General Insurance newsletter Friday 8th November 2024

Insurance News

Negotiate yourself a pay rise - Take a look at our top tips to help you understand your value and successfully negotiate a pay rise. Practice your pitch, ensure the meeting is scheduled in advance, and approach the discussion calmly and professionally. If your employer can't offer a raise, negotiate for additional benefits. Regardless of the outcome, follow up with an email to confirm any agreements or future discussions. (IDEX Consulting news, 'Negotiate yourself a pay rise')
Neurodiversity - how to be an inclusive employer - Employers can support neurodivergent individuals by adapting recruitment processes, offering work accommodations and fostering an inclusive work environment. Read our article to understand your legal responsibilities, how to prioritise inclusivity in your hiring process and the business benefits of embracing neurodiversity. (IDEX Consulting news, 'Neurodiversity - how to be an inclusive employer')
Sustainability insights for insurers and brokers - Sustainability is becoming a critical factor for business success. Customers, employees and investors are increasingly prioritising companies that embrace sustainable practices. Our article highlights how having a sustainability strategy helps businesses to attract customers, clients and talent whilst improving operational efficiency and reducing costs. Gain competitive advantage with our key insights.(IDEX Consulting news, 'Sustainability Insights for insurers and brokers')
The impact of climate change on insurers- Insurers are grappling with growing concerns around climate risks due to increased droughts, floods, and wildfires, leading to higher premiums and uninsurable areas. As underwriting models evolve, insurers need skilled talent to assess new risks, taking into consideration renewable technologies. Insurers who adapt proactively, invest in innovative products, and support climate risk prevention can gain competitive advantage. (IDEX Consulting news, 'The impact of climate change on insurers')
Liberty Mutual Insurance reported strong third-quarter 2024 earnings, with net income rising to $892 million, up from $219 million in Q3 2023. The insurer saw significant year-over-year improvement across quarters, with net income of $1.535 billion in Q1 and $717 million in Q2, reversing losses from 2023. Its total combined ratio also improved to 96.7% from 102.6% last year. (Terry Gangcuangco, 8/11/2024, Insurance Business, 'Liberty Mutual Insurance earnings rise')
Westfield Specialty International has received Lloyd’s approval for its 2025 syndicate business forecast, projecting £774 million in GWP—an 8% increase over 2024. Since its acquisition in February 2023, Syndicate 1200 has grown steadily, with Westfield targeting a 33% expansion by end-2025, focused on sustainable, profitable returns. (Terry Gangcuangco, 8/11/2024, Insurance Business, 'Westfield Specialty targets stronger GWP growth')
Zurich Insurance Group reported strong financial growth for the nine months ending September 30, 2024, with all business segments contributing positively, including a rise in property & casualty insurance revenue from US$31.42 billion to US$33.26 billion, driven by higher revenues across all regions. (Terry Gangcuangco, 7/11/2024, Insurance Business, 'Zurich Insurance Group results – all businesses grow')
Hiscox reported a 4.4% increase in insurance contract written premiums for the first nine months of 2024, driven by strong growth in its retail segment, particularly in the UK and Europe, with a 6% rise excluding the US broker business; the company expects continued momentum in Q4 supported by new distribution initiatives. (Kenneth Araullo, 7/11/2024, Insurance Business, 'Hiscox reports Q3 growth across Retail, UK, and Re & ILS segments')
Seven insurance and financial planning firms achieved Chartered status from the Chartered Insurance Institute (CII) in September and October 2024: Augustine Limited, Avoca Wealth Management Ltd, Better Financial Planning, Park Insurance Ltd, Sedulo Wealth Management, SGM Financial Management Ltd, and Suttons Independent Financial Advisors Ltd. (Kenneth Araullo, 7/11/2024, Insurance Business, 'CII awards Chartered status to seven insurance, financial planning firms')
International General Insurance Holdings (IGI) reported strong performance for Q3 2024, with higher net income driven by increased net premiums earned, a reduction in the change in fair value of derivative financial liabilities, and a positive shift in net foreign exchange gains. (Terry Gangcuangco, 7/11/2024, Insurance Business, 'IGI boosts net income in Q3 financials')

