General Insurance newsletter Friday 23rd May 2025

Insurance News

Risk and Compliance talent insights: advice for employers and job seekers - The risk and compliance sector is rapidly growing, with competition for specialist talent on the rise. There’s high demand for expertise in M&A, climate risk, ESG, data privacy, and consumer duty. Automation and AI continues to transform the profession, with businesses seeking expertise in data, technology and governance. R&C Business Director, Jack Johnson shares strategic recruitment advice in his opinion piece. (IDEX Consulting news, 'Risk and Compliance talent insights: advice for employers and job seekers')
2025 UK and US insurance regulatory changes - This year, UK and US insurers and brokers face stricter regulations on data protection, consumer fairness, and climate risk. The UK’s FCA expands Consumer Duty for transparency and vulnerable customers, while the Data Reform Bill targets algorithmic transparency. In the US, the NAIC data security law enhances data security and consumer control, with heavy penalties for non-compliance. The UK also mandates climate risk disclosures under TCFD, requiring firms to report climate-related risks and adjust strategies accordingly. (IDEX Consulting news, '2025 UK and US insurance regulatory changes')
How to tackle the insurance gender imbalance - Gender parity remains a major challenge in insurance, with women holding 45% of entry-level roles but only 18% of C-suite positions and just 15.7% of UK broking roles. Addressing this requires proactive action from employers and partners to ensure equitable practices. How can employers close the 28.8% gender pay gap and authentically tackle unconscious bias, especially for women balancing caregiving? We share more in our article. (IDEX Consulting news, 'How to tackle the insurance gender imbalance')
Using diversity of thought to drive retention - Championing diverse perspectives in the workplace requires proactive allyship, including educating oneself on different cultures, addressing biases and microaggressions, fostering psychological safety for open dialogue, and reflecting on past experiences to improve future actions. Read more to adopt practical ways to build a more remote inclusive environment where all voices are heard and valued. (IDEX Consulting news, 'Using diversity of thought to drive retention')
ARAG Group reported a 17.4% surge in premium income for 2023, reaching €172.5 million, driven by strong growth in legal insurance across international markets. (Josh Recamara, 23/5/2025, Insurance Business, 'ARAG Group sees premiums surge by more than 17%')
CFC has expanded its cyber cover for high-risk sectors like digital health, fintech, and tech, adding AI-specific protections, revenue loss cover, and built-in cyberattack prevention. (Roxanne Libatique, 22/5/2025, Insurance Business, 'CFC boosts cyber cover for high-risk digital sectors')
HDI Global SE reported a strong start to 2025, with Q1 insurance revenue rising to €2.6 billion and net income increasing to €141 million, driven by new business growth and inflation-linked pricing, despite large catastrophe losses. (Kenneth Araullo, 22/5/2025, Insurance Business, 'HDI Global sees strong start to 2025 despite catastrophe losses')
Generali reported an 8.9% year-over-year increase in Q1 2025 operating profit to €2.07 billion, with growth across all segments—particularly in property and casualty (P&C), which saw an 18.7% rise in operating result and an improved combined ratio of 89.7%; life net inflows rose 30.4% to over €3 billion, driven by strong performance in Italy and Germany. (Kenneth Araullo, 22/5/2025, Insurance Business, 'Generali posts growth across all segments in Q1 update')
Geo Underwriting has partnered with Merit Advantage to offer agricultural policyholders a 5% discount on a digital risk management platform that streamlines asset tracking, safety checks, and compliance, aiming to enhance operational efficiency and reduce administrative burdens for farmers and estate managers. (Josh Recamara, 22/5/2025, Insurance Business, 'Geo Underwriting partners up to boost agricultural clients')
Acrisure has secured $2.1 billion in funding led by Bain Capital, elevating its valuation to $32 billion; the capital will support refinancing, strategic acquisitions, and expansion of its fintech platform targeting SMEs globally, including services in real estate, cybersecurity, payroll, and wealth solutions. (Kenneth Araullo, 21/5/2025, Insurance Business, 'Acrisure secures major capital backing to advance fintech strategy')
Tokio Marine reported a 56% year-over-year increase in net income for fiscal 2024, reaching ¥1.1 trillion (approximately $7.4 billion), driven by improved underwriting performance in key markets like North America and Brazil, reduced catastrophe losses in Japan, and accelerated sales of business-related equities. (Josh Recamara, 21/5/2025, Insurance Business, 'Tokio Marine sees net income almost double')
Marks & Spencer projects a £300 million loss in operating profit for fiscal 2025/26 due to an April cyberattack attributed to the Scattered Spider group, which disrupted online operations and compromised customer data; the retailer expects to mitigate some losses through insurance claims up to £100 million and aims to resume full online services by July. (Kenneth Araullo, 21/5/2025, Insurance Business, 'Marks & Spencer projects massive losses after cyberattack')

