Our Approach to Sustainability at IDEX Consulting

General Insurance newsletter Friday 22nd August 2025

Insurance NewsJoin Brokerbility and supercharge the growth of your brokerage - Brokerbility empowers independent brokers with tailored growth strategies, peer mentoring, innovative tools like a bespoke Broker Insights platform, and a robust training academy - helping members consistently achieve double-digit growth. (IDEX Consulting news, 'Join Brokerbility and supercharge the growth of your brokerage')What does nuclear energy mean for insurers? - Nuclear fusion energy represents a game-changing opportunity for insurers, requiring a shift from traditional nuclear risk models to tailored coverage that supports this safe, clean, and innovative energy source. (IDEX Consulting news, 'What does nuclear energy mean for insurers?')Interview strategies to secure the right talent - Mastering the interview process is key to smart hiring - employers can enhance outcomes by adopting structured frameworks, reducing bias, leveraging technology, and integrating diverse panels for better, long-term hires. (IDEX Consulting news, 'Interview strategies to secure the right talent')How insurers can be more agile - The UK insurance market faces challenges like economic volatility, cyber threats, and climate risks, requiring insurers to embrace digital innovation, regulatory compliance, and agile strategies to navigate a rapidly evolving landscape. (IDEX Consulting news, 'How insurers can be more agile')The Managing General Agents’ Association (MGAA) reported significant growth from August 2024 to July 2025, with membership increasing across all tiers, expanded education and insights offerings, and strengthened advocacy efforts, highlighting the MGA sector's growing role in insurance and its focus on innovation, collaboration, and professional standards. (Josh Recamara, 22/8/2025, Insurance Business, 'MGAA reports membership surge')A GlobalData survey reveals that while most UK SMEs are open to AI-driven insurance solutions, only 5.2% of brokers see AI as a major threat, highlighting a significant gap in adoption and awareness that could lead to brokers losing relevance as AI reshapes the industry. (Josh Recamara, 22/8/2025, Insurance Business, 'Are brokers aware of how much of a threat AI is?')IB Markets has launched in the UK, providing brokers with a free, intuitive platform to connect directly with underwriters and MGAs for specialty insurance coverage, offering instant access to niche, hard-to-place, and high-capacity policies while streamlining the search and comparison process. (Insurance Business, 21/8/2025, 'IBmarkets launches in the UK: The broker-loved platform connecting you with specialty coverage')iFarm Underwriting has secured a five-year capacity deal with Hadron UK, an A- rated carrier, to support its Farm Combined, Farm Focus, and Property Owners’ Select portfolios. This partnership strengthens iFarm’s position in the UK agricultural market, enhances broker access to secure capacity, and aligns with its growth strategy under Rokstone, its parent company. (Kenneth Araullo, 21/8/2025, Insurance Business, 'iFarm secures five-year capacity deal with Hadron UK')Aegon reported a net profit of €606 million for H1 2025, reversing a €65 million loss from the same period in 2024, driven by stronger US operations and improved experience variances. The company increased its share buyback program by €200 million, set an interim dividend of €0.19 per share, and is reviewing a potential relocation of its legal domicile to the US to align with its primary market. (Kenneth Araullo, 21/8/2025, Insurance Business, 'Aegon reverses last year’s loss with stronger profits in H1')Zurich CEO Mario Greco has raised concerns about the growing role of private equity in the insurance sector, warning that asset-focused strategies by firms like Apollo and KKR could conflict with the industry’s core purpose of long-term risk management. He emphasised the need for alignment with policyholder needs and regulatory frameworks, as private equity interest continues to reshape the market, particularly in life and annuity sectors. (Josh Recamara, 21/8/2025, Insurance Business, 'Zurich chief raises concerns over private capital's growing role in insurance')Marine insurers face pressure to address modern slavery and forced labour risks, as highlighted by the International Union of Marine Insurance (IUMI). High-risk sectors like shipping and fishing require ethical practices, including compliance with labour standards and human rights clauses. With stricter regulations like the UK Modern Slavery Act, insurers must act proactively to avoid reputational, legal, and regulatory risks. (Josh Recamara, 20/8/2025, Insurance Business, 'Marine insurers face growing pressure to address exploitative practices - IUMI')HDI Global SE reported €5.1 billion in revenue, a 91.6% combined ratio, and €377 million in profit for H1 2025, with strong regional growth in the US, Canada, UK, and Asia-Pacific, focusing on innovation, liability offerings, and international expansion. (Jonalyn Cueto, 19/8/2025, Insurance Business, 'HDI Global reports positive half-year results and shares expansion plans')Willis, part of WTW, launched Gemini, a digital auto-follow facility backed by A+ rated Lloyd’s syndicates, offering Willis clients competitive pricing, simplified claims handling, and stable capacity. It goes live on September 1, 2025, aiming to enhance efficiency and reduce transaction costs. (Paul Lucas, 19/8/2025, Insurance Business, 'Willis launches Gemini digital auto-follow facility with Lloyd's backing')Inigo Limited launched the Inigo Crime Excess, a new policy addressing financial crime risks like AI-driven social engineering and digital asset fraud. It complements existing US bond policies, offering broader coverage and enhanced claims handling, with global availability through Lloyd’s. (Jonalyn Cueto, 19/8/2025, Insurance Business, 'Inigo unveils new solution for financial crime')Allianz launched the Smart Broker Brief and upgraded its QuoteSME platform to enhance broker efficiency. The tools provide data-driven insights, streamline quoting processes, and address risks like underinsurance, helping brokers focus on client support. (Jonalyn Cueto, 19/8/2025, Insurance Business, 'Allianz introduces Smart Broker Brief and QuoteSME upgrades')Former Allianz and DAS executives Mickey Attia and Robin Stagg launched Elevate Specialty, a UK-based MGA focused on embedded and specialty insurance. Using AI-powered claims automation and rapid product rollouts, the firm offers legal expenses, cyber cover, and more. (Rod Bolivar, 19/8/2025, Insurance Business, 'New MGA Elevate Specialty enters UK market with former Allianz and DAS leadership')Pen Underwriting partnered with Bridgehaven Specialty UK to expand capacity for solicitors’ professional indemnity. The collaboration supports firms of all sizes, leveraging Pen’s 25 years of expertise and Bridgehaven’s hybrid insurance model. (Jonalyn Cueto, 19/8/2025, Insurance Business, 'Pen Underwriting and Bridgehaven form partnership')Aviva, through Founders Factory, backed AI-native broker Meshed in a £950,000 pre-seed funding round. Meshed uses AI for quoting and data collection, aiming to reduce costs and underinsurance for SMEs. Early clients reported savings of up to 52%. (Jonalyn Cueto, 18/8/2025, Insurance Business, 'Aviva backs AI heavy brokerage start-up')A Covernet survey found that 39% of UK insurers and MGAs prioritise digital transformation for competitive advantage, while 21% are driven by customer demand and 15% by cost savings. Despite this, only 61% of respondents feel their current platforms meet functional needs, and 39% report neutral or poor satisfaction. The report emphasises the importance of thorough evaluation during platform selection to ensure long-term operational benefits, as many insurers risk duplicating inefficiencies by rushing into digital adoption. (Rod Bolivar, 18/8/2025, Insurance Business, 'UK insurers go digital for competitive advantage - report')The QualRisk Cyber Insurance Center (QCC) projects global cyber insurance premiums to grow from $15.1 billion in 2024 to $27 billion by 2030, with Europe driving growth at a 22% annual rate. Key challenges include systemic risk and regulatory demands. (Josh Recamara, 18/8/2025, Insurance Business, 'Cyber premiums projected to grow to $27 billion by 2030')Mergers & AcquisitionsAspen Insurance Holdings' shares surged 17% following reports of a potential takeover bid by Japan's Sompo Holdings. The discussions, unconfirmed by either party, come just months after Aspen's May IPO, which raised nearly $400 million. This potential deal aligns with ongoing consolidation trends in the insurance industry as companies seek scale and diversification. (Steven Byerley, 20/8/2025, Insurance Business, 'Aspen shares surge on whispers of possible Sompo takeover bid')Gallagher completed its acquisition of AssuredPartners, enhancing capabilities in sectors like transportation, energy, and healthcare. The $13.45 billion deal supports Gallagher’s M&A strategy, adds talent, and is expected to deliver double-digit earnings growth. (Rod Bolivar, 19/8/2025, Insurance Business, 'Gallagher completes giant deal with AssuredPartners')MoversMarsh has expanded its global aviation and space leadership team, appointing Brian Glod as Global Head, bringing over 35 years of experience, including his time at Johnson & Higgins. Tony Ambrose has been named Global Chairman, with more than 30 years of expertise in global aviation insurance. Patton Kline, who started his career in Marsh’s graduate program and has over 21 years of experience, has been appointed as the US Regional Leader. These appointments aim to address risks such as cyber threats, supply chain disruptions, and regulatory challenges. (Kenneth Araullo, 21/8/2025, Insurance Business, 'Marsh expands global aviation and space leadership team')Laura Hay has joined Everest Group's board as an Independent Director, bringing over 30 years of experience, including her tenure as Global Head of Insurance at KPMG, where she led a team of 10,000 professionals across 90 countries. Her expertise in risk, regulatory, and capital market issues will enhance Everest's governance as it navigates evolving risks and growth opportunities. (Josh Recamara, 21/8/2025, Insurance Business, 'Laura Hay joins insurer’s board as independent director')Clear Group has appointed Barbara Duffy as Group Chief People & Performance Officer, effective September 8, bringing experience from senior HR roles at IG Group, St. James’ Place, and Centrica. Victoria Gallimore’s role as Group Chief of Staff has been expanded to include strategic initiatives and operational alignment. These leadership changes support Clear’s growth strategy, which includes 11% organic growth in Q1 2025 and investments in technology, acquisitions, and leadership development. (Josh Recamara, 21/8/2025, Insurance Business, 'Clear Group appoints Barbara Duffy as group chief people & performance officer')Reassured has appointed Beth Whelan as Chief Strategy & Data Officer, reporting to CEO Mark Townsend and joining the executive leadership team. Whelan will oversee strategic planning, embed data-driven decision-making, enhance AI capabilities, and lead the change and data science functions. With over 20 years of financial services experience, she previously served as Data and Transformation Director at Reassured and as Chief Strategy and Transformation Officer at TDX Group, an Equifax company. (Josh Recamara, 21/8/2025, Insurance Business, 'Clear Group appoints Barbara Duffy as group chief people & performance officer')Prestige Underwriting has promoted Tim Baxter, who joined in 2014 and brings over 25 years of insurance experience, to Business Development and Relationship Director. He will focus on broker engagement, partnerships, and growth across Great Britain and Ireland. Additionally, the firm partnered with Ardonagh Advisory to become a preferred non-standard household partner, offering brokers access to products for complex risks like non-standard household and motor, amid growing demand in the non-standard market. (Josh Recamara, 21/8/2025, Insurance Business, 'Clear Group appoints Barbara Duffy as group chief people & performance officer')Specialist underwriting agency Doe and Emuss has appointed John Watmough as Underwriter and Director of Broking. Based in London, Watmough brings over 25 years of experience in the London insurance market and expertise in the North American insurance landscape. He will focus on enhancing the firm’s broking and underwriting capabilities while expanding its client offering. (Josh Recamara, 21/8/2025, Insurance Business, 'Clear Group appoints Barbara Duffy as group chief people & performance officer')AIG appointed Scott Hallworth as Chief Digital Officer, effective September 1, 2025. With over 30 years of experience at HP Inc., Capital One, and Travelers, Hallworth brings expertise in digital, data, and GenAI strategies. He will succeed Claude Wade, who transitions to an advisory role by year-end. (Rod Bolivar, 19/8/2025, Insurance Business, 'Insurance moves: AIG, Commercial Express, Bravo, Weightmans')Commercial Express announced senior underwriting appointments, including Matt Warby, Richard Wilson, Kieran Jones, and Sally Scott (promoted internally). Helen Bingham also rejoined as a technical specialist. Following 36% growth in 2024, the firm targets £50M GWP by 2025 and £100M long-term. (Rod Bolivar, 19/8/2025, Insurance Business, 'Insurance moves: AIG, Commercial Express, Bravo, Weightmans')Bravo Networks, part of Everywhen, appointed Karen Jackman as Managing Director (pending regulatory approval). Currently Sales and Distribution Director at Geo Underwriting, Jackman brings experience from senior roles at Aviva and will report to CCO Phil Bayles. (Rod Bolivar, 19/8/2025, Insurance Business, 'Insurance moves: AIG, Commercial Express, Bravo, Weightmans')All information provided in this market digest has been gathered from Insurance Business and IDEX Consulting.

