General Insurance newsletter Friday 15th August 2025

Insurance News

What do possible wealth tax changes mean? - The potential introduction of a UK wealth tax, highlighted in discussions around the Autumn Budget 2025, has created uncertainty for wealth managers and their clients. This has led to increased client inquiries, concerns over capital flight, and a need for strategic adjustments in investment and tax planning to navigate potential regulatory changes. (IDEX Consulting news, 'What do possible wealth tax changes mean?')
Risk and compliance employment market insights - The risk and compliance talent market is evolving rapidly, driven by increasing regulatory complexity and technological advancements. Employers face challenges in attracting top talent, with demand for professionals skilled in areas like ESG, data privacy, and M&A. Jack Johnson of IDEX Consulting emphasises the importance of streamlined hiring processes, strong employer branding, and adapting to trends like automation and AI to secure the best talent. (IDEX Consulting news, 'Risk and compliance employment market insights')
Get the business edge with a competitive sustainability strategy -Building and implementing a sustainability strategy is crucial for businesses to attract talent, investors, and clients while addressing regulatory and societal demands. Dr. Rosina Watson of Cranfield School of Management highlights the importance of basing your strategy on the UN's sustainability goals, avoiding greenwashing, and preparing for future challenges to drive positive change and long-term success.(IDEX Consulting news, 'Get the business edge with a competitive sustainability strategy')
Cyber risks for the US insurance market: what you need to know - The rising frequency and sophistication of cyber risks, including ransomware, data breaches, and AI-driven attacks, are significantly impacting the US insurance market. With most businesses under-insured, insurers face challenges in adapting to evolving threats and upskilling employees on cyber resilience. (IDEX Consulting news, 'Cyber risks for the US insurance market: what you need to know')
Fidelis Insurance reported a net loss of $22.8 million for the first half of 2025, driven by $407.6 million in catastrophe and large losses, including California wildfires and aviation claims tied to the Ukraine conflict. Despite these challenges, the company expanded its risk transfer capabilities with a $90 million catastrophe bond and maintained confidence in delivering shareholder returns. (Kenneth Araullo, 14/8/2025, Insurance Business, 'Fidelis records H1 loss as wildfire and aviation claims drive costs')
The UK government’s proposed ban on ransomware payments by public sector bodies and critical infrastructure operators could reshape cyber insurance underwriting, with insurers expected to tighten resilience requirements, revise policy terms, and reassess risk models to address increased claims exposure and operational disruptions. (Kenneth Araullo, 14/8/2025, Insurance Business, 'Proposed ransom ban raises underwriting pressure on cyber insurers')
Aviva's H1 2025 operating profit rose 22% year-on-year to £1.07 billion, driven by a focus on capital-light businesses, which now contribute 66% of profits, alongside growth in insurance, wealth, and retirement sales. (Kenneth Araullo, 14/8/2025, Insurance Business, 'Aviva boosts H1 operating profit as capital-light strategy pays off')
Talanx Group reported record H1 2025 net income of €1.37 billion, up from €1.09 billion, driven by strong contributions across divisions, lower large loss payments, and favourable currency effects, prompting an upgraded full-year forecast to €2.3 billion. (Kenneth Araullo, 14/8/2025, Insurance Business, 'Talanx lifts 2025 income forecast after record €1.37bn H1 profit')
Insurtech Gateway acquired a Lloyd’s license, enabling direct access to the Lloyd’s market for early-stage MGAs, streamlining underwriting capacity and accelerating product launches in underserved and emerging risk markets. (Josh Recamara, 14/8/2025, Insurance Business, 'Insurtech Gateway acquires Lloyd’s license to trade')
CFC's carbon insurance product supported a $210 million project finance credit facility for Chestnut Carbon, backed by a Microsoft carbon removal agreement. This innovative insurance, mandated by lenders, enabled lower-cost financing and highlights the growing role of insurance in de-risking voluntary carbon markets and fostering climate finance. (Josh Recamara, 14/8/2025, Insurance Business, 'CFC supports voluntary carbon market financing')
MS&AD Insurance Group reported a 9% rise in Q1 net income to ¥222.7 billion ($1.51 billion), driven by improved underwriting performance and reduced natural catastrophe losses. While domestic nonlife operations saw strong growth, international profits declined due to stock price drops and foreign exchange losses, with mixed results across regions. (Jonalyn Cueto, 13/8/2025, Insurance Business, 'MS&AD reports higher Q1 profit')
Beazley shares dropped 11.8% after lowering its 2025 premium growth forecast to low-to-mid single digits, citing large catastrophe losses and rising cyber threats. Despite a 31% drop in H1 profit to $502.5 million, Beazley maintained strong underwriting discipline with an 80.3% combined ratio, outperforming peers Hiscox and Lancashire. Its solvency ratio rose to 287%, signalling potential for strategic expansion amid challenging market conditions. (Matthew Sellers, 13/8/2025, Insurance Business, 'Beazley shares plummet as growth forecast cut – but underwriting discipline still leads peers')

