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General Insurance Newsletter Friday 18th June 2021

18 Jun 2021

Insurance News

Aioi Nissay Dowa Insurance (AND-E UK) has announced that it has partnered with UK Insurtech Flock in order to work on how commercial Fleet insurance is priced and distributed. The two firms have worked together for the past six months to develop two connected Motor Fleet insurance products, which are now available to self-drive hire, own goods, courier and tradesperson fleets across the UK. 

Swinton Insurance has announced a partnership with Insurance United Against Dementia (IUAD) that will invite customers buying a car insurance policy online to donate £1 to Alzheimer’s Society. Swinton, which is part of the Atlanta division of Ardonagh Group, stated that it is the first time an insurance provider has partnered with Alzheimer’s Society to broaden the fundraising initiative to include consumers.

Hedron Network has added Markel UK to its Insurer panel. Through the partnership, Hedron’s Broker members will have full access to Markel UK’s range of specialist products, with enhanced policy wordings across Professional Indemnity, care, charity and community groups, and Cyber. According to the network, Markel UK also has specialist technology and contractors policies, which partner Brokers will be able to access.

Specialist Motor Brokers have defended the use of unrated capacity after Danish provider Gefion Insurance was declared bankrupt earlier this month. The collapse of Gefion - the latest in a long line of unrated offshore providers to go bust – has served as a reminder of the risks of placing business with this type of Insurer. 

Niche Insurer Peach Pi has partnered with Insurtech MGA, Tapoly, to provide bespoke insurance for freelancers and micro SMEs operating in the health and wellbeing sector. The flexible product includes cover for Professional Indemnity, Public Liability and treatment risk, with the option to include Employers’ Liability.

Insurers have paid out over £765.8m in Covid-19 related Business Interruption claims since the conclusion of the test case, according to a fresh set of data from the Financial Conduct Authority (FCA). The regulator revealed that providers had made initial payments for unsettled claims worth £289.5m and final settlements of £467.2m as of 5 June 2021.

The Construction and manufacturing sectors are the most likely to rely on credit to help pay for insurance, according to analysis from finance provider Premium Credit. Premium Credit’s data shows SMEs are increasingly borrowing to pay for insurance – total net advances of premium finance for commercial insurance increased by over 11% in 2020 compared with the previous year even though the number of policies only rose marginally.

It’s a breakthrough moment for Joanne Marriott, Commercial Manager at Russell Scanlan, after she secured the presidency of the Nottingham Insurance Institute. In the process, Marriott became the firm person at the company, which is based in Wellington Circus in the heart of the city, to take the role. Marriott has been part of the institute for 19 years, holding a number of roles, includes Treasurer and Deputy President. 

If you haven’t already got your sights set on the individual private healthcare market, then it may be time to do so if a recent Association of Medical Insurers and Intermediaries (AMII) survey is to be believed. An eye-catching 60% of AMII members expect an increase in demand during 2021, according to the survey conducted by the AMII and The Exeter, while 18% even expect a significant increase.

The Association of British Insurers (ABI) and Flood Re have released a 21-page joint report examining the benefits of maintaining the UK’s flood defences over a 30-year period for different spending scenarios. The Modelling the Impact of Spending on Defence Maintenance on Flood Losses report, the research project for which was carried out by flood risk specialist JBA Risk Management, comes ahead of the government’s consultation on its comprehensive spending review.

Covéa Insurance and Vitality have partnered to launch a new product that rewards motorists for good driving while giving them a way to lower their auto insurance costs. The new direct-to-consumer car insurance proposition, VitalityCar, enables drivers to measure and improve their driving behaviour after each trip while earning rewards.

AXA UK&I’s Chief Executive Officer, Claudio Gienal, has been named in Glassdoor’s 2021 Top CEO list. The list, which is based on reviews submitted by past and present employees, sees Claudio surrounded by leaders from all sectors of business, including peers within Financial Services. Claudio is the only insurance industry CEO to be included in the list.

The WOMAD Festival may have to be cancelled this year because of the lack of insurance coverage for the event – and the industry, including one particularly big name, is calling for the government to step in.

