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General Insurance newsletter Friday 30th May 2025

​​Insurance NewsCounter offers - the real truth behind the proposal - Before accepting a counter-offer, reflect on why you wanted to leave, assess whether the offer genuinely addresses those concerns, and weigh it against the new opportunity in terms of career growth, culture, and long-term goals—keeping in mind that most who accept counter-offers still leave within a year. (IDEX Consulting news, 'Counter offers - the real truth behind the proposal')Time for a pay rise? Check your salary with our calculator - The IDEX Consulting Salary Calculator helps you benchmark your pay against current market rates. By entering your role, experience, and location, you get a personalised salary range - ideal for career planning, job moves, or salary reviews. (IDEX Consulting news, 'Time for a pay rise? Check your salary with our calculator')How is AI shaping the insurance sector? - AI is transforming insurance by streamlining underwriting, speeding up claims, improving fraud detection, and enhancing customer service through tools like generative AI and predictive analytics—despite challenges with legacy systems and regulation. Learn what tools you should be taking advantage of. (IDEX Consulting news, 'How is AI shaping the insurance sector?')Bad hires are costing employers: here's how you can improve your process - To enhance hiring outcomes, employers should adopt structured interviews, utilise behavioural techniques, and incorporate AI tools and cognitive assessments. This approach reduces bias, improves candidate evaluation, and helps avoid costly hiring mistakes. (IDEX Consulting news, 'Bad hires are costing employers: here's how you can improve your process')​Helios Underwriting reported a stable underwriting profit of £31.6 million for 2023, up from £116,000 in 2022, despite a 5.6% reduction in its 2025 portfolio capacity to £484 million; the firm attributes this to strategic adjustments, including reduced exposure to new syndicates and a focus on established ones, aiming for sustained profitability and shareholder returns. (Kenneth Araullo, 29/5/2025, Insurance Business, 'Helios records stable underwriting profit amid lower headline earnings')Tokio Marine Holdings has launched Tokio Marine GX (TMGX), a new platform offering up to $500 million in coverage per risk to support businesses in their energy transition efforts; TMGX will provide tailored insurance and risk advisory services for sectors like renewable energy, nuclear, and hydrogen, aiming to facilitate decarbonisation and unlock investment in sustainable initiatives. (Rod Bolivar, 29/5/2025, Insurance Business, 'Tokio Marine creates climate risk platform')CFC has launched a free, CII- and III-accredited Cyber Masterclass to boost brokers' cyber insurance expertise, offering video modules on cybercrime, claims, and client communication, plus case studies and practical tools to close knowledge gaps. (Kenneth Araullo, 28/5/2025, Insurance Business, 'CFC unveils global cyber training programme for insurance brokers')A recent Willis (WTW) survey of 500 global executives reveals that 65% now view cyberattacks as the top reputational risk, up from 52% in 2023, while 64% cite environmental concerns, also a significant rise. Despite increased preparedness—87% have formal crisis response teams and 91% conduct annual drills—only 11% report strong capabilities to forecast the financial impact of reputational events. This highlights a gap between operational readiness and analytical insight in managing reputational risks. (Josh Recamara, 28/5/2025, Insurance Business, 'Cyber threats and environmental issues top reputational risks - survey')Eleos Life, a UK-based digital insurer, has expanded into the US market by partnering with Assurity and SCOR to offer embedded term life and disability insurance via banks, credit unions, and fintech platforms. Licensed in 41 states and the District of Columbia, Eleos Life provides fully online, API-integrated policies that include remote primary care and mental health support. This move aims to address the significant underinsurance gap in the US, where fewer than 30% of individuals hold term life insurance, and around 18% have individual disability coverage. (Josh Recamara, 28/5/2025, Insurance Business, 'Eleos Life enters US market via partnerships with Assurity and SCOR')Allianz's 2024 Safety and Shipping Review highlights a record low of 27 total losses of large vessels, down from 35 in 2023, yet underscores emerging risks such as geopolitical tensions, piracy resurgence, and the expansion of the "shadow fleet"—unregulated tankers transporting Russian oil, now comprising up to 20% of the global crude oil tanker fleet. (Kenneth Araullo, 27/5/2025, Insurance Business, 'New hazards emerge as maritime safety metrics improve – Allianz')​Allianz's global insurance sector grew by 8.6% in 2024, reaching €7.0 trillion in premiums, with life insurance leading at €2.9 trillion, followed by P&C at €2.4 trillion and health at €1.7 trillion; North America was the dominant market, contributing over half of global P&C premiums. (Kenneth Araullo, 27/5/2025, Insurance Business, 'Global insurance charts steady growth across key segments – Allianz')Howden's 2025 report indicates that the credit and political risk insurance (CPRI) market remains steady, valued at approximately $49 billion globally, with consistent underwriting profitability and sustained demand driven by geopolitical tensions and economic uncertainties. (Josh Recamara, 27/5/2025, Insurance Business, 'Credit and political risk insurance market remains steady in 2025 – Howden report')​Mergers and Acquisitions​Advent International has entered exclusive negotiations to acquire Paris-based insurance broker Kereis from Bridgepoint; the deal, pending regulatory and employee approval, aims to bolster Kereis's digital capabilities and European market presence. (Rod Bolivar, 29/5/2025, Insurance Business, 'Kereis in ownership talks with Advent')GOAT Insurance has completed its first UK acquisition by buying IGG Insurance’s full book of business, with IGG’s managing director and team joining GOAT to ensure client continuity; the deal supports GOAT’s expansion and plans to develop AI-driven service improvements. (Josh Recamara, 28/5/2025, Insurance Business, 'GOAT Insurance completes acquisition of IGG Insurance assets')Movers​Atrium has promoted Adam Payne to Deputy Head of Digital Underwriting, where he will support the expansion of digital operations, lead initiatives like AUGold, and contribute to innovation efforts including Lloyd’s Lab and Atrium Innovate. (Kenneth Araullo, 29/5/2025, Insurance Business, 'Insurance hires: Atrium, Gallagher, Root Platform')Gallagher has appointed Steve Parker as Managing Director of Vasek Insurance, succeeding James Collins (now leading Gallagher’s national real estate offering); Parker will oversee operations, product development, and distribution, reporting to David Birch, and brings 30+ years of experience from roles at Staysure, Jensten, and Coversure. (Kenneth Araullo, 29/5/2025, Insurance Business, 'Insurance hires: Atrium, Gallagher, Root Platform')Root Platform has appointed Oliver Evans as Head of Growth UK, tasking him with leading UK expansion and supporting digital distribution of delegated authority products; he brings experience from Praedicat, Loro, and Lloyd’s, with a background in go-to-market strategy and insurance innovation. (Kenneth Araullo, 29/5/2025, Insurance Business, 'Insurance hires: Atrium, Gallagher, Root Platform')AXIS Capital has announced a series of leadership changes within its Global Markets division to enhance underwriting effectiveness and operational performance across its specialty insurance lines. Key appointments include Sarah Stephen as Head of Liability, overseeing General Liability and International Casualty MGA teams; Raj Brar as Head of Construction, succeeding Anna Woolley; and Sam Patrick in the newly created role of Head of Global Markets Transformation, focusing on operational efficiency and product innovation. Additionally, the UK Property binder team will now operate under the Global Markets Property division, led by Steve Cross. These changes aim to bolster collaboration and leadership depth within AXIS's underwriting and operations teams. (Jonalyn Cueto, 29/5/2025, Insurance Business, 'AXIS Capital announces leadership changes')BIP has appointed Lisa Orme as Partner and Head of its UK insurance practice, leveraging her 20+ years’ experience from Capgemini and DXC to expand the client portfolio, develop services, and tailor BIP’s global capabilities to address UK market challenges including regulatory risk, AI, ESG, and digital transformation. (Josh Recamara, 28/5/2025, Insurance Business, 'Insurance moves at BIP and Thoughtworks')Thoughtworks has appointed Rav Hayer as Managing Director for UK & Ireland and head of BFSI for Europe, bringing 25+ years of financial services tech and transformation experience from Alvarez & Marsal to drive strategic growth, digital innovation, and client relationships across the region. (Josh Recamara, 28/5/2025, Insurance Business, 'Insurance moves at BIP and Thoughtworks')Clearway Group has appointed Phil Doyle as CEO, succeeding Peter Eglinton. With over 20 years in the security and safety sector, including roles at Bosch Security Systems and AXIS Communications, Doyle aims to drive growth across core European markets. Under his leadership, Clearway has expanded into Germany and Austria, complementing its existing operations in the UK and France. (Josh Recamara, 27/5/2025, Insurance Business, 'Insurance moves at Clearway Group and Zurich UK')Zurich UK has appointed Georgina Davis as Head of Regional Market for the Midlands, South West, and Wales, where she will lead regional operations and broker engagement to drive growth, leveraging her broker-focused experience and prior role shaping Zurich’s distribution strategy. (Josh Recamara, 27/5/2025, Insurance Business, 'Insurance moves at Clearway Group and Zurich UK')​All information provided in this market digest has been gathered from Insurance Business and IDEX Consulting.

