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How we used our innovative solutions to attract top talent for NIG...

BackgroundNIG came to us with 18 vacancies across multiple divisions and locations across the UK.They had found it challenging to find and attract the right level of talent using their traditional methods of advertising and wanted a rapid, quality led solution, that delivered options for all of their vacancies, and ultimately the right talent in the right locations.Our solutionIDEX and NIG set up a joint project team to manage the volume of vacancies. We worked on a talent attraction strategy which included; promoting their brand, values and opportunities to an audience of underwriters, technical wording specialists, risk surveyors, and business development managers across the UK.We created a virtual opening evening that gave candidates the opportunity to hear from the NIG senior leadership team, as well as meet with them both confidentially and informally, prior to applying for any roles.We promoted the event via social media using video clips of the leadership team speaking about their successes. This provided invaluable insight into a career at NIG and helped to not only transform the perception of the NIG brand for a passive talent audience but subsequently drove a huge amount of interest in a career with NIG.Did their investment in people pay off?Through the combination of our marketing delivery with the experience and geographical spread of our team of 15 GI consultants, we were able to attract a large number of new professionals to the open vacancies. This resulted in over 15 new hires being offered within a period of just 12 weeks."NIG chose to work with IDEX because they offered a fresh approach to recruitment that would make a stand out difference at a time when recruiting was an over-crowded space.Through our engagement we jointly devised something that provided a USP to attracting talent, with a bespoke service of follow up and negotiation to land the best candidates for the roles."- Sonya Bryson, Managing Director, NIGFor more information about our Talent Solutions, click the 'Find out more' button below.Find Out More

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How we used our innovative solutions to attract top talent for CNA Hardy...

The briefTo find a technology underwriter professional with international product experience for a growing division of CNA Hardy, a specialist insurance provider, in Copenhagen.Our solutionWe spent time understanding the key priorities that defined success for CNA in this role, what great would look like after 12 months, and the behaviours and skills needed for this role. Another important aspect was understanding CNA’s attraction strategy, especially their employee value proposition to attract and retain talent - why an individual would want to work for the company and build a career with them. Once we captured this, we conducted extensive research including those of CNA’s competitors and created a defined market map and talent acquisition plan. This resulted in numerous follow-ups and conversations and finally a short list of five strong applicants who were all interviewed within three weeks. The resultsFrom these interviews, one offer was made and accepted, with a secondary candidate being brought in to the business for an additional role – all within a five week timeline from job registration to offer accepted.For more information about our Talent Solutions, click the 'Find out more' button below.Find Out More

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General Insurance newsletter Friday 20th December 2024

Insurance NewsHow to attract top insurance talent in 2025 - To attract top talent, insurance employers should focus on cultivating a positive company culture that aligns with employees' personal values, offering flexible working arrangements to support work-life balance, and promoting inclusion and diversity within the workplace. (IDEX Consulting news, 'How to attract top insurance talent in 2025')Tips for building inclusive hybrid cultures - To foster inclusivity in hybrid work environments, businesses should implement inclusive management practices, address inequalities in access to opportunities, and ensure leadership actively supports diversity. Clear communication, employee engagement, and policies that promote fairness and flexibility are essential for creating a cohesive and equitable culture. (IDEX Consulting news, 'Tips for building inclusive hybrid cultures')The skills you need to refine in 2025 - Analytical thinking, decision-making, and creative problem-solving remain critical as industries become increasingly data-driven and innovation-focused. Professionals should also focus on adaptability to rapidly advancing technologies, coupled with strong interpersonal skills like communication and collaboration. A commitment to continuous learning and staying updated on industry trends will be key to maintaining a competitive edge in the evolving job market. (IDEX Consulting news, 'The skills you need to refine in 2025')How to attract top buyers for your business - Highlighting your business’s unique selling points and growth potential is key, alongside ensuring accurate financial records, resolving outstanding issues, and retaining key employees. Engaging experienced M&A professionals and leveraging networks can help identify qualified buyers and secure favourable deals. (IDEX Consulting news, 'How to attract top buyers for your business')Volt Underwriting, an MGA supporting the energy transition sector, has secured a $37.5 million binding authority for 2025—a 50% capacity increase—backed by Dale Underwriting, SiriusPoint, Tokio Marine Kiln, and Blenheim Syndicates. (Jonalyn Cueto, 20/12/2024, Insurance Business, 'Volt Underwriting expands binder for 2025')Broadway Insurance Partners achieved significant growth in 2024, including a 31% client base increase and a 20% rise in staff. The firm expanded services, opened a Liverpool office, and saw its Healthcare division, led by Emma Wood, generate £1.5 million in GWPs during its first full year. (Kenneth Araullo, 19/12/2024, Insurance Business, 'Broadway Insurance reports major achievements in 2024')Cybersecurity firm Resilience predicts major challenges in 2025, including a devastating cyber incident involving an obscure company and a successful deepfake attack on a Fortune 500 firm. Chief data scientist Dr. Ann Irvine also ruled out prolonged nationwide internet outages, citing strong disincentives for large-scale attacks. (Jonalyn Cueto, 19/12/2024, Insurance Business, 'What will happen in the cyber insurance sector during 2025?')Helios Underwriting revealed a £484 million portfolio capacity for the 2025 Year of Account, reflecting a 5% reduction from 2024 due to strategic adjustments, with 82% from established syndicates, £327 million retained, and a 36% rise in third-party capital to £157 million. (Kenneth Araullo, 18/12/2024, Insurance Business, 'Helios sets £484 million capacity for 2025 amid strategic adjustments')Applied Underwriters will expand into the EU with the launch of Malta-based American Atlantic Assurance Co., set to begin operations in early 2025, taking over new and renewal business from its financial lines portfolio and enhancing coverage for political risks, while strengthening collaboration with Applied Credit Underwriters in London. (Mav Rodriguez, 18/12/2024, Insurance Business, 'Applied Underwriters to expand into Europe with new subsidiary in 2025')AXIS Capital and Enstar Group have agreed to a loss portfolio transfer reinsurance deal, retroceding $2.3 billion in reserves through a 75% quota share structure, primarily covering casualty portfolios from 2021 and prior; the deal, subject to approvals, is expected to close in H1 2025. (Kenneth Araullo, 17/12/2024, Insurance Business, 'AXIS and Enstar announce US$2.3 billion loss portfolio transfer deal')Consilium reported £700 million in GWP for the year ending June 2024, a 54% year-on-year growth, with a 36% five-year compound growth rate; targeting £800 million by year-end and £1.1 billion by 2026, the firm also saw 176% growth in professional & executive risks, 32% in international business, 52% in delegated risk solutions, and a 154% surge in headcount to over 100 staff. (Josh Recamara, 17/12/2024, Insurance Business, 'Consilium reports huge increase in gross written premiums for fiscal 2024')AXA UK has formed a five-year exclusive partnership with Lloyds Banking Group, starting in May 2025, to become the sole provider of motor insurance for Lloyds, Halifax, and Bank of Scotland brands, consolidating underwriting for car and van insurance for 27 million customers; CEO Alain Zweibrucker emphasised the