General Insurance newsletter Friday 22nd November 2024

Insurance News

Insurer and MGA 2024 reflections - The insurance and MGA market has been heavily influenced by technological developments and predictive analytics, which have helped to streamline claims and underwriting processes. MGAs are leveraging niche specialisations and innovation to drive growth, while sustainability and ESG strategies are becoming central to operations. Retaining talent remains challenging, making diversity, inclusivity, and strong EVP crucial for success. (IDEX Consulting news, 'Insurer and MGA 2024 reflections')
Counter offers: what you need to consider - Before accepting a counter-offer, carefully assess if it truly addresses your reasons for leaving and aligns with your long-term goals. Staying with a current employer can often lead to diminished trust or career stagnation. 78% of employers believe candidates become passive jobseekers post a counter-offer. Consider whether the offer reflects your value or if it's a short-term fix. (IDEX Consulting news, 'Counter offers: what you need to consider')
Integrating cultures during an acquisition: expert insights - Successful cultural integration is vital during an M&A deal, employee buy in and engagement must be taken seriously to minimise dissatisfaction and productivity loss. Key strategies include open communication, aligning values early, and involving leadership from both sides to build trust and collaboration. Emphasising shared goals while respecting individual identities helps to create a cohesive culture that supports long-term success. (IDEX Consulting news, 'Integrating cultures during an acquisition: expert insights')
Risk and Compliance market trends - Changing Consumer Duty requirements, increased customer demands, cyber risks and mandatory ESG reporting have all added pressure and costs to insurers and brokers this year. Firms are leveraging advanced technology to improve compliance and risk management while facing challenges like cyber threats and new regulations. Staying adaptable and proactive is essential for success in this ever-changing landscape. (IDEX Consulting news, 'Risk and compliance market trends')
Lockton Re partnered with Verisk to develop insurance and reinsurance products for the agricultural sector, utilising Verisk’s risk modelling tools to assess climate change impacts and optimise pricing and profitability in the US crop insurance market. (Kenneth Araullo, 21/11/2024, Insurance Business, 'Lockton Re and Verisk partner for crop re/insurance solutions')
Placing Platform Limited (PPL) has launched a new underwriter dashboard with enhanced categorisation, search capabilities, and personalised views to streamline task management and improve efficiency for individuals and teams. (Jonalyn Cueto, 21/11/2024, Insurance Business, 'PPL unveils new underwriter dashboard')
Rokstone has launched Rokstone Parametric, a new insurance product in partnership with NormanMax Lloyd’s Syndicate 3939, offering a $10M global facility for earthquake, hurricane, and typhoon risks, with flood coverage expected in 2025 and projected GWP of $25M in 2024 and $50M in 2025. (Kenneth Araullo, 20/11/2024, Insurance Business, 'Rokstone and NormanMax debut global parametric insurance product')
Ecclesiastical Insurance has maintained its top position in the Fairer Finance Home Insurance league table for the 20th consecutive time, ranking first out of 47 providers and retaining its Gold Ribbon status, while Saga, Direct Line, AA, and Co-operative Insurance earned Gold, Silver, and Bronze Ribbons, respectively. (Kenneth Araullo, 20/11/2024, Insurance Business, 'Ecclesiastical tops Fairer Finance rankings for 20th consecutive time')
Carrow Insurance, a newly established MGA headquartered in Ireland, has launched in the European mid-market insurance sector, offering customised products in warranty, accident and health, and income and payment protection. Led by Ronan Conboy, former CEO of AmTrust International, and backed by Mission Underwriters via the Accelerant Risk Exchange, Carrow aims to serve 27 European countries with A-rated capacity and long-term partnerships. (Jonayln Cueto, 20/11/2024, Insurance Business, 'Carrow Insurance enters European market')
Novidea has relocated to a larger office in London’s financial district, in the iconic Willis building near Lloyd’s of London, to accommodate its expanding team and support its growth strategy. CEO Roi Agababa emphasized the company’s rapid progress and the growing global demand for digital transformation in the insurance sector. (Jonalyn Cueto, 20/11/2024, Insurance Business, 'Novidea moves to iconic Willis building')
Aqueous Underwriting has secured a three-year syndicated capacity agreement with Allied World and Sompo, enabling expansion of its SME product offerings. The new arrangement replaces Aqueous's partnership with Allianz for SME package business, which will transition through 2024, while continuing collaboration on other lines. Aqueous specializes in insurance solutions for SMEs in sectors like food, hospitality, leisure, and hotels. (Jonalyn Cueto, 20/11/2024, Insurance Business, 'Aqueous partners with Allied World and Sompo')