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Financial Services newsletter Friday 30th May 2025

​​Financial Services News​JM Finn reported a 17% rise in pre-tax profits to £11.9m for 2023, despite a 7% increase in operating costs, with funds under management growing 6% to £11.7bn. (Financial Planning Today, 28/5/2025, 'JM Finn profits rise 17% despite costs increase')James Edgedale, longtime JM Finn Chairman (1999–2020) and Investment Director, passed away aged 62; he joined JM Finn in 1987, helped expand the firm, and later served as a Non-Executive Director at Church House Investments. (Dylan Lobo, 28/5/2025, Citywire Wealth Manager, 'JM Finn stalwart James Edgedale dies')​Michael O'Brien, a Non-Executive Director at Aberdeen Group and veteran investment executive, passed away unexpectedly on 24 May 2025; he joined the board in 2022 and previously held senior roles at JPMorgan, BlackRock, and Barclays Global Investors. (Financial Planning Today, 27/5/2025, 'Aberdeen director dies unexpectedly')AJ Bell's platform customer base grew 9% to 593,000 over six months, with assets under administration reaching a record £90.4bn, revenue up 17% to £153.2m, and pre-tax profit rising 12% to £68.8m, driven by £3.3bn in net inflows and strong brand appeal. (Financial Planning Today, 23/5/2025, 'AJ Bell platform customers up 9% to 593,000')The Financial Services Compensation Scheme (FSCS) has reduced its 2025/26 levy forecast by £36m to £356m, with the life distribution and investment intermediation class—covering most financial advisers—seeing a drop from £123.6m to £87.3m, due to £56m recovered from failed firms and fewer expected claims. (Financial Planning Today, 23/5/2025, 'Adviser FSCS levy costs drop by £36m')Phoenix Group is considering rebranding itself as Standard Life within the next 12 months, aiming to revive the historic brand on the London Stock Exchange. The company, which acquired the Standard Life brand from abrdn in 2021, has successfully leveraged it to expand into individual annuities and bulk purchase annuities, achieving significant market share. The potential rebrand aligns with Phoenix’s strategy to modernize its identity and strengthen its position in the retirement and savings sectors. A final decision is expected in the coming months. (Momodou Musa Touray, 23/5/2025, Money Marketing, 'Phoenix Group considers rebrand to Standard Life')Evelyn Partners has launched its low-cost Index Managed Portfolio Service (MPS) to UK financial advisers, offering five risk-profiled portfolios with a 0.15% annual management fee and estimated 0.10% underlying fund charges; the service, previously exclusive to direct clients, is now available on platforms including Aviva, Abrdn Wrap, and Quilter. (Financial Planning Today, 20/5/2025, 'Evelyn launches low-cost index MPS to advisers')Quilter Cheviot has relocated its 64-member Birmingham team to the Paradise development, enhancing its presence in the city. This move aligns with the firm's strategy to expand its regional footprint and modernise its office spaces. The new location offers improved facilities to better serve clients and support the team's growth. (Natalia Vasnier, 19/5/2025, Citywire Wealth Manager, 'Quilter Cheviot moves 64-strong Birmingham team to Paradise')Amid expectations that President Trump's reciprocal tariffs will partially return after the current pause ends on July 8, 2025, fund managers are reducing U.S. investments, anticipating sub-1% GDP growth and potential recession; Quilter's Investor Trends Survey reveals that 53% now foresee the U.S. delivering the worst index returns, a reversal from six months prior when it was expected to be the best performer. (Financial Planning Today, 20/5/2025, 'Fund managers turn their backs on US on tariff fears')Triple Point has launched a new inheritance tax (IHT) tool designed to support financial advisers in estate planning. The tool aims to streamline the process of assessing clients' IHT liabilities and identifying suitable investment solutions. By providing a user-friendly interface and real-time calculations, it assists advisers in making informed decisions and enhancing client outcomes. (Dan Cooper, 16/5/2025, Money Marketing, 'Triple Point launches IHT tool to support financial advisers')Only 9% of UK adults paid for financial advice in the past two years, down from 11% in 2023, according to The Lang Cat's 2024 Advice Gap report. The decline is attributed to the Financial Conduct Authority’s Consumer Duty regulation, which 80% of advisers say has made it harder to serve clients, leading 55% to stop advising those with lower investable assets. Despite this, 91% of consumers who received advice found it helpful. (Dan Cooper, 16/5/2025, Money Marketing, 'Less than 9% of UK population received financial advice last year')Aviva's wealth division reported a 15% year-on-year decline in net flows to £2.3bn for Q1 2025, attributed to the outflow of a large workplace scheme; however, platform business net flows increased by 52%, and total net flows reached £4bn by April, representing 6% of opening assets under management. (Financial Planning Today, 15/5/2025, 'Aviva wealth division sees 15% drop in net flows for Q1')Quilter’s WealthSelect MPS has surpassed £20bn AUM, boosted by availability on third-party platforms and £1.4bn in Q4 2024 inflows; it offers active, passive, blended, and sustainable portfolios managed by Stuart Clark, Helen Bradshaw, and Bethan Dixon. (Dan Cooper, 15/5/2025, Money Marketing, 'Quilter’s WealthSelect MPS smashes £20bn AUM barrier')Public trust in the UK pensions industry has increased for the fourth consecutive year, rising to 5.26 out of 10 in 2023, up from 4.95 in 2022, according to Trafalgar House’s Trust & Confidence Index. (Financial Planning Today, 15/5/2025, 'Trust in pensions sector drops for first time in 5 years')Avenir has launched a ChatGPT-powered tool for wealth management firms, offering a unified, AI-driven interface to streamline data access, enhance client service, and support compliance. This enterprise-grade solution aims to transform how advisers interact with client information and internal systems. (Darius McQuaid, 13/5/2025, Money Marketing, 'Avenir unveils ChatGPT for wealth managers')Plannr has integrated AI assistants Emma and Evie into its CRM system, developed in partnership with AdvisoryAI, to automate administrative tasks such as meeting notes, suitability reports, and client data updates, aiming to enhance adviser efficiency and client capacity. (Financial Planning Today, 9/5/2025, 'Plannr adds AI assistants to CRM')​A global survey by the Financial Planning Standards Board (FPSB) found two-thirds of financial planners are using or plan to adopt AI within 12 months, with 78% seeing it as a way to improve client service and 60% expecting better advice quality, though concerns remain over data privacy and cybersecurity. (Financial Planning Today, 8/5/2025, '2 in 3 Financial Planners utilising AI')Evelyn Partners reported £345 million in net inflows for Q1 2025, maintaining positive growth despite a £1.1 billion decline in assets under management to £61.9 billion, attributed to market volatility; gross inflows of £2 billion offset £1.7 billion in outflows, marking a 13% annual increase. (Financial Planning Today, 8/5/2025, 'Net flows hold steady for Evelyn Partners as assets dip in Q1')David Mead, Founder of Future Proof and joint Head of Protection at St. James’s Place, warns many advisers struggle to consistently recommend income protection and is concerned about reduced market competition after Aegon UK’s exit; he’s actively involved in FCA discussions on protection product value and sales practices. (Tom Browne, 8/5/2025, Money Marketing, 'Advisers urged to prioritise income protection as financial risk grows')Risk and Compliance talent insights - The risk and compliance sector is evolving fast, driven by complex regulations, tech advances, and focus on climate risk, ESG, and data privacy. Employers need to streamline hiring and offer strong incentives, while candidates should keep up with new technologies and regulations to stay competitive. (IDEX Consulting news, 'Risk and Compliance talent insights')Time for a pay rise? Check your salary with our calculator - The IDEX Consulting Salary Calculator helps you benchmark your pay against current market rates. By entering your role, experience, and location, you get a personalised salary range - ideal for career planning, job moves, or salary reviews. (IDEX Consulting news, 'Time for a pay rise? Check your salary with our calculator')The Employee Benefits talent market: key insights - In 2025, employee benefits face talent shortages and rising salary expectations. Employers seek tech-savvy, client-focused professionals and must offer strong employer brands and competitive packages. Candidates should build their personal brand and stay updated on industry trends. (IDEX Consulting news, 'The Employee Benefits talent market: key insights')Is there a wealth management talent shortage? - The wealth management sector faces a talent shortage due to retirements, high entry barriers, and low youth interest. Firms can tackle this by offering flexible work, investing in development, and providing competitive pay. (IDEX Consulting news, 'Is there a wealth management talent shortage?')Mergers and Acquisitions​Mattioli Woods and Kingswood have agreed to merge, forming a £25bn wealth management group serving over 25,000 clients across 40 UK offices; the deal, subject to FCA approval, aims to enhance scale, client service, and adviser development, with plans to train 50 new advisers annually. (Financial Planning Today, 29/5/2025, 'Mattioli Woods and Kingswood merger confirmed')Rathbones Asset Management is actively seeking alternative investment opportunities, particularly in infrastructure funds. This strategic move is driven by the firm's aim to diversify its portfolio and capitalize on sectors offering inflation-linked returns. The initiative is led by David Coombs and Will McIntosh-Whyte, who have recently made their first foray into core infrastructure investments, including funds like HICL Infrastructure and The Renewables Infrastructure Group, attracted by their government-backed revenues and liquidity. (Danielle Levy, 28/5/2025, Citywire Wealth Manager, 'Exclusive: Rathbones funds boss on the hunt for alts deals')Bain Capital has acquired a 30% stake in UK adviser network Openwork for £120 million, with FCA approval and 98% partner