2025 State of Flood report highlights growing US flood insurance demand amid rising flood events, with Guy Carpenter attributing increased risk to extreme rainfall, higher evaporation, stronger storms, and drought-driven flash floods. (Kenneth Araullo, 5/3/2025, Insurance Business, 'Flood insurance demand surges in 2025 as Guy Carpenter warns of expanding risks')
Enstar Group’s Lloyd’s Syndicate 2008 has finalised a loss portfolio transfer with Atrium Syndicate 609, assuming approximately $196M in net loss reserves based on Atrium’s Q3 2024 carried reserves. (Kenneth Araullo, 5/3/2025, Insurance Business, 'Enstar's Lloyd's Syndicate 2008 Completes loss portfolio transfer with Atrium')

Gallagher Re launches the Cyber Risk Adjusted Rating (RAR) Index to track reinsurance pricing while accounting for shifts in cyber risk. The index reveals market fluctuations, with Ian Newman, global head of cyber, noting cyber risk’s systemic exposure. Gallagher Re reports that Aggregate Stop-Loss and Aggregate Excess of Loss structures remain preferred due to their ability to cover large-scale cyber events, including the 2018–2021 ransomware surge. (Jonalyn Cueto, 4/3/2025, Insurance Business, 'Gallagher Re introduces Cyber Risk Adjusted Rating Index')
Fitch Ratings warns the property and casualty insurance industry faces financial pressure from natural catastrophes, though strong capital reserves and reinsurance help manage volatility. Experts noted major events like a Miami hurricane or California earthquake could lead to massive losses. Rising storm frequency has pushed rates higher, with smaller insurers, particularly in Florida, vulnerable due to reliance on reinsurance and state programs. (Jonalyn Cueto, 4/3/2025, Insurance Business, 'P&C insurers brace for rising catastrophe risks')
Beazley plc reported a record profit before tax of $1.42 billion for the year ending December 31, 2024, a 13% increase from 2023. The insurer also launched a $500 million share buyback and saw 10% growth in written premiums, reaching $6.16 billion. However, the undiscounted combined ratio rose to 79% from 74%, and return on equity declined to 27% from 30%. The company estimated $80 million in claims from the Californian wildfires. (Jonalyn Cueto, 4/3/2025, Insurance Business, 'Beazley shares strong results, announces huge buyback')
SiriusPoint Ltd. has completed its $733 million repurchase of all common shares and warrants held by CM Bermuda Limited, eliminating CM Bermuda’s ownership stake and board involvement. The company also finalised a secondary offering of 4.1 million shares by entities linked to Daniel S. Loeb. (Kenneth Araullo, 3/3/2025, Insurance Business, 'SiriusPoint finalizes CM Bermuda exit and secondary share offering')
Pool Re has expanded its retrocession programme to £2.75bn, up from £2.4bn, with support from 60+ reinsurers; brokered by Guy Carpenter, the cover shifts more terrorism risk to the private market and includes a limited cyber extension. (Kenneth Araullo, 3/3/2025, Insurance Business, 'Pool Re secures expanded retrocession cover with 60+ reinsurers')
Brit Limited reported a 2024 pre-tax profit of $661m (up from $623.9m in 2023) and a combined ratio of 75.7% (discounted); GWP rose to $3.78bn, with a strong capital surplus of $987.5m after $605.4m in dividends. (Josh Recamara, 3/3/2025, Insurance Business, 'Brit reports higher pre-tax profit in 2024')

Mergers and Acquisitions

Gallagher acquires Finib OY, a Finnish retail broker serving 10,000 real estate clients with 40 employees; Founders Eero Kuusela and Sirpa Bitter-Helve will stay on under Nordic CEO Jonas Bergfeldt, strengthening Gallagher’s regional presence. (Josh Recamara, 6/3/2025, Insurance Business, 'Gallagher acquires Finnish retail insurance broker')
In further news...Gallagher have agreed to acquire San Francisco-based broker Woodruff Sawyer for $1.2B, outbidding WTW and Brown & Brown; the deal bolsters its P&C, management liability, construction, and real estate capabilities, set to close in Q2 2025 pending approval. (Josh Recamara, 5/3/2025, Insurance Business, 'Gallagher pushes out WTW, Brown & Brown with $1.2 billion broker acquisition')
NFP expands Ground Control Business Management into the UK with the acquisition of Clay GBP Ltd.; the firm will integrate and rebrand Clay GBP, with partners joining as managing directors under CEO Chris Bucci. (Josh Recamara, 5/3/2025, Insurance Business, 'NFP buys Clay GBP to expand unit')
UK insurance distribution M&A activity remains slow in 2025, with only nine deals announced by February, compared to 23 at the same point in 2024. MarshBerry notes that while two months of data is too early to predict trends, the pace must accelerate to match 2024's record volumes. The February update highlights low transaction volumes, raising questions about whether this is a short-term fluctuation or a potential slowdown in sector activity. (Kenneth Araullo, 5/3/2025, Insurance Business, 'UK insurance M&A activity off to slow start in 2025')
Specialist Risk Group (SRG) acquires Brentacre Insurance, a broker specialising in insurance for modified and performance vehicles, subject to regulatory approval. Brentacre, founded in 1987, will join SRG’s UK retail division, Specialist Risk Insurance Solutions (SRIS), gaining access to SRG’s broader distribution network for growth opportunities. The company will continue to operate as before, maintaining its existing services. (Josh Recamara, 5/3/2025, Insurance Business, 'Specialist Risk Group acquires Brentacre Insurance')
Accenture acquires Altus Consulting from Equisoft to expand its UK financial services offerings. Altus, founded in 2005, specializes in data-driven advisory services and technology for insurance, pensions, and investments. The acquisition strengthens Accenture’s insurance practice, including Altus' software products. Equisoft will retain Altus' software business for the life insurance sector. (Josh Recamara, 5/3/2025, Insurance Business, 'Accenture acquires Altus Consulting for undisclosed sum')
Optio Group has agreed to acquire Norwegian MGA S Insurance AS, subject to regulatory approval, to expand its marine capabilities. Headquartered in Bergen with offices in Oslo, S Insurance specialises in marine hull underwriting and has a strong European presence. Founded nearly a decade ago by Director Gary Sangedal, the firm joined The Nordic Association of Marine Insurers (CEFOR) in 2022. Sangedal will continue in his role alongside Managing Director Marianne Engelsen Hals and the existing team. (Josh Recamara, 4/3/2025, Insurance Business, 'Optio Group acquires S Insurance')

