General Insurance newsletter Friday 6th December 2024

Insurance News

Why mental health should be a priority for employers - Businesses must prioritise mental health to combat rising stress and burnout, as neglecting it leads to absenteeism, attrition, and reduced productivity. Effective measures include fostering open communication, offering support programs, and modelling healthy behaviours to create a thriving and balanced workplace. (IDEX Consulting news, 'Why mental health should be a priority for employers')
Sustainability as a competitive advantage - Sustainability helps businesses attract top talent, retain clients, and build customer loyalty. Embedding ESG principles enhances accountability, reputation, and profitability. Key strategies include transparent communication, stakeholder engagement in sustainability goals, and measurable actions to reduce environmental impact. (IDEX Consulting news, 'Sustainability as a competitive advantage')
Enhance your career prospects - To stand out in a competitive job market, focus on in-demand skills like sustainability, data management, and regulatory expertise. Adapt to emerging trends in renewables and cyber resilience, and leverage experience from regulated industries to transition into high-growth sectors. (IDEX Consulting news, 'Enhance your career prospects')
Insurance Broking market trends - The 2024 insurance broking market focuses on improving broker-insurer relationships and addressing talent gaps in leadership and sales roles. Insurers aim to expand geographically and by specialty, leveraging gains from the hard market. Success hinges on strong employee value propositions, emphasizing career growth and impactful market stories to attract top talent. Key in-demand skills include technical expertise, business development, and underwriting proficiency. (IDEX Consulting news, 'Insurance Broking market trends')
Beazley’s 2024 Risk & Resilience report highlights growing cyber risks tied to AI adoption, with 25% of businesses ranking disruptive technologies as their top risk and 68% anticipating job displacement, emphasising the critical role of insurers in managing these challenges. (Joshua Recamara, 5/12/2024, Insurance Business, 'Insurers' role under scrutiny amid elevating cyber and AI risks')
Activate Group has expanded its Halifax headquarters, moving to a 14,000-square-foot facility in Dean Clough’s D Mill, up from 9,000 square feet in F Mill. Founded in 2015, the company employs over 700 people across the UK and serves major clients like Tesco, AXA, and Direct Line. The move supports its growth following a recent investment by Elysian Capital. (Jonalyn Cueto, 5/12/2024, Insurance Business, 'Activate Group moves to new HQ')
Clyde & Co.’s UK PI Market report reveals that professional indemnity rates fell unexpectedly fast in 2024 due to rising competition from MGAs, despite 56% of market professionals predicting no rate increases. Legal Director Sam Godding noted the sector faces challenges but also significant opportunities amidst transformation. (Joshua Recamara, 5/12/2024, Insurance Business, 'What's happening with PI rates in 2024? – Clyde & Co report')
During its 2024 Investor Day, WTW outlined its growth strategy, including a joint venture with Bain Capital to re-enter the treaty reinsurance broking market. WTW CEO Carl Hess highlighted progress under the “Grow, Simplify, and Transform” framework, emphasizing investments in talent, technology, and operational restructuring to drive value creation. (Kenneth Araullo, 4/12/2024, Insurance Business, 'WTW and Bain Capital partner to re-enter treaty reinsurance market')
Aon will acquire Platform Labs' intellectual property portfolio, including cyber data science technologies and provisional patents, with Robert O’Connell set to integrate these assets into Aon’s offerings. Recent advancements in Aon's cyber sector include launching the Cyber Risk Analyzer platform and issuing the first 144A cyber catastrophe bond for AXIS Capital, alongside senior hires to strengthen its global cyber division. (Kenneth Araullo, 4/12/2024, Insurance Business, 'Aon taps Robert O’Connell to strengthen cyber reinsurance offerings')
Pen Underwriting’s home insurance practice has joined Flood Re’s Build Back Better scheme, enabling policyholders to incorporate up to £10,000 in flood resilience measures during repairs. The initiative helps reduce the long-term impact of flooding by funding adaptations such as flood-resistant doors, non-return valves, and waterproof flooring, improving recovery times and reducing displacement for affected families. (Kenneth Araullo, 4/12/2024, Insurance Business, 'Pen Underwriting joins Flood Re's Build Back Better Scheme')

