General Insurance newsletter Friday 1st November 2024

Insurance News

Is gender parity a problem in the insurance profession? - Gender parity in the insurance profession is a critical issue, with women facing underrepresentation in leadership and barriers to advancement, resulting in pay gaps and limited senior roles. Addressing this requires organisations to implement proactive equity strategies and report on diversity targets as per FCA regulations. (IDEX Consulting news, 'Is gender parity a problem in the insurance profession?')
Championing diverse perspectives - To foster a truly inclusive workplace, organisations must embrace diversity, equity, and inclusion (DE&I) by understanding cultural nuances and biases. Leaders should create safe spaces for open discussions, while employees are encouraged to engage in allyship and learn from diverse experiences. (IDEX Consulting news, 'Championing diverse perspectives')
Insurance Broking market trends - The 2024 outlook for the insurance broking market indicates a shift towards embracing technology and innovation to enhance service delivery. Key trends include a focus on sustainability, regulatory changes, and evolving client expectations. Brokers are encouraged to leverage data analytics and digital tools to stay competitive and meet client needs effectively. (IDEX Consulting news, 'Insurance Broking market trends')
Cyber risks: the impact on the US insurance market - Rising cyber risks are significantly impacting the U.S. insurance market, with many businesses under-insuredand unprepared for threats like ransomware and AI driven cyber attacks. The average global cost of a data breach now exceeds $9 million, prompting insurers to do all they can to quantify and price for better cyber protection. (IDEX Consulting news, 'Cyber risks: the impact on the US insurance market')
Aon projects that hurricanes Helene and Milton, with combined insured losses of $34–$54 billion, are unlikely to harden the US commercial property re/insurance market due to robust market capitalization and prior rate adjustments. (Kenneth Araullo, 31/10/2024, Insurance Business, 'Aon forecasts stable US property re/insurance after hurricanes')
Insurance Europe’s "Insurers’ Role in EU Cyber Resilience" highlights the rapid growth of the cyber insurance market, reaching $14 billion in 2023 according to Munich Re, yet stresses a significant underinsurance gap amid increasing cyber threats, with case studies illustrating resilience efforts across Europe. (Kenneth Araullo, 31/10/2024, Insurance Business, 'Insurers play key role in strengthening EU's cyber resilience')
The Autumn Budget 2024 by Chancellor Rachel Reeves, titled “Fixing the Foundations to Deliver Change,” barely touches on insurance beyond a government commitment to report on contingent liabilities and support small businesses with export finance and insurance, raising limited implications for the UK insurance industry. (Terry Gangcuangco, 31/10/2024, Insurance Business, 'Insurance industry points out what's lacking in Autumn Budget 2024')
AXA’s interim report for the first nine months of 2024 shows a 7% revenue growth across all segments and geographies, with CFO Alban de Mailly Nesle highlighting the strong execution of AXA’s growth agenda. (Terry Gangcuangco, 31/10/2024, Insurance Business, 'AXA interim 2024 results – all segments improve')
Markel Group’s Q3 2024 results reveal a significant rise in operating income, with $109.58 million from insurance, $69.22 million from other operations, and a $33.53 million loss in reinsurance. (Terry Gangcuangco, 31/10/2024, Insurance Business, 'Markel Group takes huge leap in quarterly earnings')

