General Insurance Newsletter Friday 13th September 2024

Insurance News

Commodities: the race into clean energy markets: Learn how the clean energy sector is projected to grow rapidly, with electric power, hydrogen, and synthetic fuels making up 50% of the energy mix by 2050. This article explores how companies investing in carbon markets and new energy commodities are positioning themselves as leaders in the shift toward renewables, benefiting from technology and policy advancements. (IDEX Consulting news, 'Commodities: the race into clean energy markets')
Advance your career as an Insurance Underwriter: Discover the crucial role of an insurance underwriter, a key player in assessing and managing risk within the insurance industry. This article covers the core responsibilities, skills required, and how underwriters use data and analysis to make informed decisions. It also highlights the growing importance of technology in underwriting and offers tips for those aspiring to enter the profession. (IDEX Consulting news, 'Advance your career as an Insurance Underwriter')
Flexible Working Bill: what you need to know: Understand the key aspects of the Flexible Working Bill, which aims to empower employees by giving them the right to request flexible working from day one of employment. This blog outlines how the bill will impact businesses, detailing employer obligations and employee entitlements. It also provides insights into how businesses can adapt to the changes while maintaining productivity and employee satisfaction. (IDEX Consulting news, 'Flexible Working Bill: what you need to know')
2024 Insurance M&A outlook: Explore the 2024 Insurance M&A Outlook, which highlights key trends and challenges facing mergers and acquisitions in the insurance sector. The article covers shifts in market conditions, regulatory impacts, and how businesses are preparing for future consolidation. It also delves into the rise of digital transformation and the ESG factors driving deal-making, offering critical insights for industry leaders looking to navigate the evolving landscape. (IDEX Consulting news, '2024 Insurance M&A outlook')
Swiss Re reports that marine reinsurance is facing new challenges due to fragile trade confidence, geopolitical tensions, and the energy transition. Global trade is recovering but remains vulnerable, while higher costs stem from disrupted supply chains. The shift toward decarbonization and rising energy demand also pose risks and opportunities as insurers adapt to renewable energy and technological changes. (Kenneth Araullo, 12/9/2024, Insurance Business UK, 'Marine re/insurance faces new challenges as global economy recovers – Swiss Re')
EuroTempest has launched its Global Weather Validation tool, enabling insurers to more efficiently validate weather-related claims worldwide. Previously available only in the UK, the tool uses satellite, land-based, and marine weather data to detect invalid claims early, reducing the need for site visits and speeding up the processing of valid claims. (Kenneth Araullo, 12/9/2024, Insurance Business UK, 'EuroTempest launches global weather validation tool for insurers')
BIBA urges the government to reduce Insurance Premium Tax to 10%, seek IPT exemptions for cladding and cyber insurance, boost long-term flood defence investment, and revise the growth and skills levy to fully cover training costs for non-levy payers. (Kenneth Araullo, 12/9/2024, Insurance Business UK, 'BIBA calls for IPT cut, exemptions for cladding and cyber insurance')
Hellenic Hull Management (HMA) will use Concirrus’s AI-powered Quest One platform to enhance underwriting, featuring submissions management, sanctions screening, hull market data, and aggregation management for improved data analytics and risk assessment. (Terry Gangcuangco, 12/9/2024, Insurance Business UK, 'Hellenic Hull to boost underwriting operations')
Treaty reinsurance in the London company market grew nearly 33% to £10.889 billion in 2023, while total premiums for direct and facultative contracts increased 9% to £32.106 billion, according to the IUA’s upcoming report. (Kenneth Araullo, 11/9/2024, Insurance Business UK, 'London treaty reinsurance surges by nearly one-third in 2023 – IUA')
Crawford & Company’s UK-based Crawford Academy has received CPD accreditation from the Chartered Insurance Institute (CII) for adhering to industry best practices and supporting career progression into senior loss adjusting roles. (Kenneth Araullo, 11/9/2024, Insurance Business UK, 'Crawford Academy earns CII accreditation')
BIBA and the MGAA have become affiliate organizations to enhance collaboration and address shared market challenges. BIBA CEO Graeme Trudgill aims to foster industry alliances and work closely with regulators and stakeholders. (Terry Gangcuangco, 11/9/2024, Insurance Business UK, 'BIBA and MGAA forge closer ties')
Markel launched its FintechRisk+ insurance policy, providing comprehensive coverage for fintech companies. The policy includes financial services and technology liability, D&O liability, theft, and cyber protection, with coverage limits up to $20 million and enhanced business interruption and cyber extensions. (Kenneth Araullo, 10/9/2024, Insurance Business UK, 'Markel rolls out FintechRisk+ with cyber coverage')

