General Insurance newsletter Friday 16th May 2025

Insurance News

Inside Brokerbility: More than a broker network - IDEX Consulting spoke to John Dunn, Managing Director for Brokerbility, the leading network for growth orientated independent brokers, on who Brokerbility are, how they support independent brokers to innovate and grow, how the membership programme works and what’s in store for future developments. Learn how you could benefit from Brokerbility’s partnerships and expertise in this original interview. (IDEX Consulting news, 'Inside Brokerbility: More than a broker network')
How IDEX Consulting can accelerate your business growth - IDEX Consulting facilitated the strategic acquisition of Morton Insurance Brokers, a London-based firm specialising in minicab and private hire insurance, by Specialist Risk Group (SRG). Founder Adrian Morton sought a buyer who could uphold his company's legacy, provide job security for employees, and ensure a seamless transition. IDEX's M&A consultants partnered closely with Adrian to provide the best solution that would deliver his business model, growth objectives and at the same maintain the values the company was founded on. (IDEX Consulting news, 'How IDEX Consulting can accelerate your business growth')
Want to know what Insurance employers are looking for? Read our 2025 Salary Guide - Discover the key skills, experience, and qualities insurance employers value most in 2025. Our comprehensive Salary Guide offers the latest salaries for hundreds of insurance roles across 10 verticals, plus in-depth market insights to help you stay ahead in your career or recruitment strategy. (IDEX Consulting news, 'Want to know what Insurance employers are looking for? Read our 2025 Salary Guide')
Cyber risks: key developments and how to manage them - As cyber risks and challenges spike, the insurance sector faces an on-going battle of mitigating risk and protecting customer assets and data. What are the latest digital cyber risks and how can insurers manage them effectively before escalation? Learn how you can strengthen risk management, deploy ethical AI use and remain agile amid changing market conditions. (IDEX Consulting news, 'Cyber risks: key developments and how to manage them')
The Lloyd’s Market Association (LMA), in partnership with Barnett Waddingham, has published a survey examining the use of artificial intelligence (AI) and machine learning (ML) in actuarial and risk functions. The findings suggest that while interest in these technologies is growing, adoption remains limited due to a range of practical and regulatory concerns. (Josh Recamara, 16/5/2025, Insurance Business, 'Interest in AI grows but adoption remains limited - LMA')
At the 2025 BIBA Conference, CEO Graeme Trudgill emphasized AI's transformative impact on insurance operations and highlighted the FCA's proposed regulatory reforms aimed at reducing burdens on brokers; he also announced Caroline Barr as BIBA's first female chair and introduced a national SME-focused advertising campaign featuring "Ben the Broker." (Rod Bolivar, 15/5/2025, Insurance Business, 'BIBA CEO spotlights AI, FCA reforms at 2025 conference')
Christian Poulsen ACII, Managing Director at First Insurance Solutions and a broker with over 25 years' experience, received the Francis Perkins Award for his long-standing service to BIBA’s SME Brokers’ Advisory Board. Olola Frederick Olabode Ogunlana, with a 70-year international insurance career including roles as CEO of NICON and founding President of WAICA, was honoured with the International Lifetime Achievement Award. (Rod Bolivar, 15/5/2025, Insurance Business, 'Two industry veterans receive BIBA 2025 awards')
Allianz has reported a record Q1 2025 operating profit of €4.2 billion, driven by strong growth in its life/health segment, and reaffirmed its full-year operating profit guidance of €16.0 billion (±€1 billion), highlighting its financial strength and resilience amid global uncertainties. (Kenneth Araullo, 15/5/2025, Insurance Business, 'Allianz sees strong start to 2025, reaffirms full-year outlook')
Talanx has reported a record Q1 2025 net income of €604 million, up from €576 million, despite €881 million in large losses—primarily from California wildfires—and reaffirmed its full-year earnings target of over €2.1 billion, highlighting its resilience amid elevated claims. (Kenneth Araullo, 15/5/2025, Insurance Business, 'Talanx reports record-breaking start to the year amid high claims')
Aviva delivered broad-based growth in Q1 2025, with general insurance premiums rising 9% to £2.9 billion—driven by strong UK & Ireland performance—and achieved a 19% increase in protection and health sales, while maintaining a robust Solvency II ratio of 201%, underscoring its strategic focus on capital-light businesses and disciplined pricing. (Kenneth Araullo, 15/5/2025, Insurance Business, 'Aviva sees broad-based growth in Q1 across segments')
WTW's 2025 Terrorism Pool Index, developed with the International Forum for Terrorism Risk Insurance Pools (IFTRIP), reveals that while state-supported reinsurance pools remain essential for terrorism coverage, traditional models are increasingly challenged by civil unrest and evolving risk landscapes. (Roxanne Libatique, 15/5/2025, Insurance Business, 'WTW report exposes shifting terrorism insurance risks')
Marks & Spencer is poised to claim up to £100 million under its cyber insurance policy—led by Allianz and including Beazley—after a ransomware attack by the Scattered Spider group disrupted operations for nearly three weeks, exposed customer data (excluding payment details), and caused estimated losses exceeding £60 million. (Matthew Sellers, 14/5/2025, Insurance Business, 'Allianz, Beazley could be on the hook as M&S insurance claim expected to be £100m +')
Ardonagh Advisory is rebranding as Everywhen to unify over 45 trading names under one identity, reflecting its strategic focus on consistent client service across sectors like general insurance, marine, agriculture, construction, care, and renewable energy; the change will roll out over the next 12 months starting at BIBA 2025. (Kenneth Araullo, 14/5/2025, Insurance Business, 'Ardonagh, Aviva announce major developments at BIBA 2025')

