General Insurance Newsletter Friday 6th September 2024

Insurance News

From Account Executive to MD in just five years: Learn how one insurance professional advanced from Account Executive to Managing Director in just five years. This case study details the career milestones, strategic decisions, and leadership qualities that guaranteed professional success. It offers practical insights for ambitious individuals looking to fast-track their career progression in the insurance industry. (IDEX Consulting news, 'From Account Executive to MD in just five years')
Everything you need to know about becoming an Insurance Claims Adjuster: This article covers essential skills, responsibilities, typical salaries and career opportunities, offering a comprehensive guide for anyone considering this career path or looking to advance in insurance claims. (IDEX Consulting news, 'Everything you need to know about becoming an Insurance Claims Adjuster')
Integrating cultures during an acquisition: expert insights: Discover how to integrate two cultures effectively during a merge or acquisition. Victoria Gallimore, Group People and Culture Director at The Clear Group shares key advice and strategies. This guide is ideal for anyone navigating the complexities of cultural integration in mergers and acquisitions. (IDEX Consulting news, 'Integrating cultures during an acquisition: expert insights')
The impact of climate change on insurers: This article discusses how companies are adapting their policies, risk assessments, and strategies to mitigate climate change risks whilst maintaining profitability and protecting clients. This is essential reading for anyone interested in the evolving relationship between climate change and insurance practices. (IDEX Consulting news, 'The impact of climate change on insurers')
Lloyd’s reported a pre-tax profit of £4.9 billion for the first half of 2024, up from £3.9 billion in 2023, driven by disciplined underwriting and premium growth. Underwriting profit increased to £3.1 billion, with gross written premium rising 6.5% to £30.6 billion, despite a 2.1% negative impact from foreign exchange movements. (Kenneth Araullo, 5/9/2024, Insurance Business UK, 'Lloyd's sees underwriting profit rise to £3.1 billion in H1 2024')
Zurich and Marsh are urging governments to provide state backing for cyber risks, citing the private sector's limitations in covering large losses from major cyber incidents. They recommend public-private loss-sharing schemes, similar to those used for flood and terrorism coverage, to address uninsurable cyber risks. (Terry Gangcuangco, 5/9/2024, Insurance Business UK, 'Big names propose cyber insurance backstop')
Tokio Marine HCC – Specialty Group has launched a new event cancellation insurance extension covering malicious cyberattacks, available through Lloyd’s and HCC International. This offering responds to growing demand for enhanced protection and includes a post-binding cyber vulnerability scanning service. (Kenneth Araullo, 4/9/2024, Insurance Business UK, 'TMHCC adds cyberattack coverage to event insurance')
Direct Line Insurance Group PLC reported a 53.5% increase in gross written premiums and fees for H1 2024, driven by its Motability partnership. Excluding Motability, growth was 11.4%, with pricing actions across key segments. In-force policies declined by 3.1%, with motor policies down 4.8% and non-motor policies down 1.6%. (Kenneth Araullo, 4/9/2024, Insurance Business UK, 'Direct Line sees profits surge despite policy decline in H1 2024')
Verisk’s 2024 Global Modelled Catastrophe Losses Report reveals that the average annual loss from global natural catastrophes is $151 billion, with non-crop losses at $119 billion. Exposure growth averages 7.2% due to rising property replacement values and inflation. (Kenneth Araullo, 3/9/2024, Insurance Business UK, 'Verisk highlights $151 billion in annual catastrophe losses globally')
The Zurich Flood Resilience Alliance has evolved into the Zurich Climate Resilience Alliance to address broader climate adaptation needs. Spearheaded by Zurich Insurance Group and the Z Zurich Foundation, the new alliance will focus on evaluating and improving resilience against various climate hazards in vulnerable communities. (Kenneth Araullo, 3/9/2024, Insurance Business UK, 'Zurich alliance expands from flood to climate resilience')