support; the investment aims to accelerate growth and adviser succession initiatives. (Financial Planning Today, 27/5/2025, 'Bain Capital pays £120m for 30% stake in Openwork')​Saltus has acquired Hertfordshire-based Delta Financial Management, a £400m AUM firm with over 500 clients, as part of its strategy to expand financial planning capabilities; Delta's nine-member team will remain, with Directors Jarrod Ellis and Amin Malik becoming Saltus partners. (Financial Planning Today, 23/5/2025, 'Saltus buys £400m AUM Herts Financial Planner')Unum UK has acquired the renewal rights to Generali UK's employee benefits business, including its Group Risk products, and has joined the global Generali Employee Benefits (GEB) Network. This strategic move enables Unum to expand its reach in the UK workplace benefits sector and collaborate with GEB to offer solutions to global employers. The acquisition also involves integrating Generali UK's employee benefits team and managing in-force policies and claims to ensure continuity and a seamless transition for customers. (Momodou Musa Touray, 23/5/2025, Money Marketing, 'Unum acquires Generali UK’s employee benefits business')Royal London is acquiring UK infrastructure asset manager Dalmore Capital, which oversees £6bn in assets including the Thames Tideway Tunnel and 24 UK wind farms; the deal includes a £500m commitment to future Dalmore funds and aims to expand Royal London's private assets strategy. (Financial Planning Today, 22/5/2025, 'Royal London to buy infrastructure asset manager')According to a report from Heligan Group, UK IFA M&A activity surged in April 2025, driven by demographic pressures, regulatory demands, and the need for operational efficiency; notable transactions included Söderberg & Partners' partial stake in Active Financial Planners, Corbel Partners' succession-focused buyouts, and Perspective Financial Group's nine acquisitions year-to-date. (Financial Planning Today, 19/5/2025, 'Adviser M&A activity surges in April')Tribe Impact Capital has acquired Snowball Impact Investments, a UK-based impact fund manager known for its diversified multi-asset portfolios aligned with social equity and environmental sustainability. The acquisition enhances Tribe’s impact investing capabilities and aligns with its mission to deliver financial returns alongside positive societal and environmental outcomes. (Darius McQuaid, 13/5/2025, Money Marketing, 'Tribe Impact Capital acquires Snowball Impact Investments')​MoversDan Olley is stepping down as CEO of Hargreaves Lansdown after less than two years, following the firm's £5.4bn acquisition by a private equity consortium. Richard Flint, former CEO of Sky Betting and Gaming and current transformation committee chair, will serve as interim CEO pending regulatory approval. Olley will remain for a five-month transition period. The leadership change comes amid efforts to revamp digital services and enhance competitiveness in the investment platform market. (Financial Planning Today, 29/5/2025, 'Hargreaves CEO steps down after 2 years')Schroders has promoted Jamie Fowler to Head of UK Wealth, elevating him from his previous role as Head of Regional and Advisory Sales. Fowler, who joined Schroders in 2002 after serving as a Regional Sales Manager at HSBC Asset Management, brings over two decades of experience in wealth management and advisory services. His appointment is part of Schroders' strategic efforts to strengthen its UK wealth management division. (Darius McQuaid, 19/5/2025, Money Marketing, 'Schroders promotes Jamie Fowler to head of UK wealth')Seccl, the Octopus-owned investment platform managing over £3bn for 250,000+ clients, is set for dramatic expansion after fresh investment; CEO David Ferguson moves to Executive Chairman to focus on strategy, and the firm is actively searching for a new CEO to lead growth and aims to triple assets under administration within a year. (Financial Planning Today, 20/5/2025, 'Seccl promises ‘dramatic expansion’ after Octopus investment')Lindsey Rix-Broom, CEO of Canada Life UK since 2021, will become CEO for Europe at Great-West Lifeco on 1 July 2025, continuing to lead Canada Life UK until a successor is appointed; under her leadership, Canada Life UK hit record £4.9bn sales in 2024, and she is recognized for championing diversity and inclusion. (Dan Cooper, 22/5/2025, Money Marketing, 'Canada Life UK CEO Lindsey Rix-Broom to take on European role')Mirabaud Wealth Management has hired Jonathan Unwin as Head of Portfolio Management UK to support its UK expansion; he brings 16+ years’ experience from Credit Suisse and Banque Havilland. (Natalia Vasnier, 21/5/2025, Citywire Wealth Manager, 'Mirabaud hires RBC Wealth bespoke specialist for UK push')Personal Finance Society (PFS) Vice-President Daniel Williams and Member Director Ben Wright have resigned, citing concerns over the organisation's governance and structure; Williams expressed issues with the PFS's culture and transparency, while Wright criticised the board's lack of independence and clarity of purpose. (Financial Planning Today, 19/5/2025, '2 PFS board members resign including vice-president')Alex Hoctor-Duncan has stepped down as CEO of River Global after three and a half years, during which he led the firm's rebranding from AssetCo. His responsibilities will be divided: Matt Hudson, previously Head of Equities, becomes Chief Investment Officer of River Global Investors, assuming regulatory and management duties for the asset management arm, while Gary Marshall, the group's Chief Finance and Operations Officer, takes over as CEO of SVM Asset Management, handling Hoctor-Duncan's other responsibilities. (Dylan Lobo, 16/5/2025, Citywire Wealth Manager, 'River Global CEO Hoctor-Duncan exits')Brooks Macdonald has appointed Karen Charlery as Chief Operating Officer, effective 23 June 2025. Charlery joins from BlackRock, where she was EMEA Head of Regulatory Change, bringing over 20 years of experience in financial services. She replaces Gavin Neilson, who has served as interim COO since August 2024. (Financial Planning Today, 15/5/2025, 'Brooks Macdonald looks to Blackrock for new COO')Rathbones Asset Management has appointed Emma Letheren, formerly of RBC Capital Markets, as an equity research analyst in its multi-asset team. With over seven years of experience focusing on European consumer staples, Letheren will report to fund manager Will McIntosh-Whyte and head of multi-asset investing David Coombs. (Sophie Downes, 22/5/2025, Citywire Wealth Manager, 'Rathbones AM boosts multi-asset team with ex-Amati hire')In further news...Rathbones Asset Management has strengthened its distribution leadership with the appointments of James Crossley as Head of Asset Management Distribution, Abigail Sater as Head of Distribution Strategy, and Kim Nelson as Business Development Director for Scotland and Northern Ireland. Crossley brings over 25 years of experience from LGIM and Jupiter Asset Management, Sater joins from The Big Exchange and Standard Life Aberdeen, and Nelson previously led client relationships at Schroders. These hires are part of Rathbones' strategic initiative to enhance its intermediary and regional distribution capabilities. (Darius McQuaid, 13/5/2025, Money Marketing, 'Rathbones AM makes three senior hires to distribution team')Canaccord Wealth has appointed Gary Steel as a Senior Wealth Planner in London, bringing over 25 years of experience from Brewin Dolphin, where he was Divisional Director; Steel will focus on lifestyle financial planning and report to David Goodfellow, Head of Wealth Planning at Canaccord Wealth. (Financial Planning Today, 8/5/2025, 'Canaccord adds senior Planner from Brewin Dolphin')Louis Petherick will join Nucleus Financial Platforms as Group Chief Risk Officer in August 2025, bringing over 20 years of risk leadership experience from Brooks Macdonald, FNZ UK, and AJ Bell; he succeeds interim CRO Richard Collins. (Dan Cooper, 8/5/2025, Money Marketing, 'Nucleus appoints Louis Petherick as group CRO')Evelyn Partners has appointed David Little as a Partner in financial planning at its Glasgow office. He joins from 7IM Private Client, bringing over 25 years of experience and holds Chartered Financial Planner status as well as Fellowship with the Personal Finance Society. His appointment strengthens the firm's financial planning and investment services across Scotland. (Financial Planning Today, 7/5/2025, 'Evelyn Partners adds Chartered Planner to Glasgow team')Darren Bentley, former Chief Customer Officer at MoneySuperMarket and MoneySavingExpert with over 20 years’ experience, has joined Flagstone as Chief Growth Officer to drive its billion-pound growth strategy, focusing on asset growth, customer experience, and digital marketing. (Dan Cooper, 7/5/2025, Money Marketing, 'Flagstone appoints former MoneySupermarket executive to drive billion-pound growth strategy')Warren Buffett, at 94, announced he will step down as CEO of Berkshire Hathaway by the end of 2025, after leading the company for over 60 years; he has recommended Greg Abel, currently Vice Chairman of non-insurance operations and CEO of Berkshire Hathaway Energy, as his successor. (Financial Planning Today, 6/5/2025, 'Buffet to step down as CEO of Berkshire Hathaway')Chancellor Rachel Reeves has appointed Julia Black, Anita Kimber, John Ball, and Stéphane Malrait as new Non-Executive Directors to the FCA Board, with terms starting between May and October 2025; Richard Lloyd’s term has also been extended. The appointees bring strong expertise in financial regulation, technology, pensions, and market structure, supporting the FCA’s goal to strengthen regulatory capabilities and align with the government’s Plan for Change. (Financial Planning Today, 6/5/2025, 'Chancellor appoints four new FCA board members')Jo Swain has been appointed Chief Risk Officer at Clifton Asset Management, bringing over 30 years of experience in financial services. Previously, she served as Compliance Director at Succession Wealth and held senior roles at Barclaycard, Aviva Life Insurance, and Phoenix Group. Jo will join Clifton's main board in early May 2025, contributing to the company's growth and regulatory compliance efforts. (Tom Browne, 6/5/2025, Money Marketing, 'Clifton Asset Management appoints Jo Swain as chief risk officer')​​All information provided in this market digest has been gathered from Financial Planning Today, Money Marketing, Citywire Wealth Manager, and IDEX Consulting.

