General Insurance newsletter Friday 20th September 2024

Insurance News

7 steps to boost your career in Insurance- Learn how to enhance your skills, seek credible mentorship, expand your network, obtain relevant qualifications and specialise in niche areas. Discover how these strategies can help you stand out and achieve long-term success in the insurance field. (IDEX Consulting news, '7 steps to boost your career in Insurance')
Artificial Intelligence: opportunity or threat? - Explore how AI is revolutionising the insurance sector by automating processes, enhancing underwriting, detecting fraud, and improving the customer experience. Discover whether these advancements present opportunities for innovation or challenges to traditional roles in the industry. (IDEX Consulting news, 'Artificial Intelligence: opportunity or threat?')
2024 InsurTech market outlook - Gain insights into the evolving InsurTech landscape, including emerging trends, key technologies, regulatory shifts, and market growth predictions. Discover how these developments are shaping the future of the insurance industry and what they mean for insurers, startups, and investors alike. (IDEX Consulting news, '2024 InsurTech market outlook')
How we helped a broker transform their sale value by over £1m - Learn how strategic consulting and tailored solutions enabled a broker to significantly boost their business value and profitability. Discover the key steps taken to streamline operations, optimise financial performance, and position the company for long-term growth and success. (IDEX Consulting news, 'How we helped a broker transform their sale value by over £1m')
QBE has invested £3.6 million in a new Leeds office, advancing its regional broker strategy and enhancing its presence in the Yorkshire market. (Terry Gangcuangco, 20/9/2024, Insurance Business UK, 'QBE opens new office in Leeds')
Munich Re North America Life has launched a longevity reinsurance product to help clients manage biometric risks while accumulating assets, allowing insurers and asset managers to convert uncertain future pension or annuity payments into fixed cash flow streams and lock in mortality assumptions. (Kenneth Araullo, 19/9/2024, Insurance Business UK, 'Munich Re launches new longevity reinsurance product for US market')
Humanity Insured, a UK-US non-profit, is launching a 2024 initiative with the Clinton Global Initiative to help 3.6 billion at-risk people build climate resilience through innovative insurance solutions, backed by private and philanthropic capital from the insurance industry. (Kenneth Araullo, 19/9/2024, Insurance Business UK, 'New climate resilience initiative by Humanity Insured targets vulnerable areas')
Mosaic Insurance has launched a global terrorism and sabotage coverage for fine art and specie clients, offering up to $215 million per risk, protecting high-value items like artwork in museums and exhibitions, with significant capacity provided through a single broker route. (Kenneth Araullo, 19/9/2024, Insurance Business UK, 'Specialty insurer reveals new global terrorism cover')
Verlingue London Markets has launched Lloyd's broker Verlingue London Markets Europe to provide placement and capacity solutions for EU broker partners, focusing on property, casualty, motor fleet, and specialist lines, while also launching a dedicated marine division to serve both UK and EU markets. Leadership for the widened business will remain with Barry Reynolds, the current Executive Director of Verlingue London Markets. (Terry Gangcuangco, 19/9/2024, Insurance Business UK, 'New Lloyd's broker enters market')
Bspoke Group has partnered with SiriusPoint as a capacity provider in a three-year deal, with SiriusPoint offering up to £60 million in gross written premium in the first year, starting with Police Mutual's affinity home insurance portfolio. (Terry Gangcuangco, 19/9/2024, Insurance Business UK, 'Bspoke Group secures major deal')
Swiss Re has expanded its partnership with GenAI-powered platform mea to support property and casualty reinsurance operations, extending the collaboration that began in July 2023. The platform's ability to process complex data formats like Schedules of Value (SOV) and Loss Runs from Excel and PDFs was key to the decision. (Kenneth Araullo, 18/9/2024, Insurance Business UK, 'Swiss Re expands partnership with GenAI platform mea for P&C reinsurance')
Markel opened its new Leeds office at City Square House, featuring Olympic medallists Alistair and Jonny Brownlee. The ceremony, hosted by Steph Hirst, included a stationary bike countdown with the Brownlees, Neil Galjaard, and Simon Wilson. (Terry Gangcuangco, 18/9/2024, Insurance Business UK, 'Brownlee brothers join Markel in new Leeds office opening')