Antares Syndicate 1274 at Lloyd’s reported a $42 million H1 profit, exceeding targets despite major losses from California wildfires and Russian aviation claims. With a 96.3% combined ratio on $369 million in gross written premiums, CEO Mark Graham credited strong underwriting and portfolio diversity for the syndicate's resilience. (Kenneth Araullo, 13/8/2025, Insurance Business, 'Antares Syndicate beats H1 profit target despite major wildfire and aviation losses')
Evolution Claims Management has relocated to a new headquarters in Oldbury, West Midlands, as part of its expansion. The move provides a modern, eco-friendly workspace for its growing team, which has doubled to 55 employees since 2020. CEO Russell Crewe highlighted the improved environment's positive impact on collaboration, productivity, and sustainability. (Josh Recamara, 13/8/2025, Insurance Business, 'Evolution Claims Management moves into new headquarters')
The insurance industry is advancing gender balance through cross-gender collaboration, with research showing that inclusive leadership teams improve profitability and retention. ISC Group, with over 10,000 members, is leading efforts by appointing its first male ambassador, Hugh Evans of KPMG, and forming a Male Allyship Committee to drive cultural change and unlock talent potential. (Carmen Powell, 12/8/2025, Insurance Business, 'Driving gender balance in insurance')
Markel-backed Certa Specialty Limited has launched to provide consultancy services for managing agents and Coverholders in the Lloyd’s London market. Led by Dan Lott, the firm focuses on MGA compliance, governance, and binding authority agreements. This launch aligns with market trends emphasising robust due diligence and regulatory compliance for MGAs. (Kenneth Araullo, 12/8/2025, Insurance Business, 'Markel-backed Certa Specialty launches, targets MGA compliance and growth')
Howden Group has repriced a $3.1 billion term loan and £765 million credit facility, securing $8 million in annual savings. CFO Mark Craig highlighted this as one of the tightest pricing levels for leveraged loans in its category, reflecting investor confidence in Howden’s growth trajectory. (Josh Recamara, 12/8/2025, Insurance Business, 'Howden Group reprices US$3.1 billion loan')
Marine insurers are rethinking coverage as geopolitical instability becomes a constant in the shipping industry, says The Swedish Club. Managing director Thomas Nordberg highlighted challenges like sanctions, altered routes, and cyber risks, emphasising the need for advisory roles and industry collaboration on geopolitical risk data. (Josh Recamara, 12/8/2025, Insurance Business, 'Marine insurers forced to rethink coverage')
Rokstone-owned Novus Underwriting has secured an exclusive binding authority agreement with Collinson Insurance, covering over 500,000 annual warranty policies. This partnership supports Novus’s UK operations and complements its global presence across 26 countries, with plans to expand into the US, Australia, and India. (Kenneth Araullo, 11/8/2025, Insurance Business, 'Rokstone-owned Novus secures exclusive binder with Collinson Insurance')
Prestige Underwriting’s latest survey reveals deepening underinsurance in the UK non-standard market, with 92% of brokers citing affordability issues as a key factor. Tim Baxter, business development director, emphasised the need for tailored solutions to address economic pressures and evolving client needs. (Kenneth Araullo, 11/8/2025, Insurance Business, 'Underinsurance trend deepens in UK non-standard sector, Prestige Underwriting finds')
Miller’s mid-year 2025 update highlights a softening London construction market, with falling rates and increased competition. Underwriting discipline is under pressure as capacity grows, while evolving risks like NATCAT exposure and AI-related liabilities reshape approaches across construction, PI, D&O, and real estate sectors. (Josh Recamara, 11/8/2025, Insurance Business, 'Softening London construction market puts pressure on underwriting discipline')

Mergers & Acquisitions

MarshBerry reports that the UK insurance distribution M&A market has undergone a valuation reset, with private equity-backed brokers seeing lower multiples, a shift from scale-driven acquisitions to strategic fit, and increased opportunities for diverse and international buyers due to moderated pricing. (Josh Recamara, 15/8/2025, Insurance Business, 'MarshBerry says UK insurance distribution M&A market has seen valuation reset')
Specialist Risk Group (SRG) announced plans to acquire City Quarter Brokers, a London-based firm specialising in complex risks in construction, engineering, and infrastructure. The acquisition, pending regulatory approval, will enhance SRG’s Wholesale division and expand its capacity to deliver placement solutions for global complex risks. City Quarter Brokers CEO Rob Walton highlighted the deal's potential to provide greater resources while maintaining a specialist focus. (Josh Recamara, 13/8/2025, Insurance Business, 'Specialist Risk Group to acquire City Quarter Brokers')
Unilink Group, owned by Acrisure, has acquired Mega Brokers, Greece’s largest retail insurance agent, marking its entry into the Greek market. The deal combines Mega Brokers’ local expertise with Unilink’s regional scale, expanding its network to 10.3 million clients across nine countries. (Josh Recamara, 11/8/2025, Insurance Business, 'Unilink Group acquires Greek retail insurance agent')

