General Insurance newsletter Friday 4th October 2024

Insurance News

What to consider before accepting a counter-offer - The decision to accept a counter-offer requires careful consideration. Assess your current job satisfaction, long-term career goals, and whether the counter-offer genuinely addresses your reasons for leaving. Evaluate if the offer reflects your worth and if it aligns with your professional aspirations. Consider the impact on your relationship with your employer, as accepting may affect trust. Ultimately, ensure your choice aligns with your career path. (IDEX Consulting news, 'What to consider before accepting a counter-offer')
How to attract top buyers for your business - To attract top buyers for your business, emphasise clear communication and a strong value proposition. Highlight unique selling points and showcase past successes. Build a robust online presence through targeted marketing and social media engagement. Networking is crucial—attend industry events and leverage referrals to connect with potential buyers. Additionally, ensure your business is presented professionally, with detailed documentation readily available. (IDEX Consulting news, 'How to attract top buyers for your business')
From Account Executive to MD in just five years - Transitioning from an account executive to managing director in five years requires strategic career moves. Focus on building strong relationships, understanding client needs, and demonstrating leadership qualities. Pursue continuous professional development through training and mentorship while actively seeking high-impact projects. Showcase results to gain visibility and align your goals with the company's vision. Embrace challenges and be open to feedback, as adaptability is key to accelerating your career growth. (IDEX Consulting news, 'From Account Executive to MD in just five years')
How IDEX enabled £56.7m business Clear Group boost revenue and growth - IDEX Consulting played a pivotal role in helping Clear Group enhance its revenue and growth by £56.7 million. The partnership focused on refining Clear Group's strategic approach and optimising operations. IDEX's tailored solutions enabled the company to align its services with market demands and improve client engagement. This collaboration illustrates how effective consulting can drive substantial business transformations. (IDEX Consulting news, 'How IDEX enabled £56.7m business Clear Group boost revenue and growth')
A recent report by Insurance Business UK highlights the best insurance brokerages in the UK, showcasing firms that have excelled in service delivery and client satisfaction. Notably, IDEX's very own Paul Davey, Managing Director for GI, contributed insights on what sets the top-performing brokerages apart. He emphasised the importance of well-structured back office operations that support sales teams, allowing them to focus on client acquisition rather than resolving existing issues. Davey also pointed out that successful firms are enhancing their infrastructure for market placement and client service, and increasingly looking to integrate AI technologies to improve efficiency and cost-effectiveness. (Insurance Business, October 2024, 'Best Insurance Brokerages in the UK | 5-Star Brokerages')
Saga is in advanced talks with Belgian insurer Ageas for a potential partnership that would see Ageas take over parts of Saga's insurance business, with up-front and commission payments helping Saga reduce its significant debt and shift to a capital-light growth strategy. (Kenneth Araullo, 3/10/2024, Insurance Business, 'Saga reportedly in talks with Ageas for insurance partnership')
Severe flooding in Central Europe in September has caused estimated insured losses of €2 billion (US$2.2 billion) to €3 billion (US$3.4 billion), according to Verisk. The Poland-Czechia border was heavily impacted, with Poland reporting damage to over 11,500 residential and 6,000 commercial properties. By late September, Czech insurers received over 60,000 claims totaling CZK 19.3 billion (€770 million or $850 million), about 60% related to business insurance. Vienna's flood defenses were effective, but nearby areas in Lower Austria suffered significant damage from the River Wien. (Mav Rodriguez, 1/10/2024, Insurance Business, 'Central Europe floods could hit €3 billion in insured losses')
Kenya Reinsurance Corporation (Kenya Re) and the University of Nairobi have launched the Kenya Re AI4Insurance Hackathon 2024 to address insurance sector challenges using artificial intelligence (AI). Nearly 100 software development students are participating, with prizes including cash awards and a three-month internship at Kenya Re for the top three participants. The initiative aims to enhance technology in Kenya’s reinsurance sector, potentially lowering costs and improving processes. (Mav Rodriguez, 1/10/2024, Insurance Business, 'AI takes spotlight in new insurance hackathon by Kenya Re')
RSA Insurance has launched a Directors’ and Officers’ (D&O) protection product to expand its Professional and Financial Risks (Profin) offerings, aimed at protecting UK business owners and executives from management liability disputes. Targeting large firms, multinational companies, and private businesses with turnovers over £250 million, the product is available through RSA’s commercial lines and mid-market channels. This follows recent updates, including a refreshed Management Liability product and other financial risk offerings. (Jonalyn Cueto, 1/10/2024, Insurance Business, 'RSA Insurance launches new D&O protection product')