The Financial Conduct Authority (FCA) has launched a market study to assess whether premium financing provides fair value for motor and home insurance buyers, recognizing it as an essential product for many consumers. The review has sparked varied reactions, with some questioning the necessity of the sector. During a recent panel, industry experts discussed the potential impact of the investigation, with David Sparkes from BIBA noting that the study could highlight the economic implications of changes to brokers, particularly regarding recourse and non-recourse premium finance agreements. (Mia Wallace, 3/12/2024, Insurance Business, 'What will the FCA's market study into premium financing mean for brokers?')
Aon has renewed and expanded its Aon Client Treaty (ACT) for the tenth year, increasing the co-insurance to 28.5% for 2025, up from 22.5% in 2024. ACT, Aon’s London Market placement facility, provides clients with new capital sources and has placed over US$3.5 billion in gross written premium since 2016. The expanded coverage will apply to core business lines placed through Aon’s Global Broking Centre in London. (Joshua Recamara, 3/12/2024, Insurance Business, 'Aon announces renewal and expansion of Aon Client Treaty for 10th year')
Ecclesiastical has partnered with Clear Councils, a Chartered insurance brokerage, to expand its schemes portfolio, with the collaboration set to launch in early 2025. Clear Councils provides insurance solutions to over 2,000 UK local councils, offering coverage such as public and employers’ liability, officials’ indemnity, and property damage. The partnership aims to enhance Ecclesiastical's offerings to local councils and charities. Clear Councils also supports charities with tailored coverage like trustee indemnity, cyber insurance, and buildings insurance. (Jonalyn Cueto, 3/12/2024, Insurance Business, 'Ecclesiastical partners with Clear Councils')
Rokstone, an international specialty MGA, has acquired a second underwriting box at Lloyd’s, just six months after its first. The new box, 398a, complements its existing box 398 and allows the company to expand into financial lines and casualty, alongside its core offerings such as D&O liability, professional indemnity, surety, property, marine, aviation, and more. This expansion strengthens Rokstone’s relationships with brokers and enhances its presence in the London market. (Kenneth Araullo, 2/12/2024, Insurance Business, 'Rokstone adds second Lloyd's box to support broker demand')
NorthStandard has expanded its partnership with Noord Nederlandsche P&I Club (NNPC), making NorthStandard the exclusive reinsurer for NNPC. This new agreement, signed in Newcastle, supports NNPC’s growth and diversification efforts with enhanced products and services. The collaboration, which began in 2008, aims to deliver added value to NNPC’s members and clients, reinforcing its position in the Northern European coastal insurance sector. Rob Beets, chairman of NNPC, highlighted that the partnership aligns with the company’s future vision. (Kenneth Araullo, 2/12/2024, Insurance Business, 'NorthStandard and NNPC formalise strategic partnership')

