General Insurance newsletter Friday 31st January 2025

Insurance News

M&A buy and sell strategies: predictions and expert advice - M&A activity remains strong despite tax changes, with an emphasis on completing deals before updates to Business Asset Disposal Relief (BADR). Sellers are urged to prepare early, focusing on structuring deals, due diligence, and regulatory compliance. Tax strategies, along with managing risks like cybersecurity and ESG concerns, are essential to maximizing business value during the sale process. (IDEX Consulting news, 'M&A buy and sell strategies: predictions and expert advice')
2025 Insurance employment outlook - The 2025 insurance employment outlook shows steady growth, with a projected 0.58% rise in overall insurance jobs. The life & health sector expects a 1.49% increase, while property & casualty anticipates a 0.26% rise. Employers face talent attraction and retention challenges, especially with an ageing workforce and a lack of strategies to appeal to younger talent. Additionally, 60% of employees plan to change jobs, with dissatisfaction around pay, workload, and career progression. (IDEX Consulting news, '2025 Insurance employment outlook')
How to progress your career quickly - A professional at Anthony James Insurance Brokers rapidly progressed from Account Executive to Managing Director in just five years. This success was supported by a culture of growth, mentorship, and a focus on adding value for clients. Key advice includes prioritizing client relationships, honing technical expertise, and engaging in continuous professional development. (IDEX Consulting news, 'How to progress your career quickly')
The impact of climate change on insurers - Climate change is increasingly affecting insurers, with rising claims due to extreme weather events and shifting risk patterns. Insurers are adapting by reassessing pricing models and coverage strategies, investing in technology for better risk assessment, and exploring green insurance products. The challenge also includes addressing regulatory pressures and aligning with sustainability goals. (IDEX Consulting news, 'The impact of climate change on insurers')
Brokerslink has added Netherlands-based Wannet Sports Insurance as an affiliate; founded in 1995, the Lloyd’s coverholder and MGA specializes in sports insurance across Benelux, Germany, and Belgium, with underwriting capacity up to €240M for teams. (Josh Recamara, 31/1/2025, Insurance Business, 'Brokerslink adds independent broker to network')
GlobalData research highlights AI, ESG, and cyber risk as key 2025 insurance trends, with 43% of consumers comfortable using AI for premiums and 51.3% believing insurers should address climate change. (Camille Joyce Lisay, 30/1/2025, Insurance Business, 'AI, ESG, and cyber lead insurance trends – GlobalData')
Marsh McLennan reported strong 2024 results with $24.5B in revenue (+8%), $5.8B in GAAP operating income (+10%), and $4.1B in net income, while Q4 revenue grew 9% to $6.1B, driven by record-high acquisitions and risk & insurance services growth. (Gia Snape, 30/1/2025, Insurance Business, 'Marsh McLennan caps record year with robust Q4 results, earnings surge')
As AI reshapes business and society, industry leaders at ITC London debated whether traditional insurance policies adequately cover AI-related risks, with Apollo Underwriting’s Hayley Budd highlighting both AI’s potential for insurers and the gaps in existing cyber, liability, and E&O coverage. (Gia Snape, 30/1/2025, Insurance Business, 'Specialised AI insurance needed as adoption grows')
Saga plc has secured new credit facilities, including a £335M term loan and a £100M delayed-draw loan, to refinance debt, enhance liquidity, and increase financial flexibility ahead of its Ageas partnership. (Kenneth Araullo, 30/1/2025, Insurance Business, 'Saga secures new credit facilities ahead of insurance broking fall')
AXIS Capital’s 2024 net income tripled to $1.1B ($12.35 per share), with operating income rising to $952M, while its full-year combined ratio improved to 88.5%, reflecting strong underwriting performance. (Kenneth Araullo, 30/1/2025, Insurance Business, 'AXIS Capital triples net income')
Ki has partnered with QBE as a capacity provider, expanding its algorithmic digital follow platform at Lloyd’s, with QBE capacity available from February 2025 across 11 business classes, including cyber, D&O, and property. (Kenneth Araullo, 30/1/2025, Insurance Business, 'Ki partners with QBE to expand digital follow capacity')

