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Insurance News
Lloyd’s has revealed the eleven Insurtech start-ups that will join the eighth cohort of the Lloyd’s Lab in its ten-week programme. The lab is designed to bring together Insurtechs, Insurers and Brokers to test out new, innovative solutions. The teams selected were: Kita, Persefoni, Kettle, Otonomi, Privateer Space, Definely, Marmalade, FRISS, InsurX, ClearConnect and BakerTilly.
Axa has confirmed it will not be appealing the High Court ruling in the Business Interruption case with restaurant group Corbin & King which ordered the Insurer to make multiple payouts under a non-damage denial of access clause. The Insurer had argued that it was liable for £750,000 at most but the judgment means the bill is expected to total £4.4m. Corbin & King had claimed for payments for each set of premises, as opposed to just one limit across all properties and for the cover to respond on three occasions when forced to close in the pandemic.
Beazley is creating four underwriting divisions of specialty, Cyber, MAP and Property risks. According to the Insurer, Brokers and clients will benefit from efficiencies and innovation as the divisions will be interconnected and able to operate at scale. The newly established specialty risks division comes from the merger of executive risks, M&A and specialty lines. Beazley argued that client demand is high and the challenges, such as social inflation, were alike and often served by the same Brokers.
Freedom of information requests have laid bare the scale of insurance case delays at the Financial Ombudsman Service. The ombudsman aims to give a ruling on cases within 90 days. The data sourced revealed that as of 31 October there were 9372 insurance cases stretching beyond this timeframe of which 974 had been open for at least a year. The findings indicated there were 23 insurance cases that had been delayed for over two years. The breakdown of the figures showed that the medical and travel category had the most delayed cases (2575) followed by household and Commercial Property with at least 2273.
The Financial Conduct Authority has sounded the alarm about a clone of Direct Line Insurance Group. The clone, known as Direct Line Sustainability, has been marked as having no relation to the firm and the regulator warned it is operating without authorisation.
Natural catastrophes resulted in total global economic losses of $270 billion and insured losses of $11 billion last year, with floods a significant loss vector, according to a new report from Swiss Re Institute. The results continue the long-term trend of insured losses increasing by an average of 5% to 7% annually worldwide.
RSA Insurance has announced a policy to support both trans-identified and transitioning employees while ensuring their colleagues have the right tools and resources to be effective allies. The policy which was recently launched internally aims to open up dialogue on gender identity and to visibly demonstrate the support employees and leaders have access to when supporting trans colleagues.
The London Market Group (LMG) has announced that its Data Council has agreed to adopt ACORD as its chosen data standards methodology, aligning the LMG’s Core Data Record (CDR) with the specifications. With its alignment to ACORD’s Global Reinsurance and Large Commercial (GRLC) standard, CDR facilitates accounting and settlement, as well as tax and regulatory reporting for the London insurance market.
Mergers & Acquisitions
A-Plan’s KGM Underwriting Services has bought Eridge Underwriting Agency, for an undisclosed sum. The deal for the Managing General Agent which caters for specialist and higher rated Motor insurance is expected to close in May. According to KGM, the purchase will strengthen its Broker product suite covering all Private and Commercial Motor classes and maintain its focus on being a flexible and agile alternative to composite Insurers.
Managing General Agent Occam Underwriting has completed the purchase of Beech Underwriting Agencies having received approval from the Financial Conduct Authority. The deal to snap up the Terrorism insurance specialist for an undisclosed sum was announced last October. Beech is an approved Lloyd’s cover-holder that has been placing Terrorism and other specialist related insurance for over 20 years.
Brickell PC Insurance has agreed to buy Randall & Quilter Investment Holdings in a cash deal valuing the business at £482m R&Q, a Bermuda-headquartered non-life global specialty insurance company focusing on program management and legacy insurance businesses, has operations in the UK, US, Europe and Bermuda with 308 employees across eight offices.
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Movers & Shakers
Marsh McLennan-owned reinsurance Broker Guy Carpenter has appointed Julian Enoizi as Global Head of Public Sector. His plan to leave Pool Re, where he was CEO for eight years, was announced last November. Last week the mutual Terrorism reinsurer confirmed that Tom Clementi, the former CEO of MS Amlin Underwriting, would take on the role on 4 April.
Gallagher has moved to bolster its UK retail leadership team in the South following recent growth. Steven Risk has been made Regional Managing Director of the South West taking over from Patrick O’Connell who is moving into a Chairman role for the region. Simon Waine has been appointed RMD for London and the South East. Jon Phillips has been named RMD, based in the South. For the South Coast Gallagher appointed Rob Enock as RMD having previously been Managing Director of its Chichester office. The firm listed that Tim Devine’s remit has been expanded from leading Public Sector & Education and Communities as Managing Director to RMD for PSE, Communities and Social Housing Practices. Rounding out the new structure David Anderson, previously RMD for the East, has been appointed Commercial Director to work alongside the Regional Managing Directors and Susie Day who led marketing activity for Gallagher’s niche businesses has become Marketing Director for the South. The business also confirmed that Oliver Thorne, RMD of Niche Practices, has left as a result of the changes.