Mergers & Acquisitions

DWF Group has completed its acquisition of Australian claims management company Proclaim, significantly expanding its claims management and adjusting operations in the important Australian market, which ranks fourth globally for the Lloyd’s sector. (Roxanne Libatique, 4/9/2024, Insurance Business UK, 'DWF bolsters global reach with acquisition of Australian claims firm')
Specialist Risk Group (SRG) and The Clear Group have expanded their MGA capabilities by acquiring Capulus and Accelerate Underwriting, respectively. Capulus, a Wales-based MGA specializing in motor fleet insurance, will enhance SRG’s MGA arm, MX, bolstering its motor fleet expertise and UK/Ireland presence. Clear’s acquisition of Accelerate Underwriting, its fourth MGA acquisition, strengthens its underwriting capabilities for brokers. Founded in 2015, Accelerate Underwriting manages £19 million in gross written premium for non-standard and niche commercial insurance products. (Terry Gangcuangco, 4/9/2024, Insurance Business UK, 'SRG, Clear Group boost MGA capabilities')
DUAL UK has acquired International Passenger Protection (IPP), subject to regulatory approval. This acquisition will establish DUAL UK as a leading player in the Travel Financial Failure insurance market. IPP, founded in 1990, is an MGA specializing in insurance against the insolvency of travel operators and related suppliers. (Kenneth Araullo, 2/9/2024, Insurance Business UK, 'DUAL UK acquires IPP')

