General Insurance newsletter Friday 29th November 2024

Insurance News

Is gender parity a problem in the insurance profession? - Despite growing awareness, gender parity remains an issue in the insurance industry, with women still underrepresented in senior leadership roles. Key challenges include unconscious bias, limited access to mentorship, and structural barriers such as unequal pay and lack of flexibility. Addressing these issues through inclusive policies, targeted initiatives, and equal opportunities is essential for fostering diversity and retaining female talent in the sector. (IDEX Consulting news, 'Is gender parity a problem in the insurance profession?')
The growth of clean energy markets - The transition to clean energy markets is driven by increasing demand for renewable sources and regulatory support. However, the sector faces challenges such as infrastructure limitations and policy uncertainties. Businesses must navigate these complexities to leverage emerging opportunities. While the shift toward cleaner energy opens new avenues, it also presents risks that require careful strategic planning. (IDEX Consulting news, 'The growth of clean energy markets')
IDEX instrumental in Noble Insurance acquisitions - IDEX played a key role in facilitating the acquisitions of Noble Insurance by providing end-to-end sales process support. Their expertise helped streamline the acquisition journey, ensuring a smooth transition and maximizing value for all parties involved. The process emphasized strategic alignment and operational efficiency, strengthening Noble Insurance's position in the market. (IDEX Consulting news, 'IDEX instrumental in Noble Insurance acquisitions')
What does Consumer Duty mean for the Financial Services sector? - Consumer Duty emphasizes the need for financial services firms to act in the best interest of their customers, ensuring products and services are suitable, fairly priced, and easily accessible. It introduces regulatory obligations to prevent harm, enhance transparency, and improve customer outcomes. This shift will reshape how firms manage their relationships with clients, making consumer protection a top priority. (IDEX Consulting news, 'What does Consumer Duty mean for the Financial Services sector?')
Aventum has relocated its UK headquarters to the Monument Building in London, a two-floor office designed to support its growing team and brands, featuring wellness-focused amenities like a coffee shop, fitness facilities, and spaces for collaboration, mentoring, and training, reflecting its “Dare to” culture. (Jonalyn Cueto, 29/11/2024, Insurance Business, 'Aventum opens new headquarters in London's Monument Building')
Zurich Resilience Solutions has launched Climate Spotlight, a digital tool leveraging climate data to help organizations manage risks and enhance resilience, addressing the need for actionable insights, according to Global Head Amar Rahman. (Kenneth Araullo, 27/11/2024, Insurance Business, 'Zurich introduces Climate Spotlight for global risk analysis')
Marine mutual insurers, including the American Club, are raising rates for 2025, with a 7% hike to address rising claims costs, inflation, and higher-value casualties, reflecting financial stability challenges in a volatile market. (Kenneth Araullo, 27/11/2024, Insurance Business, 'Swedish Club, others to raise P&I rates in 2025')
OAK Reinsurance’s Lloyd’s Syndicate 2843 has been granted permission to underwrite business starting Jan. 1, 2025, projecting US$300 million in gross written premium, with an executive team led by CEO Cathal Carr and supported by key roles from Alex Winfield, Kirsten Mitchell-Wallace, Irfan Haq, Harriet James, and Karl Stanley. The syndicate is backed by Bain Capital, Hampden Agencies, and Polo Managing Agency. (Kenneth Araullo, 27/11/2024, Insurance Business, 'OAK Re's Lloyd's Syndicate 2843 set to launch in 2025')
AXA UK’s report identifies regions in England most vulnerable to climate risks like flooding and extreme heat, revealing that over half of respondents feel unprepared for potential damage, which could challenge the Labour Government's housing target. The study, developed with Public First, creates a climate risk index based on socioeconomic factors and AXA’s claims data. (Kenneth Araullo, 27/11/2024, Insurance Business, 'Majority of the UK unprepared for climate-related damage – AXA')
Specialist broker Ceta has partnered with Open GI to integrate Open GI’s Mobius panel into its platform, expanding the range of insurance products available to brokers. The collaboration supports Ceta’s goal to enhance its systems and services, leveraging its proprietary technology for tailored home and leisure insurance solutions. (Kenneth Araullo, 27/11/2024, Insurance Business, 'Ceta teams up with Open GI for broader digital insurance solutions')
Everest has entered the Italian insurance market, operating under the name Everest Insurance (Ireland) DAC, Succursale Italiana, with headquarters in Milan. The expansion is overseen by José Ramón Morales, Head of Southern Europe, and aligns with Everest’s strategic growth in Europe, according to Véronique Brionne, Senior VP of Everest Insurance International®. (Jonalyn Cueto, 27/11/2024, Insurance Business, 'Everest enters Italian insurance market')