LV’s 2024 data shows mental health is now the third leading cause of income protection claims, making up 15% of cases, with a 61% rise in use of remote psychological support. Despite this, 48% of UK adults remain without income protection. (Kenneth Araullo, 21/5/2025, Insurance Business, 'Mental health now third leading cause of income protection claims – LV=')
Xceedance has received Chartered Insurance Institute (CII) accreditation for its XCERA catastrophe risk modelling training programme, enhancing global recognition and supporting professional development in risk analytics. (Josh Recamara, 21/5/2025, Insurance Business, 'Xceedance gets CII accreditation for catastrophe risk modelling training programme')
Marsh has been appointed by the Australian government to manage insurance and risk advisory for the Royal Australian Navy’s Maritime Insurance Program, covering assets such as six Hunter-class frigates, three Hobart-class destroyers, and six large surface vessels. The program supports a significant naval fleet expansion and infrastructure development initiative, positioning Marsh to engage with global marine insurance markets to secure suitable coverage terms. (Roxanne Libatique, 20/5/2025, Insurance Business, 'Marsh secures navy insurance role')
MS Amlin’s 2024 profit after tax fell to £149 million (from £197 million in 2023) under IFRS 17, despite a rise in net premiums to £1.575 billion and an underwriting profit of £215 million; 2025 net income is projected at £189 million, including wildfire loss provisions. (Kenneth Araullo, 20/5/2025, Insurance Business, 'MS Amlin sees profits fall')
West of England P&I Club’s combined ratio rose to 103.9% in 2024–25 due to higher International Group Pool claims, but its three-year average ratio hit an eight-year low of 98.4%; investment returns of $44M boosted reserves to $306.1M, with an A- rating from AM Best. (Josh Recamara, 19/5/2025, Insurance Business, 'West of England P&I Club sees combined ratio sink')

Mergers and Acquisitions

BMS Group has acquired Istanbul-based insurance broker Oria Sigorta, enhancing its presence in Turkey and the Middle East. Oria's team will integrate into BMS Turkey, with Founder Cenk Erden becoming Chief Growth Officer. (Josh Recamara, 23/5/2025, Insurance Business, 'BMS Group buys Istanbul-based insurance broker Oria Sigorta')
Stubben Edge Group has acquired Jaywing UK, a 25-year-old integrated marketing agency and risk consultancy, to enhance its data, analytics, and AI capabilities, particularly supporting its growing distribution platform in financial services. Jaywing's proprietary Accelerator Lab and expertise in data science are expected to complement Stubben Edge’s technology-driven offerings, while Jaywing will continue operating under its existing structure within the group. (Josh Recamara, 22/5/2025, Insurance Business, 'Stubben Edge Group acquires Jaywing UK')
Ryan Specialty has acquired 360° Underwriting, a managing general underwriter based in Dublin and Galway, specialising in commercial construction insurance. Founded in 2017, 360° Underwriting offers services such as latent defect insurance and owner-controlled insurance programmes, utilising proprietary modelling practices to manage risk aggregation and maintain consistency across its portfolio. The acquisition allows Ryan Specialty to expand its footprint in Ireland and complement its existing latent defect business. (Kenneth Araullo, 20/5/2025, Insurance Business, 'Ryan Specialty acquires 360° Underwriting to expand in Irish construction market')
Deva Risk Group, backed by TBIG, acquired David Vaughan & Co, a 51-year-old North Wales broker with £1.2M GWP; the firm will keep its name and staff, with Founder David Vaughan stepping down and his son Andrew becoming Managing Director. This marks Deva’s second regional acquisition in 2025 as it aims to grow GWP to £20M by 2027. (Josh Recamara, 19/5/2025, Insurance Business, 'TBIG's Deva Risk acquires David Vaughan & Co')

