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General Insurance newsletter Friday 14th February 2025

Insurance NewsHow IDEX enabled an independent broker to scale its growth- IDEX Consulting assisted Hillier Buchan, a family-owned insurance business, in transitioning ownership while preserving its client-focused approach. Owner Phil Buchan, planning for retirement, wanted a buyer that could support the company’s growth without compromising its culture. IDEX identified Commercial Insurance Services Ltd (CISL) as the right partner, ensuring a smooth sale. The transition allowed Hillier Buchan to access new resources and growth opportunities, benefiting both clients and staff, while freeing up Phil for personal pursuits. (IDEX Consulting news, 'How IDEX enabled an independent broker to scale its growth')Tips from our Managing Director, Paul Davey to accelerate your career - Paul shares strategic advice on how professionals can compete in a competitive market and ensure they receive the best possible compensation and benefits package. Advice includes; keeping up to date on innovative AI practices for the insurance sector, showcasing how specific business development expertise can grow market share and knowledge of cyber risk management. (IDEX Consulting news, 'Tips from our Managing Director, Paul Davey to accelerate your career')AI? Opportunity or threat for the insurance profession - AI is reshaping professional services by automating repetitive tasks, providing cleaner data and creating new opportunities. It's driving higher salaries and revenue growth, especially in the financial and insurance sectors. The key to success lies in how companies integrate AI into their operations ethically. Properly harnessed, AI offers significant benefits, including enhanced productivity and market competitiveness, rather than posing a threat to jobs or industries. (IDEX Consulting news, 'AI? Opportunity or threat for the insurance profession')Cyber risk management insights and guidance - The UK insurance market is navigating risks posed by digital transformation, particularly cybersecurity, regulatory compliance, and data privacy. Insurers are facing increased exposure to cyber risks through the adoption of new systems and technology. Key challenges include managing digital disruption and integrating tech solutions while ensuring operational efficiency. Read our insights piece to understand how you can improve resilience through enhanced cybersecurity measures, and implement regulatory adjustments to accommodate emerging risks. (IDEX Consulting news, 'Cyber risk management insights and guidance')Mosaic Insurance launched a combined environmental product, Site Pollution & General Liability (SGL), integrating general, environmental, and professional liability under a single worldwide form with up to $25M in excess capacity, available to retail and wholesale brokers. (Josh Recamara, 14/2/2025, Insurance Business, 'Mosaic Insurance introduces environmental product')Olga Collins, CEO of the Worldwide Broker Network (WBN), identifies talent acquisition and retention as key challenges in the insurance industry, emphasising the need to attract diverse professionals and leverage AI to enhance efficiency while maintaining human insight. (Mia Wallace, 13/2/2025, Insurance Business, 'CEO on the challenges and opportunities facing the insurance industry in 2025')CyberCube’s ‘Cyber Predictions’ recent webinar highlighted a continued soft market for cyber insurance, with Marsh’s Scott Stransky noting single-digit rate decreases and higher limits for buyers. Cyber Consultant Stephen Ridley suggested the market is nearing its pricing floor after 18 months of decline, with expectations of a potential shift ahead. (Mia Wallace, 13/2/2025, Insurance Business, 'What will shape cyber insurance conversations in 2025?')Broker Insights has extended its partnership with Hiscox for three years, continuing their nine-year collaboration to enhance regional broker engagement and mid-market opportunities through advanced data analytics. (Josh Recamara, 13/2/2025, Insurance Business, 'Broker Insights extends partnership with Hiscox')NTT Data’s research reveals a growing AI adoption but warns of a leadership and governance gap threatening investment, security, and trust. Based on insights from 2,300 executives across 34 countries, the report highlights unclear regulations, workforce readiness issues, and concerns over AI security risks. While AI enthusiasm is strong, 72% of organisations lack an AI policy, and 75% fear conflicts with sustainability goals. CEO Abhijit Dubey emphasises the need for leadership-driven AI governance to bridge the responsibility gap. (Josh Recamara, 13/2/2025, Insurance Business, 'AI advancement outstripping governance and workforce readiness - report')MAPFRE reported a record €902 million attributable result for 2024, a 30% rise despite a €90 million goodwill write-down, with premiums growing 4.5% to €28.1 billion. (Kenneth Araullo, 12/2/2025, Insurance Business, 'MAPFRE boosts dividend to record high as profits climb')Gallagher Re expanded its renewable energy practice in 2024, growing its client base in Asia and securing offshore wind placements, while strengthening market engagement through seminars and industry events. (Kenneth Araullo, 12/2/2025, Insurance Business, 'Gallagher Re on the renewables market in 2025')Howden Re’s latest report highlights the financial risks of rising wildfires in California, warning that regulatory constraints on risk-based pricing have led to major insurer withdrawals, leaving homeowners and businesses increasingly vulnerable. It calls for regulatory reforms and risk mitigation investments to stabilise the market. (Kenneth Araullo, 12/2/2025, Insurance Business, 'Wildfire re/insurance costs disrupt California housing market – Howden Re')Yury Braun, former VP at Hannover Re, has launched YOU RE, a full-service reinsurance MGU focused on data-driven underwriting in casualty, non-CAT property, professional liability, and cyber lines. With 14 years at Hannover Re, Braun played a key role in expanding its insurtech and agency portfolio in the US. (Kenneth Araullo, 12/2/2025, Insurance Business, 'YOU RE enters reinsurance market with focus on data and risk optimization')AIG reported Q4 adjusted net income of $1.30 per share, up 2% and beating estimates. Full-year income rose 12% to $4.95 per share, with nearly $2 billion in underwriting income and a combined ratio below 92% for the third year. Net premiums grew 6%, with commercial division premiums up 7%. (Josh Recamara, 12/2/2025, Insurance Business, 'AIG reports fourth-quarter earnings increase')Intact Financial, RSA’s parent company, reported a 5% increase in Q4 DPW, driven by personal lines. Its combined ratio improved to 86.5%, while net operating income per share rose 23% to $4.93, supported by higher investment and distribution income. (Kenneth Araullo, 12/2/2025, Insurance Business, 'RSA parent Intact reveals Q4 results, continues growth trend')Travelers expects $1.7 billion in losses from the Los Angeles wildfires, affecting personal and commercial insurance. Despite this, Q4 core income rose to $9.15 per share, up from $7.01, due to higher underwriting gains and investment income. (Josh Recamara, 12/2/2025, Insurance Business, 'Travelers expects $1.7 billion in losses due to wildfires as financials surge')Launched during Miami Reinsurance Week, MNK Re’s new energy reinsurance facility offers up to $50M per declaration, addressing a gap in competitive capacity for SMEs in Latin America while also accommodating larger programs. It provides an alternative to traditional reinsurance structures for clients and brokers. (Kenneth Araullo, 13/2/2025, Insurance Business, 'MNK Re unveils energy facility for Latin American SMEs')The MGAA and ABI have signed an MoU to strengthen collaboration in the insurance sector, focusing on retail and commercial insurance, regulatory changes, operational resilience, and technological advancements. The agreement also allows coordination on government and regulatory matters, aiming for a unified approach on key issues. Additionally, the MoU opens opportunities for joint initiatives, such as collaborative learning programs, networking events, and research projects. (Josh Recamara, 12/2/2025, Insurance Business, 'MGAA and ABI announce tie-up')Arch Capital Group reported Q4 2024 net income of $925 million, or $2.42 per share, reflecting a 17.9% annualised return on average common equity, down from $2.3 billion in Q4 2023. The company also recorded pre-tax catastrophic losses of $393 million, mainly driven by Hurricanes Milton and Helene, and anticipates significant losses from the California wildfires to begin 2025. (Kenneth Araullo, 11/2/2025, Insurance Business, 'Arch Capital prepares for wildfire impact after Q4 earnings drop')The cyber insurance market is projected to reach $16.6 billion in 2024, with North America accounting for $10.5 billion, Europe $3.9 billion, APAC $1.7 billion, and ROW $0.5 