McKinsey's Global Insurance Report 2025 highlights the volatile landscape of economic uncertainty, geopolitical tensions, and shifting trade patterns, while identifying growth opportunities in personal and commercial P&C, and life insurance. Personal lines P&C premiums grew by 9.5% in 2022–2023, driven by rate increases in mature markets, though gross written premiums as a share of GDP remained below pre-pandemic levels and coverage gaps between mature and emerging economies widened. (Kenneth Araullo, 19/11/2024, Insurance Business, 'Natural disaster risks drive need for P&C innovation – McKinsey')
MS Reinsurance reported strong growth in the first half of 2024, with profit after tax reaching £128 million (US$128 million), up £71 million year-on-year, and insurance service profit rising to £138 million (US$138 million), an increase of £41 million, reflecting business expansion and favourable market conditions under IFRS 17. (Kenneth Araullo, 19/11/2024, Insurance Business, 'MS Reinsurance achieves massive growth in net premium earned')
Tokio Marine Holdings raised its full-year adjusted net income forecast to ¥1.04 trillion (US$6.71 billion), up by ¥40 billion (US$258 million), driven by strong underwriting, international growth, and equity sales, with first-half adjusted net income reaching ¥771.2 billion (US$4.98 billion), 77% of the original forecast. (Kenneth Araullo, 19/11/2024, Insurance Business, 'Tokio Marine raises 2024 net income forecast')
Helios Underwriting plc forecasts a decrease in its capacity fund value to £75 million (US$95 million) by the end of 2024, down from £82.4 million in 2023, driven by a dip in Lloyd's auction prices and changes in its freehold portfolio, though its tangible assets showed growth during the first nine months of the year. (Kenneth Araullo, 19/11/2024, Insurance Business, 'Helios Underwriting projects fund capacity decline in 2024')
MS Amlin Underwriting Limited reported strong financial performance for the first half of 2024, with insurance service profits rising to £116 million, up £71 million year-on-year, and net profit after tax increasing to £87 million, driven by robust underwriting, portfolio expansion, improved investment returns, and lower discounting volatility. (Kenneth Araullo, 19/11/2024, Insurance Business, 'MS Amlin posts rise in net premiums earned')
Allianz has launched the "Power of Unity" program to address societal trust erosion and promote confidence in a stable economic future, responding to growing polarization and social unrest worldwide. Allianz Research’s 2024 Social Resilience Index highlighted the weakening of democratic institutions and social cohesion, with 69% of stakeholders expressing a lack of confidence in political leadership’s ability to address key issues. (Rod Bolivar, 19/11/2024, Insurance Business, 'Allianz battles polarisation with global initiative')
A new report by the Lloyd’s Market Association (LMA) and Oxbow Partners, titled The Growth of Enhanced Underwriting in the Lloyd’s Market: The New Normal?, predicts substantial growth in enhanced underwriting over the next decade. Based on research with 85 senior leaders and 55 organizations representing 77% of Lloyd’s 2023 GWP, the report explores the implementation, opportunities, risks, and capabilities required for this evolving practice. (Jonalyn Cueto, 19/11/2024, Insurance Business, 'Lloyd's embraces enhanced underwriting – report')
Swiss Re has revised its economic outlook, noting strong US Q3 GDP growth of 2.8% and raising its 2024 US growth forecast to 2.8%, with a 2025 forecast of 2.2%. The report highlights potential impacts of fiscal and trade policies, including a shift toward looser fiscal policy in the US post-elections, which could boost growth but also raise concerns about debt sustainability, while protectionist policies may limit some growth benefits. (Kenneth Araullo, 18/11/2024, Insurance Business, 'US growth outpacing global markets in 2024 – Swiss Re')
HDI Global reported strong growth for the first nine months of the year, with a 11% increase in revenue to €7.3 billion and operating profit rising to €479 million. The combined ratio improved to 90.5%. Dr. Edgar Puls credited the performance to robust client and broker relationships and the company’s agility in addressing changing risk environments. (Kenneth Araullo, 18/11/2024, Insurance Business, 'HDI Global posts revenue growth and improved profitability')
RSA Insurance has launched a new professional indemnity (PI) insurance product for businesses and consultants advising on sustainability, net zero, and climate-related strategies. The product, the first of its kind in the UK, addresses the growing demand for climate professionals and offers protection against claims of inadequate advice, design, or services. (Kenneth Araullo, 18/11/2024, Insurance Business, 'RSA launches UK's first PI insurance for climate consultants')