Aviva Private Clients launched Refine Home at BIBA 2025, a new mid-tier high-net-worth insurance product for homes with rebuild values between £1 million and £3 million, available via its digital broker platform APC Online; this complements its refreshed suite—Smart Home, Complete Home, and Ultra Home—enhancing broker efficiency with data-driven pricing and underinsurance alerts. (Kenneth Araullo, 14/5/2025, Insurance Business, 'Ardonagh, Aviva announce major developments at BIBA 2025')
The U.S.–China 90-day tariff suspension, reducing U.S. tariffs from 145% to 30% and China's from 125% to 10%, offers temporary relief to insurers by stabilising auto repair and construction material costs, potentially easing claims inflation; however, persistent trade volatility and shifting global supply chains continue to challenge underwriting and investment strategies. (Matthew Sellers, 14/5/2025, Insurance Business, 'What Trump's 90-day tariff reprieve means for the global insurance market')
Markel Insurance has introduced a cyber insurance product offering up to US$5 million per risk for indirect losses from state-sponsored cyberattacks, addressing gaps left by traditional policies' war exclusions. Designed as a wrap-around solution, it reinstates certain war-related coverages for large corporations facing restrictive exclusions. This launch responds to the growing trend of state-sponsored attacks, which accounted for 35% of data breaches in 2024. (Kenneth Araullo, 13/5/2025, Insurance Business, 'Markel introduces cyber war cover for indirect losses from state-linked attacks')
Despite a 104% surge in cyberattacks by the end of 2024, 43% of UK companies still lack cyber insurance, according to a QBE report; with 47% hit by incidents last year, gaps persist due to misconceptions about coverage and growing concerns over AI-driven threats and rising ransomware attacks. (Emily Douglas, 13/5/2025, Insurance Business, 'Cyberattacks on the rise – yet 43% of companies still don't have cyber insurance')
Pen Underwriting has launched Pen Protect, a cyber risk management platform to be included with all cyber policies from June 2025, offering daily vulnerability scans, phishing simulations, AI-driven training, and broker tools like portfolio analysis and client-specific risk reports to enhance cyber resilience and client engagement. (Kenneth Araullo, 13/5/2025, Insurance Business, 'Pen Underwriting debuts cyber risk platform for renewals and new policies')
Castlebridge Risk Solutions, launching June 3 and founded by Tim Grant and James Dunsby, has joined Momentum Broker Solutions and partnered with Cornerstone and Imperial Chartered to offer tailored insurance services to SMEs and real estate clients, combining start-up agility with tech-driven, consultative support. (Gareth Morgan, 13/5/2025, Insurance Business, 'Castlebridge joins Momentum network and partners with Cornerstone, Imperial Chartered')
Commercial Express has expanded its capacity panel by forming long-term partnerships with AXA and Carbon Underwriting. AXA will provide additional capacity for the MGA’s commercial property owners scheme, while Carbon Underwriting will join the residential property owners panel, integrating its data platform, Graphene, to enhance underwriting flexibility and operational efficiency. (Josh Recamara, 13/5/2025, Insurance Business, 'Commercial Express expands capacity through AXA and Carbon Underwriting partnership')
Sedgwick has launched Talent Solutions, a new learning and development service led by Carolyn Blunt, who brings over 20 years of experience in the insurance and contact centre sectors. Previously, Blunt served as Managing Director at Davies Group, where she focused on building high-performing teams and designing agile training solutions. Talent Solutions offers tailored training for front-line employees, leadership teams, and technical staff, delivered through various formats including in-person, virtual classrooms, e-learning, and blended models. This initiative aims to address skills shortages and enhance workforce capability in response to evolving operational demands. (Josh Recamara, 13/5/2025, Insurance Business, 'Sedgwick adds new service to workforce-focused portfolio')
Insurers are reassessing directors' and officers' (D&O) coverage amid rising litigation, regulatory scrutiny, and emerging risks like AI-related liabilities, leading to more selective underwriting and signs of market stabilization into 2025, according to the Gallagher Specialty D&O Global State of the Market Report. (Jonalyn Cueto, 12/5/2025, Insurance Business, 'Insurers reevaluate D&O coverage as risk factors rise')
Willis, a WTW business, has launched FinTech Plus—a globally developed insurance solution tailored for fintech companies—offering streamlined, unified coverage for financial and cyber risks through a single proposal form and wording, supported by a panel of Lloyd’s syndicates and London-based insurers. (Jonalyn Cueto, 12/5/2025, Insurance Business, 'Willis launches FinTech Plus')
Broker Insights has surpassed £10 billion in GWP on its Vision platform, now covering over 40% of the UK commercial insurance market, with global expansion and a newly enhanced AI-driven platform. (Jonalyn Cueto, 12/5/2025, Insurance Business, 'Broker Insights hits £10 billion GWP milestone')

