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A strategic acquisition: How IDEX Consulting accelerated Morton Insurance Brokers’ growth

BackgroundMorton Insurance Broker, an independent London-based insurance broker, specialising in minicab and Private Hire insurance for PCO and Taxi drivers across the UK, faced a critical strategic decision. With the founder, Adrian Morton looking to retire in the next few years, the business was looking for an appropriate buyer who had a great company reputation, could offer the same, if not better products and services to their customer base, and importantly one which Adrian felt comfortable and secure selling his legacy to.The brief included finding a buyer who could: Maintain an excellent level of customer serviceProvide job security and career opportunities for existing employeesEnsure a smooth transition for both staff and clients“It can be a lonely world as an independent business owner, so it was nice to have someone to bounce ideas off and support me through the process”, said Adrian. Our SolutionOur specialist M&A consultants took the time to carefully understand Adrian’s business model, vision and growth trajectory. Having carefully evaluated the business objectives and future priorities, the team introduced Adrian to Specialist Risk Group just a week after the initial conversation. "IDEX listened to my needs and took time to understand what I wanted on a personal level as well as what I wanted to do with my business. When I spoke to SRG they were already aware of what I wanted and were able to accommodate. Kim kept me in the loop at every stage and made the process comfortable”, added Adrian.The team’s approach focused on:Deeply understanding Adrian’s personal and professional needsLeveraging industry connectionsProviding transparent, supportive and consistent guidance throughout the processWhy Adrian chose to work with IDEXSeveral key factors made IDEX the ideal partner:Expert impartial guidance - "As IDEX are independent, you can trust they are supporting you for genuine reasons, no hidden agenda. If I ever had any queries or needed to discuss anything as part of the process, they were there to support me, without charge too. I know similar companies charge the seller for support”, said Adrian.Industry expertise and extensive network - Our consultants have over 150 combined years of M&A experience with a network of 40,000 businesses across the UK, Europe, US and Middle East. This means they have established, trustworthy relationships with Managing Directors, CEOs and Private Equity firms, often looking to acquire or sell.Personalised and empathetic approach - Our consultants took additional care and due diligence to understand and prioritise Adrian’s business and personal objectives so that the right match could be made. The ResultThe deal was completed in approximately seven months which was a fantastic outcome for both seller and buyer. Not only has the acquisition created new opportunities for Morton Insurance and helped expand its customer base, it has also provided Adrian with increased personal freedom and a clear, secure path to retirement."The acquisition has given me some freedom which I never had before as a full-time business owner. If I’m away from business or out of the business for some time, I know my clients and employees are being looked after properly. I am looking forward to working towards full retirement over the next few years," Adrian concluded.If you’re exploring your growth options, are looking for specialist M&A advice or would like some intel on the M&A market don’t hesitate to contact our M&A consultants who will be happy to help.

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General Insurance newsletter Friday 7th March 2025

Insurance NewsHow IDEX Consulting accelerated Morton Insurances' growth - Morton Insurance Brokers came to IDEX to ask them to support the growth of their business, and find a suitable buyer as its founder, Adrian Morton, prepared for retirement. After careful analysis and due diligence IDEX's M&A specialists matched Morton with Specialist Risk Group (SRG), ensuring continuity of service, employee job security, and continued growth. The deal was finalised in just under seven months, enabling Adrian to securely prepare for retirement. (IDEX Consulting news, 'How IDEX Consulting accelerated Morton Insurances' growth')M&A buy and sell strategies: predictions from our experts - M&A activity is expected to grow despite recent tax reforms, particularly around Capital Gains Tax and Business Asset Disposal Relief. If you’re considering an exit strategy or looking to acquire, M&A experts urge you to start the planning process now. Understanding how new and changing regulations will impact your business, especially concerning cyber risks and ESG, will be key for successful transactions. (IDEX Consulting news, 'M&A buy and sell strategies: predictions from our experts')2025 Insurance employment trends - The 2025 insurance employment outlook highlights moderate job growth across the industry, with talent acquisition of suitably skilled professionals remaining a key challenge due to developments in technology, an ageing workforce and a lack of younger recruits. Research shows employee dissatisfaction is growing, with 60% of employees planning to change jobs, mainly due to low pay, heavy workloads, and a lack of career progression. Understanding what your employer brand is, how it’s perceived in the market and how to use it to attract top talent will be a key differentiator in 2025. (IDEX Consulting news, '2025 Insurance employment trends')How to tackle the gender imbalance in insurance - The insurance profession continues to face significant gender parity issues, with women, especially from minority ethnic backgrounds, underrepresented in leadership roles. Despite some progress in entry-level positions, there are still barriers such as a 30% gender pay gap and lack of professional development opportunities. Addressing how you can implement incremental changes that are sustainable and having leaders champion gender equity authentically is crucial for improvement. (IDEX Consulting news, 'How to tackle the gender imbalance in insurance')Aviva has enhanced its digital commercial combined insurance with expanded underwriting, broader coverage, and a 16-member underwriting team in Perth to support brokers in placing complex risks online. (Josh Recamara, 7/3/2025, Insurance Business, 'Aviva updates digital commercial combined insurance product')MAPFRE RE has partnered with CyberCube to strengthen its cyber insurance position, licensing CyberCube’s tools to manage cyber risks and expand into new markets, amid growing demand for cyber coverage. (Rod Bolivar, 6/3/2025, Insurance Business, 'MAPFRE RE boosts cyber risk management with CyberCube')Brand Finance reports a 9% YoY rise in brand value among the top 100 insurers, with nine of the top 10 growing in 2025, despite climate challenges; Ping An remains No. 1 at $33.6B, while US insurers now hold 25% of total brand value. (Rod Bolivar, 6/3/2025, Insurance Business, 'Global insurance brands increase in value amid challenges')Airmic’s 2025 Captives Survey shows rising captive insurance use for risk management, with members overseeing £22.6B in assets and £5.1B in annual premiums; over 25% of respondents report premiums between £2M–£5M, while 17% exceed £50M. (Rod Bolivar, 6/3/2025, Insurance Business, 'Captives become key to managing business risks – Airmic')The 2025 State of Flood report highlights growing US flood insurance demand amid rising flood events, with Guy Carpenter attributing increased risk to extreme rainfall, higher evaporation, stronger storms, and drought-driven flash floods. (Kenneth Araullo, 5/3/2025, Insurance Business, 'Flood insurance demand surges in 2025 as Guy Carpenter warns of expanding risks')Enstar Group’s Lloyd’s Syndicate 2008 has finalised a loss portfolio transfer with Atrium Syndicate 609, assuming approximately $196M in net loss reserves based on Atrium’s Q3 2024 carried reserves. (Kenneth Araullo, 5/3/2025, Insurance Business, 'Enstar's Lloyd's Syndicate 2008 Completes loss portfolio transfer with Atrium')Gallagher Re launches the Cyber Risk Adjusted Rating (RAR) Index to track reinsurance pricing while accounting for shifts in cyber risk. The index reveals market fluctuations, with Ian Newman, global head of cyber, noting cyber risk’s systemic exposure. Gallagher Re reports that Aggregate Stop-Loss and Aggregate Excess of Loss structures remain preferred due to their ability to cover large-scale cyber events, including the 2018–2021 ransomware surge. (Jonalyn Cueto, 4/3/2025, Insurance Business, 'Gallagher Re introduces Cyber Risk Adjusted Rating Index')Fitch Ratings warns the property and casualty insurance industry faces financial pressure from natural catastrophes, though strong capital reserves and reinsurance help manage volatility. Experts noted major events like a Miami hurricane or California earthquake could lead to massive losses. Rising storm frequency has pushed rates higher, with smaller insurers, particularly in Florida, vulnerable due to reliance on reinsurance and state programs. (Jonalyn Cueto, 4/3/2025, Insurance Business, 'P&C insurers brace for rising catastrophe risks')Beazley plc reported a record profit before tax of $1.42 billion for the year ending December 31, 2024, a 13% increase from 2023. The insurer also launched a $500 million share buyback and saw 10% growth in written premiums, reaching $6.16 billion. However, the undiscounted combined ratio rose to 79% from 74%, and return on equity declined to 27% from 30%. The company estimated $80 million in claims from the Californian wildfires. (Jonalyn Cueto, 4/3/2025, Insurance Business, 'Beazley shares strong results, announces huge buyback')SiriusPoint Ltd. has completed its $733 million repurchase of all common shares and warrants held by CM Bermuda Limited, eliminating CM Bermuda’s ownership stake and board involvement. The company also finalised a secondary offering of 4.1 million shares by entities linked to Daniel S. Loeb. (Kenneth Araullo, 3/3/2025, Insurance Business, 'SiriusPoint finalizes CM Bermuda exit and secondary share offering')Pool Re has expanded its retrocession programme to £2.75bn, up from £2.4bn, with support from 60+ reinsurers; brokered by Guy Carpenter, the cover shifts more terrorism risk to the private market and includes a limited cyber extension. (Kenneth Araullo, 3/3/2025, Insurance Business, 'Pool Re secures expanded retrocession cover with 60+ reinsurers')Brit Limited reported a 2024 pre-tax profit of $661m (up from $623.9m in 2023) and a combined ratio of 75.7% (discounted); GWP rose to $3.78bn, with a strong capital surplus of $987.5m after $605.4m in dividends. (Josh Recamara, 3/3/2025, Insurance Business, 'Brit reports higher pre-tax profit in 2024')Mergers and AcquisitionsGallagher acquires Finib OY, a Finnish retail broker serving 10,000 real estate clients with 40 employees; Founders Eero Kuusela and Sirpa Bitter-Helve will stay on under Nordic CEO Jonas Bergfeldt, strengthening Gallagher’s regional presence. (Josh Recamara, 6/3/2025, Insurance Business, 'Gallagher acquires Finnish retail insurance broker')In further news...Gallagher have agreed to acquire San Francisco-based broker Woodruff Sawyer for $1.2B, outbidding WTW and Brown & Brown; the deal bolsters its P&C, management