General Insurance newsletter Friday 15th August 2025

Insurance NewsWhat do possible wealth tax changes mean? - The potential introduction of a UK wealth tax, highlighted in discussions around the Autumn Budget 2025, has created uncertainty for wealth managers and their clients. This has led to increased client inquiries, concerns over capital flight, and a need for strategic adjustments in investment and tax planning to navigate potential regulatory changes. (IDEX Consulting news, 'What do possible wealth tax changes mean?')Risk and compliance employment market insights - The risk and compliance talent market is evolving rapidly, driven by increasing regulatory complexity and technological advancements. Employers face challenges in attracting top talent, with demand for professionals skilled in areas like ESG, data privacy, and M&A. Jack Johnson of IDEX Consulting emphasises the importance of streamlined hiring processes, strong employer branding, and adapting to trends like automation and AI to secure the best talent. (IDEX Consulting news, 'Risk and compliance employment market insights')Get the business edge with a competitive sustainability strategy -Building and implementing a sustainability strategy is crucial for businesses to attract talent, investors, and clients while addressing regulatory and societal demands. Dr. Rosina Watson of Cranfield School of Management highlights the importance of basing your strategy on the UN's sustainability goals, avoiding greenwashing, and preparing for future challenges to drive positive change and long-term success.(IDEX Consulting news, 'Get the business edge with a competitive sustainability strategy')Cyber risks for the US insurance market: what you need to know - The rising frequency and sophistication of cyber risks, including ransomware, data breaches, and AI-driven attacks, are significantly impacting the US insurance market. With most businesses under-insured, insurers face challenges in adapting to evolving threats and upskilling employees on cyber resilience. (IDEX Consulting news, 'Cyber risks for the US insurance market: what you need to know')Fidelis Insurance reported a net loss of $22.8 million for the first half of 2025, driven by $407.6 million in catastrophe and large losses, including California wildfires and aviation claims tied to the Ukraine conflict. Despite these challenges, the company expanded its risk transfer capabilities with a $90 million catastrophe bond and maintained confidence in delivering shareholder returns. (Kenneth Araullo, 14/8/2025, Insurance Business, 'Fidelis records H1 loss as wildfire and aviation claims drive costs')The UK government’s proposed ban on ransomware payments by public sector bodies and critical infrastructure operators could reshape cyber insurance underwriting, with insurers expected to tighten resilience requirements, revise policy terms, and reassess risk models to address increased claims exposure and operational disruptions. (Kenneth Araullo, 14/8/2025, Insurance Business, 'Proposed ransom ban raises underwriting pressure on cyber insurers')Aviva's H1 2025 operating profit rose 22% year-on-year to £1.07 billion, driven by a focus on capital-light businesses, which now contribute 66% of profits, alongside growth in insurance, wealth, and retirement sales. (Kenneth Araullo, 14/8/2025, Insurance Business, 'Aviva boosts H1 operating profit as capital-light strategy pays off')Talanx Group reported record H1 2025 net income of €1.37 billion, up from €1.09 billion, driven by strong contributions across divisions, lower large loss payments, and favourable currency effects, prompting an upgraded full-year forecast to €2.3 billion. (Kenneth Araullo, 14/8/2025, Insurance Business, 'Talanx lifts 2025 income forecast after record €1.37bn H1 profit')Insurtech Gateway acquired a Lloyd’s license, enabling direct access to the Lloyd’s market for early-stage MGAs, streamlining underwriting capacity and accelerating product launches in underserved and emerging risk markets. (Josh Recamara, 14/8/2025, Insurance Business, 'Insurtech Gateway acquires Lloyd’s license to trade')CFC's carbon insurance product supported a $210 million project finance credit facility for Chestnut Carbon, backed by a Microsoft carbon removal agreement. This innovative insurance, mandated by lenders, enabled lower-cost financing and highlights the growing role of insurance in de-risking voluntary carbon markets and fostering climate finance. (Josh Recamara, 14/8/2025, Insurance Business, 'CFC supports voluntary carbon market financing')MS&AD Insurance Group reported a 9% rise in Q1 net income to ¥222.7 billion ($1.51 billion), driven by improved underwriting performance and reduced natural catastrophe losses. While domestic nonlife operations saw strong growth, international profits declined due to stock price drops and foreign exchange losses, with mixed results across regions. (Jonalyn Cueto, 13/8/2025, Insurance Business, 'MS&AD reports higher Q1 profit')Beazley shares dropped 11.8% after lowering its 2025 premium growth forecast to low-to-mid single digits, citing large catastrophe losses and rising cyber threats. Despite a 31% drop in H1 profit to $502.5 million, Beazley maintained strong underwriting discipline with an 80.3% combined ratio, outperforming peers Hiscox and Lancashire. Its solvency ratio rose to 287%, signalling potential for strategic expansion amid challenging market conditions. (Matthew Sellers, 13/8/2025, Insurance Business, 'Beazley shares plummet as growth forecast cut – but underwriting discipline still leads peers')Antares Syndicate 1274 at Lloyd’s reported a $42 million H1 profit, exceeding targets despite major losses from California wildfires and Russian aviation claims. With a 96.3% combined ratio on $369 million in gross written premiums, CEO Mark Graham credited strong underwriting and portfolio diversity for the syndicate's resilience. (Kenneth Araullo, 13/8/2025, Insurance Business, 'Antares Syndicate beats H1 profit target despite major wildfire and aviation losses')Evolution Claims Management has relocated to a new headquarters in Oldbury, West Midlands, as part of its expansion. The move provides a modern, eco-friendly workspace for its growing team, which has doubled to 55 employees since 2020. CEO Russell Crewe highlighted the improved environment's positive impact on collaboration, productivity, and sustainability. (Josh Recamara, 13/8/2025, Insurance Business, 'Evolution Claims Management moves into new headquarters')The insurance industry is advancing gender balance through cross-gender collaboration, with research showing that inclusive leadership teams improve profitability and retention. ISC Group, with over 10,000 members, is leading efforts by appointing its first male ambassador, Hugh Evans of KPMG, and forming a Male Allyship Committee to drive cultural change and unlock talent potential. (Carmen Powell, 12/8/2025, Insurance Business, 'Driving gender balance in insurance')Markel-backed Certa Specialty Limited has launched to provide consultancy services for managing agents and Coverholders in the Lloyd’s London market. Led by Dan Lott, the firm focuses on MGA compliance, governance, and binding authority agreements. This launch aligns with market trends emphasising robust due diligence and regulatory compliance for MGAs. (Kenneth Araullo, 12/8/2025, Insurance Business, 'Markel-backed Certa Specialty launches, targets MGA compliance and growth')Howden Group has repriced a $3.1 billion term loan and £765 million credit facility, securing $8 million in annual savings. CFO Mark Craig highlighted this as one of the tightest pricing levels for leveraged loans in its category, reflecting investor confidence in Howden’s growth trajectory. (Josh Recamara, 12/8/2025, Insurance Business, 'Howden Group reprices US$3.1 billion loan')Marine insurers are rethinking coverage as geopolitical instability becomes a constant in the shipping industry, says The Swedish Club. Managing director Thomas Nordberg highlighted challenges like sanctions, altered routes, and cyber risks, emphasising the need for advisory roles and industry collaboration on geopolitical risk data. (Josh Recamara, 12/8/2025, Insurance Business, 'Marine insurers forced to rethink coverage')Rokstone-owned Novus Underwriting has secured an exclusive binding authority agreement with Collinson Insurance, covering over 500,000 annual warranty policies. This partnership supports Novus’s UK operations and complements its global presence across 26 countries, with plans to expand into the US, Australia, and India. (Kenneth Araullo, 11/8/2025, Insurance Business, 'Rokstone-owned Novus secures exclusive binder with Collinson Insurance')Prestige Underwriting’s latest survey reveals deepening underinsurance in the UK non-standard market, with 92% of brokers citing affordability issues as a key factor. Tim Baxter, business development director, emphasised the need for tailored solutions to address economic pressures and evolving client needs. (Kenneth Araullo, 11/8/2025, Insurance Business, 'Underinsurance trend deepens in UK non-standard sector, Prestige Underwriting finds')Miller’s mid-year 2025 update highlights a softening London construction market, with falling rates and increased competition. Underwriting discipline is under pressure as capacity grows, while evolving risks like NATCAT exposure and AI-related liabilities reshape approaches across construction, PI, D&O, and real estate sectors. (Josh Recamara, 11/8/2025, Insurance Business, 'Softening London construction market puts pressure on underwriting discipline')Mergers & AcquisitionsMarshBerry reports that the UK insurance distribution M&A market has undergone a valuation reset, with private equity-backed brokers seeing lower multiples, a shift from scale-driven acquisitions to strategic fit, and increased opportunities for diverse and international buyers due to moderated pricing. (Josh Recamara, 15/8/2025, Insurance Business, 'MarshBerry says UK insurance distribution M&A market has seen valuation reset')Specialist Risk Group (SRG) announced plans to acquire City Quarter Brokers, a London-based firm specialising in complex risks in construction, engineering, and infrastructure. The acquisition, pending regulatory approval, will enhance SRG’s Wholesale division and expand its capacity to deliver placement solutions for global complex risks. City Quarter Brokers CEO Rob Walton highlighted the deal's potential to provide greater resources while maintaining a specialist focus. (Josh Recamara, 13/8/2025, Insurance Business, 'Specialist Risk Group to acquire City Quarter Brokers')Unilink Group, owned by Acrisure, has acquired Mega Brokers, Greece’s largest retail insurance agent, marking its entry into the Greek market. The deal combines Mega Brokers’ local expertise with Unilink’s regional scale, expanding its network to 10.3 million clients across nine countries. (Josh Recamara, 11/8/2025, Insurance Business, 'Unilink Group acquires Greek retail insurance agent')MoversHiscox has appointed Matthew Budd as Group Head of Technical Claims, a new role aimed at enhancing the handling of complex, high-value claims. Budd brings over 30 years of experience, including leading aerospace claims at AIG and senior roles at Talbot Underwriting, aligning with Hiscox's growth ambitions and the industry's focus on technical expertise to address rising claims complexity. (Josh Recamara, 15/8/2025, Insurance Business, 'Hiscox Group names group head of technical claims')AXIS Capital launched AXIS Capacity Solutions, a new unit led by David Murie, a chartered accountant with over 15 years of experience, including roles as Global Head of Underwriting Governance & Execution and Head of Business Performance at AXIS International Insurance. Murie, who also held managerial positions at Aviva, will leverage his expertise to develop multi-line portfolio capacity deals, utilising AXIS's global underwriting platform and Lloyd’s licenses to meet the rising demand for streamlined risk placement and enhanced broker relationships. (Josh Recamara, 14/8/2025, Insurance Business, 'AXIS Capital launches new business unit')Amiga Specialty, backed by B.P. Marsh, appointed Richard Mills as Transactional Risks Managing Director for the UK and Europe. Based in London, Mills, who began his insurance career at Capital Risks in 2018 and previously held legal roles at Proskauer Rose and Linklaters, will establish and lead the transactional risks line, focusing on strategic positioning, distribution, and carrier relationships. This marks Amiga’s entry into the growing transactional risks market, addressing warranties, indemnities, tax liabilities, and contingent risks amid rising M&A activity and corporate restructurings. (Josh Recamara, 14/8/2025, Insurance Business, 'Insurance moves: Amiga Specialty and Verisk')Verisk appointed Eric Spear as Chief Technology Officer for its Extreme Event Solutions division. Spear, formerly Senior Vice President of engineering at Flywire, will oversee engineering, quality assurance, and IT, focusing on advancing AI- and cloud-based catastrophe risk modelling. Extreme Event Solutions, which provides models for over 120 countries, aims to enhance automation, scalability, and resiliency in response to growing climate volatility, secondary perils, and severe weather losses impacting underwriting. (Josh Recamara, 14/8/2025, Insurance Business, 'Insurance moves: Amiga Specialty and Verisk')Davies appointed Richard Barke as CEO of its Insurance Solutions division. With over 20 years of experience, including leadership roles at Asta, Aspen, and KPMG, Barke will oversee operations and drive growth strategies. His appointment aligns with Davies' Vision 2030 strategy to expand global revenues and invest in innovation. (Kenneth Araullo, 12/8/2025, Insurance Business, 'Davies appoints Richard Barke to head Insurance Solutions')Lancashire Holdings announced the Q1 2026 retirements of John Spence and Hayler Johnston, with internal promotions to succeed them. Rachel Sabbarton will lead Lancashire Syndicates Limited, and Jennifer Wilson will head Lancashire Insurance Company Limited. Other internal promotions include Matthew Thomas as CUO, Colette Murphy as deputy CUO, and Tom Sutton and David Chalk as deputy underwriters for Syndicates 2010 and 3010. (Josh Recamara, 12/8/2025, Insurance Business, 'Insurance moves: Lancashire, BHSI, Vitality, Fidelis and Blenheim')Berkshire Hathaway Specialty Insurance has appointed Franco Masciovecchio as Country Manager for Switzerland. Previously a senior property and construction underwriter in Europe, Masciovecchio will now lead growth in the DACH region, focusing on commercial and industrial risks. (Josh Recamara, 12/8/2025, Insurance Business, 'Insurance moves: Lancashire, BHSI, Vitality, Fidelis and Blenheim')The Fidelis Partnership has appointed Conor O’Riordan as group CFO, succeeding Hinal Patel. O’Riordan, previously Chief Capacity Officer and a senior leader since 2021, played a key role in major capital transactions and the firm’s bifurcation from Fidelis Insurance Group. (Josh Recamara, 12/8/2025, Insurance Business, 'Insurance moves: Lancashire, BHSI, Vitality, Fidelis and Blenheim')Blenheim Underwriting has appointed Alex Stratton-Thomsett as Casualty Underwriter starting January 2026. Previously Lead Underwriter for US casualty at MS Amlin, he will work with David Barber to grow the MGA’s casualty portfolio. (Josh Recamara, 12/8/2025, Insurance Business, 'Insurance moves: Lancashire, BHSI, Vitality, Fidelis and Blenheim')All information provided in this market digest has been gathered from Insurance Business and IDEX Consulting.

