General Insurance newsletter Friday 15th November 2024

Insurance News

Reports of non-financial conduct on the rise for insurers and brokers- Reports of non-financial misconduct in the insurance and financial sectors have surged, with issues like bullying, harassment, and discrimination rising significantly. The FCA's upcoming policies aim to tighten standards and improve workplace culture. Many firms, however, face challenges with outdated governance on misconduct and incomplete reporting to boards. Firms are encouraged to proactively enhance ethical standards, as workplace culture and transparency are increasingly vital in attracting talent. (IDEX Consulting news, 'Reports of non-financial conduct on the rise for insurers and brokers')
Why mental health should be a priority for businesses- With rising workplace stress, economic pressures, and ‘e-presenteeism’, mental health issues like anxiety and burnout are increasing among employees. This article provides practical strategies employers can implement to improve employee welfare, prevent burn out and reduce attrition. IDEX Consulting's CEO, Matt Green, emphasises the importance of employee wellbeing for talent attraction and retention, and how firms need to prioritise building awareness and providing consistent practical support. (IDEX Consulting news, 'Why mental health should be a priority for businesses')
In-demand insurance skills - To stay competitive in the insurance sector, professionals must take charge of their career and regularly develop skillsets. With a growing emphasis on technology and AI digital skills are key, as well as a range of soft skills. Employers increasingly favour candidates with a mix of technical and interpersonal abilities to navigate industry challenges. (IDEX Consulting news, 'In-demand insurance skills')
Accelerate your career as an Account Executive - Insurance Account Executives play a vital role in building strong client relationships, driving business development and advising on tailored coverage, and negotiating with Underwriters. Learn what skills you should be developing to enhance your career prospects, and secure promotion opportunities. (IDEX Consulting news, 'Accelerate your career as an Account Executive')
Howden has opened its North West headquarters, Howden House, on Chapel Street, Manchester, housing 200 insurance professionals. The HQ offers a range of services, including motor, home, healthcare, professional indemnity, real estate, and employee benefits insurance, and will support Howden’s existing branches in Altrincham, Bolton, and Wilmslow, as part of its regional expansion strategy coinciding with its 30th anniversary. (Jonalyn Cueto, 15/11/2024, Insurance Business, 'Howden opens Manchester HQ')
Aspen Insurance Holdings Limited reported solid financial results for the three- and nine-month periods ending September 30, 2024, with a 15.8% increase in gross written premium to $3.6 billion, driven by growth in underwriting, investment, and capital market divisions. Executive chairman and group CEO Mark Cloutier highlighted the platform's appeal and its relevance to clients and trading partners in insurance and reinsurance. (Kenneth Araullo, 15/11/2024, Insurance Business, 'Aspen Insurance reports 15.8% premium growth in Q3 2024')
Generali reported strong financial results for the first nine months of 2024, with gross written premiums rising 18.1% to €70.7 billion, driven by growth in its life and property & casualty (P&C) divisions. The life segment saw net inflows of €6.8 billion, primarily from protection and unit-linked products. The group’s operating result increased by 7.9% to €5.4 billion, reflecting gains across life, P&C, and asset and wealth management divisions. (Kenneth Araullo, 15/11/2024, Insurance Business, 'Generali posts strong Q3, €5.4billion in operating profit as premiums surge')
