Insurance News
Allianz has published its earnings report in the UK for the first half, a period described as “an important chapter in the story of Allianz” in Britain. Meanwhile, the combined revenue from Allianz Commercial (formerly AGCS), Allianz Partners, and Allianz Trade in the UK for the first half amounted to £1.06 billion. When added to that of Allianz UK (Holdings), the total revenue for Allianz Group in the UK stands at £3.23 billion. (Terry Gangcuangco, 9/8/2024, Insurance Business UK, 'Allianz UK enjoys improved results in first half')
Beazley Plc has published its interim earnings, announcing a “record” profit in the first half of 2024. Of the insurance written premiums in the six months ended June 30, US$577.8 million came from cyber risks; US$126.8 million from digital; US$506.9 million, MAP (marine, accident, and political) risks; US$1.01 billion, property risks; and US$903.4 million from specialty risks. (Terry Gangcuangco, 9/8/2024, Insurance Business UK, 'Beazley makes half-year profit record')
QBE Insurance Group has published its interim financial results, showing a doubling of net profit after income tax in the first six months of 2024. According to QBE, its combined operating ratio improved “meaningfully” due to lower catastrophe costs, more stable reserve development, and supportive premium rate increases. Along with the results, the group also unveiled reserve transactions with RiverStone International and Enstar aimed at de-risking US$1.6 billion in reserves while reducing risk associated with the run-off of non-core lines in North America. (Terry Gangcuangco, 9/8/2024, Insurance Business UK, 'QBE doubles net profit in H1')
As national news and social media reports continue to paint a fast-evolving picture of the civil unrest sweeping the UK, questions abound about the damages being incurred by commercial and public infrastructure alike – and its implications for the insurance industry. Offering insight into what’s happening, Sedgwick UK COO Peter Farrelly noted that the peril being discussed – riot – is the only insured peril in the insurance contract defined by The Public Order Act of 1986. Examining the nature of the risk itself, he highlighted that it runs the gamut of deliberate fire-raising, to theft and looting, to small-scale malicious damage, as seen from coverage by both the mainstream media and social media. Farrelly’s advice is the same to everyone – put in place normal housekeeping around risk mitigation. This includes: making sure your security system is fully functioning – you don’t want to be in the position of finding out it isn’t when it’s too late, confirming that sprinkler systems and fire alarms are fully operational, ensuring that all shutters and security doors are working as expected and if you have it, making sure that your CCTV is in place. (Mia Wallace, 8/8/2024, Insurance Business UK, 'UK riots – what are the insurance implications?')
Munich Re announced a robust performance for the first half of 2024, achieving a profit of €3.76 billion, a significant increase from the €2.425 billion recorded in the same period last year. According to a news release, the company’s second-quarter net result also showed strong growth, reaching €1.62 billion compared to €1.15 billion in Q2 2023. The reinsurer’s results are mainly attributed to the organic growth in its life and health reinsurance and property-casualty reinsurance segments. (Jonalyn Cueto, 8/8/2024, Insurance Business UK, 'Munich Re reports strong H1 2024 performance with record profit')
Allianz SE (Allianz) has announced strong financial results for the first half of 2024 (H1 2024), affirming its confidence in meeting full-year targets. Allianz SE CEO Oliver Bäte said the insurance giant demonstrated resilience and core strengths, despite significant natural catastrophe activity in the second quarter (Q2 2024), including severe flooding in Germany. (Roxanne Libatique, 8/8/2024, Insurance Business UK, 'Allianz boasts record H1 2024 results')
Lancashire Holdings Limited reported growth during the first half of 2024 across various financial metrics, including profit after tax. The company saw a 26% surge in profits of $200.8 million and significant growth in gross premiums and insurance revenue. “Lancashire has delivered its best ever half-year performance in the first six months of 2024,” said Alex Maloney, group CEO. “This outstanding result demonstrates the continued success of our long-term strategy to manage the market cycle and further strengthen our business through diversification. (Grant Funtila, 8/8/2024, Insurance Business UK, 'Lancashire delivers "best ever half-year performance")
Zurich Insurance Group has performed excellently in the first half of 2024, according to its “very pleased” Chief Executive. Lifting the lid on the numbers, the insurer noted: “The results are driven by an ongoing robust performance in P&C, a record BOP in the life business, and excellent growth at Farmers. The market environment for commercial P&C remains highly attractive, with rates responding well to loss-cost trends. Retail and SME P&C results show improvement over the second half of 2023, despite significant weather events. This was driven by strong rate increases, supported by improved customer satisfaction and retention.” It was pointed out that while P&C BOP went down by 1% in US dollar terms, the figure was up 3% in local currencies. (Terry Gangcuangco, 8/8/2024, Insurance Business UK, 'Zurich Insurance Group enjoys "excellent performance")
