General Insurance newsletter Friday 28th February 2025

Insurance News

Predictive analytics: how will it impact your role? - Predictive analytics is transforming insurance by enhancing risk assessment and underwriting through big data, improving fraud detection with pattern recognition, and boosting operational efficiency by automating tasks, enabling more personalised services and stronger market competitiveness. Read our insights piece to understand how it will impact insurers and brokers, and how you can stay ahead. (IDEX Consulting news, 'Predictive analytics: how will it impact your role?')
How to attract top buyers to your business - To attract top buyers for your business, it's essential to highlight your unique selling points and growth potential, maintain accurate financial records, resolve outstanding issues, and retain key employees. Engaging experienced M&A professionals and leveraging networks can help identify qualified buyers and secure favourable deals. Read our top tips now. (IDEX Consulting news, 'How to attract top buyers to your business')
Building hybrid inclusive cultures - Building an inclusive hybrid culture requires businesses to go beyond diversity metrics by embedding inclusive leadership, ensuring equal access to opportunities, addressing remote work challenges, fostering open communication, and actively supporting diverse employees to retain talent and drive engagement. Our article provides practical tips and strategies you can implement now. (IDEX Consulting news, 'Building hybrid inclusive cultures')
Driving equity across the insurance profession - Gender parity is still a challenge in the insurance industry, with women underrepresented in leadership roles and facing barriers like pay gaps and limited development opportunities, despite efforts such as the FCA's diversity policy. Here’s how you can change that. (IDEX Consulting news, 'Drive equity across the insurance profession')
BIBA has renewed its partnership with Premium Credit to offer members a premium finance facility, providing digital solutions, a broker portal, compliance support, and training to improve services and customer conversions. (Josh Recamara, 28/2/2025, Insurance Business, 'BIBA renews premium finance facility agreement')
Lemonade, Inc. reported strong Q4 and 2024 results, with $27 million in adjusted free cash flow (Adj. FCF) for Q4 and $48 million for the year, marking its first full year of positive Adj. FCF. The company also saw 26% growth in in-force premium (IFP) to $944 million, a 29% revenue increase, and a record-low gross loss ratio of 63% for Q4, reflecting its sixth consecutive quarter of improvement in loss ratios. (Kenneth Araullo, 27/2/2025, Insurance Business, 'Lemonade's Q4 gross profit surges as loss ratios continue to improve')
Swiss Re reported a 2024 net income of $3.2bn with a 15% ROE, driven by strong underwriting and investments, though U.S. liability reserves weighed on results. It expects under $700m in Q1 2025 wildfire claims, with total insured losses estimated at $40bn. (Kenneth Araullo, 27/2/2025, Insurance Business, 'Swiss Re sets new net income target after solid 2024 results')
Saudi EXIM signed reinsurance agreements with Allianz Trade, Bpifrance, and AIG to strengthen trade finance, mitigate export risks, and enhance supply chain resilience. Part of its Bridges Initiative, the deals aim to secure industrial and technological materials from 70+ countries under competitive credit terms. (Kenneth Araullo, 27/2/2025, Insurance Business, 'Saudi EXIM signs reinsurance deals with Allianz, Bpifrance, and AIG')
Hamilton Insurance Group reported a 55% rise in net income to $400.4m for 2024, with an 18.3% ROE. Gross premiums grew 24.2% to $2.4bn, net premiums rose 31.6% to $1.7bn, and a 91.3% combined ratio drove $149.4m in underwriting income. Net investment income reached $361.9m. (Kenneth Araullo, 27/2/2025, Insurance Business, 'Hamilton reports double-digit premium growth in 2024')
AXA’s 2024 earnings showed an 8% rise in gross written premiums to €110.3bn, driven by growth in property & casualty (+7% to €56.5bn), life & health (+8% to €52bn), and asset management (+8% to €1.7bn). Strong underwriting and pricing lifted property & casualty earnings by 10%, while life & health earnings grew 4% on margin recovery. Asset management earnings rose 11%, though a €156m impact from holdings offset some gains. Underlying earnings increased 7% to €8.1bn. (Kenneth Araullo, 27/2/2025, Insurance Business, 'AXA reports notable growth in 2024 revenue')
Hiscox Ltd reported a 2024 pre-tax profit of $685.4m, with written premiums rising to $4.77bn and net written premiums to $3.68bn. The insurance service result grew to $553.5m, while investment income remained steady at $383.9m. EPS increased to 183.2 cents, and the total dividend rose to 43.1 cents. (Kenneth Araullo, 27/2/2025, Insurance Business, 'Hiscox reports profit rise for 2024 as premiums and earnings surge')
Aviva plc reported a 20% rise in 2024 pre-tax operating profit to £1.77bn, beating forecasts. UK & Ireland IWR VNB grew to £839m, while general insurance premiums rose to £12.2bn. The undiscounted COR was 96.3%, with the discounted COR improving to 92.2%. (Kenneth Araullo, 27/2/2025, Insurance Business, 'Aviva beats analyst expectations in 2024 results')