partnership's role in meeting customer needs and supporting business growth. (Jonalyn Cueto, 17/12/2024, Insurance Business, 'AXA UK and Lloyds Banking Group forge exclusive partnership')QBE Insurance Group is strengthening its global cyber insurance offerings through QBE Ventures, investing in emerging cyber-tech start-ups to build a comprehensive cyber ecosystem. With 25% of its portfolio in advanced cybersecurity, QBE aims to meet growing demand for cyber risk solutions. The company’s latest report predicts a rise in cyberattacks, with strategic incidents expected to increase from 103 in 2020 to over 200 by 2024, and highlights gaps in businesses’ preparedness and cyber insurance coverage. (Roxanne Libatique, 16/12/2024, Insurance Business, 'QBE highlights role of start-up partnerships in cyber insurance innovation')EBRD and Aon have launched a €110 million Ukraine Recovery and Reconstruction Guarantee Facility to support global reinsurers with war-related risk guarantees underwritten by local insurers, aiming to boost business activity and aid Ukraine’s economic recovery. (Kenneth Araullo, 16/12/2024, Insurance Business, 'EBRD-Aon partnership brings war risk cover back to Ukraine')ConnectUW Holdings will take ownership of Lloyd’s box number 356 starting December 23, 2024, enabling it to offer facultative reinsurance for global property, energy, and war and terrorism risks on an excess-of-loss basis, while expanding access to specialist reinsurance products through its MGAs. CEO Jamil Elbahou emphasised the enhanced accessibility for Lloyd’s brokers. (Kenneth Araullo, 16/12/2024, Insurance Business, 'ConnectUW secures Lloyd's Box 356 for specialist reinsurance')The cyber insurance market is expected to remain soft in 2025, with pricing decreases slowing to 5-7%, as ransomware threats intensify, particularly in critical sectors like healthcare and telecommunications. Experts from active insurance provider Coalition emphasise the importance of cyber readiness, with organisations focusing on digital outage recovery and financial resilience. (Josh Recamara, 16/12/2024, Insurance Business, 'What will 2025 bring for the cyber insurance market? – Coalition report')Saga plc has announced a 20-year partnership with Ageas UK subsidiaries to manage its motor and home insurance operations. The deal includes the sale of Saga's Insurance Underwriting business, Acromas Insurance Company Limited (AICL). The partnership combines Saga’s brand with Ageas’s UK expertise, expanding Saga’s offerings while Ageas handles underwriting, pricing, claims, and customer service. Saga will retain control over branding and direct marketing, with the partnership starting in late 2025. (Kenneth Araullo, 16/12/2024, Insurance Business, 'Saga partners with Ageas in £145 million insurance deal')Mergers and AcquisitionsThe Ardonagh Group announced a US$14 billion valuation following an equity investment from Stone Point Capital LLC, expected to close by mid-2025, marking another milestone in a year of achievements, including debt refinancing, a merger with Markerstudy, and the take-private of PSC Insurance Group, while continuing to place US$18 billion in premiums annually across the insurance value chain. (Kenneth Araullo, 18/12/2024, Insurance Business, 'Stone Point invests in Ardonagh, valuing group at US$14 billion')Fairfax Financial has acquired the remaining 13.8% stake in Brit Limited from OMERS for approximately US$383 million, increasing its ownership to 100%; starting January 1, 2025, Ki will operate as a standalone entity within the Fairfax Group. (Kenneth Araullo, 16/12/2024, Insurance Business, 'Fairfax to fully own Brit as $383 million acquisition finalised')MoversHymans Robertson has named Muhammad Ali as Head of Lloyd’s and the London Market within its GI team, leveraging his extensive actuarial reserving expertise and previous experience at Deloitte, where he led initiatives on emerging risks, process transformations, and reserve assessments for global insurers and M&A activities. (Jonalyn Cueto, 20/12/2024, Insurance Business, 'Ali named head of Lloyd's and London Market at Hymans Robertson')Pen Underwriting has appointed Hannah Fry as Chief Operating Officer, effective January 6, 2025, pending regulatory approval. With 25 years of industry experience, including senior roles at Gallagher and Stackhouse Poland, Fry will focus on enhancing Pen’s operational capabilities to support its strategic growth. (Jonalyn Cueto, 19/12/2024, Insurance Business, 'Fry appointed COO at Pen Underwriting')Davies has restructured its consulting division with four specialised pillars: insurance, capital markets, asset and wealth management, and retail finance. Paul Johnson has been promoted to COO, leveraging 12 years at Davies, while Matt Parkinson takes on the newly created CRO role, bringing over 30 years of industry leadership. Both report to division CEO Pino Vallejo.(Jonalyn Cueto, 19/12/2024, Insurance Business, 'Davies announces senior promotions in consulting division')Gallagher Re has named Hemant Nagpal as Head of Analytics for Asia Pacific, effective January 2025. With over 20 years of experience in risk modelling and insurance analytics, Nagpal will lead the region’s analytics strategy, building on his tenure as Head of Catastrophe Analytics since 2021. (Kenneth Araullo, 18/12/2024, Insurance Business, 'Gallagher Re names Hemant Nagpal as head of analytics for APAC')HIVE Underwriters has appointed Henning Haagen as Chief Development Officer and board member, effective January 1, 2025. Formerly a Global Executive Leader at Allianz Commercial, Haagen will collaborate with CEO Bruce Carman to expand HIVE's specialty underwriting portfolio, strengthen its aviation expertise, and explore new opportunities in specialty lines. (Kenneth Araullo, 19/12/2024, Insurance Business, 'Henning Haagen joins HIVE as chief development officer')WTW has appointed Tony Simm as Head of Facultative for Great Britain. Based in London, Simm brings over 15 years of expertise in the direct and facultative reinsurance sector, rejoining the company after roles at Guy Carpenter and Gallagher Re. (Josh Recamara, 19/12/2024, Insurance Business, 'WTW names Tony Simm as head of facultative for Great Britain')The Lloyd’s Market Association (LMA) has appointed Joe Brace as Operations Director, effective spring 2025, succeeding Rob Myers, who retires in 2026 after over 40 years in the industry. Brace, most recently Head of Change at Apollo, brings extensive experience from roles at Lloyd’s and HSBC, and will oversee the transition while Myers continues to consult on Blueprint Two. (Josh Recamara, 19/12/2024, Insurance Business, 'LMA names Joe Brace as operations director')Augment Risk has appointed Steve McElhiney as Partner to lead its new captive and alternative risk transfer solutions, focusing on North American expansion, legacy solutions, and bespoke strategies for underserved segments. Most recently Senior Vice President and Global Director of reinsurance for Artex Risk Solutions, McElhiney will leverage his extensive expertise to develop tailored captive solutions, including single-parent captives and segregated cells. (Kenneth Araullo, 19/12/2024, Insurance Business, 'Steve McElhiney joins Augment Risk to lead captive solutions')Generali GC&C has appointed Michela Moro as Head of Cyber Insurance, effective December 16, succeeding Massimo Orsini, who retired from the role; with over 15 years of industry experience, including her previous role as Regional Head of Cyber at Allianz Commercial, Moro brings expertise in corporate client segments and portfolio development. (Kenneth Araullo, 18/12/2024, Insurance Business, 'Michela Moro appointed as Generali GC&C head of cyber insurance')Gallagher has appointed Paul Bassett as CEO of crisis management and Simon Brookes as CEO of financial lines, leveraging their extensive experience—Bassett, who joined in 2015, previously held senior roles at Aon and JLT, driving growth in crisis services, including the acquisition of AnotherDay, while Brookes, with Gallagher since its 2011 acquisition of Heath Lambert, will oversee management liability, cyber, and professional risks. (Jonalyn Cueto, 18/12/2024, Insurance Business, 'Gallagher appoints new CEOs for key divisions')Howden Re has appointed Paul Nicholson and Dominic Riley as Managing Directors for its aviation and space team, starting in 2025; Nicholson, with 35 years in reinsurance broking, has held senior roles at Aon, Gallagher Re, Guy Carpenter, and JLT Re, while Riley, bringing nearly 30 years of experience, joins from Lockton Re and began his career in the Lloyd’s market in 1996. (Kenneth Araullo, 17/12/2024, Insurance Business, 'Howden Re to bolster aviation and space team')Arch Insurance