McLarens has formed strategic alliances with JW Loss Adjusting in Sweden and MCL Nordic in Denmark, enhancing local expertise in complex loss adjusting across Scandinavia; JW Loss Adjusting CEO Fredrik Jönsson highlighted the formalized partnership as a step forward for both regional and international growth. (Terry Gangcuangco, 31/10/2024, Insurance Business, 'McLarens expands Scandinavian footprint')
Allianz Trade’s Surety Green2Green solution supports low-carbon and renewable energy projects by securing project completion with surety bonds and reinvesting premiums into certified green bonds, aligning with its sustainability goals. (Roxanne Libatique, 30/10/2024, Insurance Business, 'Allianz Trade fuels low-carbon projects with green bond support')
Gallagher Re's second Cyber Loss Trend Survey reveals insights on cyber risk evolution, highlighting insurer challenges in adapting policies and underwriting as cyber threats grow; despite recent declines in cyber insurance rates, there are concerns about re/insurer performance if threats persist or escalate. (Kenneth Araullo, 30/10/2024, Insurance Business, 'Cyber claims increase as Gallagher Re warns of complex settlement challenges')
IQUW has partnered with AI-driven platform mea to enhance underwriting productivity by streamlining and automating processes, aligning with efforts to improve the broker experience. (Kenneth Araullo, 30/10/2024, Insurance Business, 'IQUW partners with mea for AI-enhanced re/insurance underwriting efficiency')
The Hartford has partnered with Coalition in a long-term capacity agreement to support the growing demand for Coalition's active cyber insurance in the UK, with The Hartford assuming a quota share of the UK cyber program, aligning with its strategy to expand internationally. (Kenneth Araullo, 30/10/2024, Insurance Business, 'The Hartford, Coalition form partnership to expand cyber insurance in UK')
Chubb's Q3 2024 financial results show increases in net income and core operating income, with CEO Evan G. Greenberg noting a 14.3% rise in core operating income and a 15.6% increase in earnings per share, driven by strong P&C underwriting and investment income growth. (Terry Gangcuangco, 30/10/2024, Insurance Business, 'How did Chubb fare in Q3?')
WTW has launched ResQ Machine-led Reserving, a technology designed to enhance precision and efficiency in property and casualty reserving for insurers and reinsurers; Tina Gwilliam, WTW's Global Proposition Leader for reserving, emphasized its ability to deliver faster, more precise results, enabling teams to focus on critical insights for broader business needs. (Kenneth Araullo, 29/10/2024, Insurance Business, 'WTW launches ResQ Machine-led Reserving to boost P&C re/insurance')
UK-based insurtech Broker Insights has expanded into the US market, launching its Vision platform to enhance broker connectivity and data utilisation across all 50 states, tailored to the American market after extensive research and analysis of nearly $1 billion in gross written premium; founded in 2018 by former Aviva Executives Fraser Edmond and Iain Crole, the company is backed by Mercia Ventures and Chroma Ventures. (Terry Gangcuangco, 29/10/2024, Insurance Business, 'Broker Insights expands into the US')
Rokstone has doubled its directors’ and officers’ (D&O) line size from £5 million to £10 million, sourcing the increase entirely from Lloyd’s Syndicates to strengthen its presence in the competitive D&O market amid rising risk exposures and coverage imbalances. (Kenneth Araullo, 28/10/2024, Insurance Business, 'Rokstone increases D&O line to £10 million, backed by Lloyd’s Syndicates')
Aon's financial results for Q3 2024 show an increase in revenue, primarily from its commercial risk solutions unit, which contributed $1.85 billion; overall revenue included $870 million from health solutions, $503 million from reinsurance solutions, and $499 million from wealth solutions, with all four segments reporting revenue growth, though net income attributable to shareholders decreased. (Terry Gangcuangco, 28/10/2024, Insurance Business, 'Aon unveils mixed bag of quarterly results')

Mergers and Acquisitions

Clear Group has announced its largest retail broker acquisition to date by purchasing A-One Insurance Group, integrating its seven offices and over 150 employees. A-One, a top 75 UK broker with premiums exceeding £50 million, specializes in various insurance sectors and will bolster Clear's regional presence under managing director Ian Penfold. The acquisition also includes A-One's nine appointed representatives and their teams.(Jonalyn Cueto, 1/11/2024, Insurance Business, 'Clear Group announces its largest retail broker acquisition to date')
Ardonagh Advisory has agreed to acquire Rowett Insurance Broking Limited, enhancing its presence in Southwest England and expanding its agricultural insurance capabilities. The acquisition integrates Rowett’s commercial and personal insurance operations in St Austell and Plymouth, along with its specialist agricultural subsidiary, AGRi Insurance Facilities Ltd. Founder Glyn Rowett will continue to lead the business, ensuring continuity for clients and staff. (Jonalyn Cueto, 1/11/2024, Insurance Business, 'Southwest broker Rowett joins Ardonagh')
Aviva Plc and Allianz SE, along with Sampo Oyj and Ageas, are reportedly considering bids for UK insurer esure Group Plc, which Bain Capital may value at around £1.5 billion ($1.9 billion), targeting firms with UK operations that could benefit from synergies with esure. (Kenneth Araullo, 31/10/2024, Insurance Business, 'Aviva, Allianz eye esure acquisition in potential £1.5 billion deal - report')
Specialist Risk Group (SRG) has acquired Stonehatch, a broker specializing in bloodstock and livestock insurance, enhancing SRG’s equine division and expanding its niche offerings while retaining Stonehatch’s founder Chris Williamson and his team in leadership roles. (Kenneth Araullo, 30/10/2024, Insurance Business, 'Specialist Risk Group acquires Stonehatch to expand equine insurance')
Arthur J. Gallagher & Co. has acquired Redington Ltd, an investment consulting firm in London that specialises in investment consulting, research, and technology solutions for pension funds and institutional investors; following the acquisition, Redington's team, led by CEO Sylvia Pozezanac, will continue operations under Gallagher UK’s employee benefits and HR consulting division, headed by David Piltz. (Terry Gangcuangco, 28/10/2024, Insurance Business, 'Gallagher swoops for Redington')
The Clear Group has acquired Vision Insurance Services, a Surrey-based firm known for managing £10 million in gross written premium and serving a diverse clientele; founded in 2010, Vision has strengthened its market position through broker acquisitions and will see Managing Director David MacKinnon, Finance Director Claire MacKinnon, and their 17-member team integrate into Clear as part of the company’s expansion in South East England. (Terry Gangcuangco, 28/10/2024, Insurance Business, 'Clear Group expands further with Vision Insurance Services swoop')

