General Insurance newsletter Friday 2nd May 2025

Insurance News

Benefit from a free business growth and talent consultation - Will you be at the 2025 BIBA conference? Our M&A, business growth and talent specialists will be, including our new CEO for M&A, Andy Fairchild (previous Broker Network CEO). Book in a free business review with them. The consultation will include personalised strategic guidance on how you can optimise business growth and revenue, and recruit top insurance talent across the market. (IDEX Consulting news, 'Benefit from a free business growth and talent consultation')
"Facts tell...stories sell" Paul Davey, MD for IDEX Consulting shares his views on the insurance talent market and how to secure the best employees - The UK general insurance (UKGI) sector faces a growing talent gap, driven by technological advancements, an ageing workforce, and shifting employee expectations. Insurers are increasingly seeking professionals with digital, data, and AI skills, yet many are not doing enough to promote their unique differentiators and attract the right talent. Paul shares how insurers, brokers and MGAs can plug the talent gap and secure the very best talent in the market. (IDEX Consulting news, '"Facts tell...stories sell" Paul Davey, MD for IDEX Consulting shares his views on the insurance talent market and how to secure the best employees')
Optimise the interview process with these tips - Employers can enhance hiring outcomes by adopting structured, competency-based interview frameworks and integrating cognitive assessments. IDEX Consulting shares practical tips on how employers can enhance the interview process to help employers make quick informed decisions on cultural fit, skills and long-term ambition. (IDEX Consulting news, 'Optimise the interview process with these tips')
New AI tools to trial and test for insurers, brokers and MGAs - AI tools are revolutionising the insurance industry by improving operational efficiency, risk assessment, and customer service. Technologies like InsurGPT and Expert AI enhance data processing, while predictive analytics and automated claims streamline underwriting, fraud detection, and pricing, reshaping business models and client engagement. Learn which ones you could trailing now. (IDEX Consulting news, 'New AI tools to trial and test for insurers, brokers and MGAs')
Sutton Winson has rebranded as Acrisure UK Broking Limited, becoming the first of Acrisure’s nine UK retail brokers to adopt the parent company’s name. This rebrand includes a new website and is part of a broader strategy to unify Acrisure's UK operations under a single brand during 2025. (Josh Recamara, 2/5/2025, Insurance Business, 'Sutton Winson gets a new name')
Artio has received Lloyd's approval to underwrite early-stage carbon projects, enabling it to provide insurance for initiatives such as afforestation and biochar, while using a proprietary risk model to assess and mitigate risks in carbon offset projects, with plans to expand to additional climate solutions by 2025. (Josh Recamara, 2/5/2025, Insurance Business, 'Artio gets Lloyd's approval to underwrite carbon projects')
The Clear Group has rebranded its MGA division as Shape Underwriting—uniting Profile Underwriting and One Commercial Specialty under one name from May 1, 2025—in a strategic move led by managing director Mandy Hunt to strengthen its UK market presence and deliver specialised solutions across commercial, property, and casualty lines. (Paul Lucas, 1/5/2025, Insurance Business, 'Clear Group announces MGA rebrand')
Markel has been named an official partner of BIBA, sponsoring the 2025 BIBA Conference and offering members access to services like a 24/7 legal helpline and business support. (Josh Recamara, 2/5/2025, Insurance Business, 'BIBA announces Markel as official partner')
In further news...Markel Group reported lower operating revenue and income in Q1 2025 due to negative equity market movements, though net investment income rose 8% year-on-year on higher yields and fixed income holdings, highlighting the volatility of GAAP-based results. (Kenneth Araullo, 1/5/2025, Insurance Business, 'Markel reports Q1 hit')
Hiscox Ltd reported a 2.4% rise in group insurance contract written premiums to US$1.56bn in Q1 2025, driven by 6.1% growth in Hiscox Retail and a 4.0% rebound in the London Market, while maintaining its US$170m net loss estimate from the California wildfires. (Kenneth Araullo, 1/5/2025, Insurance Business, 'Hiscox sees steady Q1 performance as wildfire losses remain unchanged')
AXIS Capital reported Q1 2025 operating income of $261 million, up from $220 million in Q1 2024, despite $49 million in catastrophe losses—$32 million from California wildfires—while gross premiums written rose 5% to $2.8 billion, driven by insurance and reinsurance growth, and net investment income increased to $208 million, aided by higher yields and alternative asset returns. (Kenneth Araullo, 1/5/2025, Insurance Business, 'AXIS highlights operational efficiencies amid wildfire losses in Q1 update')
BIBA's latest research reveals that regulatory costs account for 5.2% of insurance premiums, with brokers shouldering 3.3%—nearly double that of insurers—despite posing lower systemic risk; BIBA is urging the FCA to reduce this disproportionate burden and streamline compliance requirements. (Kenneth Araullo, 1/5/2025, Insurance Business, 'Brokers bear the brunt of regulatory costs, BIBA study reports')