Major global cyberattacks are projected to increase by 105% by the end of 2024, according to QBE's report titled “Connected Business: digital dependency fuelling risk.” The report estimates that strategically significant global cyberattacks will rise to 211 incidents in 2024, up from 103 in 2020. While large-scale attacks like NotPetya are rare, they can have significant impacts, as seen with approximately US$10 billion in damages from that incident. The report's release coincides with UK discussions on enhancing cybersecurity legislation in response to recent high-profile cyber incidents. (Terry Gangcuangco, 1/10/2024, Insurance Business, 'QBE shines light on what's ahead in cyberspace')
Cyber MGA Onda has formed a two-year partnership with cybersecurity firm Panorays to enhance its cyber insurance offering. Panorays, recognized in The Forrester Wave™ 2024 report, will integrate its advanced cyber risk assessment tool into Onda’s platform, streamlining underwriting processes. This integration will eliminate lengthy application forms and provide brokers and customers with real-time risk data, helping customers better understand their external attack surface and monitor risks from third-party relationships in their supply chains. (Jonalyn Cueto, 1/10/2024, Insurance Business, 'Onda teams up with Panorays to streamline cyber insurance')
Aviva and WWF have released a report, “National nature-positive pathways to guide policy and private sector action,” urging collaboration between the private sector and the UK government to develop nature-positive strategies. The report emphasizes that addressing the climate crisis and nature degradation requires joint efforts and proposes creating “nature-positive pathways” to guide businesses in meeting environmental goals while integrating climate and biodiversity strategies. (Terry Gangcuangco, 1/10/2024, Insurance Business, 'Aviva, WWF urge the UK to develop 'nature-positive pathways')
London-based managing general agent Ventis, which began trading in the UK in January, has expanded into the Irish market through an exclusive agreement with Specialist Risk Group’s The Underwriting Exchange, allowing Irish brokers to access its underwriting capacity for mid-market risks of up to €40 million. (Terry Gangcuangco, 1/10/2024, Insurance Business, 'London MGA Ventis expands into Ireland')
The US property and casualty insurance industry is on track for increased profits in 2024, with a year-to-date combined ratio of 98%, a 7-point improvement from 2023, and strong premium growth of around 10%. Investment income is also strong, with ROE near 10% in H1 2024, and Swiss Re forecasts full-year ROE at 9.5% for 2024 and 10.0% for 2025. (Kenneth Araullo, 30/9/2024, Insurance Business, 'US P&C insurance industry on track for profits in 2024, says Swiss Re')

Mergers and Acquisitions

Ryan Specialty has acquired Geo Underwriting Europe assets from The Ardonagh Group, integrating the Rotterdam-based MGA specializing in financial lines into its Ryan Specialty Underwriting Managers division, led by Walter Craft, who joins the executive committee. (Terry Gangcuangco, 4/10/2024, Insurance Business, 'Ryan Specialty completes Ardonagh deal')
Optio Group has acquired Luxembourg-based MGA Circles Group for an undisclosed sum, subject to regulatory approval, positioning Circles as Optio's European headquarters in its international expansion. This acquisition will expand Optio’s product offerings and strengthen its presence in Europe, advancing its hub-and-spoke model for growth. Founded in 2001, Circles specializes in contingency and special risks insurance, managing over €50 million in premiums and covering more than 100,000 films and events, with Founder and CEO Olivier Héger continuing to lead the business. (Kenneth Araullo, 3/10/2024, Insurance Business, 'Optio Group acquires Circles Group')
Munich Re Specialty has agreed to sell GJW Direct, a specialist in non-commercial marine insurance, to digital managing general agent Ripe for an undisclosed sum, marking Ripe’s second major acquisition in the past year. By integrating GJW Direct, established in 1826, into its portfolio, Ripe aims to leverage its technology and marketing expertise to drive growth. This sale aligns with Munich Re Specialty’s broader strategy to realign its specialty operations and goals. (Terry Gangcuangco, 2/10/2024, Insurance Business, 'Munich Re Specialty sells GJW Direct to Ripe')
Miller has acquired Bruzon Correduría de Seguros y Reaseguros, a Madrid-based commercial insurance broker, finalizing the transaction on September 30 after regulatory approvals. Established in 1990, Bruzon specializes in direct and reinsurance risks, and this marks Miller's third acquisition in Continental Europe in two years. The firm will operate as “Bruzon Miller,” retaining its 32-member team under founder and CEO John Bruzon, reflecting a long-standing relationship, as Miller has held a minority stake in Bruzon since before 2015. (Mav Rodriguez, 1/10/2024, Insurance Business, 'Miller expands European operations with Bruzon purchase')
JMG Group has completed its 40th acquisition in four years by purchasing Confidential Solutions Group, which includes Platinum Underwriting, Leadenhall Insurance Brokers, and Confidential Solutions Ltd. Founded by Kevin Carrabine, the group has grown to handle £8 million in gross written premiums since its launch in 2002. Carrabine and 13 colleagues will join JMG Group as part of the acquisition. (Kenneth Araullo, 30/9/2024, Insurance Business, 'JMG Group makes 40th acquisition with purchase of Confidential Solutions')

