General Insurance newsletter Friday 20th December 2024

Insurance News

How to attract top insurance talent in 2025 - To attract top talent, insurance employers should focus on cultivating a positive company culture that aligns with employees' personal values, offering flexible working arrangements to support work-life balance, and promoting inclusion and diversity within the workplace. (IDEX Consulting news, 'How to attract top insurance talent in 2025')
Tips for building inclusive hybrid cultures - To foster inclusivity in hybrid work environments, businesses should implement inclusive management practices, address inequalities in access to opportunities, and ensure leadership actively supports diversity. Clear communication, employee engagement, and policies that promote fairness and flexibility are essential for creating a cohesive and equitable culture. (IDEX Consulting news, 'Tips for building inclusive hybrid cultures')
The skills you need to refine in 2025 - Analytical thinking, decision-making, and creative problem-solving remain critical as industries become increasingly data-driven and innovation-focused. Professionals should also focus on adaptability to rapidly advancing technologies, coupled with strong interpersonal skills like communication and collaboration. A commitment to continuous learning and staying updated on industry trends will be key to maintaining a competitive edge in the evolving job market. (IDEX Consulting news, 'The skills you need to refine in 2025')
How to attract top buyers for your business - Highlighting your business’s unique selling points and growth potential is key, alongside ensuring accurate financial records, resolving outstanding issues, and retaining key employees. Engaging experienced M&A professionals and leveraging networks can help identify qualified buyers and secure favourable deals. (IDEX Consulting news, 'How to attract top buyers for your business')
Volt Underwriting, an MGA supporting the energy transition sector, has secured a $37.5 million binding authority for 2025—a 50% capacity increase—backed by Dale Underwriting, SiriusPoint, Tokio Marine Kiln, and Blenheim Syndicates. (Jonalyn Cueto, 20/12/2024, Insurance Business, 'Volt Underwriting expands binder for 2025')
Broadway Insurance Partners achieved significant growth in 2024, including a 31% client base increase and a 20% rise in staff. The firm expanded services, opened a Liverpool office, and saw its Healthcare division, led by Emma Wood, generate £1.5 million in GWPs during its first full year. (Kenneth Araullo, 19/12/2024, Insurance Business, 'Broadway Insurance reports major achievements in 2024')
Cybersecurity firm Resilience predicts major challenges in 2025, including a devastating cyber incident involving an obscure company and a successful deepfake attack on a Fortune 500 firm. Chief data scientist Dr. Ann Irvine also ruled out prolonged nationwide internet outages, citing strong disincentives for large-scale attacks. (Jonalyn Cueto, 19/12/2024, Insurance Business, 'What will happen in the cyber insurance sector during 2025?')
Helios Underwriting revealed a £484 million portfolio capacity for the 2025 Year of Account, reflecting a 5% reduction from 2024 due to strategic adjustments, with 82% from established syndicates, £327 million retained, and a 36% rise in third-party capital to £157 million. (Kenneth Araullo, 18/12/2024, Insurance Business, 'Helios sets £484 million capacity for 2025 amid strategic adjustments')
Applied Underwriters will expand into the EU with the launch of Malta-based American Atlantic Assurance Co., set to begin operations in early 2025, taking over new and renewal business from its financial lines portfolio and enhancing coverage for political risks, while strengthening collaboration with Applied Credit Underwriters in London. (Mav Rodriguez, 18/12/2024, Insurance Business, 'Applied Underwriters to expand into Europe with new subsidiary in 2025')
AXIS Capital and Enstar Group have agreed to a loss portfolio transfer reinsurance deal, retroceding $2.3 billion in reserves through a 75% quota share structure, primarily covering casualty portfolios from 2021 and prior; the deal, subject to approvals, is expected to close in H1 2025. (Kenneth Araullo, 17/12/2024, Insurance Business, 'AXIS and Enstar announce US$2.3 billion loss portfolio transfer deal')