Everest Group reported a 71% drop in Q1 2025 net income to $210 million, primarily due to $472 million in pre-tax catastrophe losses—$442 million from California wildfires—raising its combined ratio to 102.7%; despite this, net investment income grew to $491 million, and CEO Jim Williamson affirmed confidence in the company's strategic trajectory. (Josh Recamara, 1/5/2025, Insurance Business, 'Everest Group reports lower first-quarter net income')
Aspen Insurance reported a sharp drop in Q1 2025 net income to $36.8 million from $111.8 million a year earlier, as catastrophe losses surged to $91.4 million, pushing the combined ratio up to 96.1%; this comes as the company prepares for a $300 million IPO on the NYSE under the ticker “AHL”. (Josh Recamara, 1/5/2025, Insurance Business, 'Aspen Insurance releases first quarter financial results')
Lancashire Holdings reported a 12.7% year-on-year increase in gross premiums written to $712.1 million in Q1 2025, driven by growth in reinsurance and U.S. insurance lines, while maintaining its estimated net loss from the January California wildfires at $145–$165 million. (Kenneth Araullo, 1/5/2025, Insurance Business, 'Lancashire sees growth across reinsurance and US insurance lines in Q1')
The European Commission has implemented new regulations requiring vessels to provide proof of insurance when transiting EU waters, aiming to combat sanctions evasion and enhance compliance with international sanctions and risk management standards. (Josh Recamara, 1/5/2025, Insurance Business, 'EU implements new insurance rules to tackle sanctions-evasion')
Marsh’s UK Cyber Insurance Claims Trends Report highlights a slight dip in overall claims in 2024, but ransomware continues to dominate, accounting for nearly a third of claims. The report serves as a stark wake-up call for brokers and boards, urging increased attention to emerging cyber threats and more proactive risk management. (Matthew Sellers, 30/5/2025, Insurance Business, 'Cyber claims surge offers a stark wake-up call for brokers and boards')
Arch Capital Group reported a 49.2% drop in Q1 2025 profit to $564 million, driven by $547 million in wildfire-related losses, while gross premiums written rose 8.9% to $6.5 billion. (Kenneth Araullo, 30/5/2025, Insurance Business, 'Arch Capital reports Q1 results amid wildfire-driven losses')
Julia King, Chair of the Climate Change Committee’s adaptation group, has warned that UK flood defence funding may be at risk in the upcoming June spending review, despite a previous £2.65 billion commitment, due to fiscal pressures and shifting priorities. (Kenneth Araullo, 30/4/2025, Insurance Business, 'Flood protection in jeopardy as UK considers defence budget shift')
Aspen Insurance Holdings Ltd. has launched an initial public offering (IPO) of 11 million Class A ordinary shares, priced between $29.00 and $31.00 each, aiming to raise up to $341 million. The shares, to be sold by affiliates of Apollo Global Management, will be listed on the New York Stock Exchange under the ticker symbol “AHL”. A 30-day option allows underwriters to purchase an additional 1.65 million shares. (Josh Recamara, 30/4/2025, Insurance Business, 'Aspen Insurance discloses IPO of 11 million shares')
Talanx Group reported a Q1 2025 net income of €604 million, up from €576 million last year, driven by strong primary insurance performance, and reaffirmed its full-year guidance of over €2.1 billion. (Josh Recamara, 30/4/2025, Insurance Business, 'Talanx Group shares preliminary Q1 net income')
Brown & Brown reported Q1 2025 revenue of $1.4 billion, up 11.6% year-over-year, with net income rising 13% to $331 million and diluted EPS increasing to $1.15.Organic revenue grew 6.5%, and the company declared a $0.15 per share quarterly dividend. (Josh Recamara, 30/4/2025, Insurance Business, 'Brown & Brown reports financial results for Q1 2025')
Beazley reported a 2% year-over-year increase in Q1 2025 insurance written premiums to $1.51 billion, with net premiums up 1% to $1.25 billion. Despite a 4% decline in renewal premium rates, the company maintained its full-year guidance of mid-single-digit premium growth and an undiscounted combined ratio in the mid-80s. (Kenneth Araullo, 29/4/2025, Insurance Business, 'Beazley maintains growth outlook in Q1 despite market shifts')
Zurich Insurance and Marsh have partnered to digitise multinational insurance programmes through API connectivity, enabling real-time sharing of policy and premium data for joint clients. The initiative, piloted in the US and now rolling out globally, aims to improve efficiency, reduce manual processes, and enhance service delivery across complex, cross-border insurance placements. (Kenneth Araullo, 29/4/2025, Insurance Business, 'Zurich and Marsh partner up to digitise multinational insurance')
Aon reported Q1 2025 results with a 16% revenue increase to $4.7 billion, driven by 5% organic growth, but net income dropped 10% to $965 million due to higher operating expenses; the company reaffirmed its 2025 growth guidance. (Josh Recamara, 28/4/2025, Insurance Business, 'Aon discloses first-quarter results')