Arch Capital Group reported strong Q3 2024 results, with net income rising to $978 million ($2.56 per share) and a 19% annualized return on equity, alongside growth in premiums and favourable loss reserve development. (Kenneth Araullo, 6/11/2024, Insurance Business, 'Arch Capital’s Q3 performance soars with US$978 million net income')
Lancashire Holdings’ nine-month trading update showed a 9% rise in gross premiums to $1.7 billion, driven by new business in property and specialty reinsurance and growth in the US and Australian property insurance markets, with insurance segment premiums up 12.4% to $941.2 million and reinsurance premiums up 5.1% to $758.8 million. (Kenneth Araullo, 6/11/2024, Insurance Business, 'Lancashire sees premium growth, declares special dividend')
Beazley’s nine-month update showed a 7% increase in insurance written premiums to $4.6 billion, a 15% rise in investment holdings to $11.4 billion, and an improved year-to-date investment return of 4.7%; cyber risks premiums grew 6% to $924 million, while the digital division rose 12% to $190 million, and MAP Risks declined 5% due to 2024 restructuring. (Kenneth Araullo, 6/11/2024, Insurance Business, 'Beazley sees growth in premiums, reports strong investment gains')
Global insurtech funding is expected to reach $4.2 billion by year-end, with $3.2 billion invested in the first nine months, driven by Series B and C rounds for breakout-stage startups nearing pre-pandemic funding levels, according to 'The State of Global Insurtech' report by Dealroom.co, Mundi Ventures, and MAPFRE. (Terry Gangcuangco, 6/11/2024, Insurance Business, 'Global insurtech funding in 2024 on track to reach US$4.2 billion')
Kova Professions has partnered with Hadron, a specialty insurance carrier, for a five-year underwriting arrangement facilitated by the Accelerant Risk Exchange, following Hadron's UK expansion and acquisition of Folgate Insurance. Hadron provides insurance capacity to SMEs and lower middle-market clients across monoline and packaged products. (Kenneth Araullo, 5/11/2024, Insurance Business, 'Kova partners with Hadron for five-year professional indemnity capacity')
AIG reported a decline in net income attributable to common shareholders for the three months ended September 30, primarily due to reduced net income from discontinued operations following the deconsolidation of Corebridge. Meanwhile, the insurance group returned approximately $1.8 billion to shareholders through stock repurchases and dividends as part of its capital commitments. (Terry Gangcuangco, 5/11/2024, Insurance Business, 'AIG releases financials – Corebridge impact explained')
CNA Financial reported Q3 2024 net income of $283 million ($1.04 per share), up from $258 million ($0.95 per share) last year. Core income was $293 million ($1.08 per share), slightly up from $289 million ($1.06 per share), with P&C segments contributing $346 million in core income, impacted by higher catastrophe losses and increased investment income. (Kenneth Araullo, 4/11/2024, Insurance Business, 'CNA Financial sees P&C premiums rise in Q3 results')
SiriusPoint reported Q3 2024 net income of $5 million, impacted by its CMIG shareholder transaction, but underlying net income rose 69% to $89 million, driven by growth in underwriting and investment income. The core business posted a combined ratio of 88.5%, improving by four points from Q3 2023, with year-to-date combined ratio at 91.1%, supporting core underwriting income of $144 million. (Kenneth Araullo, 4/11/2024, Insurance Business, 'SiriusPoint achieves 10% premium growth, improved combined ratio in Q3')