Legal & General Group has released its earnings report for the first half of 2024, revealing a lower profit after tax compared to the corresponding result in 2023. Broken down, L&G’s three divisions contributed the following: £560 million in operating profit from institutional retirement; £214 million from asset management; and £268 million, retail. (Terry Gangcuangco, 8/8/2024, Insurance Business UK, 'Legal & General sees half-year profit tumble')
Liberty Mutual Insurance continues to recover from its 2023 losses, announcing another quarter of a major turnaround. In the first quarter of 2024, the company saw its net income attributable to LMHC surge to US$1.535 billion following last year’s US$74 million loss in the corresponding three-month period. This time around, Liberty Mutual’s new earnings report shows a similar story, with net income attributable to LMHC amounting to US$717 million in the second quarter – a huge jump from the net loss attributable to LMHC of US$585 million in the same span in 2023. In the six months ended June 30, the insurance group’s net income attributable to LMHC reached US$2.252 billion, up from the US$660 million loss it suffered last year. (Terry Gangcuangco, 8/8/2024, Insurance Business UK, 'Liberty Mutual recovers in quarterly financials')
A high frequency of small to medium events resulted in global insured losses from natural catastrophes totalling $60 billion in the first half of 2024, according to preliminary estimates by the Swiss Re Institute. Severe thunderstorms, primarily in the US, accounted for 70% of these global insured losses. Balz Grollimund, Head of Catastrophe Perils at Swiss Re, noted that severe thunderstorms had become a major driver of increasing insured losses in recent years. (Kenneth Araullo, 7/8/2024, Insurance Business UK, 'Swiss Re reveals massive nat cat insured losses for H1 2024')
Tokio Marine Holdings Inc reported higher fiscal first-quarter profit, driven by improved underwriting results and stronger investment income in its international segment. For the fiscal first quarter ending June 30, net income attributable to owners of the parent group rose to ¥197.3 billion ($1.37 billion) from ¥127.9 billion a year earlier. Total premiums for the global insurance group fell to ¥1.38 trillion from ¥1.43 trillion. In its financials, Tokio Marine noted higher gains from the sale of business-related equities, which were partly offset by adverse natural catastrophe effects, including hail damage in Hyogo, Japan, and an increase in auto loss costs in the Japanese property/casualty business. (Kenneth Araullo, 7/8/2024, Insurance Business UK, 'Tokio Marine powers through nat cat losses with profits')
Hiscox Ltd reported its interim results for the six months ending 30 June 2024, showing growth in insurance contract written premium (ICWP) and an increase in profit before tax. ICWP increased by $89.6 million or 3.3%, reaching $2.81 billion, compared to $2.72 billion in the same period last year. This growth was driven by sustained retail expansion and additional capital in large-scale property. Profit before tax rose by 7.1%, totalling $283.5 million, compared to $264.8 million in the first half of 2023. This rise was supported by an insurance service result of $240.7 million, up from $221.4 million, and an investment result of $152.4 million, up from $121.8 million. (Kenneth Araullo, 7/8/2024, Insurance Business UK, 'Hiscox reports solid delivery for H1 2024 results')
International General Insurance Holdings (IGI) released its financial results for the second quarter and the first six months of 2024, showing mixed performance across various metrics. For the quarter ending June 30, 2024, IGI reported a net income of $32.8 million, down from $40.5 million in the same period of 2023. This decrease in net income was driven by underwriting income across all segments, with net premiums earned exceeding net loss and loss adjustment expenses, and net policy acquisition expenses. The annualised return on average equity was 22.9%, compared to 36.1% in the second quarter of 2023. (Kenneth Araullo, 7/8/2024, Insurance Business UK, 'IGI reports Q2, half-year 2024 results')
Intact Financial Corporation’s RSA Insurance has introduced its new cloud-based broker and customer claims portal, becoming the first UK insurer to implement ClaimCenter on Guidewire Cloud. The portal’s rollout is being conducted in phases to minimise disruptions and ensure a seamless transition, which is being carried out by technology transformation partner Capgemini. Brokers can now make and track commercial property claims online, with other product lines to be added to the portal throughout the rest of 2024 and early next year. Features include streamlined first notification of loss, live chat support, analytics triage tools, efficient settlements, and automated communications. (Terry Gangcuangco, 7/8/2024, Insurance Business UK, 'RSA turns to the cloud for claims management')