Consilium reported £700 million in GWP for the year ending June 2024, a 54% year-on-year growth, with a 36% five-year compound growth rate; targeting £800 million by year-end and £1.1 billion by 2026, the firm also saw 176% growth in professional & executive risks, 32% in international business, 52% in delegated risk solutions, and a 154% surge in headcount to over 100 staff. (Josh Recamara, 17/12/2024, Insurance Business, 'Consilium reports huge increase in gross written premiums for fiscal 2024')
AXA UK has formed a five-year exclusive partnership with Lloyds Banking Group, starting in May 2025, to become the sole provider of motor insurance for Lloyds, Halifax, and Bank of Scotland brands, consolidating underwriting for car and van insurance for 27 million customers; CEO Alain Zweibrucker emphasised the partnership's role in meeting customer needs and supporting business growth. (Jonalyn Cueto, 17/12/2024, Insurance Business, 'AXA UK and Lloyds Banking Group forge exclusive partnership')
QBE Insurance Group is strengthening its global cyber insurance offerings through QBE Ventures, investing in emerging cyber-tech start-ups to build a comprehensive cyber ecosystem. With 25% of its portfolio in advanced cybersecurity, QBE aims to meet growing demand for cyber risk solutions. The company’s latest report predicts a rise in cyberattacks, with strategic incidents expected to increase from 103 in 2020 to over 200 by 2024, and highlights gaps in businesses’ preparedness and cyber insurance coverage. (Roxanne Libatique, 16/12/2024, Insurance Business, 'QBE highlights role of start-up partnerships in cyber insurance innovation')
EBRD and Aon have launched a €110 million Ukraine Recovery and Reconstruction Guarantee Facility to support global reinsurers with war-related risk guarantees underwritten by local insurers, aiming to boost business activity and aid Ukraine’s economic recovery. (Kenneth Araullo, 16/12/2024, Insurance Business, 'EBRD-Aon partnership brings war risk cover back to Ukraine')
ConnectUW Holdings will take ownership of Lloyd’s box number 356 starting December 23, 2024, enabling it to offer facultative reinsurance for global property, energy, and war and terrorism risks on an excess-of-loss basis, while expanding access to specialist reinsurance products through its MGAs. CEO Jamil Elbahou emphasised the enhanced accessibility for Lloyd’s brokers. (Kenneth Araullo, 16/12/2024, Insurance Business, 'ConnectUW secures Lloyd's Box 356 for specialist reinsurance')
The cyber insurance market is expected to remain soft in 2025, with pricing decreases slowing to 5-7%, as ransomware threats intensify, particularly in critical sectors like healthcare and telecommunications. Experts from active insurance provider Coalition emphasise the importance of cyber readiness, with organisations focusing on digital outage recovery and financial resilience. (Josh Recamara, 16/12/2024, Insurance Business, 'What will 2025 bring for the cyber insurance market? – Coalition report')
Saga plc has announced a 20-year partnership with Ageas UK subsidiaries to manage its motor and home insurance operations. The deal includes the sale of Saga's Insurance Underwriting business, Acromas Insurance Company Limited (AICL). The partnership combines Saga’s brand with Ageas’s UK expertise, expanding Saga’s offerings while Ageas handles underwriting, pricing, claims, and customer service. Saga will retain control over branding and direct marketing, with the partnership starting in late 2025. (Kenneth Araullo, 16/12/2024, Insurance Business, 'Saga partners with Ageas in £145 million insurance deal')

Mergers and Acquisitions

The Ardonagh Group announced a US$14 billion valuation following an equity investment from Stone Point Capital LLC, expected to close by mid-2025, marking another milestone in a year of achievements, including debt refinancing, a merger with Markerstudy, and the take-private of PSC Insurance Group, while continuing to place US$18 billion in premiums annually across the insurance value chain. (Kenneth Araullo, 18/12/2024, Insurance Business, 'Stone Point invests in Ardonagh, valuing group at US$14 billion')
Fairfax Financial has acquired the remaining 13.8% stake in Brit Limited from OMERS for approximately US$383 million, increasing its ownership to 100%; starting January 1, 2025, Ki will operate as a standalone entity within the Fairfax Group. (Kenneth Araullo, 16/12/2024, Insurance Business, 'Fairfax to fully own Brit as $383 million acquisition finalised')