S-RM’s 2025 Cyber Incidents Insights Report revealed ransomware remained the top cyber threat in 2024, though growth slowed. Ransomware attacks on small businesses rose 53%, while distinct threat actors nearly doubled to 53. Law enforcement efforts and lower entry barriers drove fragmentation, but ransom payments declined, indicating improved resilience. (Josh Recamara, 27/2/2025, Insurance Business, 'Cyber's biggest threat - revealed')
Munich Re reported a net profit of €5.67 billion for 2024, exceeding its €5 billion target, marking the fourth consecutive year of exceeding expectations. The company’s revenue from insurance contracts grew to €60.83 billion, and its return on equity increased to 18.2%, up from 15.8% in 2023. (Kenneth Araullo, 26/2/2025, Insurance Business, 'Munich Re reports fourth straight year of profit growth')
Fidelis reported a 23% increase in premiums to US$4.4 billion for 2024, with a combined ratio of 99.7% and net income of US$113.3 million. The company returned US$151.7 million to shareholders. In 2023, Fidelis saw a 18.6% rise in premiums and a US$1.6 billion gain from the distribution of Fidelis MGU. (Kenneth Araullo, 26/2/2025, Insurance Business, 'Fidelis achieves 23% premium growth in 2024 despite Q4 Losses')
International General Insurance (IGI) reported a 2024 net income of US$135.2 million, up from US$118.2 million in 2023. Gross written premiums rose to US$700.1 million, while net premiums earned increased to US$483.1 million. The combined ratio for the year was 79.9%, up from 76.7% in 2023. Despite global catastrophe losses, IGI saw strong underwriting margins and higher net income. (Kenneth Araullo, 26/2/2025, Insurance Business, 'IGI publishes higher 2024 earnings')
Steadfast Group's 1H25 results show a 20% rise in NPAT to AU$128.1 million and 11.5% revenue growth to AU$881 million. Its Australasian broker network generated AU$6.5 billion in GWP, with underwriting agencies increasing GWP by 11.7%. International operations exceeded expectations. (Daniel Wood, 26/2/2025, Insurance Business, 'Steadfast's IH25 results: strong growth')
NorthStandard and other major insurers expect higher premium income in 2024 due to a rise in large claims across the global marine insurance sector, with NorthStandard noting increased poolable tonnage and higher claims, while the UK P&I Club forecasts a slight market share increase and a combined ratio exceeding breakeven, despite strong investment returns. (Kenneth Araullo, 25/2/2025, Insurance Business, 'Marine mutuals navigate challenging market conditions')
Rokstone has launched Rokstone Commercial Risks, a new direct-to-retail E&S MGA in the US, focusing on casualty-oriented underwriting for harder-to-place risks in a market that exceeded US$95 billion in premiums in 2024, with John Larkins appointed as President to lead the division. (Kenneth Araullo, 25/2/2025, Insurance Business, 'Rokstone expands in US with new E&S MGA for retail brokers')
The UK-Australia Insurtech Pathway, launched on Feb. 18, 2025, is a joint initiative by the UK’s Department for Business and Trade (DBT), Insurtech UK, and Insurtech Australia. It aims to support insurtech companies expanding into both markets by helping them navigate regulatory frameworks, establish operations, and connect with investors and stakeholders. A corresponding event in the UK is scheduled for Mar. 20, 2025. (Roxanne Libatique, 25/2/2025, Insurance Business, 'UK and Australia team up to drive insurtech expansion')
The CII and University of Greater Manchester launched an Executive MBA in Islamic Insurance and Risk Management, developed with the Islamic Insurance Association of London and the Centre for Islamic Finance. The online course covers Islamic financial products, Islamic insurance operations, and Takaful insurance, preparing students for senior roles in Sharia-compliant or Takaful insurance organisations. (Kenneth Araullo, 25/2/2025, Insurance Business, 'CII and University of Greater Manchester launch Islamic Insurance MBA')
West of England P&I Club completed its 2025 renewal, exceeding premium increase expectations. Member retention stayed above 99.5% for the third year in a row, with new members and organic growth driving its mutual tonnage up to 110 million GT. The fixed and charterers books grew, maintaining high retention, while controlled growth from existing members and non-entered fleets contributed to strong technical performance. (Josh Recamara, 25/2/2025, Insurance Business, 'West P&I exceeds board's expectations in 2025 renewal')
AUB Group reported strong 1H25 results, with revenue up 12% to AU$712.6 million and NPAT rising 13% to AU$79.3 million. CEO Michael Emmett highlighted progress in building a multi-country Insurance Services Group, with notable growth driven by its investment in Tysers, the Lloyd’s-based wholesale broker. (Daniel Wood, 24/2/2025, Insurance Business, 'AUB Group releases results: “revenue grew strongly”')
Australia’s ARPC completed its retrocession program for 2025, offering US$2.15 billion in coverage, alongside net assets and a US$10 billion government guarantee. The program reflects a higher deductible and reduced limit, supporting up to US$14 billion in total capacity for terrorism claims. ARPC engaged with over 40 reinsurers to finalise the coverage. (Kenneth Araullo, 24/2/2025, Insurance Business, 'ARPC completes 2025 retrocession program with adjusted coverage limits')
B.P. Marsh & Partners reported strong portfolio activity for the year ending January 31, 2025, including the sale of CBC UK Limited and Lilley Plummer Holdings Limited, generating £65.7 million in cash proceeds from an initial investment of £0.3 million. The firm made three new investments and increased group funds to £74.1 million, up from £40.5 million in 2024. The group remains debt-free and has identified a pipeline for future investments. (Kenneth Araullo, 24/2/2025, Insurance Business, 'B.P. Marsh reports strong portfolio growth & £74.1 million in funds for 2025')
Berkshire Hathaway reported a 71% increase in operating earnings for Q4, reaching $14.5 billion. Investment income rose 48% to $4.1 billion, driven by higher interest rates. Insurance underwriting earnings climbed to $3.4 billion, with GEICO's underwriting profit more than doubling to $7.8 billion. Berkshire's reinsurance businesses also saw a 44% increase in underwriting earnings. However, the company estimated $1.3 billion in pretax losses from the recent Los Angeles wildfires. (Josh Recamara, 24/2/2025, Insurance Business, 'Berkshire reports increase in fourth-quarter operating earnings')
According to the latest EY Item Club Outlook for Financial Services, UK insurers are projected to see steady, slower growth in premium income over the next three years, returning to long-term average levels of 3.4%. Non-life premiums are forecast to grow by 5.2% in 2025, down from 8.4% in 2024, and slow further in 2026 and 2027. Life insurance premiums are expected to grow by 4.4% in 2025, compared to 5.8% in 2024, with further deceleration in 2026 and 2027. The decline is attributed to easing cost pressures and lower interest rates. (Josh Recamara, 24/2/2025, Insurance Business, 'UK insurers can expect slow but steady growth - report')

