General Insurance newsletter Friday 13th March 2026

Insurance News

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Vienna Insurance Group (VIG) surpassed €1 billion in profit for the first time in 2025, with profit before tax rising 31.7% to €1.16 billion and gross written premiums increasing 7.1% to €16.3 billion. The net combined ratio improved to 90.1%, driven by strong underwriting performance and growth across all segments, particularly in Poland, the Czech Republic, and Austria. Under its evolve28 strategy, VIG aims to achieve €20 billion in gross written premiums and €1.5 billion in profit before tax by 2028. (Josh Recamara, 13/3/2026, Insurance Business, 'Vienna Insurance Group breaks €1 billion profit barrier on strong underwriting performance')
Generali achieved a record operating profit of €8 billion in 2025, driven by a 20% surge in property and casualty earnings and strong life insurance inflows, while also strengthening its Solvency II ratio to 219%. Despite the collapse of a major joint venture with Natixis, Generali pursued smaller acquisitions, including a $320 million stake in MGG Investment Group, and continued its transformation through AI, digitalisation, and automation under CEO Philippe Donnet. (Kenneth Araullo, 12/3/2026, Insurance Business, 'Generali's blockbuster year puts European rivals on notice')
The London market continues to provide war-risk insurance for clients affected by the Iran conflict, despite rising premiums and operational disruptions in the Strait of Hormuz. Chris Jones, CEO of the International Underwriting Association, emphasised the importance of real-time security intelligence and compliance as insurers recalibrate terms and pricing to address elevated risks across marine, aviation, and cargo portfolios. (Josh Recamara, 12/3/2026, Insurance Business, 'London market holds line on Iran war cover amid price surges, IUA chief says')
Chubb has been selected as the lead underwriter for a US government-backed program, managed by the International Development Finance Corp. (DFC), to insure commercial shipping through the Strait of Hormuz amid the ongoing Iran conflict. The program provides reinsurance for up to $20 billion in war-related losses, focusing on damage linked to the conflict to ensure trade flows remain viable in this critical energy chokepoint. (Matthew Sellers, 11/3/2026, Insurance Business, 'Chubb picked to lead US insurance backstop for Hormuz shipping')
The UK government has launched a £40 million AI research lab to address unreliable AI outputs, highlighting growing professional liability and cyber risk concerns for insurers. As businesses increasingly rely on AI for decision-making, insurers are examining exposures in professional indemnity and cyber lines, including risks from AI-generated errors and data governance issues. Experts emphasise the need for robust AI governance frameworks and human oversight to mitigate these emerging risks. (Bryony Garlick, 10/3/2026, Insurance Business, 'When AI gets it wrong: insurers examine professional liability risk')
Ransomware attacks have risen by 34% year-on-year, driven by ransomware-as-a-service models and advancements in artificial intelligence (AI), according to experts at a CFC-hosted webinar. AI is accelerating cybercrime by enabling faster identification of vulnerabilities and targeted phishing campaigns. The session also highlighted the evolving cyber insurance market, with increased competition in regions like the UK and Europe, and the need for brokers to address low adoption rates outside the US by helping clients understand tangible risks and claim scenarios. (Bryony Garlick, 9/3/2026, Insurance Business, 'Ransomware attacks rise 34% as AI accelerates cybercrime, brokers told')
Hardings Insurance Brokers has launched in Leeds, founded by Tom Butler and Martin Billington, who bring over 30 years of combined experience. The brokerage focuses on general commercial insurance, serving property owners, manufacturers, and motor trade clients, with expertise in financial lines and technology risks. Operating as an Appointed Representative of Momentum Broker Solutions, Hardings emphasises trust, personal service, and long-term client relationships over scale. The firm plans to grow organically through direct prospecting, referrals, and partnerships. (Jonalyn Cueto, 9/3/2026, Insurance Business, 'Hardings Insurance Brokers launches in Leeds')
