General Insurance newsletter Friday 24th January 2025

Insurance News

UK insurance market: how to navigate risks in a digital age - IDEX Consulting shares the latest insights and data on risks for the insurance market in 2025 and how insurers can prepare for challenges and mitigate them. A focus for 2025 will be how insurers offer tailored solutions to consumers in regions vulnerable to natural disasters which are often subject to unlicensed surplus lines insurers who offer coverage for risks that admitted carriers may reject. (IDEX Consulting news, 'UK insurance market: how to navigate risks in a digital age')
2025 Financial Services talent trends - The UK financial services sector in 2025 is experiencing a talent shortage due to a significant number of financial advisers nearing retirement—with 60% expected to consider retirement within three to five years—and insufficient junior talent entering the profession. This demographic shift, coupled with the rise of automation and AI is reducing the need for traditional advisory roles, and is prompting firms to seek professionals skilled in technology and compliance to adapt to evolving regulatory demands. (IDEX Consulting news, '2025 Financial Services talent trends')
The growing cyber risk issue - The U.S. insurance market is grappling with escalating cyber risks, as many businesses remain under-insured and unprepared for threats like ransomware and AI-driven attacks. Notably, 87% of global decision-makers acknowledge their companies lack adequate protection against cyber-attacks. The average cost of a data breach in the U.S. has surged to $9.44 million, emphasising the urgent need for comprehensive cyber insurance and robust security measures. (IDEX Consulting news, 'The growing cyber risk issue')
How to be successful as an Insurance Underwriter - To excel as an insurance underwriter, it's essential to develop strong analytical skills, attention to detail, and effective communication abilities. Staying informed about industry trends and embracing technological advancements, such as artificial intelligence, can enhance decision-making and efficiency. Additionally, cultivating collaboration and negotiation skills will aid in working effectively with clients and colleagues. (IDEX Consulting news, How to be successful as an Insurance Underwriter')
Munich Re is cutting 18 roles (12% of its workforce) at its Dublin-based automation subsidiary as part of a company-wide restructuring. Despite strong 2023 profits (€4.6bn) and a €15 per share dividend, the firm cited organizational changes. The move aligns with its ‘Ambition 2025’ growth strategy. (Mav Rodriguez, 23/1/2025, Insurance Business, 'Munich Re cuts 12% of Irish workforce in restructuring move')
Since its launch in January 2020, BIBA’s Find Insurance Service has helped 41,330 individuals with pre-existing conditions access specialist protection insurance. The service, marking its five-year anniversary, connects customers to vetted specialists for life, critical illness, and income protection. The agreement also requires providers to explain coverage limitations and offer alternative solutions. CEO Graeme Trudgill highlighted the team’s active role in supporting this initiative. (Camille Joyce Lisay, 23/1/2025, Insurance Business, 'BIBA reaches 40K customer milestone')
Insurtech firm Jove has launched a pan-European business liability insurance product for small businesses with under 20 employees in sectors like media, engineering, and consultancy. Available in 30 EU countries with global client coverage, including the US and Canada, it removes traditional geographic restrictions. The policy operates on a monthly subscription model, offering flexible, affordable coverage. Within three months, Jove will introduce a pausing feature, allowing businesses to cut costs during inactive periods. (Josh Recamara, 23/1/2025, Insurance Business, 'Jove launches new pan-European business liability insurance product')
Munich Re identifies deglobalization, decarbonisation, demographics, and digitalisation as key trends set to slow economic growth and raise inflation over the next decade. Supply chain de-risking and ageing populations will tighten labour markets, driving wages higher and adding economic pressure. (Kenneth Araullo, 22/1/2025, Insurance Business, 'Munich Re predicts slower growth and higher inflation by 2035')