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General Insurance newsletter Friday 23rd May 2025

​​Insurance NewsRisk and Compliance talent insights: advice for employers and job seekers - The risk and compliance sector is rapidly growing, with competition for specialist talent on the rise. There’s high demand for expertise in M&A, climate risk, ESG, data privacy, and consumer duty. Automation and AI continues to transform the profession, with businesses seeking expertise in data, technology and governance. R&C Business Director, Jack Johnson shares strategic recruitment advice in his opinion piece. (IDEX Consulting news, 'Risk and Compliance talent insights: advice for employers and job seekers')2025 UK and US insurance regulatory changes - This year, UK and US insurers and brokers face stricter regulations on data protection, consumer fairness, and climate risk. The UK’s FCA expands Consumer Duty for transparency and vulnerable customers, while the Data Reform Bill targets algorithmic transparency. In the US, the NAIC data security law enhances data security and consumer control, with heavy penalties for non-compliance. The UK also mandates climate risk disclosures under TCFD, requiring firms to report climate-related risks and adjust strategies accordingly. (IDEX Consulting news, '2025 UK and US insurance regulatory changes')How to tackle the insurance gender imbalance - Gender parity remains a major challenge in insurance, with women holding 45% of entry-level roles but only 18% of C-suite positions and just 15.7% of UK broking roles. Addressing this requires proactive action from employers and partners to ensure equitable practices. How can employers close the 28.8% gender pay gap and authentically tackle unconscious bias, especially for women balancing caregiving? We share more in our article. (IDEX Consulting news, 'How to tackle the insurance gender imbalance')Using diversity of thought to drive retention - Championing diverse perspectives in the workplace requires proactive allyship, including educating oneself on different cultures, addressing biases and microaggressions, fostering psychological safety for open dialogue, and reflecting on past experiences to improve future actions. Read more to adopt practical ways to build a more remote inclusive environment where all voices are heard and valued. (IDEX Consulting news, 'Using diversity of thought to drive retention')ARAG Group reported a 17.4% surge in premium income for 2023, reaching €172.5 million, driven by strong growth in legal insurance across international markets. (Josh Recamara, 23/5/2025, Insurance Business, 'ARAG Group sees premiums surge by more than 17%')CFC has expanded its cyber cover for high-risk sectors like digital health, fintech, and tech, adding AI-specific protections, revenue loss cover, and built-in cyberattack prevention. (Roxanne Libatique, 22/5/2025, Insurance Business, 'CFC boosts cyber cover for high-risk digital sectors')​HDI Global SE reported a strong start to 2025, with Q1 insurance revenue rising to €2.6 billion and net income increasing to €141 million, driven by new business growth and inflation-linked pricing, despite large catastrophe losses. (Kenneth Araullo, 22/5/2025, Insurance Business, 'HDI Global sees strong start to 2025 despite catastrophe losses')Generali reported an 8.9% year-over-year increase in Q1 2025 operating profit to €2.07 billion, with growth across all segments—particularly in property and casualty (P&C), which saw an 18.7% rise in operating result and an improved combined ratio of 89.7%; life net inflows rose 30.4% to over €3 billion, driven by strong performance in Italy and Germany. (Kenneth Araullo, 22/5/2025, Insurance Business, 'Generali posts growth across all segments in Q1 update')Geo Underwriting has partnered with Merit Advantage to offer agricultural policyholders a 5% discount on a digital risk management platform that streamlines asset tracking, safety checks, and compliance, aiming to enhance operational efficiency and reduce administrative burdens for farmers and estate managers. (Josh Recamara, 22/5/2025, Insurance Business, 'Geo Underwriting partners up to boost agricultural clients')Acrisure has secured $2.1 billion in funding led by Bain Capital, elevating its valuation to $32 billion; the capital will support refinancing, strategic acquisitions, and expansion of its fintech platform targeting SMEs globally, including services in real estate, cybersecurity, payroll, and wealth solutions. (Kenneth Araullo, 21/5/2025, Insurance Business, 'Acrisure secures major capital backing to advance fintech strategy')Tokio Marine reported a 56% year-over-year increase in net income for fiscal 2024, reaching ¥1.1 trillion (approximately $7.4 billion), driven by improved underwriting performance in key markets like North America and Brazil, reduced catastrophe losses in Japan, and accelerated sales of business-related equities. (Josh Recamara, 21/5/2025, Insurance Business, 'Tokio Marine sees net income almost double')Marks & Spencer projects a £300 million loss in operating profit for fiscal 2025/26 due to an April cyberattack attributed to the Scattered Spider group, which disrupted online operations and compromised customer data; the retailer expects to mitigate some losses through insurance claims up to £100 million and aims to resume full online services by July. (Kenneth Araullo, 21/5/2025, Insurance Business, 'Marks & Spencer projects massive losses after cyberattack')​LV’s 2024 data shows mental health is now the third leading cause of income protection claims, making up 15% of cases, with a 61% rise in use of remote psychological support. Despite this, 48% of UK adults remain without income protection. (Kenneth Araullo, 21/5/2025, Insurance Business, 'Mental health now third leading cause of income protection claims – LV=')Xceedance has received Chartered Insurance Institute (CII) accreditation for its XCERA catastrophe risk modelling training programme, enhancing global recognition and supporting professional development in risk analytics. (Josh Recamara, 21/5/2025, Insurance Business, 'Xceedance gets CII accreditation for catastrophe risk modelling training programme')Marsh has been appointed by the Australian government to manage insurance and risk advisory for the Royal Australian Navy’s Maritime Insurance Program, covering assets such as six Hunter-class frigates, three Hobart-class destroyers, and six large surface vessels. The program supports a significant naval fleet expansion and infrastructure development initiative, positioning Marsh to engage with global marine insurance markets to secure suitable coverage terms. (Roxanne Libatique, 20/5/2025, Insurance Business, 'Marsh secures navy insurance role')MS Amlin’s 2024 profit after tax fell to £149 million (from £197 million in 2023) under IFRS 17, despite a rise in net premiums to £1.575 billion and an underwriting profit of £215 million; 2025 net income is projected at £189 million, including wildfire loss provisions. (Kenneth Araullo, 20/5/2025, Insurance Business, 'MS Amlin sees profits fall')West of England P&I Club’s combined ratio rose to 103.9% in 2024–25 due to higher International Group Pool claims, but its three-year average ratio hit an eight-year low of 98.4%; investment returns of $44M boosted reserves to $306.1M, with an A- rating from AM Best. (Josh Recamara, 19/5/2025, Insurance Business, 'West of England P&I Club sees combined ratio sink')​Mergers and Acquisitions​BMS Group has acquired Istanbul-based insurance broker Oria Sigorta, enhancing its presence in Turkey and the Middle East. Oria's team will integrate into BMS Turkey, with Founder Cenk Erden becoming Chief Growth Officer. (Josh Recamara, 23/5/2025, Insurance Business, 'BMS Group buys Istanbul-based insurance broker Oria Sigorta')Stubben Edge Group has acquired Jaywing UK, a 25-year-old integrated marketing agency and risk consultancy, to enhance its data, analytics, and AI capabilities, particularly supporting its growing distribution platform in financial services. Jaywing's proprietary Accelerator Lab and expertise in data science are expected to complement Stubben Edge’s technology-driven offerings, while Jaywing will continue operating under its existing structure within the group. (Josh Recamara, 22/5/2025, Insurance Business, 'Stubben Edge Group acquires Jaywing UK')Ryan Specialty has acquired 360° Underwriting, a managing general underwriter based in Dublin and Galway, specialising in commercial construction insurance. Founded in 2017, 360° Underwriting offers services such as latent defect insurance and owner-controlled insurance programmes, utilising proprietary modelling practices to manage risk aggregation and maintain consistency across its portfolio. The acquisition allows Ryan Specialty to expand its footprint in Ireland and complement its existing latent defect business. (Kenneth Araullo, 20/5/2025, Insurance Business, 'Ryan Specialty acquires 360° Underwriting to expand in Irish construction market')Deva Risk Group, backed by TBIG, acquired David Vaughan & Co, a 51-year-old North Wales broker with £1.2M GWP; the firm will keep its name and staff, with Founder David Vaughan stepping down and his son Andrew becoming Managing Director. This marks Deva’s second regional acquisition in 2025 as it aims to grow GWP to £20M by 2027. (Josh Recamara, 19/5/2025, Insurance Business, 'TBIG's Deva Risk acquires David Vaughan & Co')Movers​Tokio Marine HCC International (TMHCCI) has appointed Claire Spiteri as Senior Underwriter in its professional risks division. Based in Manchester, Spiteri joins from AIG, where she specialised in professional indemnity across sectors like construction, engineering, and media. She will focus on expanding TMHCCI’s professional indemnity and management liability portfolios while strengthening broker relationships across the UK. (Josh Recamara, 23/5/2025, Insurance Business, 'Tokio Marine HCC names AIG veteran as senior underwriter')Aspen Insurance has appointed Jon Kattman as Head of Inland Marine, where he will lead the underwriting team from Atlanta, overseeing strategy and risk management; Kattman brings over 14 years of underwriting experience, having joined Aspen in 2017 and previously serving as Senior Vice President, Head of Field for Inland Marine. (Josh Recamara, 22/5/2025, Insurance Business, 'Insurance moves: Aspen, Send and AXA XL')Send Technology Solutions has promoted Shelley McCormack to Chief of Staff, where she will drive cross-functional collaboration and support international expansion; McCormack previously led delivery and strategic projects after joining from Aviva. (Josh Recamara, 22/5/2025, Insurance Business, 'Insurance moves: Aspen, Send and AXA XL')AXA XL has named Tavpraneet Singh as Chief Underwriting Officer for International Financial Lines across APAC and Europe, effective June 1, succeeding Ana Dores, who becomes Country Leader for Iberia; Singh, who has held senior roles for AXA XL including Regional Product Leader for Financial Lines and Cyber since 2021, will oversee underwriting strategy for PI, management liability, FI, cyber, and M&A. (Josh Recamara, 22/5/2025, Insurance Business, 'Insurance moves: Aspen, Send and AXA XL')Rebekah Clement is stepping down from her role as Corporate Affairs Director at Lloyd’s to pursue a new opportunity outside the organisation. During her tenure, she led efforts to develop Lloyd’s sustainability framework and contributed to its communications strategy, enhancing its profile as a global reinsurance marketplace. Clement brings over two decades of experience in corporate affairs, including senior positions in both the public and private sectors, notably with New Zealand’s Department of Prime Minister and Cabinet. (Kenneth Araullo, 19/5/2025, Insurance Business, 'Rebekah Clement steps down from Lloyd's')HDI Global appointed Phil McDowell as Global Sales & Distribution Lead for International Programmes and Captives; he will drive global broker relationships, enhance client portals, and support marketing. McDowell, a Chartered Insurer with experience at RSA and Allianz, will be based in London within the global IP department, where HDI manages 5,300 programmes across 175+ countries. (Kenneth Araullo, 19/5/2025, Insurance Business, 'HDI Global, McLarens announce key leadership appointments')McLarens appointed Shoukat Ali Bhamani as its first global Chief Information Officer, joining the management team to lead IT strategy, ERP development, data infrastructure, and analytics, focusing on operational resilience and tech-driven client improvements. Bhamani brings 20+ years’ experience in enterprise tech and digital transformation, with leadership roles at Luk, Schaeffler, and Serta Simmons Bedding. (Kenneth Araullo, 19/5/2025, Insurance Business, 'HDI Global, McLarens announce key leadership appointments')​All information provided in this market digest has been gathered from Insurance Business and IDEX Consulting.