Movers

Lockton Re has appointed Eric Paire as Head of Capital Advisory Practice in London; with 30+ years of experience, he previously led Capital Advisory at Aon and held leadership roles at Guy Carpenter, Scor, and AXA Re. (Rod Bolivar, 6/3/2025, Insurance Business, 'Lockton Re appoints new capital advisory head')
Tokio Marine HCC International has promoted Camilla Gower to Head of Marine and Energy Liability; with 15+ years in marine underwriting, she previously held senior roles at StarStone, CNA Hardy, Aegis, and WTW. (Josh Recamara, 7/3/2025, Insurance Business, 'Insurance moves happening at CFC, New Dawn Risk and Tokio Marine HCC')
Jake Burgess has joined Tokio Marine Kiln as a Fine Art and Specie Underwriter, and Ella Henderson as a Life Sciences Underwriter, supporting the company’s growth strategy. Burgess, with over 10 years of experience, was previously Underwriting Manager for US specie and West Zone fine art at AXA XL. Henderson joins from Superscript, where she specialised in medical technology. (Josh Recamara, 4/3/2025, Insurance Business, 'Insurance moves: Markel, Tokio Marine Kiln and AXA XL')
Miller has appointed Vincent Foucart as Managing Director in its reinsurance division to drive business development across Western Europe; with 25 years of experience, he joins from SCOR, where he was CEO of P&C Solutions. (Rod Bolivar, 6/3/2025, Insurance Business, 'Vincent Foucart to lead Miller's reinsurance')
CFC has appointed Lisa Sumner and Dharini Patel as joint Marketing Directors in its first senior job share; formerly at Travelers Europe, they will drive CFC’s global brand expansion and marketing strategy. (Josh Recamara, 7/3/2025, Insurance Business, 'Insurance moves happening at CFC, New Dawn Risk and Tokio Marine HCC')
Jack Keilty has joined New Dawn Risk as Head of Management Liability and Financial Institutions; formerly at Price Forbes and JLT Specialty, he brings over a decade of financial lines experience. (Josh Recamara, 7/3/2025, Insurance Business, 'Insurance moves happening at CFC, New Dawn Risk and Tokio Marine HCC')
Westfield Specialty International appoints Pete Stephens as Head of Professional Indemnity and Hattie Hassall as Senior PI Underwriter; Stephens, formerly Head of PI at Sompo International, has 17+ years of experience at Allied World, AIG, and RSA, while Hassall, with over a decade in the industry, previously worked at Tokio Marine before joining Sompo. (Josh Recamara, 6/3/2025, Insurance Business, 'Westfield Specialty adds two senior appointments to PI team')
Howden Re Fac appoints Nicolò Forcellini as Director on its DACH London team under MD Tom Sharman; Forcellini joins from Aon, where he was a Reinsurance Broker in London, with prior experience in international property broking and internships at Valentino and Allied World. (Kenneth Araullo, 5/3/2025, Insurance Business, 'Howden Re Fac names Nicolò Forcellini director for DACH London team')
QBE appoints Maths Stanser as Head of Distribution for European markets, overseeing broker engagement and distribution strategy across France, Germany, Italy, the Netherlands, and Spain; he joins the European management committee. With 30 years of experience, Stanser’s career includes roles at AIG Europe, Aon (as Chief Commercial Officer and Head of Financial Institutions), and seven years as QBE Nordics' GM. (Kenneth Araullo, 5/3/2025, Insurance Business, 'Insurance hires: QBE, mea, Argenta, UK P&I')
Mea Platform names Max Richter CEO for the UK and EMEA, bringing 25+ years of experience in insurance and tech transformation. Previously Managing Director at Accenture, Richter led AI-enabled underwriting for P&C clients and drove growth for Detica NetReveal’s fraud detection SaaS platform in Europe. (Kenneth Araullo, 5/3/2025, Insurance Business, 'Insurance hires: QBE, mea, Argenta, UK P&I')
Argenta appoints Paul Wilson as Deputy Chair of Argenta Syndicate Management Ltd and Non-Executive Director of Argenta Holdings Ltd, pending approval. With over 35 years in financial services, Wilson has held leadership roles at Bain & Company, AXA XL, RJ Kiln, and Brewin Dolphin. He succeeds John Whiter as ASML Chair on July 1, 2025. Whiter, who is stepping down after 16 years, expanded ASML’s underwriting capabilities, including Syndicate 2121 and SPA 6134, and played a key role in Argenta’s 2017 acquisition by Hannover Re. (Kenneth Araullo, 5/3/2025, Insurance Business, 'Insurance hires: QBE, mea, Argenta, UK P&I')