Movers

HDI Global has appointed a new executive team for its UK and Ireland business, led by CEO Stephanie Ogden, effective from September 2, 2024, with key roles including Simon Hunt as CFO, Gemma McWilliam as CPO, Oliver Davies as CDO, along with Adam Dewdney as Chief Actuary, John McCammon as Chief Compliance Officer, Varan Selvarajah as Chief Risk Officer, and Underwriting Directors Adam Curran, Antonia Osborne, and Jade Wilcox. (Kenneth Araullo, 5/9/2024, Insurance Business UK, 'HDI Global appoints new executive team for UK & Ireland')
Asta, the third-party managing agent at Lloyd's, has appointed three senior leaders to support its growing client base: David Hopkins as Deputy Chief Underwriting Officer, Alex Poracchia as Transformation Director, and Julie Flello as Head of Client Management. Hopkins brings 27 years of financial services experience, Poracchia has held key CFO and actuarial roles, and Flello brings 30 years of industry experience, including 12 years at Lloyd's. (Kenneth Araullo, 5/9/2024, Insurance Business UK, 'Asta expands senior management team with three key appointments')
Crawford & Company has appointed Carl Tatman as Client Account Director, focusing on the UK’s public sector and housing associations. With nearly 35 years of claims management experience, including 20 years in the public sector, Tatman previously served as Head of Claims Relationship Management at Zurich Municipal. (Terry Gangcuangco, 5/9/2024, Insurance Business UK, 'Crawford UK brings in client account director')
Acrisure Re has announced leadership changes in its international reinsurance division, with David Sowrey appointed Managing Director and Nigel Dane as Chairman of the international treaty business. Sowrey, with over a decade at Acrisure Re, will continue to lead reinsurance broking operations, while Dane, with over 40 years of industry experience, will focus on strengthening client and market relationships. Both are based in London. (Kenneth Araullo, 4/9/2024, Insurance Business UK, 'Acrisure Re announces leadership changes')
Graham Wright will join Allianz UK in December as Managing Director of home insurance for personal lines. Previously, he was Chief Commercial Officer for insurance at Saga and spent over a decade at WTW, including leading personal lines pricing in the UK. (Terry Gangcuangco, 4/9/2024, Insurance Business UK, 'Insurance hires: Allianz, Cover-More, Markel, Thomas Carroll')
Cover-More Group has appointed Ben Wooltorton as UK Managing Director. Wooltorton, who joined Cover-More with the acquisition of Halo Insurance Services and has served as Chief Marketing Officer for Europe since 2022, will retain this role alongside his new position. (Terry Gangcuangco, 4/9/2024, Insurance Business UK, 'Insurance hires: Allianz, Cover-More, Markel, Thomas Carroll')
Rhys O’Neill has joined Markel as Senior Underwriter for marine & energy liability in the international specialty unit. Previously a Marine Liability Underwriter at QBE and with nearly nine years at The Standard Club, O’Neill’s insurance career began in 2012 at RGL Forensics. (Terry Gangcuangco, 4/9/2024, Insurance Business UK, 'Insurance hires: Allianz, Cover-More, Markel, Thomas Carroll')
Thomas Carroll Group has promoted Gareth Cotty to Group Chief Commercial Officer and Sarah Edwards to Group Chief Financial Officer following its transition to an employee ownership trust in December 2023. Cotty, with 21 years at Thomas Carroll, will focus on growth and innovation, while Edwards, with the company since 2006, will manage financial stability and support strategic growth. (Terry Gangcuangco, 4/9/2024, Insurance Business UK, 'Insurance hires: Allianz, Cover-More, Markel, Thomas Carroll')
Dale Underwriting Partners (Lloyd’s Syndicate 1729) will enter international professional indemnity insurance in January 2025, with Ryan Barnes appointed as Professional Lines Head. Barnes, joining from Westfield Specialty, brings over 20 years of experience. (Terry Gangcuangco, 4/9/2024, Insurance Business UK, 'Dale Underwriting Partners unveils expansion')
Resilience has appointed Rebecca Jones as Senior Vice President of engineering and Jeremy Gittler as Global Head of Claims. Jones, with over 20 years in tech and SaaS, will oversee software delivery, while Gittler, formerly at AXA XL, will manage claims, leveraging his experience with cyber claims at AIG and as a litigation attorney. (Terry Gangcuangco, 4/9/2024, Insurance Business UK, 'Resilience adds duo to leadership roster')
QBE Re has expanded its accident and health (A&H) division with several key appointments: Henry Brigstocke as Head of A&H, Mollie Sallery as Assistant Underwriter, Georgina Raeburn as Senior Underwriter, Harriet Ayre as Underwriter, and Jack Crotty as Underwriter. Brigstocke brings nearly 20 years of experience, while Sallery, Raeburn, Ayre, and Crotty each bring extensive backgrounds from Canopius, Arch, Hiscox, and Gallagher Re. Brigstocke’s hire marks QBE Re’s sixth senior appointment in 2024, highlighting its growth and modernization efforts. (Kenneth Araullo, 3/9/2024, Insurance Business UK, 'QBE Re expands A&H division with five key hires')
Amwins International Underwriting has appointed Keith Trivitt as Underwriting Director for its Amplify portfolio solution. Trivitt, previously at AXIS Capital, brings extensive experience in portfolio solutions from both carrier and distributor roles. (Terry Gangcuangco, 3/9/2024, Insurance Business UK, 'New underwriting director to lead Amwins Amplify')
UK digital MGA Ripe has appointed Alan Thomas as CEO, succeeding Paul Williams, who will transition to a Non-Executive Director role. Thomas, previously UK CEO at Simply Business, will leverage his experience in driving growth and strategic direction for the company, which serves landlords and small businesses. (Roxanne Libatique, 3/9/2024, Insurance Business UK, 'Ripe names new CEO to lead next wave of growth')
Ken Norgrove, CEO of UK & International at RSA Insurance, has been appointed Deputy President of the Association of British Insurers (ABI). With over 35 years in the industry, Norgrove will work alongside ABI President Tim Bailey and serve on the ABI’s Consumer and Appointments and Remuneration Committees. He succeeds Clare Bousfield, who will remain involved with the ABI’s Investment Delivery Forum. (Kenneth Araullo, 3/9/2024, Insurance Business UK, 'RSA CEO Ken Norgrove named new deputy president for the ABI')
Miller has appointed Siva Krishnan as Head of Sports and Entertainment for Asia. Krishnan, with over 25 years in the sports industry and recent experience as an Independent Consultant, previously worked at the Singapore Sports Council and ESPN STAR Sports. (Kenneth Araullo, 2/9/2024, Insurance Business UK, 'Miller expands sports and entertainment division')
Aon has appointed Rob Kemp as Head of Commercial Risk Solutions for the UK, effective October 1, pending regulatory approval. With 20 years of experience from Willis, Marsh, and RSA, Kemp will enhance Aon’s Risk Capital capabilities, continuing his current role leading the EMEA Central Broking team. (Kenneth Araullo, 2/9/2024, Insurance Business UK, 'Aon names new headof Commercial Risk Solutions for the UK')
Howden Capital Markets & Advisory (HCMA) has appointed Des Potter as an Independent Non-Executive Director for its UK operations. With over 25 years of experience in reinsurance broking, investment banking, and corporate finance, Potter has held leadership roles at Barclays, Aon Benfield Securities, and Guy Carpenter Securities. He also founded Des Potter Consultancy Limited and launched London Bridge 2 PCC. (Terry Gangcuangco, 2/9/2024, Insurance Business UK, 'Howden unit brings in non-executive director for UK operations')
Helios Underwriting has appointed Katherine Wade as an Independent Non-Executive Director. Wade, CFO at AEGIS London, brings nearly 30 years of financial sector experience, including previous CFO roles at Aspen Insurance UK and ACE Tempest Re. She is also a Non-Executive Director at Atlas Corporation and a member of the investment committee at the Council of Lloyd’s. (Terry Gangcuangco, 2/9/2024, Insurance Business UK, 'AEGIS London finance chief joins Helios board')