liability, construction, and real estate capabilities, set to close in Q2 2025 pending approval. (Josh Recamara, 5/3/2025, Insurance Business, 'Gallagher pushes out WTW, Brown & Brown with $1.2 billion broker acquisition')NFP expands Ground Control Business Management into the UK with the acquisition of Clay GBP Ltd.; the firm will integrate and rebrand Clay GBP, with partners joining as managing directors under CEO Chris Bucci. (Josh Recamara, 5/3/2025, Insurance Business, 'NFP buys Clay GBP to expand unit')UK insurance distribution M&A activity remains slow in 2025, with only nine deals announced by February, compared to 23 at the same point in 2024. MarshBerry notes that while two months of data is too early to predict trends, the pace must accelerate to match 2024's record volumes. The February update highlights low transaction volumes, raising questions about whether this is a short-term fluctuation or a potential slowdown in sector activity. (Kenneth Araullo, 5/3/2025, Insurance Business, 'UK insurance M&A activity off to slow start in 2025')Specialist Risk Group (SRG) acquires Brentacre Insurance, a broker specialising in insurance for modified and performance vehicles, subject to regulatory approval. Brentacre, founded in 1987, will join SRG’s UK retail division, Specialist Risk Insurance Solutions (SRIS), gaining access to SRG’s broader distribution network for growth opportunities. The company will continue to operate as before, maintaining its existing services. (Josh Recamara, 5/3/2025, Insurance Business, 'Specialist Risk Group acquires Brentacre Insurance')Accenture acquires Altus Consulting from Equisoft to expand its UK financial services offerings. Altus, founded in 2005, specializes in data-driven advisory services and technology for insurance, pensions, and investments. The acquisition strengthens Accenture’s insurance practice, including Altus' software products. Equisoft will retain Altus' software business for the life insurance sector. (Josh Recamara, 5/3/2025, Insurance Business, 'Accenture acquires Altus Consulting for undisclosed sum')Optio Group has agreed to acquire Norwegian MGA S Insurance AS, subject to regulatory approval, to expand its marine capabilities. Headquartered in Bergen with offices in Oslo, S Insurance specialises in marine hull underwriting and has a strong European presence. Founded nearly a decade ago by Director Gary Sangedal, the firm joined The Nordic Association of Marine Insurers (CEFOR) in 2022. Sangedal will continue in his role alongside Managing Director Marianne Engelsen Hals and the existing team. (Josh Recamara, 4/3/2025, Insurance Business, 'Optio Group acquires S Insurance')MoversLockton Re has appointed Eric Paire as Head of Capital Advisory Practice in London; with 30+ years of experience, he previously led Capital Advisory at Aon and held leadership roles at Guy Carpenter, Scor, and AXA Re. (Rod Bolivar, 6/3/2025, Insurance Business, 'Lockton Re appoints new capital advisory head')Tokio Marine HCC International has promoted Camilla Gower to Head of Marine and Energy Liability; with 15+ years in marine underwriting, she previously held senior roles at StarStone, CNA Hardy, Aegis, and WTW. (Josh Recamara, 7/3/2025, Insurance Business, 'Insurance moves happening at CFC, New Dawn Risk and Tokio Marine HCC')Jake Burgess has joined Tokio Marine Kiln as a Fine Art and Specie Underwriter, and Ella Henderson as a Life Sciences Underwriter, supporting the company’s growth strategy. Burgess, with over 10 years of experience, was previously Underwriting Manager for US specie and West Zone fine art at AXA XL. Henderson joins from Superscript, where she specialised in medical technology. (Josh Recamara, 4/3/2025, Insurance Business, 'Insurance moves: Markel, Tokio Marine Kiln and AXA XL')Miller has appointed Vincent Foucart as Managing Director in its reinsurance division to drive business development across Western Europe; with 25 years of experience, he joins from SCOR, where he was CEO of P&C Solutions. (Rod Bolivar, 6/3/2025, Insurance Business, 'Vincent Foucart to lead Miller's reinsurance')CFC has appointed Lisa Sumner and Dharini Patel as joint Marketing Directors in its first senior job share; formerly at Travelers Europe, they will drive CFC’s global brand expansion and marketing strategy. (Josh Recamara, 7/3/2025, Insurance Business, 'Insurance moves happening at CFC, New Dawn Risk and Tokio Marine HCC')Jack Keilty has joined New Dawn Risk as Head of Management Liability and Financial Institutions; formerly at Price Forbes and JLT Specialty, he brings over a decade of financial lines experience. (Josh Recamara, 7/3/2025, Insurance Business, 'Insurance moves happening at CFC, New Dawn Risk and Tokio Marine HCC')Westfield Specialty International appoints Pete Stephens as Head of Professional Indemnity and Hattie Hassall as Senior PI Underwriter; Stephens, formerly Head of PI at Sompo International, has 17+ years of experience at Allied World, AIG, and RSA, while Hassall, with over a decade in the industry, previously worked at Tokio Marine before joining Sompo. (Josh Recamara, 6/3/2025, Insurance Business, 'Westfield Specialty adds two senior appointments to PI team')Howden Re Fac appoints Nicolò Forcellini as Director on its DACH London team under MD Tom Sharman; Forcellini joins from Aon, where he was a Reinsurance Broker in London, with prior experience in international property broking and internships at Valentino and Allied World. (Kenneth Araullo, 5/3/2025, Insurance Business, 'Howden Re Fac names Nicolò Forcellini director for DACH London team')QBE appoints Maths Stanser as Head of Distribution for European markets, overseeing broker engagement and distribution strategy across France, Germany, Italy, the Netherlands, and Spain; he joins the European management committee. With 30 years of experience, Stanser’s career includes roles at AIG Europe, Aon (as Chief Commercial Officer and Head of Financial Institutions), and seven years as QBE Nordics' GM. (Kenneth Araullo, 5/3/2025, Insurance Business, 'Insurance hires: QBE, mea, Argenta, UK P&I')Mea Platform names Max Richter CEO for the UK and EMEA, bringing 25+ years of experience in insurance and tech transformation. Previously Managing Director at Accenture, Richter led AI-enabled underwriting for P&C clients and drove growth for Detica NetReveal’s fraud detection SaaS platform in Europe. (Kenneth Araullo, 5/3/2025, Insurance Business, 'Insurance hires: QBE, mea, Argenta, UK P&I')Argenta appoints Paul Wilson as Deputy Chair of Argenta Syndicate Management Ltd and Non-Executive Director of Argenta Holdings Ltd, pending approval. With over 35 years in financial services, Wilson has held leadership roles at Bain & Company, AXA XL, RJ Kiln, and Brewin Dolphin. He succeeds John Whiter as ASML Chair on July 1, 2025. Whiter, who is stepping down after 16 years, expanded ASML’s underwriting capabilities, including Syndicate 2121 and SPA 6134, and played a key role in Argenta’s 2017 acquisition by Hannover Re. (Kenneth Araullo, 5/3/2025, Insurance Business, 'Insurance hires: QBE, mea, Argenta, UK P&I')The UK P&I Club announces leadership changes, with Sean Geraghty returning to London as Claims Operations Director to enhance global claims initiatives. Philip Clacy takes over as Regional Director for Greece, returning to Piraeus after 15 years in London, continuing to support Greek-based members. (Kenneth Araullo, 5/3/2025, Insurance Business, 'Insurance hires: QBE, mea, Argenta, UK P&I')The Lloyd’s Market Association (LMA) and International Underwriting Association (IUA) announce six new members elected to the Joint Power Generation Committee for a three-year term: Carl Bennett (CNA Hardy), Peter Cranston (AIG), Rebecca Friel (Travelers), Mark Pettersen (Argenta), Alex Priestley (Lancashire), and Lindsay Waller (MS Amlin), who will focus on emerging risks and market developments. (Kenneth Araullo, 5/3/2025, Insurance Business, 'New members elected to LMA and IUA Joint Power Generation Committee')Specialty MGA UK appoints Amir Hussain as Head of Political and Credit Risk to launch a new business line and establish a presence in the political risk market. Hussain brings experience as a Credit Analyst at Barclays and Underwriter for Lloyd’s syndicates, including Brit and Hamilton, specialising in political risk, contract frustration, and credit risk. (Josh Recamara, 5/3/2025, Insurance Business, 'Specialty MGA UK names head of political and credit risk')Gallagher Re has appointed Julie Gigleux as a Senior Reinsurance Broker in its EMEA team. Gigleux previously worked at Munich Re as a Client Manager, overseeing client relationships and market analyses in the French market. Prior to that, she spent over six years at NewRe, progressing from Assistant to Senior Casualty Underwriter, handling liability accounts across France, Benelux, Greece, and Cyprus. She also worked on developing reinsurance business across Europe and managing UK liability. Gigleux began her career in financial advising and communications. (Jonalyn Cueto, 4/3/2025, Insurance Business, 'Gigleux joins Gallagher Re's EMEA team')Nicola Cunliffe has been appointed Head of Trading at Markel UK, where she will oversee broker engagement and trading operations. With previous leadership roles at Flock and AXA, Cunliffe will focus on enhancing the broker trading experience. (Josh Recamara, 4/3/2025, Insurance Business, 'Insurance moves: Markel, Tokio Marine Kiln and AXA XL')Martin Kilshaw has been appointed Head of Broker Management and Alternative Distribution for AXA XL in the UK and Lloyd’s market. With 23 years of experience, Kilshaw will oversee broker engagement and AXA XL's alternative distribution strategy, including broker facilities and Angel Risk Management. He previously served as Regional Director South at AXA UK and has held roles in claims and corporate partnerships. (Josh Recamara, 4/3/2025, Insurance Business, 'Insurance moves: Markel, Tokio Marine Kiln and AXA XL')Flood Re has appointed Perry Thomas as CEO, succeeding interim Chief Stuart Logue; Thomas, a board member since 2021, brings senior leadership experience from Lloyds Bank, HSBC, and Reinsurance Group of America. (Kenneth Araullo, 3/3/2025, Insurance Business, 'Flood Re appoints Perry Thomas as new chief executive officer')Bridgehaven Specialty UK has appointed Giles Taylor to its leadership team, effective March 3; Taylor, formerly Lloyd’s Europe CRO, brings 25+ years of industry experience, including senior roles at Lloyd’s and ACE (now Chubb). (Kenneth Araullo, 3/3/2025, Insurance Business, 'Insurance hires: Bridgehaven Specialty, Apollo Syndicate Management')Apollo Syndicate Management has appointed Rob Littlemore as an Independent Non-Executive Director; with 35+ years in re/insurance, he previously led XL Catlin Re London and Catlin’s London Reinsurance Group and currently serves on Lockton Re’s board. (Kenneth Araullo, 3/3/2025, Insurance Business, 'Insurance hires: Bridgehaven Specialty, Apollo Syndicate Management')Alps MGA has appointed Nick Copley as Head of Claims; with 10 years at Alps, including as Legal Team Manager, he will oversee claims service development and support claims management and legal operations. (Kenneth Araullo, 3/3/2025, Insurance Business, 'Alps appoints Nick Copley as new head of claims')All information provided in this market digest has been gathered from Insurance Business and IDEX Consulting.

