General Insurance Newsletter Friday 30th August 2024

Insurance News

The 2024 Gallagher Business Risk Index found that 32% of UK businesses consider the cost-of-living crisis their top risk, driven by inflation (50%), unstable economic conditions (39%), and Brexit effects (21%), up from 21% in 2023. (Kenneth Araullo, 29/8/2024, Insurance Business UK, 'Cost-of-living crisis tops UK business risks for second year in a row – Gallagher')
After an excellent first half, Ageas will pay a €1.50 per share interim dividend, reporting a net result of €642 million (up from €531 million), a 94.1% combined ratio, and inflows surpassing €10 billion for the first time. (Terry Gangcuangco, 29/8/2024, Insurance Business UK, 'Ageas releases earnings report for first half')
Reinsurance Group of America (RGA) has agreed to reinsure $3.5 billion of American National Insurance Company's life insurance reserves, expanding their relationship, while American National continues to provide policyholder services. (Kenneth Araullo, 28/8/2024, Insurance Business UK, 'RGA partners with American National for $3.5 billion coinsurance deal')
Prudential plc's H1 2024 results showed a 9% increase in adjusted operating profit to $1.54 billion and an 8% rise in new business profit to $1.47 billion, with the interim dividend raised by 9% to 6.84 cents per share. (Kenneth Araullo, 28/8/2024, Insurance Business UK, 'Prudential reports continued progress in H1 2024 results')
What to consider before accepting a counter-offer:Five key things you should think about when considering a counter-offer. Understand the potential implications for your career and make an informed decision that aligns with your long-term goals. (IDEX Consulting news, 'What to consider before accepting a counter-offer')
WTW has launched a fintech and digital assets taskforce to address the complex risks in the digital asset ecosystem, leveraging its global specialists to support clients and stay ahead of financial innovations and risks. (Terry Gangcuangco, 28/8/2024, Insurance Business UK, 'WTW creates fintech and digital assets taskforce')
Lockton Re has hired Andrew Ferrier as a Senior Broker in San Francisco to develop its property and casualty business on the West Coast, leveraging his 30+ years of experience in reinsurance broking from Guy Carpenter, JLT Re, Aon, and Aon Benfield. (Kenneth Araullo, 27/8/2024, Insurance Business UK, 'Lockton Re further expands in the West Coast with new senior broker')
Direct Line Insurance Group Plc has corrected a miscalculation in its Solvency II own funds, revising its solvency capital ratio for 2023 to 188% from 197%, due to errors in translating reinsurance debtors, though IFRS figures remain unaffected. (Terry Gangcuangco, 27/8/2024, Insurance Business UK, 'Direct Line Group discovers miscalculation ahead of half-year results')
INSUREPAIR has relocated to a larger office in Comiston Place, Morningside, Edinburgh, doubling its space to support growing demand and house senior management, accounts, claims, contract managers, and surveyors. (Terry Gangcuangco, 27/8/2024, Insurance Business UK, 'INSUREPAIR expands with new headquarters amid rising demand')
Guy Carpenter's report highlights that the rapid adoption of AI is increasing cyber event aggregation risks, stemming from both malicious and accidental sources, and poses additional threats to the software supply chain for businesses using third-party AI solutions. (Kenneth Araullo, 26/8/2024, Insurance Business UK, 'Guy Carpenter warns AI adoption brings new cyber aggregation risks')
Top tips for negotiating a pay rise:Master the art of salary negotiation with these seven essential tips. Learn how to effectively present your case, time your request, and approach conversations with confidence to secure the pay rise you deserve. Advance your career by understanding the strategies that lead to successful salary negotiations. (IDEX Consulting news, '7 tips to negotiate your pay rise')
Aon Reinsurance Solutions has launched Impact Forecasting’s US Hurricane v3.0 model, featuring enhanced hazard components and expanded exposure definitions, to improve hurricane risk modeling amid $1.1 trillion in economic damage and $520 billion in insured losses from US hurricanes this century. (Kenneth Araullo, 26/8/2024, Insurance Business UK, 'Aon launches enhanced hurricane model amid $1.1 trillion in catastrophe damage')
Wang Xing, Senior Marine Underwriter at Swiss Re Asia, reports that the global marine insurance industry is facing higher risks due to larger, more complex vessels. Major losses, though rare, significantly impact the market, with only 2% of losses over $10 million accounting for 29% of total losses, according to IUMI data. (Kenneth Araullo, 26/8/2024, Insurance Business UK, 'Global marine re/insurance faces growing risks as vessel size and complexity increase')