General Insurance newsletter Friday 8th August 2025

Insurance NewsIDEX Consulting and WPR form strategic merger to deliver change and transformation talent solutions - Combining WPR's expertise in contract and permanent change management recruitment and IDEX's global reach, clients across finance change and technology change will be supported with their most complex transformation initiatives.(IDEX Consulting news, 'IDEX Consulting and WPR form strategic merger to deliver change and transformation talent solutions')What are the implications of the wealth tax uncertainty? - The potential introduction of a UK wealth tax, highlighted in Autumn Budget 2025 discussions, raises challenges and opportunities for wealth managers, requiring proactive strategies to address client concerns, mitigate risks, and adapt to evolving regulatory landscapes. (IDEX Consulting news, 'What are the implications of the wealth tax uncertainty?')Captive insurance reforms: what you need to know- The UK’s new captive insurance framework aims to boost competitiveness by streamlining authorisations, lowering capital requirements, and integrating captives into the PCC framework, positioning the UK as a stronger player in the global captive insurance market. (IDEX Consulting news, 'Captive insurance reforms: what you need to know')Nuclear fusion energy: impact for insurers- The rise of nuclear fusion energy, with its safety and sustainability advantages, presents insurers with opportunities to innovate coverage models, moving beyond outdated fission-era exclusions to support this transformative energy source and its unique risk profile. (IDEX Consulting news, 'Nuclear fusion energy: impact for insurers')QBE reported a 27% rise in half-year net profit to US$1.02 billion, driven by a 6% increase in gross written premium to US$13.8 billion and an improved combined operating ratio of 92.8%, despite global weather challenges. (Daniel Wood, 8/8/2025, Insurance Business, 'QBE has a 27% profits surge')Aspen Insurance's Q2 2025 underwriting income rose to $100 million, with a combined ratio improvement to 85.1% and a 53.5% year-on-year increase in fee income from its capital markets division, reflecting strong performance across earnings streams. (Kenneth Araullo, 8/8/2025, Insurance Business, 'Aspen Insurance improves underwriting income in Q2')Tokio Marine's Q1 net income surged by 136% year-on-year to ¥466.8 billion, driven by strong underwriting and investment gains, despite a decrease in total assets and challenges in international insurance performance. (Kenneth Araullo, 8/8/2025, Insurance Business, 'Tokio Marine Q1 net income soars on strong underwriting and investment gains')MS Amlin's Q1 2025 profit after tax rose to £15 million (up from £11 million in Q1 2024), driven by strong premium growth despite wildfire-related losses, with net premium written increasing by £283 million year-on-year. (Kenneth Araullo, 8/8/2025, Insurance Business, 'MS Amlin Q1 profit after tax climbs despite wildfire impact')SiriusPoint is leveraging broker-led Managing General Agent (MGA) programs as a key growth strategy, with over half of its premiums now flowing through MGAs, emphasising underwriting discipline, selective partnerships, and alignment with fast-growing distribution channels in the US and UK. (Gia Snape, 7/8/2025, Insurance Business, 'SiriusPoint doubles down on MGAs to fuel growth amid market volatility')Insurance M&A activity hit historic lows in H1 2025 due to geopolitical and macroeconomic uncertainty, including the lingering impact of Trump-era policies, but cautious optimism for H2 growth is driven by pent-up demand, clearer policy directions, and a focus on MGAs and emerging markets for strategic expansion. (Gia Snape, 7/8/2025, Insurance Business, 'Cautious optimism rises after Trump-era uncertainty slows insurance M&A')Liberty Mutual reported $2.87 billion in H1 2025 profit, driven by a sharp 53.6% drop in catastrophe losses and strong underwriting discipline, despite a modest 1.9% decline in net written premiums and a slight revenue contraction. (Kenneth Araullo, 7/8/2025, Insurance Business, 'Liberty Mutual posts $2.87bn in H1 profit as catastrophe losses drop sharply')Fidelis Insurance announced a $200 million stock buyback plan and increased its quarterly dividend to $0.15 per share, emphasising shareholder value despite Q1 losses driven by California wildfires, with plans for disciplined capital management and long-term growth. (Josh Recamara, 7/8/2025, Insurance Business, 'Fidelis Insurance announces stock buyback plan, increases dividend')The UK P&I Club opened a new office in Newcastle to expand its talent pool, enhance service delivery, and strengthen ties with the region's maritime industry, aligning with its strategy of maintaining financial stability and underwriting quality. (Kenneth Araullo, 7/8/2025, Insurance Business, 'UK P&I Club expands local footprint with Newcastle office opening')Generali reported a €4.05 billion operating profit in H1 2025, an 8.7% increase driven by strong performance across P&C, life, and asset management segments, reflecting early progress on its "Lifetime Partner 27" strategic plan. (Kenneth Araullo, 7/8/2025, Insurance Business, 'Generali operating profit rises to €4.05bn in H1 as all core segments deliver')Zurich Insurance Group posted a record H1 2025 operating profit, driven by improved underwriting results and growth across P&C, life, and farmers segments, with a 9% rise in P&C operating profit and a combined ratio improvement to 92.4%. (Kenneth Araullo, 7/8/2025, Insurance Business, 'Zurich posts record H1 2025 profit as underwriting and segment growth accelerate')Allianz reported a €4.4 billion Q2 2025 operating profit, a 12.2% increase driven by broad business growth across all segments, with total business volume rising 8% and strong contributions from life/health and property-casualty divisions. (Kenneth Araullo, 7/8/2025, Insurance Business, 'Allianz Q2 profit jumps to €4.4bn amid broad business growth')AIG reported a $1.1 billion Q2 2025 net profit, reversing a $4 billion loss from the prior year, driven by strong general insurance underwriting, improved investment income, and cost savings from its transformation program, with a combined ratio of 89.3%. (Josh Recamara, 7/8/2025, Insurance Business, 'AIG reports dramatic reversal in second-quarter results')RSA Insurance partnered with the University of Hull for an 18-month research project to improve flood resilience in commercial properties, focusing on scalable property-level measures and developing tools to better model and manage flood risk amid rising climate-related claims. (Josh Recamara, 7/8/2025, Insurance Business, 'RSA Insurance partners with University of Hull for flood resilience research project')Aon launched the Accelerate Programme to support UK tech start-ups, particularly in AI and automation, by offering tailored risk management and insurance solutions, focusing on intellectual property protection and leveraging its global advisory expertise. (Kenneth Araullo, 6/8/2025, Insurance Business, 'Aon launches Accelerate Program to help UK tech start‑ups manage risk')Lancashire Holdings reported a 5.8% rise in H1 2025 gross premiums to $1.36 billion, driven by reinsurance growth and US platform expansion, despite wildfire losses impacting results. The company maintained resilience with a discounted combined ratio of 87.4%. (Kenneth Araullo, 6/8/2025, Insurance Business, 'Lancashire H1 premiums rise despite wildfire loss impact')Hiscox reported a 5.7% rise in H1 2025 premiums to $2.94 billion, with growth across all divisions. Retail led the expansion, while London Market and Re & ILS divisions contributed despite wildfire losses, reflecting the strength of its diversified business model. (Kenneth Araullo, 6/8/2025, Insurance Business, 'Hiscox H1 premiums rise as all divisions deliver growth')IGI reported a 3.9% rise in Q2 2025 net income to $34.1 million, despite weaker underwriting results due to higher loss ratios and catastrophe losses. Gross written premiums grew 1.9% in H1, driven by reinsurance expansion. (Kenneth Araullo, 6/8/2025, Insurance Business, 'IGI posts higher Q2 net income despite weaker underwriting results')According to Travelers, the rise in FSMA Sections 90 and 90A claims is transforming the UK D&O insurance landscape. Increased investor activism, collective litigation mechanisms, and regulatory scrutiny are driving these claims. Travelers emphasises the importance of brokers advising clients on robust D&O policies, entity securities cover, and reputational risk management to mitigate financial and reputational risks effectively. (Travelers, 5/8/2025, Insurance Business, 'How brokers can help clients manage rising D&O market risks')Amphitrite Underwriting has achieved full independence from Arch following a buyback of Arch’s minority stake. Founded in 2018, the marine MGA has expanded its portfolio beyond marine hull to include cargo and marine war insurance, with recent capacity support from Lloyd’s. CEO Konstantinos Tampakakis highlighted the milestone as a step toward diversifying the company’s global marine offerings, while Arch remains a key capacity provider for its marine hull business. (Kenneth Araullo, 5/8/2025, Insurance Business, 'Amphitrite Underwriting gains full independence from Arch')Artificial intelligence insurance premiums are projected to reach $4.8 billion globally by 2032, growing at an annual rate of 80%, according to Deloitte. As AI adoption accelerates, insurers are addressing risks like algorithmic bias, intellectual property violations, and system failures. Companies like Munich Re and Armilla AI are already offering tailored policies, while regulatory frameworks, such as the EU’s upcoming AI rules, are expected to drive demand for coverage. This trend mirrors the evolution of cyber insurance, with insurers cautiously developing bespoke frameworks to price emerging AI risks. (Matthew Sellers, 4/8/2025, Insurance Business, 'Artificial Intelligence insurance premiums to hit US$4.8 billion within 7 years')CNA Financial reported Q2 2025 net income of $299 million, down from $317 million last year, while core income rose 3% to $335 million. The P&C segments saw a 5% growth in gross written premiums and a combined ratio improvement to 94.1%, aided by reduced catastrophe losses. CEO Doug Worman highlighted balanced growth and strong underwriting as key drivers for the first half of 2025. (Kenneth Araullo, 4/8/2025, Insurance Business, 'CNA sees growth in net premiums, stronger underwriting in Q2')Berkshire Hathaway's Q2 2025 net earnings fell to $12.37 billion, down from $30.35 billion, due to reduced investment gains and a $3.76 billion Kraft Heinz write-down. GEICO's earnings rose, but primary and reinsurance units declined. Operating earnings were $11.16 billion. (Josh Recamara, 4/8/2025, Insurance Business, 'Berkshire Hathaway posts lower Q2 net earnings')United Insurance Brokers Ltd (UIBL) has relocated its London headquarters to The Leadenhall Building, ending a 30-year tenure on Mansell Street. The move aligns with UIBL’s ESG goals and aims to modernise operations while enhancing collaboration. The new location, in the heart of London’s insurance district, supports the firm’s focus on innovation and client service. (Josh Recamara, 4/8/2025, Insurance Business, 'United Insurance Brokers Ltd moves London headquarters')Sabre Insurance reported a 26% rise in H1 2025 pretax profit to £25.5 million, despite a drop in gross written premium to £100.3 million. The combined operating ratio improved to 82.6%, and the net insurance margin rose to 19%. CEO Geoff Carter emphasised a focus on profitability over volume, with stabilising market conditions expected in H2. (Josh Recamara, 4/8/2025, Insurance Business, 'Sabre Insurance reports stronger profitability in first half of 2025')Mergers & AcquisitionsNFP acquired Bspoke Insurance Group, enhancing its presence in the UK’s delegated authority market and gaining access to specialist underwriting expertise, while Bspoke aims to accelerate growth with NFP's resources. (Josh Recamara, 8/8/2025, Insurance Business, 'NFP acquires Bspoke Insurance Group')Optio Group completed its acquisition of Circles Group, a leading European MGA in film and live event insurance, enhancing its specialty lines portfolio and leveraging Circles' digital underwriting technology to expand capabilities in high-value risk sectors. (Josh Recamara, 7/8/2025, Insurance Business, 'Optio Group completes purchase of Circles Group')Software Circle acquired a 95% stake in Dublin-based insurance tech firm Artificial Intelligence Finance (AIF) for €9 million, aiming to enhance digital mortgage and life insurance solutions. The deal reflects growing investor interest in platforms streamlining financial services. (Josh Recamara, 6/8/2025, Insurance Business, 'Insurance tech firm snapped up in €9 million deal')The Broker Investment Group (TBIG) has acquired KSL Thomas & Co Ltd, a Romford-based insurance broker specialising in commercial insurance with over 63 years of experience. Managing approximately £2 million in GWP, KSL Thomas will retain its brand, team, and premises, with Director Rex Thomas continuing in his role. This marks TBIG’s fifth acquisition of 2025, further expanding its footprint in Essex. The deal aligns with TBIG’s strategy of supporting regional brokers through sustainable growth and partnership, as it works toward its target of £250 million GWP by the end of 2024. (Josh Recamara, 5/8/2025, Insurance Business, 'The Broker Investment Group completes KSL Thomas acquisition')A consortium including Allianz, BlackRock, and Hannover Re has completed the acquisition of Viridium Group, a European closed-book life insurance platform, from Cinven. Viridium will remain independent, managing closed life insurance portfolios across Europe. The deal reflects growing interest in the life run-off sector, with insurers and asset managers collaborating to manage long-term obligations efficiently. (Josh Recamara, 4/8/2025, Insurance Business, 'Consortium completes acquisition of Viridium Group')MoversCFC appointed Dan Keeler as Head of Digital Underwriting to drive its API partner strategy and oversee its Connect platform, which handles 40% of new business inquiries. Keeler brings experience from Ascot Group as Portfolio Delivery Manager and prior roles in underwriting and transformation at Covea Insurance and Hiscox. (Josh Recamara, 8/8/2025, Insurance Business, 'Insurance moves: CFC, Liberty Mutual and Munich Re')Liberty Mutual Surety expanded its presence in Germany with a new office in Hamburg, complementing its Cologne base and supporting its global strategy. Martin Wendt, formerly of Tryg Trae and Allianz Trade, has been appointed head of Surety Germany, overseeing underwriting in Austria and Switzerland. (Josh Recamara, 8/8/2025, Insurance Business, 'Insurance moves: CFC, Liberty Mutual and Munich Re')Thomas Artmann, CEO of Munich Re Syndicate Limited (MRSL), will retire on August 30, 2026, after over 30 years with Munich Re. Having led the Lloyd’s platform since 2015, Artmann oversaw consistent performance and underwriting profitability. A successor will be announced later. (Josh Recamara, 8/8/2025, Insurance Business, 'Insurance moves: CFC, Liberty Mutual and Munich Re')Arch Insurance International appointed James Byford as Senior Contingency Underwriter to enhance its capabilities in event risk coverage, including event cancellation, non-appearance, liability, and cyber-linked exposures. Byford brings over 14 years of underwriting experience, joining during a period of increased risk awareness and challenges in the live events sector. (Josh Recamara, 6/8/2025, Insurance Business, 'Insurance moves: Arch, Nexus, Ecclesiastical and West P&I')Nexus Group appointed Eamonn Long as Chief Underwriting Officer for its Alternative Risk Transfer (ART) business, leveraging his 18 years of experience, including senior roles at Allianz and SCOR. This move supports Nexus's focus on structured re/insurance solutions following the launch of its ART unit in December 2024. (Josh Recamara, 6/8/2025, Insurance Business, 'Insurance moves: Arch, Nexus, Ecclesiastical and West P&I')Ecclesiastical Insurance appointed Neil McGeachie as UK Chief Operating Officer, bringing 30 years of experience from Aspen, Chubb, QBE, Lloyd’s, and Royal & Sun Alliance. McGeachie will focus on enhancing operational efficiency during the insurer's phase of ambitious growth under the Benefact Group. (Josh Recamara, 6/8/2025, Insurance Business, 'Insurance moves: Arch, Nexus, Ecclesiastical and West P&I')Richard Macnamara retired from West of England P&I Club after 43 years, having played a key role in establishing the Hong Kong office as a regional hub, which now generates 40% of the Club’s gross premium income. Macnamara's leadership significantly expanded the Club's presence in Asia. (Josh Recamara, 6/8/2025, Insurance Business, 'Insurance moves: Arch, Nexus, Ecclesiastical and West P&I')Lloyd’s appointed Stephane Flaquet as Chief Operating Officer, effective September 1, 2025. Flaquet, who brings extensive experience from Hiscox, where he served as Group Chief Operations and Technology Officer, has also held senior roles at American International Group and Capital One. At Lloyd’s, he will oversee operations, technology, data, and market infrastructure resilience, while leading the Blueprint Two modernisation program to drive efficiency and scalability across the market. (Kenneth Araullo, 5/8/2025, Insurance Business, 'Lloyd’s appoints new COO to lead modernisation and resilience')Howden has launched a US retail broking business, appointing Mike Parrish as CEO and Jim Hays as Vice Chairman of its parent company. Parrish, formerly Marsh’s Florida zone leader, brings extensive experience from his tenure at Marsh and Aon. Hays, known for founding Hays Group, which became the 22nd-largest US broker before its acquisition by Brown & Brown, adds significant leadership expertise. This move marks Howden's formal entry into the US retail market, despite facing a lawsuit from Marsh over alleged recruitment poaching, as the company aims to expand its American footprint amid ongoing legal disputes and industry scrutiny. (Matthew Sellers, 5/8/2025, Insurance Business, 'Howden announces US retail business despite Marsh lawsuit')Eddie Grant has been appointed as the disability ambassador for the insurance sector by the UK Minister for Social Security and Disability. A Non-Executive Director of the Personal Finance Society and Vice-President of the Insurance Institute of London, Grant brings extensive leadership experience to the role. He aims to drive accessibility improvements for disabled customers and employees, building on initiatives like the Access to Protection industry agreement and the Chartered Insurance Institute’s vulnerability roundtables. (Kenneth Araullo, 5/8/2025, Insurance Business, 'Eddie Grant named disability ambassador for insurance sector')H.W. Kaufman Group has announced the launch of RB Jones Global, an international MGA targeting credit, energy, and construction markets. Ed Kelly, formerly AIG’s Global Head of Credit Lines, will lead the business, while Helen Jones-Bak, with over 25 years of London market experience, joins as CFO. This move follows Kaufman’s recent restructuring to consolidate global operations and expand specialty underwriting capabilities. (Kenneth Araullo, 5/8/2025, Insurance Business, 'H.W. Kaufman Group launches RB Jones Global for worldwide MGA growth')Aspen Insurance Holdings has named Ryan Cushway as Head of International and UK Casualty Insurance, effective August 1, 2025. Cushway, with Aspen since 2017, will oversee UK and international casualty lines, including the environmental team led by Richard Spinks. Additionally, Leanne Bellows has been named Head of Excess Casualty – London & Lloyd’s Markets and will report directly to Cushway. (Josh Recamara, 5/8/2025, Insurance Business, 'Insurance moves: Aspen, HDI and DAC Beachcroft')HDI Global has appointed Nils Langrehr as Head of Power Underwriting within its energy & power unit. With nearly 14 years at Hannover Re, Langrehr brings expertise in traditional and renewable energy insurance. He will oversee underwriting for renewable and conventional power risks, supporting HDI Global’s strategy to aid clients in the energy transition. (Josh Recamara, 5/8/2025, Insurance Business, 'Insurance moves: Aspen, HDI and DAC Beachcroft')Gallagher has appointed Alistair Lester, formerly Aon’s global co-CEO of M&A and transactional solutions, as CEO of its private equity and M&A client practice. Lester, who also held roles at WTW, will lead transactional risks teams across the UK, Europe, and the Middle East, focusing on expanding services for M&A transactions. He will report to Michael Rea, CEO of Gallagher’s UK broking operations. (Josh Recamara, 4/8/2025, Insurance Business, 'Gallagher brings in CEO of key unit from Aon')All information provided in this market digest has been gathered from Insurance Business and IDEX Consulting.

