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General Insurance newsletter Friday 17th January 2025

Insurance News2025 Insurance Talent Trends - The 2025 General Insurance Talent Trends highlight a shift towards hiring the "right" talent following the market’s return to normal hiring patterns in 2024. Employers are increasingly focusing on authenticity in their Employer Value Propositions to attract and retain talent. Meanwhile, employees are advised to adapt to advancements in AI, Machine Learning, and Data Management to stay competitive. The trend emphasizes the importance of flexibility in work models and the need to evolve alongside technological changes. (IDEX Consulting news, '2025 Insurance Talent Trends')US insurance market outlook- The U.S. insurance market, exceeding $1T in annual premiums, remains resilient despite cyber threats, climate change, and regulatory shifts. Projected to grow at 8.5% CAGR, it could reach $3.03T by 2027. With 3M+ employees, the sector is stable, but technological innovation, AI-driven underwriting, and compliance with evolving regulations like DORA are crucial for future competitiveness. (IDEX Consulting news, 'US insurance market outlook')The wealth management talent shortage - The wealth management industry faces a talent shortage due to an ageing workforce and a lack of younger professionals entering the field. Factors contributing to this include high barriers to entry, changing career priorities, and a lack of awareness about the profession. To address this, firms should reframe the industry’s narrative, emphasise its impact, and offer flexible working conditions. By doing so, they can attract the next generation of talent, ensuring the long-term success of the profession. (IDEX Consulting news, 'The wealth management talent shortage')Reports of non-financial misconduct on the rise - Reports of non-financial misconduct, including bullying, harassment, and discrimination, have surged by over 67% in the UK finance sector since 2021. This rise may reflect improved reporting systems or a failure to meet governance standards. Firms are urged to strengthen their workplace culture, ensuring clear guidelines and promoting ethical behaviour. The FCA is set to introduce new policies, which could impact recruitment, as firms increasingly focus on cultural transparency to attract top talent. (IDEX Consulting news, 'Reports of non-financial misconduct on the rise')The Interntational Underwriting Association is reviewing core services for London insurers, focusing on evolving risk transfer. Its 2025 plan includes a central risk function for issues like sustainability and cyber risk. CEO Dave Matcham says the review ensures members can meet changing customer needs. (Josh Recamara, 17/1/2025, Insurance Business, 'International Underwriting Association to review core services')Enstar’s Syndicate 2008 has entered a $196M loss portfolio transfer with Atrium Syndicate 609, covering discontinued marine, property, and US liability reinsurance. The deal, based on Q3 2024 reserves, transfers full claims handling to Enstar.(Kenneth Araullo, 16/1/2025, Insurance Business, 'Enstar's Syndicate 2008 secures loss portfolio transfer with Atrium')Sheila Cameron, CEO of the Lloyd’s Market Association, announced a renewed focus on North America, emphasising its long-standing importance to Lloyd’s profitability and planning a 2025 strategy with regulatory engagement alongside Lloyd’s. (Josh Recamara, 16/1/2025, Insurance Business, 'LMA CEO aims to grow US presence this year')RGA has invested in PACT Capital, an independent firm supporting middle-market alternative asset managers. The deal includes an anchor commitment, aligning with RGA’s strategy to expand in alternative assets and diversify its portfolio. (Kenneth Araullo, 16/1/2025, Insurance Business, 'RGA makes strategic investment in PACT Capital to expand alternative assets')BIBA’s 2025 Manifesto, themed "Partnering to Deliver Value," builds on 2024’s successes, focusing on regulatory reforms, premium finance challenges, and regional broker issues—particularly in Northern Ireland. Key priorities include reducing Consumer Duty scope, addressing differential pricing, and refining permitted insurance payments under the Leasehold and Freehold Reform Act, while continuing strong collaboration with the FCA and industry stakeholders. (Graeme Trudgill, 16/1/2025, Insurance Business, 'Broker manifesto brings a new hope')The Insurance Fraud Bureau, in partnership with Shift Technology, will launch a unified counter-fraud platform in 2026, integrating insurers’ transactional, suspected, and confirmed fraud data with case management. This system aims to enhance fraud detection, streamline investigations, and improve collaboration across the industry, enabling IFB members to make quicker, more informed decisions on fraud cases. (Kenneth Araullo, 16/1/2025, Insurance Business, 'IFB unveils counter-fraud platform to tackle insurance fraud')Cyber incidents, including data breaches, ransomware, and IT outages, have been ranked as the top business risk for 2025, according to Allianz's latest Risk Barometer report. Business interruption and natural catastrophes follow as major concerns, with climate change reaching its highest position at fifth place. The report, based on input from 3,778 respondents across 106 countries, highlights the growing sophistication of cyberattacks and increasing reliance on technology as key drivers of this trend. (Roxanne Libatique, 15/1/2025, Insurance Business, 'Cyber tops business threats in 2025 as climate risks surge')Guernsey-based Polo Insurance Managers (PIM) has launched Clockwork Re, a Category 4 commercial general reinsurer founded by Dhruv Patel, a capital provider at Lloyd's and Director at the Association of Lloyd’s Members. Clockwork Re aims to access superior returns from Lloyd’s and collateralized reinsurance markets and has secured regulatory approval from the Guernsey Financial Services Commission. Polo Insurance Managers CEO Mark Elliott praised the launch as a testament to PIM's ability to structure and manage complex transactions efficiently. (Abigail Adriatico, 15/1/2025, Insurance Business, 'Polo Insurance Managers announces launch of Clockwork Re')DARAG Group, a legacy acquisition specialist, and wefox Insurance AG have announced the transfer of a run-off portfolio, including motor damage, third-party liability, private liability, and property business across Germany, Italy, and Switzerland. This transfer follows the sale of wefox Insurance AG to a consortium led by BERAG. The transaction includes an initial loss portfolio transfer (LPT) and the full transfer of all EEA-domiciled business, pending regulatory approval. Tom Booth, CEO of DARAG, highlighted that the transaction marks a significant start to 2025, coinciding with DARAG’s 15th year as a run-off consolidator in Europe. (Kenneth Araullo, 14/1/2025, Insurance Business, 'DARAG and wefox finalize run-off portfolio transfer across Europe')Tokio Marine raises its 2024 net income forecast by ¥40 billion (US$258 million) to ¥1.04 trillion (US$6.71 billion), driven by strong international underwriting and accelerated equity sales. The company reported ¥771.2 billion (US$4.98 billion) in adjusted net income for H1, reaching 77% of its annual target, supported by solid underwriting results and foreign exchange gains, though offset by provisions for commercial real estate loans. (Roxanne Libatique, 14/1/2025, Insurance Business, 'Tokio Marine announces leadership shift as new CEO prepares to take helm')AEGIS London has launched a portfolio solutions division to leverage third-party underwriting in the London market. Led by Richard Palengat, with support from Henry Watts, Barry Plummer, and Bradley Lawrence, the division will cover property, casualty, specialty, and multi-line business. (Josh Recamara, 14/1/2025, Insurance Business, 'AEGIS London launches portfolio solutions division')Los Angeles wildfires are set to cost P&C insurers billions