Aegon reported a Q3 2024 operating capital generation (OCG) of €336 million, raising its full-year OCG guidance to €1.2 billion, and announced a €150 million share buyback program. Capital ratios remain strong, with holding cash capital at €1.5 billion as of September 30, 2024. The company also completed a universal life policy acquisition, impacting the US risk-based capital ratio by 16 percentage points. (Kenneth Araullo, 15/11/2024, Insurance Business, 'Aegon raises 2024 capital generation guidance to €1.2 billion in Q3 update')
Miller continues its international expansion with the acquisition of 4809 Brokers AG, aiming to strengthen its reinsurance capabilities, a key pillar of its growth strategy, according to Shaun Sinniah, Head of Reinsurance and Capital. (Mia Wallace, 14/11/2024, Insurance Business, 'Leading independent broker details reinsurance expansion plans')

Swiss Re reported a net income of $2.2 billion and a 13.4% ROE for the first nine months of 2024, driven by steady underwriting and investment gains across units, though partially offset by higher reserves in P&C Re’s US liability business. (Kenneth Araullo, 14/11/2024, Insurance Business, 'Swiss Re reports $2.2 billion net income, shifts 2025 targets')
Rokstone has received regulatory licensing from the Dubai Financial Services Authority, enabling its new Dubai office to expand operations across the MENA region and capture business that previously bypassed London markets, in line with its growth strategy. (Kenneth Araullo, 14/11/2024, Insurance Business, 'Rokstone enters MENA region with new Dubai office and DFSA approval')
Oxbridge Re reported a Q3 2024 net loss of $540,000, significantly lower than its $7.3 million loss in Q3 2023, due to reduced unrealized losses on investments. (Kenneth Araullo, 14/11/2024, Insurance Business, 'Oxbridge Re's Q3 2024 loss narrows amid higher premiums and lower expenses')
Ruby Reinsurance Company (Ruby Re) raised $480 million in capital after a second funding round, reaching the top of its target range, with new contributions from AllianceBernstein, EnTrust Global, and Enstar Group, among others. (Kenneth Araullo, 14/11/2024, Insurance Business, 'Ruby Re raises $480 million in second round with AllianceBernstein, Enstar')
SCOR SE reported a Q3 2024 net loss of €117 million, driven by a negative result in life and health reinsurance, partially offset by strong property and casualty reinsurance performance, with a P&C combined ratio of 88.3% for the quarter. (Kenneth Araullo, 14/11/2024, Insurance Business, 'SCOR reports €117 million Q3 loss, affected by L&H assumption review impact')
Russell Scanlan, founded in 1881, has relocated its headquarters from Nottingham city centre to West Bridgford’s Grove House, following its acquisition by Acrisure in 2022 and recent acquisition of construction insurance specialist BLG, supporting its growth and expansion. (Jonalyn Cueto, 14/11/2024, Insurance Business, 'Russell Scanlan relocates HQ')
Aviva plc’s Q3 2024 update shows continued growth, with general insurance premiums rising 15% to £9.1 billion, driven by strong performance in the UK, Ireland, and Canada, as well as pricing adjustments to address inflationary pressures. (Kenneth Araullo, 14/11/2024, Insurance Business, 'Aviva reports strong Q3')
Ageas SA/NV has opened a new branch in Zurich, where its reinsurance unit will issue contracts directly on Ageas paper, allowing Zurich-based underwriters to manage contracts on behalf of the company and ensure continuity in risk security for clients. The office will be managed by Anne Deister, appointed as Branch Manager, with Ageas Re expanding into larger office spaces in Zurich to support this new capacity, according to CEO Joachim Racz. (Kenneth Araullo, 13/11/2024, Insurance Business, 'Ageas Re opens Zurich branch, expands direct contract capabilities')
Allianz reported a 14% rise in Q3 2024 operating profit to €3.9 billion, driven by strong growth in its life/health and property-casualty segments, with total business volume up 17.3% to €42.8 billion and net income increasing 23% to €2.5 billion. (Kenneth Araullo, 13/11/2024, Insurance Business, 'Allianz Q3 operating profit surges 14% amid growth across insurance segments')