Movers

Hiscox has appointed Matthew Budd as Group Head of Technical Claims, a new role aimed at enhancing the handling of complex, high-value claims. Budd brings over 30 years of experience, including leading aerospace claims at AIG and senior roles at Talbot Underwriting, aligning with Hiscox's growth ambitions and the industry's focus on technical expertise to address rising claims complexity. (Josh Recamara, 15/8/2025, Insurance Business, 'Hiscox Group names group head of technical claims')
AXIS Capital launched AXIS Capacity Solutions, a new unit led by David Murie, a chartered accountant with over 15 years of experience, including roles as Global Head of Underwriting Governance & Execution and Head of Business Performance at AXIS International Insurance. Murie, who also held managerial positions at Aviva, will leverage his expertise to develop multi-line portfolio capacity deals, utilising AXIS's global underwriting platform and Lloyd’s licenses to meet the rising demand for streamlined risk placement and enhanced broker relationships. (Josh Recamara, 14/8/2025, Insurance Business, 'AXIS Capital launches new business unit')
Amiga Specialty, backed by B.P. Marsh, appointed Richard Mills as Transactional Risks Managing Director for the UK and Europe. Based in London, Mills, who began his insurance career at Capital Risks in 2018 and previously held legal roles at Proskauer Rose and Linklaters, will establish and lead the transactional risks line, focusing on strategic positioning, distribution, and carrier relationships. This marks Amiga’s entry into the growing transactional risks market, addressing warranties, indemnities, tax liabilities, and contingent risks amid rising M&A activity and corporate restructurings. (Josh Recamara, 14/8/2025, Insurance Business, 'Insurance moves: Amiga Specialty and Verisk')
Verisk appointed Eric Spear as Chief Technology Officer for its Extreme Event Solutions division. Spear, formerly Senior Vice President of engineering at Flywire, will oversee engineering, quality assurance, and IT, focusing on advancing AI- and cloud-based catastrophe risk modelling. Extreme Event Solutions, which provides models for over 120 countries, aims to enhance automation, scalability, and resiliency in response to growing climate volatility, secondary perils, and severe weather losses impacting underwriting. (Josh Recamara, 14/8/2025, Insurance Business, 'Insurance moves: Amiga Specialty and Verisk')
Davies appointed Richard Barke as CEO of its Insurance Solutions division. With over 20 years of experience, including leadership roles at Asta, Aspen, and KPMG, Barke will oversee operations and drive growth strategies. His appointment aligns with Davies' Vision 2030 strategy to expand global revenues and invest in innovation. (Kenneth Araullo, 12/8/2025, Insurance Business, 'Davies appoints Richard Barke to head Insurance Solutions')
Lancashire Holdings announced the Q1 2026 retirements of John Spence and Hayler Johnston, with internal promotions to succeed them. Rachel Sabbarton will lead Lancashire Syndicates Limited, and Jennifer Wilson will head Lancashire Insurance Company Limited. Other internal promotions include Matthew Thomas as CUO, Colette Murphy as deputy CUO, and Tom Sutton and David Chalk as deputy underwriters for Syndicates 2010 and 3010. (Josh Recamara, 12/8/2025, Insurance Business, 'Insurance moves: Lancashire, BHSI, Vitality, Fidelis and Blenheim')
Berkshire Hathaway Specialty Insurance has appointed Franco Masciovecchio as Country Manager for Switzerland. Previously a senior property and construction underwriter in Europe, Masciovecchio will now lead growth in the DACH region, focusing on commercial and industrial risks. (Josh Recamara, 12/8/2025, Insurance Business, 'Insurance moves: Lancashire, BHSI, Vitality, Fidelis and Blenheim')
The Fidelis Partnership has appointed Conor O’Riordan as group CFO, succeeding Hinal Patel. O’Riordan, previously Chief Capacity Officer and a senior leader since 2021, played a key role in major capital transactions and the firm’s bifurcation from Fidelis Insurance Group. (Josh Recamara, 12/8/2025, Insurance Business, 'Insurance moves: Lancashire, BHSI, Vitality, Fidelis and Blenheim')
Blenheim Underwriting has appointed Alex Stratton-Thomsett as Casualty Underwriter starting January 2026. Previously Lead Underwriter for US casualty at MS Amlin, he will work with David Barber to grow the MGA’s casualty portfolio. (Josh Recamara, 12/8/2025, Insurance Business, 'Insurance moves: Lancashire, BHSI, Vitality, Fidelis and Blenheim')