Mergers and Acquisitions

WTW’s Quarterly Deal Performance Monitor (QDPM) projects a rise in M&A activity for 2025, driven by improved economic conditions, stabilised interest rates, and curbed inflation, with trends including AI's influence on deals, geopolitical risks, regulatory changes, and increased mid-market activity fueled by cash reserves from 2024. (Kenneth Araullo, 5/12/2024, Insurance Business, 'M&A activity set for a surge in 2025 – WTW')
AbbeyAutoline has completed its third major acquisition of 2024 with the purchase of Wallace Insurance Brokers’ customer book, following earlier deals with Martin Carey Insurance and Down Insurances. Julie Gibbons, Managing Director of AbbeyAutoline, welcomed the move, highlighting Wallace Insurance’s strong reputation in construction and commercial insurance as a perfect fit for their expansion across Northern Ireland. The acquisition reinforces AbbeyAutoline’s position as the region’s largest insurance broker, enhancing its ability to deliver tailored solutions and marking a key milestone in its growth strategy. (Jonalyn Cueto, 5/12/2024, Insurance Business, 'AbbeyAutoline acquires Wallace Insurance Brokers')
Brown & Brown (Europe) Limited has acquired Drewberry Limited, a specialist in employee benefits, workplace pensions, and private medical insurance. Drewberry will join Brown & Brown’s Premier Choice Group, with Co-Founders Andrew Jenkinson and Tom Conner joining the leadership team. The acquisition strengthens PCG’s employee benefits services, with Drewberry’s employees remaining in their current roles to ensure client service continuity. (Kenneth Araullo, 4/12/2024, Insurance Business, 'Brown & Brown acquires Drewberry to expand UK benefits reach')
AIG has completed the sale of its global individual personal travel insurance and assistance business, including Travel Guard, to Zurich Insurance Group, finalising the transaction on December 2, 2024. Excluded from the sale are AIG’s Japan business, its joint venture in India, and travel insurance offerings through its Group Accident & Health division. AIG was advised by Evercore Group LLC, with legal counsel from Willkie Farr & Gallagher LLP and Norton Rose Fulbright LLP. (Kenneth Araullo, 3/12/2024, Insurance Business, 'AIG finalizes sale of Travel Guard to Zurich Insurance Group')
Arthur J. Gallagher & Co (Gallagher) has acquired the UK operations of Caytons Law LLP through its claims and risk management subsidiary, Gallagher Bassett. Caytons specialises in legal advice on commercial and professional liability insurance matters and operates in London and Bristol. The firm's Principals, John Cayton, Sam Moore, and Robin Cundall, will integrate into Gallagher Bassett’s UK operations, led by Manan Sagar. The acquisition aims to strengthen Gallagher Bassett’s claims management offerings in the UK market. (Kenneth Araullo, 2/12/2024, Insurance Business, 'Caytons Law joins Gallagher Bassett in strategic UK expansion')