Beazley's have revamped their underwriting team structure, which will be led by Bethany Greenwood.James Eaton will support the transition in advance of his previously announced retirement in December 2022. Cyber risks is becoming a standalone division under the leadership of Paul Bantick, who joins Beazley’s executive committee. MAP risks brings together Beazley’s Political, Accident and Contingency, Market Facilities, Marine and Aviation businesses and will be headed by Tim Turner. Meanwhile, the Property Risks division will be formed by aligning Beazley’s Property and Treaty reinsurance underwriting, with Richard Montminy at the helm.
Mark Coffey, Director of Trading for car, home and van at Ardonagh-owned Atlanta, has left the business. An Atlanta spokesperson said: “We can confirm Mark is on garden leave. He leaves with our very best wishes. “Insurer relationships will continue to be managed by a team led by Trading Director Chris Jolley.”
Markel UK has recruited Mark Plews from Hiscox as Director of Underwriting. Plews was Head of Schemes and Partnerships at Hiscox and had been with the Insurer for 16 years in Commercial and Financial Lines underwriting. Before Hiscox, he worked at AIG in Glasgow for a number of years.
Iain Bremner, who serves as Independent Non-Executive Chair at Capita Managing Agency Ltd, is joining Implement Compliance Solutions & Resources (ICSR). Bremner commented: “I’m delighted to have someone with Iain’s calibre and pedigree on the team,” said ICSR Director Kenneth Underhill, whose business provides advisory and resourcing services to regulated insurance firms. “I look forward to working with Iain as he helps guide ICSR on its continued growth trajectory. His experience will be a real asset to our business and the senior leadership team.”
WTW has announced the appointment of Joe Noss as Senior Director for the Finance Sector in the company’s Climate and Resilience Hub (CRH). Noss has more than 15 years of experience in the financial sector. He joins WTW from the G20 Financial Stability Board (FSB), where he led on climate financial regulation for the banking, investment and insurance sectors.
In further news...WTW has appointed Tammy Richardson as Europe regional leader for its insurance consulting and technology business. Richardson most recently served as UK & Ireland leader for the same business.
Institutional Shareholder Services (ISS) is urging Swiss Re investors not to have Sergio Ermotti re-elected as Chair. A report said ISS described Swiss Re’s board as “insufficiently gender-diverse,” with the proxy advisory firm recommending that shareholders of the major reinsurer oppose the board’s proposal to keep Ermotti’s chairmanship. Swiss Re, which is holding its annual general meeting (AGM) on April 13, is overseen by a board of Directors made up of 10 men and three women.
The Worldwide Fund for Nature (WWF) has appointed Aviva Plc Group Chief Executive Amanda Blanc to its 25-member Council of Ambassadors.
Miller has announced the appointment of Sam Pye as Account Executive in its Solicitors Professional Indemnity (PI) team. Sam, who brings more than 20 years of expertise from both a legal and insurance perspective, joins from Lockton Professions.
In further news...Independent specialist (re)insurance Broker Miller has appointed Andrew Barr to its credit and political risks (CPRI) team. He previously worked at Texel for four years and at Marsh for seven.
Carbon Underwriting has appointed Claire Turner as a Property Underwriter joining from Chubb. The specialist independent Managing General Underwriter and Lloyd’s syndicate listed that Turner had worked at Chubb for over 25 years – most recently underwriting international property binders.
BMS has named Louisa Erwin as Group Head of Diversity, Equity and Inclusion, effective 1 April. The Broker detailed that Erwin has experience in leading DEI initiatives, having been responsible for developing and implementing regional DEI strategies across 24 countries.
Allianz Global Corporate & Specialty SE (AGCS), the corporate insurance carrier of Allianz Group, has announced the appointment of Vanessa Maxwell as Global Head of Financial Lines. Maxwell succeeds Shanil Williams, who was promoted in January to join the AGCS board of management as Chief Underwriting Officer, Corporate.
CFC has promoted Roger Francis to the newly-created role of Managing Director of CFC Response. Francis joined CFC in the summer of 2019 to take up the role of Cyber Claims Director having spent over 15 years in information security.
Company veteran Fintan Mullarkey is taking the helm at AXIS Specialty Europe SE (ASE). Subject to regulatory approval, Mullarkey has been appointed as ASE Chief Executive after serving as Finance Head for a decade. The promoted leader was Head of Finance not only of ASE, but also of AXIS Re SE.
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All information provided in this Market Digest has been gathered from multiple General Insurance Media sources and individual company press releases.
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