Lloyd’s granted Amphitrite Underwriting final approval as a Lloyd’s coverholder, marking a key milestone for the MGA. The MGA declared: “Securing this prestigious coverholder status represents a significant milestone in Amphitrite’s path toward sustainable growth and strategic diversification." (Terry Gangcuangco, 17/9/2024, Insurance Business UK, 'Amphitrite Underwriting secures major Lloyd’s nod')
The London company market saw a 10% increase in premium income in 2023, reaching £48.432 billion, as reported by the International Underwriting Association (IUA). This total includes £42.995 billion underwritten directly in London and £5.437 billion in controlled business managed through London-based operations. (Kenneth Araullo, 16/9/2024, Insurance Business UK, 'London company market premiums surge 10% in 2023, IUA says')
Aviva Insurance Ireland is expanding its insurance offerings for hospitality businesses, including restaurants, pubs, and select hotels, to align with Ireland’s Action Plan for Insurance Reform and enhance market competition. (Terry Gangcuangco, 16/9/2024, Insurance Business UK, 'Aviva widens appetite for hospitality businesses in Ireland')

Mergers & Acquisitions

Howden entered Japan’s retail insurance and captive consulting markets by acquiring Foresight Holdings Co Ltd and appointed Takuya Aibe, ex-CEO of Gallagher Japan and former Senior Marsh Japan Executive, as CEO of its Japanese retail operations. (Roxanne Libatique, 17/9/2024, Insurance Business UK, 'Howden enters Japanese retail insurance market with acquisition')
Bain Capital, which acquired UK insurer esure in a £1.21 billion deal in 2018, is reportedly exploring a sale. Advisers like Fenchurch are evaluating the potential transaction, with esure's positive earnings outlook suggesting a value of at least £1 billion. Earlier this year, esure completed a major transformation, migrating 1.8 million policies and 248,000 claims to a new cloud-native platform. (Terry Gangcuangco, 16/9/2024, Insurance Business UK, 'esure potentially for sale – report')
Legal & General Group (L&G) is nearing a decision on the next owner of CALA Homes, which it acquired fully in a £315 million deal in 2018. L&G's alternative asset platform, Legal & General Capital (LGC), initially held a 47.9% stake in CALA Homes before purchasing the remaining 52.1%, marking L&G’s entry into the UK housing market. (Terry Gangcuangco, 16/9/2024, Insurance Business UK, 'Legal & General to decide unit's fate soon')

