General Insurance Newsletter Friday 23rd August 2024

Insurance News

Global insurance spending, according to data presented by Stocklytics.com, is projected to reach nearly US$10 trillion by 2028, following a 25% growth over the past four years, with the market expected to continue setting record highs despite a slowed growth rate since 2021. (Terry Gangcuangco, 23/8/2024, Insurance Business UK, 'Global insurance spending poised to approach US$10 trillion by 2028')
“Our parents were incredible people and an inspiration to many.” Those were the words of Jonathan Bloomer’s (Chair of Morgan Stanley International and specialist insurer Hiscox) kin after he and his wife, Judy, were confirmed as among those killed following the sinking of the storm-hit Bayesian superyacht in Italy. (Terry Gangcuangco, 23/8/2024, Insurance Business UK, 'Family of Hiscox chair Jonathan Bloomer on “unimaginable grief”)
2024 Insurer & MGA Market Outlook: Stay ahead of industry trends with our in-depth analysis of the 2024 market landscape for insurers and MGAs. Explore key insights, emerging challenges, and opportunities that will shape the year ahead. (Paul Davey, Insurance Managing Director, IDEX Consulting ‘2024 Insurer & MGA market outlook’)
Swiss Re reported a Q2 2024 profit of $996 million, contributing to a first-half net income of $2.1 billion and a 20.1% ROE, with strong performance across all business units and confidence in meeting full-year targets. (Kenneth Araullo, 22/8/2024, Insurance Business UK, 'Swiss Re hits $2.1 billion net income in H1 2024')
Aegon reported a net loss of €65 million for the first half of 2024, with an 8% decrease in operating result to €750 million, a 6% decline in shareholders’ equity per share to €4.02, and a 14% increase in Contractual Service Margin (CSM) per share to €4.17. (Kenneth Araullo, 22/8/2024, Insurance Business UK, 'Aegon posts net loss for first half of 2024')
Pool Re, the UK’s leading terrorism reinsurer, has awarded an ILS advisory contract to Aon Securities and Howden Capital Markets following a competitive tender, aiming to explore ILS solutions to enhance protection for UK taxpayers. (Kenneth Araullo, 22/8/2024, Insurance Business UK, 'Pool Re names Aon Securities and Howden Capital Markets as ILS advisors')
Markel Group’s insurance division, Markel, has reinforced its 34-year presence in Leeds by relocating to City Square House, doubling its office space to 20,000 square feet across two floors as it continues to serve over one million UK customers. (Terry Gangcuangco, 21/8/2024, Insurance Business UK, 'Markel expands presence in Leeds with move to City Square House')
Essential Skills for Insurance Account Executives: Discover the key skills that set top-performing insurance account executives apart. Learn what it takes to excel in this role and advance your career in the insurance industry. (IDEX Consulting news, ‘Essential skills for Account Executives’)
AUB Group reported a net profit after tax of AU$137.1 million for FY24, up from AU$65.3 million in FY23, with underlying net profit after tax rising to AU$171 million from AU$129.1 million. The company also announced an upcoming change in board leadership. (Terry Gangcuangco, 21/8/2024, Insurance Business UK, 'Tysers parent announces full-year results, next chair')
Arch Insurance UK has opened a new office in Glasgow's Onyx Building to enhance its regional operations, providing local brokers with better access to its underwriting division and a team of specialists in various business lines and complex risk. (Kenneth Araullo, 20/8/2024, Insurance Business UK, 'Arch Insurance UK bolsters Glasgow operations with new office')
HDI Global SE reported strong financial results for H1 2024, with insurance revenue increasing to €4.8 billion and operating profit rising to €305 million, driven by new business and price adjustments. The combined ratio improved to 91.1% from 93.1% last year, despite challenges from natural catastrophes and a forecasted strong hurricane season. (Kenneth Araullo, 20/8/2024, Insurance Business UK, 'HDI global records H1 growth, navigates large losses')
The Green Insurer has added Ageas UK to its panel, completing its focus on offering competitive, environmentally friendly insurance options and supporting sustainability through Ageas' commitment to green repairs and practices. (Kenneth Araullo, 20/8/2024, Insurance Business UK, 'The Green Insurer adds Ageas UK to its insurance panel')

