General Insurance newsletter Friday 21st February 2025

Insurance News

How to create and implement a sustainability strategy: video expert tips - A sustainable strategy enhances competitiveness by attracting new talent, investors and customers, and boosting internal engagement and retention. Businesses must ensure their efforts align with regulations and avoid greenwashing. Taking action on sustainability is critical to adapting to evolving market demands and staying relevant in a changing economy. (IDEX Consulting news, 'How to create and implement a sustainability strategy: video expert tips')
How to negotiate a pay rise successfully - To successfully negotiate a pay rise, research market standards, track achievements, and schedule a meeting with your manager to discuss your value. Practice the conversation to reduce nerves, approach the meeting calmly, and demonstrate why a raise benefits both you and the company. Stay confident, listen carefully, and remain professional even if negotiations don’t go as planned. (IDEX Consulting news, 'How to negotiate a pay rise successfully')
The biggest challenges facing Financial Advisers - Financial advisers face challenges such as economic pressures, regulatory changes, inflation, and evolving client expectations. The uncertain economic climate and rising interest rates require advisers to navigate complex investment landscapes. The rise of AI introduces both opportunities for efficiency and risks related to fraud and data inaccuracies. Emphasising human connection and strong client relationships remains essential while integrating technology strategically. (IDEX Consulting news, 'The biggest challenges facing Financial Advisers')
Attracting insurance talent in 2025- Insurance employers can attract talent by focusing on three key areas: fostering a strong culture and values that align with employees’ beliefs, offering flexible working arrangements and a realistic work-life balance, and prioritising diversity and inclusion. Additionally, competitive benefits and development opportunities play a crucial role in retention. These strategies help create a supportive, motivating work environment that appeals to top talent. (IDEX Consulting news, 'Attracting insurance talent in 2025')
Aon has partnered with minority-owned broker Protecdiv in a co-broking agreement to enhance risk management solutions for US public and private sectors, leveraging Protecdiv’s specialty expertise and Aon’s global capabilities. (Insurance Business, 20/2/2025, 'Aon teams up with Protecdiv to expand services')
QBE Insurance Group reported a 2024 net profit of US$1.779 billion and US$22.395 billion in GWP, with a strengthened underwriting result, a 93.1% combined operating ratio, a 12.2% expense ratio, and US$1.488 billion in net investment income. (Daniel Wood, 20/2/2025, Insurance Business, 'QBE announces profits increase in FY2024')
Zurich Insurance Group reported record 2024 results, with BOP up 5% to $7.8B and net income surging 34% to $5.8B. ROE rose to 24.6%, EPS grew 10% to $42.2, and SST ratio hit 252%. Zurich proposed an 8% dividend increase to CHF 28 per share, having returned CHF 28B+ to shareholders over eight years. (Jonalyn Cueto, 20/2/2025, Insurance Business, 'Zurich reports record profits and growth in 2024')
Somerset Re, part of Aquarian Holdings, has completed three reinsurance transactions, including a new fixed index annuity (FIA) partnership with a major US insurer, an inforce corporate-owned life insurance (COLI) and bank-owned life insurance (BOLI) deal, and a long-term disability arrangement with a US disability insurer. Three additional deals are in progress, including a multi-year guaranteed annuity (MYGA) and FIA partnership set to close in Q1 2025, and two other life-related transactions pending regulatory approval, all supported by a recent capital raise from Aquarian. (Rod Bolivar, 20/2/2025, Insurance Business, 'Somerset Re secures key reinsurance deals')
Marsh is expanding its Fast Track facility, boosting automatic capacity 10% globally from March 1, 2025, across property, casualty, and specialty risks—no London placement required. Backed by QBE, Canopius, Arch, and Beazley, Fast Track has processed 15,000+ policies and is set to exceed $1B in bound premium. Clients receive uniform terms and a 2.5% premium discount. (Jonalyn Cueto, 20/2/2025, Insurance Business, 'Marsh boosts Fast Track facility')