billion, according to Guy Carpenter. The report highlights regional growth, emerging segments, and evolving cyber risks, noting a stabilisation of rates after significant increases in 2021 and 2022, continuing into 2024. (Kenneth Araullo, 11/2/2025, Insurance Business, 'Cyber insurance market expands as global risk dynamics shift – Guy Carpenter')Amwins Global Risks (AGR) has restructured its underwriting operations under Simon Jackson, creating three entities: Unicorn Underwriting (fleet and commercial risk), Contour Underwriting (marine cargo and expanding products), and Amwins Amplify (exclusive products for AGR brokers). Unicorn's Worldwide Property segment will be rebranded under Contour. (Kenneth Araullo, 11/2/2025, Insurance Business, 'Amwins Global Risks unveils new underwriting structure')The International Union of Marine Insurance (IUMI) reiterated its support for free trade, warning that protectionist measures, such as trade tariffs, could disrupt supply chains and increase risk for marine underwriters. IUMI Secretary General Lars Lange emphasised that more trade leads to more vessels and cargo to insure, and protectionist policies could strain supply chains and raise exposure for marine insurers. (Jonalyn Cueto, 11/2/2025, Insurance Business, 'International Union of Marine Insurance addresses trade tariffs')The MGAA has unveiled its 2025 strategy, focusing on networking and education, high-level advocacy, and data-driven insights. The updated mission includes enhancing industry engagement, expanding influence on regulatory issues, and becoming a leading source of market intelligence. A key initiative is the MGAA Next Gen Committee, dedicated to talent development through training, networking, and involvement in MGAA initiatives. The association also introduced a refreshed brand identity and website. (Jonalyn Cueto, 11/2/2025, Insurance Business, 'MGAA outlines strategic vision for 2025')The Global Insurance Law Connect (GILC) D&O Global Trends 2025 report highlights increased regulatory scrutiny, litigation risks, and market shifts. Key factors influencing underwriting include legislation, ESG, and macroeconomic uncertainty. Claims against directors are rising, and demand for D&O insurance is growing globally, with cyber risk also impacting market sentiment. (Rod Bolivar, 11/2/2025, Insurance Business, 'D&O insurance demand grows amid rise in upheld claims')Howden Insurance Brokers launched a UK quote-and-bind platform for renewable energy projects, offering up to £100 million per declaration capacity. Exclusive to its retail network and Lloyd’s-accredited, the platform streamlines insurance for construction and operations, providing flexible, competitive market options for clients. (Rod Bolivar, 11/2/2025, Insurance Business, 'Howden's new platform targets renewable energy risks')IQUW recently entered a partnership with mea, an AI-driven processing platform for re/insurers, which aims to enhance IQUW’s underwriting productivity by incorporating mea’s AI technology to streamline and automate underwriting processes across its operations. (Kenneth Araullo, 11/2/2025, Insurance Business, 'Andrew Tongue joins IQUW to lead credit and political risk team')CNA Financial reported a significant drop in net income for Q4 2024, with $21 million ($0.07 per share), down from $367 million ($1.35 per share) in Q4 2023, due to a $290 million after-tax loss from a pension settlement and $31 million in net investment losses. (Kenneth Araullo, 10/2/2025, Insurance Business, 'CNA Financial posts US$21 million Q4 net income as pension costs weigh on results')Rokstone launched a combined D&O and PI facility for financial institutions in the UK, Europe, and the Caribbean, backed by a US$10 million Lloyd’s binder. The offering targets private equity firms, hedge funds, investment managers, and credit and savings institutions. Rokstone underwrites over US$1.1 billion in premium across various specialty lines. (Kenneth Araullo, 10/2/2025, Insurance Business, 'Rokstone appoints Rob Winsley as capacity manager and broker relations director')AXIS reported a significant increase in net income, rising to US$1.1 billion for the year ended Dec. 31, up from US$346 million in 2023. Operating income also surged to US$952 million, compared to US$486 million the previous year. (Kenneth Araullo, 10/2/2025, Insurance Business, 'AXIS names Emilia Siravo head of ceded reinsurance for North America')Charles Taylor Adjusting has expanded in Europe by partnering with Netherlands-based Accurex B.V. to enhance claims management services, particularly for large and complex losses, leveraging each firm’s expertise in sectors such as property, liability, cyber risks, and catastrophe response. (Rod Bolivar, 10/2/2025, Insurance Business, 'Accurex joins global network of Charles Taylor')Mergers and AcquisitionsLegal & General (L&G) has agreed to sell its US insurance business to Meiji Yasuda Life Insurance for $2.3 billion, including its US protection and pension risk transfer (PRT) operations. The deal, expected to close by 2025, will allocate proceeds toward share repurchases and reinsurance, while L&G maintains an 80% interest in its US PRT business. The transaction strengthens L&G’s strategic focus and drove an 11.4% share price increase. (Roxanne Libatique, 7/2/2025, Insurance Business, 'Legal & General to sell US arm')MoversiFarm Underwriting expanded its agricultural team with Gary Lennie, formerly of Hiscox, Aviva, and Towergate, as Underwriter, and Shane Mustill, previously at Geo Agriculture, as Head of Distribution, strengthening its expertise to support brokers and clients. (Josh Recamara, 14/2/2025, Insurance Business, 'iFarm Underwriting expands specialist agricultural underwriting team')BMS has appointed Genna Biddell as Managing Director and Head of London P&C Re, reporting to Brad Melvin. She will oversee the London P&C reinsurance business, coordinate with global teams, and drive strategic growth projects. Previously, she was MD of North America wholesale property treaty at Howden Re and has 25 years of experience with roles at Willis Re and Aon Re. (Kenneth Araullo, 13/2/2025, Insurance Business, 'BMS introduces Genna Biddell as head of London P&C Re')Avid Insurance has appointed Kristian Bartlett as Head of Sales and Distribution, tasked with expanding its distribution network and growing its construction business, IIGL. Bartlett joins from Arch, where he was Broker Relationship Development Manager, and has held senior sales roles at Commercial Express, Markerstudy, and Express Insurance. (Kenneth Araullo, 13/2/2025, Insurance Business, 'Kristian Bartlett joins Avid Insurance in newly created sales role')ASR has appointed Sylvain Coutu as Head of Innovation and Sustainability, overseeing parametric insurance underwriting, business development, and portfolio management. With over a decade of experience, he previously led agricultural insurance at AXA Climate and held senior roles at Swiss Re. (Kenneth Araullo, 13/2/2025, Insurance Business, 'ASR names Sylvain Coutu head of innovation & sustainability')Lockton Re has appointed Mark van der Does as a Senior Broker on its mortgage and structured credit team. With 12 years of experience in credit insurance, he previously spent a decade at Marsh as VP in credit specialties and held roles at Starr Companies and JLT. (Kenneth Araullo, 12/2/2025, Insurance Business, 'Lockton Re appoints Mark van der Does as senior broker in credit team')Marsh has appointed Nigel Hinshelwood as Chair of Marsh Limited UK, effective March 31, 2025, pending regulatory approval. A former HSBC Executive and ex-EY Partner, he has held non-executive roles at Lloyd’s, AXA XL, and Nordea. (Kenneth Araullo, 12/2/2025, Insurance Business, 'Insurance hires: Marsh, Previsico, HHIB, London Market Group')Previsico has promoted Colin Ross to COO, where he will oversee technical operations, manage project frameworks, and lead the delivery of IoT flood warning systems in the UK and US. Ross, with over four years at Previsico and prior experience at Barratt Developments, will focus on system monitoring, operational efficiency, and international growth. (Kenneth Araullo, 12/2/2025, Insurance Business, 'Insurance hires: Marsh, Previsico, HHIB, London Market Group')H&H Insurance Brokers has promoted Victoria Twentyman to Claims Team Leader after completing her apprenticeship. At 19, she will lead the in-house claims department, working alongside Stuart Torrance, who moved to Quality Assurance Manager, and supported by Operations Director Kally Shane. Twentyman joined HHIB in 2022 and earned her professional insurance qualifications in January 2025. (Kenneth Araullo, 12/2/2025, Insurance Business, 'Insurance hires: Marsh, Previsico, HHIB, London Market Group')The London Market Group has appointed David Kirk, Division President of Chubb Global Markets, to its board as a representative of the IUA, replacing David Furby. Kirk, with nearly 20 years of industry experience, took on his current role in 2024 and has previously served