General Insurance newsletter Friday 27th September 2024

Insurance News

In-demand skills: how to set yourself apart from the competition - Understand what employers are looking for, develop digital skills, and stay updated on regulations. Seek credible mentorship, enhance your accreditations and expand your network to stand out in the market and achieve long-term success. (IDEX Consulting news, 'In-demand skills: how to set yourself apart from the competition')
2024 London Insurance market outlook - Discover the outlook for the 2024 London Insurance Market, where growth continues amid economic challenges. Key trends include rising premiums, increased demand for skilled professionals in business development and client management, and the expanding role of AI and data-driven innovations. Companies are focusing on talent retention, emphasizing diversity, and leveraging technology to enhance services and manage risks like climate change. Opportunities are anticipated for those with technical and commercial expertise as businesses aim to maintain profitability in a competitive landscape. (IDEX Consulting news, '2024 London Insurance market outlook')
What does a Labour government mean for M&A activity? - Explore how a Labour government could influence M&A activity in the UK. Expect potential changes in capital gains tax rates, increased scrutiny due to tighter regulations, and a surge in deal-making before the next general election. Businesses may also focus on strategic partnerships and consolidation to navigate challenges like Brexit and rising interest rates. Understanding these factors is essential for staying competitive in the evolving M&A landscape. (IDEX Consulting news, 'What does a Labour government mean for M&A activity?')
Championing diverse perspectives - Learn how championing diverse perspectives can enhance innovation and decision-making within organizations. By fostering an inclusive culture that values varied backgrounds and ideas, companies can navigate challenges more effectively and promote growth. This commitment to diversity not only benefits the workplace but also cultivates a more equitable environment for all. (IDEX Consulting news, 'Championing diverse perspectives')
Ecclesiastical Insurance Office Plc reported a 4.8% increase in gross written premiums to £301.1 million for the first half of 2024, with underwriting profit from general insurance rising to £20.4 million due to a more stable claims environment. (Terry Gangcuangco, 27/9/2024, Insurance Business, 'Ecclesiastical enjoys improved pre-tax profit')
Paratus Holdings Limited has received regulatory approval from the Guernsey Financial Services Authority to launch Paratus Renewables Insurance Limited, offering tailored insurance solutions for the renewable power industry, including sectors like wind, solar, biofuels, and hydrogen, aimed at mitigating energy price volatility and enhancing the financial stability of renewable power generators. (Terry Gangcuangco, 27/9/2024, Insurance Business, 'Paratus gets green light to expand insurance reach')
Berkeley Alexander and Canopius have launched SafeGuard Protect, a modular insurance policy providing personal accident, income, or mortgage/rent protection amid rising economic challenges in the UK, where long-term sickness and insolvencies are increasing. (Kenneth Araullo, 26/9/2024, Insurance Business, 'Berkeley Alexander, Canopius launch SafeGuard Protect policy')
CFC has opened its first office in Madrid as part of its strategy to expand globally, enhancing local expertise and broker relationships, with a focus on cyber and transaction liability in Southern Europe. (Kenneth Araullo, 26/9/2024, Insurance Business, 'CFC opens Madrid Office')
Tokio Marine Kiln and Marsh have launched an exclusive insurance facility for ports and terminals, offering up to $50 million in coverage against business interruption due to trade disruptions, marking a first in the market. (Terry Gangcuangco, 26/9/2024, Insurance Business, 'Tokio Marine Kiln, Marsh unveil new facility for ports and terminals')
Sompo has launched a new marine insurance proposition in the UK, offering all-risks coverage for marine cargo and a bundled transport and logistics policy, both with up to $50 million in coverage. Responsible for the regional marine insurance lines are Head of Retail Marine Cargo UK regions Diane Blyth and Head of Retail Transport & Logistics UK regions Jon Clare. (Terry Gangcuangco, 26/9/2024, Insurance Business, 'Sompo expands marine insurance business in the UK')
Evolution Claims Management is enhancing its ESG efforts by partnering with carbon consultancy Sustainable Advantage to achieve net zero goals, focusing on data collection, emissions measurement, and carbon footprint reduction strategies, as highlighted by Managing Director Russell Crewe. (Terry Gangcuangco, 26/9/2024, Insurance Business, 'Evolution Claims Management to boost ESG strategy')
Markel has launched MarkelTech, an enhanced insurance offering for the UK’s $1 trillion tech sector, targeting startups, SMEs, mid-market, and high-growth companies in tech innovation, design, and support. (Kenneth Araullo, 25/9/2024, Insurance Business, 'Markel launches MarkelTech to support growing UK tech sector')

