General Insurance newsletter Friday 11th October 2024

Insurance News

Why mental health should be a priority for businesses - With World Mental Health Day this week, businesses should prioritise mental health to reduce stress and burnout, while boosting productivity. Open communication, flexible work, and leadership support can foster a healthy work culture, improving employee well-being and overall company success. (IDEX Consulting news, 'Why mental health should be a priority for businesses')
Advance your career as an Insurance Underwriter - To advance your career as an insurance underwriter, focus on developing analytical skills, staying updated on industry trends, and embracing new technologies like AI., networking, gaining certifications, and seeking mentorship can also help expand your expertise and visibility in the field. (IDEX Consulting news, 'Advance your career as an Insurance Underwriter')
7 tips to negotiate your pay rise - To negotiate a pay rise effectively, research market salaries, build evidence of your value, and practice your pitch. Schedule a meeting, approach it calmly, and be prepared to negotiate beyond just pay. Networking and self-advocacy are key steps in advancing your career. (IDEX Consulting news, '7 tips to negotiate your pay rise')
Sustainability: how to win clients, talent and customers - To attract clients, talent, and customers, businesses must embrace sustainability by integrating eco-friendly practices, staying ahead of regulations, and showcasing their commitment to social and environmental responsibility. This approach not only strengthens brand reputation but also drives long-term growth. (IDEX Consulting news, 'Sustainability: how to win clients, talent and customers')
Brokerbility has launched a new end-to-end cyber insurance proposition for its broker members, partnering with CFC, Coalition, and Optimum Specialty Risks to address cybercrime threats, while integrating Infoprotect for enhanced risk management services. (Terry Gangcuangco, 11/10/2024, Insurance Business, 'Brokerbility reveals new cyber proposition')
Brokerslink has added two new affiliates: Inclusive Guarantee, a specialist broker in West Africa focusing on agricultural risks and microinsurance, and Polygon, a Swedish leader in property damage restoration with operations in 19 countries, enhancing its ability to provide specialised insurance and risk management solutions across diverse markets. (Jonalyn Cueto, 10/10/2024, Insurance Business, 'Brokerslink expands global network with two new partners')
The Asia-Pacific high-net-worth (HNW) market is a key growth area for insurers, with Swiss Re Institute insights revealing strong optimism driven by economic recovery and entrepreneurial activity. APAC, holding 30% of global HNW financial wealth, is second only to the Americas, with insurers targeting double-digit growth in this segment over the next two to five years. (Kenneth Araullo, 9/10/2024, Insurance Business, 'Swiss Re highlights growth potential in APAC's HNW insurance sector')
Beazley, Munich Re, and Gallagher Re have released a white paper and model assessing cyber insurance's accumulation risk from extreme malware events. The new model, developed through a year-long collaboration, estimates systemic losses using three distinct malware scenarios applied to a synthetic portfolio, addressing gaps in current models that often overlook standalone cyber policy risks. (Kenneth Araullo, 9/10/2024, Insurance Business, 'Beazley, Munich Re, Gallagher Re unveil cyber risk model for malware events')
WTW has partnered with Keylane, a Netherlands-based policy administration system provider, to enhance real-time pricing and speed up time to market by integrating WTW's Radar pricing software with Keylane's Axon insurance platform. Keylane will join WTW’s Insurance Technology Partner Network, and both companies plan to develop an accelerator to streamline integration, enabling insurers to deploy rates faster, lower operational costs, and improve customer service. (Kenneth Araullo, 9/10/2024, Insurance Business, 'WTW and Keylane accelerate insurer rate deployment with new integration')

OneBefore has launched Income Interruption, an insurance product designed to protect individuals from income loss due to sickness or accidents, developed in partnership with digital broker Superscript; it offers customisable coverage for SMEs, contractors, and the self-employed, featuring weekly payments during illness, lump-sum payouts for permanent disability or death, and daily benefits for hospitalisation. (Kenneth Araullo, 9/10/2024, Insurance Business, 'OneBefore unveils flexible income protection for small businesses')
SSP Broker has launched eight insurer schemes in eight months, with plans for twelve more, including Aviva's Commercial Vehicle and Household lines and Markerstudy's Private Car offering; this growth underscores its commitment to providing brokers with diverse options and leveraging its Insurer Hosted Pricing (IHP) platform for real-time access to competitive rates and underwriting rules. (Kenneth Araullo, 8/10/2024, Insurance Business, 'SSP Broker launches eight insurer schemes in eight months')
Simply Business has added Markel UK to its insurer panel to offer contractors combined insurance for companies with at least 10 employees and £750,000 in minimum turnover; UK Commercial Director Ruth Owen highlighted Markel's customer service and expertise in the SME sector as key to expanding Simply Business’s product offerings for larger businesses, following significant growth in their customer base since 2005 and a focus on addressing the needs of scaling companies. (Terry Gangcuangco, 8/10/2024, Insurance Business, 'Simply Business adds Markel UK to insurer panel')