What does the OPRC review of the digital justice system mean for lawyers?

The UK legal landscape is undergoing a profound transformation, and the Online Procedure Rule Committee (OPRC) is a major part of it. Established under the Judicial Review and Courts Act 2022, the OPRC's mandate is to create rules for online court and tribunal proceedings across the civil, family, and tribunal jurisdictions.The OPRC aims to enhance the experience for online users by promoting an integrated digital system, alongside the strategic use of artificial intelligence. The potential for AI to improve the justice system, leading to swifter, fairer and more accessible opportunities is huge. A particular benefit is the potential to reduce court backlogs. According to Gov UK’s Justice in Numbers pocketbook, in the three months to March 2025, there were 344,994 magistrates' court disposals and 27,950 Crown Court disposals, with just 30% of Crown Court trials labelled as ‘cracked trials’ (Ministry of Justice: Justice in numbers pocketbook). Further, at the end of March 2025, the prison population was approximately 87,919. These numbers demonstrate the immense volume of cases that the justice system must handle. The move to a more efficient digital system is not a luxury; it's a necessity to manage this workload effectively.However, the changes are not just about digitising existing processes; it's about fundamentally reshaping the way justice is accessed and administered. The OPRC's review, particularly its recent ‘Inclusion framework and pre-action model’, signals a new era for legal practice. For lawyers, this presents a significant challenge and an unprecedented opportunity. The OPRC's mandate and visionThe OPRC's vision is to build an integrated digital justice system that is "accessible to everyone, easier for everyone to use, capable of delivering justice more quickly, and, of course, transparent and trusted” (Legal futures: OPRC consults on inclusion framework and pre-action model). This goal is being pursued through two key initiatives: an inclusion framework and a pre-action model.The inclusion framework sets out design principles and standards to ensure all users, especially those at risk of exclusion, can engage with digital justice services. It focuses on user-centered design, plain language, and robust data collection to measure inclusion outcomes. For lawyers, this means a new focus on accessibility. It's no longer enough to simply file a document online; the process itself must be understandable and navigable for a diverse range of clients, including those with limited digital literacy or disabilities. This will require law firms to re-evaluate their client communication strategies and potentially invest in new tools and training to ensure their services align with these new standards.The pre-action model, on the other hand, aims to standardise the landscape of online pre-court dispute resolution services. It “encourages providers to adopt and follow principles and standards in the pre-action space that are consistent with those applied to online court-based dispute resolution” (Legal futures: OPRC consults on inclusion framework and pre-action model). It outlines guidance for online legal information, advice, and dispute-resolution services to promote early, fair, and efficient resolution of disputes outside of court. The OPRC’s goal is to create a seamless, end-to-end digital journey, where data can be easily transferred from a pre-court online service into the court system if a dispute is not resolved. This shift places a new emphasis on the pre-action space. Lawyers will need to become experts in a new ecosystem of online dispute resolution platforms and services. Moving forward, they will be required to understand the rules and data standards that govern these platforms and be able to effectively guide clients through them.What does this mean for legal practice? The OPRC's work will have a multi-faceted impact on how lawyers practice law. The changes will affect everything from case management and client interaction to business models and professional development. We delve into some of the key implications and changes that lawyers need to be aware of in our analysis below.Navigating a new digital landscapeThe most immediate impact for lawyers is the need to understand and adapt to a new digital ecosystem. The OPRC is developing rules and guidance that will govern how online proceedings are conducted, so it will be essential for lawyers to be proactive in understanding these new rules. This will be “the first time the OPRC would set out the basic rules which would, in time, apply to all online proceedings” (Online Procedure Rule Committee: Minutes from May 12 2025 meeting).This is not just about using new software, it’s about embracing a new philosophy of justice delivery. A 2025 Ministry of Justice report highlighted the success of early digital adoption, with millions of digital transactions completed through various apps. These trends indicate that a significant portion of legal work is already moving online, and lawyers who resist this shift will be left behind. The report further noted that over 4.1 million cases have been processed digitally since April 2019, demonstrating the scale of the change.The rise of the "Pre-Action" specialistThe OPRC's focus on the pre-action space presents a unique opportunity for lawyers to develop new skills and solutions. With the goal of resolving disputes before they reach the courts, lawyers who can effectively navigate online dispute resolution (ODR) platforms and guide clients through pre-action protocols will have a distinct competitive advantage. This could lead to a rise in a new type of legal specialist: the digital dispute resolution practitioner. These lawyers would not only have expertise in a specific area of law but also in new technology and ODR processes.Rethinking the client relationshipThe OPRC's inclusion framework places a strong emphasis on user-centered design and accessibility. This means that lawyers must reconsider how they communicate with and serve their clients. With the days of legal jargon and complex paperwork numbered, the new digital justice system further promotes the use of plain language and the use of intuitive interfaces. Lawyers who can adapt their communication styles and provide clear, accessible guidance will be better positioned to serve a wider client base and build stronger relationships. This shift also presents an opportunity to streamline processes, automate routine tasks, and focus on higher-value advisory work.The role of Artificial Intelligence (AI)The OPRC's work is closely linked to the broader adoption of AI in the justice system. The government's ‘AI action plan for justice’ policy published in July 2025, details the plan to embed AI across justice services. The plan, developed in collaboration with the OPRC, aims to use AI to "[reduce] administrative burden with secure AI productivity tools including search, speech and document processing” and “[support] better decisions through predictive and risk-assessment models” (Gov.UK: AI action plan for justice).While the plan emphasises that the human element remains critical in all judicial work, lawyers should expect to see AI tools becoming more commonplace in their practice. These tools could automate document review, case summarisation, and other routine tasks, freeing up lawyers to focus on strategic and client-facing activities. Lawyers who embrace these technologies will be more efficient and productive, while those who resist are likely to find themselves at a disadvantage.The OPRC's work represents a pivotal movement for the legal profession. Its focus on an inclusive and integrated digital justice system will fundamentally alter the way lawyers operate. For law firms, this means a need to adapt and evolve, embracing new technologies and business models, and for lawyers a requirement to become proficient in a new, end-to-end digital ecosystem. The challenges are real, but the opportunities for those who are willing to innovate are even greater. The future of law is digital, and the OPRC is setting the rules for the road ahead.If you’re looking for support with your legal hiring strategy or for a new career opportunity, contact one of our legal specialists who will be happy to help. Sources:Gov.UK: AI action plan for justiceGov.UK: Digital justice system: inclusion framework and pre-action modelGov.UK: Modernising courts and tribunals: benefits of digital servicesLegal futures: OPRC consults on inclusion framework and pre-action modelMinistry of Justice: Justice in numbers pocketbookOnline Procedure Rule Committee: Minutes from May 12 2025 cent meeting

IDEX Consulting and WPR form strategic merger to deliver change and transformation talent solutions

IDEX Consulting, a global talent and business growth consultancy, and WPR, a market-leading contract and interim talent provider, are pleased to announce a strategic merger. The merger will provide clients across technology change and finance change, two of the most in-demand areas in today’s market, with an enhanced suite of talent management and M&A solutions for their change and transformation needs.This partnership is a direct response to the evolving challenges faced by clients in the financial services and insurance sectors, such as major regulatory changes, technology innovations and broader business modernisation requirements. “We’re incredibly excited about our new partnership with WPR, which makes us well positioned to support clients through their most complex change and transformation initiatives. By bringing WPR's expertise into the fold, IDEX can now offer a specialised contract and permanent talent solution across technology change and finance change,” says Matt Green, CEO of IDEX Consulting. Noting the benefits for IDEX’s M&A clients, Matt adds, “After helping organisations execute strategic acquisitions, we can now also ensure they have the bench strength to deliver on post-deal synergies– a critical success factor in any M&A journey.” WPR’s reputation, built over more than a decade on strong values and a commitment to quality over quantity, has resulted in significant repeat business from clients such as Hiscox, Aspen and Beazley. The investment by IDEX provides them with a platform for further growth.“This is an exciting time for WPR. Partnering with IDEX provides us with the international reach our clients need to expand their business, especially with so many of our clients having a presence stateside,” says James Pepe, WPR Co-founder and Executive Director. Niall Wynne, WPR Co-founder and Executive Director adds: "Working alongside IDEX will enable us to provide our consultants with additional tools and resources, helping them to achieve more for our client base. We’ve always been committed to doing business the right way, building long lasting relationships that add tangible value and contribute to the success of our clients, and it was important to us that we found a partner who prioritised the same values.” This collaboration marks a significant milestone in both IDEX and WPR’s growth journey, enabling them to collectively deliver additional solutions for clients whilst paving the way for future partnerships with other high-performing firms who share the same values and ambition.For more information go to IDEX Consulting and WPR.

What do the UK’s Captive insurance reforms mean for the market?