Movers

Hymans Robertson has named Muhammad Ali as Head of Lloyd’s and the London Market within its GI team, leveraging his extensive actuarial reserving expertise and previous experience at Deloitte, where he led initiatives on emerging risks, process transformations, and reserve assessments for global insurers and M&A activities. (Jonalyn Cueto, 20/12/2024, Insurance Business, 'Ali named head of Lloyd's and London Market at Hymans Robertson')
Pen Underwriting has appointed Hannah Fry as Chief Operating Officer, effective January 6, 2025, pending regulatory approval. With 25 years of industry experience, including senior roles at Gallagher and Stackhouse Poland, Fry will focus on enhancing Pen’s operational capabilities to support its strategic growth. (Jonalyn Cueto, 19/12/2024, Insurance Business, 'Fry appointed COO at Pen Underwriting')
Davies has restructured its consulting division with four specialised pillars: insurance, capital markets, asset and wealth management, and retail finance. Paul Johnson has been promoted to COO, leveraging 12 years at Davies, while Matt Parkinson takes on the newly created CRO role, bringing over 30 years of industry leadership. Both report to division CEO Pino Vallejo.(Jonalyn Cueto, 19/12/2024, Insurance Business, 'Davies announces senior promotions in consulting division')
Gallagher Re has named Hemant Nagpal as Head of Analytics for Asia Pacific, effective January 2025. With over 20 years of experience in risk modelling and insurance analytics, Nagpal will lead the region’s analytics strategy, building on his tenure as Head of Catastrophe Analytics since 2021. (Kenneth Araullo, 18/12/2024, Insurance Business, 'Gallagher Re names Hemant Nagpal as head of analytics for APAC')
HIVE Underwriters has appointed Henning Haagen as Chief Development Officer and board member, effective January 1, 2025. Formerly a Global Executive Leader at Allianz Commercial, Haagen will collaborate with CEO Bruce Carman to expand HIVE's specialty underwriting portfolio, strengthen its aviation expertise, and explore new opportunities in specialty lines. (Kenneth Araullo, 19/12/2024, Insurance Business, 'Henning Haagen joins HIVE as chief development officer')
WTW has appointed Tony Simm as Head of Facultative for Great Britain. Based in London, Simm brings over 15 years of expertise in the direct and facultative reinsurance sector, rejoining the company after roles at Guy Carpenter and Gallagher Re. (Josh Recamara, 19/12/2024, Insurance Business, 'WTW names Tony Simm as head of facultative for Great Britain')
The Lloyd’s Market Association (LMA) has appointed Joe Brace as Operations Director, effective spring 2025, succeeding Rob Myers, who retires in 2026 after over 40 years in the industry. Brace, most recently Head of Change at Apollo, brings extensive experience from roles at Lloyd’s and HSBC, and will oversee the transition while Myers continues to consult on Blueprint Two. (Josh Recamara, 19/12/2024, Insurance Business, 'LMA names Joe Brace as operations director')
Augment Risk has appointed Steve McElhiney as Partner to lead its new captive and alternative risk transfer solutions, focusing on North American expansion, legacy solutions, and bespoke strategies for underserved segments. Most recently Senior Vice President and Global Director of reinsurance for Artex Risk Solutions, McElhiney will leverage his extensive expertise to develop tailored captive solutions, including single-parent captives and segregated cells. (Kenneth Araullo, 19/12/2024, Insurance Business, 'Steve McElhiney joins Augment Risk to lead captive solutions')
Generali GC&C has appointed Michela Moro as Head of Cyber Insurance, effective December 16, succeeding Massimo Orsini, who retired from the role; with over 15 years of industry experience, including her previous role as Regional Head of Cyber at Allianz Commercial, Moro brings expertise in corporate client segments and portfolio development. (Kenneth Araullo, 18/12/2024, Insurance Business, 'Michela Moro appointed as Generali GC&C head of cyber insurance')
Gallagher has appointed Paul Bassett as CEO of crisis management and Simon Brookes as CEO of financial lines, leveraging their extensive experience—Bassett, who joined in 2015, previously held senior roles at Aon and JLT, driving growth in crisis services, including the acquisition of AnotherDay, while Brookes, with Gallagher since its 2011 acquisition of Heath Lambert, will oversee management liability, cyber, and professional risks. (Jonalyn Cueto, 18/12/2024, Insurance Business, 'Gallagher appoints new CEOs for key divisions')
Howden Re has appointed Paul Nicholson and Dominic Riley as Managing Directors for its aviation and space team, starting in 2025; Nicholson, with 35 years in reinsurance broking, has held senior roles at Aon, Gallagher Re, Guy Carpenter, and JLT Re, while Riley, bringing nearly 30 years of experience, joins from Lockton Re and began his career in the Lloyd’s market in 1996. (Kenneth Araullo, 17/12/2024, Insurance Business, 'Howden Re to bolster aviation and space team')