has appointed Ezechiel Symenouh as Senior Cyber Underwriter, based in Paris, to develop its European cyber insurance portfolio with a focus on France, Benelux, and the Nordic regions; Symenouh previously worked at Tokio Marine HCC and as Cyber Risk Practice Leader at WTW France. (Kenneth Araullo, 17/12/2024, Insurance Business, 'Ezechiel Symenouh joins Arch Insurance as senior cyber underwriter')Agile Insurance Group has appointed David Hughes as Head of Marine and Deputy Active Underwriter for Lloyd’s Syndicate AUS2427, bringing over 25 years of marine market experience from roles at AXA XL, including Head of Marine Hull and War for the UK and Lloyd’s; Hughes will be based in London with a global mandate and $10 million linesize. (Josh Recamara, 17/12/2024, Insurance Business, 'David Hughes joins Agile syndicate as head of marine')Atec Group-owned MGA Arkel has appointed Jonathan Myers as Schemes and EDI Manager to accelerate bringing new schemes to market and support growth targets for 2025; Myers joins from Plum Underwriting and has previous experience at Towergate, Aviva, and Zurich. (Josh Recamara, 17/12/2024, Insurance Business, 'Arkel names Jonathan Myers as schemes and EDI manager')Chubb has appointed John Latter as Head of Claims for Chubb Overseas General (COG), bringing 40 years of experience, including his previous role as Senior Vice President, Claims Director for Europe, Eurasia, and Africa; Latter, who joined Chubb in 2017 from Zurich Insurance, will oversee claims operations across Europe, the Middle East, Asia-Pacific, Latin America, and the Far East. (Josh Recamara, 17/12/2024, Insurance Business, 'Chubb names head of claims for Chubb Overseas General')Allianz UK has made key investments in its commercial digital trading team, appointing Raj Variyar as Head of Digital Distribution, bringing over 14 years of experience in insurance and banking, most recently at Aon and Simply Business; Emmanuel Peltant as Head of Digital Pricing, with over 24 years of industry experience, previously at AXA and Direct Line Group; Anneke Graham as Head of Digital Underwriting, promoting her from within; Victoria Ashman as Head of Operations and Trading, previously Regional Distribution Manager; and Steve Wells as Head of Strategic Initiatives and Change, focused on platform management and transformative projects. The restructuring also includes internal promotions for Dan Hill as Digital Portfolio Manager, James Preece as Digital Data Manager, Wendy Johnson as Digital Delegated Authority and Schemes Manager, and Charlotte Billingham as Digital Development and Propositions Lead, all aimed at strengthening broker relationships and expanding its digital product portfolio. (Jonalyn Cueto, 17/12/2024, Insurance Business, 'Allianz UK expands digital trading team')Beazley has appointed Alessandro Lezzi as Group Head of Cyber Risks, reporting to Paul Bantick, the Group Chief Underwriting Officer. Lezzi, who has led Beazley’s international cyber portfolio for over a decade, will now oversee the company’s global cyber risk initiatives, with his appointment reflecting Beazley’s focus on developing leadership from within. (Kenneth Araullo, 16/12/2024, Insurance Business, 'Beazley strengthens cyber division with Alessandro Lezzi promotion')Resilience has expanded its underwriting team to support growth in cyber risk management, appointing Maria Long as Deputy Chief Underwriting Officer, bringing 17 years of experience from Munich Re in cyber risk management; Scott Schleicher as Senior Vice President of underwriting, with over 30 years of experience, most recently at AXA XL; Megan Koffer as Vice President of underwriting in the Southeast region, with 10 years of experience from AXA XL and Hiscox USA; and Janine Cooper as Assistant Vice President of underwriting in the Midwest, having transitioned from life sciences underwriting at CNA to cyber and professional liability at Ironshore Insurance. (Jonalyn Cueto, 16/12/2024, Insurance Business, 'Resilience bolsters cyber risk team with key hires')Arch Insurance’s UK Regional Division has appointed David Mann as Branch Manager for Colchester and Alex Turner as National Production Lead. Mann, with nearly 30 years of experience, previously held senior roles at Victor Insurance UK and Marsh, will oversee underwriting and operations in Colchester. Turner, with over 20 years of experience, including a previous role as Branch Manager for Colchester, will focus on refining product offerings and strengthening partnerships across Arch’s network. (Kenneth Araullo, 16/12/2024, Insurance Business, 'Arch Insurance boosts leadership with two senior appointments')NFU Mutual has appointed Eleanor Moore as Personal Sales Development Manager to support its expansion in the high-net-worth sector. Moore brings over 30 years of experience, including roles as Director of private clients at Broadway Insurance Partners and C&C Insurance Brokers. She was named one of Insurance Business’s Elite Women in 2024. In her new role, Moore will focus on developing tailored products and identifying growth opportunities, working with NFU Mutual’s network and external partners. (Jonalyn Cueto, 16/12/2024, Insurance Business, 'NFU Mutual boosts high net worth strategy with new hire')All information provided in this market digest has been gathered from Insurance Business and IDEX Consulting.

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The wealth management talent shortage and how to tackle it

What would typically be a natural cycle of one generation handing knowledge and expertise to the next, is now a cross-roads with a lack of young professionals entering the wealth management profession. This shortage of younger talent leaves a fundamental gap that could reshape the industry. A departing workforce paired with a declining pipeline of new advisers has firms questioning what they can do to address the issue and how they can attract a new wave of young professionals.“The wealth management industry is facing a significant talent shortage, fuelled by shifting priorities among younger generations, who increasingly prioritise a more flexible work-life balance and purpose over traditional career paths. However, this challenge presents an opportunity for businesses to rethink their approach so they can attract and retain the next wave of talent. With the right strategy, firms can overcome the talent gap and also position themselves for long-term success in an evolving market,” says Graeme Hyland, Business Manager at IDEX Consulting. To put the scale of this situation into context, research has found that nearly 50% of wealth management professionals plan to retire by 2029 (International Adviser: One in two UK financial advisers plan to retire during the next five years). Along with the significant drop of professionals in the industry, only 4% of workers in the UK have considered a career in financial advice due to limited awareness of the profession and it’s benefits (FT Adviser: Only 4% of UK have considered career in financial advice). The lack of interest to enter the field brings the average industry growth rate far below other professions. To look at the current wealth management workforce, only 6% of advisers are under the age of 30 years old which points towards a severely ageing industry (FT Adviser: Only 6% of advisers are under 30 years old). There is a need for firms to reassess their approach to recruitment, training, and retaining the next generation of advisers to ensure the future success of the profession. If younger professionals don't step in to bridge the gap, firms risk losing new expertise, diversity of thought and driving innovative business practices. What’s causing the talent shortage?The reasons behind the lack of younger people joining the wealth management profession are multi-faceted. Here are a few key factors impacting talent attraction: Perceived barriers to entryMany young people are deterred by the high barrier to entry in wealth management. While the industry offers lucrative career opportunities, the path to becoming a financial adviser often requires a combination of advanced education, certification, and a significant amount of mentorship or on-the-job training. Additionally, the need to build a client base from scratch can feel daunting to younger people, who may not have the personal networks, knowledge or resources to get started. Some firms have battled the negative perceptions surrounding the industry with inclusive campaigns to attract younger people from diverse backgrounds and create a more accessible industry (Advisors: Wealth Managers Fear UK Talent Shortages To Stay Or Worsen). Changing career prioritiesThe younger generation, particularly Gen Z and millennials, have different