The UK government’s announcement of a dedicated framework for captive insurance, made by the Chancellor, mark a significant shift in the country’s approach to this niche but vital segment of the insurance market. This move, along with broader measures aimed at boosting the finance sector, underscores the urgent need to ease regulatory burdens and stimulate economic growth.While specific details were initially scarce, one of the most anticipated initiatives is a plan to accelerate the authorisation process for new captives. This measure has the potential to significantly reduce approval times from six weeks to just ten days, allowing fast-track captives to establish themselves in the UK quickly. This could be a crucial factor in making the UK a more competitive and attractive destination for setting up captive entities.Captive insurance, a form of self-insurance where companies establish their own insurance entities to manage specific risks, has long been underutilised in the UK compared to other jurisdictions like Bermuda, Guernsey, and Vermont. The new regulatory changes aim to address this imbalance, making the UK a more attractive home for captive insurers.Globally, captives account for 20-25% of all insurance premiums, representing a growing market driven by large insurers seeking greater control over their risk management and cost of risk. This is particularly relevant when faced with rising premiums and limited coverage in the traditional market. Beyond the obvious benefits, a strong captive sector helps a jurisdiction build a deep pool of insurance talent that can be leveraged by the wider market.Experts note that for the UK to compete effectively, it must develop a proposition that outshines other strong captive markets, who offer offer specific advantages that the UK has traditionally lacked, making them more financially appealing. For instance, Luxembourg provides equalisation reserve provisions for smoothing underwriting profits; Malta is the only EU member state offering Protected Cell Companies (PCCs); Guernsey's independence from Solvency II allows for greater flexibility and faster setups; and France offers flexible equalisation reserve treatment.For businesses with operations in both the UK and the EU, while a reformed UK captive regime would be more attractive, the issue of "passporting" rights post-Brexit for EU-based risks would remain a challenge.Key features of the reformsThe reforms are part of the UK government’s broader strategy to enhance the competitiveness of its financial services sector. Key elements include:Lower capital requirements: Captive insurers will benefit from proportionately lower capital requirements, reflecting their unique risk profiles.Streamlined authorisation: Faster authorisation processes will reduce the time and administrative burden for setting up captives.Reduced reporting obligations: Captives will face lighter reporting requirements compared to traditional insurers.Protected cell companies (PCCs): The reforms integrate captives into the UK’s PCC framework, making it easier for smaller businesses to establish captives.These changes align the UK’s regulatory framework with international standards, particularly those in Bermuda and Singapore, which have long been leaders in the captive insurance space.Economic and market implicationsThe reforms are expected to generate significant economic benefits. By attracting more captive insurers, the UK could see increased job creation and enhanced activity in its insurance market. A survey by the Association of Insurance and Risk Managers in Industry and Commerce (Airmic), a risk management association, revealed that due to growing demand “67% of respondents said their organisation already uses a captive. Of those whose organisation did not, 75% said their organisation was exploring the possibility of forming a captive now or in the future” (AIRMIC: AIRMIC calls for a class based or graded regulatory regime for captives in the UK).The UK’s insurance market, already the largest in Europe, stands to potentially make large gains from these reforms. By offering a competitive alternative to offshore jurisdictions, the UK could retain more insurance business domestically, boosting revenue across the sector.Challenges and limitationsWhile the reforms have been broadly welcomed, they are not without challenges. Critics argue that the changes are relatively cautious, focusing more on catching up with other jurisdictions than on breaking new ground. Notably, the exclusion of certain types of firms, such as financial institutions, from establishing captives has been seen as overly restrictive.Moreover, the reforms do not include tax incentives, which are often a key factor in the attractiveness of offshore captive domiciles. This could limit the UK’s ability to compete with jurisdictions like Bermuda, which offer favourable tax regimes.What to expect next?The Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) are expected to finalise rules for the new framework by mid-2027. These consultations will provide an opportunity for industry stakeholders to shape the final regulations, ensuring they are both effective and competitive.The integration of captives into the PCC framework is particularly promising. PCCs allow businesses to pool resources and reduce administrative costs, making captive insurance more accessible to smaller companies. This could potentially democratise the use of captives, enabling a broader range of businesses to benefit from this risk management tool.The UK’s captive insurance reforms represent a significant step forward in making the country a competitive player in the global captive insurance market. By addressing long-standing barriers to entry and aligning with international best practices, the reforms have the potential to transform the UK into a hub for captive insurance. However, the success of these reforms will depend on their implementation and the willingness of businesses to embrace the new framework.For more insight on the captives insurance market or for a discussion about your hiring strategy, get in touch with one of our insurance consultants. Sources AIRMIC: AIRMIC calls for a class based or graded regulatory regime for captives in the UKCaptive.com: A milestone year for captive insurance growthCaptive insurance times: Global captive numbers soar to 8,000 in 2024Marsh: 2025 Captive benchmarking reportPinsent Masons: Captive insurance regulatory regime to be introduced in the UKSkadden: UK’s proposed new captive insurer regime