due to severe damage to homes and businesses. The uncontained Palisades and Eaton fires have triggered evacuations, with Cal Fire working on containment. Moody’s warns that insured losses could be among California’s largest. (Liezel Once, 13/1/2025, Insurance Business, 'LA wildfires threaten billions in insurance losses: Moody's')Mergers and AcquisitionsKnighthead Insurance Group has acquired Merit Life Insurance Co., which will now operate under the Knighthead Life brand, led by CEO and CIO Edward Massaro. This acquisition marks a strategic expansion into the US market, focusing on retirement solutions and secure insurance products. Knighthead Life has launched a new multi-year guaranteed annuity (MYGA) to protect retirement savings with guaranteed returns, supported by Knighthead's strong capital position. (Abigail Adriatico, 15/1/2025, Insurance Business, 'Knighthead Insurance Group acquires Merit Life Insurance Co')According to preliminary data from MarshBerry, M&A activity in the UK insurance distribution market remained strong in 2024, recording 152 deals, slightly exceeding the 151 announced in 2023, making it the most active year in the sector’s history. This total mirrors the high levels seen in 2023 and 2021 but significantly surpasses the long-term average. The firm’s upcoming annual report highlights trends in buyer and seller behaviour, the nature of acquired businesses, and deal sizes, revealing a mature domestic consolidation environment and rising cross-border M&A activity. (Josh Recamara, 15/1/2025, Insurance Business, 'What's happening with UK insurance M&A?')Global M&A activity surged in 2024, with 710 deals over $100M—up 15% from 2023, per WTW’s QDPM. Large transactions drove growth, with $1B–$10B deals rising 36% in H2. Overall, 162 large deals closed (134 in 2023), while megadeals ($10B+) increased from 11 to 15. (Josh Recamara, 14/1/2025, Insurance Business, 'Global M&A activity on the rise – WTW report')Saudi Arabia’s Public Investment Fund (PIF) has acquired a 23.08% stake in Saudi Reinsurance Company (Saudi Re) to enhance the company’s domestic capacity and support the growing insurance market in the kingdom. The capital injection will enable Saudi Re to offer advanced reinsurance solutions and improve risk management for insurance companies, helping them provide broader coverage and manage earnings volatility in the sector. (Kenneth Araullo, 14/1/2025, Insurance Business, 'PIF acquires 23% stake in Saudi Re to boost kingdom's insurance sector')MoversCommercial Express has appointed Andy Jones as Head of Underwriting and Joanne Caton as Underwriting Manager, both from RSA. Jones, former Regional Underwriting Manager, is known for leading high-performing teams, while Caton brings 25+ years of technical underwriting expertise. (Josh Recamara, 17/1/2025, Insurance Business, 'Commercial Express makes double swoop on RSA')Gallagher Re has promoted Ben Wathen to Chief Claims Officer, leading its Global Claims Advocacy team. With 20+ years in claims, underwriting, and broking, he joined Gallagher Re in 2024 after senior roles at Canopius, MS Amlin, Amlin plc, and Marsh.(Kenneth Araullo, 16/1/2025, Insurance Business, 'Gallagher Re promotes Ben Wathen to chief claims officer')Swiss Re has nominated Morten Hübbe and George Quinn for board election at its April 11 AGM. Hübbe, former Tryg CEO and CFO, chairs multiple boards. Quinn, ex-Zurich CFO, previously held leadership roles at Swiss Re. Philip Ryan and Sir Paul Tucker will not seek re-election. (Kenneth Araullo, 16/1/2025, Insurance Business, 'Swiss Re nominates Morten Hübbe and George Quinn to board of directors')Arch Insurance International has restructured its casualty division, promoting Robin Hamilton—who joined in 2018 from JLT Specialty—to Head of Energy and Marine Liability, integrating both teams. Tony Flatman remains Head of Marine Liability, overseeing underwriting and portfolio management. Rory Thompson has been appointed Head of London Market Wholesale, General Liability, while Marie-Claire Bessada takes on the role of Head of Retail, General Liability. Thompson, who began his underwriting career at Arch in 2014, and Bessada, formerly Deputy Class Underwriter at Chaucer, step into these key leadership positions as Arch aligns its structure with strategic growth plans. (Kenneth Araullo, 16/1/2025, Insurance Business, 'Arch restructures casualty division with key promotions')CFC has appointed Matthew Glenville as Group Chief Operating Officer to improve operations and strengthen collaboration across its underwriting, technology, and business teams. Glenville, with experience as Group COO at DWF Law and COO/CTO at ICE Clear Europe, will support CFC’s global growth strategy. The company also announced senior role changes: Tim Boyce, previously Head of Professions and Healthcare, has been promoted to Deputy Chief Underwriting Officer, while Michael Brunero, formerly Head of Tech, Media and IP, will relocate to New York as Managing Director, USA . (Josh Recamara, 16/1/2025, Insurance Business, 'CFC appoints Matthew Glenville as group COO')DUAL Europe has launched its Accident & Health (A&H) business across Europe, appointing Samia Baliad, an Underwriter with over two decades of experience in the sector, to lead the initiative. Baliad has held senior roles at AIG Europe France, AXA Corporate Solutions, Chubb Europe, and AXA Partners. The new business will focus on building a team of underwriters to drive growth, capitalizing on increasing demand for healthcare services in the European market. (Josh Recamara, 16/1/2025, Insurance Business, 'DUAL Europe launches A&H business')Westfield Specialty International has appointed Craig Nugent and Joseph Beltran to its professional indemnity (PI) team as part of its growth strategy. Nugent, with over 15 years of experience, joins as a Senior Underwriter from Sompo International, where he previously worked, and has also held roles at AXIS Capital. Beltran, who has a decade of experience in the industry, takes on the role of Underwriter after holding underwriting positions at The Hartford and Optio Group. (Josh Recamara, 16/1/2025, Insurance Business, 'Westfield Specialty expands its PI team')Bridge Insurance Brokers Ltd has appointed Wayne Knowles to lead its expanding private clients division. Knowles brings over 18 years of private client insurance experience, and will be supported by Nathan Drew, who joins with a decade of underwriting expertise. The appointment supports Bridge's growth in the private client business through client recommendations and internal referrals from its corporate segment. (Camille Joyce Lisay, 15/1/2025, Insurance Business, 'Bridge Insurance Brokers appoints new private clients lead')Woodgate & Clark has appointed Mike Higgins as Operations Director, succeeding Graeme Fitzpatrick, who retired after 12 years with the company. Higgins, with nearly 30 years of experience in insurance and claims management, joins from Crawford, where he was Head of Construction. He began his career in insurance claims before transitioning to loss adjusting in 2002 with GAB Robins. Higgins later held leadership roles at Crawford, including London Market Director and leadership of a field team development programme.