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General Insurance Newsletter Friday 16th July 2021

16 Jul 2021

Insurance News

Allianz has pledged to continue its focus on working with Brokers after it revealed it is restructuring its operations. The provider said that it had created distinct personal and commercial businesses which will be led by Steve Treloar and Simon McGinn respectively.

The Financial Conduct Authority (FCA) has outlined a commitment to be a more, innovative, adaptive and assertive regulator in its Business Plan for 2021/22. Nikhil Rathi, who joined the FCA as Chief Executive in October 2020, commented: “The FCA must continue to become a forward-looking, proactive regulator. One that is tough, assertive, confident, decisive, agile".

In further news...Insurers have paid out a total of £875.5m in Covid-19 related Business Interruption claims since the conclusion of the test case, according to the latest data from the Financial Conduct Authority (FCA). The watchdog detailed that providers had made initial payments for unsettled claims worth £308.9m and final settlements worth £566.6m as of 5 July 2021.

Marshmallow has denied accusations of trying to “dump” clients in its ongoing legal spat with Mulsanne Insurance. In its reply to Marshmallow’s defence, Mulsanne reiterated its allegations that Insurtech start-up Marshmallow has misused confidential information and stolen trade secrets. In a rejoinder document, signed by Marshmallow on 9 July, the business disputes various aspects of Mulsanne’s reply, branding it “incomplete and one-sided”.

Aioi Nissay Dowa Europe (AND-E) and its subsidiary, Toyota Insurance Services (TIS), have recently partnered with ibott, part of Apollo, in order to develop a range of products for the shared mobility sector. The partnership will be initially focused on the UK, the firms reporting plans to extend throughout Europe later in 2021. It is said to provide insurance solutions for companies serving the modern mobility market and recognise the growing move towards ‘usership’ rather than ownership.

Apollo Syndicate Management has been granted in-principle approval from The Council of Lloyd’s to convert Special Purpose Arrangement 1971 into a standalone syndicate. This is subject to the completion of the Lloyd’s “making it happen” (MIH) process, a statement from Apollo said.

Specialist Brokers have pinpointed that the largest threat they are facing is the rise of digital intermediaries, according to research by Ecclesiastical. The survey showed that 57% of the 200 Broker respondents said digital intermediaries were a threat to their business. This was followed by direct insurance (50%) and peer-to-peer insurance (41%).

Late night leisure Broker NDML and the Night Time Industries Association (NTIA) have secured more than £5.2 million for 72 Hiscox Business Interruption (BI) claimants. “I’m incredibly proud of the team effort that brought us to where we are today,” stated NDML Managing Director Simon Mabb. “From our in-house claims specialists, to Michael Kill and the NTIA team, to the invaluable efforts contributed by Philip Kolvin".

Aston Lark presents its first full year of financial results since its majority stake acquisition by Goldman Sachs Merchant Banking Division in September 2019, alongside the re-investment by Bowmark Capital LLP. One of the highlights from the report is that revenue increased 28% to £91.7m in 2020.

As summer holidays beckon, Aviva is urging drivers to take care when loading up their vehicles for UK breaks. According to the Insurer’s latest "How We Live" report, 53% of UK adults plan to take a break on their home turf this year, with 16% planning holiday cottage breaks and 13% intending to go camping. Two fifths (40%) say they are looking forward to using their cars for day-trips in the UK.

Zurich Insurance has joined the Hedron Network panel. David Hopwood, CEO of Hedron, said: “This is a major coup for Hedron. Zurich is one of the most reputable names in insurance and their offering significantly enhances our panel.” The news follows the decision by Markel to become a Hedron panel Insurer in June.

A Liverpool Crown Court judge has given former corporate Broker Garry Roberts a chance to mend his paedophilic ways. Roberts – who pleaded guilty to three counts of downloading and one count of possessing indecent images of children – was handed down eight months in prison, suspended for 18 months and was told to comply with a sexual harm prevention order.

Somerset Bridge Group has reported a £42m loss for the full year 2020. In figures posted on Companies House the business showed that turnover increased to £103.3m (2019: £75.5). Admin expenses were £84.8m, up from £82.9m the previous year. Taking other factors into account the business made a comprehensive loss of £42.4m (2019: £42.3m).

There are only two months to go until IDEX's Lands End to John O'Groats bike ride, raising money for mental health charity 'Fight for All the Feels'. We have recruited 10 brave souls to undertake the challenge, with representatives from Partners&, NFU Mutual, Aviva, Gymshark, Broker Network, Mitie and Geo Underwriting. If you'd like to support their efforts, follow the link where you can make a small donation, and if you'd like more information contact Rebecca Howarth - rebecca.howarth@idexconsulting.com.

Sponsorship link: https://lnkd.in/egmBDy7

Mergers & Acquisitions

Chesterfield-based DCJ Insurance Group has announced the acquisition of Real Insurance Group, subject to regulatory approval. It is the GRP-owned Broker’s second transaction in 2021 and follows the purchase of Lincoln-headquartered commercial Broker J E Sills & Sons in March.