Financial Services newsletter Friday 1st August 2025

Financial Services NewsSchroders' wealth management arm posted an adjusted operating profit of £110m in H1 2025, up 24% from 2024. The division added £2.7bn in net new business (NNB) in Q2, with contributions from Schroders Personal Wealth (£300m) and Benchmark Capital (£0.9bn). Wealth management assets under management (AUM) grew to £145bn, up from £142.5bn in 2024. Schroders' overall AUM remained stable at £776.6bn, with gross inflows rising 8% year-on-year to £68.2bn. Its transformation programme, launched in March, has already cut operating expenses by £21m and targets £150m in annualised cost savings by 2027. (Darius McQuaid, 31/7/2025, Money Marketing, 'Schroders’ wealth management business records £110m profit')Five Financial Planning and insurance firms, including Morgan Williams & Co (East Yorkshire), M4 Financial Group (Swansea), The Islands' Insurance Brokers, Hepburns Insurance, and M.J. Touzel (Insurance Brokers) Limited t/a Islands Insurance, have achieved the Chartered Insurance Institute's (CII) Chartered Corporate status. This recognition reflects their proven technical competence, adherence to the CII Code of Ethics, and commitment to professional standards, public trust, customer-centric practices, and ongoing development of the profession. (Financial Planning Today, 31/7/2025, '5 new firms achieve CII Chartered Corporate status')St James’s Place reported record funds under management of £198.5 billion, driven by £10.5 billion in gross inflows and £3.8 billion in net inflows, with IFRS profit after tax rising to £279.5 million, supported by share buy-backs totaling £95.5 million and continued growth in client numbers (over 1 million) and adviser headcount (4,952). (Financial Planning Today, 31/7/2025, 'St James's Place FUM hits record £198.5bn')Jupiter Fund Management reported a 4% rise in assets under management (AUM) to £47.1bn in the first half of 2025, up £1.8bn. However, AUM was down £4.2bn compared to June 2024. Net outflows totalled £0.2bn, though institutional momentum and improving retail flows led to positive net flows in Q2. Operating costs were reduced by £3.7m to £125.4m, but underlying profit before tax fell by a third to £30.4m, with statutory profit dropping 25% to £27.5m. (Financial Planning Today, 25/7/2025, 'Jupiter assets rise by £1.8bn in 6 months')Rathbones will launch a new ‘true active’ model portfolio service (MPS) range, its first since merging with Investec Wealth & Investment. The seven portfolios, managed by Andrea Yung and using in-house funds led by David Coombs, cater to varying risk levels with a 0% discretionary fee and charges capped at 0.5%. Available on 14 platforms by autumn, existing MPS clients can transition to the new service. (Financial Planning Today, 25/7/2025, 'Rathbones adds active MPS in first launch after Investec merger')Financial Planning firms are seeing growth in average client portfolio size and AUM, according to Financial Planning Today's annual survey. Average funds under advice rose to £840m (2024: £690m), with average client portfolios exceeding £500k at £516k. Firms advising on portfolios over £1m nearly doubled to 7% (2024: 4%). The most common portfolio size remained £251k-£500k (38%), followed by £100k-£250k (32%). At the larger end, 19% of firms managed £500m+ in FUM, while 12% reported £5bn+ compared to 6% last year. (Financial Planning Today, 25/7/2025, 'Planners report rise in average client portfolio size')Pension transfers have hit their highest level since August 2023, with XPS Group’s Transfer Activity Index rising to 25 members per 1,000 transferring benefits in June. The Transfer Value Index also increased to £141,000, its first month-end rise this year, though still 10% lower than mid-2024. Scam warnings flagged in 88% of cases reviewed in June, up 3% from May, with ‘overseas investment’ remaining the most common warning sign. (Financial Planning Today, 24/7/2025, 'Pension transfer at highest level for 2 years')Capital gains tax (CGT) receipts fell 12.9% year-on-year to £11.77bn from January to June 2025, despite rate increases in the latest Budget. CGT has been declining, dropping from nearly £17bn in 2022-23 to £13.1bn in 2024-25. Receipts typically reflect asset sales from the prior tax year, with a January spike due to Self-Assessment deadlines. (Financial Planning Today, 23/7/2025, 'CGT receipts drop 12.9% for first half of 2025')A Women in Personal Finance survey found 93% of women in or previously in Financial Planning would recommend the role, yet only 36% would consider it themselves. Over half (56%) of women not in the field wouldn’t consider it as a career. Barriers include the sector being seen as male-dominated (84%), lack of awareness (49%), and perceptions that finance isn’t for women (47%). The research was commissioned by the Women’s Wealth Alliance. (Financial Planning Today, 22/7/2025, '93% of female Financial Planners would recommend the role')Inheritance tax (IHT) receipts rose 6% year-on-year to £2.2bn from April to June, up £134m from £2.09bn last year, according to HMRC. The OBR forecasts IHT will hit £9.1bn in 2025/26 and exceed £14bn by 2029/30. Rising asset prices and frozen thresholds are driving record collections, with IHT becoming a key revenue source amid strained public finances. (Financial Planning Today, 22/7/2025, 'IHT receipts climb 6% to £2.2bn')National IFA Continuum, owned by M&G, reported a 17% year-on-year rise in assets under influence to £2.6bn in H1, driven by new and existing clients. New business income grew 23% to over £2.5m, with June setting a record £1.3m in monthly income, up 5%. Nine advisers joined, bringing the total to 81, while average adviser productivity rose 9% to £227,498. (Financial Planning Today, 21/7/2025, 'National IFA Continuum reports AUI up 17%')Global Certified Financial Planner (CFP) numbers rose 3.1% in 2024 to 230,648, up 6,878, according to the FPSB’s Annual Report. UK CFPs grew to 1,064, up 33, while Ireland surpassed 1,000, reaching 1,006. Since 2020, global CFP numbers have risen nearly 38,000, with milestones in the U.S. (100,000+), Brazil (10,000+), South Africa (5,000+), India (3,000+), and Ireland (1,000+). (Financial Planning Today, 17/7/2025, 'Global CFP Professional numbers up 3.1% to top 230,000')Men have double the pension savings of women, with average pots of £92,000 compared to £39,000, and larger personal assets (£145,000 vs. £79,000), according to Royal London. Men also feel more confident managing pensions, with 44% confident in combining or transferring pensions versus 29% of women. Single savers average £30,500 in pensions, divorced savers £39,500, and married savers £97,000. The report coincides with Chancellor Rachel Reeves’ Mansion House speech, expected to launch a pensions adequacy review. (Financial Planning Today, 15/7/2025, 'Men’s pension pots more than double women’s - report')Aegon has launched a Junior SIPP to support advisers with intergenerational planning, responding to rising demand as pensions come under inheritance tax from April 2027. The Junior SIPP is free of platform charges until the child turns 18, then converts to a standard SIPP, with investment fund charges applying. (Financial Planning Today, 15/7/2025, 'Aegon launches Junior SIPP')Brooks Macdonald reported £5m in net outflows for Q2, down from £129m the previous quarter, with assets under management rising to £19.2bn. Its platform managed portfolio service saw £165m in net inflows, achieving 14% annualised growth. The firm credits improved client engagement and acquisitions for the turnaround and will release full-year results on 4 September. (Financial Planning Today, 10/7/2025, 'Net outflows drop 96% for Brooks Macdonald')The Private Office has warned against cutting the £20,000 Cash ISA allowance, arguing it won’t drive more risk-based investing. Speculation suggests Chancellor Rachel Reeves may announce the cut in her Mansion House speech to encourage investment and boost UK growth. However, research by The Private Office found 53% of 4,300 savers hold cash for retirement planning, while 76% see earning competitive interest as key to their financial strategy. Only 11% cited lack of investment knowledge as a reason for holding cash. (Financial Planning Today, 9/7/2025, 'Chartered adviser warns govt against cutting cash ISAs')Chase de Vere reported a 24.2% rise in pre-tax profits to £31.9m for 2024, with revenue up 13.6% to £118.6m. The firm attributed its strong performance to client referrals, affinity partnerships, acquisitions, and exceptional client feedback. (Financial Planning Today, 8/7/2025, 'Profits climb 24% to £32m at Chase de Vere')Brooks Macdonald has launched a new Financial Planning brand, Brooks Financial, to unify its growing Financial Planning business. The brand consolidates the acquisitions of LIFT-Financial, Lucas Fettes, and CST, reflecting Brooks Macdonald’s ambition to provide high-quality, independent Financial Planning advice across the UK. (Financial Planning Today, 1/7/2025, 'Brooks Macdonald launches Financial Planning brand')Aberdein Considine, the Scottish wealth manager and Financial Planner, has separated its wealth division into a new business, AC Wealth, as part of its plans to establish one of Scotland’s largest Financial Planning firms. Long-standing Financial Planners Russell Anderson, Alan Davidson, and Sam Goult will become shareholders in the new company. With FCA approval, AC Wealth will operate as an independent business, with 13 Financial Planners and 23 staff transferring over. The firm stated that corporate and private clients will continue to receive comprehensive Financial Planning services. (Financial Planning Today, 30/6/2025, 'Aberdein Considine creates Financial Planning firm')The wealth tax uncertainty: impact for wealth managers and their clients - Navigating the challenges of a potential UK wealth tax for your clients? Our article explores its implications for wealth managers and their clients, offering key insights and strategic advice for proactive financial planning, and risk mitigation. Read for useful insight. (IDEX Consulting news, 'The wealth tax uncertainty: impact for wealth managers and their clients')M&A resource library - Access our free resources where M&A buy-and-sell leaders, and tax, regulatory and legal experts share simple but strategic advice on how to attract the best buyers in the market, maximise your sale value and manage a smooth transaction. (IDEX Consulting news, 'M&A resource library')IDEX Consulting unveils employer value proposition and can help you do the same - IDEX has successfully developed a powerful Employer Value Proposition to raise its profile in the consultancy market. With our proven expertise, we can help your business craft a compelling story to attract top talent, customers and investment. Check out our visually engaging EVP for inspiration to help you win against competitors. (IDEX Consulting news, 'IDEX Consulting unveils employer value proposition and can help you do the same')IDEX Consulting appoints new Head of Internal Recruitment - If you're seeking a new recruitment opportunity, our dedicated team is here to support you. Led by Michelle Paish, an experienced consultant of over 18 years at IDEX, our talent team is focused on helping you achieve your career goals. We provide a seamless onboarding experience and offer continuous support for your professional development, ensuring you have everything you need to thrive. (IDEX Consulting news, 'IDEX Consulting appoints new Head of Internal Recruitment')Mergers and AcquisitionsEnabled by IDEX Consulting, Titan Wealth plans to acquire Finance Shop (£750m AUA) and FS Wealth Management (£340m discretionary mandate), boosting its total assets under management and advice to £37bn, while enhancing its East Anglia presence and expanding client services with a focus on face-to-face advice and local expertise. (Isabel Baxter, 30/7/2025, Professional Adviser, 'Titan Wealth acquires £750m AUA Finance Shop and FS Wealth Management')Brookfield Wealth Solutions (BWS), a Bermuda-based insurance firm, has agreed to acquire UK retirement and annuity provider Just Group for £2.4 billion, merging it with its subsidiary Blumont Annuity Company. The merger is strategically aimed at accelerating BWS's growth in the UK, a key global pension market with attractive investment opportunities, while enabling Just Group to leverage BWS's scale and expertise to expand its reach and enhance its retirement solutions. Just's management will lead the combined group. (Financial