(Josh Recamara, 15/1/2025, Insurance Business, 'Woodgate & Clark appoints new operations director')Cytora has expanded its global advisory board by appointing Clive Buesnel to support its continued global growth. Buesnel, currently Managing Partner International at Insurance Advisory Partners, brings extensive experience in strategic transformation within the global insurance industry. He most recently served as CEO of Tysers, acquired by AUB Group, and has also held roles as Vice Chairman and UK Head of Insurance at Deloitte, as well as a founding member of Xchanging. (Josh Recamara, 15/1/2025, Insurance Business, 'Cytora appoints Clive Buesnel to advisory board')Lockton Re has appointed Daniel Moruzzi and Matthew Cope as Senior Brokers in its international property and casualty (P&C) division in London. Moruzzi brings extensive experience in the casualty and financial lines market, having started his career at Everest Re in 1999 and later working at Barbican, Ascot, and serving in leadership roles with the IUA and LMA. Cope joins with over a decade of experience, most recently as a Casualty Treaty Broker at Aon. He began his career at Aspen and spent eight years at Aon, advising re/insurer clients on corporate strategy and distribution before joining the international casualty treaty team. (Kenneth Araullo, 14/1/2025, Insurance Business, 'Lockton Re adds industry vets to boost international P&C growth')Africa Specialty Risks (ASR) has appointed Genevieve Ahinful and Suzan Pardesi as Deputy Active Underwriters of Syndicate 2454, supporting the syndicate's growth and expansion since its launch in April 2024. Ahinful, ASR’s Head of Political Risk and Trade Credit, brings over 20 years of experience, having worked at companies including Euler Hermes, Aon, HCC, Gallaghers, Equinox, and ATIDI. Pardesi, ASR’s Head of Energy, has over 24 years of industry experience, with previous roles at XL Global Services, XL Insurance, Arup, and Lloyd’s syndicate Navigators. (Kenneth Araullo, 14/1/2025, Insurance Business, 'ASR strengthens Syndicate 2454 with key underwriting appointments')Berkshire Hathaway Specialty Insurance (BHSI) has appointed Bertrand Le Gall as Head of Casualty in France to strengthen its casualty portfolio and multinational program offerings in the region. Le Gall, with over 20 years of experience specialising in large corporate casualty risks, previously served as Regional Manager for casualty and professional lines across EMEA at SCOR. Based in Paris, he will oversee BHSI’s casualty operations in France, focusing on public and private liability coverage for large corporations and multinational clients. (Mav Rodriguez, 14/1/2025, Insurance Business, 'Former SCOR executive joins Berkshire insurance arm')Doug Humberstone has been appointed as Head of Claims at Bridgehaven Specialty UK Limited, the UK’s first risk-taking fronting insurer in commercial and specialty lines. With over 40 years of experience in senior claims roles, Humberstone has held leadership positions at Hiscox, Capita, the Lloyd’s Market Association (LMA), and QBE. His expertise includes managing complex, multinational claims and collaborating with key market players. Most recently, he served as Delegated Authority Claims Manager at Brit. (Mav Rodriguez, 14/1/2025, Insurance Business, 'Bridgehaven names veteran claims specialist to lead team')Swiss Re has announced that Ute Michaelsen will step down as Head of its North America facultative property/casualty division on March 31 after 28 years with the company. Michaelsen has overseen underwriting and production responsibilities across property, casualty, and specialty lines for global and regional clients, with operations in New York, Chicago, Atlanta, and Toronto. During her career at Swiss Re, she held senior roles in client and broker relationship management and led operational and finance teams. Before joining Swiss Re, Michaelsen worked in private banking and institutional asset management across Europe and the U.S. (Mav Rodriguez, 14/1/2025, Insurance Business, 'Swiss Re's North America facultative head to retire after 28 years')Tokio Marine Holdings has announced that Masahiro Koike will succeed Satoru Komiya as President and CEO of Tokio Marine Holdings and group CEO of Tokio Marine Group, effective after the company’s shareholders’ meeting in June, pending customary approvals. Koike, who has been with Tokio Marine since 1994, currently serves as Managing Executive Officer for the company’s international business. His previous roles include heading strategic initiatives in corporate planning, overseeing US operations as COO for Tokio Millennium Re AG, and leadership in aerospace underwriting, ceded reinsurance management, and corporate strategy. Komiya will transition to Chairman of the board. (Roxanne Libatique, 14/1/2025, Insurance Business, 'Tokio Marine announces leadership shift as new CEO prepares to take helm')Phoenix Specialty has appointed Andrew Charlton as Managing Director, pending FCA approval. Charlton, formerly with Consort Technical Underwriting Managers, brings significant industry experience. Tim James will transition to CEO of Phoenix Global, focusing on global strategy and expansion, while remaining an Adviser for Phoenix Specialty’s holding company. (Kenneth Araullo, 14/1/2025, Insurance Business, 'Phoenix Specialty appoints Andrew Charlton as new managing director')Crawford & Company has promoted Jordan Hall to Global Data Protection Officer, effective Jan. 1, 2025, succeeding retiring David Parker. Hall, who joined in May 2024, brings extensive GDPR expertise and has managed data protection during major events like COVID-19 and Brexit. (Josh Recamara, 14/1/2025, Insurance Business, 'Crawford promotes new global data protection officer')Lloyd’s has appointed Alexander Baugh as an independent council member, pending regulatory approval. He will chair the risk committee and join the audit committee, succeeding Neil Maidment, who steps down after nine years. Baugh brings three decades of experience at AIG, including roles as global CUO for liability and financial lines and North America President. Meanwhile, Lloyd’s CEO John Neal will depart this year after more than six years leading the marketplace, during which he drove digital innovation, cultural transformation, and profitability improvements, strengthening Lloyd’s financial ratings. Neal is expected to join Aon as global CEO of reinsurance and global Chairman of climate solutions, though the timing remains undetermined. (Josh Recamara, 14/1/2025, Insurance Business, 'Alexander Baugh to join council of Lloyd’s')McLarens Aviation has appointed John Bayley as its first Global Technical Director, alongside his role as Regional Director for Europe. Based in London, Bayley will drive technical consistency and innovation across the company’s global network. Joining McLarens Aviation in 1998 after a 15-year aviation career spanning operators and a major aerospace manufacturer, he has since blended engineering expertise with claims management to handle complex aerospace cases. (Rod Bolivar, 13/1/2025, Insurance Business, 'McLarens Aviation appoints global technical director')Arch Insurance (EU) dac (AIEU) has appointed Duncan Smith as CEO, succeeding Søren Scheuer. Smith, who joined Arch in 2005, was deputy CEO of AIEU and previously led professional lines for Arch Insurance International. He will oversee AIEU’s growth across Europe, spanning P&C, mortgage insurance, and MGAs via Alwyn Europe. Scheuer will remain on AIEU’s board as a Non-Executive Director, pending regulatory approval, and will lead the accident & health team at Arch Re Underwriting ApS. The CEO transition follows Tim Watson’s promotion to Credit Underwriting Manager at Arch Insurance International. Based in London, Watson will oversee underwriting for credit and political risk, reporting to Ed Cornish. He joined Arch in 2021 from Canopius and also chairs the International Underwriting Association of London’s Political Risks Committee. (Roxanne Libatique, 13/1/2025, Insurance Business, 'Arch Insurance (EU) dac appoints new CEO to drive European expansion')Pen Underwriting has appointed Robert Dobson as Marine Claims Manager. With over 40 years of experience in marine claims management and adjusting, Dobson has held senior roles at Argo Global, Aon, and Chubb Insurance Company of Europe. He has managed a wide range of marine claims, including hull machinery, cargo, liabilities, and yachts, while enhancing claims control through technical advice and collaboration with underwriting teams.(Josh Recamara, 13/1/2025, Insurance Business, 'Pen Underwriting names Robert Dobson marine claims manager')All information provided in this market digest has been gathered from Insurance Business and IDEX Consulting.

