Insurance News
PremFinahas received a significant cash injection from a variety of institutional investors in order to help the provider drive scale, expand internationally and aggressively develop its UK proposition. It is understood that the investment runs into tens of millions of pounds and will allow the business, which describes itself as a tech disruptor in the premium credit space, to challenge traditional finance organisation such as Close Brothers Premium Finance and Premium Credit.
Staysure Grouphas developed a pet insurance product designed for cats and dogs which accounts for the age of the animal and pre-existing conditions. Staysure said the policy doesn’t have exclusion periods if cover is switched from an existing provider with like-for-like cover.
A man has been sentenced for fraudulently obtaining more than 40 car insurance policies while posing as a Broker and pocketing nearly £18,000 over a five-week period. The City of London Police said in a statement that Gurwinder Virdee, 30, of Gregory Road, Southall, London, had acted as a ghost Broker.
TheFinancial Conduct authority (FCA)is surveying firms to assess how they are preparing for the implementation of new rules around dual pricing. The regulator said in a communication to companies last week: “Firms will have 15 working days to respond and should respond no later than 9 August 2021."
Qlaimshas announced the launch of Qlaims Assistance, a Personal Lines product which reportedly appoints an FCA regulated Loss Adjuster to negotiate and project manage household claims. According to the Managing General Agent, the policies can be purchased as ancillary cover by Personal Lines Brokers through Qlaims’ quote-and-bind portal, U-Quote.
Specialist InsurerBeazleyhas published a report which revealed that clients’ service expectations of their insurance partners are increasing. Apart from the expectations regarding financial protection, clients are reportedly looking to their insurance partners to provide them with more risk insight, risk management-related services and flexible cover that better meets their business’ changing needs. The study shows it is time for a service rethink when it comes to the insurance relationship as 44% of respondents do not believe Insurers understand their business.
Marsh McLennan (MMC), the global professional services firm which is home to some of the biggest names in insurance and risk, including Marsh and Guy Carpenter, has reported its financial results for Q2, ending June 30, 2021. Commenting on the results, Dan Glaser, President and CEO of the group stated that MMC’s performance during the quarter had been “outstanding.”
Impact Forecasting, which is the catastrophe model development team atAon, has published its Global Catastrophe Recap: First Half of 2021 report. According to the 12-page document, worldwide economic losses from natural disaster events in January to June are estimated to be around US$93 billion. Global insured losses, meanwhile, stand at approximately US$42 billion. Aon stressed that, as losses continue to develop, these preliminary figures will change.
Specialist Managing General AgencyMedical & Commercial International (MCI)has secured in-principle approval for newLloyd’s Syndicate 1902. To underwrite business incepting on or after January 01 next year, the syndicate will be managed by third-party Managing AgentAstaand will be led by MCI Founder and Chief Executive Phil Trafford in his capacity as Active Underwriter. Syndicate 1902 will be established under the syndicate-in-a-box (SIAB) model.
AXA UKhas rolled out a new machine learning tool to help streamline and accelerate complex Property claims. BETSIE (Buildings Enhanced Triage Steering Intelligence Engine) increases the speed and accuracy of claims resolution by capturing essential data points and simplifying the claims triaging process.
QBE European Operationshas published its first UK Ethnicity Pay Gap Report 2020.The report details the difference in the average hourly rate of pay between QBE’s UK ethnic minority and white employees as of April 2020, which has been analysed using the same data and methodology as gender pay gap analysis. The data generated is based on 80% of QBE’s UK workforce who have shared details of their ethnicity.
Congratulations toDCLwho have been crowned winners of the prestigious category of ‘Commercial Lines Insurer of the Year’ at the National Insurance Awards 2021.
AXAhas carried out an audit of its recruitment practices, looking at touchpoints in the candidate journey through seven specific diversity and inclusion lenses. Analysis shows that the hard work already in place to embed diversity and inclusion into the business is having a positive impact and will be the catalyst for continuous improvement and new initiatives.