The UK P&I Club announces leadership changes, with Sean Geraghty returning to London as Claims Operations Director to enhance global claims initiatives. Philip Clacy takes over as Regional Director for Greece, returning to Piraeus after 15 years in London, continuing to support Greek-based members. (Kenneth Araullo, 5/3/2025, Insurance Business, 'Insurance hires: QBE, mea, Argenta, UK P&I')
The Lloyd’s Market Association (LMA) and International Underwriting Association (IUA) announce six new members elected to the Joint Power Generation Committee for a three-year term: Carl Bennett (CNA Hardy), Peter Cranston (AIG), Rebecca Friel (Travelers), Mark Pettersen (Argenta), Alex Priestley (Lancashire), and Lindsay Waller (MS Amlin), who will focus on emerging risks and market developments. (Kenneth Araullo, 5/3/2025, Insurance Business, 'New members elected to LMA and IUA Joint Power Generation Committee')
Specialty MGA UK appoints Amir Hussain as Head of Political and Credit Risk to launch a new business line and establish a presence in the political risk market. Hussain brings experience as a Credit Analyst at Barclays and Underwriter for Lloyd’s syndicates, including Brit and Hamilton, specialising in political risk, contract frustration, and credit risk. (Josh Recamara, 5/3/2025, Insurance Business, 'Specialty MGA UK names head of political and credit risk')
Gallagher Re has appointed Julie Gigleux as a Senior Reinsurance Broker in its EMEA team. Gigleux previously worked at Munich Re as a Client Manager, overseeing client relationships and market analyses in the French market. Prior to that, she spent over six years at NewRe, progressing from Assistant to Senior Casualty Underwriter, handling liability accounts across France, Benelux, Greece, and Cyprus. She also worked on developing reinsurance business across Europe and managing UK liability. Gigleux began her career in financial advising and communications. (Jonalyn Cueto, 4/3/2025, Insurance Business, 'Gigleux joins Gallagher Re's EMEA team')
Nicola Cunliffe has been appointed Head of Trading at Markel UK, where she will oversee broker engagement and trading operations. With previous leadership roles at Flock and AXA, Cunliffe will focus on enhancing the broker trading experience. (Josh Recamara, 4/3/2025, Insurance Business, 'Insurance moves: Markel, Tokio Marine Kiln and AXA XL')
Martin Kilshaw has been appointed Head of Broker Management and Alternative Distribution for AXA XL in the UK and Lloyd’s market. With 23 years of experience, Kilshaw will oversee broker engagement and AXA XL's alternative distribution strategy, including broker facilities and Angel Risk Management. He previously served as Regional Director South at AXA UK and has held roles in claims and corporate partnerships. (Josh Recamara, 4/3/2025, Insurance Business, 'Insurance moves: Markel, Tokio Marine Kiln and AXA XL')
Flood Re has appointed Perry Thomas as CEO, succeeding interim Chief Stuart Logue; Thomas, a board member since 2021, brings senior leadership experience from Lloyds Bank, HSBC, and Reinsurance Group of America. (Kenneth Araullo, 3/3/2025, Insurance Business, 'Flood Re appoints Perry Thomas as new chief executive officer')
Bridgehaven Specialty UK has appointed Giles Taylor to its leadership team, effective March 3; Taylor, formerly Lloyd’s Europe CRO, brings 25+ years of industry experience, including senior roles at Lloyd’s and ACE (now Chubb). (Kenneth Araullo, 3/3/2025, Insurance Business, 'Insurance hires: Bridgehaven Specialty, Apollo Syndicate Management')
Apollo Syndicate Management has appointed Rob Littlemore as an Independent Non-Executive Director; with 35+ years in re/insurance, he previously led XL Catlin Re London and Catlin’s London Reinsurance Group and currently serves on Lockton Re’s board. (Kenneth Araullo, 3/3/2025, Insurance Business, 'Insurance hires: Bridgehaven Specialty, Apollo Syndicate Management')
Alps MGA has appointed Nick Copley as Head of Claims; with 10 years at Alps, including as Legal Team Manager, he will oversee claims service development and support claims management and legal operations. (Kenneth Araullo, 3/3/2025, Insurance Business, 'Alps appoints Nick Copley as new head of claims')