career priorities compared to older generations. Flexibility, work-life balance, and a clear sense of purpose are high on their list. Wealth management, traditionally known for long hours and demanding workloads, may not always align with these values (Consultancy UK: Firms struggle to adapt to expectations of Gen Z). Many young professionals may instead be drawn to careers in technology, marketing, or other industries that offer more flexibility and innovation.Lack of awareness and outreachWhile wealth management offers a fulfilling and well-compensated career path, it often lacks the same visibility as other fields, like technology or other areas in finance. Financial advising may not be top of mind for students or early-career professionals because it is often viewed as a niche role, overshadowed by more prominent careers in banking, consulting, or investment management (Detailed Guide: Wealth Management vs. Investment Banking). Without active recruitment and awareness-building, firms are missing out on young talent who might not even realise wealth management is an option for them.Technology disruptionThe rise of technology and digital tools has also had an impact on the profession. While technology can enhance the client experience and streamline processes, it has also created a perception that wealth management is becoming more automated (MIT Sloan: Can generative AI provide trusted financial advice?). Many younger professionals are concerned that automation and artificial intelligence will replace the human element of the job, diminishing the need for traditional financial advisers. How firms can attract the next generation of talentHere are a few actionable strategies to attract a new workforce into the wealth management industry:Reframe the narrativeWealth management firms need to reframe how they talk about the profession. Rather than focusing solely on the numbers or the technical side of financial planning, firms should emphasise the impact of the work. For instance, by showcasing what they do to help individuals, families, and businesses achieve their financial goals and create lasting legacies. By positioning wealth management as a career that makes a tangible difference to people’s lives, firms can appeal to younger professionals who are driven by purpose (Forbes: Why A Purpose-Driven Approach Is Crucial To Your Wealth Management Business).Offer flexible working environmentsTo align with the preferences of younger professionals, firms should consider offering more flexibility in terms of work hours and remote work options. Hybrid or fully remote models are especially attractive to millennials and Gen Z, who value work-life balance and autonomy. Demonstrating care for people’s work-life priorities through action is more effective than trying to communicate this through words when acquiring new talent (Dow Jones: How Financial Advisors Can Reach Younger Generation). Firms that offer flexibility will be more likely to attract younger candidates who might otherwise be deterred by rigid, traditional work environments. Invest in professional developmentDespite a tight labour market, hybrid working, and progressing worker expectations, many young people are still looking for careers that offer growth and learning opportunities. Firms can appeal to this by investing in robust professional development programmes, mentorship opportunities, and clear career progression paths (Broadridge: Wealth Management Firms Need a New Approach to Attract Young Talent). A structured training programme that allows young advisers to learn the ropes while working alongside experienced professionals can also make the job more accessible and approachable. Offer competitive compensation and incentivesWhilst work-life balance and purpose-driven careers are important, compensation is still a critical factor. Firms need to offer competitive salaries, benefits, and performance-based incentives to attract top talent. Additionally, offering opportunities for advancement can provide long-term incentives that keep younger advisers motivated and committed to the firm. Check if you are offering prospective employees the right salaries that are in line with market expectations using our free 2025 Salary Guide and Market Sentiment report. Our expert consultants are available to assist with your talent strategy, business transformation needs, or discuss our services and solutions. If you’d like further details or simply wish to have an informal conversation, don’t hesitate to reach out. Sources:Broadridge: Wealth Management firms need a new approach to attract young talentConsultancy UK: Firms struggle to adapt to expectations of Gen Z Dow Jones: How Financial Advisors can reach younger generationsForbes: AI Is taking over accounting jobs as people leave the professionForbes: Why a purpose-driven approach is crucial to your wealth management businessFT Adviser: Only 6% of advisers are under 30 years old FT Adviser: Only 4% of UK have considered career in financial adviceInternational Adviser: One in two UK financial advisers plan to retire during the next five years | International AdviserJLL Research: Financial services firms rethink their wealth management strategiesMergers & Inquisitions: Wealth Management vs. Investment BankingMIT Sloan: Can generative AI provide trusted financial advice?Wealth Briefing: Advisors, Wealth Managers fear UK talent shortages to stay or worsen

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General Insurance newsletter Friday 13th December 2024

Insurance NewsNeurodiverse recruitment: How neuro-diverse are you? - Neurodiverse recruitment involves creating inclusive hiring practices that value diverse thinking styles and remove barriers for neurodivergent individuals. Businesses can enhance inclusivity by adapting interview processes, fostering supportive workplace environments, and educating teams about neurodiversity to unlock innovative potential and attract a broader talent pool. (IDEX Consulting news, 'Neurodiverse recruitment: How neuro-diverse are you?')How to increase your retention levels - To increase retention, businesses must prioritize employee support by offering clear career development paths, fostering positive workplace culture, and addressing individual needs. Open communication, recognition, and meaningful benefits play key roles in reducing turnover and maintaining a motivated workforce. (IDEX Consulting news, 'How to increase your retention levels')The role of an Insurance Claims Adjuster - Learn more about the role of an Insurance Claims Adjuster, who assesses and processes insurance claims by investigating damages, determining liabilities, and negotiating settlements. This position requires strong analytical skills and expertise in insurance policies to ensure fair and efficient claim resolutions. (IDEX Consulting news, 'The role of an Insurance Claims Adjuster')The impact of robo advisers on the Financial Services market - Robo-advisers are transforming the Financial Services market by providing automated investment advice at a lower cost, improving access to financial planning. While they challenge traditional advisory models, they also present opportunities for innovation and efficiency in wealth management. The rise of robo-advisers reflects a broader trend toward digitalization in finance, pushing the industry toward more tech-driven solutions. (IDEX Consulting news, 'The impact of robo advisers on the Financial Services market')Aon plc has partnered with the EBRD to launch a €110 million war risk insurance facility to support Ukraine’s economic recovery, providing guarantees to reinsurers covering war-related risks for businesses and SMEs, with the potential to insure up to €1 billion in goods and vehicles annually. (Jonalyn Cueto, 13/12/2024, Insurance Business, 'Aon and EBRD launch war risk insurance facility')Guy Carpenter has launched a research initiative with academic partners, including Florida International University and the University of Michigan, to explore parametric insurance solutions aimed at enhancing financial resilience for communities facing wildfire and hurricane risks in California and Florida. (Kenneth Araullo, 12/12/2024, Insurance Business, 'Guy Carpenter explores parametric insurance for wildfire, hurricane risks')The Texas Windstorm Insurance Association (TWIA) approved a $40.27 million budget for 2025, with $485 million allocated to reinsurance—up from $397 million in 2024—to address a depleted catastrophe reserve and growing exposure, covering losses between $2.45 billion and $6.5 billion. (Kenneth Araullo, 12/12/2024, Insurance Business, 'TWIA increases reinsurance spending after Hurricane Beryl losses')The City of London Corporation will host its inaugural