Mergers and Acquisitions

Geopolitical risks are increasing demand for warranty & indemnity (W&I) insurance in cross-border M&A deals, with investors seeking stability in regions like the UK and Asia. Rowan Bamford, President of Liberty GTS, highlighted that cross-border deals inherently carry more risks, driving the need for transactional risk insurance. The W&I market is stabilizing after aggressive competition, and experts anticipate that Asia will be a key growth driver for insurance premiums in the medium term. (Gia Snape, 1/5/2025, Insurance Business, 'M&A insurance demand may rise as cross-border deals get riskier')
Aon has acquired Atlas Insurance Agency, a leading Israeli marine insurer, enhancing its marine capabilities in Israel with services including cargo, hull, and charterers' liability, while integrating key Atlas employees into its operations. (Josh Recamara, 1/5/2025, Insurance Business, 'Aon acquires Atlas Insurance Agency')
Bain Capital's special-situations unit is in advanced talks to lead a $2 billion preferred equity investment in Acrisure, a rapidly growing US insurance and fintech platform, potentially allowing existing investors to redeem part of their 2021 senior preferred stock. (Kenneth Araullo, 29/4/2025, Insurance Business, 'Bain Capital eyes up massive Acrisure deal')
Mediobanca has launched a €6.3 billion takeover bid for Banca Generali, offering an 11% premium, to strengthen its wealth management division and counter a rival bid, with the deal expected to generate €300 million in synergies. (Josh Recamara, 29/4/2025, Insurance Business, 'Mediobanca launches takeover bid for Banca Generali')
In 2024, the UK insurance distribution market experienced a record 152 mergers and acquisitions (M&A) transactions, surpassing the previous high of 151 deals in 2023, according to MarshBerry. Notably, 21% of these deals involved overseas buyers, with 32 transactions spanning 18 countries. US-based firms played a significant role, contributing to the increase in cross-border acquisitions. This trend is expected to continue in 2025, with international buyers, including those from Australia and Asia, showing growing interest in the UK market. (Josh Recamara, 28/4/2025, Insurance Business, 'UK insurance deals set record number - Marshberry')