Mergers and Acquisitions

The Ardonagh Group has completed its acquisition of PSC Insurance Group following Australian Federal Court approval, merging PSC’s operations in Australia and New Zealand with The Envest Group to create a leading privately owned insurance distribution player with A$3.3 billion in gross written premiums annually, led by CEO Greg Mullins. (Daniel Wood, 11/10/2024, Insurance Business, 'Ardonagh announces completion of PSC acquisition')
Duck Creek Technologies has acquired Toronto-based Risk Control Technologies, integrating its RiskHub platform into Duck Creek's software-as-a-service suite to enhance underwriting accuracy, streamline claims processes, and reduce risk exposure. (Terry Gangcuangco, 11/10/2024, Insurance Business, 'Duck Creek swoops for Risk Control Technologies')
Bridge Specialty International, the international arm of Brown & Brown’s wholesale brokerage, has acquired Singapore-based broker Acorn International Network. Founder and CEO David Ong, with nearly five decades of experience, will continue to lead Acorn, which has been operating since 2011 under the Monetary Authority of Singapore. “This acquisition establishes us in the Singapore insurance market, further expanding our Asia presence and enabling us now to build a leading wholesale and specialty hub in the region,” said Tim Coles, CEO of Bridge Specialty International. (Terry Gangcuangco, 10/10/2024, Insurance Business, 'Brown & Brown unit completes key deal')
Optio Group has made a strategic investment in the Italian MGA Heca S.r.l., aligning with its European expansion plans. Established in 2010, Heca offers a range of products through a digital platform and is known for its proprietary customer relationship management system and blockchain-based policy verification service. This investment, following Optio's recent acquisitions in Europe, aims to enhance growth opportunities by integrating Heca's technology with Optio's operations. (Kenneth Araullo, 9/10/2024, Insurance Business, 'Optio invests in Italian MGA Heca to boost European growth')
Research from WTW’s Quarterly Deal Performance Monitor indicates that large transactions have fueled M&A activity in 2024, with confidence rising among dealmakers despite geopolitical challenges; 46 deals valued over $1 billion were completed in the last three months—a 31% increase from 2023—while megadeals over $10 billion rebounded to 13, although the total number of deals over $100 million declined from 188 in Q4 2023 to 157 in Q3 2024. (Kenneth Araullo, 8/10/2024, Insurance Business, 'Large transactions drive 2024 M&A activity, says WTW research')
Towergate Health & Protection, part of Ardonagh Advisory, has acquired Benefiz Limited in Devon, enabling it to offer employee benefits to small and mid-sized businesses; Benefiz, which designs and implements benefits packages managed through an online platform, will operate under Towergate Health & Protection, expanding the adviser’s service portfolio, particularly in pensions support. (Terry Gangcuangco, 8/10/2024, Insurance Business, 'Towergate Health & Protection acquires Benefiz')