Movers

Sir Charles Roxburgh KCB has been appointed as the next Chair of Lloyd's, effective May 1, 2025, pending regulatory approval, succeeding Bruce Carnegie-Brown after an eight-year term. Roxburgh brings extensive experience from his roles as Second Permanent Secretary at His Majesty’s Treasury and Director-General of Financial Services, as well as 26 years at McKinsey, where he held various leadership positions and worked with Lloyd’s on key initiatives. (Mia Wallace, 19/9/2024, Insurance Business UK, 'Lloyd's of London announces next chair')
Joachim Müller, former CEO of Allianz Global Corporate & Specialty and Allianz Commercial, has joined Insurtech Wefox as CEO, succeeding interim Chief Executive Mark Hartigan. (Terry Gangcuangco, 20/9/2024, Insurance Business UK, 'Allianz alum Müller becomes Wefox CEO')
Rokstone has appointed Ben Baker as Deputy Head of its US casualty division and Alex Fitzpatrick as Senior Underwriter, following the recent recruitment of Laurence Burrows as Head of the newly established US excess casualty division. Baker, formerly Class Underwriter for US casualty at Convex, has prior experience at Liberty Specialty Markets and Novae, along with a broking background at Marsh. Fitzpatrick, with over a decade in US casualty underwriting, joins from Apollo and has also worked at Novae and Starr. Burrows brings over 15 years of experience in US casualty underwriting, including four years as a liability underwriter at Convex. (Kenneth Araullo, 19/9/2024, Insurance Business UK, 'Rokstone expands US casualty team with key appointments')
Miller has expanded its reinsurance practice by appointing Steven Rance as Head of Reinsurance Strategy and Innovation and Charlotte Lowe as an Account Handler, enhancing its market presence. Rance, formerly with Price Forbes Re, brings over 35 years of financial services experience, including six years as Managing Partner at Gallagher Re. Lowe, also from Price Forbes Re, has valuable experience working with housebuilders and captives, previously holding roles at Gallagher Re, further bolstering Miller’s capabilities in the reinsurance sector. (Kenneth Araullo, 19/9/2024, Insurance Business UK, 'Miller names Steven Rance as head of reinsurance strategy & innovation')
AIG has appointed Keith Walsh as Executive Vice President and CFO, effective October 21, 2024, succeeding Sabra Purtill, who will continue working with CEO Peter Zaffino on strategic initiatives and serve as an advisor to Walsh during the transition. Walsh brings over 25 years of experience in finance, most recently serving as CFO at Marsh. Prior to that, he was Vice President and Head of Investor Relations for Marsh McLennan from 2012 to 2017. (Terry Gangcuangco, 19/9/2024, Insurance Business UK, 'AIG taps external hire for chief financial officer post')
AXA XL has expanded its UK cyber capabilities, adding Cyber Underwriting Manager Daniel Garrett from Berkshire Hathaway, Senior Underwriter Dan Lander from Liberty Specialty Markets, and Underwriters Adelaide Fragiacomo, Fred Kelleher, and John Wild, along with Cyber Claims Adjuster Chloe Hargreaves, under the leadership of Vanessa Leemans. (Terry Gangcuangco, 19/9/2024, Insurance Business UK, 'AXA XL bolsters cyber team in the UK')
Guy Carpenter has appointed Heather Legg as Managing Director of its Canadian broking team, based in Toronto, to strengthen its leadership in the region. Legg, with over 20 years of experience, previously led Validus Re’s Canadian branch and held senior roles at Aon Benfield. The firm also announced Ridge Muhly as Regional Mutual Segment Leader and Adam Kornick as Personal Lines Segment Leader. (Kenneth Araullo, 18/9/2024, Insurance Business UK, 'Guy Carpenter appoints Heather Legg as managing director for Canada')
BMS Group has appointed Richard Dudley as Group Chief Broking Officer. Dudley, with over 30 years of experience, previously served as Global Head of Climate Strategy at Aon and led Aon’s commercial risk wholesale and specialty broking operations in London. (Kenneth Araullo, 18/9/2024, Insurance Business UK, 'BMS Group appoints Richard Dudley as chief broking officer')
MSIG USA appointed Mark Thorogood as Head of Reinsurance; he has 25+ years of experience, previously at Sompo International, Zurich Re, and Alea London, Ltd. (Kenneth Araullo, 18/9/2024, Insurance Business UK, 'MSIG USA appoints Mark Thorogood as head of reinsurance')