Chubb reported Q4 2024 net income of $2.58B ($6.33 per share) and core operating income of $2.45B ($6.02 per share). Book value per share decreased 2.1%, while tangible book value declined 2.2%, largely due to investment and foreign currency losses. Excluding certain income, book value rose by 2.9% and tangible book value by 4.3%. Both net income and core operating income reached record pre-tax levels of $3.05B and $3.00B, respectively. (Kenneth Araullo, 29/1/2025, Insurance Business, 'Chubb reports US$1.56 billion in Q4 net investment income')
According to Euler ILS Partners, the 2025 January 1 renewals in the global reinsurance market showed stability in contract terms, with moderate rate reductions in property catastrophe reinsurance and retrocession, especially in regions without recent losses. Despite these reductions, pricing remains near historic highs, supported by stable terms across global and US markets. (Kenneth Araullo, 29/1/2025, Insurance Business, 'Global reinsurance market holds steady in 2025 renewals, Euler ILS reports')
RenaissanceRe reported strong 2024 results, with an 18.5% increase in book value per share and 19.3% return on average equity. The company achieved $1.6B in underwriting income, $1.7B in net investment income, and a combined ratio of 83.9%. Tangible book value per share plus dividends grew by 26%. The operating return on equity was 23.5%, highlighting strong financial performance. (Kenneth Araullo, 29/1/2025, Insurance Business, 'RenaissanceRe reports strong 2024 growth despite Q4 losses')
Everest Group reported $1.7 billion in unfavourable casualty loss development, including a $1.5 billion adjustment to prior-year reserves and $229 million in current accident year strengthening. The company expects net income for 2024 to range between $1.3 billion and $1.4 billion, with non-GAAP net operating income projected between $1.2 billion and $1.3 billion. (Kenneth Araullo, 29/1/2025, Insurance Business, 'Everest Group reports US$1.7 billion prior-year casualty loss development')
MS Amlin has renewed its Phoenix Re sidecar for the fifth year, increasing collateralized capacity to over $90M, a 12.5% rise from 2024. The sidecar, based in Singapore, supports the company’s reinsurance portfolio in the Asia-Pacific region, reflecting growing investor interest in Asia’s catastrophe risk market. CEO William Ho emphasized strong investor appetite for these risks. (Kenneth Araullo, 29/1/2025, Insurance Business, 'MS Amlin expands Phoenix Re sidecar to over US$90 million in 2025 renewal')
Brown & Brown, Inc. reported a 15.4% increase in Q4 2024 revenue to $1.2 billion, with organic revenue up 13.8%. However, income before taxes dropped 22.8%, primarily due to a prior-year gain from a business sale. Adjusted EBITDAC rose by 22.6%, reaching $390 million, with a margin improvement to 32.9%. (Kenneth Araullo, 29/1/2025, Insurance Business, 'Brown & Brown reports major Q4 revenue growth')
Howden has consolidated multiple offices into a central hub in Birmingham, housing over 120 insurance advisors. The new location, part of the company’s Midlands expansion, offers personal, business, health, and employee benefits insurance. Specializing in sectors like sports, rail, and gun trade, it also hosts apprentices through its Early Careers Programme. The office is centrally located near Birmingham Snow Hill station. (Josh Recamara, 29/1/2025, Insurance Business, 'Howden consolidates several Birmingham offices')
Gracechurch Consulting has recognised AEGIS London with the Outstanding Claims Service Quality Marque for the ninth consecutive year, achieving 87% positive ratings. Chaucer also earned this accolade for its communication, commerciality, and speed. AXA UK was awarded the 2025 Underwriting Service Quality Marque for its exceptional collaboration and customer focus in the UK regional market. These recognitions highlight their consistent excellence in claims and underwriting service. (Josh Recamara, 29/1/2025, Insurance Business, 'AXA, AEGIS and Chaucer recognised for claims service')
Apollo has formed a long-term partnership with WNS to support its third-party syndicate business. WNS will provide tailored solutions using technology, data, and resources to help Apollo quickly establish new Lloyd’s syndicates through the “Fast Start” solution. This solution has already been applied to two new Apollo syndicates, Africa Specialty Risk and NormanMax, and is available for future partnerships. (Josh Recamara, 29/1/2025, Insurance Business, 'Apollo announces tie-up for syndicate partnership business')
Swiss Re’s analysis highlights that while the cyber insurance market has cooled from rapid growth, expansion is far from over. The key to further growth lies in increased adoption by SMEs. Fabian Willi from Swiss Re notes the current oversupply of cyber insurance, creating a competitive market and driving rates down over the past couple of years. (Mia Wallace, 28/1/2025, Insurance Business, 'Cyber insurance pricing and growth - where does the market stand today?')