Movers

Tokio Marine HCC International has appointed Thibaud Hervy—formerly CUO for specialty lines—as CEO, and Simon Button as CUO, in a strategic leadership shift following Barry Cook’s move to deputy CEO of Tokio Marine HCC; Hervy brings deep underwriting expertise, while Cook leaves a legacy of transforming TMHCCI into a $2.8bn London Market force. (Paul Lucas, 1/5/2025, Insurance Business, 'Tokio Marine HCC International names new CEO')
Chris Jones has officially succeeded Dave Matcham as CEO of the International Underwriting Association (IUA), following a long tenure as director of legal, underwriting, and claims, marking a leadership transition after Matcham’s two-decade tenure. (Roxanne Libatique, 1/5/2025, Insurance Business, 'Chris Jones starts tenure as IUA chief executive')
Phoenix Specialty has launched a Global Contractors’ Plant and Equipment (CPE) product, led by Paul Kissane, who brings over 20 years of underwriting experience from Castel, Pioneer Underwriters, and WRB, as part of its international growth strategy, offering coverage for owned and hired plant across a wide range of asset types. (Josh Recamara, 1/5/2025, Insurance Business, 'Insurance moves: Phoenix Specialty and Send Technology')
Markel has appointed Mark Lowther as Head of Technology in the UK, effective immediately. With over 19 years at Markel, Lowther previously served as Head of Financial Lines Sector Sales, focusing on technology insurance products and building strong broker relationships. In his new role, he will drive Markel's growth in the UK tech sector, leveraging his extensive experience to enhance underwriting capabilities and expand the company's footprint in this rapidly growing market. (Kenneth Araullo, 30/4/2025, Insurance Business, 'Markel appoints Mark Lowther as head of technology to lead UK sector growth')
Simply Business, a digital broker for small businesses and landlords, has named Jodi Cartwright as UK Chief Commercial Officer. With over 30 years of insurance industry experience, Cartwright will head the commercial function, focusing on developing partnerships, products, and propositions to support the broker’s growth strategy. (Josh Recamara, 30/4/2025, Insurance Business, 'Insurance moves: Brace, Specialist Risk Group, Close Brothers and Simply Business')
Brace UK & Europe, a multi-line and alternative risk specialist underwriter backed by Beat Capital Partners, has appointed Amie Townsend as Senior Underwriter, tasked with growing MGA relationships and managing underwriting for its alternative risk portfolio. (Josh Recamara, 30/4/2025, Insurance Business, 'Insurance moves: Brace, Specialist Risk Group, Close Brothers and Simply Business')
Specialist Risk Group (SRG) has hired Ed Nicholson and Matt Solley to support its entry into the Structured Credit & Political Risk market, following the acquisition of Tysers’ re/insurance business. Nicholson brings extensive experience advising banks, funds, and corporates on structured and trade finance deals, while Solley, formerly Head of Gallagher’s political risk and structured credit team, has over 20 years of sector expertise. (Josh Recamara, 30/4/2025, Insurance Business, 'Insurance moves: Brace, Specialist Risk Group, Close Brothers and Simply Business')
Close Brothers Premium Finance (CBPF) has appointed Mark Farrant as Head of Sales Operations and Cris Jackson as Growth Director. Farrant, with over 10 years at CBPF, will lead broker management and sales optimisation, while Jackson, previously a Consultant for CBPF, will drive growth through new markets and deeper broker relationships. (Josh Recamara, 30/4/2025, Insurance Business, 'Insurance moves: Brace, Specialist Risk Group, Close Brothers and Simply Business')
David Otudeko has been appointed Director of Regulation at the Association of British Insurers (ABI), having previously served as Interim Director since November 2024. He joined the ABI in June 2021 as Assistant Director and Head of Prudential Regulation. Before his tenure at the ABI, Otudeko held risk-focused roles at the Prudential Regulation Authority (PRA), PwC, and AmTrust. (Josh Recamara, 29/4/2025, Insurance Business, 'ABI appoints new director of regulation')
Carbon Underwriting CEO and Co-Founder Nick Tye is retiring due to progressive multiple sclerosis, with Co-Founder Jacqui Ferrier stepping in as CEO; Tye co-founded the company in 2018, leading the development of its proprietary data ecosystem, Graphene, and guiding its transition to a full Lloyd’s syndicate in 2023. (Kenneth Araullo, 28/4/2025, Insurance Business, 'MGA CEO to retire due to ill health')
Willis has expanded its UK real estate team with four senior appointments: Lauren McKay and Liam Hebron as Directors in London, Craig Johnson as Executive Director in Manchester, and Shaun Grainger as Development Director in the newly formed residential real estate team. McKay joins from CBRE, Hebron brings experience from Gallagher and Axco, Johnson has a background with Lockton and Marsh, and Grainger has 20 years of experience in the financial and insurance industries. The new hires will support clients including real estate investment trusts (REITs), private equity real estate (PERE) firms, private investors, pension funds, and investment managers, focusing on delivering risk-focused solutions across property portfolios. (Insurance Business, 28/4/2025, 'Willis expands real estate team with senior appointments')