James Hallam, a subsidiary of the Seventeen Group, has launched a new cyber & technology Hub at Exeter Science Park. The move expands James Hallam’s presence in the South West, with existing branches in Plymouth, Penzance, and Torbay, and now Exeter joining the network. The hub brings together a dedicated team to address the rapidly growing cyber and technology sector, assisting businesses facing complex risks. The team at the new hub will collaborate with a robust panel of insurers to offer specialised risk management and insurance solutions to clients throughout the UK. The focus on cyber and technology reflects the increasing demand for expertise in these areas, where firms require significant support amid evolving threats and opportunities. (Terry Gangcuangco, 6/8/2024, Insurance Business UK, 'James Hallam opens new hub for cyber and tech')
Insurtech funding experienced a notable increase in the second quarter of 2024, with global investments reaching $1.27 billion, the highest level since the first quarter of 2023. Early-stage insurtech funding also saw a rise, totalling $377.60 million, the largest amount since Q1 2023. The average deal size rose to $18.46 million, the highest since Q3 2022. Despite the increase in funding, the overall number of insurtech deals dropped to 82, marking the lowest quarterly count since Q2 2020. According to insights from Gallagher Re, one-third of the deals in Q2 2024 involved AI-centered InsurTechs, while 40% focused on risk-related technologies. (Kenneth Araullo, 5/8/2024, Insurance Business UK, 'Gallagher Re publishes insurtech report for Q2 2024')
SiriusPoint Ltd has released its financial results for the second quarter ending June 30. The company reported net income available to common shareholders of $109.9 million, or $0.57 per diluted common share. Core income for the quarter amounted to $46 million, which includes underwriting income of $36.9 million, and the core combined ratio stood at 93.3%. (Kenneth Araullo, 5/8/2024, Insurance Business UK, 'SiriusPoint marks another profitable quarter with Q2 2024 results')
Berkshire Hathaway, businesses of which include GEICO and Berkshire Hathaway Specialty Insurance, has published its earnings report for the second quarter and first half of 2024. Lifting the lid on the insurance results, Berkshire reported: “Insurance underwriting after-tax earnings increased US$1.0 billion in the second quarter and US$2.7 billion in the first six months of 2024 compared to 2023." (Terry Gangcuangco, 5/8/2024, Insurance Business UK, 'Berkshire Hathaway outlines results in Q2 and first half')
Mergers & Acquisitions
Brown & Brown (Europe) Limited has acquired 100% of the share capital of The CI Group Holdings Ltd, a specialist in trade credit insurance solutions. Founded in 2000, CI Group offers credit insurance solutions for banks and commercial lenders through its technology platform, E-Bonded. The company also provides access to debtor insurance for UK SME businesses. CI Group currently protects over £6 billion of trade turnover in the UK and internationally, serving clients with annual turnovers ranging from £250,000 to £250 million. Following the acquisition, CI Group will continue to be led by its Founder and Managing Director, Mark Toulmin. He will collaborate with Steve Stennett, CEO of Xenia Broking, to further develop their platform and service offerings for lenders and SMEs. (Kenneth Araullo, 6/8/2024, Insurance Business UK, 'Brown & Brown swoops for trade credit specialist CI Group')
Insurance holding company Ambac Financial Group has finalised its acquisition of a 60% controlling stake in London-based insurance underwriting and managing general agency incubation platform Beat Capital Partners. The completed acquisition effectively doubles the size of Ambac’s property and casualty insurance operations, positioning the group to achieve approximately US$1.4 billion in annualised premiums for this year. It enhances the scale and diversity of Cirrata Group, Ambac’s insurance distribution division, increasing its portfolio to include 16 MGAs. (Terry Gangcuangco 5/8/2024, Insurance Business UK, 'Ambac completes swoop for Beat Capital Partners')
Movers
The Everen Group, a coalition of energy insurance companies, has announced the appointment of Robert Foskey as its new President and CEO. According to a report from The Royal Gazette, Foskey succeeds Bertil Olsson, who served as CEO for nine years. Foskey, who has been with the Everen Group for 17 years, has a track record of success within the organization. According to a company statement, Foskey served as the Group Chief Actuary for 15 years before becoming the Chief Operating Officer of Everen Limited. During his tenure, Foskey oversaw key operational improvements and drove significant growth. (Jonalyn Cueto, 8/8/2024, Insurance Business UK, 'Everen Group announces new president and CEO')