Addept Insurance Services and All Broker Services Limited (ABS) formed a partnership to offer Addept's products to ABS’s 450 UK broker clients, following ABS’s acquisition of Sparta Insurance Services’ book of business. The collaboration aims to address gaps in ancillary insurance products and meet evolving customer needs. (Kenneth Araullo, 10/9/2024, Insurance Business UK, 'Addept Insurance partners up to expand broker product offerings')
Lockton Re’s new report assesses vulnerability scanning technologies used in cyber risk underwriting, noting that by 2025, an estimated 50% of the world’s data will be stored in the cloud, increasing exposure to cyberattacks as digital networks grow. (Kenneth Araullo, 10/9/2024, Insurance Business UK, 'Cyber risk tools provide key insights, but limitations remain – Lockton Re')
The global specialty reinsurance market has stabilized after years of volatility, with strong rating adequacy and available capacity, according to Guy Carpenter’s 2024 Market Update. Reinsurers have maintained strong performance, though some areas remain challenged. (Kenneth Araullo, 10/9/2024, Insurance Business UK, 'Global specialty reinsurance market stabilizes after years of volatility – Guy Carpenter')
WTW partnered with its Affinity Insurance business and Kayna to provide tailored insurance solutions for SMEs in the UK and US through industry-specific Vertical Software-as-a-Service (vSaaS) platforms. The partnership will focus on sectors like construction, legal, salon/spa, fitness, and field services, offering products such as property, general liability, and workers’ compensation. (Kenneth Araullo, 10/9/2024, Insurance Business UK, 'WTW expands with major hire and new partnership')
Thomas Miller launched Navata, a new standalone MGA evolving from Thomas Miller Specialty (TMS) Offshore. Navata will underwrite a range of risks including renewable energy and marine insurance, supported by high-rated capacity providers. Operating independently but majority-owned by Thomas Miller Group, Navata has a team of 31, led by CEO Bernt Hellman. (Terry Gangcuangco, 10/9/2024, Insurance Business UK, 'Thomas Miller Specialty Offshore becomes Navata')
LIMOSS and Charles Taylor InsureTech are partnering to offer the Delegated Data Manager (DDM) as an elective market service via LIMOSS from September 15. This service, vital for delegated authority bordereaux processing in the London Market since 2018, will continue to handle risk, premium, and claims data, enhancing user experience and operational efficiency. (Terry Gangcuangco, 10/9/2024, Insurance Business UK, 'Charles Taylor InsureTech, LIMOSS announce partnership')
Oak Reinsurance and Polo Managing Agency Limited received Lloyd’s “in principle” approval for Oak Re Syndicate 2843 to start underwriting on January 1, 2025. This approval marks Oak Re’s entry into the Lloyd’s market. Paul Andrews of PoloWorks and PMA praised the partnership with Oak Re. (Kenneth Araullo, 9/9/2024, Insurance Business UK, 'Oak Re Syndicate 2843 gains Lloyd’s approval to begin operations in 2025')
Coalition launched Coalition Re, a cyber reinsurance intermediary offering capacity for non-proportional treaties and a white-labelled solution with up to 100% quota share backing. The global offerings are supported by capacity providers, led by Aspen. (Terry Gangcuangco, 9/9/2024, Insurance Business UK, 'Coalition introduces cyber reinsurance intermediary')
Markel added legal expenses insurance (LEI) as standard to its professional indemnity (PI) combined product, effective September 9, based on broker feedback. LEI will be automatically included in PI cover and is available as a standalone option through the Acturis platform. (Kenneth Araullo, 9/9/2024, Insurance Business UK, 'Markel adds legal expenses insurance to PI cover')

