General Insurance newsletter Friday 14th February 2025

Insurance News

How IDEX enabled an independent broker to scale its growth- IDEX Consulting assisted Hillier Buchan, a family-owned insurance business, in transitioning ownership while preserving its client-focused approach. Owner Phil Buchan, planning for retirement, wanted a buyer that could support the company’s growth without compromising its culture. IDEX identified Commercial Insurance Services Ltd (CISL) as the right partner, ensuring a smooth sale. The transition allowed Hillier Buchan to access new resources and growth opportunities, benefiting both clients and staff, while freeing up Phil for personal pursuits. (IDEX Consulting news, 'How IDEX enabled an independent broker to scale its growth')
Tips from our Managing Director, Paul Davey to accelerate your career - Paul shares strategic advice on how professionals can compete in a competitive market and ensure they receive the best possible compensation and benefits package. Advice includes; keeping up to date on innovative AI practices for the insurance sector, showcasing how specific business development expertise can grow market share and knowledge of cyber risk management. (IDEX Consulting news, 'Tips from our Managing Director, Paul Davey to accelerate your career')
AI? Opportunity or threat for the insurance profession - AI is reshaping professional services by automating repetitive tasks, providing cleaner data and creating new opportunities. It's driving higher salaries and revenue growth, especially in the financial and insurance sectors. The key to success lies in how companies integrate AI into their operations ethically. Properly harnessed, AI offers significant benefits, including enhanced productivity and market competitiveness, rather than posing a threat to jobs or industries. (IDEX Consulting news, 'AI? Opportunity or threat for the insurance profession')
Cyber risk management insights and guidance - The UK insurance market is navigating risks posed by digital transformation, particularly cybersecurity, regulatory compliance, and data privacy. Insurers are facing increased exposure to cyber risks through the adoption of new systems and technology. Key challenges include managing digital disruption and integrating tech solutions while ensuring operational efficiency. Read our insights piece to understand how you can improve resilience through enhanced cybersecurity measures, and implement regulatory adjustments to accommodate emerging risks. (IDEX Consulting news, 'Cyber risk management insights and guidance')
Mosaic Insurance launched a combined environmental product, Site Pollution & General Liability (SGL), integrating general, environmental, and professional liability under a single worldwide form with up to $25M in excess capacity, available to retail and wholesale brokers. (Josh Recamara, 14/2/2025, Insurance Business, 'Mosaic Insurance introduces environmental product')
Olga Collins, CEO of the Worldwide Broker Network (WBN), identifies talent acquisition and retention as key challenges in the insurance industry, emphasising the need to attract diverse professionals and leverage AI to enhance efficiency while maintaining human insight. (Mia Wallace, 13/2/2025, Insurance Business, 'CEO on the challenges and opportunities facing the insurance industry in 2025')
CyberCube’s ‘Cyber Predictions’ recent webinar highlighted a continued soft market for cyber insurance, with Marsh’s Scott Stransky noting single-digit rate decreases and higher limits for buyers. Cyber Consultant Stephen Ridley suggested the market is nearing its pricing floor after 18 months of decline, with expectations of a potential shift ahead. (Mia Wallace, 13/2/2025, Insurance Business, 'What will shape cyber insurance conversations in 2025?')