Resilience has expanded its partnership with RSA, allowing it to underwrite US cyber risks via the London wholesale market. Targeting firms with $75M–$10B revenue, the surplus lines solution builds on Resilience’s £10M UK/EU underwriting capacity, backed by RSA, R&Q Accredited, and HDI Global Specialty. The expansion leverages RSA’s capacity to support US firms with international operations, particularly those with UK/EU risk exposure, through Resilience Essential and Edge Solution products, which combine insurance coverage with cyber risk mitigation tools. (Rod Bolivar, 20/2/2025, Insurance Business, 'Resilience extends partnership with RSA')

WTW reports that aviation insurance capacity remains strong, but market dynamics could shift in 2025. Despite surplus supply, uncertainties in insurance and reinsurance are growing. The market is unlikely to harden in H1 2025, with insurers open to negotiation, but leasing dispute resolutions could reduce reinsurance capacity, impacting risk appetite. Buyers should engage early and assess risk mitigation strategies. (Josh Recamara, 20/2/2025, Insurance Business, 'Challenges await the aviation insurance market this year -- report')
Pen Underwriting has expanded ports & terminals (P&T) coverage to US risks, ensuring global reach. Backed by A-rated Lloyd’s syndicates, its BMM P&T Ltd team covers liability, property, equipment, business interruption, and hull & machinery risks. US marine risks include geopolitical tensions, trade disputes, and IMO pollution regulations under MARPOL Annex VI. (Josh Recamara, 20/2/2025, Insurance Business, 'Pen Underwriting expands P&T specialism to US risks')
Berkley Re has launched Berkley Re Turnkey Solutions, offering reinsured turnkey solutions to carriers, MGAs, PAs, and insurtechs. Covering commercial and personal lines, it includes cyber, EPLI, E&O, crime, workplace violence, and Violent Event Protection. Backed by W. R. Berkley Corp., the division expands Berkley Re’s portfolio amid 45% YoY net income growth. (Kenneth Araullo, 19/2/2025, Insurance Business, 'Berkley Re launches turnkey solutions division for MGAs, insurtechs')
The UK government has announced an additional £250 million for flood defenses, building on the £2.4 billion investment to protect 52,000 properties and upgrade defenses for 14,500 more. Howden Re highlights the impact of past investments, noting reduced financial losses from floods since 2007, and emphasizes the need for industry collaboration to address rising flood and catastrophic risks. (Kenneth Araullo, 19/2/2025, Insurance Business, 'Howden Re highlights impact of flood investment as UK pledges £250 million more')
CHL, parent of Conduit Re, reported 2024 preliminary results with 24.8% growth in GPW to $1.16B and 28.5% growth in reinsurance revenue to $813.7M. Net reinsurance revenue rose 29.4% to $720M, while the reinsurance service result fell 28.3% to $131.6M, and comprehensive income dropped 34.2% to $125.6M. Q3 revenue hit $588.2M, up 30.3%, and GPW reached $957M, a 25.2% increase from 2023. (Kenneth Araullo, 19/2/2025, Insurance Business, 'Conduit Re posts higher premiums, lower income in 2024')
SiriusPoint reported Q4 and full-year 2024 results, showing improved underwriting performance and ongoing business repositioning. The Q4 combined ratio improved by 3.2 points to 90.2%, while the full-year ratio was 91.0%, generating $200M in underwriting income. Gross premiums written for continuing lines rose 21% in Q4 and 10% for the full year. (Kenneth Araullo, 19/2/2025, Insurance Business, 'SiriusPoint posts higher core income for 2024 despite Q4 net')
CFC has launched a bulk quoting service for UK brokers, automating the process of generating quotes for large volumes of cyber insurance policies. The service streamlines submissions by allowing brokers to quote their entire book of business in three steps: submit client info, receive quotes, and bind policies. Initially available for CFC's cyber products, it simplifies the process for brokers managing multiple accounts. (Kenneth Araullo, 19/2/2025, Insurance Business, 'CFC launches automated bulk quoting for UK cyber insurance brokers')