Mergers & Acquisitions

JM Glendinning North Yorkshire, led by MD Alison Piercy, has acquired insurance broker C P Bennet Ltd, with C P Bennet's MD Simon Benson joining JM Glendinning’s Scarborough office, as part of the firm's growth strategy following its recent relocation. Piercy commented on the acquisition, noting that the group had been seeking a business that aligned with its operational and cultural values and delivered quality customer support. (Kenneth Araullo, 29/8/2024, Insurance Business UK, 'JMG Group boosts North Yorkshire presence with key acquisition')
How Clear Group boosted their revenue and growth:Discover how IDEX Consulting played a pivotal role in enabling Clear Group's impressive revenue boost. Learn about the strategic partnership and tailored solutions that facilitated the group's £56.7M business expansion, highlighting the impact of expert consulting in driving growth within the insurance industry. (IDEX Consulting news, 'How IDEX enabled £56.7m business Clear Group boost revenue and growth')
Specialist Risk Group (SRG) has acquired the renewal rights from Morton Insurance Brokers, enhancing its retail division's presence in the UK taxi insurance market and aligning with SRG's existing capabilities through Cabsurance. (Kenneth Araullo, 28/8/2024, Insurance Business UK, 'SRG bolsters UK taxi offering with key acquisition')
Independent insurance broker Clear Group has announced its acquisition of R T Waters Limited, a long-established insurance brokerage based in Leatherhead. The acquisition is set to bolster the firm’s presence in the South East, which Clear Group notes is part of its ongoing strategy to build a sustainable, long-term business. (Kenneth Araullo, 26/8/2024, Insurance Business UK, 'Clear Group continues acquisition spree in the South East')

Movers

WTW has hired Gavin Hamilton as a Director in its international property team in London, bringing over 30 years of experience from Miller Insurance Services and reporting to Edward Day. (Terry Gangcuangco, 30/8/2024, Insurance Business UK, 'WTW adds director to international property team')
Gallagher has appointed Bruce Dettling as Global Head of Mining and Heavy Industry, a new role to enhance its specialist practice. Dettling, with over 20 years of experience including roles at Aon, Lloyd & Partners, and Marsh, will join Gallagher in November and report to Malcolm Payton. (Kenneth Araullo, 29/8/2024, Insurance Business UK, 'Gallagher welcomes industry vet as global head of mining and heavy industry')
AXIS Capital's Aviation Head Terry Wood will retire in September 2024 after 22 years, to be succeeded by David White, who has led AXIS's airline and aerospace division since 2020. White’s previous experience includes senior roles at various insurance companies and as Head Broker for aerospace and airline at Aon. (Terry Gangcuangco, 29/8/2024, Insurance Business UK, 'AXIS names new aviation head')
Lockton Re has appointed Kristopher Lynn as Senior Broker and Practice Leader for agriculture, bringing nearly 20 years of industry experience from roles at Terra Underwriting, AgriSompo, Tokio Millennium Re, and ACE, to their Bermuda office. (Kenneth Araullo, 28/8/2024, Insurance Business UK, 'Lockton Re bolsters agriculture business with key hire in Bermuda')
Coalition has appointed Fiona McMartin as an Associate Underwriter in its London office, bringing experience from her roles in RSA’s client services and cyber specialty lines teams. (Kenneth Araullo, 28/8/2024, Insurance Business UK, 'Coalition adds new assistant underwriter for its London office')
Tom Downey, Chief Executive of Pen Underwriting UK, is replacing Manchester Underwriting Management Founder Charles Manchester on one of BIBA’s (British Insurance Brokers’ Association) advisory boards. (Terry Gangcuangco, 28/8/2024, Insurance Business UK, 'BIBA announces change to MGA advisory board')
Global insurance group Howden has appointed Annabelle Cervera as an Account Executive to its South Wales team as part of its ongoing expansion. Cervera joins the Cardiff office after seven years at WTW, where she also served as an Account Executive. (Kenneth Araullo, 27/8/2024, Insurance Business UK, 'Howden bolsters accounts team with new account exec in Wales')
Dave Carey will become the Managing Director of Ecclesiastical Insurance’s intermediary business in February 2025, succeeding Adrian Saunders, with Carey bringing over two decades of experience from Allianz, Zurich, and Aviva. (Kenneth Araullo, 26/8/2024, Insurance Business UK, 'Ecclesiastical names new MD for intermediary business')
Hiscox has appointed Colin Keogh as interim Chair following the tragic death of former Chair Jonathan Bloomer, who died in the sinking of the Bayesian super yacht off Sicily on August 19. Bloomer, Hiscox’s chair since June 2023, was a former Morgan Stanley International chairman, Prudential CEO, and key defense witness in a high-profile fraud trial. Keogh, previously a Senior Independent Director at Hiscox, served as a Non-Executive Director at Virgin Money (2010-2019), M&G (2016-2022), and Chairman of Premium Ltd. (2015-2022). (Noel Sales Barcelona, 26/8/2024, Insurance Business UK, 'Hiscox names new interim chair after tragic death')