Movers

Lucy Clarke, President of WTW risk & broking, has been elected the first female President of the Insurance Institute of London in its 117-year history, bringing over 25 years of industry experience, including leadership roles at Marsh and JLT Group. (Terry Gangcuangco, 4/10/2024, Insurance Business, 'WTW's Clarke named Insurance Institute of London president')
Coalition has appointed Tine Simonsen as Head of Insurance for Continental Europe, leveraging nearly 14 years of experience in cyber underwriting and broking to drive growth in the European market, following her leadership role at AIG and a decade at WTW. (Terry Gangcuangco, 4/10/2024, Insurance Business, 'Coalition picks Simonsen as insurance head for Europe')
Adam Humphrey, CEO of CCS & GRS International at Global Risk Solutions, has been elected president of the Chartered Institute of Loss Adjusters (CILA), succeeding Steven Wallace of McLarens, who steps down after a one-year term, with Humphrey bringing over 20 years of experience in managing complex claims and holding senior roles in energy, project, and construction risks. (Kenneth Araullo, 3/10/2024, Insurance Business, 'Adam Humphrey takes helm at CILA')
Lockton has launched an Offshore Projects Practice, led by specialists Jack Swift, David Vajnai, and Alex Morgan, who bring more than 35 years of combined experience across the offshore sector, providing bespoke risk transfer solutions and offering insights into sub-sector challenges. The practice focuses on areas like interconnectors, subsea cables, FPSOs, FLNGs, FSRUs, and renewable energy installations where marine, energy, and power risks intersect. (Kenneth Araullo, 3/10/2024, Insurance Business, 'Lockton Launches Offshore Projects Practice for tailored risk solutions')
HSB, a specialist engineering and technology insurer within Munich Re, has promoted Terry Dyson to Managing Director of its engineering insurance business, a newly created role under UK and Ireland Chief Executive Stephen Worrall. With over 35 years of experience in the insurance sector, Dyson aims to evolve the engineering insurance unit to meet emerging customer needs; he previously held various senior positions, joined HSB in 2019, and became Commercial Director in 2022. (Terry Gangcuangco, 3/10/2024, Insurance Business, 'Munich Re's HSB picks Dyson to lead engineering insurance')
Ascot Group, a specialty (re)insurance enterprise comprising Ascot Underwriting, Ascot Bermuda, and Ascot US, has appointed Neil Dalton as group Chief Claims Officer, a newly created role to enhance claims management capabilities. Dalton, with over 30 years of experience, previously held leadership roles at Markel International and Lloyd’s, joining Ascot in 2007 as Head of Claims for AUL. He will continue to oversee AUL’s claims operations alongside his new group-wide responsibilities. This appointment follows Kewsong Lee's recent selection as Ascot’s new board Chair. (Terry Gangcuangco, 3/10/2024, Insurance Business, 'Ascot promotes Dalton to group chief claims officer')
Markel has announced three key hires to expand its international casualty portfolio and enhance its wholesale claims service for brokers. Lauren Percival joins as Executive Underwriter for general liability, collaborating with James Murray to drive growth and maintain high service standards; she has 18 years of experience in the London Market, previously holding senior roles at Arch Insurance International and Chaucer. Olivia Hogan is appointed as Senior Underwriter to enhance the environmental liability offering, bringing 12 years of experience, including leading AIG’s UK environmental line of business. Ed Norman has been named International Casualty Claims Manager, responsible for overseeing claims operations and ensuring customer-focused service, with over 20 years of experience, most recently as Assistant Claims Manager at AXA XL. (Terry Gangcuangco, 3/10/2024, Insurance Business UK, 'Markel brings in trio to boost international casualty')
Mosaic Insurance has promoted Francesca Harland to Global Head of Professional Liability, succeeding Anna Jay, who became Active Underwriter for Syndicate 1609 in July. Harland, a key Underwriter since the division's inception in 2021, brings extensive experience in emerging and miscellaneous risks, having joined Mosaic three years ago from Pembroke Syndicate 4000. She has been instrumental in expanding the company’s professional liability offerings in the US and internationally. (Terry Gangcuangco, 3/10/2024, Insurance Business, 'Harland named Mosaic's global head of professional liability')
Gallagher in the UK & Ireland has appointed Simon Collings as its new Chief Broking Officer, pending regulatory approval. With over three decades of insurance industry experience, he previously served as Managing Director of Gallagher’s national broking and placement team and joined the firm in 2017 as Market Management Director for UK Retail. Before Gallagher, he held senior roles at Marsh, JLT, and Miller, specializing in placement strategies. (Jonalyn Cueto, 2/10/2024, Insurance Business, 'Gallagher names new chief broking officer')