as Deputy Chief Underwriting Officer and Head of Marine at Chubb. (Kenneth Araullo, 12/2/2025, Insurance Business, 'Insurance hires: Marsh, Previsico, HHIB, London Market Group')Allianz Trade has expanded its e-commerce team in Northern Europe, appointing five new hires to support its pay portfolio growth. The new members, including Kelly Feeley, Blair Pusey, Johan Bergström, Alexander van Dijk, and Richie Pamma, will focus on the UK & Ireland, Nordics, and Benelux regions, under Eugene Plug's leadership. Feeley brings experience in fintech and payment solutions, Pusey has 14 years in credit insurance and commercial banking, Bergström has a background in customer engagement and strategic sales, van Dijk specialises in KYB solutions with 18 years in financial services, and Pamma transitions to E-Commerce Customer Success Manager after five years with Allianz Trade. (Kenneth Araullo, 12/2/2025, Insurance Business, 'Allianz Trade adds key hires to expand its e-commerce payment portfolio')MAPFRE Re is restructuring to align with strategic goals, including expanding its life business and refining its approach. Effective March 1, Javier San Basilio becomes General Manager, overseeing regional divisions and large client development. The non-group business will split into non-life underwriting, led by Carmen Bueso, and life business, led by Maite González. Ricardo Pérez will manage the Iberia/Latam region and join the management committee. (Kenneth Araullo, 11/2/2025, Insurance Business, 'MAPFRE Re unveils new structure, names key executives')MS Amlin is launching a credit and political risk insurance offering in Dubai as part of its MENA expansion. Osama Elshiekh has been appointed Senior Underwriter for the new initiative, reporting to Vipul Gupta. Elshiekh brings nearly 15 years of experience, including senior underwriting roles at The Hartford and the Islamic Corporation for the Insurance of Investment and Export Credit. (Kenneth Araullo, 11/2/2025, Insurance Business, 'MS Amlin expands in MENA with credit and political risk offering')Carbon Underwriting Limited has appointed Paddy Byrne as Chairman and Michael Watson as Non-Executive Director, following Rupert Atkin's departure. Byrne brings experience from SRG Group, 6point6 Ltd, and Xchanging Ltd, while Watson, Founder of Canopius and former Lloyd’s Council member, adds extensive leadership and industry connections. (Jonalyn Cueto, 11/2/2025, Insurance Business, 'Carbon and Alta Signa announce key appointments')Alta Signa has appointed Audrey Louche to strengthen its cyber underwriting division. Based in France, Louche brings extensive experience in underwriting cyber risks, having previously worked at Cogitanda, Assurup, and Chubb, with a focus on regulatory challenges for SMEs and large-cap companies. (Jonalyn Cueto, 11/2/2025, Insurance Business, 'Carbon and Alta Signa announce key appointments')IQUW has appointed Andrew Tongue as Lead Underwriter for its credit and political risk team. With nearly 15 years of experience, Tongue previously held senior roles at Canopius, Swiss Re, AXA Africa Specialty Risks, and CNA Hardy, specialising in political risks and trade credit. Additionally, IQUW strengthened its portfolio solutions division with the appointments of Elisabeth Groehe and George Connell to support distribution to brokers, MGAs, and broker facilities globally. (Kenneth Araullo, 11/2/2025, Insurance Business, 'Andrew Tongue joins IQUW to lead credit and political risk team')Rokstone appointed Rob Winsley as Capacity Manager and Broker Relationship Director. Winsley, who previously spent 10 years at Howden, will leverage his experience in developing strategic partnerships and managing large Lloyd’s and London Market portfolios. (Kenneth Araullo, 10/2/2025, Insurance Business, 'Rokstone appoints Rob Winsley as capacity manager and broker relations director')AXIS Capital has appointed Emilia Siravo as Head of Ceded Reinsurance – North America, where she will lead the company's North America Ceded Re strategy. Based in New York, Siravo previously spent over six years at Swiss Re in various roles, including Head of IGR Process and Management. AXIS has also strengthened its casualty practice with the promotion of Steve Cucciniello to Head of its primary casualty division. Cucciniello, with over 30 years of industry experience, joined AXIS in 2014. (Kenneth Araullo, 10/2/2025, Insurance Business, 'AXIS names Emilia Siravo head of ceded reinsurance for North America')All information provided in this market digest has been gathered from Insurance Business and IDEX Consulting.

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2025 Legal employment outlook

The legal employment market shows steady growth for 2025, with increased job openings and significant growth in corporate law, mergers and acquisitions, corporate governance and regulatory compliance. Research by the Law Society shows that “nearly half of firms (49.3%) identified an opportunity to increase market share, particularly in relation to sector or service line specialisms” (The Law Society: Strategic sector insights for the legal profession in 2025).However, as firms look to grow many have experienced challenges with recruitment. LegalFutures report that “three-quarters of law firms and in-house legal departments have found it difficult to hire in the last 12 months” (LegalFutures: Most law firms and in-house teams struggling to recruit). Although our research shows that 67% of professionals across the legal sector are planning to change jobs in the next year, there seems to be a misalignment between employer and employee expectations with many employees citing a strong dissatisfaction with salaries, workload and flexibility structures. Additional insights from our 2025 Legal Salary Guide and Market Sentiment report include a range of interesting factors employers and professionals should pay attention to58% of employees said they are dissatisfied with their current job 58% of respondents said they are dissatisfied with their job, and 67% said they plan to change jobs next year. Some reasons include; toxic cultures, lack of diversity, workload and distrust in leadership. Comments from respondents illustrated low morale and frustration with various issues. Statements include, “Job satisfaction and morale is currently at an all-time low”, “Partners and other interviewers are very good at saying the ‘right’ things, and other associates are generally not open about their experiences or try to minimise their negative experiences”, and “Commoditization of law firms and legal work is not in the best interests of staff or clients”.A study conducted by the Law Society of over 2,000 solicitors shows significant concerns relating to wellbeing and job fulfilment. Since 2019, there was a “30% increase in…members…reporting that their work goes beyond their contracted hours and impacts…their personal life” and a “16% increase in the proportion of members who find it difficult to relax in their personal time because of work” (The Law Society: The results are in – how do solicitors feel about their profession?).75% of employees said they haven’t received a performance related bonus in the past yearWhen asked what was most important when looking for a new role, professionals said their top three were; pay, non-financial benefits and firm culture. 2023 has seen many firms re-evaluate their cost base and reduce overheads which has impacted salary growth and bonuses. Some salaries have plateaued, with firms exploring alternative avenues, such as mentorship, training, and lifestyle benefits, as tactics for rewarding performance. However, as many people battle with the rise in living expenses compensation continues to be a critical driver for job satisfaction and moves.Positive and supportive working environments continue to be key for professionals, especially when it comes to flexible working and a healthy work-life balance. With remote working impacting collaboration, professional development and relationships, some firms have increased mandatory days in the office, which remains a sticking point between employer expectations and lifestyle needs. Work-life balance is a key challenge for the legal professionWith many professionals citing significant increases in workload, stress, and instances of burn out, it’s essential for employers to tackle the ‘always on’ culture that many law firms experience as the norm. Research from LawCare, found that “65% of those surveyed checked emails regularly outside working hours” (The Law Society: Could a right to switch off improve work-life balance for lawyers). Firms with the lowest attrition rates realise that it’s not as simple as stipulating working hours or vacation time in a contract, employers must proactively identify risks, address individual cases and empower employees to set boundaries.For more insights on the legal employment market, plus accurate salary data and hiring predictions for the next year access our 2025 Legal Salary Guide and Market Sentiment report. 