Mergers and Acquisitions

The Clear Group has acquired niche schemes broker CoverMarque Ltd, a Hampshire-based specialist in temporary marquee insurance, which has grown by over 120% in the past four years; CoverMarque’s team, led by MD Nick Drew, will integrate with Clear’s retail division to support its growth ambitions. (Terry Gangcuangco, 7/11/2024, Insurance Business, 'CoverMarque comes under Clear Group umbrella')
Steadfast Group has acquired London-based H.W. Wood and HWI France for £23.5 million, expanding its presence with over 75 staff across the UK, France, and Greece; the firm specialises in wholesale, retail, and reinsurance services, including marine, cargo, property, and fine art coverage. (Daniel Wood, 7/11/2024, Insurance Business, 'Steadfast expands footprint in UK, France and Greece')
Enstar Group’s subsidiary, Cavello Bay Reinsurance, acquired a Bermuda-based Class 3B reinsurer with $66 million in equity, which previously underwrote property reinsurance for third-party investors; it will merge into Cavello Bay under an amended retrocession agreement. (Kenneth Araullo, 6/11/2024, Insurance Business, 'Enstar subsidiary Cavello Bay acquires Class 3B reinsurer in Bermuda')
Seventeen Group expanded its UK presence by acquiring four insurance brokerages: UK & Global, integrating with James Hallam’s Chelmsford office; Brian Thompson Insurance Consultants (BTIC) in Newcastle, maintaining leadership under Brian Thompson; Nelsons in Kent, managed by Don and Susan Nelson; and Nairn in Scotland’s Highlands, led by Lynne McSherry as the sixth Scottish location for James Hallam. (Terry Gangcuangco, 6/11/2024, Insurance Business, 'Seventeen Group acquires four brokers')
Swiss Re has agreed to sell iptiQ’s European property and casualty business to Allianz Direct as part of its strategy to exit iptiQ operations, transferring the risk carrier, iptiQ EMEA P&C SA, and over 100 employees across five European countries, along with distribution agreements. (Kenneth Araullo, 5/11/2024, Insurance Business, 'Swiss Re sells iptiQ's European P&C unit to Allianz Direct in strategic exit')
Specialist Risk Group (SRG) has acquired NW Re, a specialist reinsurance firm focusing on property facultative and excess of loss insurance. The NW Re team will join SRG’s MX division to enhance its portfolio of specialist underwriting services, reinforcing SRG’s commitment to offering tailored solutions for brokers in the reinsurance market. (Kenneth Araullo, 5/11/2024, Insurance Business UK, 'SRG expands underwriting arm with NW Re acquisition')
Aon has signed an agreement to acquire UK-based insurance broker Griffiths & Armour, which will become a wholly-owned subsidiary of Aon’s UK operations and trade as “Griffiths & Armour, an Aon company” following the transaction's expected completion in Q1 2025. Aon CEO Greg Case emphasized the acquisition's role in helping clients navigate growing uncertainty and volatility. (Terry Gangcuangco, 4/11/2024, Insurance Business, 'Aon agrees to buy Griffiths & Armour')