Cowbell has joined the Association of British Insurers (ABI) to foster trust, transparency, and innovation in the cyber insurance sector. Specialising in AI-driven risk assessment for SMEs and middle-market businesses, it offers tailored cyber policies. With recent expansions in the UK and US, Cowbell also received a $60M funding boost from Zurich Insurance Group to enhance its cyber resilience services. (Josh Recamara, 19/2/2025, Insurance Business, 'Association of British Insurers welcomes new member')
McGill and Partners has launched an AI agent on its Underscore platform through Salesforce’s Agentforce, making it the first in the London market. The AI aims to boost efficiency, reduce costs, and streamline the placement process, enabling brokers to focus on strategy and customised solutions. (Kenneth Araullo, 18/2/2025, Insurance Business, 'McGill and Partners launches AI agent to mark London Market first')
Miller reported £271M in 2024 revenues, a 13% increase from 2023, with 12% of the growth coming from organic expansion. Despite investing in personnel, technology, and operations, its EBITDA margin remained above 30%. The company placed US$4B in gross written premium. (Kenneth Araullo, 18/2/2025, Insurance Business, 'Miller sees record growth in 2024, revenue spurt amid expansion')
Charles Taylor InsureTech has rolled out updates to its InHub platform, aimed at helping insurers digitalise securely and cost-effectively. The updates focus on security, performance, user experience, automation, and cloud flexibility, with enhanced security features such as virus scanning and improved validation tools. The platform bridges legacy systems with new technologies to support gradual modernisation. (Josh Recamara, 18/2/2025, Insurance Business, 'Charles Taylor InsureTech launches new platform updates')
DUAL GROUP has launched a rebrand to enhance partner and client experience, unifying its global presence with a seamless website for easier access to products and services. One of Lloyd’s' largest international coverholders, DUAL operates across the Americas, Europe, and Asia Pacific, with an estimated US$3.5 billion GWP. CEO Richard Clapham said the refreshed brand reflects the firm’s innovative, forward-thinking approach. (Daniel Wood, 18/2/2025, Insurance Business, 'DUAL Group launches global rebrand')
Tokio Marine Holdings reported higher ordinary profit and net income for the nine months ending Dec. 31, 2024, despite a ¥75.5 billion decline in total assets to ¥30,519.3 billion. Ordinary income rose ¥615.0 billion YoY to ¥6,249.6 billion, driven by underwriting income (¥4,540.0 billion) and investment income (¥1,580.9 billion). Ordinary expenses fell ¥14.2 billion to ¥5,030.5 billion. (Kenneth Araullo, 17/2/2025, Insurance Business, 'Tokio Marine reports higher profit despite decline in total assets')
Travelers Europe reported US$1.7 billion pretax losses due to Los Angeles wildfires, which destroyed 16,000+ properties. Despite this, Q4 core income rose to US$9.15 per share, up from US$7.01 last year, driven by higher underwriting gains and net investment income. (Kenneth Araullo, 17/2/2025, Insurance Business, 'Travelers Europe names Mike Lawton as chief operating officer')

Mergers and Acquisitions

MAPFRE’s MAWDY has strengthened its partnership with Vittoria Assicurazioni in Italy through a series of transactions, including mutual 49.9% stakes in each other’s service units, enhancing automotive, health, and legal service offerings, pending EU competition approval. (Josh Recamara, 21/2/2025, Insurance Business, 'MAPFRE unit expands partnership with Italian insurer')
Sedgwick is set to acquire Bottomline’s legal spend management division, integrating its Legal-X and Legal eXchange platforms to enhance litigation cost management; the deal, subject to regulatory approvals, will see Sedgwick operate LSM as a separate division, transition around 300 employees for service continuity, and expand its casualty client offerings with legal bill review, e-billing, case management, reporting, analytics, and vendor management solutions. (Josh Recamara, 21/2/2025, Insurance Business, 'Sedgwick announces acquisition')