Mergers and Acquisitions

JMG Group has secured a new equity investment led by existing backer Synova and U.S.-based private equity firm GTCR, with participation from the company's leadership team. The deal, subject to regulatory approval, aims to support JMG's growth plans through further acquisitions, recruitment, and platform development. Since Synova's initial investment in 2020, JMG has completed 46 acquisitions and reported high levels of organic growth, with plans to continue its acquisition-led strategy into 2025 and beyond. (Josh Recamara, 14/5/2025, Insurance Business, 'JMG Group secures new investment from Synova and GTCR')
Despite a slow start in early 2025, the UK insurance M&A market is set for growth, with private equity firms holding substantial "dry powder" and focusing on larger, strategic transactions. A recent analysis by BMS, a leading insurance broker, highlights rising investor confidence, an expected rebound in deal volumes throughout the year, and a continued trend towards sector consolidation. (Jonalyn Cueto, 12/5/2025, Insurance Business, 'M&A market set for growth – report')

Movers

Caroline Barr has been appointed as the next Chair of the British Insurance Brokers’ Association (BIBA), becoming the first woman to hold the role. She will succeed Jonathan Evans at the end of 2025. Barr, a Non-Executive Director at BIBA, has previously served as Deputy Director at HM Treasury and as a member of the Financial Services Consumer Panel. She also chairs BIBA’s Access to Insurance Committee, focusing on financial inclusion and consumer signposting. (Josh Recamara, 16/5/2025, Insurance Business, 'BIBA names first female chair')
Rokstone has named Stephanie Belcourt as Head of Complex Claims, bringing 20 years of experience from Apollo Syndicate 1969 and Hiscox, as the firm strengthens its claims function to support global growth and portfolio diversification. (Josh Recamara, 16/5/2025, Insurance Business, 'Insurance moves: Rokstone, Insurance Advisory, Evolution Claims and AXA XL')
AXA XL has promoted Mick Turvey to Head of mid-market underwriting and UK regions, leading strategy for UK clients and regional teams; he joined AXA XL in 2013 with 35 years of property and casualty underwriting experience. (Josh Recamara, 16/5/2025, Insurance Business, 'Insurance moves: Rokstone, Insurance Advisory, Evolution Claims and AXA XL')
Insurance Advisory Partners has appointed Benjamin James as Partner in its London office, bringing over 10 years of experience in insurance-focused investment banking and private equity; his previous roles include Investment & Advisory Director at Vemi Capital and Vice President at Financial Services Capital, supporting the firm’s UK and European growth. (Josh Recamara, 16/5/2025, Insurance Business, 'Insurance moves: Rokstone, Insurance Advisory, Evolution Claims and AXA XL')
Evolution Claims Management has launched Evo Subsidence, a dedicated service to speed up subsidence claim diagnostics and repairs, aiming to reduce claim lifecycles and costs, led by newly appointed Head of Professional Services Jim Pittman. (Josh Recamara, 16/5/2025, Insurance Business, 'Insurance moves: Rokstone, Insurance Advisory, Evolution Claims and AXA XL')
Willis has appointed Brian Vosloh as Head of Cyber for EMEA, bringing over 30 years of international experience in financial lines and cyber products from roles at Allianz Commercial and Chubb; based in Barcelona, he will lead the firm's FINEX Cyber Specialty operations across the region, enhancing strategic cyber risk solutions amid escalating digital threats. (Jonalyn Cueto, 15/5/2025, Insurance Business, 'Willis names head of cyber for EMEA')