Movers

Markel has appointed Stacey Hinton as Senior Underwriter and Head of Jewellers Block within the specie team, overseeing the growth and profitability of the international portfolio, bringing nearly 20 years of insurance experience from roles at Convex Insurance, Fidelis Insurance, and Tysers. (Terry Gangcuangco, 11/10/2024, Insurance Business, 'Hinton joins specie team at Markel')
AXIS Capital has named Sam Flitman as London Head of Ceded Re, effective Q1 2025; Flitman, with over 16 years of experience, including roles in the UK, Bermuda, and Asia, previously served as Chief Risk Officer for AXIS Managing Agency and held senior positions at global firms like PwC and RenaissanceRe. He will oversee the London portfolio. (Jonalyn Cueto, 10/10/2024, Insurance Business, 'AXIS Capital taps Flitman for London Ceded Re role')
Munich Re Specialty will enter the Spanish commercial insurance market in 2025, with a new Madrid office led by Gianluca Piscopo, who joined in 2024 with extensive leadership experience at companies like Chubb and AIG, and Miguel Peces, previously Head of Underwriting at Hiscox Spain. The move aligns with Munich Re's European expansion strategy. (Camille Joyce Lisay, 10/10/2024, Insurance Business, 'Munich Re Specialty enters Spanish insurance market')
Markel has appointed Jack Eastwood as Senior Underwriter for cyber, effective immediately. Eastwood brings over 13 years of experience, having previously served as Team Leader for cyber & technology at AIG, following earlier roles as a Financial Lines Underwriter and Broker at Griffiths & Armour. (Terry Gangcuangco, 10/10/2024, Insurance Business, 'Eastwood joins Markel's London cyber team')
ISC Group, a global network advancing women in re/insurance, has appointed Carmen Powell as CEO. Powell, previously interim Managing Director, brings experience from Hiscox, the Chartered Insurance Institute, and the World Bank Group. She will lead ISC’s mission to accelerate women's leadership in the industry, with over 10,000 members and 100 global business partnerships. (Kenneth Araullo, 9/10/2024, Insurance Business, 'Carmen Powell named CEO of ISC Group to drive gender equity in re/insurance')
Admiral Group announced that Cristina Nestares will step down as UK insurance CEO, with Alistair Hargreaves, the current Deputy CEO since 2022, set to take over pending regulatory approval; Nestares, who joined Admiral in 2005 and led the UK unit since 2016, successfully navigated the business through the COVID-19 pandemic, while Hargreaves has been with the company since 2008, previously serving as COO and overseeing operations, claims, and product diversification. (Terry Gangcuangco, 09/10/2024, Insurance Business, 'Admiral Group gets new UK insurance CEO')
Price Forbes Re has appointed Brian Cole as Executive Vice President and Head of Financial Lines to expand its US market offerings; based in Boston, he brings over 30 years of reinsurance experience from senior roles at Gallagher Re, Lockton Re, and Guy Carpenter, and will collaborate with North America CEO Patrick Rastiello. (Kenneth Araullo, 8/10/2024, Insurance Business, 'Price Forbes Re appoints Brian Cole as EVP, head of financial lines')
Gallagher has announced the appointment of three experienced leaders to enhance its upstream energy business: Darren Jones as an Executive Partner, bringing over 20 years of energy broking experience from Miller, Marsh, and Lockton; Ian Curtin, joining later this month as an Executive Partner with 50 years of insurance experience from Miller, Marsh, Lockton, and Sedgwick; and Daniel Stobart, set to join in early 2025 as a Partner and Account Executive, previously with Marsh and JLT’s Marine and Energy practice. (Mia Wallace, 8/10/2024, Insurance Business, 'Gallagher bolsters energy team with trio of hires')
Insurance Europe has appointed Thea Utoft Høj Jensen as its new Director General, taking over from Michaela Koller on November 4; Jensen, who brings nearly 20 years of experience in financial services and European affairs, previously served as Senior Managing Director and Financial Services Head at FTI Consulting in Brussels and has worked in both the private sector and the Danish government. (Terry Gangcuangco, 8/10/2024, Insurance Business, 'Insurance Europe gets new director general after 18 years')
Berkshire Hathaway Specialty Insurance (BHSI) has appointed Thomas Pache to lead its newly launched professional indemnity (PI) and cyber insurance lines in the DACH region, leveraging his 30+ years of insurance experience to provide solutions for the IT and software sectors; Kim Schumacher, with nearly 20 years of industry experience, has been named Senior Property Underwriter, focusing on expanding BHSI's property business in Germany, particularly within the Mittelstand segment, drawing on her extensive background in underwriting and risk management. (Kenneth Araullo, 7/10/2024, Insurance Business, 'BHSI expands in DACH region with new PI and cyber insurance lines')
Aon has appointed Paul Schultz as Global Vice Chair of reinsurance solutions and Richard Pennay as CEO of Aon Securities; Schultz, who has led Aon Securities for over two decades and expanded the insurance-linked securities (ILS) market, will collaborate with Pennay, the current CEO of ILS, to deliver capital solutions that optimize clients' risk transfer strategies. (Kenneth Araullo, 7/10/2024, Insurance Business, 'Aon announces Paul Schultz as global vice chair of reinsurance solutions')
Markerstudy Group has appointed Emma Rawlinson as its new Chief Investment Officer, a newly created role; Rawlinson, who joined Markerstudy following its acquisition of Atlanta earlier this year, will report to Group CEO Kevin Spencer. With a career beginning at Deloitte, she served as CFO at NorthEdge Capital LLP and transitioned to the insurance sector in 2018, holding senior roles at Swinton and becoming CEO of Atlanta in 2021 after its acquisition by Ardonagh. Following Markerstudy’s acquisition of Atlanta, she was the Chief Operating Officer of Markerstudy Distribution. (Kenneth Araullo, 7/10/2024, Insurance Business, 'Markerstudy Group names Emma Rawlinson as new chief investment officer')