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US insurance market outlook: resilience and innovation

The insurance market in the United States prides itself on being one of the largest in the world with significantly high premium volumes and business revenue. According to Statista “insurance premiums written in the US exceed one trillion...dollars annually” (Statista: Insurance industry in the U.S.)Although faced with multiple challenges over recent years, particularly around cyber security, climate change, AI and regulatory changes, the industry has shown remarkable resilience. Projections show that the “US general insurance industry is set to grow at a compound annual growth (CAGR) of 8.5% from $2.18 trillion in 2023 to $3.03 trillion in 2027” (Global data: US general insurance industry to surpass $3 trillion by 2027). Additionally, despite inflationary pressures, consumer confidence remains high, thanks to a strong market and steady wage growth. The outlook for 2025 is positive with steady growth, recovery in many key specialisms and strong consumer demand. Job growth Insurance job growth across the US remains strong with employment surpassing three million according to data by the Bureau of Labor Statistics. Since August 2023 the industry has added 40,600 jobs, driven primarily by the construction and health care sectors. (Insurance Business: US insurance employment surpasses 3 million)For employers, this resilience offers a positive outlook for business growth and hiring, but it also means increased competition for top talent. Industries such as technology, healthcare, and finance continue to be strong performers, while sectors like renewable energy, logistics, and e-commerce have seen accelerated growth. Technological innovation The insurance industry stands on the edge of a major technological evolution. Increased complexity around new regulations and products will push insurers to embrace advanced software and AI data tools to meet consumer demand and stay competitive. This will be particularly prevalent in underwriting which will require more sophisticated and data driven solutions to enable faster, more accurate risk assessments. Tools which will enable insurers to analyze information and data in real time from disparate sources, during the underwriting process will be key. Insurers will also need to evidence compliance with various digital focused regulations such as the Digital Operational Resilience Act (DORA) and other potential changes aligned to the US presidential administration. Businesses will need to update systems, and adopt specific automation to ensure compliance with the latest regulatory changes that are applicable to their processes and operations. To stay up to date with new ways of working, enhanced data modelling and to ensure technology compliance upskilling whether through certifications, specialist training or online courses will be a non-negotiable for professionals throughout 2025. For employers recruiting talent with the right expertise in AI, data science and machine learning will be essential to business operations. Natural disasters will continue to redefine coverage The growing impact of climate change and severe weather conditions will continue to shape the insurance landscape throughout 2025. According to research insured losses from natural disasters in 2024 accounted for more than $100 billion globally, despite no single event causing catastrophic damages (TheBrokers: 2025 Insurance outlook).These types of weather conditions have seen insurers implement stricter underwriting and AI based catastrophe modeling to refine and improve risk assessments. Businesses are increasingly taking into consideration smaller risks such as wildfires, convective storms and icy conditions to predict risks which poses a challenge for consumers as frequency of these types of events often increases premiums. A focus for 2025 will be how insurers offer tailored solutions to consumers in regions vulnerable to natural disasters which are often subject to unlicensed surplus lines insurers who offer coverage for risks that admitted carriers may reject. Mergers and Acquisitions gain momentum According to TheBrokers data “analysts predict 550-600 deals this year, a slight increase from 2024” (TheBrokers: 2025 Insurance outlook). Corporate M&A deals and PE activity look particularly strong with a large proportion of CEOs cited as willing to consider a merge or acquisition. According to Boston Consulting Group’s M&A sentiment survey highlights an increase in positive M&A sentiment from 81 in August 2024 to 91 in January 2025 (BCG: M&A outlook 2025). Technology focused transactions are likely to be more appealing throughout 2025 as brokers pay more attention to emerging technologies and digital solutions. The U.S. insurance industry’s ongoing resilience, coupled with strong job growth, technological advancements, and improving supply chains, provides a solid foundation for continued industry expansion throughout 2025. For insurers, success will depend on attracting and retaining top talent, fostering innovation, and adapting to new market conditions. For professionals, staying adaptable, upskilling in emerging technologies, and aligning skills with growth sectors will be key to navigating the evolving insurance market. If you would like support with your hiring strategy or are looking for a new career opportunity, contact one of our insurance recruitment specialists who will be happy to help. Sources:BCG: M&A outlook 2025Deloitte: Insurance industry perspectiveDeloitte Insights: 2025 global insurance outlookGlobal data: US general insurance industry to surpass $3 trillion by 2027IMF Blog: How Pandemic Accelerated Digital Transformation in Advanced EconomiesInsurance Business: US insurance employment surpasses 3 millionMedium: U.S. Property & Casualty Insurers Will See Some Relief in 2024 | by Oleg Parashchak | ForinsurerPwC: Attracting talent in an insurance industry talent crisisTexas Insurance Training Academy: The Power of Knowledge: Why Insurance Training MattersTheBrokers: 2025 Insurance outlookStatista: Insurance industry in the U.S.U.S. Bureau of Labor Statistics: Unemployment rate returned to its prepandemic level in 2022: Monthly Labor Review

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2025 Financial Services talent trends

Our Financial Services consultants; Alex Merrick, Client Director and James Salmon, M&A Client Director share their thoughts below on hiring trends, what employers need to implement in 2025 to attract top talent and how employees can enhance their career prospects. If you’d like support with your hiring strategy, looking for top talent or exploring new career opportunities get in touch with Alex who will be happy. Alternatively, if you’re exploring your M&A options and would like some intel on the market, speak to James who is our M&A expert.What’s affecting hiring and employment across the Financial Services market? Operating costsEconomic uncertainty post-budget has turned the dial on operating cost and has stripped profit from a business’ bottom line, leading to employers becoming more stringent with their hiring needs. As a result, hiring activity for skilled and experienced professionals is tightening. Lack of new talent entering the marketRetirement continues to be pressing amongst the Financial Adviser community. 