Liberty Mutual has updated its reinsurance Property Catastrophe Program for domestic business as of Jan. 1. The program includes a US$2.8 billion occurrence limit with a US$1 billion retention, covering all perils up to US$1.5 billion. Additionally, an Aggregate Property Catastrophe Program has been purchased, offering US$500 million above a US$2.4 billion retention, with a US$100 million per-event deductible. Full details will be disclosed in the first-quarter earnings announcement. (Kenneth Araullo, 28/1/2025, Insurance Business, 'Liberty Mutual enhances reinsurance program ahead of 2025')
Enact Holdings has secured US$225 million in excess of loss (XOL) reinsurance for 2025 and US$260 million for 2026 for its primary legal entity, Enact Mortgage Insurance Corporation. These credit risk transfer transactions cover policies written within their respective years and will take effect on January 1st. The reinsurance is provided by a panel of reinsurers rated "A-" or higher by S&P or A.M. Best, or "A3" or better by Moody’s. (Kenneth Araullo, 28/1/2025, Insurance Business, 'Enact secures reinsurance cover for 2025-2026 mortgage policies')
QBE UK's 2024 Gender and Ethnicity Pay Gap Report shows continued progress in reducing disparities. The mean gender pay gap has decreased to 20.4%, down from 21.9% in 2023 and from 32.8% in 2017. This is significantly lower than the insurance industry (34%) and financial services (29.8%) averages. Additionally, the mean ethnicity pay gap has dropped to 4.5%, the lowest since the company began tracking this data in 2021. (Kenneth Araullo, 28/1/2025, Insurance Business, 'QBE UK reports lowest gender and ethnicity pay gaps since 2017')
The cyber insurance-linked securities (ILS) market, with over US$750 million in catastrophe bonds, is becoming a vital source of capital for the growing cyber insurance sector. Gallagher projects the market will more than double over the next decade due to increased awareness of cyber risks. Cyber ILS helps underwriters manage systemic risks and expand capacity, meeting the rising demand for cyber insurance. (Kenneth Araullo, 27/1/2025, Insurance Business, 'Investors flock to cyber ILS as market matures – Gallagher')
The UK pensions de-risking market is projected to hit £70 billion in 2025, driven by bulk annuity deals and longevity swaps. This growth is supported by improved funding levels and the entry of new insurers. WTW's Shelly Beard noted that increased trustee activity and better asset management are boosting the market, with pension schemes set to use longevity swaps for risk management. (Kenneth Araullo, 27/1/2025, Insurance Business, 'WTW forecasts pensions de-risking surge in 2025')

Mergers and Acquisitions

Hedgehog Risk, a specialist in sports and prize insurance, has gained a significant investment from SIG Insurance Holdings, part of Susquehanna International Group. Since its 2013 founding, it has led the London market in insuring performance bonuses and prize indemnities. The firm supports global clients by covering financial risks linked to incentivised contracts, sports performance, and promotional events. (Josh Recamara, 29/1/2025, Insurance Business, 'SIG Insurance picks up significant stake in Hedgehog Risk')

Movers

Lloyd’s has appointed Alexandra Cliff as CFO, effective May 1; currently Deputy CFO and an executive committee member, she brings 20+ years of insurance finance experience, including roles at Direct Line Group, StarStone, and AJ Gallagher, and previously worked at PwC.(Josh Recamara, 31/1/2025, Insurance Business, 'Lloyd's appoints Alexandra Cliff as chief financial office')
David Haynes has been appointed CEO of ARAG UK Holdings and ARAG Legal Expenses Insurance, succeeding Tony Buss in April 2025. Haynes, a founding member of ARAG UK since 2006, most recently served as Director of Underwriting at ARAG Legal Expenses Insurance. He also played a key role in the leadership team after ARAG acquired DAS UK in early 2024. Tony Buss, who retires after 19 years as CEO and 48 years in insurance, will remain involved in an advisory capacity. (Kenneth Araullo, 30/1/2025, Insurance Business, 'David Haynes appointed CEO of ARAG UK')
Berkshire Hathaway Specialty Insurance has appointed Francesco Longobardo as Head of Casualty in Italy, marking its entry into the country's casualty insurance market. Longobardo brings over 20 years of experience, including 17 years in senior liability underwriting roles at a global insurer. (Josh Recamara, 30/1/2025, Insurance Business, 'Berkshire Hathaway Specialty enters new market')