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How IDEX enabled independent broker, Hillier Buchan scale its operations and growth

BackgroundAs a 100% family-owned business, Hillier Buchan has always valued a personalised service and strong relationships with clients and staff. The firm prides itself on delivering a client-centric approach, offering a wide range of commercial and personal insurance products to clients across the UK.The owner of Hillier Buchan, Phil Buchan, was planning for his future retirement and wanted to ensure that his legacy was secure. Phil recognised that a new phase was necessary for the business to thrive, and he wanted to find a buyer who could continue offering an exceptional service to his clients and also maintain the honest, authentic and positive culture he had built for employees. The challenge, however, was finding the right buyer who could help transition the business without losing the essence of what Hillier Buchan had built over the years.IDEX Consulting’s solution IDEX was approached by Phil to help him find the right buyer. The challenge was clear. We needed to find a partner who could step in and maintain the high level of personal service Hillier Buchan was known for, while also offering the operational support and growth opportunities needed to take the business into the future. The solution needed to align with Phil’s long-term goal of stepping away gradually from the business, whilst still staying involved enough to ensure a smooth transition.IDEX’s approach was methodical and thoughtful. We took the time to understand the unique aspects of the business, Phil’s aspirations for retirement, and the specific buyer requirements which could offer both operational support and expansion opportunities.Once we had a clear picture, we used our extensive network and expertise to introduce the company to a variety of potential buyers. After a couple of conversations, Hillier Buchan was introduced to CISL (Commercial Insurance Solutions Ltd), a larger firm that aligned well with the owner's vision, objectives and cultural ethos.Why Hillier Buchan chose to work with usThe decision to partner with IDEX was rooted in trust and the ability to provide a level of care and expertise that larger firms could not offer. As a small, independent broker, Phil had been approached by various firms in the past, but was unsure which option would best meet the firm’s personal and professional needs.“IDEX's approach was different. The thought of selling my business and retiring, was a bit scary at first. But soon after I met with Kim Masters, our lead M&A advisor, I felt supported and like I was amongst friends, which made the process a lot easier and actually quite exciting. Kim took the time to listen to my goals and concerns. She spoke openly about the process and the options available, without any hidden agenda or sales-driven pressure. This transparency, combined with IDEX’s deep understanding of the insurance market and its vast network of connections, made it easier for us to make informed decisions. The sense of security and open communication made all the difference”, said Phil.This personal, careful and considerate client-first approach was one of the main reasons why Hillier Buchan chose to partner with us, they knew we would be just as invested in their long term success.The resultsKim and the IDEX M&A team found the right buyer for Hillier Buchan in just a few months. The sale process, which began in March, culminated in a successful transaction which completed on 1st August to Commercial Insurance Services Ltd (CISL). During this time, the business was supported by IDEX at every step, ensuring that the transition was smooth, transparent, and in line with the owner’s vision.The benefits of the transaction were immediate. For Phil, the deal not only provided the ability to step away from the day-to-day running of the business but also freed up valuable time to enjoy personal pursuits. He noted, humorously, that he was able to take his first holiday in 22 years without having to check his computer screen, an achievement that speaks volumes about the impact of this transition on his work-life balance and life quality.Hillier Buchan’s clients benefited from the added resources and wider market access provided by CISL. The new partnership allowed the firm to scale operations, offer more comprehensive services, and tap into new opportunities for growth. This collaboration has been a win-win for all parties involved.“Kim talks to you on a level, she understand the challenges of small independent broker and I personally feel, just genuinely wants to help. IDEX have so many connections and relationships across the insurance market, you’d be a fool not to speak to them if you’re thinking about selling your business. I highly recommend IDEX to any brokerbroker considering a similar move, your interests will be in trusted hands”, added Phil. The partnership with IDEX enabled Hillier Buchan to find a buyer who could continue their reputation of exceptional client service while providing operational and growth support. The process was seamless, the advice was invaluable, and the results have been life-changing for the owner. IDEX's expertise, personal approach, and market knowledge played a crucial role in the success of this transition. If you’re exploring your business’ growth options, looking for intel on the M&A market or considering a sale get in touch with our experienced M&A team who will be happy to help.

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General Insurance newsletter Friday 7th February 2025

Insurance NewsHow predictive analytics is shaping the insurance sector - Predictive analytics is transforming the insurance sector by improving fraud detection, optimising customer experience, streamlining claims processing, and enabling personalised pricing. Insurers are increasingly using large data sets and machine learning to predict outcomes, detect anomalies, and deliver more tailored services. These tools not only boost operational efficiency but also improve profitability and customer satisfaction. As AI and other technologies evolve, predictive analytics will continue shaping the industry by offering deeper insights and agility. (IDEX Consulting news, 'How predictive analytics is shaping the insurance sector')The gender parity challenge for insurance professionals - The insurance industry faces ongoing gender parity challenges, especially in leadership roles, where women and ethnic minorities remain underrepresented. Gender pay gaps and unconscious biases persist, alongside a shortage of female role models and mentorship opportunities. Effective diversity strategies, targeted recruitment, and addressing pay gaps are key to improving equality. Employers are encouraged to invest in long-term bias training and mentorship programmes to foster growth and provide clear career progression for women. (IDEX Consulting news, 'The gender parity challenge for insurance professionals')How to negotiate a pay rise - It’s important to research comparable salaries, highlight your value through documented achievements, and be prepared to discuss your contributions. If a pay increase isn't possible, explore other benefits like career development or flexible working arrangements. It's also crucial to make the discussion about mutual benefit for both you and the company. Read our advice piece that includes strategic advice from our recruiters on how to negotiate a pay rise effectively. (IDEX Consulting news, 'How to negotiate a pay rise')The impact of robo advisers on the FS market- Robo-advisers are reshaping the financial services market by offering cost-effective, automated