Broker Insights has extended its partnership with Hiscox for three years, continuing their nine-year collaboration to enhance regional broker engagement and mid-market opportunities through advanced data analytics. (Josh Recamara, 13/2/2025, Insurance Business, 'Broker Insights extends partnership with Hiscox')
NTT Data’s research reveals a growing AI adoption but warns of a leadership and governance gap threatening investment, security, and trust. Based on insights from 2,300 executives across 34 countries, the report highlights unclear regulations, workforce readiness issues, and concerns over AI security risks. While AI enthusiasm is strong, 72% of organisations lack an AI policy, and 75% fear conflicts with sustainability goals. CEO Abhijit Dubey emphasises the need for leadership-driven AI governance to bridge the responsibility gap. (Josh Recamara, 13/2/2025, Insurance Business, 'AI advancement outstripping governance and workforce readiness - report')
MAPFRE reported a record €902 million attributable result for 2024, a 30% rise despite a €90 million goodwill write-down, with premiums growing 4.5% to €28.1 billion. (Kenneth Araullo, 12/2/2025, Insurance Business, 'MAPFRE boosts dividend to record high as profits climb')
Gallagher Re expanded its renewable energy practice in 2024, growing its client base in Asia and securing offshore wind placements, while strengthening market engagement through seminars and industry events. (Kenneth Araullo, 12/2/2025, Insurance Business, 'Gallagher Re on the renewables market in 2025')
Howden Re’s latest report highlights the financial risks of rising wildfires in California, warning that regulatory constraints on risk-based pricing have led to major insurer withdrawals, leaving homeowners and businesses increasingly vulnerable. It calls for regulatory reforms and risk mitigation investments to stabilise the market. (Kenneth Araullo, 12/2/2025, Insurance Business, 'Wildfire re/insurance costs disrupt California housing market – Howden Re')
Yury Braun, former VP at Hannover Re, has launched YOU RE, a full-service reinsurance MGU focused on data-driven underwriting in casualty, non-CAT property, professional liability, and cyber lines. With 14 years at Hannover Re, Braun played a key role in expanding its insurtech and agency portfolio in the US. (Kenneth Araullo, 12/2/2025, Insurance Business, 'YOU RE enters reinsurance market with focus on data and risk optimization')

AIG reported Q4 adjusted net income of $1.30 per share, up 2% and beating estimates. Full-year income rose 12% to $4.95 per share, with nearly $2 billion in underwriting income and a combined ratio below 92% for the third year. Net premiums grew 6%, with commercial division premiums up 7%. (Josh Recamara, 12/2/2025, Insurance Business, 'AIG reports fourth-quarter earnings increase')
Intact Financial, RSA’s parent company, reported a 5% increase in Q4 DPW, driven by personal lines. Its combined ratio improved to 86.5%, while net operating income per share rose 23% to $4.93, supported by higher investment and distribution income. (Kenneth Araullo, 12/2/2025, Insurance Business, 'RSA parent Intact reveals Q4 results, continues growth trend')
Travelers expects $1.7 billion in losses from the Los Angeles wildfires, affecting personal and commercial insurance. Despite this, Q4 core income rose to $9.15 per share, up from $7.01, due to higher underwriting gains and investment income. (Josh Recamara, 12/2/2025, Insurance Business, 'Travelers expects $1.7 billion in losses due to wildfires as financials surge')
Launched during Miami Reinsurance Week, MNK Re’s new energy reinsurance facility offers up to $50M per declaration, addressing a gap in competitive capacity for SMEs in Latin America while also accommodating larger programs. It provides an alternative to traditional reinsurance structures for clients and brokers. (Kenneth Araullo, 13/2/2025, Insurance Business, 'MNK Re unveils energy facility for Latin American SMEs')
The MGAA and ABI have signed an MoU to strengthen collaboration in the insurance sector, focusing on retail and commercial insurance, regulatory changes, operational resilience, and technological advancements. The agreement also allows coordination on government and regulatory matters, aiming for a unified approach on key issues. Additionally, the MoU opens opportunities for joint initiatives, such as collaborative learning programs, networking events, and research projects. (Josh Recamara, 12/2/2025, Insurance Business, 'MGAA and ABI announce tie-up')