Everest Group has announced key appointments as part of its "One Everest" strategy to enhance stakeholder value. Anthony Izzo has been named Chief Global Broking Officer, heading a new global broker management team that includes Rob Clark, Joe Stuhl, Mark Shaw, and Nicole Mazer. In North America, Bill Hazelton was promoted to Executive Vice President and President of North America insurance, succeeding Mike Mulray. Brian Zink joins as Senior Vice President and Head of Everest Specialty Underwriters and US financial lines, while Stephen Buonpane will lead the US wholesale and programs business, with Danielle Stewart as Chief Operating Officer. (Terry Gangcuangco, 8/8/2024, Insurance Business UK, 'Everest forms global broker management roster')
Gallagher has appointed Georgia Leigh as Managing Director of its Leicester office, which is part of its extensive branch network servicing businesses and individuals across the UK. Georgia joined Gallagher in 2021 as Client Services Manager and was responsible for 17 account executives. Prior to this, Georgia was Head of the Midlands at Erskine Murray Insurance Brokers and she has also held roles at Willis Towers Watson and Towergate. Georgia is taking over from Chris Noah who has led the Leicester office for over four years, having joined Gallagher in 2013. Chris is moving into a new role of Managing Director of Gallagher’s UK & Ireland Retail renewable energy practice, which specialises in supporting small to large sized firms with risk management advice and insurance solutions in this specialist sector. (Gallagher, 8/8/2024, youTalk Insurance, 'Gallagher appoints Georgia Leigh as Managing Director of its Leicester Office')
AXA Retail has announced the appointment of Suzy Tiffany as Retail Claims Director. Suzy took up the role on 5 August 2024. Suzy joins AXA Retail from RSA where she most recently held the role of Personal Lines Claims Director and worked in various roles over a 20-year period. Suzy started her career at RSA as Finance Business Partner and moved on to roles including Head of Strategy and Projects Motor Claims, UK Legacy Director and Director of Home Claims. These roles show the extensive experience Suzy has in leading large claims teams and driving transformation projects. (AXA, 8/8/2024, youTalk Insurance, 'AXA Retail appoints Suzy Tiffany as Claims Director')
Independent London market wholesale insurance broker Evolin Broking Limited has announced the launch of its casualty division. With the new division comes three new faces to lead the team: Kalanie Settle-Rhodes, Shelly Leake and Oliver Hutchins. Settle-Rhodes will be Evolin's new Head of Casualty. She spent eight years in Bowring Marsh, where she worked as an International Casualty Broker. She also worked for 14 years on the underwriting side at Aviva, focusing on complex commercial and high-net-worth businesses. Shelly Leake joins as Senior Broker and has years of experience in broking, specifically in the casualty market. Prior to joining Evolin, she was on the international casualty team at Marsh. She also held positions in the Marsh Casualty Claims department and Swinton Insurance. Meanwhile, Hutchins joins as Account Executive. He brings more than 17 years of industry experience, both in broking and underwriting. Before joining Evolin, Hutchins was a Commercial Account Handler at Marsh and spent over nine years at Aviva, mainly as an Underwriter. (Grant Funtila, 8/8/2024, Insurance Business UK, Evolin launches casualty division with senior hires')
The Fidelis Partnership (TFP) subsidiary and managing general agent platform Pine Walk has launched renewables MGA Novagen in collaboration with its Chief Executive, Valeria Del Villano. Novagen aims to underwrite a wide range of renewable technologies, including onshore, offshore, construction, and operational projects, on a global scale. The new MGA is designed to enhance TFP’s existing renewables and energy transition offerings. Del Villano brings significant expertise to her new role, having previously served as AIG’s Head of International Renewables. Her career also includes underwriting positions at Novae and Gcube. (Terry Gangcuangco, 8/8/2024, Insurance Business UK, 'Renewables MGA Novagen enters market')
Howden Re has expanded its cyber reinsurance capabilities with the appointment of Harriet Gruen as Head of Cyber Threat Intelligence, based in London. Gruen brings eight years of cyber industry experience, most recently at global insurers. At AXIS Capital in London, she was a Senior Cyber Risk Advisor, contributing to the listing of the first 144A cyber catastrophe bond and leading investor education on cyber risk. She also held a role at Tokio Marine Holdings, where she designed cyber scenarios and delivered technical training. Gruen’s earlier positions included roles at HSBC and Digital Shadows in London, and in the Department of the Australian Prime Minister. (Kenneth Araullo, 7/8/2024, Insurance Business UK, 'Howden Re continues cyber expansion with key appointment')