Global Risk Summit on May 21, 2025, spotlighting the UK insurance sector’s innovation and expertise. Part of a weeklong series of events, it will gather industry leaders to address global risks like AI, geopolitical tensions, and sustainability. (Jonalyn Cueto, 12/12/2024, Insurance Business, 'City of London Corporation to host Global Risk Summit')Efforts to enhance Property Flood Resilience (PFR) and support Build Back Better (BBB) initiatives are gaining traction among insurance brokers, as highlighted at the British Insurance Brokers’ Association (BIBA) Tour of the Regions. Nearly 800 brokers engaged in discussions on reducing flood risks, with a focus on Flood Re’s initiatives to mitigate flooding impacts, following the significant damage caused by 12 storms and flooding in over 4,000 properties last winter. (Jonalyn Cueto, 12/12/2024, Insurance Business, 'Flood resilience highlighted as priority at BIBA Tour of the Regions')Lloyd’s has released a systemic risk scenario projecting global economic losses of up to US$13.6 trillion over five years from a hypothetical human pandemic. In collaboration with the Cambridge Centre for Risk Studies, the scenario explores losses ranging from US$7.3 trillion to US$41.7 trillion, reflecting reductions in global GDP of 1.1% to 6.4%. The study, part of Lloyd’s Futureset series, underscores the economic impact of local lockdowns and international travel restrictions, particularly in the transportation sector, which accounts for over 10% of global GDP. (Kenneth Araullo, 11/12/2024, Insurance Business, 'Pandemic risks could lead to US$396 billion annual expected economic loss – Lloyd's')Allianz has launched Sconset Re Ltd, a Bermuda-based reinsurance platform, to reinsure a US$4 billion block of annuity liabilities and enter a forward flow agreement for US$5 billion to US$10 billion of new business. The platform’s investment portfolio will be primarily managed by PIMCO, Allianz’s asset management subsidiary, with equity investments from institutional partners Voya Financial and Antares Capital LP, who will also manage portions of the portfolio. (Kenneth Araullo, 11/12/2024, Insurance Business, 'Allianz expands reinsurance with Sconset Re launch')Talanx Group has set new strategic targets for 2027, aiming for a 30% increase in net income to over €2.5 billion, a return on equity consistently above 12%, and a dividend increase to €4.00 per share. For 2024, the company expects net income over €1.9 billion, a return on equity above 15%, and a proposed dividend of €2.70 per share. (Kenneth Araullo, 11/12/2024, Insurance Business, 'Talanx sets ambitious €2.5 billion net income target by 2027')The British Insurance Brokers’ Association (BIBA) has announced "A New Era" as the theme for its 2025 conference, focusing on the industry's transformations and future opportunities. Scheduled for May 14–15, 2025, at Manchester Central, the event will explore how brokers can adapt to emerging risks. BIBA CEO Graeme Trudgill highlighted the significant changes in the past 25 years, including political shifts, regulatory updates, and evolving risks, and emphasized the need for a forward-looking approach to insurance broking. (Jonalyn Cueto, 11/12/2024, Insurance Business, 'BIBA announces theme for 2025 conference')WTW’s Political Risk Index warns of growing threats to maritime and offshore infrastructure from grey zone aggression, such as cyberattacks and disinformation. The report highlights risks to vessels, undersea cables, and oil installations, and notes the expansion of the shadow fleet for unlawful oil exports, which poses safety risks and worsens supply chain disruptions. (Jonalyn Cueto, 11/12/2024, Insurance Business, 'Grey zone threats escalate for some sectors - WTW')K2 Group Holdings (K2 International) has opened a box in Lloyd’s of London, with three divisions operating from it: K2 Rubicon Specialty, K2 Crisis Management, and K2 Property D&F. Key underwriters, including Gavin Wall, Matthew Eve, and Chris McGill from K2 Rubicon, Tom Kennett from K2 Crisis Management, and Robert Coker, Christian Bennett, and Jacob Gladding from K2 Property D&F, will engage with brokers to explore opportunities in the specialty insurance and reinsurance markets. (Kenneth Araullo, 10/12/2024, Insurance Business, 'K2 International expands presence with Lloyd's market entry')Envelop Risk, a cyber reinsurance and analytics specialist, has surpassed US$1 billion in gross written premium (GWP) since its 2018 launch, achieving a 40% compound annual growth rate. The company also secured a three-year capacity agreement with MS Reinsurance and a multi-year deal for analytics services with its newly launched Solutions Business. Envelop has launched Augmented Re in Bermuda, a Class 3A reinsurer, to align risks with capacity partners in Bermuda and London. (Kenneth Araullo, 10/12/2024, Insurance Business, 'Envelop Risk surpasses US$1 billion GWP milestone in cyber reinsurance')Beazley’s executive team highlighted key challenges and opportunities for 2025, focusing on AI, climate resilience, regulatory divergence, and tech obsolescence. CEO Adrian Cox emphasized the need to avoid "AI-washing" as businesses integrate AI, warning that hype can outpace reality. Beazley’s research shows 80% of companies plan to adopt AI, but Cox cautioned that the true impact will only be clear when the AI bubble bursts. (Kenneth Araullo, 9/12/2024, Insurance Business, 'Beazley warns against "AI-washing" risks in 2025')Mergers and AcquisitionsBMS Group has agreed to acquire Rasher, a Spanish insurance broker with operations in Colombia and Peru, expanding its presence in Iberia and Latin America and strengthening its expertise in surety, credit, and risk management for corporate clients, subject to regulatory approvals. (Kenneth Araullo, 12/12/2024, Insurance Business, 'BMS strengthens Iberian presence with acquisition of Rasher')According to MarshBerry, UK insurance distribution M&A activity peaked in November 2024 with 18 deals, driven by sellers rushing to secure the 20% Capital Gains Tax rate before it increased to 24% in the Autumn budget. Year-to-date, 135 transactions have been recorded, nearing 2023's 137 at the same point, with expectations for 2024 to match last year's record-breaking levels. Analysts caution that some transactions may have been accelerated, potentially slowing activity in early 2025. (Kenneth Araullo, 12/12/2024, Insurance Business, 'Capital gains tax shift drives November M&A surge in insurance – Marshberry')Lycetts has acquired Newcastle-based Cheviot Insurance Services to strengthen its North East operations. The acquisition integrates Cheviot’s team, including John Baty and Joel Marks, into Lycetts’ Newcastle office. Ian Barclay, Lycetts’ CEO, highlighted the deal’s significance, noting it supports the company’s growth strategy and enhances its regional strengths by building on Cheviot’s reputation and community ties. (Jonalyn Cueto, 12/12/2024, Insurance Business, 'Lycetts acquires Cheviot Insurance Services')Utmost Group has received regulatory approvals to acquire Lombard International Assurance, with the deal set to close on December 30, 2024. The acquisition will integrate Lombard into Utmost International, strengthening the group's position in key European markets and expanding its capacity to meet long-term client needs. Lombard will continue to operate from Luxembourg, offering its products under the Utmost brand alongside existing offerings. (Kenneth Araullo, 11/12/2024, Insurance Business, 'Utmost to complete acquisition of Lombard International')Specialist Risk Group (SRG), backed by Warburg Pincus and Temasek, has acquired R3, a specialist insurance broker, marking SRG’s 11th acquisition in 2024. R3, which offers insurance solutions in sectors like UK tourism, charities, and military, will integrate into SRG’s retail division, specialist risk insurance solutions (SRIS), enhancing its ability to handle complex risks. Lee Anderson, Group Deputy CEO of SRG, described the acquisition as an opportunity to strengthen the group’s specialised offerings. Rob Proudman of R3 expressed excitement about the collaboration, citing SRG’s strong reputation for developing specialist teams. (Jonalyn Cueto, 11/12/2024, Insurance Business, 'Specialist Risk Group acquires R3')Arthur J Gallagher & Co has agreed to acquire US-based insurance broker AssuredPartners for US$13.45 billion in an all-cash deal. The acquisition, one of the largest in the industry, is expected to close in Q1 2025, pending regulatory approvals. Chairman and CEO J Patrick Gallagher Jr emphasized the strategic alignment between the two companies. (Kenneth Araullo, 9/12/2024, Insurance Business, 'Gallagher acquires AssuredPartners in $13-billion megadeal')European insurers aiming to strengthen their market positions in 2025 are likely to follow the acquisition models of Generali and Sampo, according to a Bloomberg Intelligence report. Smaller insurers may adopt similar strategies, avoiding larger, riskier deals. Generali's €2.3 billion acquisition of Liberty Seguros and Sampo's purchase of Topdanmark have solidified their market leadership in Spain, Portugal, and the Nordic region. The report also highlighted that the challenges faced by Admiral and Direct Line, such as rebuilding profitability, may be seen across the industry. (Joshua Recamara, 9/12/2024, Insurance Business, 'Profit-earning European insurers likely to make acquisitions in 2025 – report')Aviva plc has entered preliminary talks to acquire Direct Line Insurance Group plc at approximately 275 pence per share, a 73.3% premium over Direct Line’s last closing price. The offer includes 129.7 pence in cash, 0.2867 new Aviva shares, and potential dividend payments of up to 5 pence per share. If completed, Direct Line shareholders would hold a 12.5% stake in the enlarged Aviva group. While analysts generally support the deal, some caution that Aviva will face significant challenges post-acquisition.