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General Insurance newsletter Friday 28th February 2025

Insurance NewsPredictive analytics: how will it impact your role? - Predictive analytics is transforming insurance by enhancing risk assessment and underwriting through big data, improving fraud detection with pattern recognition, and boosting operational efficiency by automating tasks, enabling more personalised services and stronger market competitiveness. Read our insights piece to understand how it will impact insurers and brokers, and how you can stay ahead. (IDEX Consulting news, 'Predictive analytics: how will it impact your role?')How to attract top buyers to your business - To attract top buyers for your business, it's essential to highlight your unique selling points and growth potential, maintain accurate financial records, resolve outstanding issues, and retain key employees. Engaging experienced M&A professionals and leveraging networks can help identify qualified buyers and secure favourable deals. Read our top tips now. (IDEX Consulting news, 'How to attract top buyers to your business')Building hybrid inclusive cultures - Building an inclusive hybrid culture requires businesses to go beyond diversity metrics by embedding inclusive leadership, ensuring equal access to opportunities, addressing remote work challenges, fostering open communication, and actively supporting diverse employees to retain talent and drive engagement. Our article provides practical tips and strategies you can implement now. (IDEX Consulting news, 'Building hybrid inclusive cultures')Driving equity across the insurance profession - Gender parity is still a challenge in the insurance industry, with women underrepresented in leadership roles and facing barriers like pay gaps and limited development opportunities, despite efforts such as the FCA's diversity policy. Here’s how you can change that. (IDEX Consulting news, 'Drive equity across the insurance profession')BIBA has renewed its partnership with Premium Credit to offer members a premium finance facility, providing digital solutions, a broker portal, compliance support, and training to improve services and customer conversions. (Josh Recamara, 28/2/2025, Insurance Business, 'BIBA renews premium finance facility agreement')Lemonade, Inc. reported strong Q4 and 2024 results, with $27 million in adjusted free cash flow (Adj. FCF) for Q4 and $48 million for the year, marking its first full year of positive Adj. FCF. The company also saw 26% growth in in-force premium (IFP) to $944 million, a 29% revenue increase, and a record-low gross loss ratio of 63% for Q4, reflecting its sixth consecutive quarter of improvement in loss ratios. (Kenneth Araullo, 27/2/2025, Insurance Business, 'Lemonade's Q4 gross profit surges as loss ratios continue to improve')Swiss Re reported a 2024 net income of $3.2bn with a 15% ROE, driven by strong underwriting and investments, though U.S. liability reserves weighed on results. It expects under $700m in Q1 2025 wildfire claims, with total insured losses estimated at $40bn. (Kenneth Araullo, 27/2/2025, Insurance Business, 'Swiss Re sets new net income target after solid 2024 results')Saudi EXIM signed reinsurance agreements with Allianz Trade, Bpifrance, and AIG to strengthen trade finance, mitigate export risks, and enhance supply chain resilience. Part of its Bridges Initiative, the deals aim to secure industrial and technological materials from 70+ countries under competitive credit terms. (Kenneth Araullo, 27/2/2025, Insurance Business, 'Saudi EXIM signs reinsurance deals with Allianz, Bpifrance, and AIG')Hamilton Insurance Group reported a 55% rise in net income to $400.4m for 2024, with an 18.3% ROE. Gross premiums grew 24.2% to $2.4bn, net premiums rose 31.6% to $1.7bn, and a 91.3% combined ratio drove $149.4m in underwriting income. Net investment income reached $361.9m. (Kenneth Araullo, 27/2/2025, Insurance Business, 'Hamilton reports double-digit premium growth in 2024')AXA’s 2024 earnings showed an 8% rise in gross written premiums to €110.3bn, driven by growth in property & casualty (+7% to €56.5bn), life & health (+8% to €52bn), and asset management (+8% to €1.7bn). Strong underwriting and pricing lifted property & casualty earnings by 10%, while life & health earnings grew 4% on margin recovery. Asset management earnings rose 11%, though a €156m impact from holdings offset some gains. Underlying earnings increased 7% to €8.1bn. (Kenneth Araullo, 27/2/2025, Insurance Business, 'AXA reports notable growth in 2024 revenue')Hiscox Ltd reported a 2024 pre-tax profit of $685.4m, with written premiums rising to $4.77bn and net written premiums to $3.68bn. The insurance service result grew to $553.5m, while investment income remained steady at $383.9m. EPS increased to 183.2 cents, and the total dividend rose to 43.1 cents. (Kenneth Araullo, 27/2/2025, Insurance Business, 'Hiscox reports profit rise for 2024 as premiums and earnings surge')Aviva plc reported a 20% rise in 2024 pre-tax operating profit to £1.77bn, beating forecasts. UK & Ireland IWR VNB grew to £839m, while general insurance premiums rose to £12.2bn. The undiscounted COR was 96.3%, with the discounted COR improving to 92.2%. (Kenneth Araullo, 27/2/2025, Insurance Business, 'Aviva beats analyst expectations in 2024 results')S-RM’s 2025 Cyber Incidents Insights Report revealed ransomware remained the top cyber threat in 2024, though growth slowed. Ransomware attacks on small businesses rose 53%, while distinct threat actors nearly doubled to 53. Law enforcement efforts and lower entry barriers drove fragmentation, but ransom payments declined, indicating improved resilience. (Josh Recamara, 27/2/2025, Insurance Business, 'Cyber's biggest threat - revealed')Munich Re reported a net profit of €5.67 billion for 2024, exceeding its €5 billion target, marking the fourth consecutive year of exceeding expectations. The company’s revenue from insurance contracts grew to €60.83 billion, and its return on equity increased to 18.2%, up from 15.8% in 2023. (Kenneth Araullo, 26/2/2025, Insurance Business, 'Munich Re reports fourth straight year of profit growth')Fidelis reported a 23% increase in premiums to US$4.4 billion for 2024, with a combined ratio of 99.7% and net income of US$113.3 million. The company returned US$151.7 million to shareholders. In 2023, Fidelis saw a 18.6% rise in premiums and a US$1.6 billion gain from the distribution of Fidelis MGU. (Kenneth Araullo, 26/2/2025, Insurance Business, 'Fidelis achieves 23% premium growth in 2024 despite Q4 Losses')International General Insurance (IGI) reported a 2024 net income of US$135.2 million, up from US$118.2 million in 2023. Gross written premiums rose to US$700.1 million, while net premiums earned increased to US$483.1 million. The combined ratio for the year was 79.9%, up from 76.7% in 2023. Despite global catastrophe losses, IGI saw strong underwriting margins and higher net income. (Kenneth Araullo, 26/2/2025, Insurance Business, 'IGI publishes higher 2024 earnings')Steadfast Group's 1H25 results show a 20% rise in NPAT to AU$128.1 million and 11.5% revenue growth to AU$881 million. Its Australasian broker network generated AU$6.5 billion in GWP, with underwriting agencies increasing GWP by 11.7%. International operations exceeded expectations. (Daniel Wood, 26/2/2025, Insurance Business, 'Steadfast's IH25 results: strong growth')NorthStandard and other major insurers expect higher premium income in 2024 due to a rise in large claims across the global marine insurance sector, with NorthStandard noting increased poolable tonnage and higher claims, while the UK P&I Club forecasts a slight market share increase and a combined ratio exceeding breakeven, despite strong investment returns. (Kenneth Araullo, 25/2/2025, Insurance Business, 'Marine mutuals navigate challenging market conditions')Rokstone has launched Rokstone Commercial Risks, a new direct-to-retail E&S MGA in the US, focusing on casualty-oriented underwriting for harder-to-place risks in a market that exceeded US$95 billion in premiums in 2024, with John Larkins appointed as President to lead the division. (Kenneth Araullo, 25/2/2025, Insurance Business, 'Rokstone expands in US with new E&S MGA for retail brokers')The UK-Australia Insurtech Pathway, launched on Feb. 18, 2025, is a joint initiative by the UK’s Department for Business and Trade (DBT), Insurtech UK, and Insurtech Australia. It aims to support insurtech companies expanding into both markets by helping them navigate regulatory frameworks, establish operations, and connect with investors and stakeholders. A corresponding event in the UK is scheduled for Mar. 20, 2025. (Roxanne Libatique, 25/2/2025, Insurance Business, 'UK and Australia team up to drive insurtech expansion')The CII and University of Greater Manchester launched an Executive MBA in Islamic Insurance and Risk Management, developed with the Islamic Insurance Association of London and the Centre for Islamic Finance. The online course covers Islamic financial products, Islamic insurance operations, and Takaful insurance, preparing students for senior roles in Sharia-compliant or Takaful insurance organisations. (Kenneth Araullo, 25/2/2025, Insurance Business, 'CII and University of Greater Manchester launch Islamic Insurance MBA')West of England P&I Club completed its 2025 renewal, exceeding premium increase expectations. Member retention stayed above 99.5% for the third year in a row, with new members and organic growth driving its mutual tonnage up to 110 million GT. The fixed and charterers books grew, maintaining high retention, while controlled growth from existing members and non-entered fleets contributed to strong technical performance. (Josh Recamara, 25/2/2025, Insurance Business, 'West P&I exceeds board's expectations in 2025 renewal')AUB Group reported strong 1H25 results, with revenue up 12% to AU$712.6 million and NPAT rising 13% to AU$79.3 million. CEO Michael Emmett highlighted progress in building a multi-country Insurance Services Group, with notable growth driven by its investment in Tysers, the Lloyd’s-based wholesale broker. (Daniel Wood, 24/2/2025, Insurance Business, 'AUB Group releases results: “revenue grew strongly”')Australia’s ARPC completed its retrocession program for 2025, offering US$2.15 billion in coverage, alongside net assets and a US$10 billion government guarantee. The program reflects a higher deductible and reduced limit, supporting up to US$14 billion in total capacity for terrorism claims. ARPC engaged with over 40 reinsurers to finalise the coverage. (Kenneth Araullo, 24/2/2025, Insurance Business, 'ARPC completes 2025 retrocession program with adjusted coverage limits')B.P. Marsh & Partners reported strong portfolio activity for the year ending January 31, 2025, including the sale of CBC UK Limited and Lilley Plummer Holdings Limited, generating £65.7 million in cash proceeds from an initial investment of £0.3 million. The firm made three new investments and increased group funds to £74.1 million, up from £40.5 million in 2024. The group remains debt-free and has identified a pipeline for future investments. (Kenneth Araullo, 24/2/2025, Insurance