60% of the adviser population is expected to consider their retirement options in the coming three to five years. There are clear demographic shifts and not enough sufficient junior-talent joining the profession. AI and technological disruptionThere has been a huge rise in automation and this is only set to continue, which is expected to reduce the need for transitional advisory roles particularly for clients with a 'vanilla' type service, whilst also fulfilling process and administration gaps. Digital transformation now also enables engagement via virtual meetings for instance, which favours the more tech-savvy client and candidate.Regulatory changeConsumer duty and fair value testing is widening the advice gap, as larger employers seek to implement minimum fee thresholds. The FCA’s and other mandatory regulation requirements will continue to add pressure on operating models and client delivery. What are the main in-demand roles across Wealth Management?The most in-demand roles are; Financial advisers and planners, Paraplanners, Regional Managers, M&A specific roles (Integration, Project/Programme Management, Administration, Change, Transformation) and roles associated with compliance, quality assessment and risk assurance. What are the in-demand skills employers are looking for?This completely depends on the role and business need, however in general a good, qualified adviser will have strong interpersonal skills and a commitment to continued professional development or further study. It’s also becoming increasingly important for employees to have a good understanding of technology, AI tools and automated data management systems. They also need to be able to use cashflow modelling and adapt to an ever-changing regulatory environment. A candidate’s professional expertise and skillset is their brand, so a high level of professional integrity, alongside competence and an ability to network, whilst being ethical in having difficult conversations, will put someone in a strong position.From a senior management perspective, businesses are looking for individuals who have both a proven and demonstratable track record, an ability to think strategically (blue sky, growth mindset, innovative) and make an impact. Strong leaders in this sector have a high Emotional Quotient (EQ), and an ability to articulate and execute a vision which promotes certainty, direction and growth whilst still being inclusive and collaborative. From an operational and compliance perspective employers are seeking individuals with a strong understanding of regulation and the FCA's direction of travel, since dealing with legislation risks faced and a changing regulatory environment is key. It’s also worth noting that candidates with a strong familiarity of new and existing tools that are entering the market, plus the ability to strategise will show to employers they are able to future proof and innovate.What do employers need to implement in 2025 to be successful?Employer branding Employers need to set out their unique differentiators and explain the ‘so what factor’ for professionals. It’s never been more important to create a compelling brand story that brings to life a company’s mission and impact on society. Benchmark salaries and packagesIt's not breaking news that we're in an unstable economic climate where interest rates and the cost of living remain high. Top employers create compelling compensation, reward and package incentives which entice individuals. Professional career pathsBe clear on your how you will support the longevity of someone’s career, where will the role go next? What support will someone receive from HR and the Learning and Development team? Be flexible on location to attract diverse talent poolsAs competition for top talent grows, it’s crucial that employers don’t restrict their talent pools, the wider they cast the net the greater chance they have of finding the best candidate. Be ahead of the curve with innovation and technologyEarly adopters tend to spur greater interest. Those who are challenging the status quo and trying something different will attract high-performing individuals who want to join a forward-thinking business. The development of AI within Financial Advice is compelling and will enable businesses to do more with less. What do employees need to focus on in 2025 to enhance their career prospects?Be proactive and review your circumstances regularlyFinancial advice is reviewed annually, and professionals need to stay on top of market developments, regulatory change and business innovation. Being proactive increases the likelihood of finding new opportunities and enhancing career growth. Learn about AI and technological developmentsAI and the development of technology is changing the industry and how businesses operate. To avoid being left behind professionals need to upskill themselves and when it comes to technological and software programmes. In time the impact on operating cost will be significant, and on roles such as administration, paraplanning, and the wider advice process from a file checking and compliance perspective.If you’d like support with your hiring strategy, looking for top talent or exploring new career opportunities get in touch with Alex who will be happy. Alternatively, if you’re exploring your M&A options and would like some intel on the market, speak to James who is our M&A expert.

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2025 General Insurance Talent Trends

Paul Davey, Managing Director for the IDEX Consulting General Insurance division shares his thoughts below on hiring trends, what employers need to implement in 2025 to attract top talent and how employees can enhance their career prospects. If you’d like some intel on the insurance employment market, are looking to hire top talent or considering a new career opportunity contact Paul who will be happy to have a confidential chat. What’s affecting hiring and employment across the General Insurance market?2024 saw the General Insurance market return to a semblance of ‘demand’ normality as brokers and insurers returned to more controlled hiring plans, and shareholders scrutinised returns over previous unbridled investment and growth. The story is obviously more nuanced than this by sector, organisation, leadership team and investor, and of course where Private Equity or Venture Capitals are involved in terms of their growth cycle. The overall trend has been focused on hiring the ‘right’ talent, versus the frenzied labour market of 2021 and 2022, where salary bandings were inflated and some employees were receiving overcompensated salaries. As this demand normality returns, the market which was previously candidate driven is now more balanced. There is increasing pressure on remote and hybrid working models as some employers look to stamp control and consistency on their work patterns for a variety of reasons and motivations. The flexibility discussion won’t go away and those employers who are intractable on five days in the office will inevitably restrict their access to wider talent pools, only time will tell if that strategy pays them back. Insurance has always been a global business conducted locally, but post Covid that global connectivity has accelerated. We have seen record investment overseas (predominantly from the US) which is bringing new ideas, and opportunities to expand and collaborate. Brokers, insurers and MGAs are looking for ways to compete for new clients in an economy that’s only growing modestly and a rate environment that’s still supportive, but not certain to remain so forever. What do employers need to implement in 2025 to be successful?Larger employers are increasingly evaluating their business strategies and operating models to understand what they mean to their colleagues, clients and suppliers. All of this matters to them because they appreciate they need to attract and retain quality people after a bruising few years where attrition rates soared, even for the best employers in the market. It will be key for insurers and brokers to set themselves apart in 2025 and beyond, and a way to do this will be to develop authoritative and authentic Employer Value Propositions that clearly communicate a business’ unique differentiators. What do employees need to focus on in 2025 to enhance their career prospects? Artificial Intelligence, Machine Learning and Data Management will continue their evolution into the daily lives of us all.Anyone under the impression this is the preserve of the Terminator films better look up; this is happening now, and the pace of change will only increase.  For readers looking through the lens of personal career progression, our advice is to self-propel your learning in this space to understand how it can benefit you, your role and business.  Being adaptable to the change that is coming will put you and your skills at the top of the pile of future employer needs in the years to come.If you’d like some intel on the insurance employment market, are looking to hire top talent or considering a new career opportunity contact Paul who will be happy to have a confidential chat.