(Jonalyn Cueto, 9/12/2024, Insurance Business, 'Is Aviva's bid for Direct Line a strategic jackpot?')MoversAXA’s board has appointed Ewout Steenbergen to replace Rachel Duan, who is stepping down after six years on the board, effective December 31, 2024. Steenbergen, currently CFO at Booking Holdings, has held senior roles at S&P Global, Voya Financial, and is a UNICEF USA board member. (Jonalyn Cueto, 13/12/2024, Insurance Business, 'Steenbergen appointed to AXA’s board of directors')HDI Global SE has appointed Dr. Carsten Schulte as its new Global Head of Marine, effective January 1, 2025, succeeding Alexander Schlei, who will move to head technical and strategic services. Schulte brings extensive experience in underwriting and portfolio management, while Schlei, with over 20 years in corporate insurance, previously led HDI’s NatCat division. (Kenneth Araullo, 12/12/2024, Insurance Business, 'Dr Schulte to lead HDI Global marine division starting January 2025')Gabriel Ewing will join Amwins Global Risks as Head of its new transaction risk practice in London, bringing nearly 20 years of legal and M&A expertise, including warranty, indemnity, tax, and contingent liability insurance, with experience in emerging markets to support the company’s expansion. (Josh Recamara, 12/12/2024, Insurance Business, 'Amwins Global Risks names head of new transaction risk practice')The Benefact Group has appointed Mark Bennett as its new CFO, effective January 2025, after serving as acting CFO since July 2024. Bennett, who joined the group in 2007, will also join the boards of Benefact Group and Ecclesiastical Insurance. His appointment follows an extensive recruitment process, and he brings a wealth of experience, having led initiatives like the group’s regulatory internal model approval in 2018. (Jonalyn Cueto, 12/12/2024, Insurance Business, 'Benefact Group appoints Bennett as chief financial officer')Zurich Insurance Group has appointed Drazen Jaksic as the incoming CEO of Zurich UK, subject to regulatory approval. Jaksic, currently CEO of Zurich Benelux, will replace Tim Bailey, who transitions to lead the newly established global Life Protection business. Jaksic joined Zurich in 2019, with over 30 years of experience in P&C and life insurance, including roles at Chubb Europe. Bailey, who led Zurich UK for four years, will now report to Cara Morton, CEO of Zurich Global Ventures. (Roxanne Libatique, 11/12/2024, Insurance Business, 'Zurich UK makes CEO change')Simply Business has appointed Julie Fisher as its new UK CEO, after serving as interim CEO. With over 35 years of insurance experience, Fisher, who joined as CCO in 2019, previously held leadership roles at Churchill, RBS, and MoneySuperMarket. She has helped the company more than double its customer base to over one million globally and led digital initiatives to enhance the customer claims experience as part of its growth strategy. (Kenneth Araullo, 11/12/2024, Insurance Business, 'Simply Business welcomes Julie Fisher as CEO to boost expansion')Atec Group has appointed Steve Woodford as Chief Technology Officer, succeeding Andy Brown, who is retiring. With over 30 years of experience, Woodford previously served as CIO of BGL Group and CompareTheMarket.com and has held roles at NHS England, PwC, and various tech startups. He is also a Non-Executive Director at NHS England. The appointment supports Atec's ambition to become one of the top 10 UK insurance brokers, driving growth through both organic expansion and M&A. (Josh Recamara, 11/12/2024, Insurance Business, 'Atec Group taps tech veteran Steve Woodford as CTO')Arch Insurance has appointed Rachida Laazaouzi as Senior Casualty Underwriter for Arch Insurance (EU) dac in Paris. With 17 years of experience, she will focus on expanding the casualty portfolio in France. Laazaouzi previously served as Senior Casualty Underwriter at CNA Hardy Insurance and has held positions at Swiss Re Corporate Solutions and Zurich. (Kenneth Araullo, 10/12/2024, Insurance Business, 'Rachida Laazaouzi joins Arch Insurance to lead French casualty expansion')Invesco has appointed Joe Steidl as Head of UK Insurance Distribution. With over 15 years of business development experience, Steidl joins from Research Affiliates and will lead distribution strategy and sales within the UK insurance segment. (Josh Recamara, 10/12/2024, Insurance Business, 'Invesco hires Joe Steidl as head of UK insurance distribution')Howden has appointed Daniel Abbott as Corporate Director for its South Wales team. Abbott, previously Sales and Development Director at Watkin Davies (acquired by Howden in 2021), will focus on risk management and transfer solutions for large, complex clients across various industries. (Jonalyn Cueto, 10/12/2024, Insurance Business, 'New leadership for Howden's South Wales team')Generali Global Corporate & Commercial (GC&C) appointed two leaders in its Mediterranean and Latin America region as part of an organizational restructure. Jose Maria Romero de Tejada was named Head of the new Business Transformation & Technical Excellence unit, focusing on strategic initiatives across the region. Mikel Bermejo joined as Head of Underwriting, bringing extensive corporate insurance experience. Both report to Patricia Puerta. Romero de Tejada has been with Generali for 13 years, while Bermejo previously served as Head of Property IBERIA at QBE Europe. (Kenneth Araullo, 9/12/2024, Insurance Business, 'Generali announces leadership updates in LATAM Region')Mark Cloutier, CEO of Aspen Insurance Group, has been named Chairman of the Association of Bermuda Insurers and Reinsurers (ABIR) for 2025-2026, succeeding Pina Albo. He will be joined by Deputy Chairmen Nicolas Papadopoulo (Arch Capital Group) and Paul Simons (Convex Insurance). Previously, Cloutier was CEO of Brit Ltd, overseeing its acquisition by Fairfax Financial. (Kenneth Araullo, 9/12/2024, Insurance Business, 'Aspen's Mark Cloutier named ABIR chairman for 2025-2026')OAK Reinsurance has appointed James Irvine as Chief Underwriting Officer for property, effective spring 2025. Based in London, Irvine brings nearly 20 years of experience, having previously worked at Guy Carpenter and Lancashire, where he managed underwriting operations across Bermuda and Lloyd’s. (Kenneth Araullo, 9/12/2024, Insurance Business, 'James Irvine joins OAK Re as property CUO')Miller has appointed Elizabeth McGonagle as Head of Power for the Asia Pacific region. With over 10 years of experience in the energy and power sectors, McGonagle previously served as Regional Director at Howden Singapore and held a Division Director role at Willis Towers Watson overseeing natural resources, power, and renewables in Asia. (Kenneth Araullo, 9/12/2024, Insurance Business, 'Elizabeth McGonagle joins Miller to lead APAC power team')HDI Global SE has appointed Hannah Brooke as Head of Marine Cargo Underwriting for the UK and Ireland, effective January 1, 2025. Brooke, previously based in HDI’s Belgium operations, will report to Antonia Osborne, Director of Underwriting – Commercial. She will focus on growth initiatives and strategic planning for the marine cargo division, with an emphasis on risk engineering, insurance coverage, and claims management. Brooke brings significant expertise in marine insurance, covering hull, machinery, and cargo sectors. (Jonalyn Cueto, 9/12/2024, Insurance Business, 'HDI Global appoints new marine cargo head')All information provided in this market digest has been gathered from Insurance Business and IDEX Consulting.