McGill and Partners, in collaboration with Tokio Marine Kiln and Convex, has launched a trade disruption insurance facility with US$95 million in coverage, utilising Altana’s AI technology to improve underwriting speed and accuracy while expanding coverage for global supply chain risks. (Kenneth Araullo, 26/11/2024, Insurance Business, 'McGill & Partners, TMK, and Convex unveil TDI facility')
According to an analysis by S&P Global Ratings, the global reinsurance sector is expected to see strong earnings growth from 2024 to 2026, following robust results in 2023. Key drivers include decade-high investment yields and sustained rate increases in property and property catastrophe lines. Structural changes since early 2023, such as higher attachment points, stricter terms, and the repricing of property catastrophe risks, have strengthened the P/C reinsurance market. (Kenneth Araullo, 25/11/2024, Insurance Business, 'Reinsurance eyes strong growth through 2026 – S&P')
Gallagher Re's new research initiative, through its Gallagher Research Centre, is analyzing the growing impact of tropical cyclones on the insurance industry, focusing on how shifting cyclone patterns are influencing risks and losses, with recent North Atlantic hurricanes like Helene and Milton intensifying rapidly due to warmer sea surface temperatures. (Kenneth Araullo, 25/11/2024, Insurance Business, 'Gallagher Re teams up with experts to tackle cyclone risk dynamics')
Howden's research on cyber resilience among UK businesses shows that 52% of UK organisations faced at least one cyber-attack in the past five years, with an estimated £44 billion in lost revenue. Large businesses were most targeted (74%), while 49% of SMEs with revenues between £2 million and £50 million were also affected. The most common causes were email compromise (20% of incidents) and data theft (18%), with average losses of £2.1 million and £2 million, respectively. (Kenneth Araullo, 25/11/2024, Insurance Business, 'UK businesses could save billions with better cybersecurity – Howden')

Mergers and Acquisitions

Direct Line Insurance Group has rejected a £3.3 billion acquisition bid from Aviva Plc, offering 250 pence per share (58% premium) with a mix of cash and shares, marking the second rebuffed proposal this year. (Kenneth Araullo, 28/11/2024, 'Direct Line Group rejects Aviva's £3.3 billion takeover proposal')
Bishop Street Underwriters, a RedBird Capital Partners portfolio company, plans to acquire Landmark Underwriting, a London-based MGA specializing in tailored re/insurance solutions across multiple lines, with operations in the UK, Australia, Canada, and Europe, pending regulatory approval. (Kenneth Araullo, 26/11/2024, Insurance Business, 'Bishop Street to acquire Landmark Underwriting in UK expansion')
Verlingue, a subsidiary of the Adelaïde Group, has acquired ProConseils Solutions, a leading French-speaking Swiss insurance broker, as part of its Better Future 28 strategic plan to expand its European presence through local partnerships. The acquisition, which enhances Verlingue’s footprint in Switzerland, aligns with the Adelaïde Group’s goal of becoming the leading family-owned insurance broker in Europe by 2028. ProConseils, founded in 2003, serves over 1,500 companies and local authorities with nearly 25 staff across three offices in the Canton of Vaud. (Jonalyn Cueto, 26/11/2024, Insurance Business, 'Verlingue expands European footprint with acquisition')
Crawford & Company has acquired three Spanish loss adjusting businesses—Cortes y Botella, Tecse, and Inarges—boosting its presence in Spain by 80%. The expansion adds offices in Seville, Zaragoza, and Bilbao, complementing existing locations in Valencia and Alicante, and strengthens Crawford’s capabilities in sectors like healthcare, construction, energy, and cyber. (Jonalyn Cueto, 26/11/2024, Insurance Business, 'Crawford & Company swoops for three loss adjusting businesses')