Fidelis Insurance Group reported a 25.2% increase in Q3 2024 gross premiums to $741.9 million, with net income of $100.6 million, underwriting income of $80 million, and a combined ratio of 87.4%, despite higher catastrophe losses of $91.6 million. (Kenneth Araullo, 13/11/2024, Insurance Business, 'Fidelis Q3 gross premiums rise 25.2%, reaching $741.9 million')
Aviva has expanded its Probitas platform with five new business lines—marine, construction, renewable energy, contingency/event cancellation, and M&A—available for binding from Jan. 1, 2025, as part of its integration within Lloyd’s following the acquisition of Probitas in July. (Jonalyn Cueto, 13/11/2024, Insurance Business, 'Aviva expands offerings at Lloyd’s through Probitas platform')
Winn Group reported a 4.6% increase in H1 2024 turnover to £94.5 million and a 9.7% rise in EBITA to £18.2 million, with Executive Chairman Jeff Winn crediting the growth to operational efficiency and a supportive company culture amid market challenges. (Jonalyn Cueto, 13/11/2024, Insurance Business, 'Winn Group reports strong H1 2024 results')
Global insurtech investment hit $1.38 billion in Q3 2024—the highest since Q1 2023—with 55.5% directed to mega-rounds over $100 million, according to Gallagher Re. Despite a nearly four-year low in deal count (77 deals), 63.4% focused on AI, while (re)insurers primarily targeted mid-stage funding rounds, reflecting a shift toward a more balanced funding landscape. (Kenneth Araullo, 12/11/2024, Insurance Business, 'AI and mega-rounds drive record-high insurtech funding – Gallagher Re')
Bridge Specialty Group will consolidate its London businesses under the new Bridge Specialty International, starting with the rebranding of Lonmar Global Risks in December, followed by the integration of Decus Insurance Brokers and BdB Limited in 2025, to enhance operational efficiency and expand market reach. (Jonalyn Cueto, 12/11/2024, Insurance Business, 'Bridge Specialty consolidates London operations')
Hannover Re has raised its 2024 profit target to approximately €2.3 billion, citing favorable business conditions and a Q3 tax benefit, and set a 2025 income target of €2.4 billion. For the first nine months of 2024, it reported a 30.4% rise in net income to €1.8 billion, with gross reinsurance revenue up 6.4% to €19.7 billion and a 36.4% increase in underwriting profit to €2.1 billion. (Kenneth Araullo, 11/11/2024, Insurance Business, 'Hannover Re raises 2024 profit target, sets new 2025 goals')
Doe & Emuss (D&E), a new specialist underwriting manager in professional liability, has launched with Lloyd’s coverholder approval. Led by founders David Doe and Paul Emuss, who bring 70 years of combined experience in the Lloyd’s and London Market, D&E will manage professional liability portfolios and underwrite on Lloyd’s paper, backed by top-quartile syndicates. (Kenneth Araullo, 11/11/2024, Insurance Business, 'Doe & Emuss launches at Lloyd's')
Aviva reported that 30% of young drivers have unknowingly bought invalid car insurance from fraudsters on social media, a scam called ghost broking, with 89% facing issues like policy misrepresentation (49%), denied claims (22%), lack of seller support (21%), and police stops leading to fines or impoundment (17%). (Kenneth Araullo, 11/11/2024, Insurance Business, 'Aviva finds rise in ghost broking scams among young social media users')
Aon’s Q3 Global Insurance Market Insights report highlights increased competition and softening rates across UK insurance lines, fueled by new market entrants and greater appetite from established insurers due to strong financial results. Globally, renewed confidence among insurers, supported by favorable reinsurance conditions, is expected to lead to competitive pricing and positive renewal outcomes. While Hurricane Milton’s estimated economic impact of $25–$40 billion is under review, liability claims in the US face continued pressure from social inflation, particularly in tort-exposed lines. Joe Peiser, Aon’s CEO of commercial risk, noted that “buyer-friendly conditions have continued across much of the global insurance market and even picked up pace in some segments.” (Jonalyn Cueto, 11/11/2024, Insurance Business, 'UK insurance market heats up – report')