Amwins appointed Nick Abraham as CEO of its London-based specialty distribution unit starting January 1, 2025; he has been with Amwins since 2021 and previously held leadership roles at Markel. Nathan Mathis will move to the US-based leadership team, and Mark Cody will be promoted to President of Amwins Global Risks. (Kenneth Araullo, 18/9/2024, Insurance Business UK, 'New chief named for Amwins' London specialty distribution unit')
Tracy Lee Kus, Head of Aon’s London Global Broking Centre, has joined the London Market Group board as a LIIBA representative, bolstering stakeholder representation. She has 13 years of experience with Aon and has held roles at Novae, Axis, Antares South Africa, and AIG. (Kenneth Araullo, 18/9/2024, Insurance Business UK, 'Aon's Tracy Lee Kus joins London Market Group board as LIIBA rep')
Ascot Group appointed Kewsong Lee, Founder and CEO of BellTower Partners, as board Chairman, replacing Neill Currie who will become an Independent Director. Lee brings 30+ years of leadership experience, including roles at RenaissanceRe Holdings, Arch Capital, and as CEO of The Carlyle Group. (Terry Gangcuangco, 18/9/2024, Insurance Business UK, 'Ex-Carlyle chief Lee to chair Ascot Group')
Aon appointed Mona Barnes as Global Chief Claims Officer; she joined Aon in 2023 from Swiss Re Group and Chubb, and has served on the RAND Institute for Civil Justice advisory board. (Terry Gangcuangco, 18/9/2024, Insurance Business UK, 'Barnes tapped to serve as global chief claims officer at Aon')
AXIS Capital appointed Sara Mitchell, with 13 years at Chubb and previous roles at RSA and Allianz, as Head of Global Markets, succeeding retiring Mark Gregory in March 2025. Mitchell will begin as a Strategic Advisor on November 25, 2024, and officially take on the role on January 1, 2025. (Terry Gangcuangco, 18/9/2024, Insurance Business UK, 'AXIS Capital picks next global markets head')
Consilium appointed Marie McCutcheon as Chief Operations Officer; she joins from TT Club Mutual Insurance Ltd with over 25 years of experience in operational process optimization and business growth, previously holding senior roles at Marsh, Canopius, Bluefin, AIB, Novae, and Swiss Re. (Kenneth Araullo, 17/9/2024, Insurance Business UK, 'Consilium appoints Marie McCutcheon as new COO')
Liberty Mutual Reinsurance appointed Manja Kollmann as COO, succeeding Kirk Maddern, who served as interim COO. Kollmann, with over 15 years in (re)insurance and a background in business transformation and IT initiatives at Generali Germany AG, Allianz Technology, Allianz SE, and Munich Re, will enhance operational efficiency. (Kenneth Araullo, 17/9/2024, Insurance Business UK, 'Liberty Mutual Re appoints Manja Kollmann as chief operating officer')
Marsh McLennan appointed Kristof De Bremme as CEO of Marsh McLennan, Belgium and Luxembourg, and President of Marsh, Belgium and Luxembourg, succeeding Rebecca Tielemans. De Bremme, who will relocate from London to Brussels, rejoined Marsh in December 2023 after a career that includes senior roles at AIG and a previous tenure at Marsh. (Kenneth Araullo, 17/9/2024, Insurance Business UK, 'Kristof De Bremme named CEO of Marsh McLennan Belgium & Luxembourg')
Brit Ltd enhanced its private clients team with the addition of Vijay Mithal, Billy Lynch, and Chris Lewis. Mithal and Lynch, appointed as Underwriters, bring experience from Groves John Westrup and Covéa, respectively, while Lewis, joining as Business Development Manager from Aviva Private Clients, has over 25 years in the industry with AXA XL and Chubb. (Terry Gangcuangco, 17/9/2024, Insurance Business UK, 'Brit adds trio to private clients line-up')
DUAL Europe appointed Maria Borrego as Chief Underwriting Officer. Borrego, with experience at Aon, Marsh, AIG, and most recently QBE as Europe Deputy Underwriting Manager and Head of Financial Lines, brings extensive industry expertise. (Kenneth Araullo, 16/9/2024, Insurance Business UK, 'DUAL Europe appoints Maria Borrego as chief underwriting officer')
West [of England P&I Club] appointed Bart Mertens as Chief Underwriting Officer, effective early next year, succeeding Simon Parrott who will retire in 2025. Mertens, with over 30 years in marine insurance and recent experience in senior underwriting management at another International Group member, holds a Master’s degree in Law, Maritime Science, and Business Law. He began his career as a Claims Executive and transitioned to underwriting in 2010. (Terry Gangcuangco, 16/9/2024, Insurance Business UK, 'West names next underwriting chief')