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2025 Insurance employment outlook

The insurance industry is poised for steady growth in 2025 as technological advancements create new opportunities, insurers look at how they can adopt improved approaches to risk modelling, and demand for skilled talent increases. According to a study by Jacobson Group and Aon’s Strategy and Technology Group, it's projected there will be a “0.58% growth in insurance jobs overall in the next 12 months” with “life & health…anticipated to experience a 1.49% increase in employment opportunities, while property & casualty is expected to see a 0.26% increase” (Risk & Insurance: Insurance industry forecasts strong growth).Talent attraction, retention and development will be key as employers compete with each other to attract the best talent in the market. From our 2025 Insurance Salary Guide and Market Sentiment report 76% of employers say they plan to hire in the next 12 months, however 52% say their biggest challenge will be a shortage of suitable applicants. Research shows this is partly to do with the ageing population across the market and a lack of strategies to attract younger talent into the profession. Additional insights from our 2025 Insurance Salary Guide and Market Sentiment report include a range of interesting factors employers and professionals should pay attention to. Our data shows that:66% of employers don’t have an employer value propositionOur data shows that over 66% of insurance employers do not have an employee value proposition, yet a good employer brand and reputation in the market was cited as one of the most important things employees look out for when selecting a new job.To attract top talent and encourage a younger generation into the profession it’s not enough for insurers to offer good compensation packages and standard benefits, they need to address their brand image. In the Insurance Times’ 2024 Talent Development Report 80% of respondents said industry reputation and attractiveness were the main barriers to attracting talent and “being overworked, underpaid and other industries being more attractive, were stated as the top reasons…brokers were leaving their jobs” (Insurance Times: Talent Development Report 2024).60% of employees plan to change jobs in the next year 60% of respondents to our survey said they planned to change jobs in the next 12 months, with 37% citing job dissatisfaction. Reasons expressed include; heavy workload, minimal pay rises, gender imbalances and an absence of career development, with comments illustrating a considerable amount of disengagement and frustration. People said, “The team is understaffed, putting too much pressure on existing team members”, “My employer does not and has not provided any pay rises, in over five years”, “Insurance is still a gentlemen’s club in so many ways”.30% of employees said their salary has either decreased or stayed the same for the past 12 monthsWhen we asked hundreds of employees across the insurance profession what they look for when searching for a new job, the majority said pay was most important, followed by non-financial benefits and career progression. In fact, comments from employees highlight dissatisfaction with salary and workload. One respondent said, “the salary package is low compared to competitors” and another commented, “our team is well understaffed, putting too much pressure on existing team members”. 50% of those surveyed in the Insurance Times’ 2024 Talent Development Report said that brokers are leaving jobs because they are underpaid (Insurance Times: Talent Development Report 2024).For more insights on the insurance market, plus accurate salary data and hiring predictions for the next year access our 2025 Insurance Salary Guide and Market Sentiment report.

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Financial Services newsletter Friday 10th January 2025

Financial Services NewsWealth manager Tavistock reported a £0.2m operational loss for the six months to September, compared to a £0.9m profit in 2023, with revenue down from £20.6m to £19.6m and adjusted profits falling two-thirds to £0.7m. Following disputes with former partner Titan Wealth and the £22m sale of its advice business to The Saltus Partnership, the firm plans to reposition its operations. (Financial Planning Today, 9/12/2024, 'Tavistock posts loss after turbulent six months')Quilter Financial Planning has added five new Appointed Representative firms to its advice network, including former St. James’s Place advisers Chris Bibby (Bibby & Co, Liverpool) and Anthony Poole (Adams and Poole Financial Services, Manchester/Uttoxeter). Other additions include Wolverhampton-based family practice Personal Finance Matters, led by Babita Nahal and Anil Duggal; Essex-based James Joseph Generational Wealth Planning, run by Chartered Adviser Tony Farrell with 35+ years of experience; and Bromley-based Redgate Financial Ltd, led by Edward and Emily Tory. (Financial Planning Today, 5/12/2024, 'Quilter network adds 5 new AR firms')A Wesleyan poll found that 91% of financial advisers expect increased market volatility in 2025, with 84% believing it threatens investment performance and 24% predicting over 40% of clients may avoid real assets due to uncertainty over inflation and Bank of England rate decisions. (Financial Planning Today, 3/1/2025, 'Advisers braced for greater market volatility in 2025')Financial services veteran Ken Davy, awarded an OBE in the King’s New Year Honours for services to community rugby league, has had a 50+ year career founding successful ventures like SimplyBiz (now Fintel) and DBS, proving the profitability and value of well-run adviser firms. (Financial Planning Today, 3/1/2025, 'Industry giant Ken Davy awarded OBE')XPS has launched the DC:UK Savings Watch tracker to benchmark typical DC pension pots at retirement against the PLSA/Loughborough Retirement Living Standards, offering insights for employers and trustees on pension adequacy and retirement income goals. (Financial Planning Today, 31/12/2024, 'XPS launches new DC pension tracker')Investment manager and Financial Planner Redmayne Bentley reported a 59% rise in profits to £7.06m and an 11.7% increase in revenue to £36.2m for the year ending 31 March. The Leeds-based firm, with over 25 UK offices, highlighted strong financial performance in its latest update. (Financial Planning Today, 23/12/2024, 'Profits up 59% at Redmayne Bentley')Prime Minister Sir Keir Starmer, joined by Chancellor Rachel Reeves and Business Secretary Jonathan Reynolds, urged key regulators, including the FCA, to propose reforms by mid-January to reduce red tape, boost business growth, and address the UK’s stagnating economy. The letter emphasized the need for bold ideas to stimulate economic recovery and foster sectoral development. (Financial Planning Today, 30/12/2024, 'FCA set to respond to Starmer call for growth')Defaqto has named four hybrid advice "trailblazers"—Pension Potential (Punter Southall), Destination Retirement (Hub Financial Solutions), Smart Retire (Smart Pension), and My Time—as pioneers in addressing the pensions advice gap. With FCA data showing 69% of over 885,000 pension pots accessed without advice in 2023/24 and many retirees making unsustainable withdrawals of 8% or more annually, these innovations aim to tackle this critical issue. (Financial Planning Today, 30/12/2024, 'Hybrid advice 'trailblazers' helping bridge pensions gap')Rising regulatory costs, including the Consumer Duty, are driving financial advisers to increase minimum client portfolio sizes, with over half raising the average to £117,000—up 17% from £100,000 last year. The Scottish Widows Investor Confidence Barometer highlights this trend, noting advisers are moving upmarket to manage compliance burdens and leverage changes like the LTA scrapping. (Financial Planning Today, 20/12/2024, 'Average client portfolio size up 17% in a year')The Consumer Duty Alliance (CDA) has launched a free diagnostic tool to help firms track their progress on Consumer Duty compliance and identify business growth opportunities. The tool, developed with fintech Consumer Duty Diagnostic, enables firms to assess and report on their