Mergers & Acquisitions

Cinven has acquired a 50% stake in Policy Expert, a UK-based home and motor insurance MGA, from the Abu Dhabi Investment Authority. The deal, subject to regulatory approval, will see Policy Expert continue serving over 1.5 million customers. (Kenneth Araullo, 12/9/2024, Insurance Business UK, 'Cinven acquires 50% stake in Policy Expert')

Movers

WTW has appointed Adrian Ruiz, who has 18 years of experience at the firm and previously led the FINEX GB cyber & TMT wholesale team, as Head of FINEX GB Cyber and TMT, succeeding Glyn Thoms, who will now take on the role of Global Cyber Strategic Development Leader. (Terry Gangcuangco, 13/9/2024, Insurance Business UK, 'WTW announces key internal hires')
Markel has appointed Charlotte Harrison, formerly Head of SME Development & Proposition at AXA, as Head of UK Regional Broker Development, where she will drive broker engagement and expand Markel's presence in specialized markets. (Terry Gangcuangco, 13/9/2024, Insurance Business UK, 'AXA alum moves to Markel UK in business development boost')
Fidelis Insurance has appointed Jason Kittinger as Group Chief Operating Officer. Kittinger, with over 20 years of industry experience, previously held senior roles at Arch Insurance International, including COO and CFO, and served on boards in the UK, Ireland, and Australia. (Kenneth Araullo, 12/9/2024, Insurance Business UK, 'Fidelis Insurance appoints Jason Kittinger as group COO')
Howden promoted Jan Tinus Larsen, formerly Managing Director at W.R. Berkley Insurance Nordic and a Lawyer at If P&C Insurance, to CEO of Howden Norway, starting in October, succeeding Anders Kvan, who will stay on the board. (Terry Gangcuangco, 12/9/2024, Insurance Business UK, 'Insurance hires: New CEO and key addition to MGA incubator')
Pro MGA Global Solutions hired Haris Khan as Head of Solutions and Markets to boost its delegated authority capabilities, leveraging his experience as Delegated Underwriting Manager at Lloyd’s. (Terry Gangcuangco, 12/9/2024, Insurance Business UK, 'Insurance hires: New CEO and key addition to MGA incubator')
Abrdn Plc named Jason Windsor, currently interim CEO and former CFO, as the permanent CEO pending regulatory approval. Windsor, who joined Abrdn in October 2023, previously served as CFO at Persimmon Plc and held senior roles at Aviva and Morgan Stanley. (Terry Gangcuangco, 11/9/2024, Insurance Business UK, 'Aviva alum becomes Abrdn chief')
Envelop Risk launched Envelop Risk Solutions to enhance cyber risk management for insurers and reinsurers, with Co-Founder Paul Guthrie temporarily leading the division. Guthrie previously led AI and tech integration projects for financial institutions, asset managers, defense firms, and NASA. (Terry Gangcuangco, 11/9/2024, Insurance Business UK, 'Envelop Risk unveils services business')
Mosaic Insurance expanded its environmental risk capability by hiring 13 specialists to boost its Americas operations. This expansion, part of the company’s growth strategy for its recently introduced environmental liability division, adds to its existing team in London, Toronto, and Philadelphia. Key hires include Thomas Duggan as Environmental Claims Head, and Maureen Domenicone, Patrick Grassl, Max Horn, Noelle MacDonald, Karen Reilly, Rob Stedman, and Dan Weber as Senior VPs, with Patrick Enderlin, Melissa Sweeney, and Vesta Zavistauskaite as VPs, and Iraj Dehnavi and Sophia Terzulli as Assistant VPs. (Terry Gangcuangco, 11/9/2024, Insurance Business UK, 'Insurance hires: Mosaic, Carbon, BMS, Coalition')
Carbon Underwriting appointed Julie Gallagher as Syndicate Management Head, effective immediately. Gallagher, formerly Client Management Head at Asta Capital, brings extensive experience in syndicate performance and relationship management to support Carbon’s growth and innovation. (Terry Gangcuangco, 11/9/2024, Insurance Business UK, 'Insurance hires: Mosaic, Carbon, BMS, Coalition')