In further news... Munich Re reaffirms its €6 billion ($6.3 billion) 2025 profit target despite expected losses from California wildfires, which may cost insurers €20-30 billion. CEO Joachim Wenning noted the reinsurer’s exposure but emphasised its resilience. (Kenneth Araullo, 22/1/2025, Insurance Business, 'Munich Re confirms €6 billion profit target for 2025 amid wildfire losses')
Gallagher Re’s 2024 report estimates global natural disasters caused $417 billion in losses last year, with insurers covering $154 billion. Annual insured losses now average $150 billion, 27% above the past decade’s $121 billion, driven by high-impact events across markets. (Kenneth Araullo, 22/1/2025, Insurance Business, '2024 natural catastrophes set new record for insured events – Gallagher Re')
Pen Underwriting has renewed its long-term collaboration with QBE in the UK and Ireland through two major capacity agreements, extending their partnership beyond 25 years. Covering over £400 million in premium, the deals include a three-year agreement for public sector risks, including police authorities, and a five-year agreement for hazardous and environmental industries, reinforcing QBE’s capacity support across key markets. (Kenneth Araullo, 22/1/2025, Insurance Business, 'Pen Underwriting and QBE extend 25-year strategic partnership')

DUAL Europe has launched DUAL Cyber Active Protect, combining cyber insurance with proactive prevention services. Backed by the new DUAL Cyber Prevention and Response (DUAL CPR) unit, it bridges insurance and managed security. Partnering with Silverfort and Cynet, it streamlines risk assessments, reducing questionnaires for SMEs and complex accounts. The product includes identity security and all-in-one cybersecurity solutions. (Kenneth Araullo, 22/1/2025, Insurance Business, 'DUAL Europe launches cyber insurance with built-in prevention tools')
Touchstone Underwriting has partnered with Keys Premium Finance to enhance its support for small and mid-sized brokerages. The collaboration aims to boost broker offerings by combining their industry expertise to deliver quality products, services, and personalised support. Both companies are committed to excellence and traditional values, ensuring brokerages receive the attentive service they expect. Touchstone, an MGA founded in 2007, and Keys Premium Finance, a specialist finance provider since 2006, are joining forces to provide comprehensive solutions for their clients. (Josh Recamara, 22/1/2025, Insurance Business, 'Touchstone Underwriting announces new tie-up to boost brokerage support')
Placing Platform Limited (PPL) has launched its new Express Renewal functionality to streamline and expedite the renewal process for brokers. Initial testing showed significant time savings. The feature builds on the September launch of Express Contract, enhancing workflows with automatic data population and improved navigation. Key features include fast-tracking single contract renewals, auto-copying risk and market data, updating inception and expiry dates, and a redesigned navigation structure with clearer steps and actionable guidance. (Josh Recamara, 22/1/2025, Insurance Business, 'PPL unveils latest functionality for brokers')
Aventum Group is investing US$12 million in technology over two years to develop an in-house infrastructure, including ATOMX, a cloud-native platform aimed at enhancing efficiency. The platform, featuring 10 AI-driven products, will save 1,000 staff hours monthly and cut costs by over US$2 million annually, supporting multiple business lines. (Kenneth Araullo, 22/1/2025, Insurance Business, 'Aventum unveils US$12 million tech initiative to build ATOMX platform')
Howden has rebranded Basel-based reinsurance broker Haakon AG to Howden Re Switzerland, completing its integration into the Howden brand. This aligns with the company’s strategy for a unified identity. Howden Re Switzerland will maintain offices in Basel and Zurich, serving Swiss clients, while its Asia operations continue through offices in Malaysia and Singapore. (Kenneth Araullo, 21/1/2025, Insurance Business, 'Haakon rebrands as Howden Re Switzerland after full integration')