client-centric readiness. With the FCA expected to focus more on compliance in Q1 2025, the CDA—boasting over 20,000 members—supports advisers in meeting the requirements of the Consumer Duty, which ensures fair and engaged client treatment across all stages of the customer journey. (Financial Planning Today, 5/12/2024, 'Consumer Duty Alliance launches free diagnostic tool')Harry Sevier, former Investment Director at Ruffer, has partnered with P1 Investment Services to launch Lulworth Investment Management, a boutique firm offering discretionary management to private clients, charities, and advisers. Based in London, Lulworth will introduce absolute return, time-horizon focused portfolios tailored to growth, income, and ethical mandates, with an approach blending active management and capital preservation. These portfolios will be available on the P1 Platform and other investment platforms. Sevier, who spent 15 years at Ruffer, holds a CISI diploma and an outstanding achievement award for investment analysis. (Financial Planning Today, 3/12/2024, 'Ex-Ruffer investment director launches boutique firm')Tavistock will reposition its business after receiving £22m from The Saltus Partnership for its network of 140 self-employed advisers. The funds will refocus the firm on asset management services for third-party firms and the public, retaining its Tavistock Private Client and Tavistock Protect businesses. The acquisition of Alpha Beta Partners is part of this strategic shift. (Financial Planning Today, 2/12/2024, 'Tavistock confirms repositioning after £22m Saltus deal')Oberon Investments saw a 74% revenue increase to £4.8m for the six months to September, driven by growth in investment management, wealth planning, and corporate broking. Despite a reduced Ebitda loss of £0.96m, the firm remains on track to exceed its 30% revenue growth target for the year. (Dylan Lobo, 18/12/2024, Citywire Wealth Manager, 'Wealth boutique’s revenue jumps 74% as hire spree bears fruit')The Wealth Management talent shortage - The wealth management industry faces a talent shortage due to an ageing workforce and lack of younger professionals. To address this, firms should update recruitment strategies, improve training, and raise career awareness. (IDEX Consulting news, 'The Wealth Management talent shortage')The gender pay gap in Financial Services - The gender pay gap in the UK financial services sector remains significant, with an average gap of 22.7% in 2022-23, second only to the education sector. Notably, major banks like HSBC, Goldman Sachs, Morgan Stanley, and Standard Chartered reported widening gaps in 2022, attributing this to the under-representation of women in senior roles. (IDEX Consulting news, 'The gender pay gap in Financial Services')The biggest challenges facing Financial Advisers - Financial advisers are currently navigating increased work pressures, a challenging economic climate, and growing client demands. Key challenges include adapting to economic pressures, regulatory changes, and talent shortages. (IDEX Consulting news, 'The biggest challenges facing Financial Advisers')Reports of non-financial misconduct on the rise - Reports of non-financial misconduct in the financial services sector have risen significantly, with bullying, harassment, and discrimination being key concerns. This increase may indicate both a higher incidence of such behaviours and improved internal reporting mechanisms. The Financial Conduct Authority (FCA) is expected to introduce stricter standards to address these issues. (IDEX Consulting news, 'Reports of non-financial misconduct on the rise')Mergers and AcquisitionsAzets Wealth Management, the advice arm of Azets Group, has acquired Newcastle-based IFA Laurus Associates, founded by Karen Barwick and Colin Dawson, for an undisclosed sum. The acquisition, expected to complete by month-end, will integrate Laurus's team of 10 into Azets Wealth Management's UK operations. (Victoria Bell, 7/1/2025, Citywire Wealth Manager, 'PE-backed Azets Wealth Management buys Newcastle firm')Foster Denovo has acquired Midlands-based Brian Mole IFA, adding £300m in assets under advice and expanding its UK footprint with a 14th office. The deal, its sixth acquisition in 12 months, includes seven advisers and nine support staff serving 1,300 clients. (Financial Planning Today, 4/12/2024, 'Foster Denovo acquires £300m AUA Midlands IFA')In further news...Foster Denovo has acquired Verum Wealth, adding £87m in assets under advice to its Glasgow hub, marking its seventh acquisition in over a year. This follows a series of recent acquisitions, expanding its national footprint with firms like Brian Mole, 80Twenty, Wade Financial, and Creative Financial Solutions, establishing 14 offices across the UK. Verum Wealth, founded by Tony McPhee in 2015, previously operated as a joint venture with an accountancy firm. (Momodou Musa Touray, 8/1/2025, Money Marketing, 'Foster Denovo expands in Scotland with £87m IFA acquisition')European life and pensions consolidator Chesnara has acquired Canada Life's onshore bond arm, adding a closed portfolio of unit-linked bonds and legacy pension business with 17,000 policies and £1.5bn in assets. The policies will transfer to Chesnara’s UK subsidiary, Countrywide Assured, by the end of 2025, pending regulatory approval. This follows Chesnara’s 2023 acquisition of Canada Life's individual onshore protection business. (Financial Planning Today, 23/12/2024, 'Consolidator snaps up Canada Life’s onshore bond arm')Titan Wealth has acquired Independent Wealth Planners (IWP), adding £6.6bn in client assets and two trading businesses (IWP Financial Planning and IWP Investment Management). The deal, subject to regulatory approval, will increase Titan Wealth’s total AUM/AUA to around £35bn and make it one of the largest Financial Planning businesses in the UK, with over £14bn in assets under advice. (Financial Planning Today, 18/12/2024, 'Titan Wealth acquires Financial Planner IWP')Söderberg & Partners, a rapidly expanding Swedish-owned wealth manager and Financial Planner, has acquired stakes in three UK IFA firms—Hoyl Independent Advisers (£3bn+ assets, 42 advisers), Intelligent I-FA (£300m+ assets, 13 advisers), and Mosaac Ltd (£230m+ assets)—with financial details undisclosed. (Financial Planning Today, 2/12/2024, 'Söderberg takes stake in 3 UK advisers')Brooks Macdonald has acquired Norwich-based Lucas Fettes Financial Planning (£890m assets under advice, £300m assets under influence) to enhance its Financial Planning capability and presence in East Anglia, integrating it into its direct wealth business. (Financial Planning Today, 2/12/2024, 'Brooks Macdonald completes acquisition of Norwich Planner')Chartered Financial Adviser and wealth manager Skerritts has rebranded as Shackleton, relocated its HQ to London, and acquired four firms—Save & Invest (£550m AUM), Fleming Financial (£250m AUM), Robson Lister (£350m AUM), and Shorts Financial Services (£350m AUM)—bringing its total AUM to £5.5bn after 15 acquisitions since a £55m investment by Sovereign Capital Partners in 2021. (Financial Planning Today, 2/12/2024, 'Skerritts rebrands as Shackleton and buys 4 firms')Milecross Financial, a Northern Ireland-based financial adviser, has acquired Milton Keynes-based The Martin Cliffe Practice for an undisclosed amount, marking its fourth acquisition of the year. The deal adds £80m in funds and 650 clients, with the Martin Cliffe team of seven—including four advisers—joining Milecross. The firm plans further acquisitions in 2025. (Financial Planning Today, 10/12/2024, 'Milecross snaps up Milton Keynes Financial Planner')MoversSchroders has appointed Philip Chandler as the new CIO for its £6.3bn investment solutions business, replacing Alex Funk, who left in May. Chandler, a company veteran since 2003, was previously Head of the multi-asset team and Co-Manager of the global multi-asset portfolio range. He will retain his multi-asset role while taking on the new position. Chandler's global multi-asset growth portfolio outperformed the peer group average with a 15.2% return over three years, compared to the 11% average. (Natalia Vasnier, 7/1/2025, Citywire Wealth Manager, 'Schroders ends CIO