LexisNexis Risk Solutions has acquired IDVerse, an AI-powered fraud detection firm, as AI adoption rises in insurance. Founded in Australia in 2018, IDVerse uses AI to verify identity documents and detect deepfakes, matching faces to IDs with biometric algorithms for liveness detection. Now part of LexisNexis Risk Solutions' business services segment, IDVerse remains available via RiskNarrative and IDU and will launch as a stand-alone solution on the Dynamic Decision Platform later this year. Deepfake risks persist, with 53% of finance professionals targeted and 43% falling victim, per a Medus survey. (Josh Recamara, 20/2/2025, Insurance Business, 'LexisNexis Risk Solutions announces acquisition')
Howden has acquired Forbes Insurance Limited and the book of business from Hill Aviation Insurance Services, enhancing its specialist aviation expertise for UK clients. The firms will be rebranded under Howden and form a dedicated aviation division with a new Leicester office, expanding its UK&I network. Forbes, founded by CEO Terry Moyes, specializes in aviation insurance for various aircraft types and aviation businesses, with 30% employee ownership cited as a key deal factor. (Kenneth Araullo, 19/2/2025, Insurance Business, 'Howden strengthens UK aviation expertise with Forbes Insurance deal')
RiverStone International has entered a reinsurance-to-close (RITC) agreement with Asta Managing Agency, transferring the 2022 underwriting year of Hampden Risk Partners Syndicate 2689 to RiverStone Syndicate 3500. The deal includes £62.5M in net technical provisions as of Q3 2024. CEO Andy Creed emphasised RiverStone’s commitment to acquiring legacy business in the Lloyd’s market, while Chris Sharp highlighted alignment with HRP’s "intelligent follow" model. (Kenneth Araullo, 18/2/2025, Insurance Business, 'RiverStone International finalizes RITC agreement with Asta and Hampden')
JMG Group plans to continue its acquisition strategy into 2025, following 20+ deals in 2024. The Leeds-based broker, with £350M in gross written premium last year, is in talks for more transactions and will work with Gordons law firm on future deals. CEO Nick Houghton emphasized the company’s focus on organic growth supplemented by strategic acquisitions. (Kenneth Araullo, 18/2/2025, Insurance Business, 'JMG Group eyes more acquisitions in 2025 after 20 deals last year')
The Andover Companies has invested in Mereo Insurance, a Bermuda-based re/insurance startup, as part of its expansion strategy. Mereo, chaired by former AIG CEO Brian Duperreault, holds an A- rating from AM Best and began underwriting in February 2025. The investment was completed on Jan. 31, 2025, amid Bermuda’s growing re/insurance sector. The Bermuda Monetary Authority (BMA) approved 10 captive insurers and 53 insurance entities in 2024, reinforcing the island’s role as a key domicile. (Kenneth Araullo, 17/2/2025, Insurance Business, 'Andover expands reinsurance reach with Mereo investment')
Marco Capital Group has completed an RITC transaction for Coverys Syndicate 1975, effective Jan. 1, 2025. Marco’s Syndicate 1254, managed by Polo Managing Agency, covers 2022 and prior years. Coverys exited Lloyd’s in 2021, placing Syndicate 1975 into run-off. Polo oversees the run-off, while Coverys retains claims administration. (Kenneth Araullo, 17/2/2025, Insurance Business, 'Marco Capital completes RITC deal with Coverys Syndicate 1975')

Movers

Howden Re has appointed Emily Lo as Head of Analytics for Asia, bringing actuarial expertise from roles at Swiss Re and AXA; her experience spans pricing, reserving, product development, and reinsurance management across Asia and Australia. (Rod Bolivar, 20/2/2025, Insurance Business, 'Howden Re names new head of analytics')
Price Forbes Türkiye has appointed Ali Arisoy as Chief Broking Officer; with experience in EPC project management and leadership at VHV Reasurans, he brings expertise in engineering, specialty, treaty, and retrocession underwriting across 38 countries. (Josh Recamara, 21/2/2025, Insurance Business, 'Insurance moves at Price Forbes, Vitality')