Mergers & Acquisitions

Specialist Risk Group (SRG) plans to acquire Anthony James Insurance Brokers, pending regulatory approval, to boost its retail division, Specialist Risk Insurance Solutions (SRIS). Established in 2009, Anthony James is known for its comprehensive insurance services across various UK sectors, with Steve Boorman and Jacob Duckworth continuing to lead the business and drive growth. (Kenneth Araullo, 20/8/2024, Insurance Business UK, 'Specialist Risk Group bolsters retail division with Anthony James deal')
Attract top buyers for your business- M&A specialist, Colin McKenna, shares an update on the state of the UK and international M&A market, current opportunities and what businesses should be prepared for this year. He also shares his expert advice on how businesses can maximise their sale options and attract top buyers. (Colin McKenna, M&A Specialist, ‘How to attract top buyers for your business’)
Ardonagh Advisory has agreed to acquire RK Henshall & Co Limited, a commercial insurance broker based in Sandbach, Cheshire, with the deal subject to regulatory approval; RK Henshall's Directors, John Henshall and Allen Simpson, will stay on, with Henshall continuing to lead the company. (Kenneth Araullo, 19/8/2024, Insurance Business UK, 'Ardonagh Advisory swoops for RK Henshall')
NSM Insurance Group has acquired InsurEVO, including UK travel insurance brands AllClear and InsureandGo, aiming to leverage its resources and technology to enhance its position as a global travel insurance specialist. (Terry Gangcuangco, 19/8/2024, Insurance Business UK, 'NSM Insurance Group completes travel insurance swoop')
The Broker Investment Group has acquired a majority shareholding in JPM Group, the holding company for BEAM Insurance Solutions, aiming to grow BEAM from its current £14m GWP to over £20m within three years, leveraging BEAM’s strong growth plans and potential deals. (The Broker Investment Group, 19/8/2024, youTalk Insurance, 'The Broker Investment Group strike another Investment')

Movers

Guy Carpenter appointed Ridge Muhly as Regional Mutual Segment Leader and Adam Kornick as Personal Lines Segment Leader. Muhly joins after 22 years at Gen Re, where he recently managed the mutual practice within the treaty segment. Kornick comes from Porch Group, where he played a key role in taking the company public and expanding its insurance division. (Kenneth Araullo, 21/8/2024, Insurance Business UK, 'Guy Carpenter makes dual segment leader appointments for US')
Miller appointed Alessia Lombardi as an Account Executive within its accident & health (A&H) team. With over 20 years of experience in the Lloyd’s and international markets, Lombardi previously served as Executive Director at Special Contingency Risks and as a Divisional Director at Willis Towers Watson. (Kenneth Araullo, 21/8/2024, Insurance Business UK, 'Miller further expands A&H division with key appointment')
Lycetts appointed Ian Barclay as Chief Executive, succeeding Charles Foster. Barclay brings over 20 years of senior leadership experience from major insurance firms, including AXA Group, Aon Risk Solutions, The Ardonagh Group, and Geo Underwriting, and has recently worked as an independent business adviser and mentor. (Terry Gangcuangco, 21/8/2024, Insurance Business UK, 'Lycetts picks new CEO')
ARAG UK appointed Alan Jappy as Head of New Business for corporate partnerships, bringing over 20 years of experience in financial services, including senior roles at Allianz, BGL Group, and Gallagher, as well as a prior position in legal expenses insurance at DAS UK. (Terry Gangcuangco, 21/8/2024, Insurance Business UK, 'ARAG UK brings in corporate business development head')
Chaucer appointed Alex Baker as Class Underwriter for its political violence and crisis management team, where he will lead growth strategy and portfolio management in the US market, bringing 13 years of experience from AXA XL. (Kenneth Araullo, 20/8/2024, Insurance Business UK, 'Chaucer expands political violence and crisis management team with key appointment')
SiriusPoint has appointed Xander Butcher as Senior Underwriter for energy liabilities in its London Energy team. Butcher brings over 37 years of experience, including leadership roles at Starr Insurance, Canopius Group, AmTrust at Lloyd's, AXA Insurance, and Eagle Star, specializing in energy sector liabilities. (Kenneth Araullo, 20/8/2024, Insurance Business UK, 'SiriusPoint names new senior underwriter for energy liabilities')
Jason Whelan has been appointed Managing Director of Zurich Insurance Group’s Dublin-based Cover-More Blue Insurance Services Limited, previously Blue Insurance Limited, while continuing as Chief Product Officer for Cover-More in Europe; he will oversee operations across Ireland and the UK. (Terry Gangcuangco, 20/8/2024, Insurance Business UK, 'Cover-More Blue names managing director')