investment advice to a broader audience. They democratize access to wealth management services, particularly benefiting younger, tech-savvy investors. However, they face challenges in personalised advice and complex financial situations. Traditional financial advisers remain crucial for high-net-worth clients seeking tailored strategies. Robo-advisers also drive firms to innovate and enhance their digital offerings. (IDEX Consulting news, 'The impact of robo advisers on the FS market')Aviva GCS has introduced political violence & terrorism and accident & health insurance to the Lloyd’s market via Probitas, following its July 2024 acquisition, with binding available from February 1, 2025. (Kenneth Araullo, 6/2/2025, Insurance Business, 'Aviva launches PVT and accident & health insurance via Lloyd’s market')Rokstone has launched a $10 million Lloyd’s-backed D&O and PI combined facility for financial institutions in the UK, Europe, and the Caribbean, targeting private equity firms, hedge funds, investment managers, and credit institutions. (Kenneth Araullo, 6/2/2025, Insurance Business, 'Rokstone launches US$10 million Lloyd's-backed D&O and PI facility')The FCA’s new commission disclosure rules (Dec 2023) have intensified scrutiny on transparency in multi-occupancy buildings insurance, raising questions about MGAs’ regulatory position. The MGAA has lobbied to establish MGAs as insurers' agents, not intermediaries, ensuring clarity for members amid evolving regulations. (Mia Wallace, 6/2/2025, Insurance Business, 'Securing clarity from the FCA on commission disclosure rules for MGAs')The Cyber Monitoring Centre (CMC) has launched as a world-first initiative to categorise major cyber incidents affecting UK organisations, ranking severity from one (least) to five (most). Chaired by former NCSC CEO Ciaran Martin, the CMC will assess incidents with a potential financial impact over £100 million. Edward Lewis, CEO of CyXcel, highlighted its origins in response to market concerns over the Lloyd’s cyber war bulletin, aiming to bring clarity to attribution, exclusions, and insurance implications. (Mia Wallace, 6/2/2025, Insurance Business, 'Behind the scenes of a world-first launch – the Cyber Monitoring Centre')Allianz UK identified 33,027 insurance fraud cases in 2024, totalling £157.24 million—a 10% rise from 2023. With 90 cases daily (£430,000), claims fraud accounted for £141 million, while application fraud exceeded £15 million. The trend extends beyond Allianz, as Ecclesiastical also prevented over £4 million in fraudulent claims, up nearly £1 million from 2023. (Kenneth Araullo, 6/2/2025, Insurance Business, 'Allianz UK reports £157 million in insurance fraud cases for 2024')Aviva’s GCS division has expanded into Lloyd’s via Probitas, introducing political violence & terrorism (PVT) and accident & health insurance, available for binding from Feb 1, 2025. PVT, a new business line under the GCS Crisis Management Division, covers risks like civil commotion, riots, strikes, terrorism, and war for international businesses. This follows Aviva’s July 2024 acquisition of the platform, aligning teams over seven months to enhance market reach and integrate the syndicate into its operations. (Kenneth Araullo, 6/2/2025, Insurance Business, 'Aviva launches PVT and accident & health insurance via Lloyd’s market')Litica has secured Lloyd’s approval to extend its coverholder status to Europe, adding to its UK and Asia-Pacific authorisation. Litica Europe now has full delegated authority to underwrite commercial litigation insurance, with adverse costs limits up to €15 million—one of the highest granted in the sector. (Josh Recamara, 6/2/2025, Insurance Business, 'Lloyd's coverholder gets European boost')AEGIS London has launched a Lloyd’s consortium to cover complex political violence risks, offering policy limits up to $100 million. The single-source solution, led by War and Terrorism Underwriter James MacDonald, covers threats like sabotage, riots, insurrection, and war across sectors including retail, industrial, logistics, and construction. (Josh Recamara, 6/2/2025, Insurance Business, 'AEGIS London launches Lloyd's consortium on political violence risks')The MGAA continues its rapid growth, welcoming Addept Insurance Services as a new member. Founded in May 2024 by Richard Finan, former Arc Legal Assistance Director, Addept operates a hybrid model across capacity, distribution, and strategy. MGAA CEO Mike Keating encouraged its active participation in raising industry standards. (Josh Recamara, 6/2/2025, Insurance Business, 'Addept Insurance joins MGAA')The MGAA continues its rapid growth, welcoming Addept Insurance Services as a new member. Founded in May 2024 by Richard Finan, former Arc Legal Assistance Director, Addept operates a hybrid model across capacity, distribution, and strategy. MGAA CEO Mike Keating encouraged its active participation in raising industry standards. (Josh Recamara, 6/2/2025, Insurance Business, 'Addept Insurance joins MGAA')Howden Group reported a 23% increase in adjusted revenue to £3.01 billion for FY 2024, up from £2.44 billion in 2023. Organic revenue grew 15%, and adjusted EBITDA rose to £922.2 million with a steady margin of 31%. Growth was seen across divisions, with insurance broking up 14%, reinsurance up 30%, and DUAL (MGA) up 6%. New teams in sectors like treaty reinsurance, aviation, and construction contributed 30% to organic growth, alongside expansion in Australia, Greece, the Middle East, Singapore, and Japan. (Kenneth Araullo, 5/2/2025, Insurance Business, 'Howden group revenue surges 23% to £3 billion in 2024')Global commercial insurance rates dropped by 2% in Q4 2024, marking the second consecutive quarterly decline after seven years of increases, according to Marsh's Global Insurance Market Index. The decline follows a 1% drop in Q3 and reflects pricing moderation across multiple lines. Marsh attributed the decrease to increased competition in commercial property, stabilisation in financial lines, moderated casualty increases, and lower cyber insurance rates. Regional trends included an 8% decline in the Pacific, 5% in the UK, 3% in Asia, and 2% in Europe and Canada. (Kenneth Araullo, 5/2/2025, Insurance Business, 'Global commercial insurance rates drop 2% in Q4 – Marsh')Willis Towers Watson is shifting focus to mergers and acquisitions (M&A) after meeting key earnings and revenue targets in 2024. The company reported Q4 adjusted earnings of $8.13 per share, surpassing analysts' estimates, with full-year earnings of $16.93 per share. CEO Carl Hess stated that, after prioritising core strategies, WTW is now seeking external capabilities to add value. Since Hess took over in January 2022, WTW's stock has risen 39%, outperforming the industry benchmark. (Josh Recamra, 5/2/2025, Insurance Business, 'WTW to shift focus after smashing targets')Zurich has enhanced its private client proposition with updated home and motor products, effective immediately for both new and existing clients. The insurer increased its 'green cover' from £5,000 to £25,000 to support sustainable property repairs. In response to inflation, Zurich now covers up to 200% of jewellery valuations, or an additional £100,000, for items whose value has increased within the last three years. (Josh Recamara, 5/2/2025, Insurance Business, 'Zurich enhances private client offerings')SCOR reported a 9.6% increase in estimated gross premium income (EGPI) for its January 2025 P&C reinsurance renewals, maintaining underwriting discipline and expanding in preferred business lines. Despite increased capital supply making the market slightly more competitive, SCOR upheld stable terms and conditions while