Planning Today, 31/7/2025, 'Bermuda-based firm swoops on Just Group for £2.4bn')Westerby Group, a wealth adviser and pensions firm, has acquired Bristol-based pension specialist Cabot Trustees Limited, marking its fourth acquisition since 2022 and bringing its assets under administration and management to over £2bn. The deal, expanding Westerby’s reach across England, adds a Bristol office to its existing locations in Weymouth, Manchester, and Leicester. (Financial Planning Today, 29/7/2025, 'Westerby snaps up Bristol pension firm')Salford-based financial adviser Frenkel Topping is in ongoing discussions with private equity firm Harwood over a £68m takeover bid. Harwood initially proposed a cash offer of 50p per share or an alternative of 10p per share plus shares in a new company, allowing shareholders to retain a 1.375p final dividend. The deadline for a formal offer has been extended to 25 August with the agreement of Frenkel Topping's independent directors and the UK Takeover Panel. (Financial Planning Today, 28/7/2025, 'Deadline extended for £68m Frenkel Topping bid')Jupiter Fund Management will acquire specialist asset manager CCLA Investment Management for £100m, adding over £15bn in assets under management. CCLA serves non-profits, including charities, religious institutions, and local authorities. The deal, funded from Jupiter’s cash reserves, is expected to complete by year-end, pending regulatory approval. CEO Matthew Beesley said the acquisition broadens Jupiter’s client base and strengthens its UK presence while retaining CCLA’s brand and investment teams. (Financial Planning Today, 10/7/2025, 'Jupiter acquires £15bn AUM non-profit specialist asset manager')Partners Wealth Management, part of the 7IM group, has acquired Surrey-based Navigate Capital Management, adding £170m AUM and 175 clients. The deal brings Partners’ total AUM to £6.2bn, serving 5,700 private clients. Navigate will rebrand as Partners Wealth Management but retain its Guildford office, combining regional expertise with Partners’ scale and resources to enhance wealth management services. (Financial Planning Today, 9/7/2025, '7IM's Partners acquires £170m AUM Surrey Planner')EQ Investors has decided to remain independent after rejecting offers from potential strategic partners. The London-based wealth manager had been exploring ownership changes but concluded that independence is the best option for its clients, colleagues, and shareholders. (Financial Planning Today, 8/7/2025, 'EQ Investors scraps talks with potential suitors')Finli Group, formerly Solomon Capital Holdings, has acquired six more Financial Planning firms, bringing its total acquisitions in the past four months to 11. The latest deals add over £264m in assets, taking the firm’s total acquisitions to 51. The newly acquired firms include Accomplish Wealth Management, G&D Bignell, Wynford Davies & Co, Wheeler Wicks & Co, EP Wealth Management, and GTM Financial, expanding Finli’s reach across the UK. (Financial Planning Today, 8/7/2025, 'Finli acquires 6 more Financial Planning firms')Chesnara, the European life and pensions consolidator, has acquired HSBC Life (UK) for £260m. HSBC Life (UK), a specialist in life protection and investment bonds, holds assets of approximately £314m as of 31 December. The acquisition will increase Chesnara’s UK assets under administration to around £4bn, covering approximately 454,000 policies. The deal will be funded through internal cash (£55m), a £65m drawdown from its revolving cash facility, and the issuance of new shares. Completion is expected early next year, pending regulatory approvals. (Financial Planning Today, 3/7/2025, 'Consolidator snaps up HSBC UK life and bond arm')Shackleton has acquired South West-based Financial Planning and wealth management group Chetwood, adding £900m in AUM. The deal, Shackleton’s fourth this year, increases its total assets under advice and management to £8bn and adds 45 staff, bringing its total workforce to 450. The Chetwood Group includes Chetwood Wealth Management, Chetwood Investment Management, Chetwood Private Wealth, Ermin Fosse Financial Management, and Darnells Wealth Management. Chetwood Bank is not part of the deal. (Financial Planning Today, 3/7/2025, 'Shackleton buys £900m AUM South West Planner Chetwood')Evelyn Partners has completed the sale of its fund solutions business to Thesis for an undisclosed sum. The deal transfers 75 staff, primarily based in Glasgow, to Thesis. Evelyn Partners Fund Solutions Limited (EPFL) manages £10.6bn in assets under governance, supporting 161 funds across 40 sponsors and investment managers. The sale, initially announced in January, was subject to regulatory approval. (Financial Planning Today, 1/7/2025, 'Evelyn completes sale of fund solutions business to Thesis')Succession Wealth, owned by Aviva, has completed the integration of Leeds-based Financial Planning and wealth manager True Wealth Group. Succession acquired the £1.1bn AUA firm in November 2024 for an undisclosed sum. The integration supports Succession’s national growth strategy, preserving client continuity, adviser relationships, and cultural alignment. It also broadens Succession’s UK reach, advancing its goal to become the trusted home of financial advice. (Financial Planning Today, 1/7/2025, 'Succession completes integration of £1.1bn AUA True Wealth')MoversCanaccord Wealth has expanded its adviser market team with the addition of Matthew Keen and Michael Clark. Keen, with nearly 20 years of experience, joins from Charles Stanley & Co, where he specialised in tailored solutions for intermediaries, and previously worked at Scottish Widows promoting pension propositions. He will oversee the South East of England. Clark, with over a decade in financial services, joins from Wealthtime as a regional sales manager and previously held various sales roles at Canada Life, focusing on investment and retirement solutions. He will cover the East of England, supporting Canaccord's growth strategy across the UK. (Financial Planning Today, 30/7/2025, 'Canaccord Wealth expands IFA market team')Johnston Carmichael Wealth, part of 7IM group’s Partners Wealth Management, has appointed Leigh Townsley as a Chartered Financial Planner. With 25 years of experience, including 18 as a qualified Financial Planner, she previously worked at NFU Mutual, specialising in rural Financial Planning, and at Lomond Wealth in Glasgow. She holds a BA in Financial Services and advanced qualifications in pensions, taxation, and trusts. (Financial Planning Today, 29/7/2025, 'Johnston Carmichael Wealth adds Chartered Planner')Steve Hutton has stepped down as CEO of True Potential Wealth Management after eight months in the role. With 36 years of industry experience, he joined the firm in 2018 from UBS Asset Management as Head of Strategic Acquisitions, helping drive its rapid growth. Previously, he was a UK board member at UBS, led Fidelity International’s IFA sales team, and held roles at Scottish Widows and Invesco Perpetual. Earlier in his career, he spent five years as an IFA specialising in professional connections. (Financial Planning Today, 28/7/2025, 'True Potential Wealth Management CEO Hutton exits')Liam Coleman, former Co-op Bank CEO, has been appointed interim Chair of the Financial Ombudsman Service by the FCA, starting 10 October. He succeeds Baroness Zahida Manzoor, who steps down on 1 August after two terms. With over 30 years of financial services and board experience, Coleman has held senior roles at RBS and Nationwide and currently chairs several NHS and housing trusts. He will leave his role as an FCA Non-Executive Director to take up the position. (Financial Planning Today, 28/7/2025, 'Former Co-op Bank CEO appointed interim FOS chair')Westminster Wealth Management has appointed former Fairstone Director Mark Hewson as Director of Business Operations. Previously Managing Director of Fairstone’s City of London office and a Divisional Director, Hewson will focus on operational excellence, working with Managing Partner Martin Lockyer and the leadership team to implement the firm’s strategic vision. He will also support adviser recruitment and onboarding efforts. (Financial Planning Today, 28/7/2025, 'London Chartered Planner recruits Fairstone director')Nick Kirrage, a veteran Fund Manager at Schroders, is leaving after 23 years. Known for his disciplined value investing approach, Kirrage played a key role in shaping the firm’s Value Equities team and delivering long-term outperformance. He will be succeeded by Simon Adler, a 16-year Schroders veteran specialising in Global and International Value. (Momodou Musa Touray, 23/7/2025, 'Nick Kirrage to leave Schroders after 23 years')Chartered Financial Planner Andrew Gardiner has left his role as Associate Director with Lowes Financial Management in Newcastle after it was taken over by national firm Saltus. He has joined rival Newcastle Financial Planning firm Greenarch Wealth Management. Mr Gardiner said: “After many years delivering independent advice at Lowes, I felt it was vital to remain aligned with a firm that shares my values, putting clients first and offering truly independent advice. Greenarch stood out as a locally-rooted Chartered firm with ambition.” (Financial Planning Today, 21/7/2025, 'Planner leaves Newcastle firm after takeover by Saltus')Cooper Parry Wealth has appointed David Kendrick as its new MD, succeeding retiring CEO Stephen Jones, who spent 20 years building the business. Kendrick joined the Derby-based firm in October 2024 after leading the merger with UHY Hacker Young Manchester, where he was CEO. Cooper Parry Wealth, with £1.5bn AUM, serves 900 families and employs over 73 staff. The firm shifted focus to Financial Planning in 2010. Kendrick will assume his role this summer, pending regulatory approval. (Financial Planning Today, 17/7/2025, 'New MD for Cooper Parry Wealth as CEO retires')Evelyn Partners has appointed Philip Lewis, formerly of Fisher Investments UK, as Head of Financial Planning advice. In this new role, he will oversee all aspects of Financial Planning advice, working with a team of 300 professionals and reporting to Chief Financial Planning Officer Emma Sterland. Lewis spent eight years at Fisher Investments UK, where he oversaw UK advice and suitability. (Financial Planning Today, 14/7/2025, 'Evelyn creates new role of Head of Financial Planning Advice')Belmayne has recruited Chartered Financial Planner Alex Napier to expand its reach into Sheffield. Napier, formerly with Forest Oak Financial Planning, brings over a decade of experience, specialising in complex client situations and collaboration with other experts. (Financial Planning Today, 8/7/2025, 'Belmayne expands into Sheffield')Greaves West & Ayre has expanded its wealth management team with the addition of three newly qualified IFAs: Daniel Bullen, Matthew Brown, and Tony Douglas. The appointments bring the team to eight advisers. Douglas joined in 2021 after earning a business and finance degree, while Bullen, a former Paraplanner, gained his diploma in 2023. Brown began his financial advice career after graduating from the University of Leeds in 2018, progressing from trainee to qualified adviser in 2021. (Financial Planning Today, 3/7/2025, 'Northumberland accountancy firm adds adviser trio')Emma Watkins, former Senior Executive at Scottish Widows, will become UK CEO at Canada Life on 1 September. Watkins, who spent a decade at Scottish Widows as Managing Director of Retirement, succeeds Lindsey Rix-Broom, who will transition to CEO, Europe, at parent firm Great-West Lifeco. At Scottish Widows, Watkins built a £6bn bulk annuity business, drove annuity portfolio growth, and led the modernisation of annuity operations. Prior to this, she was a Partner at pensions consultancy Lane Clark & Peacock LLP and held senior roles at MetLife Assurance and Ace European Group. (Financial Planning Today, 3/7/2025, 'Canada Life looks to Scottish Widows for new UK CEO')Fairstone, the expanding Financial Planner and wealth manager, is set to appoint a new Chief Executive to succeed Founder Lee Hartley. Hartley, who launched the national wealth advisory firm nearly 18 years ago, will transition to the role of Deputy Chair on 1 October. He stated that the change marks a natural evolution for both himself and the business. (Financial Planning Today, 1/7/2025, 'Fairstone to hire new CEO to replace Hartley')All information provided in this market digest has been gathered from Financial Planning Today, Money Marketing, Professional Adviser, and IDEX Consulting.