As fintech companies gear up for 2025, they face risks from economic conditions, regulatory shifts, and tech advancements. Nick Rugg of Markel highlights a slowdown in fintech investment in 2024 due to high capital costs, though the UK remained Europe's leader, securing 65% of deals. Political stability in the UK and US, alongside potential interest rate cuts, could boost investor confidence and create a more favourable environment for fintech investment. (Josh Recamara, 21/1/2025, Insurance Business, 'Markel's Rugg exposes challenges and opportunities for fintech in 2025')
Swiss Re sees China as a key investment destination due to its continued economic growth, despite external challenges, according to Group Chief Economist Jerome Jean Haegeli. He emphasized the company’s long-term commitment and strategic focus in China, with reasonable investments and no plans to change. Swiss Re forecasts China’s economy to grow by 4.6% in 2025, factoring in additional US tariffs and modest retaliatory measures by China. (Kenneth Araullo, 20/1/2025, Insurance Business, 'Swiss Re projects strong insurance growth in China')
The Pool Re 2024 Annual Threat Report highlights the challenges the insurance industry faces in assessing and underwriting terrorism and geopolitical risks. The ongoing threat of Islamist and Extreme Right-Wing terrorism, along with factors like the Israel-Hamas conflict and the cost-of-living crisis, create uncertainties for insurers. The report emphasises the difficulty of evaluating the risks associated with these threats and the broader implications of global instability on the industry’s ability to properly underwrite and manage terrorism-related risks. (Kenneth Araullo, 20/1/2025, Insurance Business, 'Pool Re warns of rising terrorism and state threats')
LIIBA’s 2025 agenda focuses on a new initiative to measure the economic contribution of London’s wholesale brokers to the global economy. The "Brokers Matter" project will research the impact of wholesale broking on global GDP, with discussions on scope and methodology underway. CEO Christopher Croft highlighted the critical role of wholesale broking in global wealth creation and aims to demonstrate its GDP contribution, similar to the impact of the "London Matters" campaign. (Kenneth Araullo, 20/1/2025, Insurance Business, 'LIIBA launches 'Brokers Matter' initiative for 2025')
A poll by RDT shows that insurers are preparing for major changes as automation and digital transformation reshape the industry. 54% of respondents expect traditional roles in underwriting and claims to require new skills like data analysis and machine learning, with over 90% investing in training. Key areas for the future workforce include data analytics, AI, digital customer experience, and cybersecurity. Joe O'Connor, Deputy CEO at RDT, stressed the need for the industry to adapt to a future driven by technical skills. (Josh Recamara, 20/1/2025, Insurance Business, 'Is the insurance industry ready for AI to take over?')

Mergers and Acquisitions

SRG is acquiring Ecclesia Group’s assets in the Netherlands and Belgium, adding seven businesses and 700 colleagues in its first mainland Europe expansion. Ecclesia will join Warburg Pincus and Temasek as SRG shareholders, with CEO Jochen Körner joining SRG’s board. This follows SRG’s 12 acquisitions in 2024 and Asia-Pacific expansion. Ecclesia, Germany’s largest corporate insurance broker, places €3bn annually in global markets. (Josh Recamara, 24/1/2025, Insurance Business, 'SRG buys Ecclesia Group's Netherlands and Belgium assets')

Movers

Allianz Commercial appoints Phuong Ly as UK Commercial MD, effective April 3, 2025 (pending regulatory approval). Ly, currently Chief GM of Commercial at Allianz Australia, brings 20+ years of experience, including roles at QBE, IAG, CGU, Chartis, and Munich Re. Nick Hobbs and Luke Baker will provide interim leadership. (Mia Wallace, 24/1/2025, Insurance Business, 'Allianz Commercial taps new leader in the UK')
McLarens has promoted Gavin Jackson to Head of Lloyd’s & London market. With 14 years in loss adjusting and claims management, he has focused on this sector since 2015, building key relationships. Jackson will lead a team to expand McLarens’ claims solutions, particularly in delegated authority and specialty divisions like aviation, construction, crisis management, marine, and natural resources. (Josh Recamara, 24/1/2025, Insurance Business, 'McLarens names Gavin Jackson to lead Lloyd's & London market team')