Mergers and Acquisitions

Optio Group has completed its acquisition of Netherlands and Brussels-based MGA Den Hartigh Beheer & Exploitatie BV, enhancing its European presence with a century-old, tech-driven provider of property, casualty, marine, and high-net-worth insurance, led by CEO Jan Den Hartigh. (Kenneth Araullo, 21/11/2024, Insurance Business, 'Optio finalizes acquisition of Dutch MGA Den Hartigh')
Marsh McLennan's reinsurance specialist, Guy Carpenter, will acquire the remaining 51.5% of shares in Athens-based Carpenter Turner, with the transaction expected to close by year-end. Alexander Turner, CEO of Carpenter Turner, will become CEO of Guy Carpenter Greece, overseeing reinsurance operations in Greece and Cyprus, and collaborating with Marsh McLennan’s other businesses to support regional clients. (Kenneth Araullo, 19/11/2024, Insurance Business, 'Guy Carpenter Greece to launch after full acquisition')

Movers

Markel appointed David Pressman as Senior Underwriter for marine cargo. With 11 years of industry experience, he previously specialized in marine cargo underwriting at AEGIS London and MS Amlin, where he progressed from Binding Authority Technician to Marine Cargo Underwriter. (Jonalyn Cueto, 22/11/2024, Insurance Business, 'Markel appoints new senior underwriter')
Reassured appointed Philip Byrne as Chief Risk and Compliance Officer. With extensive experience in risk and compliance, Byrne previously served as Head of Compliance at Markerstudy Group and Director of Risk and Compliance at BGL Insurance. He will focus on strengthening governance and risk management strategies while ensuring positive customer outcomes and enhancing digital capabilities. (Jonalyn Cueto, 22/11/2024, Insurance Business, 'Reassured appoints new chief risk and compliance officer')
Aon appointed Magnus Roe as Global Chief Data and Analytics Officer and Mona Barnes as Global Chief Claims Officer. Roe, based in Singapore, will enhance Aon’s analytics capabilities. He previously served as Head of Strategy for risk analytics and global COO for reinsurance analytics, where he advanced analytical tools and supported client solutions. Barnes will oversee global claims operations, leveraging her experience from Swiss Re and Chubb. She joined Aon in 2023, managing UK and global broking centre claims operations. (Roxanne Libatique, 21/11/2024, Insurance Business, 'Aon drives data and analytics transformation with global appointment')
RSA Luxembourg announces leadership changes as Lynn O’Leary transitions to President of Intact's US Specialty Lines in Q1 2025, succeeded by Nadia Cote, an experienced insurance executive with over 25 years in senior roles across Europe and Canada, as CEO Europe (pending regulatory approval), with interim leadership by Louis Marcotte to ensure a smooth handover. (Jonalyn Cueto, 21/11/2024, Insurance Business, 'RSA announces leadership transition')
Aon has appointed Brian Gillin as Managing Director of its cyber reinsurance solutions team, leveraging his decade of experience in cyber risk advisory and leadership roles at Aon, and Adam Neverton as Global Head of Strategic Broking for professions, drawing on 30+ years of expertise to develop tailored risk solutions for professional services clients. (Kenneth Araullo, 20/11/2024, Insurance Business, 'Aon Names Brian Gillin managing director for cyber reinsurance')
Delos Insurance Solutions has appointed Gloria Hendrickson as Head of Reinsurance, leveraging her expertise in catastrophe modelling and underwriting from leadership roles at NormanMax Insurance Holdings and New Paradigm Underwriters. (Kenneth Araullo, 20/11/2024, Insurance Business, 'Delos Insurance appoints Gloria Hendrickson as head of reinsurance')
Crawford & Company has appointed Paul Lofkin as President of UK and Ireland operations, effective December 1, 2024. With 22 years of insurance experience, Lofkin advanced to the UK leadership team in 2023 as Head of Platforms, overseeing claims solutions, repair services, and driving industry innovation, including creating the UK’s first dedicated rural adjusting team. (Kenneth Araullo, 20/11/2024, Insurance Business, 'Paul Lofkin named president of Crawford UK & Ireland operations')
HDI Global has appointed Tom Major as Chief Claims Officer, effective February 7, 2025. With 12 years at Allianz, including his current role as UK Head of Claims overseeing nine business lines, Major brings extensive underwriting and claims expertise and will report to Stephanie Ogden, CEO for the UK and Ireland. (Kenneth Araullo, 20/11/2024, Insurance Business, 'Insurance hires: HDI Global, Optio Group, Acrisure London')