Mark Newman, CEO of Canopius UK with extensive Lloyd’s market experience including leadership at Catlin Asia Pacific, has been appointed to the Lloyd’s Market Association board to support its global strategic growth, replacing outgoing board member Kate Roy. (Josh Recamara, 14/5/2025, Insurance Business, 'Insurance moves at LMA, Acrisure UK, Gallagher Bassett and Conveybuddy')
Acrisure UK Broking boosts its UK Retail expansion with three senior hires: Gary Green, formerly of Angel Risk Management with 40+ years in insurance, to lead 2Vision and open a Chelmsford office focused on SME regional brokers; Tom Brown, ex-Broking Director at Lothbury, appointed to lead northern operations; and Scott Feltham, with over 20 years in high-net-worth and family office insurance, joining as Private Clients Development Director in the South. (Josh Recamara, 14/5/2025, Insurance Business, 'Insurance moves at LMA, Acrisure UK, Gallagher Bassett and Conveybuddy')
Gallagher Bassett appointed Ashley Easen, with 25 years’ risk management experience and a company veteran since 2016, as Director of Consulting to lead Risk Consulting, Claims Consulting, and Training Solutions, alongside Julian Nicklin as Head of Claims Consulting. (Josh Recamara, 14/5/2025, Insurance Business, 'Insurance moves at LMA, Acrisure UK, Gallagher Bassett and Conveybuddy')
Conveybuddy appointed Rachel Payne as Senior Account Manager to manage broker and introducer relationships and support tailored conveyancing and surveying solutions, bringing nearly a decade of industry experience after returning from a career break. (Josh Recamara, 14/5/2025, Insurance Business, 'Insurance moves at LMA, Acrisure UK, Gallagher Bassett and Conveybuddy')
Gallagher has appointed Clare Francis, former UK CEO of Standard Chartered with prior roles at Lloyds and HSBC, as an independent Non-Executive Director; she will chair the remuneration committee and join key board committees, bringing extensive leadership experience to support Gallagher’s continued growth. (Josh Recamara, 13/5/2025, Insurance Business, 'Insurance moves: Gallagher, Rokstone and Westfield Specialty')
Westfield Specialty International has expanded its offshore energy team with Michael Poulteney, former Head of Offshore Energy at Arch, joining as Class Underwriter, and Manraj Kailia, also ex-Arch and a Lloyd’s graduate scheme alumnus, as Senior Underwriter—both based in London as part of Westfield’s continued growth strategy. (Josh Recamara, 13/5/2025, Insurance Business, 'Insurance moves: Gallagher, Rokstone and Westfield Specialty')
Rokstone, part of the Aventum Group, has appointed Matt Bishop as Class Underwriter for its new UK and Ireland casualty division; Bishop brings 35 years of casualty insurance experience, including senior underwriting roles at Convex and Catlin/AXA XL, covering casualty, property, and business interruption. (Josh Recamara, 13/5/2025, Insurance Business, 'Insurance moves: Gallagher, Rokstone and Westfield Specialty')
Evolution Claims Management has appointed Donna Quarrell as Director of Operations; she brings over 15 years of insurance experience, including senior roles at Innovation Group UK and Aviva. (Josh Recamara, 12/5/2025, Insurance Business, 'Insurance moves: Evolutions Claims Management and Concirrus')