Hamilton Global Specialty has appointed Mike Thorp as Head of Space and Chris Golder as Head of Treaty, reinforcing leadership continuity; Thorp, with Hamilton since 2015, launched its space underwriting program, while Golder brings 16 years of industry experience, including a decade in underwriting. (Rod Bolivar, 20/2/2025, Insurance Business, 'Hamilton appoints new underwriting leaders')
AXA XL has appointed Ana Dores as Country Manager for Iberia, effective March 1, following Enrique Lopez Torrents’ departure. Dores, who joined AXA XL in 2014, has held roles from Senior Underwriter to Chief Underwriting Officer for international financial lines in APAC & Europe. She began her career at AIG in 2005 and has worked at Liberty International Underwriters. (Josh Recamara, 19/2/2025, Insurance Business, 'AXA XL appoints country manager for Iberia')
IQUW has launched a ports and terminals insurance product, led by Ali Welchman, covering physical loss, cargo handling equipment, business interruption, and third-party liabilities. Welchman, with 10 years of experience, previously worked at Markel International and will focus on developing a global ports and terminals book. He highlighted the market’s evolution due to automation, climate change, and geopolitical shifts. (Kenneth Araullo, 18/2/2025, Insurance Business, 'IQUW launches ports and terminals insurance to expand marine offerings')
MetLife UK has appointed Phil Jeynes as Head of Individual Protection. Jeynes, previously Director of Corporate Strategy at Reassured, will focus on setting the strategic direction for the individual protection business in the UK. He will join the UK executive team and report to Adrian Matthews, UK Deputy CEO. (Josh Recamara, 18/2/2025, Insurance Business, 'Insurance moves at MetLife UK, Apollo and Tokio Marine Kiln')
Apollo has appointed Ciara Sheikh as interim Executive Underwriter for cargo, in addition to her role as Hull Underwriter. Sheikh will lead the cargo team, working alongside Richard Panter. She joined Apollo in 2022 as a Marine Hull Underwriter and previously spent five years at MS Amlin. She will be supported by Ralph Adams-Hale from Apollo's Smart Follow team. (Josh Recamara, 18/2/2025, Insurance Business, 'Insurance moves at MetLife UK, Apollo and Tokio Marine Kiln')
Tokio Marine Kiln has appointed Paul Talbot as Aviation Underwriter within its aerospace team. Talbot brings over 20 years of experience, most recently as Head of Airports and Manufacturers UK at AIG. He also spent over seven years at Hayward Aviation. Tokio Marine Kiln is the largest writer of aviation risks in the Lloyd’s market by gross written premium. (Josh Recamara, 18/2/2025, Insurance Business, 'Insurance moves at MetLife UK, Apollo and Tokio Marine Kiln')
Sompo Holdings will restructure into Sompo Property & Casualty (P&C) and Sompo Wellbeing from April 1, 2025. James Shea will lead Sompo P&C, integrating global insurance and reinsurance operations, with Koji Ishikawa as Sompo Japan CEO and Nicolas Burnet as CFO. Sompo Wellbeing, led by Yasuhiro Oba, will focus on life insurance and elderly care. The move addresses Japan’s ageing population, with Sompo reporting ¥120.04 billion ($818.2 million) net income in H2 2024. (Kenneth Araullo, 17/2/2025, Insurance Business, 'Sompo to restructure into two global business segments')
Travelers Europe has appointed Mike Lawton as COO, overseeing daily operations and strategy execution, reporting to CEO Matthew Wilson. Lawton, who joined Travelers in 2016, has 20 years of industry experience across broking and underwriting. Wilson highlighted Lawton’s role in strengthening the company’s market presence and operational efficiency. (Kenneth Araullo, 17/2/2025, Insurance Business, 'Travelers Europe names Mike Lawton as chief operating officer')
QBE European Operations has appointed Francisco Castro Yebra as Senior Underwriter for its warranty and indemnity (W&I) team. Based in London, Castro Yebra will underwrite deals across the UK and Europe. He joins from ICEN Risk, where he placed W&I policies for SMEs and larger deals in sectors like real estate, renewables, and technology. Castro Yebra, a qualified abogado and Solicitor, has experience in corporate law and began his insurance career at Lloyd’s in 2021. (Kenneth Araullo, 17/2/2025, Insurance Business, 'QBE expands W&I team with Francisco Castro Yebra appointment')