Optio Group has appointed Oliver Sheppard as Head of Financial Lines, effective immediately. With nearly two decades of experience in financial lines across Lloyd’s and company markets, Sheppard will oversee the professional indemnity portfolio, profit and loss, and market capacity. He previously served as Head of UK and International professional indemnity at Munitus Insurance and has held senior roles at Allianz, AIG, RSA, and Zurich. (Kenneth Araullo, 20/11/2024, Insurance Business, 'Insurance hires: HDI Global, Optio Group, Acrisure London')
Acrisure London Wholesale has promoted Tom Quy to Managing Director, effective January 1, 2025, succeeding John Sutton, who will transition to a consultancy role. Quy, with over 17 years of experience, has been with ALW since 2019, where he helped develop the cyber wholesale practice and establish Acrisure Re’s cyber reinsurance division. Quy’s career spans over 17 years, with previous roles at Miller, Paragon International, and THB Group. (Kenneth Araullo, 20/11/2024, Insurance Business, 'Insurance hires: HDI Global, Optio Group, Acrisure London')
JM Glendinning Real Estate has expanded into London with a new office at 1 Bedford Row, led by Somerset Akerman and Jon-Paul Matyus-Flynn, both with extensive experience from Estates Insurance Group. Akerman spent five years at EIG, transitioning from managing personal and commercial lines to focusing on real estate business development. Matyus-Flynn brings a diverse background in motor, high-net-worth home insurance, and commercial portfolios before specializing in real estate business development at EIG, where he helped build client bases, particularly in real estate. (Jonayln Cueto, 20/11/2024, Insurance Business, 'JM Glendinning opens London office')
Coalition appointed Matt Foster as Head of London Markets, where he will lead underwriting for complex risks, reporting to Stephen Wares. Foster brings eight years of cyber underwriting experience at Munich Re, where he was promoted to Senior Cyber Underwriter in 2023. The move follows Tom Draper's promotion to UK Managing Director, overseeing over 30 employees and reporting to Kyle Bryant. Draper has a decade of experience in cyber insurance, previously with Willis, Lockton, and Gallagher. (Jonalyn Cueto, 19/11/2024, Insurance Business, 'Coalition appoints new head of London Markets')
Steven J. Bensinger has been appointed as a Non-Executive Director to the group board of Accredited Insurance Program Management, effective Dec. 9, and will serve as Chair of the audit committee. With over 45 years in the global insurance sector, Bensinger has held senior roles at AIG, The Hanover Insurance Group, and Aon, among others. He currently serves on several boards, including Ariel Re, Kinsale Capital Group, and Clearcover Insurance, and is a Senior Advisor at Howden Re. (Kenneth Araullo, 18/11/2024, Insurance Business, 'Steven Bensinger joins Accredited Insurance as non-exec director')
Allianz Commercial has announced key management changes within Allianz Global Corporate & Specialty SE (AGCS SE). Tracy Ryan will leave her role as Head of Allianz Commercial in the Americas at the end of 2024 to become CEO of the National Council on Compensation Insurance. Shanil Williams, currently Chief Underwriting Officer, will assume Ryan's responsibilities in early 2025. Vanessa Maxwell will join the AGCS SE Board as Chief Underwriting Officer, succeeding Williams, with Jarrod Schlesinger appointed Global Head of Financial Lines and Cyber. Jenise Klein will become Chief Underwriting Officer for North America. Additionally, Gabrielle Durisch has been promoted to Chief Sustainability Officer. (Rod Bolivar, 18/11/2024, Insurance Business, 'Allianz Commercial announces management changes for key roles')
Hymans Robertson has appointed Rohan Murdeshwar and Harsh Jaitak as senior consultants to strengthen its general insurance team, supporting the growth of its insurance and financial services practice. Murdeshwar, with over 10 years of experience, previously worked at PWC and WTW, while Jaitak brings expertise in risk management and reinsurance from roles at KPMG, Kuwait Reinsurance, and WTW. (Jonalyn Cueto, 18/11/2024, Insurance Business, 'Hymans Robertson expands GI team with WTW alumni')
FM Global has appointed Randy Hodge as Chief Operating Officer, effective Dec. 1, 2024, succeeding Bret Ahnell, who retires in March 2025 after nearly 40 years. With over 30 years at FM, Hodge has held roles including Field Engineer, Operations Manager, EVP of staff insurance operations, and Chief Underwriting Officer. (Jonalyn Cueto, 18/11/2024, Insurance Business, 'FM appoints new chief operating officer')