The Chartered Insurance Institute (CII) has released a White Paper offering guidance for firms to meet FCA's Consumer Duty reporting requirements, based on a July survey highlighting data challenges in preparing annual board reports, with the first due by July 31, 2024. (Kenneth Araullo, 25/9/2024, Insurance Business, 'CII releases guidelines to aid firms with FCA Consumer Duty reports')
Gallagher's report reveals that 46% of UK commercial properties are underinsured due to inflation-driven surges in building material and labour costs, with an average coverage shortfall of 40%, exacerbated by supply chain and worker shortages. (Terry Gangcuangco, 25/9/2024, Insurance Business, 'Underinsurance hits UK commercial properties')
Prestige Underwriting has launched short-term unoccupied property insurance to protect homes left vacant during lengthy probate processes, with UK probate applications taking an average of 9.3 weeks in July 2024, down from 14 weeks in July 2023. (Terry Gangcuangco, 25/9/2024, Insurance Business, 'Prestige Underwriting rolls out product to address probate delays')
AI is transforming the re/insurance industry, especially in data processing, with many insurers piloting projects to enhance operations and customer experience, though captives are often not prioritized, according to Matthieu Despréaux of PwC Luxembourg. (Kenneth Araullo, 24/9/2024, Insurance Business, 'AI promises to reshape reinsurance, but captives may face hurdles – PwC')
Howden has launched the Howden Resilience Laboratory platform, powered by Microsoft’s cloud services, enabling users to model climate scenarios and assess financial impacts. The platform offers advanced climate risk modelling, strategic scenario planning, and insights on resilience investments, developed through extensive industry research and collaboration with Microsoft’s Planetary Computer. (Terry Gangcuangco, 23/9/2024, Insurance Business, 'Howden unveils platform for climate risk management')
Beat Capital Partners, part of Ambac Financial Group, has partnered with Doug Karpp to launch proRISE Insurance Services on October 1, focusing on management and professional liability insurance for small- and medium-sized enterprises. Backed by Beat Syndicate 4242 at Lloyd’s, proRISE will offer various coverages, including directors' and officers' insurance and employment practices liability. Karpp, an industry veteran with over 20 years of experience at Hiscox and AIG, will lead the initiative, leveraging his underwriting expertise to drive growth and innovation. (Terry Gangcuangco, 23/9/2024, Insurance Business, 'New underwriting franchise to enter SME professional lines market')

Movers

Accredited Insurance Holdings has appointed Neil McConachie as Chief Risk and Capital Officer, effective October 14; he previously served as group CFO of Fidelis Insurance and group President, CFO, and CRO at Lancashire, and was a founding member of the management teams at Fidelis, Lancashire, and Montpelier Re. (Kenneth Araullo, 26/9/2024, Insurance Business, 'Accredited Insurance appoints Neil McConachie as chief risk officer')
Aspen Insurance Group has promoted G Robert Walters to Senior Vice President, Head of Property Treaty, effective October 1; he brings over 30 years of experience and previously served as Vice President of Property Treaty at Aspen since 2015, with prior roles at Allianz, Chubb, and XL Reinsurance. (Kenneth Araullo, 25/9/2024, Insurance Business, 'G Robert Walters named Aspen Re's new head of property treaty')
WTW has appointed Parveen Kaur as Global Leader of Operations, strategy execution, and data for Neuron, its commercial digital trading platform. Kaur brings extensive experience, most recently serving as Chief Customer Officer at Leeds Building Society. Prior to that, she held leadership roles at Lloyd’s of London and NatWest/RBS, where she introduced AI into operations. (Kenneth Araullo, 24/9/2024, Insurance Business, 'WTW appoints Parveen Kaur as global leader for Neuron platform')
Berkshire Hathaway Specialty Insurance (BHSI) has opened a new office in Milan, appointing Leonardo Castrichino as Country Manager for Italy, as part of its strategy to expand across key European markets. Castrichino, with nearly 30 years of experience, previously served as COO for the EMEA region at a global insurer. (Kenneth Araullo, 23/9/2024, Insurance Business, 'BHSI expands into Italy, appoints Leonardo Castrichino as country manager')
MS Amlin has appointed Emma Snowdon as Head of Capital Management and Investments. Snowdon brings over 20 years of experience, including leadership roles at Direct Line Group, where she was Director of Insurance and Financial Risk, and at Zurich, where she led reserving teams. She began her career at PwC, specializing in non-life actuarial consulting. (Kenneth Araullo, 23/9/2024, Insurance Business, 'MS Amlin appoints Emma Snowdon as head of capital management and investments')
Lockton Re has appointed Debbie Goldstine as Chief Growth Officer, Global Partners, based in Chicago. Goldstine joins from Lockton, where she was Executive Vice President and US Practice Leader for casualty, technical intelligence, and emerging risks, contributing to the growth of the casualty team and gaining recognition as an expert in emerging risk management. (Kenneth Araullo, 23/9/2024, Insurance Business, 'Lockton Re names Debbie Goldstine as chief growth officer, global partners')
AUB Group has announced leadership changes in its UK broking operations, appointing Tom Wilson as CEO of Tysers, effective October 1, subject to regulatory approval, while Bob Pybus becomes AUB UK retail CEO. Wilson, a seasoned Lloyd’s Broker, will oversee various sectors, including marine & aviation and property & casualty, following his tenure as Head of Tysers marine & aviation. Pybus, with over 40 years of experience, will lead AUB’s retail broking expansion after previously heading Tysers retail. (Terry Gangcuangco, 23/9/2024, Insurance Business, 'AUB Group picks CEOs for UK operations')
Mission Underwriters has appointed Neil McSherry as Country Head for Ireland. With 25 years of industry experience, McSherry previously served as Head of Broker Relations and Liability Underwriting at Liberty Insurance and is the founder of Dublin-based MGA Blackrock Insurance Solutions. (Terry Gangcuangco, 23/9/2024, Insurance Business, 'Mission Underwriters names Ireland country head')