Devonshire Underwriting appointed Robin Muir as Head of Contingent Risks. Muir, formerly an Associate at law firm Jones Day specialising in restructuring and litigation, will focus on enhancing the firm’s contingent risk insurance, particularly in corporate restructuring. (Kenneth Araullo, 29/1/2025, Insurance Business, 'Devonshire Underwriting appoints Robin Muir as head of contingent risks')
Arch Insurance International promoted Michael O'Neill to Onshore Power & Renewables Underwriting Manager. O'Neill, previously Senior Underwriter, will oversee renewable energy insurance, including wind, solar, and battery storage. Charlie Thomas, now Senior Onshore Energy Underwriter, brings experience from Shell as risk & insurance team lead and a Senior Underwriter role at Chubb. Arch also appointed Elizabeth Thompson as Offshore Energy Underwriting Manager and James Brown as Senior Energy Advisor, both based in London. (Kenneth Araullo, 29/1/2025, Insurance Business, 'Arch Insurance promotes Michael O’Neill to lead renewables underwriting')
Jon Hancock has been appointed EVP, CEO of both International Commercial Insurance and Global Personal Insurance at AIG. He will continue leading International Commercial Insurance while overseeing the newly formed Global Personal Insurance, which combines Global A&H, Personal Home and Auto, Global Warranty & Services, and High-Net-Worth businesses. (Josh Recamara, 29/1/2025, Insurance Business, 'AIG appoints Jon Hancock to lead new business segment')
Jack Harding, Senior Underwriter at Miramar Underwriting Limited, has been appointed Chair of the MGAA’s Next Gen Committee, succeeding Kajal Pankhania. Harding, with over five years of experience at Miramar, has actively contributed to market initiatives and served on the committee for over three years. Pankhania, who led the committee for two and a half years, expressed his pride in working with ambitious young professionals in the industry. (Josh Recamara, 29/1/2025, Insurance Business, 'MGAA appoints new Next Gen Committee chair')
Ryan Specialty appointed Sean Ryan as EVP of Ryan Re Underwriting Managers. Ryan, with extensive reinsurance experience, will lead strategic development. Previously, he founded Trean Intermediaries, later acquired by BMS, where he served as deputy CEO of US Reinsurance. His appointment aims to accelerate Ryan Re's growth. (Kenneth Araullo, 28/1/2025, Insurance Business, 'Ryan Specialty appoints Sean Ryan as executive VP of Ryan Re')
In further news...Chris Newby has been appointed General Counsel of Ryan Specialty International, succeeding Carin Verhagen, who is retiring in February. Newby, with over 25 years of experience, previously held senior legal roles at AIG. Verhagen, who served for 12 years, was instrumental in the firm's growth and promoting women in the workplace. (Kenneth Araullo, 27/1/2025, Insurance Business, 'Ryan Specialty names Chris Newby as new general counsel')
SCOR P&C has appointed Arta Nasradini as Head of Aviation, effective Feb. 1. Nasradini brings extensive experience, having managed the DACH Aerospace portfolio at AIG and held roles in aerospace underwriting at Swiss Re Corporate Solutions across multiple European locations. (Kenneth Araullo, 28/1/2025, Insurance Business, 'SCOR P&C appoints Arta Nasradini as head of aviation')
Liberty Mutual has appointed Nicole Arangio as Executive Vice President and Chief Compliance Officer (CCO), effective April 1, 2025. Currently serving as CCO for Global Risk Solutions and Compliance Enablement, Arangio oversees compliance across Liberty Mutual’s global operations. (Kenneth Araullo, 28/1/2025, Insurance Business, 'Liberty Mutual enhances reinsurance program ahead of 2025')
Miller has appointed Edwin Staudenmaier as Head of Information Security. With over 10 years of cybersecurity experience, Staudenmaier previously worked at Deloitte, Crossword Cybersecurity Consulting, and SysGroup. He will oversee Miller’s information security strategy and operations. In other recent developments, the re/insurance specialist also announced the appointment of Elizabeth McGonagle as Head of Power for the Asia Pacific region. (Kenneth Araullo, 28/1/2025, Insurance Business, 'Miller appoints Edwin Staudenmaier as head of information security')
Argenta has appointed Karen Collier as a Construction and Engineering Underwriter, effective immediately. She brings over 10 years of experience, having previously worked as an Assistant Underwriter at Axis Capital, and held roles at Independent Broking Solutions, Brit Insurance, and Montpelier. Collier's expertise spans underwriting, claims management, training, and risk management. (Kenneth Araullo, 28/1/2025, Insurance Business, 'Karen Collier joins Argenta as construction and engineering underwriter')