AXA UK Commercial has partnered with Unicorn, a UK managing general agent (MGA) owned by Amwins Global Risks, to expand its delegated authority footprint. The partnership focuses on motor fleet and SME commercial risks, providing AXA access to regional brokers and business it typically wouldn’t encounter through its existing channels. Unicorn specialises in car and van fleets of 10+ vehicles and has invested in technology to support underwriting. This move aligns with AXA’s strategy to collaborate with MGAs offering specialist expertise or products not currently available in its portfolio. (Josh Recamara, 9/3/2026, Insurance Business, 'AXA UK Commercial deepens MGA push with Unicorn partnership')
John Lewis Money has become an FCA-authorised insurance broker, marking a shift from its previous single-insurer model to a multi-insurer panel. This move allows the company to offer more competitive pricing and greater control over product design and underwriting. The expansion includes partnerships with insurers like AXA, Prestige Underwriting, and Covéa Insurance. (Josh Recamara,9/3/2026, Insurance Business, 'John Lewis Money becomes FCA‑authorised broker')

Mergers and Acquisitions

Beazley has acquired US renewable energy MGA kWh Analytics to enhance its capabilities in underwriting and managing risks associated with renewable energy projects. The acquisition aligns with Beazley’s strategy to support the global energy transition and scale its presence in this rapidly growing market. kWh Analytics will integrate into Beazley’s Marine, Accident, and Political Risks division, with CEO Jason Kaminsky joining Beazley’s transition underwriting team. This move comes as Beazley itself is navigating a proposed $10.9 billion acquisition by Zurich Insurance Group, expected to close in late 2026. (Paul Lucas, 10/3/2026, Insurance Business, 'Beazley announces kWh Analytics swoop')
Zurich Insurance Group has agreed to acquire Generali’s property and casualty operations in Ireland and Northern Ireland for €337 million in cash. The deal includes the P&C portfolio written under the RedClick brand and is expected to strengthen Zurich’s position in the Irish market. Generali’s decision aligns with its strategy to focus on core markets where it has scale, while Zurich gains an established portfolio and distribution relationships. The transaction, subject to regulatory approval, is expected to generate a capital gain for Generali and improve its Solvency II ratio by 1 percentage point. (Paul Lucas, 9/3/2026, Insurance Business, 'Zurich to acquire Generali’s Irish and Northern Irish P&C business')
UK insurance distribution M&A activity remains subdued, with only 13 deals announced year-to-date in 2026, compared to the 150+ annual volumes seen in 2023 and 2024. MarshBerry data highlights a slowdown, with 2025 being the weakest year since 2017. Despite this, private equity-backed consolidators remain active, particularly in commercial lines, and the market is expected to recover as pricing stabilises. The UK lags behind the US, where M&A activity remains robust, with 520 deals recorded in the first three quarters of 2025. Analysts predict a busier second half of 2026 as funding conditions improve and earnings visibility increases.(Josh Recamara, 9/3/2026, Insurance Business, 'UK insurance distribution M&A loses momentum - MarshBerry')

Moves

Nexus Underwriting has appointed Walid Youssef as Unit Head of UK financial institutions. Youssef joins from Lockton, where he was senior vice president within the global financial institutions team, and previously held roles as head of financial institutions at Travelers Europe and vice president at Marsh. The appointment follows three recent hires in the same division: Sam Meehan, Head of Underwriting Development based in Dublin, with over 15 years’ experience including financial institutions underwriting roles at Travelers Europe and Chubb; Scott Walker, joins as Senior Underwriter with 25 years’ experience in financial institutions insurance, most recently at Aviva and Aon; and Harry Risby, Underwriter, who joined in February 2026 with eight years’ underwriting experience from CNA Hardy, Antares, and Compass Underwriting. (Josh Recamara, 13/3/2026, Insurance Business, 'Insurance moves: Nexus, Fidelis, Allianz SE and Markerstudy')
Allianz SE's supervisory board has announced board changes effective January 1, 2027, as Klaus-Peter Röhler retires at the end of 2026. Tomas Kunzmann, CEO of Allianz Partners, will join the board, overseeing Asia Pacific, while Renate Wagner will take on Germany, Switzerland, and Central Europe, retaining her current portfolios. Claire-Marie Coste-Lepoutre’s mandate as CFO has been extended to December 31, 2031. (Josh Recamara, 13/3/2026, Insurance Business, 'Insurance moves: Nexus, Fidelis, Allianz SE and Markerstudy')