Ascot has announced key leadership appointments to enhance underwriting performance and expand its US marine operations. Eric Herman becomes Group Head of Underwriting Performance Management, focusing on market trends and portfolio optimization. Previously CUO for North America at Everest, he brings extensive experience in analytics and portfolio management. In US marine, Jon Mosby is promoted to Deputy CUO, overseeing underwriting strategies and innovation. Since joining Ascot in 2022, he has led inland marine and brings nearly two decades of experience from AXA XL, Gallagher, and The Hartford. (Mav Rodriguez, 23/1/2025, Insurance Business, 'Ascot makes key appointments to expand specialty lines')
Arch Capital has promoted Prashant Nema to EVP and Deputy COO while retaining his CIO role. Reporting to COO Chris Hovey, he will oversee global services, enhancing operations and talent strategy. Since joining in 2015, Nema has led IT infrastructure, security, and service desk integration. His background includes founding a mobile commerce start-up and serving as CIO at Silicon Valley Bank. (Mav Rodriguez, 23/1/2025, Insurance Business, 'Prashant Nema takes on additional role at Arch Capital')
Everest Group has appointed Jim Williamson as President and CEO, effective immediately. Williamson, previously acting CEO, has been with Everest since 2020 in key leadership roles. With over 20 years in P&C insurance, he has held senior positions at The Hartford, Chubb, and ACE. (Jonalyn Cueto, 23/1/2025, Insurance Business, 'Everest Group appoints Jim Williamson as CEO')
Emma Rawlinson has been promoted to CEO of Markerstudy Distribution, pending regulatory approval, reporting to Markerstudy Group CEO Kevin Spencer. Previously Atlanta CEO, she entered insurance in 2018 at Swinton, later becoming CFO. After Swinton’s 2020 acquisition by Ardonagh, she became Atlanta CFO, then CEO in 2021. She later joined Markerstudy as COO Distribution, was promoted to Chief Investment Officer, and now steps into the CEO role as part of the firm’s long-term strategy. Meanwhile, Ian Donaldson and Craig Ball return to Ardonagh Group to drive digital and AI advancements and oversee collaborations with Markerstudy. (Josh Recamara, 23/1/2025, Insurance Business, 'Markerstudy Distribution appoints CEO')
Arch Insurance International has announced leadership changes in its offshore energy division. Elizabeth Thompson has been promoted to Offshore Energy Underwriting Manager, overseeing Arch's London Market offshore energy portfolio. James Brown joins as Senior Energy Advisor, supporting risk assessment and solutions development across conventional and renewable energy markets. Thompson joined Arch in 2019 from Chaucer, while Brown brings over 30 years of experience, including roles at Chaucer and Kita. (Kenneth Araullo, 22/1/2025, Insurance Business, 'Arch Insurance announces new offshore energy leadership team')
E2e Total Loss Claims Management has appointed Eddie Longworth as its new CEO. With over 27 years of experience, Longworth founded JEL Consulting and worked with the Vehicle Recyclers Association on a report quantifying carbon savings from recycled vehicle parts. E2e Total Loss Claims Management is a UK-based vehicle salvage operator focused on environmentally compliant recycling services. (Josh Recamara, 22/1/2025, Insurance Business, 'e2e Total Loss Claims Management names new chief executive officer')
WTW has appointed Mark Mamone as Head of Technology Delivery and Strategy for its Insurance Consulting and Technology (ICT) business. With 37 years of experience, Mamone previously served as group CIO at GBG, leading over 500 tech professionals. His prior roles include leadership positions at Serco, BAE, and BT. (Kenneth Araullo, 21/1/2025, Insurance Business, 'WTW hires Mamone to advance insurance technology and strategy')