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Why Scotland is calling legal professionals to join a thriving market

​Scotland's legal landscape offers unique opportunities for qualified lawyers seeking professional growth and an enhanced quality of life. With its distinct legal system, vibrant market, and diverse work-life balance, Scotland presents a compelling destination for legal professionals looking to advance their careers while enjoying the country's rich cultural heritage.“Scotland continues to be a thriving legal market, mirrored in growing revenues and the expansion of firms into international markets. We’re seeing a spike of activity across the profession with many firms eager to hire talent across a range of niche areas to expedite their growth and capabilities. The potential for Scotland to refine its position as a legal leader will only continue”, says Meena Bahanda, Head of Legal Recruitment Scotland for IDEX Consulting. If you would like support finding a new role or would like some intel on the Scottish legal market contact our expert, Meena Bahanda. The Scottish legal market: a hub for innovation and growthThe Scottish legal market continues to evolve, illustrating resilient growth despite various economic headwinds, with a growing estimated annual compound growth rate of around 4.7%. The number of practicing solicitors is also rising, with an average increase of 3.4% reported across the sector in 2024. Due to its distinct legal system, separate from England and Wales, there remains a number of unique opportunities for legal professionals. With over 1,200 law firms offering legal advice across a number of jurisdictions the sector is a diverse one, ranging from multi-million-pound businesses to smaller law firms. According to the Law Society of Scotland the sector contributes over £1.5 billion annually to the Scottish economy, with continued growth projected across a number of key practice areas. The profession has demonstrated a forward-thinking approach to innovation and technology. Firms are proactively re-shaping their business operations through new AI solutions and expanded cross border work. A study of over 800 private practice and in-house legal professionals conducted by LexisNexis, global provider of legal regulatory and business analytics, highlighted that around 82% of UK lawyers have either adopted generative AI or have plans to do. “41 are actively using AI for work…[and]…the number of lawyers with no plans to adopt AI has plummeted from 61% to 15%” (Law Society of Scotland: A shift is coming). Scottish firms are also making an indelible stamp on international practice as they expand their client portfolios overseas. Data shows that cross border work has steadily increased by 22% year on year, particularly in renewable energy and financial services. Growing practice areas and market demandSeveral practice areas are experiencing significant growth across Scotland, creating demand for qualified lawyers: Renewable energy lawScotland has established itself as a renewable energy powerhouse, with the Scottish Government committed to reaching net-zero emissions by 2045 (Scottish Government: Climate change). The legal work surrounding renewable projects, particularly offshore wind and green hydrogen, has grown considerably over recent years, creating new opportunities for lawyers with energy and environmental expertise.Financial Services and FinTechAccording to the City of London Corporation, Edinburgh remains the UK's second-largest financial centre after London, with the financial services sector employing over 160,000 people and contributing over £13 billion to the Scottish economy annually. The growing FinTech sector, which has seen a 25% increase over the past couple of years, has created additional demand for lawyers with specific expertise in digital finance, AI, blockchain and evolving regulations. Technology and intellectual propertyAccording to the Scottish government’s technology ecosystem review, Scotland's tech sector is growing 1.5 times faster than the overall economy, with particular strengths in artificial intelligence, data analytics, and health technology (Scottish government: Scottish technology ecosystem: review). This growth has fuelled the demand for lawyers specialising in intellectual property, machine learning, AI regulation, data protection, and complex technology transactions.An attractive quality of life Beyond professional opportunities, Scotland offers significant quality of life advantages:Lower cost of livingHousing costs in Scottish cities remain substantially lower than in London and other major UK cities. According to the UK Gov’s house price index, the average house price in Scotland in 2024 was £193,000, compared to £510,000 in London (Gov.UK: UK house price index reports).Work-life balanceMore Scottish law firms are making conscious efforts to ensure professionals are supported with improved flexibility and improved work-life balance. Research shows that around 76% of lawyers are content with their hybrid working model. In addition, data published by the Legal Services Board report that the weekly working hours for solicitors in Scotland versus those in London is approximately 10% less, dependent on practice area and specialism (Legal Services Board: Legal research).Practical advice for Legal professionals considering a move to Scotland Understanding qualification requirementsThe qualification process for lawyers moving to Scotland depends on an individual’s current jurisdiction:For English and Welsh solicitors: Apply for admission through the Law Society of Scotland's Qualified Lawyers Assessment (QLA). This typically requires passing examinations in Scots Law, Professional Ethics, and Conveyancing.For international lawyers: The process involves applying for the QLA, which may require additional examinations depending on a professional’s jurisdiction of qualification.For EU-qualified lawyers: Following Brexit, EU lawyers must now follow the same process as other international lawyers, but previous qualifications and experience are taken into consideration.The Law Society of Scotlandprovides comprehensive guidance on the qualification process and frequently updates its requirements.Key Scottish legal hubsScotland's legal market is centred around four main locations:Edinburgh: Home to the Supreme Courts of Scotland and many commercial law firms, Edinburgh is Scotland’s pre-eminent legal hub, offering opportunities in financial services, corporate law, and litigation. The city's reputation for expertise in financial services law, intellectual property, and renewable energy regulations has strengthened its position as a competitive alternative to London.Glasgow: Emerging as a dynamic alternative legal centre and home to over 35% of Scotland’s practicing solicitors, Scotland's largest city has a thriving legal market. Glasgow is particularly dominant in corporate law, dispute resolution, and real estate. The Glasgow Legal Innovation Zone, launched in 2023, has fostered collaboration between traditional practices and legal tech startups, resulting in significantly higher technology adoption rates compared to other cities. Aberdeen: A growing economic force, Aberdeen has established itself as Scotland’s third largest legal centre, with a distinctive focus on energy law. Aberdeen's legal market has demonstrated impressive adaptability with a growing increase in renewable energy legal work as the region pivots toward green energy transition. Dundee: A growing legal tech hub with increasing opportunities in intellectual property and technology law. The city has attracted international clients, with cross-border advisory work increasing by over 20% in the past 18 months, positioning Dundee as a distinctive and forward-looking option for professionals. Leveraging networks and associations for profile building Joining professional networks, institutes, communities and forums are vital when relocating to a new jurisdiction. Below we share some examples of various credible networks. The Law Society of Scotland - provides a wealth of personal and professional development and networking opportunities, and dedicated resources to help people accelerate their learning and careers.The Scottish Young Lawyers' Association- boasting over 4,000 members from student to lawyers, the association provides a number of ways young professionals can enhance their personal brand and connections across the legal sector. Tailored membership groups such as the Women in Law Scotland or the Scottish Ethnic Minorities Lawyers Association - provide bespoke support and opportunities to help facilitate a more diverse and inclusive legal profession.With its distinct legal system, growing practice areas and international connections, Scotland is fast becoming a sought-after option for legal professionals seeking rewarding career progression. If you’re exploring a new a career opportunity, are unsure of your options or would like some confidential information on the legal market don’t hesitate to contact our legal recruitment specialists.​Resources Gov.UK: UK house price index reportsLaw Society of Scotland: A shift is comingLegal Services Board: Legal researchScottish Government: Climate changeScottish government: Scottish technology ecosystem: review