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General Insurance newsletter Friday 6th December 2024

Insurance NewsWhy mental health should be a priority for employers - Businesses must prioritise mental health to combat rising stress and burnout, as neglecting it leads to absenteeism, attrition, and reduced productivity. Effective measures include fostering open communication, offering support programs, and modelling healthy behaviours to create a thriving and balanced workplace. (IDEX Consulting news, 'Why mental health should be a priority for employers')Sustainability as a competitive advantage - Sustainability helps businesses attract top talent, retain clients, and build customer loyalty. Embedding ESG principles enhances accountability, reputation, and profitability. Key strategies include transparent communication, stakeholder engagement in sustainability goals, and measurable actions to reduce environmental impact. (IDEX Consulting news, 'Sustainability as a competitive advantage')Enhance your career prospects - To stand out in a competitive job market, focus on in-demand skills like sustainability, data management, and regulatory expertise. Adapt to emerging trends in renewables and cyber resilience, and leverage experience from regulated industries to transition into high-growth sectors. (IDEX Consulting news, 'Enhance your career prospects')Insurance Broking market trends - The 2024 insurance broking market focuses on improving broker-insurer relationships and addressing talent gaps in leadership and sales roles. Insurers aim to expand geographically and by specialty, leveraging gains from the hard market. Success hinges on strong employee value propositions, emphasizing career growth and impactful market stories to attract top talent. Key in-demand skills include technical expertise, business development, and underwriting proficiency. (IDEX Consulting news, 'Insurance Broking market trends')Beazley’s 2024 Risk & Resilience report highlights growing cyber risks tied to AI adoption, with 25% of businesses ranking disruptive technologies as their top risk and 68% anticipating job displacement, emphasising the critical role of insurers in managing these challenges. (Joshua Recamara, 5/12/2024, Insurance Business, 'Insurers' role under scrutiny amid elevating cyber and AI risks')Activate Group has expanded its Halifax headquarters, moving to a 14,000-square-foot facility in Dean Clough’s D Mill, up from 9,000 square feet in F Mill. Founded in 2015, the company employs over 700 people across the UK and serves major clients like Tesco, AXA, and Direct Line. The move supports its growth following a recent investment by Elysian Capital. (Jonalyn Cueto, 5/12/2024, Insurance Business, 'Activate Group moves to new HQ')Clyde & Co.’s UK PI Market report reveals that professional indemnity rates fell unexpectedly fast in 2024 due to rising competition from MGAs, despite 56% of market professionals predicting no rate increases. Legal Director Sam Godding noted the sector faces challenges but also significant opportunities amidst transformation. (Joshua Recamara, 5/12/2024, Insurance Business, 'What's happening with PI rates in 2024? – Clyde & Co report')During its 2024 Investor Day, WTW outlined its growth strategy, including a joint venture with Bain Capital to re-enter the treaty reinsurance broking market. WTW CEO Carl Hess highlighted progress under the “Grow, Simplify, and Transform” framework, emphasizing investments in talent, technology, and operational restructuring to drive value creation. (Kenneth Araullo, 4/12/2024, Insurance Business, 'WTW and Bain Capital partner to re-enter treaty reinsurance market')Aon will acquire Platform Labs' intellectual property portfolio, including cyber data science technologies and provisional patents, with Robert O’Connell set to integrate these assets into Aon’s offerings. Recent advancements in Aon's cyber sector include launching the Cyber Risk Analyzer platform and issuing the first 144A cyber catastrophe bond for AXIS Capital, alongside senior hires to strengthen its global cyber division. (Kenneth Araullo, 4/12/2024, Insurance Business, 'Aon taps Robert O’Connell to strengthen cyber reinsurance offerings')Pen Underwriting’s home insurance practice has joined Flood Re’s Build Back Better scheme, enabling policyholders to incorporate up to £10,000 in flood resilience measures during repairs. The initiative helps reduce the long-term impact of flooding by funding adaptations such as flood-resistant doors, non-return valves, and waterproof flooring, improving recovery times and reducing displacement for affected families. (Kenneth Araullo, 4/12/2024, Insurance Business, 'Pen Underwriting joins Flood Re's Build Back Better Scheme')The Financial Conduct Authority (FCA) has launched a market study to assess whether premium financing provides fair value for motor and home insurance buyers, recognizing it as an essential product for many consumers. The review has sparked varied reactions, with some questioning the necessity of the sector. During a recent panel, industry experts discussed the potential impact of the investigation, with David Sparkes from BIBA noting that the study could highlight the economic implications of changes to brokers, particularly regarding recourse and non-recourse premium finance agreements. (Mia Wallace, 3/12/2024, Insurance Business, 'What will the FCA's market study into premium financing mean for brokers?')Aon has renewed and expanded its Aon Client Treaty (ACT) for the tenth year, increasing the co-insurance to 28.5% for 2025, up from 22.5% in 2024. ACT, Aon’s London Market placement facility, provides clients with new capital sources and has placed over US$3.5 billion in gross written premium since 2016. The expanded coverage will apply to core business lines placed through Aon’s Global Broking Centre in London. (Joshua Recamara, 3/12/2024, Insurance Business, 'Aon announces renewal and expansion of Aon Client Treaty for 10th year')Ecclesiastical has partnered with Clear Councils, a Chartered insurance brokerage, to expand its schemes portfolio, with the collaboration set to launch in early 2025. Clear Councils provides insurance solutions to over 2,000 UK local councils, offering coverage such as public and employers’ liability, officials’ indemnity, and property damage. The partnership aims to enhance Ecclesiastical's offerings to local councils and charities. Clear Councils also supports charities with tailored coverage like trustee indemnity, cyber insurance, and buildings insurance. (Jonalyn Cueto, 3/12/2024, Insurance Business, 'Ecclesiastical partners with Clear Councils')Rokstone, an international specialty MGA, has acquired a second underwriting box at Lloyd’s, just six months after its first. The new box, 398a, complements its existing box 398 and allows the company to expand into financial lines and casualty, alongside its core offerings such as D&O liability, professional indemnity, surety, property, marine, aviation, and more. This expansion strengthens Rokstone’s relationships with brokers and enhances its presence in the London market. (Kenneth Araullo, 2/12/2024, Insurance Business, 'Rokstone adds second Lloyd's box to support broker demand')NorthStandard has expanded its partnership with Noord Nederlandsche P&I Club (NNPC), making NorthStandard the exclusive reinsurer for NNPC. This new agreement, signed in Newcastle, supports NNPC’s growth and diversification efforts with enhanced products and services. The collaboration, which began in 2008, aims to deliver added value to NNPC’s members and clients, reinforcing its position in the Northern European coastal insurance sector. Rob Beets, chairman of NNPC, highlighted that the partnership aligns with the company’s future vision. (Kenneth Araullo, 2/12/2024, Insurance Business, 'NorthStandard and NNPC formalise strategic partnership')Mergers and AcquisitionsWTW’s Quarterly Deal Performance Monitor (QDPM) projects a rise in M&A activity for 2025, driven by improved economic conditions, stabilised interest rates, and curbed inflation, with trends including AI's influence on deals, geopolitical risks, regulatory changes, and increased mid-market activity fueled by cash reserves from 2024. (Kenneth Araullo, 5/12/2024, Insurance Business, 'M&A activity set for a surge in 2025 – WTW')AbbeyAutoline has completed its third major acquisition of 2024 with the purchase of Wallace Insurance Brokers’ customer book, following earlier deals with Martin Carey Insurance and Down Insurances. Julie Gibbons, Managing Director of AbbeyAutoline, welcomed the move, highlighting Wallace Insurance’s strong reputation in construction and commercial insurance as a perfect fit for their expansion across Northern Ireland. The acquisition reinforces AbbeyAutoline’s position as the region’s largest insurance broker, enhancing its ability to deliver tailored solutions and marking a key milestone in its growth strategy. (Jonalyn Cueto, 5/12/2024, Insurance Business, 'AbbeyAutoline acquires Wallace Insurance Brokers')Brown & Brown (Europe) Limited has acquired Drewberry Limited, a specialist in employee benefits, workplace