Movers

TL Dallas Group, with over 50 years of experience in trade credit insurance, has appointed Peter Hodgson as Director of Trade Credit to lead the division, working alongside Simon Hyde, who will retire in 2025 after leading the team for many years. (Jonalyn Cueto, 29/11/2024, Insurance Business, 'TL Dallas appoints new head of trade credit division')
The Broker Investment Group has appointed Katie Boots as HR Director; with over 30 years of HR experience in insurance and financial services, she brings expertise in FCA compliance and SMCR regulations. (Jonalyn Cueto, 29/11/2024, Insurance Business, 'The Broker Investment Group names new HR director')
Gallagher has appointed Neil Clutterbuck as Chair of Pen Underwriting and Independent Non-Executive Director of Arthur J. Gallagher Holdings (UK) Limited, pending regulatory approval; Clutterbuck, a seasoned insurance leader with nearly 20 years at Allianz and expertise in underwriting, pricing, and regulatory strategies, also serves as a Senior Advisor at Sicsic Advisory. (Jonalyn Cueto, 29/11/2024, Insurance Business, 'Clutterbuck to lead Pen Underwriting as new chair')
AXA Commercial has appointed Mike Crane as Director of its SME and Specialty division, effective January 2025, succeeding Deepak Soni; Crane brings extensive industry experience, including over eight years as Managing Director at LV= Broker, where he led key transformations and digital advancements. (Jonalyn Cueto, 28/11/2024, Insurance Business, 'AXA Commercial introduces new director')
Pen Underwriting has appointed Paul Wood as Product Lead – yachts for Vessel Protect, aiming to expand into the global yacht insurance market; with over 15 years of marine underwriting experience, including roles at Amphitrite Underwriting, Lloyd’s syndicate MS Amlin, and Yachtinsure, Wood will focus on providing risk assessments and tailored insurance solutions for brokers serving mid-value yacht owners. (Jonalyn Cueto, 28/11/2024, Insurance Business, 'Pen Underwriting expands marine practice with yacht expertise')
Allianz Partners has appointed Michael Buttstedt as CFO and board member, effective September 1, 2024; with over 25 years at Allianz, he transitions from CFO of Allianz Italy, having previously held leadership roles as Chief Risk Officer at Allianz Switzerland and Allianz SE. (Kenneth Araullo, 28/11/2024, Insurance Business, 'Michael Buttstedt named CFO of Allianz Partners')
Allianz Commercial has appointed Delvin Tillett as Head of Cyber for UK large corporate business, succeeding Michela Moro; Tillett brings 22 years of London market experience, including 12 years in cyber risks, with roles at Marsh and Munich Re. (Jonalyn Cueto, 28/11/2024, Insurance Business, 'Allianz Commercial appoints new head of cyber for UK')
Aon Reinsurance Solutions has appointed Sandra Örljung as Account Manager for its Nordic team; with over 13 years at Aon, she brings experience in commercial risk solutions and will focus on supporting reinsurance clients across the Nordic and Baltic regions. (Kenneth Araullo, 28/11/2024, Insurance Business, 'Sandra Örljung joins Aon Reinsurance as Nordic account manager')
PartnerRe has appointed Chris Shanahan, currently CEO of North America Life, as CEO of its life and health division, effective Jan. 1, succeeding Marc Archambault; Shanahan brings over 30 years of industry experience, including leadership roles at Hannover Re, Scottish Re, and Lincoln Financial. (Kenneth Araullo, 27/11/2024, Insurance Business, 'Chris Shanahan named CEO of PartnerRe life & health division')
Howden Re has appointed Thomas Kroely as Managing Director for Continental Europe, leveraging extensive reinsurance experience, including roles as Client Reinsurance Director at Aon in Paris and Head of France, Belgium, and Luxembourg at Willis Re. Kroely’s career spans over 13 years at Willis Re and earlier roles in reinsurance brokerage, actuarial services, and financial analysis at Brit Insurance and Generali France. He will focus on European expansion and build a local team by 2025. (Kenneth Araullo, 27/11/2024, Insurance Business, 'Thomas Kroely joins Howden Re as MD for Continental Europe')