TheBritish Insurance Brokers’ Association (BIBA)has formed an Insurance Technology & Innovation Committee (ITIC) to represent and protect the interests of BIBA members on all technology and innovation related matters.
Chubbis launching a new insurance policy for offshore wind farms, designed to support green energy providers throughout the process – from inception of the project to energy production, storage, and distribution.
Direct Line Insurance Group Plc (DLG)is poised to grow its Motor customer base by about 15% by sealing a deal withMotability Operations Ltd, the name behind the Motability Scheme which is currently partnered with RSA Insurance Group.
We are fast approaching theIDEX'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
Aston Lark Irelandhas boughtPrincipal Insurance Irelandfor an undisclosed sum, in a move which it said would further strengthen its “already significant” Personal Lines insurance expertise. The Dublin-based Broker was established in 2015 as the Irish arm of Manchester-headquartered Principal Insurance. It has since grown to take a 30% market share in the Irish motorcycle insurance market.
Global Risk Partners (GRP)has entered into an agreement withWillis Towers Watson (WTW)to buy WTW’s commercial risk and broking business in Northern Ireland. GRP said in a statement that the business, which brings £57m in gross written premium, will be integrated into ABL Group, GRP’s Northern Ireland brokerage.
Bolttech, the insurance technology arm of Hong Kong’s Pacific Century Group, has acquiredi-surance, a B2B2C digital insurance platform based in Europe. According to a statement from Bolttech, the transaction is part of its ambitious international expansion strategy and comes at the heels of its record-breaking Insurtech series A funding round, which gave the company unicorn status.
Movers & Shakers
Covéa Insurancehas namedAdrian Furnessas its new Chief Executive Officer, taking over from James Reader.
Specialist InsurerHiscoxhas announced thatBronek Masojadais retiring from the company, after having spent 21 years as its Group Chief Executive Officer. The Insurer revealed that it has appointedAki Hussain, currently Group Chief Financial Officer, as Group Chief Executive from January 2022, subject to regulatory approval.
Zurich Insurance Grouphas announced the appointments ofAnnarita Roscino as Group Claims Data and Insights Leader andNelcia Oliviera as Regional Chief Claims Officer for Latin America.
Liberty Mutual Re (LM Re), part of Liberty Mutual Insurance Group, has announced the appointment ofHetul Patelas its new Chief Actuary for reinsurance. Patel, initially based in Singapore, will relocate to Cologne, Germany, later this year.
Claire Combes, anAirmicmember for two decades who has been part of the board since 2016, will take over the risk body’scChairmanship from Tracey Skinner come September.
Millerhas announced the appointment ofDebbie Hobbsas Head of Cyber, Technology & Media.
Ecclesiasticalannounced the appointment ofRita Bajajas a Non-Executive Director. Bajaj joins the company with over 30 years of financial markets experience. Her most recent Executive role was EMEA Chief Administrative Officer at the US custodian bank State Street Corporation.
Specialist MGAAqueous UnderwritinghiredAlex Stephensonas Senior Underwriter. He joins Aqueous from Manchester Underwriting, having worked for the firm for 10 years. Stephenson has also previously worked at RSA and at Broker Millers.
Lloyd’sannounced the appointment ofVicky Carteras Deputy Chair of Lloyd’s, effective 1 September 2021. Carter has sat as an elected member of Lloyd’s Council since February 2019 and has worked for the Lloyd’s market for 40 years, starting her career in medicine before moving to reinsurance broking in 1980.
Specialist BrokerBLW Insurance BrokersappointedBryony Irelandas a Non-Executive Director. The business stated that Ireland brings over 20 years of marketing experience to the BLW board of Directors, having worked across a number of businesses including FM Global, Property Insurance Initiatives, Reed Exhibitions and Informa. Her experience includes 14 years in the insurance industry.
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All information provided in this Market Digest has been gathered from multiple General Insurance Media sources and individual company press releases.