maintaining net profitability in its P&C reinsurance portfolio as part of its Forward 2026 growth strategy. (Kenneth Araullo, 4/2/2025, Insurance Business, 'SCOR reports 9.6% growth in P&C reinsurance renewals for 2025')Everest Group reported a net loss of $593 million for Q4 2024, primarily due to reserve strengthening in US casualty lines, compared to a net income of $804 million in Q4 2023. For the full year, the group achieved 9.2% total shareholder return, with gross written premiums of $18.2 billion, reflecting 9.1% growth overall, 12.2% for Reinsurance, and 4.0% for Insurance. (Josh Recamara, 4/2/2025, Insurance Business, 'Everest Group posts full-year premium growth despite Q4 losses')Auxillis has partnered with Howden UK&I’s corporate and commercial division to provide claims management services, including vehicle replacement, repair services, and full first notification of loss (FNOL) provision. The partnership offers Howden’s corporate clients a comprehensive solution for post-incident management, covering information gathering, liability assessment, vehicle recovery, repair coordination, and replacement vehicle hire. Financial terms were not disclosed. (Josh Recamara, 4/2/2025, Insurance Business, 'Auxillis partners with Howden for claims management services')Gallagher reported continued revenue growth, with Q4 2024 total revenues reaching US$2.68 billion, up from US$2.39 billion in 2023. Net earnings were US$258.2 million, a turnaround from a net loss of US$39.6 million in Q4 2023. The brokerage segment saw a revenue increase to US$2.3 billion, up from US$2.05 billion, with net earnings rising to US$317.3 million from US$24.8 million. Adjusted net earnings were US$491.2 million, up from US$402.4 million in Q4 2023. (Kenneth Araullo, 3/2/2025, Insurance Business, 'Gallagher Bassett grows specialty claims services with W K Webster deal')Aon reported fourth-quarter revenue of $4.1 billion, a 23% increase from the previous year, driven by acquired revenues from NFP and 6% organic growth. Risk capital revenue rose 13% to $2.5 billion, while human capital revenue increased 41% to $1.6 billion. Operating income grew 40% to $1.1 billion, with an operating margin of 26.3%, and adjusted operating income rose 21% to $1.38 billion, though the adjusted margin slightly declined to 33.3%. (Josh Recamara, 3/2/2025, Insurance Business, 'Aon reports notable growth in revenue in fourth quarter')Mergers and AcquisitionsThe Clear Group has acquired Dublin-based Phelan Caswell Insurances (PCI), including its financial planning assets, as part of its Irish expansion, with PCI’s leadership and 18 staff remaining in place. Managing Director Mark Phelan said the deal will enable them to offer a wider range of products and services with greater access to expertise and solutions. (Josh Recamara, 7/2/2025, Insurance Business, 'Clear Group buys Dublin-based insurance broker')Macbeth has acquired Insurance Services Surrey (ISS), boosting its Group GWP to £45 million and expanding its Reading team to 73, with ISS leadership and staff staying on board. The move aligns with Macbeth’s strategy to grow while prioritising client service and workplace culture. (Josh Recamara, 7/2/2025, Insurance Business, 'Macbeth completes insurance acquisition')JAB Holding, the German investment firm behind Krispy Kreme and Pret A Manger, has acquired Prosperity Life from Elliott Management for over $3 billion, marking its entry into US life insurance and positioning it against Wall Street giants like Apollo and KKR. (Josh Recamara, 7/2/2025, Insurance Business, 'Krispy Kreme owner swoops for insurance firm')Miller has reached an agreement to acquire AHJ Holdings Ltd, parent company of Alwen Hough Johnson Ltd and AHJ Europe AS, with the deal expected to close in Q2 2025. The acquisition will enhance Miller's treaty reinsurance capabilities and expand its presence in the Nordic, Caribbean, and North American markets. AHJ, founded in 1973, specialises in property, casualty, marine, and energy reinsurance, with 90 employees across London and Scandinavia. (Kenneth Araullo, 4/2/2025, Insurance Business, 'Miller to acquire AHJ Holdings, expanding reinsurance capabilities')Gallagher Bassett, the claims and risk management subsidiary of Arthur J. Gallagher & Co, has acquired W K Webster & Co Ltd, a marine and transit claims management firm. W K Webster, headquartered in London with offices in Singapore, the US, and the Netherlands, provides global claims management services. Anthony Smith and the W K Webster team will join Gallagher Bassett and report to Manan Sagar, who leads operations in Europe, the Middle East, and Asia. The acquisition strengthens Gallagher Bassett’s specialty capabilities in marine and transit claims. (Kenneth Araullo, 3/2/2025, Insurance Business, 'Gallagher Bassett grows specialty claims services with W K Webster deal')Howden is in discussions to acquire US-based Risk Strategies, with talks involving Risk Strategies' private equity backer, Kelso & Co. The deal is not yet final, according to sources. Acquiring Risk Strategies, one of the largest privately held US insurance brokers, would mark Howden’s expansion into the American retail insurance market, a move widely anticipated. Howden is also viewed as a potential candidate for an initial public offering. (Kenneth Araullo, 3/2/2025, Insurance Business, 'Howden in negotiations to acquire US-based Risk Strategies')MoversWestfield Specialty International has appointed Harry Brantingham as a General Liability Underwriter in London, reporting to Paul Davidson; he joins from AXA XL after nearly seven years in underwriting roles. (Josh Recamara, 7/2/2025, Insurance Business, 'Insurance moves: Westfield Specialty, Wrisk, More')Wrisk has appointed Christen Smith as Director of platform sales (UK and Europe), a new role supporting its expansion in embedded insurance for automotive brands; she joins with leadership experience at Zurich and other insurtechs, reporting to COO Shiv Bhaduri. (Josh Recamara, 7/2/2025, Insurance Business, 'Insurance moves: Westfield Specialty, Wrisk, More')Sompo has appointed Lily Claydon as Chief Risk Officer for APAC, effective March 3, 2025; she brings senior risk management experience from AIG, BoltTech, and FWD Group and holds a CFA and a double master’s from the University of Sydney. (Kenneth Araullo, 6/2/2025, Insurance Business, 'Sompo names Lily Claydon chief risk officer for APAC')Ignite Specialty Risk has appointed Matthew Evans as Litigation Portfolio Manager in London, reporting to Jamie Molloy. Previously Of Counsel at RPC, Evans specialised in commercial and financial disputes after starting his career at Latham & Watkins. Twice recognised in the Legal 500, he was praised as an “outstanding litigator” in 2020. (Kenneth Araullo, 6/2/2025, Insurance Business, 'Insurance hires: Ignite Specialty Risk, WTW, Insurwave')WTW has appointed Derrick Easton as Global Head of Alternative Risk Transfer (ART) and Head of Western Europe for risk and analytics. Easton, who joined Willis in 2015, previously led the ART team in the U.S. He will focus on expanding ART globally and strengthening WTW’s Risk and Analytics in Western Europe, reporting to John Merkovsky and Hugo Wegbrans. Easton’s career began in 1994, with roles at Marsh and Aon in sales, client service, and alternative risk solutions. (Kenneth Araullo, 6/2/2025, Insurance Business, 'Insurance hires: Ignite Specialty Risk, WTW, Insurwave')Insurwave has appointed Premal Gohil as Chief Financial Officer, effective February 4, 2025. Gohil will shape the company’s financial strategy, enhance operational efficiency, and support growth. With leadership experience at Beazley, Liberty Mutual, and