Marsh has appointed Phil Parkinson as CEO of Mercer UK, where he will oversee strategic and commercial operations across health, investments, retirement, and workforce businesses, succeeding Benoit Hudon during a pivotal time for UK pensions and benefits consulting. Parkinson, who joined Mercer in 2007 as an Investment Consultant, has held various international leadership roles, including UK wealth business leader since 2022. (Kenneth Araullo, 12/3/2026, Insurance Business, 'Marsh taps Phil Parkinson as new Mercer UK chief')
In further news...Marsh has appointed Nick Studer as President and CEO of Marsh Risk, effective April 1, succeeding Martin South, who transitions to the newly created role of Chief Client Officer. Studer, previously CEO of Oliver Wyman, will focus on enhancing Marsh’s capabilities as a Global Risk Adviser. South will work across Marsh’s businesses to deepen client relationships and integrate capabilities, with a focus on leveraging AI and emerging technologies to improve client experiences. Both executives will remain on Marsh’s executive committee. (Gia Snape, 10/3/2026, Insurance Business, 'Marsh names Nick Studer CEO of Marsh Risk, creates enterprise client role for South')
Markel International has appointed Maureen Tomlinson as its first Head of AI, leading the newly launched AI Centre of Enablement to drive adoption across five international businesses. Tomlinson, based in Toronto, also serves as Senior Vice President of Operations for Markel in Canada and previously held leadership roles at Verisk, including Senior Vice President of sales and professional services. (Kenneth Araullo, 12/3/2026, Insurance Business, 'Markel International names first-ever head of AI')
Markel Insurance has appointed Phil Jones as Chief Information Officer (CIO), international, a newly created role where he will drive the technology vision for Markel International, aligning systems, data, and digital capabilities with the business's strategic focus on operational excellence. Jones brings extensive experience, having served as Global CIO at Aspen Insurance and as Executive Director of Service Delivery and Operations at the UK Ministry of Defence. (Josh Recamara, 12/3/2026, Insurance Business, 'Insurance moves: Markel, AXA XL, Chubb, Assurant and Banyan Risk')
In further news...Markel has appointed Jamie Smith as London Underwriting Manager – US cyber lead. Based in London, Smith will oversee the US Cyber segment of Markel’s London Market Cyber portfolio, focusing on broker engagement, pipeline management, and mentoring junior underwriters. With over a decade of experience in cyber and technology E&O risks, Smith previously held senior roles at Arch Insurance International, Barbican Insurance Group, and CFC Underwriting. (Jonalyn Cueto, 10/3/2026, Insurance Business, 'Insurance moves: Markel, PIC, AXA XL, and PFS')
AXA XL has appointed Leyla Delic as Chief Technology and AI Officer, leveraging her 20+ years of experience in technology and leadership roles, including CIO at GE Healthcare, Group Chief Information & Digital Officer at Coca-Cola İçecek, and Global Head of Value Realisation at Aon. Most recently, she was Corporate Chief Digital and Information Officer at Abdul Latif Jameel. (Josh Recamara, 12/3/2026, Insurance Business, 'Insurance moves: Markel, AXA XL, Chubb, Assurant and Banyan Risk')
Chubb Limited has appointed Seshadri (Sesh) Iyer as Executive Vice President, Chubb Group, operations, technology, and digital transformation, effective April 6, succeeding Julie Dillman, who is retiring. Iyer will oversee Chubb’s global operations and technology, bringing nearly 20 years of experience from Boston Consulting Group, where he most recently served as North America Chair for BCG X, the firm’s tech design and build unit. (Josh Recamara, 12/3/2026, Insurance Business, 'Insurance moves: Markel, AXA XL, Chubb, Assurant and Banyan Risk')
Assurant, Inc. has announced Helen Sachdev as the incoming Chair of the Assurant UK board of directors, effective April 1, pending regulatory approval. She will also chair the nomination committee and serve on the audit, risk, and compliance committee, succeeding Stuart Purdy, who retires on March 31. (Josh Recamara, 12/3/2026, Insurance Business, 'Insurance moves: Markel, AXA XL, Chubb, Assurant and Banyan Risk')
Banyan Risk Ltd, a Bermuda-based specialty MGA, has appointed John Berger, Bob Cox, and Andrew Cook to its advisory board to support its platform scaling and underwriting expansion. Berger, Chairman of Coaction Specialty Insurance Group, previously served as CEO of Ascot Re and Third Point Reinsurance. Cox, former President and COO of Global Insurance Operations at Markel Group, also held senior roles at Chubb. Cook, with over 35 years of experience, was founding CFO of AXIS Capital and has held multiple non-executive director roles in Bermuda-based companies. (Josh Recamara, 12/3/2026, Insurance Business, 'Insurance moves: Markel, AXA XL, Chubb, Assurant and Banyan Risk')