Earnix’s 2024 Industry Trends Report, based on insights from 400+ insurance executives, reveals a significant shift towards AI adoption, with 70% planning to implement real-time data predictive models in the next two years, and a rise in regulatory compliance efforts, as over half of companies faced fines or refunds due to operational errors. (Jonalyn Cueto, 11/11/2024, Insurance Business, 'Report: AI adoption accelerates in insurance, but challenges remain')

Mergers and Acquisitions

Ageas has entered exclusive negotiations with UK-based Saga Services Ltd to distribute personal lines motor and home insurance products for customers over 50, and to acquire Saga's underwriting unit, Acromas Insurance Co Ltd. As part of the deal, Ageas UK will form a 20-year affinity partnership with Saga’s broking arm, Saga Services Ltd. (SSL), which distributed over £479 million (US$626 million) in gross written premiums across motor and home insurance lines in the fiscal year ending July 31. (Kenneth Araullo, 13/11/2024, Insurance Business, 'Ageas Re opens Zurich branch, expands direct contract capabilities')
Specialist Risk Group (SRG) has acquired One Claim Limited, an Essex-based claims management provider, enhancing its motor fleet capabilities across underwriting, broking, and MGA services, with One Claim's team joining SRG's MGA division, MX. (Kenneth Araullo, 12/11/2024, Insurance Business, 'SRG expands motor fleet offerings with One Claim acquisition')

Movers

Allianz Commercial has appointed Rob Carslake as Head of its London region for mid-market business, where he will drive strategic growth and strengthen underwriting. With over 13 years of experience, Carslake previously held senior roles at Hiscox and Aviva, specializing in underwriting and market strategy. (Jonalyn Cueto, 15/11/2024, Insurance Business, 'Allianz Commercial introduces new head for London')
Specialist Risk Group (SRG) has appointed Jaya Taylor, former Global Compliance Officer at Allianz Global Corporate and Specialty SE, as Global Leader for regulatory affairs, risk, and compliance, reporting to CEO Warren Downey. A qualified lawyer with extensive expertise in governance, compliance, and multi-jurisdictional insurance, Taylor’s experience aligns with SRG’s international growth objectives. Her appointment follows SRG’s acquisition of One Claim, an Essex-based claims management provider, which will join SRG’s MGA division, MX. (Kenneth Araullo, 14/11/2024, Insurance Business, 'Specialist Risk Group appoints Jaya Taylor to lead global compliance')
AIG has appointed Christopher Schaper as Chief Risk Officer, after serving as interim CRO since September, bringing extensive experience from roles at AIG, Validus Re, AlphaCat, and Marsh McLennan. (Kenneth Araullo, 14/11/2024, Insurance Business, 'Christopher Schaper tapped as AIG’s new chief risk officer')
Evolution Claims Management has appointed Jim Pittman as Head of Professional Services, bringing extensive claims management experience, including senior roles at Halifax Bank and Stream Claim Services, and recent work on major incidents such as the Beirut explosion. (Jonalyn Cueto, 14/11/2024, Insurance Business, 'Veteran adjuster joins Evolution Claims')
Swiss Re has appointed Jonathan Rake as CEO of Swiss Re Solutions, effective January 1, 2025. Rake, who has been with Swiss Re since 2016 and served as Regional CEO for Asia-Pacific at Swiss Re Corporate Solutions, will bring his leadership experience and corporate strategy expertise to the global role. He has also been a member of the Global Executive Committee and a global ambassador for Swiss Re’s sustainability initiative. Robert Hunziker will temporarily take over Rake’s responsibilities in Asia-Pacific during the transition. (Kenneth Araullo, 13/11/2024, Insurance Business, 'Jonathan Rake named CEO of Swiss Re Solutions starting 2025')