Miller has appointed Konatsu Watanabe as a Broker in its Singapore-based property and casualty team, bringing over eight years of experience, including roles at UIB Asia Reinsurance Brokers and Tokio Marine Insurance Group, with expertise in facultative placements and Japanese business across Asia. (Kenneth Araullo, 27/11/2024, Insurance Business, 'Miller appoints Konatsu Watanabe to Singapore P&C team')
Hadron has appointed Colin Johnson as CEO of its international operations, overseeing Hadron UK Insurance Company (HUKIC) and affiliates, with a focus on expanding in the UK and EU delegated authority market. Johnson, formerly CEO of Accredited Insurance (Europe) Limited, led AIEL to write over $1 billion in annual gross written premium across MGAs. (Kenneth Araullo, 27/11/2024, Insurance Business, 'Colin Johnson joins Hadron as international CEO')
The Lloyd’s Market Association (LMA) has appointed Vivek Syal, Chief Underwriting Officer at Tokio Marine Kiln, and John Owen, CEO of AXIS Managing Agency, to its board, succeeding Matthew Shaw and Mark Gregory, respectively, as part of leadership transitions. (Jonalyn Cueto, 27/11/2024, Insurance Business, 'Lloyd's Market Association announces two new board members')
Coalition has appointed Rob Kanno as Senior Security Support Analyst at its UK security support centre, reporting to Ryan Gregory. Based in Manchester, Kanno brings a strong IT background, transitioning to cybersecurity in 2023 after working as a Cybersecurity Analyst and Consultant at e2e-assure. The company has also expanded in Europe with key hires, including Tine Simonsen as European Head of Insurance in October and Matt Foster as Head of London Market in November. (Jonalyn Cueto, 27/11/2024, Insurance Business, 'Coalition announces new addition to UK cybersecurity team')
Arch Insurance International has appointed Jelle Ouwehand as Head of Terrorism, Political Violence, and War, overseeing underwriting for a wide range of risks, including terrorism, SRCC, political violence, and NCBR. Based in London, Ouwehand brings over 15 years of experience, having joined Arch in 2018 after roles at Marsh and in underwriting and broking. (Kenneth Araullo, 26/11/2024, Insurance Business, 'Arch Insurance names Jelle Ouwehand as head of terrorism risks')
Nick Mountifield has been appointed Managing Director of Academy Insurance Services, succeeding Richard Beaven, effective immediately. Mountifield, who joined Academy in June 2024 as group COO, has over 24 years of experience in the insurance industry, including senior roles at WTW, Allianz, Flood Re, and PIB. (Jonalyn Cueto, 26/11/2024, Insurance Business, 'Academy Insurance names MD as Richard Beavan steps back')
Allianz UK has appointed Isabella Von Mesterhazy as Managing Director of its specialty business, effective Dec. 1, 2024, pending regulatory approval. Von Mesterhazy, a veteran of Allianz since 2011, succeeds Kieran O’Keeffe, and has played a key role in shaping Allianz’s specialty business through various positions, including Director of Trading for Allianz Specialty. (Jonalyn Cueto, 26/11/2024, Insurance Business, 'Allianz UK appoints new specialty MD')
Lockton Re has appointed Andy Wakefield as a Senior Broker in its marine and energy division, bringing 34 years of experience in marine and energy reinsurance broking. Wakefield's career includes leadership roles at Aon, Ed. Broking, Willis Re, Aon Benfield, and Tysers, enhancing Lockton Re's capabilities in this specialty area. (Kenneth Araullo, 25/11/2024, Insurance Business, 'Andy Wakefield joins Lockton Re to bolster marine & energy team')