The European Commission has announced conditional approval of the Aon and Willis Towers Watson (WTW) merger. It detailed that its approval of the $30bn (£22.9bn) deal is depending on full compliance of a “substantial set of commitments” offered by Aon, including the divestment of parts of WTW’s business to Gallagher.

The Travelers Companies, Inc. is now a shareholder of Fidelis Insurance Holdings Limited. In separate releases, the two insurance groups announced the “strategic minority investment,” financial terms of which were not disclosed.

Aston Lark, the Chartered insurance Broker backed by Goldman Sachs has announced the acquisition of the Linkscover brand to further strengthen its already significant sports and leisure expertise.

Movers & Shakers

Allianz Holdings has announced a strategic restructuring of its operations to create distinct personal and commercial businesses. The Insurer stated that this is the next step in its integration of the LV General Insurance and L&G General Insurance businesses, with the aim to “simplify and streamline” its operations. As a result of the restructure, LV Boss Steve Treloar becomes CEO, Allianz Personal and Simon McGinn becomes CEO, Allianz Commercial. They will report to Jon Dye, CEO, Allianz Holdings, and sit on the Allianz Holdings management board alongside the heads of the service functions - Fernley Dyson, Chief Financial Officer, Julie Harrison, Chief HR Officer, Stephanie Smith, Chief Operations Officer and John Berry, Chief Risk Officer.

Beazley has appointed Troy Dehmann as Chief Operating Officer (COO) with immediate effect. He also joins Beazley’s executive committee and will be based in London.

Gallagher
has appointed Erik Alsegard to oversee a new Intellectual Property (IP) insurance practice. As IP Director, he will report to the Executive Director, Tom Draper, who runs Gallagher’s Cyber practice.

Tegron Specialty, a D&O underwriting specialist backed by Beat Capital, has named Ray Pallett as Chief Underwriting Officer, subject to regulatory approval. Pallett will report to Paul Shore, CEO.

Ceta Insurance has announced the appointment of Isaac Robinson in the newly created role of B2B household specialist.

Axa XL has hired David Watson as Senior Underwriter, Political Risk, Credit and Bond (PRCB), UK & Lloyd’s market, with immediate effect.

Partners& has announced the appointment of Jonathan Miller as the new UK Sales Director. He will be joining the executive team and will report directly to CEO Phil Barton. 

Aon has confirmed three senior leadership appointments in EMEA. It has revealed Julie Page, currently CEO of Commercial Risk, Health and Affinity for the UK and Aon UK, will join the global Aon operating committee. Eduardo Dávila has been named CEO of the EMEA region (excluding UK) as part of the future Aon executive committee. As CEO of Commercial Risk, Health and Affinity in EMEA (excluding UK) and Carlo Clavarino, Executive Chairman, International Business, and will also join the global Aon operating committee. Carlo Clavarino also takes on a new role as Executive Chairman, International Business. 

Atradius has appointed Alastair Divers to the role of Account Manager for the Trade Credit Insurer’s UK northern hub.

Lloyd’s global specialty reinsurer MS Amlin Underwriting Limited (MS AUL) has announced the appointment of Richard Bayman as Head of Aviation reinsurance.

Everest Re Group has announced the appointments of Ari Moskowitz and Peter Bell to leadership roles in its reinsurance division. Moskowitz has been named Senior Vice President and Chief Operations Officer, while Bell has been named Senior Vice President, Chief Executive Officer and Managing Director of Bermuda.

After confirming its new board appointees, Lloyd’s Europe now just needs an additional independent Non-Executive Director to complete the line-up. Formally known as Lloyd’s Insurance Company S.A. (LIC), the Society of Lloyd’s subsidiary in Belgium named Bruno van Lierde as the new Chair of the board. The confirmed appointee, who was Senior Partner and Managing Director at Boston Consulting Group in Brussels, will also serve as Chair of the nomination & remuneration committee at Lloyd’s Europe.

Claire Lashbrook, Director of Operations and Third-Party Administration at Claims Consortium Group, has joined the Advisory Board of the Society of Claims Professionals.

Property and Casualty insurance giant Chubb has promoted two colleagues within its Casualty team for the UK and Ireland (UK&I) with immediate effect. Chris Templeton, who served as Executive Underwriter for the London casualty unit, is taking on the role of UK&I Construction Casualty Manager and will be in charge of developing Chubb’s Construction Casualty specialism across the two countries. Ben Campey, meanwhile, will now be responsible for the London middle market Casualty portfolio at Chubb. In his new capacity as London Corporate Casualty Manager, the former Casualty Underwriting Manager for Manchester will be working alongside Business Development Managers and other business lines.

Qatar Reinsurance Company Limited (Qatar Re) has appointed William Malloy to the role of independent Non-Executive Chairman.

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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