Somerset Reinsurance Ltd has appointed Riley LaTour as Chief Risk Officer, where he will oversee risk management strategies, drawing on his prior experience as Head of Risk Analytics at Somerset Re and roles at Kemper Corporation and Securian Financial Group. (Kenneth Araullo, 13/11/2024, Insurance Business, 'Riley LaTour named chief risk officer at Somerset Reinsurance')
Lockton Re has strengthened its retrocession, property specialty, and cyber practices with the appointments of Edward Tyler, a Senior Broker with expertise from Gallagher Re and Willis Re in retrocession and London Market placements, and Jemima Hopper, an ACII-qualified Cyber Reinsurance Broker from Guy Carpenter with experience in Treaty, MGA, and retro markets. (Kenneth Araullo, 13/11/2024, Insurance Business, 'Duo brought in to expand specialty and cyber at Lockton Re')
Envelop Risk has launched Envelop Underwriting, consolidating its underwriting operations across Bermuda, Lloyd’s, and SPA 1925, with Dom Peters, former Active Underwriter at Dale Underwriting Partners and ex-Chief Underwriting Officer at MS Amlin, appointed as CEO. (Jonalyn Cueto, 13/11/2024, Insurance Business, 'Envelop Risk launches new underwriting division, names CEO')
SiriusPoint has appointed Anthony Shapella as Group Chief Underwriting Officer, effective Jan. 1, 2025, after joining in 2023 as Deputy Chief Underwriting Officer following his role at AIG as Head of Portfolio Analytics for general insurance. David Govrin will focus solely on his role as Group President and CEO of global reinsurance, after serving in dual roles since 2021. (Kenneth Araullo, 12/11/2024, Insurance Business, 'SiriusPoint restructures leadership as Anthony Shapella takes on chief underwriting role')
Optio Group has appointed Insi Davenport as Group Chief Risk Officer, a newly created role, bringing over 25 years of experience from firms like HSBC Insurance Brokers, Barbon, and Ardonagh Group, most recently serving as Chief Risk Officer at Lucida Group. (Kenneth Araullo, 12/11/2024, Insurance Business, 'Insurance hires: Ortec Finance, Optio Group, HCR Insurance & Risk')
HCR Insurance & Risk, the insurance arm of UK law firm HCR, has appointed Keith Mathews as Legal Director in its London office, bringing over 12 years of experience in insurance matters like fraud, motor, and casualty to support the firm’s growth and client-focused approach. (Kenneth Araullo, 12/11/2024, Insurance Business, 'Insurance hires: Ortec Finance, Optio Group, HCR Insurance & Risk')
Miller has appointed Amanda Armitage as Business Development Manager in its international professions team and Scott Gorman as Head of the UK and international PI wholesale team, enhancing its professional & financial lines strategy. Armitage, formerly with PIB Insurance Brokers, brings over 15 years of experience in sectors like renewables and construction, while Gorman, previously at Price Forbes, has a background in underwriting and financial risks. (Kenneth Araullo, 11/11/2024, Insurance Business, 'Miller bolsters growth with key hires in professional & financial lines')
Jensten Group announced that CEO Alistair Hardie will step down, marking a major transition after leading its growth from a franchise network to a prominent UK insurance intermediary with Lloyd’s and London Market capabilities. As part of its succession strategy, Jensten promoted Rob Organ, former CEO of Bluefin and Tasker Insurance Group, to CEO of broking earlier in 2024; he now steps into the group CEO role. Chair Tim Wright praised Hardie’s impact since 2020, noting his move allows him to pursue non-executive roles. (Kenneth Araullo, 11/11/2024, Insurance Business, 'Rob Organ named Jensten Group CEO as Alistair Hardie steps down')
Howden has promoted Ellie Cole, who joined the firm six years ago in an entry-level position, to Branch Manager, succeeding Chris Beane, who will continue as Divisional Director. The company also celebrated the graduation of apprentices Ethan Jones and Hannah Spencer, with Jones joining the sales team and Spencer starting a level 2 apprenticeship in accounting and finance. (Jonalyn Cueto, 11/11/2024, Insurance Business, 'Howden promotes Cole, celebrates apprentices')