Movers

BMS has bolstered its energy division with Charlotte Marsh as Divisional Director for BMS Energy, leveraging her decade of experience in marine hull, onshore energy, and power generation from roles at Price Forbes. Toby Hanington, now Divisional Director for upstream, brings expertise in oil and gas sector liability from JLT and Howden. Jack Palmer, also Divisional Director for upstream, offers a decade of experience managing accounts for global energy clients from his tenure at Howden. All hires are London-based. (Kenneth Araullo, 5/12/2024, Insurance Business, 'BMS expands energy team with three senior appointments')
Aon has appointed Robert O’Connell as Global Cyber Strategy and Growth Leader within its Reinsurance Solutions division. Based in New York, he will focus on developing advanced cyber solutions, including leveraging insurance-linked securities (ILS) and expanding access to capital markets. O’Connell, formerly CEO of Cyber Re Limited, brings expertise in cyber underwriting, data science, and analytics. (Kenneth Araullo, 4/12/2024, Insurance Business, 'Aon taps Robert O’Connell to strengthen cyber reinsurance offerings')
Lockton Re has appointed Sabrina Veau as a Senior Broker in its Capital Advisory team, based in London. Veau joins after 22 years at Aon, where she focused on optimizing capital structures, regulatory complexities, and rating agency processes, while also leading Aon’s Actuarial and Analytics division, delivering risk solutions for financial institutions and insurers. (Kenneth Araullo, 4/12/2024, Insurance Business, 'Sabrina Veau joins Lockton Re to bolster capital advisory')
Allianz Commercial has promoted Allie Chadwick to Regional Head of Multinational in the UK, overseeing multinational accounts and the servicing team. With over 15 years of experience, Chadwick, who has spent over six years at Allianz, succeeds Kevin Hegel and will report to Guy Money, Global Head of Multinational, while remaining based in London. (Joshua Recamara, 4/12/2024, Insurance Business, 'Allianz Commercial names new UK regional head of multinational')
Evolution Claims Management has appointed Russell Crewe as CEO, succeeding Co-Founder Darren Cooper, who remains a main Board Director. Crewe, previously Managing Director, is excited about leading the company into its next growth phase, building on Cooper’s successful leadership. Cooper, who co-founded the company in 2015 after selling his previous firm, LAS, has over 20 years of industry experience. (Jonalyn Cueto, 4/12/2024, Insurance Business, 'Crewe named CEO of Evolution Claims Management')
H&H Insurance Brokers (HHIB) has expanded its business team in response to growing client demand, with new hires and internal promotions. The team, led by Head of Commercial Kara Jenkinson, includes Account Executives Lee Sparrow and Ruth Wallbank, Account Handler Tom McGaffin, Commercial Brokers Rachel Neile and Kirsty Glencross, and apprentice Ellie Slack, bringing over 80 years of combined industry experience. (Jonalyn Cueto, 4/12/2024, Insurance Business, 'HHIB expands team amid rising demand')
Gallagher has made key regional leadership appointments in its UK & Ireland retail division, covering 14 offices and 750 employees. Mark Kerry is promoted to Regional Managing Director for Scotland and Northern Ireland, overseeing offices in Glasgow, Edinburgh, Belfast, Aberdeen, and the Isle of Skye. James Fletcher takes on the role of Regional Managing Director for the North West, leading Manchester, Sale, and Liverpool, while James Murray becomes Regional Managing Director for the North East, overseeing teams in Newcastle, Leeds, and other key locations. (Jonalyn Cueto, 4/12/2024, Insurance Business, 'Gallagher announces appointments for UK & Ireland division')
Howden has appointed Azman Noorani as Global Practice Leader for surety, as part of its strategy to enhance its surety offerings and global client services. Noorani, who brings over 26 years of experience, joins from Swiss Re, where he was Global Head of Surety. Reporting to Mark Wood, Head of Global Specialty Practices, he will lead the development of Howden's global surety practice, focusing on innovative solutions for companies with multi-country bond requirements. (Jonalyn Cueto, 4/12/2024, Insurance Business, 'Howden appoints Noorani as global head of surety')
Swiss reinsurer SIGNAL IDUNA Reinsurance (SI Re) has appointed Dr. Robert Salzmann as Chief Underwriting Officer, effective Jan. 1, joining the executive board. Salzmann, who has been with SI Re since 2014, brings extensive experience in underwriting and insurance-linked securities (ILS). Previously serving in roles including Head of Pricing and ILS analytics and Head of ILS Markets and Retrocession, Salzmann's leadership is aligned with SI Re’s strategic goals. (Kenneth Araullo, 3/12/2024, Insurance Business, 'SI Re names Robert Salzmann as chief underwriting officer')
Guy Carpenter has appointed Cem Altuntas as Managing Director in the Capital & Advisory team, based in New York. Altuntas, who began his role in December, will focus on capital raising and M&A advisory services across North America. With over a decade of experience in insurance-focused investment banking, Altuntas previously served as Executive Director at UBS and held senior roles at Moelis & Company, Merrill Lynch, and Citi. He began his career in engineering before transitioning to finance with an MBA from NYU Stern School of Business. (Kenneth Araullo, 3/12/2024, Insurance Business, 'Guy Carpenter names Cem Altuntas managing director in New York')
Aon has appointed Anne Corona as CEO of enterprise clients and Global Chief Commercial Officer, effective January 1, 2025. The move supports Aon’s strategy to enhance its commercial operations by integrating data and analytics and improving global service delivery. With nearly 25 years at Aon, Corona most recently served as CEO of Asia Pacific, where she focused on innovation, growth, and strengthening client relationships. She will be based in Singapore. (Kenneth Araullo, 3/12/2024, Insurance Business, 'Anne Corona named Aon's global chief commercial officer')
Miller has appointed Michael Pomroy as an Account Executive in its direct marine war team in London. With over a decade of experience, Pomroy joins from Costero Brokers Ltd, where he was Head of Marine War. Previously, he held senior roles at Costero and Mar Risk Services Ltd, where he contributed to Lloyd’s brokerage operations. Pomroy has also worked in database administration at RSA and gained legal experience at Hanne & Co Solicitors. (Kenneth Araullo, 2/12/2024, Insurance Business, 'Miller hires Michael Pomroy for marine war expansion')
Howden Insurance Brokers has appointed Claire McDonagh and Mariana Weigel Munoz as Divisional Directors in its Accident & Health (A&H), Life, and Special Risks team. McDonagh, with over 20 years of experience in broking and underwriting, previously worked at Miller Insurance, Aspire Insurance Advisers, and AIG, specialising in multinational accident and health underwriting. Munoz brings over 25 years of experience, with the last two decades dedicated to A&H products, and joins from Miller Insurance Services, where she specialised in brokering and risk management. (Jonalyn Cueto, 2/12/2024, Insurance Business, 'Howden welcomes new leadership in A&H division')