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Risk and compliance talent market: Insights for employers and job seekers 

​As businesses face increasingly complex regulatory landscapes and emerging risks, the risk and compliance sector continues to evolve rapidly. We sat down with Jack Johnson, Business Director for IDEX Consulting’s Risk and Compliance division to discuss current market trends, employer challenges, and strategies for attracting top talent in this competitive field.The evolving global risk and compliance landscapeThe global risk and compliance market has experienced unprecedented growth in recent years. According to Fortune Business Insights the global market is projected to hit $75.24 billion by 2028, with a compound annual growth rate (CAGR) of 14% (Fortune Business Insights: Enterprise Governance, Risk & Compliance market trends). This expansion reflects the increasingly complex regulatory environment facing businesses worldwide, driven by technological disruption, geopolitical tensions, and evolving regulatory frameworks.In the UK specifically, the risk and compliance sector has seen robust growth, with the market valued at over £8 billion in 2023 and expected to reach over £13billion by 2028. Economic forecasts predict market projections to grow at a compound annual growth rate (CAGR) of 12.1% from 2024 to 2030. The business impact of compliance failures has never been more severe. Research shows that companies who experience compliance breaches often see a drop in their market value. In a report by Chubb, leading insurance provider, “74% of executives at large companies [cited] cybersecurity as the top risk to growth, with 40% reporting that cyber breaches and data leaks have been the most disruptive and financially burdensome man-made threats” (Chubb: Chubb report reveals cybersecurity as leading risk threatening business growth). Market trends "The Risk and Compliance market is now seen very much as a value-add service and critical for businesses to achieve their growth targets," says Jack. "The days of viewing risk and compliance as a mere tick-box exercise are long gone, and the barrier to entry is far greater than ever before."This shift has influenced hiring patterns, with organisations prioritising quality over quantity and seeking commercially minded professionals with modern approaches. "Clients are looking for professionals who can bring strategic insights alongside technical expertise," Jack adds. Recent market dynamics have created specific talent demands across specific sectors. "We've seen significant M&A activity across insurance and financial services, which has increased the need for professionals with M&A experience, whether in due diligence or integration.”Several risk areas continue to dominate the compliance landscape:" Climate risk, ESG, and data privacy remain critical concerns. Professionals experienced in implementing controls and frameworks for these risk events are always well received. This is particularly true of Consumer Duty, where employers are looking for people with specific knowledge and expertise of changing regulations and requirements.”Talking of future trends, Jack emphasises how technology will unsurprisingly continue to reshape the sector. "The biggest trend and expectation throughout 2025 will continue to be automation and AI. Clients are seeking greater results in quicker, more cost-effective ways—whether that's real-time monitoring, improving customer outcomes, or increasing efficiencies in new business. If you're not demonstrating interest and understanding of automation and AI, you'll be left behind."What should employers prepare for?When asked what employers should anticipate for the remainder of the year, the war for talent remains a key challenge with Jack highlighting that the best candidates will likely be considering two or three job options simultaneously. This competitive landscape places increasing demands on hiring processes. "Your processes must be super slick to attract the best people, and your proposition and offers need to back up your interview style. Be prepared that candidates will no longer accept substandard interview processes, and the reputational risk far outweighs the time it takes to run a good process."Jack’s five tips for attracting top talent For organisations looking to secure the best risk and compliance professionals, our Jack offers five strategic recommendations:Ensure your recruitment process is slick - Improve your recruitment processes and time to hire. Work collaboratively with agencies and ensure your hiring managers are engaged and committed to hiring.Make decisions quickly - Don't sleep on speculative talent. The value a strong candidate can offer is better than waiting months for approval. If you see someone you like, push to make it happen.Strengthen your employer branding - Business and employer branding really is key. Professionals conduct thorough research and due diligence on potential employers before applying.Partner with a qualified recruiter - For key positions, perception is reality. Taking the time to retain an agency and ensure the correct message goes to market has a lasting impression.Review and optimise your hiring strategy - Don't be shocked when the best talent have multiple options. If you want the best people, you have to beat the best companies.Common hiring mistakesThere are a number of critical errors, Jack says, that employers routinely make during recruitment:"Poor recruitment processes and extended time-to-hire continue to be major issues for employers, when securing the best talent in the market. Generic job descriptions and uninspiring company branding also significantly limit candidate interest."Perhaps most importantly, he says, "Not providing feedback on interviews and failing to supply adequate information ahead of interviews is a serious misstep. If someone is giving you their time, the least you can do is let them know what to expect."What candidates value mostToday's risk and compliance professionals have evolved priorities beyond compensation alone:"In my ten years working in risk and compliance, I've never had so many people talk to me about job satisfaction. People want to enjoy where they work and like the people they work with. It’s important for employers to take this into consideration during the interview process and include specific questions around it."Autonomy and flexibility continue to be crucial. "The best candidates still managed to excel during COVID lockdowns. They know what they're doing, so don't bring them back into micromanagement environments. Trust them, and they will repay the favour in bucket loads."While culture and flexibility matter enormously, financial packages remain important. "Particularly the softer benefits. HR teams need to ensure they're staying competitive with pension and insurance benefits."Why partner with IDEX Consulting for your talent needs When asked about the value of partnering with specialised recruiters like IDEX, Jack talks ofIDEX’s unique reputation in the market, as well as the consultancy’s ability to act as an extension of a client’s internal team: "We are experienced head-hunters representing only the best candidates in the market. We partner incredibly closely with a client, taking real care to understand their business and exactly what they’re trying to achieve – this helps us to offer genuine tailored solutions to their recruitment needs. This might mean first assessing a client’s ‘brand story’ and hiring approach to identify enhancements where we can bring company culture and the job to life. Following that, we’re able to leverage our 20 years plus database, cutting edge technology, market sentiment reports and knowledge to provide access to the best talent.”As the risk and compliance landscape continues to evolve in 2025, organisations that strengthen their authentic storytelling, streamline their hiring processes and move fast will be best positioned to secure the talent they need to navigate an increasingly complex regulatory environment.​ReferencesChubb: Chubb report reveals cybersecurity as leading risk threatening business growthFortune Business Insights: Enterprise Governance, Risk & Compliance market trendsGartner: 5 compliance trends and priorities for 2025PWC: Global Compliance survey 2025

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General Insurance newsletter Friday 16th May 2025