Specialty insurer Beazley has appointed Paul Bantick as Chief Underwriting Officer, replacing Bob Quane, who has retired, while Bethany Greenwood has been named Chief Executive of Lloyd’s managing agency Beazley Furlonge Limited. Greenwood, who will also chair Beazley’s London wholesale management committee, retains her role as Group Head of Specialty Risks. Bantick has been with Beazley’s UK operations since 2005 and will continue to oversee the cyber risks division until a new Group Head is appointed. (Terry Gangcuangco, 2/10/2024, Insurance Business, 'Beazley names CUO, Lloyd’s managing agency CEO')
Pen Underwriting's marine business specialist division, Trafalgar Marine Trades (TMT), has appointed Emma Colbourn as UK Senior Marine Trades Underwriter, effective October 8, 2024. Colbourn brings over 25 years of marine insurance experience, joining from Geo Underwriting Services and previously KGM Underwriting Services. In her new role, she will focus on the UK marine trades market, addressing the risk and insurance needs of marine businesses globally. (Mia Wallace, 2/10/2024, Insurance Business, 'Pen Underwriting broadens marine trades division with latest hire')
Berkshire Hathaway Specialty Insurance (BHSI) has promoted Caroline Alder-Smurthwaite to its global underwriting office for casualty and healthcare, with Charlotte Behar succeeding her as UK Head of Casualty. Alder-Smurthwaite, who joined BHSI in 2021, brings 25 years of experience in corporate and global casualty roles and will remain based in London. Behar, who joined BHSI in 2020 as UK General Casualty Manager, has nearly 15 years of experience in European underwriting and will also be based in London. (Terry Gangcaungco, 2/10/2024, Insurance Business, 'Behar becomes UK casualty head at BHSI')
Chaucer has appointed Iryna Chekanava as Senior Innovation Underwriter, focusing on weather risk, climate change, and parametric insurance; she brings over a decade of experience in insurance technology, having previously managed innovation at Lloyd's Lab and worked with InsurTech firms like Envelop Risk and Blocksure, starting her career at Capgemini. (Mav Rodriguez, 1/10/2024, Insurance Business, 'Chaucer strengthens innovation team with new senior underwriter')
Broker Insights has appointed Barbara Miller as Head of Broker Engagement to strengthen relationships and enhance the use of its Vision platform. This newly created role leverages Miller’s over 20 years of experience in financial services and IT, including running a sales and marketing business for insurance brokers. Most recently, she was Group Head of Sales Operations at Clear Insurance Management. (Jonalyn Cueto, 1/10/2024, Insurance Business, 'Broker Insights introduces head of broker engagement')
Liberty Specialty Markets has appointed Henry Nelson as Chief Underwriting Officer for its UK and MENA operations, effective in the New Year. Nelson, an 11-year veteran at Liberty, will transition into the role over the coming weeks, working alongside outgoing CUO Mel O’Neill until O’Neill’s retirement at the end of 2024. Nelson, who most recently served as Chief of Staff, brings extensive cross-functional expertise, having held various positions within the company, including portfolio management for London and global products. He joined Liberty in 2016 after working with Aon's crisis management team. (Terry Gangcuangco, 1/10/2024, Insurance Business, 'Liberty Specialty Markets picks UK, MENA underwriting chief')
The Lloyd’s Market Association (LMA) has appointed Duncan Dale, CEO of Dale Underwriting Partners, and Sarah Stanford, CEO of Aspen UK, to its board of directors, responsible for shaping the association's strategy and priorities. These appointments follow the departures of Dominick Hoare from Munich Re Specialty Group and Chris Smelt from Managing Agency Partners. (Terry Gangcuangco, 1/10/2024, Insurance Business, 'LMA names new board members')
Miller has appointed David Randle as Head of Commercial Business Development in its sports and entertainment division, reporting to Tim Nagle. Randle brings over 40 years of insurance experience, including nearly 28 years at Tysers in senior management roles, and has also worked at Aon as Development Director. (Kenneth Araullo, 30/9/2024, Insurance Business, 'Miller appoints David Randle as head of commercial business development')
Liberty Mutual Insurance has appointed Jeff Dailey, former Chair, President, and CEO of Farmers Group with over 40 years of insurance experience, and Linda Mantia, ex-Senior EVP and COO of Manulife Financial, as board members; Dailey is known for his leadership in customer-centric innovation and overseeing Farmers' acquisition of MetLife's property and casualty business, while Mantia brings expertise in corporate strategy and operations from her tenure at Manulife and the Royal Bank of Canada, along with consulting experience at McKinsey & Company. (Terry Gangcuangco, 30/9/2024, Insurance Business, 'Dailey, Mantia join Liberty Mutual Insurance board')