Business, 'B.P. Marsh reports strong portfolio growth & £74.1 million in funds for 2025')Berkshire Hathaway reported a 71% increase in operating earnings for Q4, reaching $14.5 billion. Investment income rose 48% to $4.1 billion, driven by higher interest rates. Insurance underwriting earnings climbed to $3.4 billion, with GEICO's underwriting profit more than doubling to $7.8 billion. Berkshire's reinsurance businesses also saw a 44% increase in underwriting earnings. However, the company estimated $1.3 billion in pretax losses from the recent Los Angeles wildfires. (Josh Recamara, 24/2/2025, Insurance Business, 'Berkshire reports increase in fourth-quarter operating earnings')According to the latest EY Item Club Outlook for Financial Services, UK insurers are projected to see steady, slower growth in premium income over the next three years, returning to long-term average levels of 3.4%. Non-life premiums are forecast to grow by 5.2% in 2025, down from 8.4% in 2024, and slow further in 2026 and 2027. Life insurance premiums are expected to grow by 4.4% in 2025, compared to 5.8% in 2024, with further deceleration in 2026 and 2027. The decline is attributed to easing cost pressures and lower interest rates. (Josh Recamara, 24/2/2025, Insurance Business, 'UK insurers can expect slow but steady growth - report')Mergers and AcquisitionsFloodFlash has agreed to be acquired by NormanMax Insurance Holdings, pending FCA approval. The insurtech, known for its parametric flood insurance, will continue operating as an MGA and Lloyd’s coverholder, providing solutions in the UK, US, and other markets. FloodFlash, founded in 2017, expanded from the UK to the US, focusing on high-risk flood areas. (Kenneth Araullo, 26/2/2025, Insurance Business, 'FloodFlash joins NormanMax in major parametric deal')MoversIan Micklewright has been appointed Chief Operations Officer to support global growth, bringing senior operational and IT experience from ALPS Group, while Paul Davies has been promoted to Chief Financial Officer and joined the board. (Josh Recamara, 28/2/2025, Insurance Business, 'Insurance moves: Risk Solved and Spectrum.Life')Spectrum.Life has appointed Ian Ranger as Head of Insurance for the UK and Ireland, bringing 17 years of experience from Canada Life and MetLife to lead the company’s expansion strategy, focusing on insurer partnerships and intermediary relationships. (Josh Recamara, 28/2/2025, Insurance Business, 'Insurance moves: Risk Solved and Spectrum.Life')Chubb appointed Ana Robic as Regional President for EMEA, succeeding David Furby, who becomes Executive Chairman. Robic, formerly SVP and Division President of personal risk services in North America, will oversee Chubb’s European business. Melissa Scheffler, currently COO, will succeed Robic in leading personal risk services in North America. (Josh Recamara, 27/2/2025, Insurance Business, 'Insurance moves: Chubb and Malago Insurance')Julieanne Anstey, with nearly 40 years of experience, has joined Malago Insurance, having previously worked at General Accident (now Aviva), Oval (acquired by Gallagher), and more. She will collaborate with Director Mathew Rowles to enhance client service in Bristol and surrounding areas. (Josh Recamara, 27/2/2025, Insurance Business, 'Insurance moves: Chubb and Malago Insurance')SiriusPoint appointed James Anderson as Global Chief Pricing Actuary, effective May 12, 2025. Anderson, with over 20 years of experience, joins from EY where he was a Partner advising London Market insurers. He has also held roles at Allianz, Brit Insurance, and Swiss Re. He will lead SiriusPoint's global actuarial pricing team and work on pricing frameworks and portfolio analytics. (Kenneth Araullo, 26/2/2025, Insurance Business, 'James Anderson joins SiriusPoint as global chief pricing actuary')Beazley appointed Sara Foucher as Head of Commercial Property, Europe. Based in Paris, she will lead Beazley’s commercial property offering across the region. Foucher has 30 years of experience, previously serving as Head of Underwriting GC&C at Generali and holding senior roles at RSA and Swiss Re Corporate Solutions. (Kenneth Araullo, 26/2/2025, Insurance Business, 'Insurance hires: Beazley, M&G')M&G appointed Chris Hudson as Director of Distribution for its life insurance division. Hudson will oversee the UK distribution strategy, focusing on the intermediated market. He joins from Standard Life UK, where he was Managing Director of retail & intermediary, and has held senior roles at LV=, Aviva, Friends Life, and Aegon. His appointment follows the departure of Rob Hickson, who had been with M&G for 32 years. (Kenneth Araullo, 26/2/2025, Insurance Business, 'Insurance hires: Beazley, M&G')ARAG has appointed Peter King as London market Account Manager. With 35 years of experience, including roles at AXA, Aviva, and Allianz, King will work with MGAs, brokers, and agencies to develop tailored legal protection solutions. King’s appointment follows the announcement of David Haynes becoming CEO of ARAG UK Holdings and ARAG Legal Expenses Insurance Company, effective April 1, succeeding Tony Buss, who is retiring. Haynes, a founding member of ARAG UK, has been with the company since 2006 and most recently served as Director of ARAG Legal Expenses Insurance Company. (Josh Recamara, 26/2/2025, Insurance Business, 'ARAG appoints London market account manager')Iris Urban has been appointed Chief Underwriting Officer (CUO) for NewRe's non-life business, effective March 1, 2025. She joins from Munich Re, where she held leadership roles in underwriting and portfolio management for over 20 years, most recently as Senior Executive Underwriting P&C and Head of Property and Casualty Treaty for the German market. (Kenneth Araullo, 25/2/2025, Insurance Business, 'NewRe names Iris Urban as CUO for non-life business')René Kunz, Head of Agriculture at SCOR P&C, will retire after nearly 20 years with the company. Vikas Mahajan, with over 20 years of international reinsurance experience, will succeed him as Head of Agriculture on May 1, 2025. Mahajan, who joined SCOR in 2019, has held various senior roles, most recently in the Nordics team. Kunz will stay until July to ensure a smooth transition. (Kenneth Araullo, 25/2/2025, Insurance Business, 'SCOR P&C names Vikas Mahajan as new head of agriculture')Andy Briggs, CEO of Phoenix Group, has been appointed President of the Association of British Insurers (ABI), with his two-year term starting immediately. He succeeds Tim Bailey of Zurich. Briggs has over 30 years of experience in insurance and has previously held leadership roles at Friends Life, Scottish Widows, Prudential, and Aviva. (Roxanne Libatique, 25/2/2025, Insurance Business, 'Phoenix Group CEO takes helm as ABI president')Brown & Brown has appointed Stephen P. Hearn as Executive Vice President and Chief Operating Officer. Hearn, who joined the board in August 2024, resigned from his board position to become a member of the operating committee. In this role, he will focus on scaling operations, innovation, and talent development. Hearn has extensive experience, including executive roles at The Ardonagh Group and Corant Global, and leadership positions at Willis Group Holdings, Marsh, and Sedgwick Affinity Group. (Kenneth Araullo, 25/2/2025, Insurance Business, 'Brown & Brown names Stephen Hearn as EVP and COO')Markel appointed Dean Johnson as Senior Underwriter, transport and logistics, in London. He will focus on underwriting policies for ports, terminals, marine trades, and cargo liabilities globally. Johnson joins from Travelers Syndicate Management, where he worked for 14 years, most recently as an Underwriter in Ports and Terminals. (Kenneth Araullo, 25/2/2025, Insurance Business, 'Insurance hires: Markel, Shepherds Friendly, Brace Underwriting, Specialty MGA UK')Shepherds Friendly appointed Oliver Laird as a Non-Executive Director. Laird has over 20 years of experience in retail, financial services, and manufacturing, with senior roles at Lookers PLC, First Direct Bank, Lloyds Banking Group, and Co-Op Insurance Services. His non-executive roles include Beverley Building Society, Vanquis Bank, and Paysafe. (Kenneth Araullo, 25/2/2025, Insurance Business, 'Insurance hires: Markel, Shepherds Friendly, Brace Underwriting, Specialty MGA UK')Brace Underwriting appointed Hayley Johnston as an Independent Non-Executive Director, subject to regulatory approval. Johnston is CEO of Lancashire Insurance Company in Bermuda and was previously Chief Underwriting Officer at Lancashire Insurance UK. She has also held underwriting and reinsurance roles at Axis Specialty Europe. (Kenneth Araullo, 25/2/2025, Insurance Business, 'Insurance hires: Markel, Shepherds Friendly, Brace Underwriting, Specialty MGA UK')Specialty MGA UK expanded its energy team with Senior Underwriters Alex Rowe and Savita Patel. Rowe, specialising in upstream and midstream energy, joins from Travelers with 25+ years of experience. Patel, with expertise in downstream energy, mining, power, and renewables, previously headed energy at Ocean Re and was an Underwriter at Swiss Re. (Kenneth Araullo, 25/2/2025, Insurance Business, 'Insurance hires: Markel, Shepherds Friendly, Brace Underwriting, Specialty MGA UK')Vista Insurance appointed John Garrard as Head of Schemes and Affinities. He will focus on developing schemes, affinity partnerships, and digital trading strategies. Garrard previously founded Wrapper Insure and was Managing Director at Fish Insurance, bringing expertise in digital transformation, strategic partnerships, and business growth to enhance Vista's approach to schemes and affinity trading. (Josh Recamara, 25/2/2025, Insurance Business, 'Vista Insurance hires John Garrard as head of schemes and affinities')Munich Re appointed Hanh Nguyen as Head of Treaty P&C underwriting for Southeast Asia and India, effective March 1. She succeeds Joachim Zagrosek, who will lead property and casualty treaty underwriting in Germany. Nguyen, with 19 years of experience in reinsurance, has been with Munich Re since 2006, most recently serving as Deputy Head of Treaty P&C Underwriting for SEA and India. (Kenneth Araullo, 24/2/2025, Insurance Business, 'Munich Re names Hanh Nguyen as new head of treaty P&C underwriting for Asia')Price Forbes Re appointed Sherman Power as Executive Vice President, alternative risk and capital solutions. Based in Dallas, Power will expand PF Re’s capacity in evolving insurance markets. With nearly 30 years of experience, he previously led Aon Re’s US structured solutions team. (Kenneth Araullo, 24/2/2025, Insurance Business, 'Price Forbes Re appoints Sherman Power to lead alternative risk strategy')Gallagher appointed Sarah Lyons as CEO of its London-based Specialty division, effective July 1, 2025, subject to regulatory approval. Lyons, currently CEO of Gallagher's Australia and Asia business, will report to Michael Rea and oversee 1,100 employees in the division. She joined Gallagher in 2014 following the OAMPS acquisition. (Kenneth Araullo, 24/2/2025, Insurance Business, 'Gallagher names Sarah Lyons as CEO of London specialty division')All information provided in this market digest has been gathered from Insurance Business and IDEX Consulting.