Arch Insurance has appointed Ezechiel Symenouh as Senior Cyber Underwriter, based in Paris, to develop its European cyber insurance portfolio with a focus on France, Benelux, and the Nordic regions; Symenouh previously worked at Tokio Marine HCC and as Cyber Risk Practice Leader at WTW France. (Kenneth Araullo, 17/12/2024, Insurance Business, 'Ezechiel Symenouh joins Arch Insurance as senior cyber underwriter')
Agile Insurance Group has appointed David Hughes as Head of Marine and Deputy Active Underwriter for Lloyd’s Syndicate AUS2427, bringing over 25 years of marine market experience from roles at AXA XL, including Head of Marine Hull and War for the UK and Lloyd’s; Hughes will be based in London with a global mandate and $10 million linesize. (Josh Recamara, 17/12/2024, Insurance Business, 'David Hughes joins Agile syndicate as head of marine')
Atec Group-owned MGA Arkel has appointed Jonathan Myers as Schemes and EDI Manager to accelerate bringing new schemes to market and support growth targets for 2025; Myers joins from Plum Underwriting and has previous experience at Towergate, Aviva, and Zurich. (Josh Recamara, 17/12/2024, Insurance Business, 'Arkel names Jonathan Myers as schemes and EDI manager')
Chubb has appointed John Latter as Head of Claims for Chubb Overseas General (COG), bringing 40 years of experience, including his previous role as Senior Vice President, Claims Director for Europe, Eurasia, and Africa; Latter, who joined Chubb in 2017 from Zurich Insurance, will oversee claims operations across Europe, the Middle East, Asia-Pacific, Latin America, and the Far East. (Josh Recamara, 17/12/2024, Insurance Business, 'Chubb names head of claims for Chubb Overseas General')
Allianz UK has made key investments in its commercial digital trading team, appointing Raj Variyar as Head of Digital Distribution, bringing over 14 years of experience in insurance and banking, most recently at Aon and Simply Business; Emmanuel Peltant as Head of Digital Pricing, with over 24 years of industry experience, previously at AXA and Direct Line Group; Anneke Graham as Head of Digital Underwriting, promoting her from within; Victoria Ashman as Head of Operations and Trading, previously Regional Distribution Manager; and Steve Wells as Head of Strategic Initiatives and Change, focused on platform management and transformative projects. The restructuring also includes internal promotions for Dan Hill as Digital Portfolio Manager, James Preece as Digital Data Manager, Wendy Johnson as Digital Delegated Authority and Schemes Manager, and Charlotte Billingham as Digital Development and Propositions Lead, all aimed at strengthening broker relationships and expanding its digital product portfolio. (Jonalyn Cueto, 17/12/2024, Insurance Business, 'Allianz UK expands digital trading team')
Beazley has appointed Alessandro Lezzi as Group Head of Cyber Risks, reporting to Paul Bantick, the Group Chief Underwriting Officer. Lezzi, who has led Beazley’s international cyber portfolio for over a decade, will now oversee the company’s global cyber risk initiatives, with his appointment reflecting Beazley’s focus on developing leadership from within. (Kenneth Araullo, 16/12/2024, Insurance Business, 'Beazley strengthens cyber division with Alessandro Lezzi promotion')
Resilience has expanded its underwriting team to support growth in cyber risk management, appointing Maria Long as Deputy Chief Underwriting Officer, bringing 17 years of experience from Munich Re in cyber risk management; Scott Schleicher as Senior Vice President of underwriting, with over 30 years of experience, most recently at AXA XL; Megan Koffer as Vice President of underwriting in the Southeast region, with 10 years of experience from AXA XL and Hiscox USA; and Janine Cooper as Assistant Vice President of underwriting in the Midwest, having transitioned from life sciences underwriting at CNA to cyber and professional liability at Ironshore Insurance. (Jonalyn Cueto, 16/12/2024, Insurance Business, 'Resilience bolsters cyber risk team with key hires')
Arch Insurance’s UK Regional Division has appointed David Mann as Branch Manager for Colchester and Alex Turner as National Production Lead. Mann, with nearly 30 years of experience, previously held senior roles at Victor Insurance UK and Marsh, will oversee underwriting and operations in Colchester. Turner, with over 20 years of experience, including a previous role as Branch Manager for Colchester, will focus on refining product offerings and strengthening partnerships across Arch’s network. (Kenneth Araullo, 16/12/2024, Insurance Business, 'Arch Insurance boosts leadership with two senior appointments')
NFU Mutual has appointed Eleanor Moore as Personal Sales Development Manager to support its expansion in the high-net-worth sector. Moore brings over 30 years of experience, including roles as Director of private clients at Broadway Insurance Partners and C&C Insurance Brokers. She was named one of Insurance Business’s Elite Women in 2024. In her new role, Moore will focus on developing tailored products and identifying growth opportunities, working with NFU Mutual’s network and external partners. (Jonalyn Cueto, 16/12/2024, Insurance Business, 'NFU Mutual boosts high net worth strategy with new hire')