BMS Group appointed Richard Dudley as Group Chief Broking Officer, effective December. Dudley, with over 30 years in the industry, was most recently Global Head of Climate Strategy at Aon and has served as CEO of Aon’s commercial risk wholesale and specialty broking in London. He also chairs two Lloyd’s Council committees and is a former Chair of the London & International Insurance Brokers’ Association. (Terry Gangcuangco, 11/9/2024, Insurance Business UK, 'Insurance hires: Mosaic, Carbon, BMS, Coalition')
Coalition appointed Philip Cruickshank as Regional Development Underwriter in Manchester. Cruickshank began his career at Lucas Fettes & Partners in 2013, spent eight years at Chubb as a Regional Underwriter specializing in cyber and professional indemnity, and joined Aon in 2022. (Terry Gangcuangco, 11/9/2024, Insurance Business UK, 'Insurance hires: Mosaic, Carbon, BMS, Coalition')
Tokio Marine Kiln (TMK) is launching a new specialty reinsurance division to drive growth and diversification, led by Phil Taylor as Head of Specialty Reinsurance. Taylor, with over 25 years of experience from Everest, Liberty Specialty Markets, Novae, and Aon, will focus on expanding TMK’s global specialty reinsurance portfolio, starting early 2025. (Kenneth Araullo, 10/9/2024, Insurance Business UK, 'TMK launches new specialty reinsurance division')
Lockton Re appointed Rachel Cohn as Senior Broker to lead the new international casualty facultative practice within its International P&C division in London. Cohn, joining later this month, brings extensive experience from her previous role as a Senior International Casualty Facultative Underwriter, with expertise in both US and London markets and global primary casualty. (Kenneth Araullo, 10/9/2024, Insurance Business UK, 'Lockton Re names lead for international casualty facultative practice')
WTW appointed Colin Dutkiewicz as Senior Director in its insurance consulting and technology business. Based in London, Dutkiewicz will focus on expanding capital advisory offerings, bringing 30 years of experience from Aon and Swiss Re. (Kenneth Araullo, 10/9/2024, Insurance Business UK, 'WTW expands with major hire and new partnership')
Lockton appointed John Nahas as Vice President and Cyber Risk Consultant in its cyber & technology team. Nahas, with over 15 years in cyber risk consulting, previously worked at Marsh and Sony Corporation, specializing in cybersecurity assessments and incident response planning. (Terry Gangcuangco, 10/9/2024, Insurance Business UK, 'Lockton adds cyber risk VP to line-up')
Connect Underwriting, part of ConnectUW Holdings, is launching BRICS UW, a new reinsurance MGA pending regulatory approval. BRICS will offer quota share reinsurance for emerging markets and act as a gateway for international reinsurers to the London market, focusing on traditional lines and streamlined dispute resolution. Ahsan Abdul Majid, a former Gallagher EVP with over 20 years of experience, will lead BRICS UW. Majid joined ConnectUW Holdings in 2023 following its establishment to support ongoing expansion. (Terry Gangcuangco, 9/9/2024, Insurance Business UK, 'Connect Underwriting launches MGA for emerging markets')
AXA UK & Ireland appointed Rahul Gumber as Chief Risk Officer, succeeding David Baker, who is stepping down after five years to pursue non-executive roles. Gumber, currently CRO at Aviva Canada, will join AXA in 2025, having previously served as CRO for Aviva Ireland. (Terry Gangcuangco, 9/9/2024, Insurance Business UK, 'AXA UK & Ireland names chief risk officer')
McGill and Partners appointed Nick Williams-Walker as group COO, effective September 23. Williams-Walker, previously COO at Gallagher and JLT Specialty, brings over 13 years of senior leadership experience at Aon, where he helped establish operations in India. McGill Co-Founder Stephen Cross will remain as Head of Strategy & Innovation. (Terry Gangcuangco, 9/9/2024, Insurance Business UK, 'Group COO to join McGill and Partners')
Chaucer has appointed Angus Milgate as Head of Distribution, where he will focus on strengthening relationships and driving growth. Milgate brings 30 years of industry experience, having held senior roles at major broking firms, most recently with McGill and Partners. (Terry Gangcuangco, 9/9/2024, Insurance Business UK, 'Chaucer picks head of distribution')