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Financial Services newsletter Friday 28th February 2025

Financial Services NewsSchroders has secured regulatory approval for an infrastructure-focused LTAF, feeding into its Energy Transition fund, which invests in 160 global assets like wind farms and battery storage. Aimed at UK wealth managers, the Oeic-structured fund has a 1.27% annual fee with no performance fee. (John Schaffer, 25/2/2025, Citywire Wealth Manager, 'Schroders to launch infrastructure LTAF for wealth market')Evelyn Partners reported record 2024 AUM of £63bn and £2.6bn in Q4 gross inflows, up 36.8% from Q3 and 23.8% year-on-year. Outflows rose as clients reacted to the Autumn Budget, interest rates, and borrowing costs. (Financial Planning Today, 12/2/2025, 'Evelyn Partners AUM hits record £63bn')Aviva’s wealth arm saw net flows rise 23% to £10.3bn in 2024, with assets under management growing 17% to £198bn. Retirement sales surged 33% to £9.4bn, driven by record bulk purchase annuity (BPA) sales of £7.8bn. (Financial Planning Today, 27/2/2025, 'Aviva net flows climb 23% as AUM rises 17%')In further news...In 2024, Aviva generated over 7,000 referrals into Succession Wealth, creating £2.5bn in opportunities for its planners. Since acquiring Succession for £385m in 2022, Aviva has seen an 84% increase in the value of assets secured through referrals. The acquisition aimed to strengthen Aviva's position in the UK wealth market. (Lois Vallely, 27/2/2025, Money Marketing, 'Aviva referrals create £2.5bn opportunity for Succession')Brooks Macdonald saw £300m in net outflows in H1, with £1.1bn in new money offset by £1.4bn in withdrawals, mainly from its bespoke service before October’s Budget. In contrast, its model portfolio service (MPS) saw £288m in net inflows, bringing total MPS assets to £5.8bn, up 7% year-on-year. (Charles Walmsley, 27/2025, Citywire Wealth Manager, 'Brooks Macdonald’s MPS arm offsets bespoke outflows')St James’s Place (SJP) is exploring a passive investing proposition for the first time while also integrating AI tools and engaging in the advice guidance boundary review. Currently focused on active funds, SJP has gradually allocated more to passives in its Polaris range. Full-year results show a post-tax cash profit of nearly £400m and over one million clients, though shares fell 5% amid forecasts of lower profitability in 2025-26 due to a £160m fee model overhaul. (Victoria Bell, 27/2/2025, Citywire Wealth Manager, 'SJP explores passive proposition in strategy shift')In further news...St. James’s Place has launched a £92.6m share buy-back to reduce issued share capital, following a return to profitability, with shares recovering 24% this year after hitting a low of 808p in January. (Financial Planning Today, 28/2/2025, 'St James's Place launches £93m share buy-back')Rathbones’ 2024 pre-tax profits surged 73% to £99.6m, largely driven by its merger with Investec Wealth & Investment. Despite some investment manager departures and client transitions, the integration has been positive, with nearly all 55,000 clients set to migrate by June and only 0.3% declining the move. (Sophie Downes, 26/2/2025, Citywire Wealth Manager, 'Rathbones reports 72% jump in profits; headcount to fall further')James Hambro & Partners posted an 18% rise in pre-tax profit to £17.2m for the year to April 2024, with revenue up 11% to £39.1m and AUM reaching £7bn by December. Amid industry consolidation, its 59 partners shared £10.2m in profits, with the top earner receiving £2m. (Sophie Downes, 20/2/2025, Citywire Wealth Manager, 'James Hambro & Partners CEO: Consolidation is an excellent opportunity for us')Aviva Investors has launched its fourth LTAF, the Venture & Growth Capital fund, aimed at DC pension customers. Seeded with £150m from Aviva, the evergreen fund targets UK, European, and North American ventures in fintech, healthtech, science, and sustainability. (Victoria Bell, 4/2/2025, Citywire Wealth Manager, 'Aviva launches venture LTAF for pension customers')Leicester-based Chartered Financial Planning firm Boolers has launched three multi-asset fund of funds, transferring £500m from model portfolios. Managed in-house, the Cautious and Balanced funds have a 1.16% OCF, while the Adventurous fund has a 1.19% OCF. (Financial Planning Today, 25/2/2025, 'Chartered Planner adds 3 multi-asset fund of funds')Aegon’s UK adviser platform saw £1.77bn in net outflows in H2 2024, improving from £1.9bn a year prior, amid high withdrawals and market consolidation. AUA rose 2% to £51.6bn, with Aegon investing £70m annually to enhance the platform, targeting growth by 2028. (Financial Planning Today, 21/2/2025, 'Aegon adviser platform outflows continue')Bath-based Chartered Financial Planner Fidelius has rebranded after securing investment from Sweden’s Söderberg & Partners. Aiming to double AUM by 2029, the firm seeks to become a top 20 IFA and has introduced a new logo, website, and the slogan “Make it happen.” (Financial Planning Today, 18/2/2025, 'Bath Planner Fidelius rebrands amid expansion plans')Quilter Financial Planning has added four new appointed representative firms: LDB Wealth Management, Sound Wealth Planning, Andrassy Parkin Financial Planning, and MacKenzie Financial Management. LDB, led by Lewis and Donna Burt, joins from St James’s Place in Dartford. Sound Wealth Planning, founded by Graeme Oudney in Fife, started last year. Andrassy Parkin, led by Kathryn Andrassy and Kathryn Mumby, is based in Wakefield. MacKenzie, led by Alastair MacKenzie with 35 years of experience, operates in Surrey. These firms join eight others that joined in December. (Financial Planning Today, 6/2/2025, 'Quilter network adds 4 new AR firms')Rathbones expects an additional £7m in annual costs from the April 2025 increase in employers' National Insurance Contributions (NIC). The firm anticipates reducing headcount in 2025 to offset the costs, driven by synergy delivery and continued cost discipline. (Lois Vallely, 26/2/2025, Money Marketing, 'Rathbones expects to cut jobs as NIC changes add £7m per year in costs')2025 Employee Benefits employment outlook - The 2025 employee benefits outlook highlights rising healthcare costs, talent shortages, and dissatisfaction with workloads and development opportunities. Employers are facing challenges in attracting and retaining talent, leading to higher salaries and costs. Competitive compensation and a strong employer brand will be key to recruitment success. Access our article for the latest data driven insights. (IDEX Consulting news, '2025 Employee Benefits employment outlook')Building hybrid inclusive cultures - Inclusive hybrid work cultures require businesses to go beyond diversity metrics by embedding inclusive management practices, ensuring equal access to opportunities, addressing remote work challenges. Read how you can foster open communication, and actively support diverse employees to prevent marginalisation and retain talent. (IDEX Consulting news, 'Building hybrid inclusive cultures')2025 Wealth Management employment outlook - In 2025, the wealth management sector anticipates growth and innovation, with 73% of employers planning to hire new talent; however, 64% foresee challenges in finding suitable candidates due to an ageing workforce, compliance and regulatory pressures, and the need for competitive compensation packages. Learn how you can attract the best talent in the market with our insights piece. (IDEX Consulting news, '2025 Wealth Management employment outlook')How predictive analytics is shaping insurance - Predictive analytics is revolutionising the insurance sector by enhancing risk assessment and underwriting through the analysis of extensive datasets, improving fraud detection by identifying patterns indicative of fraudulent activity, and increasing operational efficiency by automating routine tasks, thereby enabling insurers to offer more personalised services and remain competitive in the market. Learn how it might impact your relationship with insurers and brokers. (IDEX Consulting news, 'How predictive analytics is shaping insurance')Mergers and AcquisitionsEvelyn Partners is refocusing on core wealth management, with PE backer Permira streamlining operations to facilitate a potential £1.5bn sale in 2026, likely to another PE firm or a bank. (Zachariah Sharif, 27/2/2025, Citywire Wealth Manager, 'Will Evelyn’s wealth refocus trigger a sale in 2026?')According to Opinium’s latest IFA Barometer, merger and acquisition activity in the IFA market has accelerated, with 9% of firms acquiring others since December 2024. This marks a rise from 5% in February and 6% in September 2024, highlighting increased consolidation in the sector. Meanwhile, smaller firms are increasingly exiting the market. (Financial Planning Today, 5/2/2025, 'M&A activity in IFA sector gathers pace')Abrdn Diversified Income and Growth (ADIG) is in talks to sell its remaining portfolio as it winds down. A potential buyer is reviewing its private assets, with the board assessing the deal against other strategic options. The trust has already returned £115m to shareholders, with remaining assets maturing between 2025-2033. (Danielle Levy, 26/2/2025, Citywire Wealth Manager, 'Abrdn Diversified in talks to sell private assets portfolio')In further news...Abrdn has put its restricted advice business, formerly 1825, up for sale as CEO Jason Windsor seeks to simplify the group’s structure. The sale process is in the early stages, with an information memorandum sent out for the £4bn asset business with over 60 planners. Corporate finance adviser Dyer Baade is advising, with the internal name for the process being Project Easter. (Victoria Bell, 6/2/2025, Citywire Wealth Manager, 'Abrdn puts advice arm up for sale')Canaccord Genuity Wealth Management (CGWM) has completed the acquisition of Brooks Macdonald’s international arm for up to £50.85m. CGWM will pay £28m upfront for Brooks Macdonald Asset Management International, with the remainder contingent on performance. The sale follows a strategic review after Brooks took an £11.6m hit on the business’s value, allowing it to refocus on core investment management and financial planning. (Dylan Lobo, 24/2/2025, Citywire Wealth Manager, 'Canaccord seals deal for Brooks Macdonald’s international arm')Tavistock has completed its £6m acquisition of asset manager and DFM Alpha Beta Partners (ABP), with total consideration potentially reaching £18m based on performance over the next five years. ABP, with £3bn in AUM, specialises in tailored portfolios for advisers and high-net-worth clients. This follows Tavistock’s sale of its financial advice businesses to Saltus in December. (Financial Planning Today, 20/2/2025, 'Tavistock completes takeover of £3bn AUM DFM')Saltus has acquired Newcastle-based Lowes Financial Management, marking a new chapter in the 54-year-old firm's history. The acquisition aims to enhance service and value while preserving Lowes’ long-standing values. The financial terms of the deal were undisclosed. (Financial Planning Today, 17/2/2025, 'Saltus takes over Newcastle Planner Lowes')Benchmark Capital, part of Schroders, is acquiring Huddersfield-based Robertson Baxter, a directly authorised adviser firm with £200m in assets. The deal, part of a retirement strategy for Founders Greg Robertson and Stephen Baxter, will enhance practice management and compliance support. The financial terms were undisclosed. (Financial Planning Today, 13/2/2025, 'Benchmark acquires £200m AUA Yorkshire adviser')WBR Group has acquired Standard Life’s SSAS book, comprising 270 schemes, 246 properties, and £403m in assets. WBR, which has administered the book for over 20 years, will continue managing clients with a branding change. The acquisition provides clients access to additional investment options and services, with the trustee switching to WBR Trustees Limited. (Financial Planning Today, 13/2/2025, 'WBR acquires Standard Life’s £403m SSAS book')In further news...WBR Group has acquired pension consultancy Censeo Actuaries & Consultants, rebranding it as WBR Actuarial Limited on 1 April. The acquisition, aimed