Lloyd’s has secured a landmark £650 million five-year cover for the Central Fund, which supports sustainable and profitable long-term market growth. The new structure, which was placed by Aon, will also provide increased protection for Lloyd’s customers and the market against severe tail-end events, it said in a statement. It also seeks to further improve the quality and financial strength of the Lloyd’s balance sheet.

Shawbrook Bank has backed a management buy-out of Amicus Insurance Solutions by the Broker’s Co-Founder Adam Scott. Scott, who launched the business alongside Richard Evans in 2009, has bought Evans’s shares for an undisclosed sum. According to a statement, the MBO came about after Evans stated his intention to retire, and the Broker noted that he will continue to “support the business when required” until full retirement.

There are only three 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 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

Aston Lark has added Premier Insurance Consultants to its roster in a move which contributes a further £2m in gross written premium annually to the business. Premier Insurance Consultants was established in 1990 and has eight employees. It is a specialist commercial insurance Broker that has developed a particular niche in the concrete industry.

Geo Specialty’s Marine and Leisure division is further expanding its Marine proposition with the transfer of the commercial Marine portfolio of MGA Arnott Marine. As part of the deal, Steve Gordon will also join Geo as a Product Head in its Marine & Leisure Marine Commercial Lines division. Gordon’s commercial Marine portfolio will also transfer from Arnott Marine to Geo Specialty.

It was last month when it was announced that, as part of a proposed regulatory remedy for the pending combination of Aon Plc and Willis Towers Watson (WTW), Arthur J. Gallagher & Co. (AJG) would be snapping up certain WTW reinsurance, specialty, and retail brokerage operations. Now, with the wider merger’s fate hanging in the balance after being hit with an antitrust suit in the US, AJG Chair, President, and Chief Executive J. Patrick Gallagher, Jr. is hoping for a speedy resolution for everyone.

Davies, a specialist professional services and Technology business serving the insurance industry, has signed a purchase agreement to acquire national Property claims firm IAS Claim Services (IAS). Based in Texas, IAS specialises in daily Property, commercial, Catastrophe, and large loss claims and has a nationwide network of independent Adjusters serving all 50 states.

Movers & Shakers

It’s official – Lockton Re (Bermuda) Limited is here. After bringing in a number of key hires for the unit, Lockton Re has now launched the Bermuda office, coinciding with the appointment of Jonathan “Jonty” Davies as Chief Executive. Bermuda is the 12th location for Lockton Re, the global reinsurance business of major insurance Broker Lockton.

AXA XL Insurance has announced the appointments of Rafael Docavo-Malvezzi as Global Chief Underwriting Officer (GCUO) for Political Risk, Credit & Bond (PRCB) and Lian Phua as Head for PRCB, Americas.

Bristol based Hayes Parsons Insurance Brokers, continues to increase focus on their Private Client strategy through the appointment of Richard Moxon as Head of Private Clients. This is a new role to the company and one that will help Hayes Parsons reach their ambitious growth plans over the next 5 years.

Abacai Group (“Abacai” or “the Group”), the next generation Insurtech disruptor, has announced the appointment of six senior leadership hires. James Ockenden will join as Chief Actuary, Jonathan Hill, joins as VP of Pricing, Matt Fothergill will join as Deputy CEO of Abacai Capital, Chris Payne joins as Chief Technology Officer, Pierre du Toit joins as Chief AI Officer and Will Faulkner will join as Chief Product Officer.

Paul Chalfont has joined Markerstudy as Broker Manager. With experience from both Insurer and brokering roles at LV and BGL, Marketstudy stated he will manage relationships and drive growth for a range of the group’s Broker Partners.

Lonmar Professions, a Financial Lines specialist part of GRP-backed Lonmar, has announced the appointment of Sean Trent to role of Divisional Director. Trent joins Lonmar from Gallagher and will work alongside Managing Director Alan Newall and his team.

Eric Schwebach has jumped from reinsurance intermediary Guy Carpenter to the reinsurance solutions business of Aon Plc. Appointed as Senior Managing Director, Schwebach will be in charge of the management of major clients and the generation of new business. The former Senior Vice President, who brings 15 years of industry experience, will report to Aon Reinsurance Solutions Executive Managing Director Trevor Dorr.

 

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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