HDI Global has appointed David Wilson as Global Head of Claims Energy & Power, a newly created role aimed at aligning claims operations with underwriting and risk functions. Based in London, Wilson brings over a decade of experience from Allianz and will oversee claims across HDI’s energy & power hubs. His mandate includes both conventional energy and emerging technologies driving the energy transition, reinforcing HDI’s commitment to supporting clients through industry transformation. (Kenneth Araullo, 11/3/2026, Insurance Business, 'HDI Global creates new claims role to bridge energy underwriting gap')
Tracy-Lee Kus, CEO of Aon’s Global Broking Centre, has been appointed Chair of the London & International Insurance Brokers' Association (LIIBA), succeeding Andy Bragoli of Howden. Kus brings over 14 years of experience at Aon and aims to support brokers during a pivotal phase of market development, focusing on digital trading and positioning London as a hub for complex risks. (Kenneth Araullo, 11/3/2026, Insurance Business, 'Aon's Tracy-Lee Kus takes the helm at LIIBA')
Allianz Commercial has announced two senior appointments in its large-corporate property business. Danny Stock has been promoted to Regional Head of Property for the UK and South Africa, overseeing profitability and strategy for the large-corporate property portfolio. Tim McGain, previously Regional Head of Property, transitions to a global CUO property role, supporting Allianz Commercial’s worldwide property underwriting strategy and driving technical alignment across regions. These moves align with Allianz’s efforts to integrate large- and mid-corporate operations under the Allianz Commercial brand. (Josh Recamara, 11/3/2026, Insurance Business, 'Insurance moves: Allianz Commercial, Devonshire, ThingCo, Oak Global')
Transactional risk MGA Devonshire Underwriting has appointed Liria Martinez-Salmon as Managing Director – Head of Southern Europe, marking its first overseas hire. Martinez-Salmon, formerly Head of M&A – Mediterranean at RiskPoint, brings extensive experience in cross-border deals across Spain, France, and Italy. (Josh Recamara, 11/3/2026, Insurance Business, 'Insurance moves: Allianz Commercial, Devonshire, ThingCo, Oak Global')
OAK Global has appointed Kaylee Darkins as Chief People and Communications Officer, effective March 9. Darkins, who brings 18 years of HR experience, previously served as Chief Human Resources Officer for AXA XL UK and HR Business Partner to the Global Chief Client Office. In her new role, she will lead OAK Global’s people strategy, communications, and sustainability agenda, addressing the increasing regulatory and investor focus on culture, conduct, and ESG within specialty underwriting platforms. (Josh Recamara, 11/3/2026, Insurance Business, 'Insurance moves: Allianz Commercial, Devonshire, ThingCo, Oak Global')
Sodalis Capital has launched Brecon Specialty, a London-based brokerage focused on global cyber and technology errors and omissions (E&O) risks. Led by CEO David Rees and a 14-member team with over 100 years of combined experience, Brecon will provide broking and risk advisory services to independent brokers and direct clients. Operating through Lloyd’s and Pro Insurance Solutions’ platform, the firm aims to offer a specialist, independent alternative in the London market, addressing the growing demand for cyber and tech E&O solutions. (Josh Recamara, 11/3/2026, Insurance Business, 'Sodalis Capital launches new brokerage to tap growing cyber and tech E&O demand')
Pension Insurance Corporation (PIC) has appointed Mike Eakins as Chief Executive Officer, pending regulatory approval. Eakins, currently CEO of retirement solutions and asset management and group CIO at Standard Life plc, will join PIC following Athora’s acquisition of the firm. With over 14 years as a Managing Director at Goldman Sachs and actuarial qualifications from EY, Eakins brings extensive experience to the role. Dom Veney will continue as interim CEO until Eakins formally assumes the position. (Jonalyn Cueto, 10/3/2026, Insurance Business, 'Insurance moves: Markel, PIC, AXA XL, and PFS')
AXA XL has named Sebastian Weaver as Head of Energy, UK & Lloyd’s, effective Q3 2026. Based in London, Weaver will oversee underwriting strategies for AXA XL’s UK & Lloyd’s Energy business, focusing on profitable growth, risk management, and market development. Weaver joins from QBE, where he held roles including Head of Underwriting oversight for QBE Portfolio Solutions and Head of Sustainable Energies, bringing extensive experience in the energy sector. (Jonalyn Cueto, 10/3/2026, Insurance Business, 'Insurance moves: Markel, PIC, AXA XL, and PFS')