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General Insurance Newsletter Friday 11th December 2020

11 Dec 2020

Cybersecurity threats related to insider actions are now more common than threats from external factors. Since remote work has increased, due to the COVID-19 pandemic, four of the top six types of cybersecurity incidents experienced were caused by internal users, a report found. Those four were accidental mistakes by admins (reported by 27% of respondents), accidental improper sharing of data by employees (26%), misconfiguration of cloud services (16%) and data theft by employees (14%).

Aviva has completed a £103 million bulk purchase annuity transaction for the Homestyle 2007 Scheme. The Insurer will insure the defined benefit pension liabilities of all 1,294 scheme members. The transaction also removes the investment and longevity risk of these members from the scheme. Once the deal closes, members will see no change in the amount of their benefits.

The Association of British Insurers (ABI) has chosen Aviva UK's Individual Protection Managing Director, Paul Brencher, as Chair of the trade body’s protection board.

Swiss Re’s digital platform iptiQ has become Getsafe’s new lead investor after leading the latter’s US$30 million (around £22.4 million) Series B funding round.

Reinsurers Humboldt Re and Kelvin Re – both domiciled in Guernsey and backed by Credit Suisse Insurance Linked Strategies – will stop underwriting new business. Humboldt Re said "it will be reviewing strategic options for the firm’s ultimate shareholder to unwind its investment". Underwriting of new business will cease in the New Year. Meanwhile, Kelvin Re has cited unspecified “strategic reasons” for its decision not to underwrite any further business while pursuing a controlled exit.

Insurance brokerage Acrisure Llc has launched a new brand in order to bolster its intent to become known as the world’s most tech-enabled insurance Broker. Acrisure’s global reinsurance brokerage, Beach & Associates, will become Acrisure Re and Acrisure London Wholesale to align with the Acrisure brand. Acrisure has also launched a new logo and a new tagline, “Powered by Exceptional Partnerships and Technology”.

Arch Insurance International has announced the rebrand of Barbican Syndicate 1955 (BAR 1955) to Arch Syndicate 1955 (ASL 1955), which will come into effect from 1st January 2021.

14% of insurance workers failed a global phishing test, according to the latest edition of the Terranova Security Phishing Benchmark Global Report. The report is based on user interaction with simulated phishing attacks. 

The UK non-standard home insurance portfolio of Plum Underwriting (Plum) will now be backed by Zurich UK, replacing Lloyd’s of London as the specialist Managing General Agent’s capacity Provider.

Howden Broking has become the first international insurance Broker to set up operations in Iceland. Part of Howden Broking’s ongoing European expansion, the branch launch in Reykjavik marks a progression from the company’s years of working with Icelandic clients through its Finland unit.

Insurance provider Marmalade has launched a new “pay as you go” auto insurance to help young drivers save even more on their premiums. The new offering will allow drivers to pay specifically for the miles they use on a vehicle where they are not the main named driver. A release said that the policy is the is the most cost-effective for drivers covering less than 3,500 miles per year.

The Northern Gas Networks (NGN) Pension Scheme has secured the pension benefits of over 600 retirees, or around two-thirds of its members, via a £385 million Aon-brokered buy-in deal with Legal & General Assurance Society Ltd.  

 

A dedicated video account management team called “Ageas Broker Connect” has been formed by Ageas UK. Aimed at supporting regional Brokers, the new team initially consists of two Business Development Executives and a Business Development Manager – with the potential for growth depending on demand. According to the Insurer, setting up the unit was an idea it had been looking into even prior to the COVID-19 pandemic. 

Zego, the first UK insurtech to be awarded an insurance license, has snapped up Portugal-based telematics pioneer Drivit for an undisclosed sum. Calling the transaction “a standout milestone in the Zego journey,” the insurance provider said it will use the swoop as a springboard to scale and expand into new products, markets, and territories at a greater speed. Drivit will allow Zego to obtain real-time driver behaviour data in-house.

Miller has recruited Construction industry veteran Dan Cahill to lead its expansion into the UK Construction market. Miller’s new UK Construction practice aims to offer clients a bespoke service plan in line with their individual needs and requirements, by building on the knowledge and expertise it has amassed through many years operating in the sector.

Aviva Plc has been busy this week. Firstly, former Deutsche Bank Human Resources Global Head Pippa Lambert is joining Aviva in the New Year as an Independent Non-Executive Director. They will also be welcoming a returning alumnus in the form of Adam Winslow, who is assuming the newly created role of International Chief Executive in 2021.  

Everest Re Group, Ltd. has appointed a new Head of Everest Specialty Underwriters (ESU), Robert Clark, who joined Everest in October 2015 as Vice President and Head of Alternative Solutions.

Independent specialist Reinsurance Broker BMS Group has announced the appointments of Nick Hocking, Tony Cuthbertson and Josh Robertson as Directors of its Marine subsidiary, BMS Harris & Dixon Marine (BMS H&D Marine), effective from February 2021.

CLS Risk Solutions has appointed David Sparrow as a Non-Executive Director, effective immediately.

AmTrust International has appointed Steve Ranzetta to the role of Lead Underwriter for Accident & Health (A&H).

The insurer Brit Ltd has announced the appointment of Gavin Wilkinson to the role of Group Chief Financial Officer, subject to regulatory approval.

Paul Robinson, who was Head of Distribution at Terrorism Reinsurance scheme Pool Re, has ended his garden leave and joined the Political Violence and Terrorism business of Geo Specialty

Allianz Global Corporate & Specialty has announced that it has appointed Jeremy Sharpe to lead its Global Distribution Unit. Sharpe succeeds Patrick Thiels, who will now lead AGCS’s Mediterranean and Africa region, succeeding Corinne Cipière. Cipière will take on a Board of Management role at Allianz France on Jan. 1.

Marco Capital Holdings Limited, the newcomer Property and Casualty run-off group that agreed to buy British Reserve Insurance Company Limited from Allianz Insurance Plc, has brought in a Chief Financial Officer. Making the switch from Sompo International Holdings, Phil Rooke brings what Marco Chief Executive Simon Minshall described as “valuable skills and experience,” including stints at the likes of Endurance Worldwide Insurance Limited.

Global Risk Partners has named Dan Berry to serve as Chief Underwriting Officer, as part of the GRP Underwriting team.

Chubb has created a new digital team for Continental Europe (CE) and the UK & Ireland (UK&I). The new team, led by Chubb Head of Digital Santiago Sanchez, was formed to help Chubb develop and execute ongoing plans to expand and broaden its digital product and service offerings. The new team also includes Ana de Montvert (Head of Digital Business Development for Europe), Christophe Laguet (Digital Marketing & Analytics Officer for Europe) and Tessaliina Ilmela (Accident & Health Head of Digital Product for CE).

 

All information provided in this Market Digest has been gathered from multiple General Insurance Media sources and individual company press releases.

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