PwC, he brings expertise in financial management, innovation partnerships, and risk navigation, aimed at improving risk management accuracy and efficiency. (Kenneth Araullo, 6/2/2025, Insurance Business, 'Insurance hires: Ignite Specialty Risk, WTW, Insurwave')SCOR Business Solutions has appointed Holger Schaefer as Global Head of Casualty and Environmental Impairment Liability (EIL), effective March 1. With 35 years at Allianz, Schaefer held senior roles in casualty underwriting and sales, including CEO for AGCS Pacific and regional CEO for APAC at Allianz Trade. (Kenneth Araullo, 5/2/2025, Insurance Business, 'SCOR names Holger Schaefer global head of casualty & EIL')Dan Fiehn has rejoined Markerstudy Group as CTO, overseeing technology strategy alongside CIO Adam Miller and CTO Tara Walker. With 35+ years in insurance, Fiehn previously developed Markerstudy's IT division and integrated Co-op Insurance. A three-time CIO Top 100 Leader, he holds a BA in Law with Financial Services and is a Fellow of the BCS. (Kenneth Araullo, 5/2/2025, Insurance Business, 'Dan Fiehn returns to Markerstudy as CTO to drive tech strategy')Pen Underwriting has restructured to streamline commercial underwriting across the UK and Ireland, creating the Commercial UK & Ireland division. Sarah Breslin has been appointed Managing Director. The move follows Pen's 2024 expansion into Ireland with Wrightway Underwriting. Richard Webb, Managing Director of UK Financial Lines & Specialty Liability, will retire later this year after nearly four decades in the industry. (Roxanne Libatique, 5/2/2025, Insurance Business, 'MGA announces shake-up as big name retires')The Chartered Insurance Institute (CII) has appointed Adam Harper as Executive Director of strategy, advocacy, and professional standards, and Holly Porter as Executive Director of markets and opportunities, both effective in early March. Harper joins from the Association of Accounting Technicians (AAT), where he oversaw professional standards and policy. Porter joins from BCS, the Chartered Institute for IT, where she led the professional membership community and registrations portfolio. (Josh Recamara, 5/2/2025, Insurance Business, 'CII appoints two new executive directors')HDI Global has appointed Geoff Godwin as Chief Operating Officer for the UK and Ireland, effective April 28. With 32 years of industry experience, Godwin previously served as COO at AIG, overseeing underwriting operations, customer complaints, conduct, and product development. (Josh Recamara, 5/2/2025, Insurance Business, 'Insurance hires: HDI Global, DUAL UK, Lockton and Carrow Insurance')DUAL UK has made three senior appointments to support its growth strategy. Steve Kelly, with over 35 years of industry experience including roles at RSA and Allianz, has been appointed Managing Director of construction, focusing on expanding DUAL’s construction portfolio. James Ramira, a DUAL UK veteran since 2014, becomes Managing Director of regional P&C and social care, overseeing regional and commercial expansion. Georgie Petrou, previously with Chubb, Zurich, and Marsh, is appointed Head of Strategic Accounts. (Josh Recamara, 5/2/2025, Insurance Business, 'Insurance hires: HDI Global, DUAL UK, Lockton and Carrow Insurance')Lockton has appointed Mark Jones as its new International Chief Financial Officer, effective immediately. Jones, who has over 20 years of financial leadership experience, joins from Marsh, where he was CFO for Mercer Marsh Benefits and Marsh Specialty and Global Placement. As international CFO, he will oversee financial management and investment strategies across Europe, MENA, Asia-Pacific, and Latin America. (Josh Recamara, 5/2/2025, Insurance Business, 'Insurance hires: HDI Global, DUAL UK, Lockton and Carrow Insurance')Carrow Insurance has appointed Matt Davis as Business Development Underwriter, based in Dublin and reporting to CEO Ronan Conboy. With over 30 years of industry experience, Davis was previously Head of Underwriting at Euro Insurances DAC, managing a portfolio across 14 product lines in 20 European countries. (Josh Recamara, 5/2/2025, Insurance Business, 'Insurance hires: HDI Global, DUAL UK, Lockton and Carrow Insurance')TransRe has promoted Louise Rose to President, International, overseeing London, EMEA, and Asia Pacific operations, while continuing as CEO of TransRe London. Kyle Rhodes has been named President, Americas, expanding his role to include oversight of TransRe’s Latin American business. These changes follow the retirement of Andy Taylor, effective May 31. (Kenneth Araullo, 4/2/2025, Insurance Business, 'TransRe announces leadership changes as Andy Taylor retires')Tokio Marine HCC (TMHCC) International has appointed Stuart Heath as Head of Distribution – international, a new role to strengthen distribution relationships across the UK and Europe. Heath, who will continue as Head of Delegated Property, will collaborate with business units to enhance service delivery and support TMHCC's specialty products in the region. He reports to Simon Button, Chief Underwriting Officer. (Kenneth Araullo, 4/2/2025, Insurance Business, 'TMHCC appoints Stuart Heath to strengthen UK & European distribution')Arch Insurance UK Regional Division has promoted Ian Grundy, Janice Mullan, Tony O'Reilly, and Janine Starkie to Regional Manager roles for the Midlands & South West, South & Thames Valley, London & Home Counties, and North & Scotland, respectively. These moves align with the division’s growth strategy, enhancing collaboration and service delivery. Grundy was previously a Strategic Relationship Manager at AXA UK, Mullan a Broker Development Manager at Arista Insurance, O'Reilly Branch Manager at Fusion/Arista, and Starkie a Sales Manager at AXA UK. (Kenneth Araullo, 4/2/2025, Insurance Business, 'Arch Insurance UK promotes four to regional manager roles')AXA Climate launched Climate Studio to help organisations communicate their ecological transition more effectively. The initiative offers brand strategy, campaign design, and communication services, focusing on boosting climate-related messaging and driving action on sustainability. Claire Bayet, who has a background in climate and inclusion issues, has been appointed to lead the project. Bayet previously served as Strategy Director at BETC, specialising in climate and inclusion, and has supported public interest campaigns on anti-smoking and gender equality. (Josh Recamara, 4/2/2025, Insurance Business, 'AXA launches new climate initiative')Marek Garwacki has been appointed Non-Life Chief Underwriting Officer at PartnerRe, effective February 1. Garwacki, who has over 12 years with PartnerRe, previously served as Head of Group Retrocession and Chief of Staff. He has held various leadership roles in underwriting, strategy, and portfolio management, including overseeing specialty lines and legacy reinsurance projects. Before joining PartnerRe, Garwacki worked at AXA and held roles at the French Treasury and insurance regulator ACPR. (Kenneth Araullo, 3/2/2025, Insurance Business, 'PartnerRe appoints Marek Garwacki as non-life chief underwriting officer')Specialty MGA UK has appointed Sam Hui as Senior Underwriter for onshore construction and energy, expanding its capacity in the sector. With over 30 years of experience, Hui previously worked at Advent Syndicate 780, building a global network of brokers, insurers, and agents. His appointment aligns with Specialty MGA UK’s expansion strategy. (Kenneth Araullo, 3/2/2025, Insurance Business, 'Specialty MGA UK hires Sam Hui as senior underwriter for construction and energy')All information provided in this market digest has been gathered from Insurance Business and IDEX Consulting.