​​Insurance NewsInside Brokerbility: More than a broker network - IDEX Consulting spoke to John Dunn, Managing Director for Brokerbility, the leading network for growth orientated independent brokers, on who Brokerbility are, how they support independent brokers to innovate and grow, how the membership programme works and what’s in store for future developments. Learn how you could benefit from Brokerbility’s partnerships and expertise in this original interview. (IDEX Consulting news, 'Inside Brokerbility: More than a broker network')How IDEX Consulting can accelerate your business growth - IDEX Consulting facilitated the strategic acquisition of Morton Insurance Brokers, a London-based firm specialising in minicab and private hire insurance, by Specialist Risk Group (SRG). Founder Adrian Morton sought a buyer who could uphold his company's legacy, provide job security for employees, and ensure a seamless transition. IDEX's M&A consultants partnered closely with Adrian to provide the best solution that would deliver his business model, growth objectives and at the same maintain the values the company was founded on. (IDEX Consulting news, 'How IDEX Consulting can accelerate your business growth')Want to know what Insurance employers are looking for? Read our 2025 Salary Guide - Discover the key skills, experience, and qualities insurance employers value most in 2025. Our comprehensive Salary Guide offers the latest salaries for hundreds of insurance roles across 10 verticals, plus in-depth market insights to help you stay ahead in your career or recruitment strategy. (IDEX Consulting news, 'Want to know what Insurance employers are looking for? Read our 2025 Salary Guide')Cyber risks: key developments and how to manage them - As cyber risks and challenges spike, the insurance sector faces an on-going battle of mitigating risk and protecting customer assets and data. What are the latest digital cyber risks and how can insurers manage them effectively before escalation? Learn how you can strengthen risk management, deploy ethical AI use and remain agile amid changing market conditions. (IDEX Consulting news, 'Cyber risks: key developments and how to manage them')The Lloyd’s Market Association (LMA), in partnership with Barnett Waddingham, has published a survey examining the use of artificial intelligence (AI) and machine learning (ML) in actuarial and risk functions. The findings suggest that while interest in these technologies is growing, adoption remains limited due to a range of practical and regulatory concerns. (Josh Recamara, 16/5/2025, Insurance Business, 'Interest in AI grows but adoption remains limited - LMA')At the 2025 BIBA Conference, CEO Graeme Trudgill emphasized AI's transformative impact on insurance operations and highlighted the FCA's proposed regulatory reforms aimed at reducing burdens on brokers; he also announced Caroline Barr as BIBA's first female chair and introduced a national SME-focused advertising campaign featuring "Ben the Broker." (Rod Bolivar, 15/5/2025, Insurance Business, 'BIBA CEO spotlights AI, FCA reforms at 2025 conference')Christian Poulsen ACII, Managing Director at First Insurance Solutions and a broker with over 25 years' experience, received the Francis Perkins Award for his long-standing service to BIBA’s SME Brokers’ Advisory Board. Olola Frederick Olabode Ogunlana, with a 70-year international insurance career including roles as CEO of NICON and founding President of WAICA, was honoured with the International Lifetime Achievement Award. (Rod Bolivar, 15/5/2025, Insurance Business, 'Two industry veterans receive BIBA 2025 awards')Allianz has reported a record Q1 2025 operating profit of €4.2 billion, driven by strong growth in its life/health segment, and reaffirmed its full-year operating profit guidance of €16.0 billion (±€1 billion), highlighting its financial strength and resilience amid global uncertainties. (Kenneth Araullo, 15/5/2025, Insurance Business, 'Allianz sees strong start to 2025, reaffirms full-year outlook')Talanx has reported a record Q1 2025 net income of €604 million, up from €576 million, despite €881 million in large losses—primarily from California wildfires—and reaffirmed its full-year earnings target of over €2.1 billion, highlighting its resilience amid elevated claims. (Kenneth Araullo, 15/5/2025, Insurance Business, 'Talanx reports record-breaking start to the year amid high claims')Aviva delivered broad-based growth in Q1 2025, with general insurance premiums rising 9% to £2.9 billion—driven by strong UK & Ireland performance—and achieved a 19% increase in protection and health sales, while maintaining a robust Solvency II ratio of 201%, underscoring its strategic focus on capital-light businesses and disciplined pricing. (Kenneth Araullo, 15/5/2025, Insurance Business, 'Aviva sees broad-based growth in Q1 across segments')WTW's 2025 Terrorism Pool Index, developed with the International Forum for Terrorism Risk Insurance Pools (IFTRIP), reveals that while state-supported reinsurance pools remain essential for terrorism coverage, traditional models are increasingly challenged by civil unrest and evolving risk landscapes. (Roxanne Libatique, 15/5/2025, Insurance Business, 'WTW report exposes shifting terrorism insurance risks')Marks & Spencer is poised to claim up to £100 million under its cyber insurance policy—led by Allianz and including Beazley—after a ransomware attack by the Scattered Spider group disrupted operations for nearly three weeks, exposed customer data (excluding payment details), and caused estimated losses exceeding £60 million. (Matthew Sellers, 14/5/2025, Insurance Business, 'Allianz, Beazley could be on the hook as M&S insurance claim expected to be £100m +')Ardonagh Advisory is rebranding as Everywhen to unify over 45 trading names under one identity, reflecting its strategic focus on consistent client service across sectors like general insurance, marine, agriculture, construction, care, and renewable energy; the change will roll out over the next 12 months starting at BIBA 2025. (Kenneth Araullo, 14/5/2025, Insurance Business, 'Ardonagh, Aviva announce major developments at BIBA 2025')Aviva Private Clients launched Refine Home at BIBA 2025, a new mid-tier high-net-worth insurance product for homes with rebuild values between £1 million and £3 million, available via its digital broker platform APC Online; this complements its refreshed suite—Smart Home, Complete Home, and Ultra Home—enhancing broker efficiency with data-driven pricing and underinsurance alerts. (Kenneth Araullo, 14/5/2025, Insurance Business, 'Ardonagh, Aviva announce major developments at BIBA 2025')The U.S.–China 90-day tariff suspension, reducing U.S. tariffs from 145% to 30% and China's from 125% to 10%, offers temporary relief to insurers by stabilising auto repair and construction material costs, potentially easing claims inflation; however, persistent trade volatility and shifting global supply chains continue to challenge underwriting and investment strategies. (Matthew Sellers, 14/5/2025, Insurance Business, 'What Trump's 90-day tariff reprieve means for the global insurance market')Markel Insurance has introduced a cyber insurance product offering up to US$5 million per risk for indirect losses from state-sponsored cyberattacks, addressing gaps left by traditional policies' war exclusions. Designed as a wrap-around solution, it reinstates certain war-related coverages for large corporations facing restrictive exclusions. This launch responds to the growing trend of state-sponsored attacks, which accounted for 35% of data breaches in 2024. (Kenneth Araullo, 13/5/2025, Insurance Business, 'Markel introduces cyber war cover for indirect losses from state-linked attacks')Despite a 104% surge in cyberattacks by the end of 2024, 43% of UK companies still lack cyber insurance, according to a QBE report; with 47% hit by incidents last year, gaps persist due to misconceptions about coverage and growing concerns over AI-driven threats and rising ransomware attacks. (Emily Douglas, 13/5/2025, Insurance Business, 'Cyberattacks on the rise – yet 43% of companies still don't have cyber insurance')Pen Underwriting has launched Pen Protect, a cyber risk management platform to be included with all cyber policies from June 2025, offering daily vulnerability scans, phishing simulations, AI-driven training, and broker tools like portfolio analysis and client-specific risk reports to enhance cyber resilience and client engagement. (Kenneth Araullo, 13/5/2025, Insurance Business, 'Pen Underwriting debuts cyber risk platform for renewals and new policies')Castlebridge Risk Solutions, launching June 3 and founded by Tim Grant and James Dunsby, has joined Momentum Broker Solutions and partnered with Cornerstone and Imperial Chartered to offer tailored insurance services to SMEs and real estate clients, combining start-up agility with tech-driven, consultative support. (Gareth Morgan, 13/5/2025, Insurance Business, 'Castlebridge joins Momentum network and partners with Cornerstone, Imperial Chartered')Commercial Express has expanded its capacity panel by forming long-term partnerships with AXA and Carbon Underwriting. AXA will provide additional capacity for the MGA’s commercial property owners scheme, while Carbon Underwriting will join the residential property owners panel, integrating its data platform, Graphene, to enhance underwriting flexibility and operational efficiency. (Josh Recamara, 13/5/2025, Insurance Business, 'Commercial Express expands capacity through AXA and Carbon Underwriting partnership')Sedgwick has launched Talent Solutions, a new learning and development service led by Carolyn Blunt, who brings over 20 years of experience in the insurance and contact centre sectors. Previously, Blunt served as Managing Director at Davies Group, where she focused on building high-performing teams and designing agile training solutions. Talent Solutions offers tailored training for front-line employees, leadership teams, and technical staff, delivered through various formats including in-person, virtual classrooms, e-learning, and blended models. This initiative aims to address skills shortages and enhance workforce capability in response to evolving operational demands. (Josh Recamara, 13/5/2025, Insurance Business, 'Sedgwick adds new service to workforce-focused portfolio')Insurers are reassessing directors' and officers' (D&O) coverage amid rising litigation, regulatory scrutiny, and emerging risks like AI-related liabilities, leading to more selective underwriting and signs of market stabilization into 2025, according to the Gallagher Specialty D&O Global State of the Market Report. (Jonalyn Cueto, 12/5/2025, Insurance Business, 'Insurers reevaluate D&O coverage as risk factors rise')Willis, a WTW business, has launched FinTech Plus—a globally developed insurance solution tailored for fintech companies—offering streamlined, unified coverage for financial and cyber risks through a single proposal form and wording, supported by a panel of Lloyd’s syndicates and London-based insurers. (Jonalyn Cueto, 12/5/2025, Insurance Business, 'Willis launches FinTech Plus')Broker Insights has surpassed £10 billion in GWP on its Vision platform, now covering over 40% of the UK commercial insurance market, with global expansion and a newly enhanced AI-driven platform. (Jonalyn Cueto, 12/5/2025, Insurance Business, 'Broker Insights hits £10 billion GWP milestone')​Mergers and Acquisitions​JMG Group has secured a new equity investment led by existing backer Synova and U.S.-based private equity firm GTCR, with participation from the company's leadership team. The deal, subject to regulatory approval, aims to support JMG's growth plans through further acquisitions, recruitment, and platform development. Since Synova's initial investment in 2020, JMG has completed 46 acquisitions and reported high levels of organic growth, with plans to continue its acquisition-led strategy into 2025 and beyond. (Josh Recamara, 14/5/2025, Insurance Business, 'JMG Group secures new investment from Synova and GTCR')Despite a slow start in early 2025, the UK insurance M&A market is set for growth, with private equity firms holding substantial "dry powder" and focusing on larger, strategic transactions. A recent analysis by BMS, a leading insurance broker, highlights rising investor confidence, an expected rebound in deal volumes throughout the year, and a continued trend towards sector consolidation. (Jonalyn Cueto, 12/5/2025, Insurance Business, 'M&A market set for growth – report')Movers​Caroline Barr has been appointed as the next Chair of the British Insurance Brokers’ Association (BIBA), becoming the first woman to hold the role. She will succeed Jonathan Evans at the end of 2025. Barr, a Non-Executive Director at BIBA, has previously served as Deputy Director at HM Treasury and as a member of the Financial Services Consumer Panel. She also chairs BIBA’s Access to Insurance Committee, focusing on financial inclusion and consumer signposting. (Josh Recamara, 16/5/2025, Insurance Business, 'BIBA names first female chair')Rokstone has named Stephanie Belcourt as Head of Complex Claims, bringing 20 years of experience from Apollo Syndicate 1969 and Hiscox, as the firm strengthens its claims function to support global growth and portfolio diversification. (Josh Recamara, 16/5/2025, Insurance Business, 'Insurance moves: Rokstone, Insurance Advisory, Evolution Claims and AXA XL')AXA XL has promoted Mick Turvey to Head of mid-market underwriting and UK regions, leading strategy for UK clients and regional teams; he joined AXA XL in 2013 with 35 years of property and casualty underwriting experience. (Josh Recamara, 16/5/2025, Insurance Business, 'Insurance moves: Rokstone, Insurance Advisory, Evolution Claims and AXA XL')Insurance Advisory Partners has appointed Benjamin James as Partner in its London office, bringing over 10 years of experience in insurance-focused investment banking and private equity; his previous roles include Investment & Advisory Director at Vemi Capital and Vice President at Financial Services Capital, supporting the firm’s UK and European growth. (Josh Recamara, 16/5/2025, Insurance Business, 'Insurance moves: Rokstone, Insurance Advisory, Evolution Claims and AXA XL')Evolution Claims Management has launched Evo Subsidence, a dedicated service to speed up subsidence claim diagnostics and repairs, aiming to reduce claim lifecycles and costs, led by newly appointed Head of Professional Services Jim Pittman. (Josh Recamara, 16/5/2025, Insurance Business, 'Insurance moves: Rokstone, Insurance Advisory, Evolution Claims and AXA XL')​Willis has appointed Brian Vosloh as Head of Cyber for EMEA, bringing over 30 years of international experience in financial lines and cyber products from roles at Allianz Commercial and Chubb; based in Barcelona, he will lead the firm's FINEX Cyber Specialty operations across the region, enhancing strategic cyber risk solutions amid escalating digital threats. (Jonalyn Cueto, 15/5/2025, Insurance Business, 'Willis names head of cyber for EMEA')Mark Newman, CEO of Canopius UK with extensive Lloyd’s market experience including leadership at Catlin Asia Pacific, has been appointed to the Lloyd’s Market Association board to support its global strategic growth, replacing outgoing board member Kate Roy. (Josh Recamara, 14/5/2025, Insurance Business, 'Insurance moves at LMA, Acrisure UK, Gallagher Bassett and Conveybuddy')Acrisure UK Broking boosts its UK Retail expansion with three senior hires: Gary Green, formerly of Angel Risk Management with 40+ years in insurance, to lead 2Vision and open a Chelmsford office focused on SME regional brokers; Tom Brown, ex-Broking Director at Lothbury, appointed to lead northern operations; and Scott Feltham, with over 20 years in high-net-worth and family office insurance, joining as Private Clients Development Director in the South. (Josh Recamara, 14/5/2025, Insurance Business, 'Insurance moves at LMA, Acrisure UK, Gallagher Bassett and Conveybuddy')Gallagher Bassett appointed Ashley Easen, with 25 years’ risk management experience and a company veteran since 2016, as Director of Consulting to lead Risk Consulting, Claims Consulting, and Training Solutions, alongside Julian Nicklin as Head of Claims Consulting. (Josh Recamara, 14/5/2025, Insurance Business, 'Insurance moves at LMA, Acrisure UK, Gallagher Bassett and Conveybuddy')Conveybuddy appointed Rachel Payne as Senior Account Manager to manage broker and introducer relationships and support tailored conveyancing and surveying solutions, bringing nearly a decade of industry experience after returning from a career break. (Josh Recamara, 14/5/2025, Insurance Business, 'Insurance moves at LMA, Acrisure UK, Gallagher Bassett and Conveybuddy')Gallagher has appointed Clare Francis, former UK CEO of Standard Chartered with prior roles at Lloyds and HSBC, as an independent Non-Executive Director; she will chair the remuneration committee and join key board committees, bringing extensive leadership experience to support Gallagher’s continued growth. (Josh Recamara, 13/5/2025, Insurance Business, 'Insurance moves: Gallagher, Rokstone and Westfield Specialty')Westfield Specialty International has expanded its offshore energy team with Michael Poulteney, former Head of Offshore Energy at Arch, joining as Class Underwriter, and Manraj Kailia, also ex-Arch and a Lloyd’s graduate scheme alumnus, as Senior Underwriter—both based in London as part of Westfield’s continued growth strategy. (Josh Recamara, 13/5/2025, Insurance Business, 'Insurance moves: Gallagher, Rokstone and Westfield Specialty')Rokstone, part of the Aventum Group, has appointed Matt Bishop as Class Underwriter for its new UK and Ireland casualty division; Bishop brings 35 years of casualty insurance experience, including senior underwriting roles at Convex and Catlin/AXA XL, covering casualty, property, and business interruption. (Josh Recamara, 13/5/2025, Insurance Business, 'Insurance moves: Gallagher, Rokstone and Westfield Specialty')Evolution Claims Management has appointed Donna Quarrell as Director of Operations; she brings over 15 years of insurance experience, including senior roles at Innovation Group UK and Aviva. (Josh Recamara, 12/5/2025, Insurance Business, 'Insurance moves: Evolutions Claims Management and Concirrus')​All information provided in this market digest has been gathered from Insurance Business and IDEX Consulting.