Arch Capital Group reported Q4 2024 net income of $925 million, or $2.42 per share, reflecting a 17.9% annualised return on average common equity, down from $2.3 billion in Q4 2023. The company also recorded pre-tax catastrophic losses of $393 million, mainly driven by Hurricanes Milton and Helene, and anticipates significant losses from the California wildfires to begin 2025. (Kenneth Araullo, 11/2/2025, Insurance Business, 'Arch Capital prepares for wildfire impact after Q4 earnings drop')
The cyber insurance market is projected to reach $16.6 billion in 2024, with North America accounting for $10.5 billion, Europe $3.9 billion, APAC $1.7 billion, and ROW $0.5 billion, according to Guy Carpenter. The report highlights regional growth, emerging segments, and evolving cyber risks, noting a stabilisation of rates after significant increases in 2021 and 2022, continuing into 2024. (Kenneth Araullo, 11/2/2025, Insurance Business, 'Cyber insurance market expands as global risk dynamics shift – Guy Carpenter')
Amwins Global Risks (AGR) has restructured its underwriting operations under Simon Jackson, creating three entities: Unicorn Underwriting (fleet and commercial risk), Contour Underwriting (marine cargo and expanding products), and Amwins Amplify (exclusive products for AGR brokers). Unicorn's Worldwide Property segment will be rebranded under Contour. (Kenneth Araullo, 11/2/2025, Insurance Business, 'Amwins Global Risks unveils new underwriting structure')
The International Union of Marine Insurance (IUMI) reiterated its support for free trade, warning that protectionist measures, such as trade tariffs, could disrupt supply chains and increase risk for marine underwriters. IUMI Secretary General Lars Lange emphasised that more trade leads to more vessels and cargo to insure, and protectionist policies could strain supply chains and raise exposure for marine insurers. (Jonalyn Cueto, 11/2/2025, Insurance Business, 'International Union of Marine Insurance addresses trade tariffs')
The MGAA has unveiled its 2025 strategy, focusing on networking and education, high-level advocacy, and data-driven insights. The updated mission includes enhancing industry engagement, expanding influence on regulatory issues, and becoming a leading source of market intelligence. A key initiative is the MGAA Next Gen Committee, dedicated to talent development through training, networking, and involvement in MGAA initiatives. The association also introduced a refreshed brand identity and website. (Jonalyn Cueto, 11/2/2025, Insurance Business, 'MGAA outlines strategic vision for 2025')
The Global Insurance Law Connect (GILC) D&O Global Trends 2025 report highlights increased regulatory scrutiny, litigation risks, and market shifts. Key factors influencing underwriting include legislation, ESG, and macroeconomic uncertainty. Claims against directors are rising, and demand for D&O insurance is growing globally, with cyber risk also impacting market sentiment. (Rod Bolivar, 11/2/2025, Insurance Business, 'D&O insurance demand grows amid rise in upheld claims')
Howden Insurance Brokers launched a UK quote-and-bind platform for renewable energy projects, offering up to £100 million per declaration capacity. Exclusive to its retail network and Lloyd’s-accredited, the platform streamlines insurance for construction and operations, providing flexible, competitive market options for clients. (Rod Bolivar, 11/2/2025, Insurance Business, 'Howden's new platform targets renewable energy risks')
IQUW recently entered a partnership with mea, an AI-driven processing platform for re/insurers, which aims to enhance IQUW’s underwriting productivity by incorporating mea’s AI technology to streamline and automate underwriting processes across its operations. (Kenneth Araullo, 11/2/2025, Insurance Business, 'Andrew Tongue joins IQUW to lead credit and political risk team')
CNA Financial reported a significant drop in net income for Q4 2024, with $21 million ($0.07 per share), down from $367 million ($1.35 per share) in Q4 2023, due to a $290 million after-tax loss from a pension settlement and $31 million in net investment losses. (Kenneth Araullo, 10/2/2025, Insurance Business, 'CNA Financial posts US$21 million Q4 net income as pension costs weigh on results')
Rokstone launched a combined D&O and PI facility for financial institutions in the UK, Europe, and the Caribbean, backed by a US$10 million Lloyd’s binder. The offering targets private equity firms, hedge funds, investment managers, and credit and savings institutions. Rokstone underwrites over US$1.1 billion in premium across various specialty lines. (Kenneth Araullo, 10/2/2025, Insurance Business, 'Rokstone appoints Rob Winsley as capacity manager and broker relations director')