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How predictive analytics is shaping the insurance sector

The insurance industry is undergoing a profound transformation, and at the heart of this change is the growing role of predictive analytics. As insurers face increasing pressure to stay competitive and deliver superior customer experiences, predictive analytics has become a cornerstone for improving risk management, fraud detection, operational efficiency, and customer service.As AI continues to revolutionise the insurance industry, brokers and insurers need to pay extra attention to how they can use sophisticated tools and resources to harness data for long term success. The real reinvention moving forward will be how organisations transition from isolated technology pilots to enterprise-wide implementation, to address industry-specific challenges like complex workflows, compliance mandates, and customer demands.Below we explore how predictive analytics is impacting the insurance sector and how insurers can use it to win in a competitive market.Enhanced risk assessment and underwritingOne of the most significant ways predictive analytics is transforming the insurance sector is by improving risk assessment and underwriting. Traditionally, underwriting involved manual assessments based on limited historical data, which often resulted in inefficiencies or inaccurate risk evaluations. With predictive analytics, insurers can now analyse large datasets, combining historical claims, external data sources, and customer information, to more accurately assess risk.For instance, car insurance companies are now able to predict the risk of accidents for individual drivers by analysing factors such as driving behaviour, traffic conditions, and even weather patterns. This predictive modelling not only ensures more precise pricing but also leads to better profitability and customer satisfaction. Insurers using predictive analytics have seen underwriting accuracy improve by up to 15%, leading to reduced claim frequencies and a more efficient underwriting process (Accenture: Why AI in Insurance Claims and Underwriting).Brokers and insurers are increasingly relying on data scientists and actuaries who specialise in predictive analytics to develop advanced underwriting models. As a result, there is growing demand for professionals skilled in machine learning and data-driven risk analysis.Fraud detection and preventionInsurance fraud continues to be one of the most significant challenges for the industry, with billions lost each year due to fraudulent claims. Predictive analytics plays a pivotal role in helping insurers detect and prevent fraud by analysing large volumes of claims data and identifying patterns that are indicative of fraudulent activity (Formotive: Predictive Analytics in Insurance | Top 6 Use Cases for 2024).By using machine learning algorithms to detect anomalies such as duplicate claims, inflated repair costs, or suspicious patterns of injury claims, insurers can flag high-risk cases early, preventing fraud before it results in significant losses. Insurers leveraging AI and predictive analytics have reduced fraudulent claims by up to 30%, enhancing their profitability while protecting honest policyholders (Invoca: How AI Is Transforming the Insurance Industry). Insurance brokers are also benefiting from these advancements by being able to offer more reliable products and services to their clients. With fraud detection capabilities built into predictive models, brokers can assure customers that their insurance is protected from fraudulent activities, providing a greater level of trust and security in their services.Customer experience optimisationIn an increasingly competitive insurance market, providing a superior customer experience is vital. Predictive analytics enables insurers to better understand customer behaviour and anticipate their needs, leading to more personalised services and interactions (Bolttech: How Predictive Analytics is Transforming the Role of Insurance Brokers). By analysing data from customer interactions, claims history, and external market factors, insurers can gain insights into when customers are likely to renew their policies or make a claim.For example, predictive models can help identify the ideal time for insurers to contact clients for renewals or to offer additional products such as life or home insurance. This approach not only increases cross-selling opportunities but also helps insurers build stronger relationships with their customers by providing relevant, timely offers. Using predictive analytics for customer engagement can increase retention rates and enhance satisfaction levels by offering tailored solutions (Deloitte: Transforming customer experience in insurance | Harnessing the power of Generative AI).Furthermore, brokers are leveraging predictive analytics to gain insights into clients' evolving needs, offering more targeted advice and recommendations. This proactive, data-driven approach to customer service helps brokers strengthen relationships and boost client loyalty.Claims processing and operational efficiencyClaims processing is one of the most resource-intensive aspects of insurance. However, predictive analytics is helping insurers streamline the process, reduce operational costs, and improve customer satisfaction. By predicting the severity of claims and potential delays, insurers can better allocate resources and prioritise claims that require immediate attention.Predictive models can also help estimate claim costs early in the process, allowing for quicker settlements and reducing the likelihood of disputes. Recent research has shown that insurers who use predictive analytics to streamline claims processing havereduced their processing times, leading to both operational cost savings and enhanced customer satisfaction (PWC: Insurance claims estimator uses AI for efficiency case study).The integration of predictive analytics into claims management systems also allows for better claims fraud detection, prioritisation, and cost estimation. As the role of brokers becomes increasingly intertwined with claims handling, brokers are expected to utilise these predictive insights to assist clients in navigating claims more efficiently, ensuring faster resolutions.Personalised pricing and product customisationPredictive analytics is allowing insurers to create personalised pricing models and tailored products. By analysing customer demographics, lifestyle choices, and behaviour patterns, insurers can offer better pricing that reflects specific risks associated with each policyholder.Predictive analytics enables insurers to become more agile in their product offerings, allowing them to quickly adjust policies in response to market changes or evolving customer needs (Guidewire: How is Predictive Analytics Used in Insurance?).What’s in store for 2025? As new technologies like artificial intelligence (AI), Internet of Things (IoT), and blockchain become more integrated into the industry, insurers will gain access to even more data sources, further enhancing the capabilities of predictive models.IoT devices, smart technology and new platforms will provide insurers with real-time data, allowing them to make even more accurate predictions about risk and customer needs. Research predicts that the combination of these technologies with predictive analytics will lead to more proactive and data-driven approaches to claims management, risk mitigation, and product personalisation (Nix United: Predictive Analytics in Insurance: Applications, Benefits, Trends).As insurers move toward a more data-driven future, there is a growing need for professionals who can leverage predictive analytics and machine learning algorithms to drive these advancements. This is creating a strong demand for data scientists, AI specialists, and actuarial professionals who can help insurers harness the full potential of predictive analytics.If you’d like support with your hiring strategy and are looking for specialist insurance talent, contact one of our insurance recruiters who will be happy to help.Sources:Accenture: Future of Insurance Technology ModernizationBolttecu: How Predictive Analytics is Transforming the Role of Insurance BrokerDeloitte: Transforming customer experience in insurance | Harnessing the power of Generative AIFormotive: Predictive Analytics in Insurance | Top 6 Use Cases for 2024Guidewire: How is Predictive Analytics Used in Insurance?Invoca: How AI is transforming the insurance industryNIX United: Predictive Analytics in Insurance: Applications, Benefits, TrendsPwC: The Impact of Predictive Analytics in Claims Processing

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2025 Employee Benefits employment outlook

The employee benefits landscape will continue to undergo significant transformation in 2025, shaped by rising healthcare costs, evolving workforce demands, and changing regulations.As firms grapple with the lack of new talent entering the market, employers are competing to attract new talent and keep hold of existing employees. Talent gaps specifically at the mid to senior level exist, which has contributed to increased salaries and hiring costs. According to a report by the Recruitment Employment Confederation (REC) “two-thirds of large employers (67%) and more than half medium-sized employers reported shortages of candidates” (Personnel Today: Candidate shortage afflicts two-thirds of businesses).From our research 67% of employers across the employee benefits sector said their biggest challenge will be the shortage of suitable applicants, and 50% said they don’t think they have the talent needed to achieve business objectives. Additional insights from our 2025 Employee Benefits Salary Guide and Market Sentiment report include a range of interesting factors employers and professionals should pay attention to.46% of employees surveyed said they are dissatisfied with their job Reasons include; workload, lack of resources and support, and absence of training and development. Comments included; “There has been too much uncertainty and too many acquisitions”, “Volumes of work have increased without help, due to resource lost over the year”, “We have lost team members who haven’t been replaced. This has led to being overworked”, and “Not being given the time to learn and grow”.82% of employees aren’t on a long term incentive planWhen asked what employees felt were most important to them when looking for a new role, the majority said salary, followed by non-financial benefits and a good employer brand and reputation in the market. As employers continue to compete for skilled professionals, competitive compensation packages will be key. However, this will continue to be a challenge for the sector as business costs and pressures increase. A poll by the Chartered Institute of Professional Development (CIPD) found that “three quarters of respondents did not think they would meet employee pay expectations in 2024”, however “of employers who have had to raise wages in response to hard-to-fill vacancies fewer...are taking lower profits, absorbing costs or accepting higher overheads” (CIPD: Pay awards). Early pay predictions for next year show a “median pay award across all sectors [to] be 3.5 per cent” with awards “currently predicted to reduce by one per cent…compared to 2024” (Pay data: Pay trends and expectations – 2024 and 2025). 33% of employers aren’t sure if they use their employer value proposition to attract talent Having a compelling, ‘human centred’ employee value proposition will set employers apart from their competitors. Working with external consultancies to develop this will help you to define the ‘why’ and ‘so what’ for your current workforce and prospective employees. Companies with a strong EVP have decreased attrition and better hiring success. For guidance on developing an effective employer value proposition get in touch.For more insights on the wealth management employment market, plus accurate salary data and hiring predictions for the next year access our 2025 Employee Benefits Salary Guide and Market Sentiment report.

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