at enhancing SSAS, DBSSAS, and actuarial services, adds three qualified actuaries to WBR’s team of nine professionals. The deal supports WBR’s strategy of growth through acquisition and diversification. (Financial Planning Today, 10/2/2025, 'WBR Group acquires pension consultancy Censeo')Lumin Wealth has acquired Berkshire-based Financial Planner Professional Financial Centre (PFC), with £50m in AUM, marking its ninth acquisition since 2019. The deal supports Lumin's strategy of partnering with like-minded advisers. Lumin Wealth, a financial adviser and discretionary fund manager, has offices across multiple locations, including St Albans, London, and Reading. This follows Lumin’s recent acquisition of B W Financial Consultants Ltd, adding £95m in assets. (Financial Planning Today, 13/2/2025, 'Lumin Wealth acquires Berks Financial Planner firm')Shackleton (formerly Skerritts) has acquired Norfolk-based Harrold Financial Planning, adding £300m in AUM and expanding its presence in the east of England. This marks the 16th deal since Shackleton's £55m investment from Sovereign Capital Partners in March 2021. CEO Paul Feeney said the acquisition aligns with the firm’s goal of becoming Britain’s leading financial adviser. Harrold Financial Planning was founded in 1988 by Paul and Pauline Harrold. (Financial Planning Today, 10/2/2025, 'Shackleton snaps up £300m AUM Norfolk Planner')Nest, the UK’s largest pension scheme with over 13m members, has acquired a 10% stake in IFM Investors’ holding company, subject to shareholder and regulatory approvals. The deal, expected to complete by mid-2025, supports Nest’s goal of increasing private market asset allocations from 17% to 30%. Nest plans to invest £5bn through IFM by 2030, focusing on infrastructure, debt, and private equity, with an emphasis on new UK investment opportunities. (Financial Planning Today, 5/2/2025, 'Nest acquires stake in pension capital investor')Brooks Macdonald has completed its £45m acquisition of LIFT-Financial Group and LIFT-Invest, adding £1.6bn in assets under advice (AUA) and 1,350 clients to its Financial Planning business, which now has £6.4bn in AUA. The deal, first announced in October, also brings around 90 advisers and Paraplanners into the fold. LIFT Founder Michael Holden will assume the new role of CEO of Financial Planning for the combined business. (Financial Planning Today, 3/2/2025, 'Brooks Macdonald completes £45m LIFT deal')MoversSchroders has appointed Oliver Gregson, former JP Morgan Private Bank UK Head, as CEO of its wealth management business, succeeding Mary-Anne Daly in June. Daly will remain a Strategic Adviser to Schroders Wealth. Gregson brings over 25 years of experience, having previously held senior roles at JP Morgan, HSBC, Barclays, and UBS Wealth Management. (Sophie Downes, 26/2/2025, 'Schroders hires ex-JP Morgan Private Bank UK head as wealth CEO')In further news...Schroders has appointed Vikram Bhandari as Head and CIO of Schroders Capital Solutions. Bhandari joins from BlackRock, where he spent seven years as Senior Portfolio Manager for its multi-alternatives private markets solutions business, designing and managing products for institutional and wealth clients. At Schroders Capital, with €90.8bn in assets, he will focus on expanding the solutions business, creating portfolios across various asset classes. (John Schaffer, 24/2/2025, Citywire Wealth Manager, 'Schroders poaches from BlackRock for head of private assets solutions')Abrdn has appointed Siobhan Boylan as CFO from Coutts, succeeding Jason Windsor, with Boylan also joining the board; interim CFO Ian Jenkins will become Finance Director of the investment business upon her summer arrival. Boylan brings extensive experience, having previously served as CFO at Brewin Dolphin, LGIM, and various Aviva divisions, and led finance at Coutts for 18 months. (Zachariah Sharif, 28/2/2025, Citywire Wealth Manager, 'Abrdn hires CFO from Coutts')Fintech Dunstan Thomas CEO Ihab El-Saie will retire at the end of March after nearly a decade at the firm and a distinguished fintech career, including leading three successful software firms and driving multiple corporate exits. Julia Fintz, the current COO, and Paul Muir, the CPO, will step in as joint Managing Directors. Fintz brings operational expertise, while Muir has deep product development experience, ensuring strong leadership continuity. (Tom Browne, 27/2/2025, Money Marketing, 'Leadership change at Dunstan Thomas as CEO retires')Brooks Macdonald has hired Neil Cowell, former Head of UK Distribution at Vanguard, to lead its IFA sales efforts. Cowell spent 12 years at Vanguard and previously led distribution for UK retail banks and wealth managers at Standard Life for six years. Brooks has also appointed Debbie Dalzell, previously of GAM and BlackRock, as Chief People Officer. (Natalia Vasnier, 21/1/2025, Citywire Wealth Manager, 'Brooks hires ex-Vanguard veteran in IFA sales push')Barry Smead, Chief Operating Officer of JM Finn’s investment management function, has resigned after nine years with the firm. He is currently on gardening leave after submitting his notice in September 2024. Smead joined in 2016 as a Business Manager and rose to Head Investment Management Operations before becoming COO. Prior to JM Finn, he held COO roles at Capital Position Ventures and Hermes Fund Managers. The reason for his departure remains unclear, and it’s not known if JM Finn plans to appoint a replacement. (Sophie Downes, 21/2/2025, Citywire Wealth Manager, 'Revealed: JM Finn investment operating chief resigns')Michelle Pearce-Burke, Co-Founder and Chief Strategy Officer of Wealthify, has stepped down after 10 years. She co-founded the digital wealth firm in 2014, with Aviva acquiring a majority stake in 2018 and full control in 2020. Pearce-Burke held over 4% of Wealthify’s shares before the sale. Her successor has yet to be announced. (Sophie Downes, 20/2/2025, Citywire Wealth Manager, 'Wealthify co-founder Pearce-Burke exits Aviva-owned robo')In further news...Aviva-backed Wealthify has appointed Jessie Kwok, former Senior Investment Director at Investec, as its new Chief Investment Officer (CIO). She replaces Colleen McHugh, who remains as an Investment Consultant. Kwok brings experience from Fidelity International, Schroders, and HSBC Global Asset Management. (Sophie Downes, 17/2/2025, Citywire Wealth Manager, 'Wealthify appoints Investec W&I investment director as CIO')Hawksmoor Investment Management has restructured its management board after appointing a new CEO and Managing Director. Ben Conway, Dan Ellis, and Richard Pursglove stepped down from the board but remain in senior executive roles. The changes follow the hiring of Andrew Westenberger as CEO of parent company Hurst Point Group and Michael Bishop as Managing Director of Hawksmoor in 2025. Both will serve as Directors on Hawksmoor’s investment board, pending Companies House approval. (Sophie Downes, 18/2/2025, Citywire Wealth Manager, 'Hawksmoor reshuffles board')Fintech Cadro has appointed Sophie Jamieson, former Senior Business Development Associate at Ruffer, as Investment Manager. Jamieson will manage strategies for high-net-worth individuals and institutional clients. She joins after over five years at Ruffer, following recent staff cuts there. (Sophie Downes, 17/2/2025, Citywire Wealth Manager, 'Fintech Cadro hires investment manager from Ruffer')Andy Briggs, CEO of Phoenix Group, has been appointed President of the Association of British Insurers (ABI), succeeding Tim Bailey. Bailey will become CEO of Zurich’s global life protection business. Briggs will serve as ABI President for the next two years. (Momodou Musa Touray, 25/2/2025, Money Marketing, 'Phoenix Group CEO Briggs named new ABI president')Sarah Smart, Chair of The Pensions Regulator (TPR), will step down in July after nearly 10 years on the board. She joined in 2016, initially as Senior Independent Director before becoming Chair. During her tenure, TPR evolved into a "risk-based, outcome-focused" regulator and contributed to the success of auto-enrolment, which now sees 8 in 10 workers saving for retirement. The DWP is now seeking a successor. (Financial Planning Today, 13/2/2025, 'Chair of The Pensions Regulator to step down')Neil Stevens, joint CEO of Fintel, will step down at the end of June, leaving Matt Timmins as sole CEO. Timmins will take over full responsibility after Fintel’s AGM on 20 May. Stevens will not seek re-election at the AGM but will continue in his role until then. (Financial Planning Today, 11/2/2025, 'Fintel joint CEO steps down')FNZ, a platform engine provider that powers several UK investment platforms, has appointed former senior Santander banker James Dunne as its Managing Director, client management and business development. Mr. Dunne was formerly Head of Wealth Management and Insurance at Santander’s UK arm. He also held roles as Global Head of Digital for Santander’s wealth management & insurance division, and Director of SME markets across Europe and the US. (Financial Planning Today, 10/2/2025, 'FNZ recruits managing director from Santander')Abby Thomas has unexpectedly left her role as CEO and Chief Ombudsman at the Financial Ombudsman Service (FOS), amid reports of a disagreement over planned fees to be charged to claims management companies (CMCs). The FOS has declined to comment on the issue or the search for a new permanent CEO. (Financial Planning Today, 7/2/2025, 'FOS CEO Abby Thomas in shock exit')The CII has appointed Adam Harper as Executive Director, strategy, advocacy & professional standards, and Holly Porter as Executive Director, markets & opportunities, starting in March. Harper, from AAT, has expertise in corporate strategy and professional standards, while Porter, formerly with BCS, focused on member development and technology. (Financial Planning Today, 4/2/2025, 'CII appoints two new executive directors')Charles Ferry has left RBC Brewin Dolphin, with Managing Director Hal Catherwood taking over his responsibilities. Ferry joined in 2008 from Gerrard (Barclays Wealth) and held key roles, including leading the investment team, serving as Regional Director for London & the South East, and later becoming Co-Head of private clients. (Dylan Lobo, 13/2/2025, Citywire Wealth Manager, 'Revealed: RBC Brewin Dolphin wealth MD Charlie Ferry exits')LGT Wealth Management has promoted 11 new partners, including eight former Abrdn Capital Managers: David Sullivan, Anthony Emmings, Marco Evans, Craig Joiner, Kevin Bowhay, Charlie Thompson, Richard Harrison, and Gair Brisbane (Scottish charity head). Also promoted are Investment Managers Lewis Mackinnon and Toby Willis, along with Business Development Manager Brendan Macken. (Dylan Lobo, 12/2/2025, Citywire Wealth Manager, 'LGT Wealth Management makes eight Abrdn alumni partners')Charles Stanley has appointed Paul Measures to lead IFA business in the North. Measures spent 30 years at Legal & General, including as Head of Intermediary Sales. He will work alongside Tom Hawkins (South) and report to Group Head of Sales Sean Osborne. (Natalia Vasnier, 12/2/2025, Citywire Wealth Manager, 'Exclusive: Charles Stanley hires LGIM sales boss to lead IFA push')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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General Insurance newsletter Friday 21st February 2025