AXIS reported a significant increase in net income, rising to US$1.1 billion for the year ended Dec. 31, up from US$346 million in 2023. Operating income also surged to US$952 million, compared to US$486 million the previous year. (Kenneth Araullo, 10/2/2025, Insurance Business, 'AXIS names Emilia Siravo head of ceded reinsurance for North America')
Charles Taylor Adjusting has expanded in Europe by partnering with Netherlands-based Accurex B.V. to enhance claims management services, particularly for large and complex losses, leveraging each firm’s expertise in sectors such as property, liability, cyber risks, and catastrophe response. (Rod Bolivar, 10/2/2025, Insurance Business, 'Accurex joins global network of Charles Taylor')

Mergers and Acquisitions

Legal & General (L&G) has agreed to sell its US insurance business to Meiji Yasuda Life Insurance for $2.3 billion, including its US protection and pension risk transfer (PRT) operations. The deal, expected to close by 2025, will allocate proceeds toward share repurchases and reinsurance, while L&G maintains an 80% interest in its US PRT business. The transaction strengthens L&G’s strategic focus and drove an 11.4% share price increase. (Roxanne Libatique, 7/2/2025, Insurance Business, 'Legal & General to sell US arm')

Movers

iFarm Underwriting expanded its agricultural team with Gary Lennie, formerly of Hiscox, Aviva, and Towergate, as Underwriter, and Shane Mustill, previously at Geo Agriculture, as Head of Distribution, strengthening its expertise to support brokers and clients. (Josh Recamara, 14/2/2025, Insurance Business, 'iFarm Underwriting expands specialist agricultural underwriting team')
BMS has appointed Genna Biddell as Managing Director and Head of London P&C Re, reporting to Brad Melvin. She will oversee the London P&C reinsurance business, coordinate with global teams, and drive strategic growth projects. Previously, she was MD of North America wholesale property treaty at Howden Re and has 25 years of experience with roles at Willis Re and Aon Re. (Kenneth Araullo, 13/2/2025, Insurance Business, 'BMS introduces Genna Biddell as head of London P&C Re')
Avid Insurance has appointed Kristian Bartlett as Head of Sales and Distribution, tasked with expanding its distribution network and growing its construction business, IIGL. Bartlett joins from Arch, where he was Broker Relationship Development Manager, and has held senior sales roles at Commercial Express, Markerstudy, and Express Insurance. (Kenneth Araullo, 13/2/2025, Insurance Business, 'Kristian Bartlett joins Avid Insurance in newly created sales role')
ASR has appointed Sylvain Coutu as Head of Innovation and Sustainability, overseeing parametric insurance underwriting, business development, and portfolio management. With over a decade of experience, he previously led agricultural insurance at AXA Climate and held senior roles at Swiss Re. (Kenneth Araullo, 13/2/2025, Insurance Business, 'ASR names Sylvain Coutu head of innovation & sustainability')
Lockton Re has appointed Mark van der Does as a Senior Broker on its mortgage and structured credit team. With 12 years of experience in credit insurance, he previously spent a decade at Marsh as VP in credit specialties and held roles at Starr Companies and JLT. (Kenneth Araullo, 12/2/2025, Insurance Business, 'Lockton Re appoints Mark van der Does as senior broker in credit team')
Marsh has appointed Nigel Hinshelwood as Chair of Marsh Limited UK, effective March 31, 2025, pending regulatory approval. A former HSBC Executive and ex-EY Partner, he has held non-executive roles at Lloyd’s, AXA XL, and Nordea. (Kenneth Araullo, 12/2/2025, Insurance Business, 'Insurance hires: Marsh, Previsico, HHIB, London Market Group')
Previsico has promoted Colin Ross to COO, where he will oversee technical operations, manage project frameworks, and lead the delivery of IoT flood warning systems in the UK and US. Ross, with over four years at Previsico and prior experience at Barratt Developments, will focus on system monitoring, operational efficiency, and international growth. (Kenneth Araullo, 12/2/2025, Insurance Business, 'Insurance hires: Marsh, Previsico, HHIB, London Market Group')
H&H Insurance Brokers has promoted Victoria Twentyman to Claims Team Leader after completing her apprenticeship. At 19, she will lead the in-house claims department, working alongside Stuart Torrance, who moved to Quality Assurance Manager, and supported by Operations Director Kally Shane. Twentyman joined HHIB in 2022 and earned her professional insurance qualifications in January 2025. (Kenneth Araullo, 12/2/2025, Insurance Business, 'Insurance hires: Marsh, Previsico, HHIB, London Market Group')