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Charlotte Faherty, Senior Consulting, Financial Services

Charlotte Faherty, Senior Consulting, Financial Services

​“My experience with Charlotte has been truly exceptional. From start to finish, she was consistently supportive, proactive, and genuinely invested in my success. Her positive attitude and approachable nature made the entire process smooth and reassuring. It never felt like just a job to her—she truly had my best interests at heart and went above and beyond to ensure I had everything I needed and felt confident every step of the way.”

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Drew Crawford, Business Director, General Insurance

Drew Crawford, Business Director, General Insurance

​“Drew seems to know everyone. We have been very impressed with the candidates he introduces, and we have made hires as well. We have just made a replacement hire with a candidate Drew introduced. Drew not only identifies candidates but he qualifies them based on our unique needs, filters and presents them in such a way that is a huge time saver, in addition to finding folks we would never have reached. Through his activities sourcing yacht candidates for us and others, he identifies personal lines high net worth experts as well. As I mentioned, doing this for so long I was sure that I already knew everyone…how wrong I was. I highly recommend a call to Drew.”

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Michelle Paish, Business Manager, General Insurance

Michelle Paish, Business Manager, General Insurance

​“You have been an invaluable partner to us in sourcing talent. Your proactive approach has greatly contributed to our success in filling recent vacancies by consistently delivering quality candidates who’s skills and experience align very well with our needs. Your efficiency and professionalism have made our recruitment process a lot smoother and I would highly recommend your services to any organisation seeking a reliable recruitment partner.”

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Colin McKenna, M&A Specialist

Colin McKenna, M&A Specialist

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Dan Griffiths, Business Manager General Insurance

Dan Griffiths, Business Manager General Insurance

​“IDEX has been an absolute pleasure to work with; specifically Dan Griffiths. They listen to our needs and search for quality candidates whose experience align with our open roles. They are responsive and provide frequent follow ups on open items. Great customer service all around. I would highly recommend using IDEX to any organization who needs assistance with staffing.”

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