Insurance NewsHow to create and implement a sustainability strategy: video expert tips - A sustainable strategy enhances competitiveness by attracting new talent, investors and customers, and boosting internal engagement and retention. Businesses must ensure their efforts align with regulations and avoid greenwashing. Taking action on sustainability is critical to adapting to evolving market demands and staying relevant in a changing economy. (IDEX Consulting news, 'How to create and implement a sustainability strategy: video expert tips')How to negotiate a pay rise successfully - To successfully negotiate a pay rise, research market standards, track achievements, and schedule a meeting with your manager to discuss your value. Practice the conversation to reduce nerves, approach the meeting calmly, and demonstrate why a raise benefits both you and the company. Stay confident, listen carefully, and remain professional even if negotiations don’t go as planned. (IDEX Consulting news, 'How to negotiate a pay rise successfully')The biggest challenges facing Financial Advisers - Financial advisers face challenges such as economic pressures, regulatory changes, inflation, and evolving client expectations. The uncertain economic climate and rising interest rates require advisers to navigate complex investment landscapes. The rise of AI introduces both opportunities for efficiency and risks related to fraud and data inaccuracies. Emphasising human connection and strong client relationships remains essential while integrating technology strategically. (IDEX Consulting news, 'The biggest challenges facing Financial Advisers')Attracting insurance talent in 2025- Insurance employers can attract talent by focusing on three key areas: fostering a strong culture and values that align with employees’ beliefs, offering flexible working arrangements and a realistic work-life balance, and prioritising diversity and inclusion. Additionally, competitive benefits and development opportunities play a crucial role in retention. These strategies help create a supportive, motivating work environment that appeals to top talent. (IDEX Consulting news, 'Attracting insurance talent in 2025')Aon has partnered with minority-owned broker Protecdiv in a co-broking agreement to enhance risk management solutions for US public and private sectors, leveraging Protecdiv’s specialty expertise and Aon’s global capabilities. (Insurance Business, 20/2/2025, 'Aon teams up with Protecdiv to expand services')QBE Insurance Group reported a 2024 net profit of US$1.779 billion and US$22.395 billion in GWP, with a strengthened underwriting result, a 93.1% combined operating ratio, a 12.2% expense ratio, and US$1.488 billion in net investment income. (Daniel Wood, 20/2/2025, Insurance Business, 'QBE announces profits increase in FY2024')Zurich Insurance Group reported record 2024 results, with BOP up 5% to $7.8B and net income surging 34% to $5.8B. ROE rose to 24.6%, EPS grew 10% to $42.2, and SST ratio hit 252%. Zurich proposed an 8% dividend increase to CHF 28 per share, having returned CHF 28B+ to shareholders over eight years. (Jonalyn Cueto, 20/2/2025, Insurance Business, 'Zurich reports record profits and growth in 2024')Somerset Re, part of Aquarian Holdings, has completed three reinsurance transactions, including a new fixed index annuity (FIA) partnership with a major US insurer, an inforce corporate-owned life insurance (COLI) and bank-owned life insurance (BOLI) deal, and a long-term disability arrangement with a US disability insurer. Three additional deals are in progress, including a multi-year guaranteed annuity (MYGA) and FIA partnership set to close in Q1 2025, and two other life-related transactions pending regulatory approval, all supported by a recent capital raise from Aquarian. (Rod Bolivar, 20/2/2025, Insurance Business, 'Somerset Re secures key reinsurance deals')Marsh is expanding its Fast Track facility, boosting automatic capacity 10% globally from March 1, 2025, across property, casualty, and specialty risks—no London placement required. Backed by QBE, Canopius, Arch, and Beazley, Fast Track has processed 15,000+ policies and is set to exceed $1B in bound premium. Clients receive uniform terms and a 2.5% premium discount. (Jonalyn Cueto, 20/2/2025, Insurance Business, 'Marsh boosts Fast Track facility')Resilience has expanded its partnership with RSA, allowing it to underwrite US cyber risks via the London wholesale market. Targeting firms with $75M–$10B revenue, the surplus lines solution builds on Resilience’s £10M UK/EU underwriting capacity, backed by RSA, R&Q Accredited, and HDI Global Specialty. The expansion leverages RSA’s capacity to support US firms with international operations, particularly those with UK/EU risk exposure, through Resilience Essential and Edge Solution products, which combine insurance coverage with cyber risk mitigation tools. (Rod Bolivar, 20/2/2025, Insurance Business, 'Resilience extends partnership with RSA')WTW reports that aviation insurance capacity remains strong, but market dynamics could shift in 2025. Despite surplus supply, uncertainties in insurance and reinsurance are growing. The market is unlikely to harden in H1 2025, with insurers open to negotiation, but leasing dispute resolutions could reduce reinsurance capacity, impacting risk appetite. Buyers should engage early and assess risk mitigation strategies. (Josh Recamara, 20/2/2025, Insurance Business, 'Challenges await the aviation insurance market this year -- report')Pen Underwriting has expanded ports & terminals (P&T) coverage to US risks, ensuring global reach. Backed by A-rated Lloyd’s syndicates, its BMM P&T Ltd team covers liability, property, equipment, business interruption, and hull & machinery risks. US marine risks include geopolitical tensions, trade disputes, and IMO pollution regulations under MARPOL Annex VI. (Josh Recamara, 20/2/2025, Insurance Business, 'Pen Underwriting expands P&T specialism to US risks')Berkley Re has launched Berkley Re Turnkey Solutions, offering reinsured turnkey solutions to carriers, MGAs, PAs, and insurtechs. Covering commercial and personal lines, it includes cyber, EPLI, E&O, crime, workplace violence, and Violent Event Protection. Backed by W. R. Berkley Corp., the division expands Berkley Re’s portfolio amid 45% YoY net income growth. (Kenneth Araullo, 19/2/2025, Insurance Business, 'Berkley Re launches turnkey solutions division for MGAs, insurtechs')The UK government has announced an additional £250 million for flood defenses, building on the £2.4 billion investment to protect 52,000 properties and upgrade defenses for 14,500 more. Howden Re highlights the impact of past investments, noting reduced financial losses from floods since 2007, and emphasizes the need for industry collaboration to address rising flood and catastrophic risks. (Kenneth Araullo, 19/2/2025, Insurance Business, 'Howden Re highlights impact of flood investment as UK pledges £250 million more')CHL, parent of Conduit Re, reported 2024 preliminary results with 24.8% growth in GPW to $1.16B and 28.5% growth in reinsurance revenue to $813.7M. Net reinsurance revenue rose 29.4% to $720M, while the reinsurance service result fell 28.3% to $131.6M, and comprehensive income dropped 34.2% to $125.6M. Q3 revenue hit $588.2M, up 30.3%, and GPW reached $957M, a 25.2% increase from 2023. (Kenneth Araullo, 19/2/2025, Insurance Business, 'Conduit Re posts higher premiums, lower income in 2024')SiriusPoint reported Q4 and full-year 2024 results, showing improved underwriting performance and ongoing business repositioning. The Q4 combined ratio improved by 3.2 points to 90.2%, while the full-year ratio was 91.0%, generating $200M in underwriting income. Gross premiums written for continuing lines rose 21% in Q4 and 10% for the full year. (Kenneth Araullo, 19/2/2025, Insurance Business, 'SiriusPoint posts higher core income for 2024 despite Q4 net')CFC has launched a bulk quoting service for UK brokers, automating the process of generating quotes for large volumes of cyber insurance policies. The service streamlines submissions by allowing brokers to quote their entire book of business in three steps: submit client info, receive quotes, and bind policies. Initially available for CFC's cyber products, it simplifies the process for brokers managing multiple accounts. (Kenneth Araullo, 19/2/2025, Insurance Business, 'CFC launches automated bulk quoting for UK cyber insurance brokers')Cowbell has joined the Association of British Insurers (ABI) to foster trust, transparency, and innovation in the cyber insurance sector. Specialising in AI-driven risk assessment for SMEs and middle-market businesses, it offers tailored cyber policies. With recent expansions in the UK and US, Cowbell also received a $60M funding boost from Zurich Insurance Group to enhance its cyber resilience services. (Josh Recamara, 19/2/2025, Insurance Business, 'Association of British Insurers welcomes new member')McGill and Partners has launched an AI agent on its Underscore platform through Salesforce’s Agentforce, making it the first in the London market. The AI aims to boost efficiency, reduce costs, and streamline the placement process, enabling brokers to focus on strategy and customised solutions. (Kenneth Araullo, 18/2/2025, Insurance Business, 'McGill and Partners launches AI agent to mark London Market first')Miller reported £271M in 2024 revenues, a 13% increase from 2023, with 12% of the growth coming from organic expansion. Despite investing in personnel, technology, and operations, its EBITDA margin remained above 30%. The company placed US$4B in gross written premium. (Kenneth Araullo, 18/2/2025, Insurance Business, 'Miller sees record growth in 2024, revenue spurt amid expansion')Charles Taylor InsureTech has rolled out updates to its InHub platform, aimed at helping insurers digitalise securely and cost-effectively. The updates focus on security, performance, user experience, automation, and cloud flexibility, with enhanced security features such as virus scanning and improved validation tools. The platform bridges legacy systems with new technologies to support gradual modernisation. (Josh Recamara, 18/2/2025, Insurance Business, 'Charles Taylor InsureTech launches new platform updates')DUAL GROUP has launched a rebrand to enhance partner and client experience, unifying its global presence with a seamless website for easier access to products and services. One of Lloyd’s' largest international coverholders, DUAL operates across the Americas, Europe, and Asia Pacific, with an estimated US$3.5 billion GWP. CEO Richard Clapham said the refreshed brand reflects the firm’s innovative, forward-thinking approach. (Daniel Wood, 18/2/2025, Insurance Business, 'DUAL Group launches global rebrand')Tokio Marine Holdings reported higher ordinary profit and net income for the nine months ending Dec. 31, 2024, despite a ¥75.5 billion decline in total assets to ¥30,519.3 billion. Ordinary income rose ¥615.0 billion YoY to ¥6,249.6 billion, driven by underwriting income (¥4,540.0 billion) and investment income (¥1,580.9 billion). Ordinary expenses fell ¥14.2 billion to ¥5,030.5 billion. (Kenneth Araullo, 17/2/2025, Insurance Business, 'Tokio Marine reports higher profit despite decline in total assets')Travelers Europe reported US$1.7 billion pretax losses due to Los Angeles wildfires, which destroyed 16,000+ properties. Despite this, Q4 core income rose to US$9.15 per share, up from US$7.01 last year, driven by higher underwriting gains and net investment income. (Kenneth Araullo, 17/2/2025, Insurance Business, 'Travelers Europe names Mike Lawton as chief operating officer')Mergers and AcquisitionsMAPFRE’s MAWDY has strengthened its partnership with Vittoria Assicurazioni in Italy through a series of transactions, including mutual 49.9% stakes in each other’s service units, enhancing automotive, health, and legal service offerings, pending EU competition approval. (Josh Recamara, 21/2/2025, Insurance Business, 'MAPFRE unit expands partnership with Italian insurer')Sedgwick is set to acquire Bottomline’s legal spend management division, integrating its Legal-X and Legal eXchange platforms to enhance litigation cost management; the deal, subject to regulatory approvals, will see Sedgwick operate LSM as a separate division, transition around 300 employees for service continuity, and expand its casualty client offerings with legal bill review, e-billing, case management, reporting, analytics, and vendor management solutions. (Josh Recamara, 21/2/2025, Insurance Business, 'Sedgwick announces acquisition')LexisNexis Risk Solutions has acquired IDVerse, an AI-powered fraud detection firm, as AI adoption rises in insurance. Founded in Australia in 2018, IDVerse uses AI to verify identity documents and detect deepfakes, matching faces to IDs with biometric algorithms for liveness detection. Now