The wealth tax uncertainty: impact for wealth managers and their clients

The potential introduction of a wealth tax in the UK, highlighted by ongoing discussions surrounding the Autumn Budget 2025, has created ripples across the financial services sector. Post the pandemic, the most disadvantaged groups saw their incomes drop by 7.5% in real terms, while the wealth of the richest fifth was estimated to have grown by 7.8% (Equality Trust: The scale of economic inequality in the UK). With the UK facing economic challenges and an estimated £2.7 trillion national debt, a wealth tax is being eyed as a potential solution to stabilise public finances. While no formal proposal exists, the idea is sparking widespread discussion.For wealth managers and their high-net-worth clients, this development brings both challenges and opportunities, requiring proactive planning and strategic adjustments. What is wealth tax? A wealth tax is a levy on an individual’s net assets rather than their annual income. It encompasses holdings like real estate, savings, investments, and personal property. Wealth taxes can be categorised into two primary forms:Annual wealth tax: A recurring charge on total wealth above a specific threshold.One-time wealth tax: A temporary measure to address extraordinary fiscal demands, often introduced during national crises. The debate over wealth taxes in the UK has been sparked by proposals such as a 2% yearly tax on wealth exceeding £10 million. This approach, according to recent studies, would affect only 0.04% of the population, an estimated 20,000 individuals, and could raise as much as £24 billion annually. While such a measure has its proponents, complexities around valuation, compliance, and administration make its potential implementation a polarising issue among policymakers.Political and economic context The UK’s financial landscape is marked by persistent economic uncertainty, compounded by post-Brexit trade dynamics, inflationary pressures, and government borrowing that reached its second-highest June figure since 1993. Against this backdrop, the Chancellor of the Exchequer, Rachel Reeves, faces calls to find ways to bolster the Treasury’s resources without increasing taxes on working individuals.Thus far, Reeves has not ruled out the possibility of introducing a wealth tax, though she has remained noncommittal. The Labour government previously pledged not to raise income tax, VAT, or national insurance contributions, creating pressure to explore alternative revenue streams such as taxing wealth. Campaigners emphasise that wealth inequality in the UK has steadily risen, with the number of billionaires steadily, underscoring a growing disparity between the ultra-rich and those struggling with rising cost of living expenses.Debates around wealth tax implementation are not limited to fairness. Concerns over administrative costs, valuation complexities, and behavioural reactions (such as capital flight) weigh heavily on policymakers' decisions, with arguments from both advocates and critics shaping public discourse. What does this mean for wealth managers?For those working across the Wealth Management sector the uncertainty surrounding a potential wealth tax introduces a set of challenges and opportunities that demand agility and foresight in client management.1. Spike in client enquiries and advisory needs Wealth managers are already observing an uptick in enquiries from clients concerned about potential changes in their tax liabilities. Questions typically centre around mitigating exposure to new levies and making strategic adjustments to personal and corporate holdings. This creates an urgent need for financial advisors to not only reassure their clients but also offer tailored strategies to align portfolios with potential regulatory shifts. 2. Capital flight concerns One of the primary fears associated with a wealth tax is the possibility of capital flight. Affluent individuals may consider transferring assets or relocating to jurisdictions with more favourable tax regimes. Though such behaviours are often less widespread than anticipated, with studies noting that “just 0.01% of the richest households relocated after wealth tax reforms were introduced in Norway, Sweden and Denmark” (Tax Justice UK: How would a wealth tax work in practice?). These concerns often influence clients’ decisions, making it even more important for wealth managers to offer strategic guidance grounded in facts.3. Investment strategies Uncertainty about future policy changes may lead clients to adopt more cautious investment tactics. Wealth managers must explore options such as higher liquidity allocations, tax-efficient investments, and diversifying holdings to hedge against potential market or legislative volatility. Additionally, the prospect of increased taxes on traditional assets could accelerate interest in alternative investments, such as private equity or assets held overseas. It’s imperative that wealth managers stay ahead of global market trends, diversification opportunities across asset classes and geographies, and tax efficient strategies.What does this mean for clients?The ramifications of a potential wealth tax extend beyond the advisory realm, influencing clients’ financial behaviours and planning priorities. 1. Potential knee jerk responses The spectre of a wealth tax may prompt some clients to consider pre-emptive measures such as estate planning, intergenerational wealth transfers, and charitable contributions. However, hurried actions could backfire; for instance, early liquidation of assets to avoid taxation could trigger additional costs like capital gains tax, undermining the intended objectives. The Tax Justice Network have suggested that for each percentage of wealth tax, reported wealth could fall by 14% due to behavioural responses like migration and shifting assets (Tax Policy Associates: Number of OECD countries levying individual net wealth taxes).2. Asset reallocation Clients concerned about potential tax implications might look to reallocate assets into categories that are traditionally exempt from wealth taxes or are harder to value. Assets like pensions, offshore accounts, or complex trusts may become more attractive. However, these strategies could draw scrutiny from regulators, emphasising the need for compliance and cautious navigation of legal frameworks.3. Intensified tax planning While annual wealth taxes have never been implemented in the UK, existing measures like inheritance tax (IHT), capital gains tax (CGT), and council tax already contribute to the taxation of accumulated wealth. Faced with the possibility of additional tax burdens, many high-net-worth individuals are likely to explore in-depth tax planning solutions. Wealth managers will need to collaborate with tax specialists to ensure robust strategies that address both compliance and optimisation.A proactive approach For financial advisors and wealth managers, the key to navigating these turbulent times lies in a proactive and strategic approach. This includes:Scenario planning: Preparing for various outcomes based on potential tax structures and thresholds, while providing clients with actionable strategies for each scenario.Effective and consistent communication: Building trust through consistent, transparent updates about regulatory developments and their implications.Leveraging technology: Utilising advanced data analytics, compliance tools, and fintech platforms to optimise portfolio management and risk assessment.By taking a proactive stance, financial advisors can mitigate fears, provide clarity, and position themselves as indispensable partners to their clients.Maintaining focus on clarity, compliance, and adaptability will ensure resilience in the face of potential changes to the UK’s wealth taxation landscape.If you're looking for further intel on the market, support to find top talent or for a new career opportunity contact one of our financial service consultants.Resources DS Burge & Co: What is a wealth tax? Labour’s potential proposal explainedEquality Trust: The scale of economic inequality in the UKTax Justice UK: How would a wealth tax work in practice?Tax Policy Associates: Number of OECD countries levying individual net wealth taxesPie: Wealth tax in the UK, what it might look like

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