pensions, and private medical insurance. Drewberry will join Brown & Brown’s Premier Choice Group, with Co-Founders Andrew Jenkinson and Tom Conner joining the leadership team. The acquisition strengthens PCG’s employee benefits services, with Drewberry’s employees remaining in their current roles to ensure client service continuity. (Kenneth Araullo, 4/12/2024, Insurance Business, 'Brown & Brown acquires Drewberry to expand UK benefits reach')AIG has completed the sale of its global individual personal travel insurance and assistance business, including Travel Guard, to Zurich Insurance Group, finalising the transaction on December 2, 2024. Excluded from the sale are AIG’s Japan business, its joint venture in India, and travel insurance offerings through its Group Accident & Health division. AIG was advised by Evercore Group LLC, with legal counsel from Willkie Farr & Gallagher LLP and Norton Rose Fulbright LLP. (Kenneth Araullo, 3/12/2024, Insurance Business, 'AIG finalizes sale of Travel Guard to Zurich Insurance Group')Arthur J. Gallagher & Co (Gallagher) has acquired the UK operations of Caytons Law LLP through its claims and risk management subsidiary, Gallagher Bassett. Caytons specialises in legal advice on commercial and professional liability insurance matters and operates in London and Bristol. The firm's Principals, John Cayton, Sam Moore, and Robin Cundall, will integrate into Gallagher Bassett’s UK operations, led by Manan Sagar. The acquisition aims to strengthen Gallagher Bassett’s claims management offerings in the UK market. (Kenneth Araullo, 2/12/2024, Insurance Business, 'Caytons Law joins Gallagher Bassett in strategic UK expansion')MoversBMS has bolstered its energy division with Charlotte Marsh as Divisional Director for BMS Energy, leveraging her decade of experience in marine hull, onshore energy, and power generation from roles at Price Forbes. Toby Hanington, now Divisional Director for upstream, brings expertise in oil and gas sector liability from JLT and Howden. Jack Palmer, also Divisional Director for upstream, offers a decade of experience managing accounts for global energy clients from his tenure at Howden. All hires are London-based. (Kenneth Araullo, 5/12/2024, Insurance Business, 'BMS expands energy team with three senior appointments')Aon has appointed Robert O’Connell as Global Cyber Strategy and Growth Leader within its Reinsurance Solutions division. Based in New York, he will focus on developing advanced cyber solutions, including leveraging insurance-linked securities (ILS) and expanding access to capital markets. O’Connell, formerly CEO of Cyber Re Limited, brings expertise in cyber underwriting, data science, and analytics. (Kenneth Araullo, 4/12/2024, Insurance Business, 'Aon taps Robert O’Connell to strengthen cyber reinsurance offerings')Lockton Re has appointed Sabrina Veau as a Senior Broker in its Capital Advisory team, based in London. Veau joins after 22 years at Aon, where she focused on optimizing capital structures, regulatory complexities, and rating agency processes, while also leading Aon’s Actuarial and Analytics division, delivering risk solutions for financial institutions and insurers. (Kenneth Araullo, 4/12/2024, Insurance Business, 'Sabrina Veau joins Lockton Re to bolster capital advisory')Allianz Commercial has promoted Allie Chadwick to Regional Head of Multinational in the UK, overseeing multinational accounts and the servicing team. With over 15 years of experience, Chadwick, who has spent over six years at Allianz, succeeds Kevin Hegel and will report to Guy Money, Global Head of Multinational, while remaining based in London. (Joshua Recamara, 4/12/2024, Insurance Business, 'Allianz Commercial names new UK regional head of multinational')Evolution Claims Management has appointed Russell Crewe as CEO, succeeding Co-Founder Darren Cooper, who remains a main Board Director. Crewe, previously Managing Director, is excited about leading the company into its next growth phase, building on Cooper’s successful leadership. Cooper, who co-founded the company in 2015 after selling his previous firm, LAS, has over 20 years of industry experience. (Jonalyn Cueto, 4/12/2024, Insurance Business, 'Crewe named CEO of Evolution Claims Management')H&H Insurance Brokers (HHIB) has expanded its business team in response to growing client demand, with new hires and internal promotions. The team, led by Head of Commercial Kara Jenkinson, includes Account Executives Lee Sparrow and Ruth Wallbank, Account Handler Tom McGaffin, Commercial Brokers Rachel Neile and Kirsty Glencross, and apprentice Ellie Slack, bringing over 80 years of combined industry experience. (Jonalyn Cueto, 4/12/2024, Insurance Business, 'HHIB expands team amid rising demand')Gallagher has made key regional leadership appointments in its UK & Ireland retail division, covering 14 offices and 750 employees. Mark Kerry is promoted to Regional Managing Director for Scotland and Northern Ireland, overseeing offices in Glasgow, Edinburgh, Belfast, Aberdeen, and the Isle of Skye. James Fletcher takes on the role of Regional Managing Director for the North West, leading Manchester, Sale, and Liverpool, while James Murray becomes Regional Managing Director for the North East, overseeing teams in Newcastle, Leeds, and other key locations. (Jonalyn Cueto, 4/12/2024, Insurance Business, 'Gallagher announces appointments for UK & Ireland division')Howden has appointed Azman Noorani as Global Practice Leader for surety, as part of its strategy to enhance its surety offerings and global client services. Noorani, who brings over 26 years of experience, joins from Swiss Re, where he was Global Head of Surety. Reporting to Mark Wood, Head of Global Specialty Practices, he will lead the development of Howden's global surety practice, focusing on innovative solutions for companies with multi-country bond requirements. (Jonalyn Cueto, 4/12/2024, Insurance Business, 'Howden appoints Noorani as global head of surety')Swiss reinsurer SIGNAL IDUNA Reinsurance (SI Re) has appointed Dr. Robert Salzmann as Chief Underwriting Officer, effective Jan. 1, joining the executive board. Salzmann, who has been with SI Re since 2014, brings extensive experience in underwriting and insurance-linked securities (ILS). Previously serving in roles including Head of Pricing and ILS analytics and Head of ILS Markets and Retrocession, Salzmann's leadership is aligned with SI Re’s strategic goals. (Kenneth Araullo, 3/12/2024, Insurance Business, 'SI Re names Robert Salzmann as chief underwriting officer')Guy Carpenter has appointed Cem Altuntas as Managing Director in the Capital & Advisory team, based in New York. Altuntas, who began his role in December, will focus on capital raising and M&A advisory services across North America. With over a decade of experience in insurance-focused investment banking, Altuntas previously served as Executive Director at UBS and held senior roles at Moelis & Company, Merrill Lynch, and Citi. He began his career in engineering before transitioning to finance with an MBA from NYU Stern School of Business. (Kenneth Araullo, 3/12/2024, Insurance Business, 'Guy Carpenter names Cem Altuntas managing director in New York')Aon has appointed Anne Corona as CEO of enterprise clients and Global Chief Commercial Officer, effective January 1, 2025. The move supports Aon’s strategy to enhance its commercial operations by integrating data and analytics and improving global service delivery. With nearly 25 years at Aon, Corona most recently served as CEO of Asia Pacific, where she focused on innovation, growth, and strengthening client relationships. She will be based in Singapore. (Kenneth Araullo, 3/12/2024, Insurance Business, 'Anne Corona named Aon's global chief commercial officer')Miller has appointed Michael Pomroy as an Account Executive in its direct marine war team in London. With over a decade of experience, Pomroy joins from Costero Brokers Ltd, where he was Head of Marine War. Previously, he held senior roles at Costero and Mar Risk Services Ltd, where he contributed to Lloyd’s brokerage operations. Pomroy has also worked in database administration at RSA and gained legal experience at Hanne & Co Solicitors. (Kenneth Araullo, 2/12/2024, Insurance Business, 'Miller hires Michael Pomroy for marine war expansion')Howden Insurance Brokers has appointed Claire McDonagh and Mariana Weigel Munoz as Divisional Directors in its Accident & Health (A&H), Life, and Special Risks team. McDonagh, with over 20 years of experience in broking and underwriting, previously worked at Miller Insurance, Aspire Insurance Advisers, and AIG, specialising in multinational accident and health underwriting. Munoz brings over 25 years of experience, with the last two decades dedicated to A&H products, and joins from Miller Insurance Services, where she specialised in brokering and risk management. (Jonalyn Cueto, 2/12/2024, Insurance Business, 'Howden welcomes new leadership in A&H division')All information provided in this market digest has been gathered from Insurance Business and IDEX Consulting.

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