Movers

Ripe has appointed David Rowntree as Chief Underwriting Officer, bringing over 20 years of experience from senior roles at Zurich, RSA, Legal & General, and Swiss Re, most recently leading property and SME at Wakam in the UK and Europe. (Terry Gangcuangco, 30/10/2024, Insurance Business, 'Insurance hires: Ripe, Fenchurch Law, Optio Group')
Fenchurch Law has strengthened its team with two new hires: Chris Ives as a Partner in Leeds, bringing over 20 years of experience in complex, high-value claims from roles at Eversheds Sutherland, DAC Beachcroft, and Addleshaw Goddard, and Pawinder Manak as a Trainee Solicitor in London, leveraging her background from University College London and diverse legal internships to assist clients with coverage disputes. (Terry Gangcuangco, 30/10/2024, Insurance Business, 'Insurance hires: Ripe, Fenchurch Law, Optio Group')
Optio has appointed Joanna Eilts as its first Head of Legal, bringing extensive expertise in M&A transactions and corporate counsel from her previous role as a Senior Private-Equity Lawyer at Goodwin Procter. (Terry Gangcuangco, 30/10/2024, Insurance Business, 'Insurance hires: Ripe, Fenchurch Law, Optio Group')
Price Forbes Bermuda has promoted Carrie Kelley to Chief Executive Officer, overseeing all operations and reporting to Chris Bonard, CEO of Ardonagh Specialty (Bermuda) Ltd. With over 20 years in insurance, Kelley has experience in broking and underwriting across Bermuda and the US, previously holding senior roles at Barbican Underwriting, Bowring Marsh, Guy Carpenter, and Marsh USA. (Kenneth Araullo, 29/10/2024, Insurance Business, 'Carrie Kelley promoted to CEO of Price Forbes Bermuda')
Tysers has appointed Babita Rai as CEO of Tysers Singapore and William Furness-Smith as Head of Marine for the APAC region; Rai, who joined Tysers in 2023 as Managing Director overseeing reinsurance operations, will focus on expanding core business and client relationships in APAC, leveraging over 20 years of experience from firms including JB Boda, UIB Asia Reinsurance Brokers, and Guy Carpenter, while Furness-Smith, with over 15 years of marine broking expertise specializing in complex hull and cargo risks, previously held positions at Marsh & McLennan and Dry Cargo Shipbroker before joining Tysers in 2015. (Kenneth Araullo, 29/10/2024, Insurance Business, 'Tysers appoints Babita Rai and William Furness-Smith in APAC expansion')
Nicola Stacey, Chief Underwriting Officer at Chaucer and current Deputy President of the Chartered Insurance Institute (CII), has been appointed the next CII President, effective January 1, 2025; she brings over 30 years of re/insurance experience, including senior roles at Swiss Re and GE Insurance Solutions, and is responsible for developing Chaucer’s underwriting strategy with a focus on portfolio expansion. (Kenneth Araullo, 29/10/2024, Insurance Business, 'Chaucer's Nicola Stacey tapped to lead CII')
Accredited Insurance Holdings has appointed Barbara Bufkin and Patricia Roufca as Non-Executive Directors to its group board; Bufkin brings extensive experience from executive roles in reinsurance and specialty insurance at firms like Guy Carpenter, Swiss Re, Hamilton Insurance Group, and Argo Limited, while Roufca, former UK CEO of Fidelis Underwriting, held key roles in legal and strategic execution, and was group COO at Fidelis Insurance Holdings, having also served as group Head of Legal at Aspen Insurance. (Kenneth Araullo, 29/10/2024, Insurance Business, 'Accredited Insurance appoints Bufkin and Roufca to board')
Aon has announced the retirement of Jeff Poliseno after a 30-year career in aerospace broking and risk management, during which he served as CEO of the global space team since 2008 and helped establish Aon’s space capabilities; Jared Ball, with over 20 years of aerospace experience and previously Chief Technical Officer of Aon’s global space team, will succeed him as the Global Practice Leader. (Kenneth Araullo, 28/10/2024, Insurance Business, 'Aon's Jeff Poliseno retires after 30 years in aerospace broking')