Movers

Marsh has appointed Alistair Fraser as International Corporate and Commercial Leader and Alistair Brighton as CEO of corporate and commercial UK, both effective Jan. 1, 2025. Fraser, who joined Marsh in 2007 and most recently led the UK corporate business and Marsh Commercial, will oversee global growth across key regions, reporting to CEO Flavio Piccolomini. Brighton, with Marsh since 2004 and currently UK Sales Leader, will focus on risk and insurance solutions for UK-based small and mid-market clients, reporting to Chris Lay, CEO of Marsh McLennan UK. (Jonalyn Cueto, 8/11/2024, Insurance Business, 'Marsh bolsters international focus with changes at the top')
Crawford & Company has launched a renewable energy-focused loss adjusting and risk advisory unit within its Global Technical Services, staffed by an experienced team from Renewable Energy Loss Adjusters (RELA). Led by former RELA CEO Alan Tucker, the team includes Martin Dobson, who previously served as RELA’s technical director, now leading technical and UK operations, as well as Adjuster and Materials Specialist Ceyla Asker and US-based Adjuster and Engineer Donald McNelly. The unit will provide specialized support for international renewable energy projects like wind, solar, and geothermal. (Terry Gangcuangco, 8/11/2024, Insurance Business, 'Crawford & Company introduces renewable energy offering')
Altea Insurance has appointed Holly Dixon as Senior Underwriter, reporting to CEO Carly Matson. Dixon brings over 13 years of experience, including senior roles at Corvelia Underwriting, Hiscox UK, and Omnyy LLP, specializing in medical malpractice and delegated authority business. (Jonalyn Cueto, 8/11/2024, Insurance Business, 'Altea expands with senior underwriter hire')
Christy Chisholm, with over 20 years in the financial sector and recent experience as Commercial Lines Director at Premium Credit, has been appointed Group Sales and Marketing Director at The Clear Group and joined the group board. (Terry Gangcuangco, 6/11/2024, Insurance Business, 'Insurance hires: Clear Group, AEGIS London, Brace, FUW Insurance Services')
AEGIS London expanded its board with the addition of two new Non-Executive Directors, Martin Bride and Andrew Gibbs. Bride – whose credentials include time spent at Beazley, Zurich, and Aviva– and Gibbs, with a background at Partner Re and Chubb, are expected to bring a wealth of experience and perspective to AEGIS London’s strategic goals. (Terry Gangcuangco, 6/11/2024, Insurance Business, 'Insurance hires: Clear Group, AEGIS London, Brace, FUW Insurance Services')
Brace has appointed Richard Wheeler, formerly of Liberty Specialty Markets, as Senior Underwriter to enhance its international property portfolio and client engagement strategies. Wheeler will focus on strengthening Brace’s international property portfolio and client engagement strategies. (Terry Gangcuangco, 6/11/2024, Insurance Business, 'Insurance hires: Clear Group, AEGIS London, Brace, FUW Insurance Services')
FUW Insurance Services, the largest agricultural insurance broker in Wales, appointed Karen Royles as its first female Executive Director. Royles, who began with FUW Insurance Services in 2015 as an Insurance Account Handler, will now serve as Operations and Sales Support Director. (Terry Gangcuangco, 6/11/2024, Insurance Business, 'Insurance hires: Clear Group, AEGISLondon, Brace, FUW Insurance Services')
Miller has appointed Steve Jolley as Chief Information Officer (CIO), effective Dec. 2. Jolley brings over 30 years of experience, including recent roles as Group CIO at Tysers and CIO positions at Ardonagh Specialty, Price Forbes, and JLT Group (now part of Marsh & McLennan). (Kenneth Araullo, 5/11/2024, Insurance Business, 'Miller hires Steve Jolley as CIO to lead digital transformation')
Lloyd’s has appointed Nathan Adams as Chief People Officer, effective early next year. Adams, with over 20 years of HR and transformation experience, joins from Aviva, where he was Chief People Officer at Aviva Investors, and succeeds Sara Gomez, who is retiring at year-end after joining Lloyd’s in 2021. (Kenneth Araullo, 5/11/2024, Insurance Business, 'Lloyd's names Nathan Adams as new chief people officer')
Antares Global Management has restructured its underwriting operations into two main divisions—retail and commercial—following two years of reorganization and investment. The retail division, led by Pantelis Koulovasilopoulos, will focus on managing general agents, while the commercial division, headed by Mark Graham, integrates Syndicate 1274 and Antares Re, with the goal of enhancing underwriting coherence and capital allocation across the group. (Terry Gangcuangco, 5/11/2024, Insurance Business, 'Antares restructures underwriting operations')
Chaucer Group has appointed Ivan Sit to lead its regional marine insurance operations through its Lloyd’s Singapore platform. With over 25 years of experience in insurance, reinsurance, and major brokerage firms, Sit will spearhead Chaucer’s new marine offering in the Asia-Pacific region. (Kenneth Araullo, 4/11/2024, Insurance Business, 'Chaucer appoints Ivan Sit to lead APAC marine division')
Tokio Marine HCC has appointed Dan Browne as a Professional Indemnity (PI) Underwriter and Chloe Pitchford as a PI Development Underwriter. Browne, with six years of underwriting experience, will focus on business development in the London market, while Pitchford, with seven years of broking and underwriting experience, will manage and expand the PI portfolio from Manchester. (Kenneth Araullo, 4/11/2024, Insurance Business, 'TMHCC bolsters PI team with key appointments in London and Manchester')
Aon has appointed Simon Clapham as Chief Underwriting Officer for Aon Underwriting Managers (AUM). Clapham, with extensive experience in underwriting and broking, including roles at Liberty Specialty Markets and Brit Insurance, will focus on portfolio underwriting to meet growing market demands. (Kenneth Araullo, 4/11/2024, Insurance Business, 'Aon Names Simon Clapham as Chief Underwriting Officer for AUM')