Tokio Marine HCC International (TMHCCI), part of the Tokio Marine HCC group based in Houston, Texas, has announced the promotions of Fiona O’Brien to Credit Risk Underwriting Manager and Will O’Brien to Risk Underwriter in its UK trade credit division. With nearly 20 years of industry experience, Fiona joined TMHCCI in 2015 as a Senior Underwriter and currently manages the retail portfolio. Her career began at Grant Thornton, followed by a role at QBE Europe before joining TMHCCI. Will is set to take on the role of Risk Underwriter, assuming responsibility for the Retail portfolio previously managed by Fiona. His promotion from Credit Analyst reflects his financial skills, ability to handle complex challenges, and dedication to the strategic goals of the team. (Kenneth Araullo, 7/8/2024, Insurance Business UK, 'TMHCCI bolsters UK trade credit division with two key promotions')
Specialty insurer Markel has brought in James Murray and Robert Hannaford to serve as General Liability Head and Life Science Senior Underwriter, respectively, within the international casualty team led by Director Graeme Ivory. Murray was previously with AXA XL, where he served as Underwriting Manager for international wholesale liability, UK and Lloyd’s. Before AXA XL, he spent six years at MS Amlin’s international casualty division. With over 10 years of underwriting experience, Hannaford brings significant know-how in life sciences and large multinational programmes. Prior to joining Markel, he was with Newline Group for 11 years. There, he supported international clients and worked with global offices. (Terry Gangcuangco, 7/8/2024, Insurance Business UK, 'Markel adds duo to international casualty team')
Ascot Group has announced the appointment of Ian Grayson as Chief Information Officer for the UK and Bermuda regions. Grayson brings over 30 years of experience in the financial services industry and the London insurance market, with a proven track record in leading global technology teams. Prior to joining Ascot, Grayson spent more than two decades at Aon in various technology leadership roles. His most recent position was as Chief Information Officer for Aon UK, where he oversaw technology delivery, mergers and acquisitions, IT risk and compliance. (Kenneth Araullo, 6/8/2024, Insurance Business UK, 'Ascot Group names new UK and Bermuda CIO')
Specialist re/insurance broker Tysers has announced the addition of Senior Brokers Neelima Shivaranjani and Surabhi Mehrotra to its team in Singapore. This move is part of Tysers' strategy to expand and enhance its global reinsurance services. Shivaranjani brings over 15 years of experience in specialty lines reinsurance across the Asia-Pacific region. With a background as both a direct and reinsurance underwriter in treaty and facultative reinsurance, she has a comprehensive understanding of the direct and reinsurance markets. Mehrotra has extensive experience in insurance and reinsurance broking, particularly in the South Asian Association for Regional Cooperation (SARC) region. Her 15-plus years of experience include handling global risks and reinsurance placements in Singapore. (Kenneth Araullo, 6/8/2024, Insurance Business UK, 'Tysers expands global reinsurance division with new hires in Singapore')
Independent specialist re/insurance broker Miller has announced the appointment of Edward Cheak as Head of Credit and Political Risk Insurance (CPRI) for Asia. Cheak has 15 years of experience in financial services, covering insurance, banking, and consulting. His previous roles include positions at Deutsche Bank and as a risk management consultant for KPMG. Before joining Miller, he spent seven years at CPRI broker Texel, where he was a Director. (Kenneth Araullo, 5/8/2024, Insurance Business UK, 'Miller bolsters credit and political risk in Asia with key appointment')
Arch Insurance International has announced the promotion of Marie Penberthy to Chief Financial Officer (CFO), pending regulatory approval. Penberthy joined Arch Insurance (UK) Ltd in 2022 as a Financial Controller and was promoted to CFO of the UK operations in December 2023. Her previous experience includes serving as Corporate Financial Controller at Talbot Underwriting. Throughout her 22-year career, she has held senior financial positions within the insurance sector. (Kenneth Araullo, 5/8/2024, Insurance Business UK, 'Arch Insurance International names new CFO')
Global insurance intermediary group Howden has expanded further in Wales with the appointment of Tony Barber as Account Director. Based in Cardiff, Barber will cover Wales and its neighbouring areas, bringing experience from his previous role as WTW Account Director. At Howden, Barber will be instrumental in driving the company’s growth across Wales by assisting bigger and more complex clients with their risk management and insurance strategies. (Terry Gangcuangco, 5/8/2024, Insurance Business UK, 'Howden continues Welsh expansion')
All information provided in this Market Digest has been gathered from Insurance Business UK and youTalk Insurance.
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