search for £6.3bn solutions business')Manchester-based Pareto Financial Planning has relocated its HQ to the refurbished Old School House building in Spinningfields, adding new staff including Financial Adviser Joe Heaword, previously with Camargue Chambers LLP, and Employee Benefits Consultant Nathan Clarke, who has a background in banking and wealth management. The 1886 building has been renovated to support Pareto’s growing team, including future needs for expansion. (Financial Planning Today, 11/12/2024, 'Pareto opens new Manchester HQ and boosts team')Simon Pryke is stepping down as CEO of Findlay Park after nine years, with Rose Vangerven set to succeed him in April, while Pryke will assume the role of Executive Chairman. Vangerven, a Partner since 2021, led the integration of ESG issues into the firm’s investment process and has prior experience at BlackRock and Columbia Threadneedle. She has also served as Deputy Chair of the Independent Investment Management Initiative since 2022. Praising Vangerven’s ‘significant contribution’ to Findlay Park, Pryke and CIO Anthony Kingsley, said she had ‘been an outstanding candidate to succeed Simon as CEO for some time’. (Sophie Downes, 8/1/2025, Citywire Wealth Manager, 'Exclusive: Findlay Park names new CEO as Pryke steps back')Brown Shipley CEO Calum Brewster is leaving the business after three years. Chief Operating Officer Robert Kitchen will lead the firm on an interim basis until a successor is appointed. Brewster joined Brown Shipley from Julius Baer. (Wealth Manager Team, 7/1/2025, Citywire Wealth Manager, 'Eight big wealth moves in December')Nick Wood, Quilter Cheviot’s Head of Fund Research, has been promoted to Head of the firm’s regional business, replacing Richard Thorn, who retired after 38 years. Wood has been with the firm since 2012. Matt Ennion, who joined in 2019, replaces Wood as Head of Research. (Wealth Manager Team, 7/1/2025, Citywire Wealth Manager, 'Eight big wealth moves in December')James Hambro’s £500m Leeds office lost two seasoned investment professionals at the end of the year. Ed Binks is believed to be joining Rothschild, while Ed Marsden is heading to Titan Wealth. Marsden and Binks had joined James Hambro to launch the Leeds office in 2020, alongside Aidan Butler, after their previous roles at Abrdn Standard Life. (Wealth Manager Team, 7/1/2025, Citywire Wealth Manager, 'Eight big wealth moves in December')HSBC's Chief Executive for global private banking and wealth, Annabel Spring, has left her role following a restructure under new CEO Georges Elhedery. The restructure created an international wealth and premier banking division, led by Barry O’Byrne. Spring’s responsibilities will be split between Lavanya Chari, Head of Wealth and Premier Solutions, and Gabriel Castello, interim CEO for global private banking. HSBC will announce a permanent successor later. Jose Carvalho remains Head of Wealth and Personal Banking in the UK. (Wealth Manager Team, 7/1/2025, Citywire Wealth Manager, 'Eight big wealth moves in December')Close Brothers CEO Adrian Sainsbury has stepped down three months after taking medical leave, with Finance Director Mike Morgan replacing him. Sainsbury, who joined Close in 2014 and became CEO in 2018, is expected to make a full recovery. Morgan had been serving as acting CEO during Sainsbury’s absence. (Dylan Lobo, 7/1/2025, Citywire Wealth Manager, 'Close CEO steps down after medical absence')Wren Sterling's Executive Chairman Ian Darby retired at the end of 2024 after nearly 10 years at the firm. Darby led the management buyout of Towergate Financial in 2015 and oversaw a secondary buyout by Lightyear Capital in 2021, marking significant private equity-backed milestones for the company. (Victoria Bell, 6/1/2025, Citywire Wealth Manager, 'Wren Sterling chair Darby exits after a decade')Hurst Point Group has appointed Michael Bishop, former Head of Wealth at WH Ireland, as Managing Director for its investment management business, replacing Sarah Soar, who stepped down after five years. Bishop brings over 20 years of experience in wealth management, having previously held roles at PwC, UBS, and WH Ireland. (Sophie Downes, 2/1/2025, Citywire Wealth Manager, 'Hurst Point hires ex-WH Ireland wealth head to replace Hawksmoor CEO')Brooks Macdonald has appointed Ben Johnson as Head of Business Development and James Goward as Head of Sales Enablement, both joining from Rathbones. Johnson, a former Regional Sales Head at Rathbones, will lead business operations, while Goward, formerly Head of Distribution Operations, will oversee sales enablement. (Dylan Lobo, 20/12/2024, Citywire Wealth Manager, 'Brooks appoints business head in double Rathbones hire')Titan Wealth appointed Scott Hamilton as Head of Sales for Titan Private Wealth to expand its high-net-worth market presence. Hamilton, with 25 years of experience, joins from Succession Wealth, succeeding Mark Livesey, who transitions to Group Managing Director. (Momodou Musa Touray, 8/1/2025, Money Marketing, 'Titan hires head of sales from Succession Wealth')Steven McBurnie, a Chartered Financial Planner with over five years of experience on the CISI PPIG committee and a Paraplanner at Glasgow-based Wright, Johnston & Mackenzie, has been appointed Chair of the CISI Paraplanner Interest Group, succeeding Dan Atkinson after five years, to continue supporting paraplanners globally in networking and sharing insights. (Financial Planning Today, 6/1/2025, 'New chair of CISI Paraplanner Interest Group')Hoxton Wealth has appointed Jordan Maxwell as a Financial Planner in its UK team. With a degree in urban planning and development, he began his career in Saudi Arabia before returning to the UK, where he worked in investment as an Investor Relations Manager, Client Adviser, and Paraplanner. (Financial Planning Today, 6/1/2025, 'Hoxton Wealth adds Financial Planner to UK team')Brown Shipley, part of Quintet Private Bank, has appointed Lindy Kroese as a Wealth Planner for its Leeds team. With over a decade of experience in the UK and South Africa, she joins from Balance Wealth Planning, where she specialised in estate, succession, pension, and retirement planning. She began her career at Old Mutual in South Africa before moving to Quilter Private Client Advisers. (Financial Planning Today, 31/12/2024, 'Brown Shipley hires South African planner')CISI has appointed James Morris, an experienced Broker and Trader, as Ireland Country Head. Formerly with StoneX Group in Dublin, where he oversaw clearing, execution, and sales, he also held roles at Crux Shipbrokers in Dublin and MINT Partners in Singapore and Dubai. Based in Dublin, he will manage client relationships in Ireland and Northern Ireland, succeeding Deirdre Lawson. (Financial Planning Today, 17/12/2024, 'CISI selects new Ireland country head')Evelyn Partners has appointed Mimi Corden-Lloyd as an Associate Director in its London Financial Planning team. Based at the Gresham Street office, she brings extensive experience from over two years at Coutts, where she served as Associate Director in the sports, media, and entertainment wealth management team, advising high-profile clients on complex financial matters. Alongside her corporate expertise, she is a competitive runner, representing Great Britain at the European Champion Clubs Cup in Portugal and competing at national and international levels since the age of nine. (Financial Planning Today, 17/12/2024, 'Evelyn adds to 300-strong Financial Planning team')Chartered Financial Planner James Herbert has joined Plymouth-based Continuum as a Financial Adviser, focusing on the Staffordshire region from his Stoke on Trent base. Specialising in investments, pensions, estate planning, and protection, he joins from Amber River True Bearing and previously spent over 13 years as Wealth Planning Director at Atomos Wealth. He chose Continuum for its resources while maintaining his independence. (Financial Planning Today, 13/12/2024, 'Chartered Financial Planner joins Continuum')All information provided in this market digest has been gathered from Citywire Wealth Manager, Financial Planning Today, Money Marketing, and IDEX Consulting.

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