The London Market Group has appointed David Kirk, Division President of Chubb Global Markets, to its board as a representative of the IUA, replacing David Furby. Kirk, with nearly 20 years of industry experience, took on his current role in 2024 and has previously served as Deputy Chief Underwriting Officer and Head of Marine at Chubb. (Kenneth Araullo, 12/2/2025, Insurance Business, 'Insurance hires: Marsh, Previsico, HHIB, London Market Group')
Allianz Trade has expanded its e-commerce team in Northern Europe, appointing five new hires to support its pay portfolio growth. The new members, including Kelly Feeley, Blair Pusey, Johan Bergström, Alexander van Dijk, and Richie Pamma, will focus on the UK & Ireland, Nordics, and Benelux regions, under Eugene Plug's leadership. Feeley brings experience in fintech and payment solutions, Pusey has 14 years in credit insurance and commercial banking, Bergström has a background in customer engagement and strategic sales, van Dijk specialises in KYB solutions with 18 years in financial services, and Pamma transitions to E-Commerce Customer Success Manager after five years with Allianz Trade. (Kenneth Araullo, 12/2/2025, Insurance Business, 'Allianz Trade adds key hires to expand its e-commerce payment portfolio')
MAPFRE Re is restructuring to align with strategic goals, including expanding its life business and refining its approach. Effective March 1, Javier San Basilio becomes General Manager, overseeing regional divisions and large client development. The non-group business will split into non-life underwriting, led by Carmen Bueso, and life business, led by Maite González. Ricardo Pérez will manage the Iberia/Latam region and join the management committee. (Kenneth Araullo, 11/2/2025, Insurance Business, 'MAPFRE Re unveils new structure, names key executives')
MS Amlin is launching a credit and political risk insurance offering in Dubai as part of its MENA expansion. Osama Elshiekh has been appointed Senior Underwriter for the new initiative, reporting to Vipul Gupta. Elshiekh brings nearly 15 years of experience, including senior underwriting roles at The Hartford and the Islamic Corporation for the Insurance of Investment and Export Credit. (Kenneth Araullo, 11/2/2025, Insurance Business, 'MS Amlin expands in MENA with credit and political risk offering')
Carbon Underwriting Limited has appointed Paddy Byrne as Chairman and Michael Watson as Non-Executive Director, following Rupert Atkin's departure. Byrne brings experience from SRG Group, 6point6 Ltd, and Xchanging Ltd, while Watson, Founder of Canopius and former Lloyd’s Council member, adds extensive leadership and industry connections. (Jonalyn Cueto, 11/2/2025, Insurance Business, 'Carbon and Alta Signa announce key appointments')
Alta Signa has appointed Audrey Louche to strengthen its cyber underwriting division. Based in France, Louche brings extensive experience in underwriting cyber risks, having previously worked at Cogitanda, Assurup, and Chubb, with a focus on regulatory challenges for SMEs and large-cap companies. (Jonalyn Cueto, 11/2/2025, Insurance Business, 'Carbon and Alta Signa announce key appointments')
IQUW has appointed Andrew Tongue as Lead Underwriter for its credit and political risk team. With nearly 15 years of experience, Tongue previously held senior roles at Canopius, Swiss Re, AXA Africa Specialty Risks, and CNA Hardy, specialising in political risks and trade credit. Additionally, IQUW strengthened its portfolio solutions division with the appointments of Elisabeth Groehe and George Connell to support distribution to brokers, MGAs, and broker facilities globally. (Kenneth Araullo, 11/2/2025, Insurance Business, 'Andrew Tongue joins IQUW to lead credit and political risk team')
Rokstone appointed Rob Winsley as Capacity Manager and Broker Relationship Director. Winsley, who previously spent 10 years at Howden, will leverage his experience in developing strategic partnerships and managing large Lloyd’s and London Market portfolios. (Kenneth Araullo, 10/2/2025, Insurance Business, 'Rokstone appoints Rob Winsley as capacity manager and broker relations director')
AXIS Capital has appointed Emilia Siravo as Head of Ceded Reinsurance – North America, where she will lead the company's North America Ceded Re strategy. Based in New York, Siravo previously spent over six years at Swiss Re in various roles, including Head of IGR Process and Management. AXIS has also strengthened its casualty practice with the promotion of Steve Cucciniello to Head of its primary casualty division. Cucciniello, with over 30 years of industry experience, joined AXIS in 2014. (Kenneth Araullo, 10/2/2025, Insurance Business, 'AXIS names Emilia Siravo head of ceded reinsurance for North America')