part of LexisNexis Risk Solutions' business services segment, IDVerse remains available via RiskNarrative and IDU and will launch as a stand-alone solution on the Dynamic Decision Platform later this year. Deepfake risks persist, with 53% of finance professionals targeted and 43% falling victim, per a Medus survey. (Josh Recamara, 20/2/2025, Insurance Business, 'LexisNexis Risk Solutions announces acquisition')Howden has acquired Forbes Insurance Limited and the book of business from Hill Aviation Insurance Services, enhancing its specialist aviation expertise for UK clients. The firms will be rebranded under Howden and form a dedicated aviation division with a new Leicester office, expanding its UK&I network. Forbes, founded by CEO Terry Moyes, specializes in aviation insurance for various aircraft types and aviation businesses, with 30% employee ownership cited as a key deal factor. (Kenneth Araullo, 19/2/2025, Insurance Business, 'Howden strengthens UK aviation expertise with Forbes Insurance deal')RiverStone International has entered a reinsurance-to-close (RITC) agreement with Asta Managing Agency, transferring the 2022 underwriting year of Hampden Risk Partners Syndicate 2689 to RiverStone Syndicate 3500. The deal includes £62.5M in net technical provisions as of Q3 2024. CEO Andy Creed emphasised RiverStone’s commitment to acquiring legacy business in the Lloyd’s market, while Chris Sharp highlighted alignment with HRP’s "intelligent follow" model. (Kenneth Araullo, 18/2/2025, Insurance Business, 'RiverStone International finalizes RITC agreement with Asta and Hampden')JMG Group plans to continue its acquisition strategy into 2025, following 20+ deals in 2024. The Leeds-based broker, with £350M in gross written premium last year, is in talks for more transactions and will work with Gordons law firm on future deals. CEO Nick Houghton emphasized the company’s focus on organic growth supplemented by strategic acquisitions. (Kenneth Araullo, 18/2/2025, Insurance Business, 'JMG Group eyes more acquisitions in 2025 after 20 deals last year')The Andover Companies has invested in Mereo Insurance, a Bermuda-based re/insurance startup, as part of its expansion strategy. Mereo, chaired by former AIG CEO Brian Duperreault, holds an A- rating from AM Best and began underwriting in February 2025. The investment was completed on Jan. 31, 2025, amid Bermuda’s growing re/insurance sector. The Bermuda Monetary Authority (BMA) approved 10 captive insurers and 53 insurance entities in 2024, reinforcing the island’s role as a key domicile. (Kenneth Araullo, 17/2/2025, Insurance Business, 'Andover expands reinsurance reach with Mereo investment')Marco Capital Group has completed an RITC transaction for Coverys Syndicate 1975, effective Jan. 1, 2025. Marco’s Syndicate 1254, managed by Polo Managing Agency, covers 2022 and prior years. Coverys exited Lloyd’s in 2021, placing Syndicate 1975 into run-off. Polo oversees the run-off, while Coverys retains claims administration. (Kenneth Araullo, 17/2/2025, Insurance Business, 'Marco Capital completes RITC deal with Coverys Syndicate 1975')MoversHowden Re has appointed Emily Lo as Head of Analytics for Asia, bringing actuarial expertise from roles at Swiss Re and AXA; her experience spans pricing, reserving, product development, and reinsurance management across Asia and Australia. (Rod Bolivar, 20/2/2025, Insurance Business, 'Howden Re names new head of analytics')Price Forbes Türkiye has appointed Ali Arisoy as Chief Broking Officer; with experience in EPC project management and leadership at VHV Reasurans, he brings expertise in engineering, specialty, treaty, and retrocession underwriting across 38 countries. (Josh Recamara, 21/2/2025, Insurance Business, 'Insurance moves at Price Forbes, Vitality')Hamilton Global Specialty has appointed Mike Thorp as Head of Space and Chris Golder as Head of Treaty, reinforcing leadership continuity; Thorp, with Hamilton since 2015, launched its space underwriting program, while Golder brings 16 years of industry experience, including a decade in underwriting. (Rod Bolivar, 20/2/2025, Insurance Business, 'Hamilton appoints new underwriting leaders')AXA XL has appointed Ana Dores as Country Manager for Iberia, effective March 1, following Enrique Lopez Torrents’ departure. Dores, who joined AXA XL in 2014, has held roles from Senior Underwriter to Chief Underwriting Officer for international financial lines in APAC & Europe. She began her career at AIG in 2005 and has worked at Liberty International Underwriters. (Josh Recamara, 19/2/2025, Insurance Business, 'AXA XL appoints country manager for Iberia')IQUW has launched a ports and terminals insurance product, led by Ali Welchman, covering physical loss, cargo handling equipment, business interruption, and third-party liabilities. Welchman, with 10 years of experience, previously worked at Markel International and will focus on developing a global ports and terminals book. He highlighted the market’s evolution due to automation, climate change, and geopolitical shifts. (Kenneth Araullo, 18/2/2025, Insurance Business, 'IQUW launches ports and terminals insurance to expand marine offerings')MetLife UK has appointed Phil Jeynes as Head of Individual Protection. Jeynes, previously Director of Corporate Strategy at Reassured, will focus on setting the strategic direction for the individual protection business in the UK. He will join the UK executive team and report to Adrian Matthews, UK Deputy CEO. (Josh Recamara, 18/2/2025, Insurance Business, 'Insurance moves at MetLife UK, Apollo and Tokio Marine Kiln')Apollo has appointed Ciara Sheikh as interim Executive Underwriter for cargo, in addition to her role as Hull Underwriter. Sheikh will lead the cargo team, working alongside Richard Panter. She joined Apollo in 2022 as a Marine Hull Underwriter and previously spent five years at MS Amlin. She will be supported by Ralph Adams-Hale from Apollo's Smart Follow team. (Josh Recamara, 18/2/2025, Insurance Business, 'Insurance moves at MetLife UK, Apollo and Tokio Marine Kiln')Tokio Marine Kiln has appointed Paul Talbot as Aviation Underwriter within its aerospace team. Talbot brings over 20 years of experience, most recently as Head of Airports and Manufacturers UK at AIG. He also spent over seven years at Hayward Aviation. Tokio Marine Kiln is the largest writer of aviation risks in the Lloyd’s market by gross written premium. (Josh Recamara, 18/2/2025, Insurance Business, 'Insurance moves at MetLife UK, Apollo and Tokio Marine Kiln')Sompo Holdings will restructure into Sompo Property & Casualty (P&C) and Sompo Wellbeing from April 1, 2025. James Shea will lead Sompo P&C, integrating global insurance and reinsurance operations, with Koji Ishikawa as Sompo Japan CEO and Nicolas Burnet as CFO. Sompo Wellbeing, led by Yasuhiro Oba, will focus on life insurance and elderly care. The move addresses Japan’s ageing population, with Sompo reporting ¥120.04 billion ($818.2 million) net income in H2 2024. (Kenneth Araullo, 17/2/2025, Insurance Business, 'Sompo to restructure into two global business segments')Travelers Europe has appointed Mike Lawton as COO, overseeing daily operations and strategy execution, reporting to CEO Matthew Wilson. Lawton, who joined Travelers in 2016, has 20 years of industry experience across broking and underwriting. Wilson highlighted Lawton’s role in strengthening the company’s market presence and operational efficiency. (Kenneth Araullo, 17/2/2025, Insurance Business, 'Travelers Europe names Mike Lawton as chief operating officer')QBE European Operations has appointed Francisco Castro Yebra as Senior Underwriter for its warranty and indemnity (W&I) team. Based in London, Castro Yebra will underwrite deals across the UK and Europe. He joins from ICEN Risk, where he placed W&I policies for SMEs and larger deals in sectors like real estate, renewables, and technology. Castro Yebra, a qualified abogado and Solicitor, has experience in corporate law and began his insurance career at Lloyd’s in 2021. (Kenneth Araullo, 17/2/2025, Insurance Business, 'QBE expands W&I team with Francisco Castro Yebra appointment')All information provided in this market digest has been gathered from Insurance Business and IDEX Consulting.

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How to build and implement a sustainability strategy

The business case for sustainability has never been stronger. Over the past several years, many companies have taken a voluntary approach to sustainability, with many considering it mainly private sector-led, pushed and enabled by the government. However as various macro-economic factors worsen, especially those concerning climate change, human rights, education and training, and wellbeing, more sustainable focused regulation has been put in place to protect communities and drive economic growth.Customers, investors and employees are demanding more action from businesses across all sectors, choosing to vote with their wallets and feet. As businesses grapple with this, plus changing industry specific policies and potential litigation, they need to think ahead. This means making fundamental operating model changes, identifying risks and opportunities quickly, and taking decisive action. Slow-to-respond corporates will fail to survive in this re-shaped economy.From our research and survey where we invited thousands of employers, employees and investors to share their thoughts on sustainability, data shows that: It attracts new talent - 89% of employers said sustainable businesses are more likely to attract top talent. Over half of respondents reported that if they were looking for a new job, they would choose a sustainable company. A global survey by the IBM Institute for Business Value (IBV) stated that more than two-thirds of respondents were more likely to apply for and accept jobs with environmentally and socially responsible organisations and nearly half surveyed would accept a lower salary (CSR Journal).Employees expect purpose - 87% of employees said they would working for a sustainable business is important to them.  Furthermore, the 2025 Edelman Trust Barometer reveals that “63% of employees worry about automation and globalization impacting their future” (2025 Edelman Trust Barometer: Trust and the crisis of grievance). Research shows that employers who focused on embedding sustainability into their culture gave employees a sense of security, and inspired loyalty and engagement. From a 2025 survey of over 20,000 respondents across more than 20 countries, Deloitte reported that a third of employees say employers are not doing enough to address climate change and sustainability (ESG today: Nearly two thirds of employees say employers not doing enough).Investors value transparency - 69% of UK investors consider it as a key factor when investing in a business. The 2024 Transparency Index highlights how companies with strong ESG disclosures build stronger trust and attract more capital (The Transparency Index 2024: Why transparency matters).Ensuring your business has sustainable practices and commitments is key to future success. We interviewed Dr Rosina Watson, Associate Professor of Sustainability at the Cranfield School of Management, to understand how businesses can practically implement sustainability and enhance their technical and management skills to build core competencies to drive positive change. In our video interview Rosina shares key advice on:How to create an effective sustainability strategy The United Nations sustainability framework and how to use it appropriately How businesses are regulated on their sustainability targets and what is mandatory to report onGreen washing and how to avoid it How businesses can prepare for future sustainability challenges How you can use your sustainable practices to attract top talent, clients and investors If you have any questions regarding the content or would like support with your sustainability practices please contact Geoff Guerin, Strategy and Sustainability Director, and Financial Services Managing Director.

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