Resilience has promoted George Kotsiopoulos to President, Insurance, with oversight of global underwriting, following his leadership in distribution. Gavin Reed, with over 20 years of underwriting experience, becomes Head of North American underwriting. Sarah Thompson, experienced in sales strategy, is now Global Head of Sales Strategy. Jack Jenner, with expertise in European and Asian markets, is promoted to Managing Director, International Insurance. These changes support Resilience’s global expansion and 2025 growth. (Kenneth Araullo, 21/1/2025, Insurance Business, 'Resilience elevates leadership to bolster cyber insurance operations')
Gallagher Re has appointed Karsten Lüers as Regional Director for credit, surety, and political risk, based in Munich. With over 23 years of experience, Lüers will support existing clients and expand Gallagher Re’s market presence in key regions, contributing to the company’s Global Credit, Surety, and Political Risk practice group. (Kenneth Araullo, 21/1/2025, Insurance Business, 'Gallagher Re appoints Karsten Lüers as regional director in Munich')
McGill and Partners has appointed John Barry and Jack Farrell as Partners in its Ireland operations. Both join from WTW, with Barry bringing 30+ years of expertise in D&O, cyber, and professional indemnity insurance, and Farrell offering 11 years of experience in insurance advisory and program design for the construction industry. (Kenneth Araullo, 21/1/2025, Insurance Business, 'McGill and Partners adds industry vets to strengthen Irish operations')
Brokerslink has appointed Youness Rhallam as President and Patrick Verlinden as Vice-President of its advisory board. Rhallam is CEO of Moroccan brokerage Alpha Assurances, and Verlinden is CEO of Belgian broker Van Dessel Insurance Brokers. They will provide strategic guidance to Brokerslink. José Manuel Fonseca, President and CEO of Brokerslink's board, clarified that the board handles operational decisions, while the advisory board offers consultative support for the broader vision. (Kenneth Araullo, 21/1/2025, Insurance Business, 'Brokerslink names Youness Rhallam as advisory board president')
QBE has appointed Andrea Marega as the European Product Manager for professional indemnity (PI), a new role in its underwriting model. Marega, based in Milan, started on January 20. He brings extensive experience from Allianz Commercial, where he was a Senior Global Financial Lines Underwriter, and has held roles at AIG, ACE (now Chubb), and Allianz. At QBE, he will focus on expanding the company’s European PI portfolio, reporting to Naintara Agarwal, Europe Director of Underwriting and portfolio management. (Kenneth Araullo, 21/1/2025, Insurance Business, 'QBE appoints Andrea Marega as European PI product manager')
SCOR UK has appointed Henry Mumme-Young as Chief Underwriting Officer and Active Underwriter for SCOR Syndicate 2015, pending regulatory approval. He will oversee underwriting strategy for SCOR UK and Lloyd’s syndicate. Mumme-Young, who joined SCOR in 2014, succeeds Marie Biggas, who has been promoted to Chief Underwriting Officer for SCOR Business Solutions and Facultative Reinsurance. He was previously Global Line Head for political and credit risks and has also worked at ACE and Liberty. (Josh Recamara, 21/1/2025, Insurance Business, 'SCOR UK names Henry Mumme-Young as chief underwriting officer')
WTW has received a license to operate as a reinsurance broker in Saudi Arabia, expanding its presence in the Kingdom. The company also appointed Mohammed S AlSudairy as Head of Reinsurance Broking for WTW Saudi Arabia. AlSudairy, based in Saudi Arabia, brings experience in treaty, facultative, and claims management, previously serving as Deputy CEO at Chedid Reinsurance Brokerage. (Kenneth Araullo, 20/1/2025, Insurance Business, 'WTW secures reinsurance license in Saudi Arabia')
Arch Insurance International has promoted Mike Bottle to Managing Director of its UK regional division, effective immediately. Bottle will oversee regional offices and continue managing strategy and distribution, collaborating with Stuart Danskin and Vicky Rowlay on the company’s growth strategy. He joined Arch in 2019 as Senior Vice President of strategy and distribution for the UK regional division, and before that, he was Managing Director at Axiom Underwriting Agency Limited. Bottle succeeds Steve Bashford, who retired as Chief Executive of the UK regional division. (Kenneth Araullo, 20/1/2025, Insurance Business, 'Arch UK appoints Mike Bottle as new managing director')