Movers

Tokio Marine HCC International (TMHCCI) has appointed Claire Spiteri as Senior Underwriter in its professional risks division. Based in Manchester, Spiteri joins from AIG, where she specialised in professional indemnity across sectors like construction, engineering, and media. She will focus on expanding TMHCCI’s professional indemnity and management liability portfolios while strengthening broker relationships across the UK. (Josh Recamara, 23/5/2025, Insurance Business, 'Tokio Marine HCC names AIG veteran as senior underwriter')
Aspen Insurance has appointed Jon Kattman as Head of Inland Marine, where he will lead the underwriting team from Atlanta, overseeing strategy and risk management; Kattman brings over 14 years of underwriting experience, having joined Aspen in 2017 and previously serving as Senior Vice President, Head of Field for Inland Marine. (Josh Recamara, 22/5/2025, Insurance Business, 'Insurance moves: Aspen, Send and AXA XL')
Send Technology Solutions has promoted Shelley McCormack to Chief of Staff, where she will drive cross-functional collaboration and support international expansion; McCormack previously led delivery and strategic projects after joining from Aviva. (Josh Recamara, 22/5/2025, Insurance Business, 'Insurance moves: Aspen, Send and AXA XL')
AXA XL has named Tavpraneet Singh as Chief Underwriting Officer for International Financial Lines across APAC and Europe, effective June 1, succeeding Ana Dores, who becomes Country Leader for Iberia; Singh, who has held senior roles for AXA XL including Regional Product Leader for Financial Lines and Cyber since 2021, will oversee underwriting strategy for PI, management liability, FI, cyber, and M&A. (Josh Recamara, 22/5/2025, Insurance Business, 'Insurance moves: Aspen, Send and AXA XL')
Rebekah Clement is stepping down from her role as Corporate Affairs Director at Lloyd’s to pursue a new opportunity outside the organisation. During her tenure, she led efforts to develop Lloyd’s sustainability framework and contributed to its communications strategy, enhancing its profile as a global reinsurance marketplace. Clement brings over two decades of experience in corporate affairs, including senior positions in both the public and private sectors, notably with New Zealand’s Department of Prime Minister and Cabinet. (Kenneth Araullo, 19/5/2025, Insurance Business, 'Rebekah Clement steps down from Lloyd's')
HDI Global appointed Phil McDowell as Global Sales & Distribution Lead for International Programmes and Captives; he will drive global broker relationships, enhance client portals, and support marketing. McDowell, a Chartered Insurer with experience at RSA and Allianz, will be based in London within the global IP department, where HDI manages 5,300 programmes across 175+ countries. (Kenneth Araullo, 19/5/2025, Insurance Business, 'HDI Global, McLarens announce key leadership appointments')
McLarens appointed Shoukat Ali Bhamani as its first global Chief Information Officer, joining the management team to lead IT strategy, ERP development, data infrastructure, and analytics, focusing on operational resilience and tech-driven client improvements. Bhamani brings 20+ years’ experience in enterprise tech and digital transformation, with leadership roles at Luk, Schaeffler, and Serta Simmons Bedding. (Kenneth Araullo, 19/5/2025, Insurance Business, 'HDI Global, McLarens announce key leadership appointments')