Evolin Broking Limited has launched a new construction division and appointed Steve Downing as Head of Construction. With over 30 years of experience, Downing, formerly with Lockton, Willis, and Miller Insurance Services, will lead the division’s development, focusing on construction all risks, erection all risks, builders’ risk, delay in start-up, and third-party liability. He will also focus on talent recruitment for product development and distribution. (Josh Recamara, 28/1/2025, Insurance Business, 'Evolin launches new construction division')
Carbon Underwriting has entered the international healthcare sector, appointing Martin Leeks as Head of International Medical Malpractice. Leeks brings over 35 years of experience in casualty and medical malpractice underwriting, most recently with Everest Group. The new division will focus on delegated portfolios in Australia, Canada, the UK, and Europe, underwriting on Lloyd’s paper. This follows the appointment of Alex Poracchia as Carbon’s CFO. (Josh Recamara, 28/1/2025, Insurance Business, 'Carbon Underwriting moves into international healthcare sector')
The Clear Group has appointed Oscar Holloway as Managing Director of its mergers and acquisition division. Holloway previously held senior positions at leading insurance firms, including Group M&A Director at JLT, Senior Vice President at Marsh and most recently, Head of Europe at Miller Insurance Services. Holloway will lead Clear Group’s M&A strategy, building on progress achieved since Goldman Sachs’ investment in 2022. (Josh Recamara, 28/1/2025, Insurance Business, 'Revealed – leadership changes at several insurance firms')
Envelop Risk has appointed Graeme Bell as Group COO and Chief Legal Officer. Bell, who joined in 2020 and served as interim COO since 2023, previously worked as a Corporate M&A Partner. Additionally, Simon Welton has been appointed EVP – Underwriting Performance and Strategic Partnerships. With over 30 years of experience, Welton previously held the EVP – insurance role at Envelop and worked at Swiss Re for a decade. (Josh Recamara, 28/1/2025, Insurance Business, 'Revealed – leadership changes at several insurance firms')
Atec has appointed Luke Dexter as its first Principle Data Scientist, focusing on enhancing the company's data science capabilities. Dexter brings extensive experience from roles at Covea, where he advanced data science and pricing, and as the lead Data Scientist at Aviva. (Josh Recamara, 28/1/2025, Insurance Business, 'Revealed – leadership changes at several insurance firms')
United Insurance Brokers has appointed Marek Ambrozewski as Managing Director of its aviation division, effective this month. With over 20 years of experience in key leadership roles in the aviation sector, he succeeds Miles Taffs, who will depart at the end of Q1. (Josh Recamara, 28/1/2025, Insurance Business, 'Revealed – leadership changes at several insurance firms')
John Bruce has officially assumed his role as Senior Partner at Kennedys, succeeding Nick Thomas. Bruce, who is based in London, was appointed to the role in December following a formal election process. (Josh Recamara, 28/1/2025, Insurance Business, 'Revealed – leadership changes at several insurance firms')
DAC Beachcroft welcomed Maria Cetta as a Partner in its aviation practice. Cetta joins the company from Clyde & Co. where she was a Partner in its aviation liability practice for almost 20 years. (Josh Recamara, 28/1/2025, Insurance Business, 'Revealed – leadership changes at several insurance firms')
Howden Re appointed Kelly Hatch as Director of International Facultative Reinsurance. Based in London, Hatch will focus on APAC property placements. He joins after 26 years at Aon, where he was Executive Director. (Kenneth Araullo, 27/1/2025, Insurance Business, 'Kelly Hatch joins Howden Re as director of APAC reinsurance')
MS Amlin has launched a new partnerships division to capitalise on growth opportunities, leveraging connections within the MS&AD Group and other strategic channels. Sam Geddes, Deputy Chief Underwriting Officer, will lead the division, with Simon Morgan overseeing underwriting operations. The team will manage collaborations with entities like MS&AD Ventures and MS Transverse. (Kenneth Araullo, 27/1/2025, Insurance Business, 'MS Amlin strengthens strategy with partnerships division')
Lockton Re has appointed Theo Norris as the UK Capital Markets Structuring and Cyber ILS Leader. Norris, based in London, will work with the global broking and cyber teams. He previously led cyber ILS at Gallagher Re and served as Assistant Vice President at Aon Securities. Norris holds the CFA designation and is an Associate of the Chartered Insurance Institute. (Kenneth Araullo, 27/1/2025, Insurance Business, 'Theo Norris joins Lockton Re as cyber ILS leader')