Mergers and Acquisitions

FloodFlash has agreed to be acquired by NormanMax Insurance Holdings, pending FCA approval. The insurtech, known for its parametric flood insurance, will continue operating as an MGA and Lloyd’s coverholder, providing solutions in the UK, US, and other markets. FloodFlash, founded in 2017, expanded from the UK to the US, focusing on high-risk flood areas. (Kenneth Araullo, 26/2/2025, Insurance Business, 'FloodFlash joins NormanMax in major parametric deal')

Movers

Ian Micklewright has been appointed Chief Operations Officer to support global growth, bringing senior operational and IT experience from ALPS Group, while Paul Davies has been promoted to Chief Financial Officer and joined the board. (Josh Recamara, 28/2/2025, Insurance Business, 'Insurance moves: Risk Solved and Spectrum.Life')
Spectrum.Life has appointed Ian Ranger as Head of Insurance for the UK and Ireland, bringing 17 years of experience from Canada Life and MetLife to lead the company’s expansion strategy, focusing on insurer partnerships and intermediary relationships. (Josh Recamara, 28/2/2025, Insurance Business, 'Insurance moves: Risk Solved and Spectrum.Life')
Chubb appointed Ana Robic as Regional President for EMEA, succeeding David Furby, who becomes Executive Chairman. Robic, formerly SVP and Division President of personal risk services in North America, will oversee Chubb’s European business. Melissa Scheffler, currently COO, will succeed Robic in leading personal risk services in North America. (Josh Recamara, 27/2/2025, Insurance Business, 'Insurance moves: Chubb and Malago Insurance')
Julieanne Anstey, with nearly 40 years of experience, has joined Malago Insurance, having previously worked at General Accident (now Aviva), Oval (acquired by Gallagher), and more. She will collaborate with Director Mathew Rowles to enhance client service in Bristol and surrounding areas. (Josh Recamara, 27/2/2025, Insurance Business, 'Insurance moves: Chubb and Malago Insurance')
SiriusPoint appointed James Anderson as Global Chief Pricing Actuary, effective May 12, 2025. Anderson, with over 20 years of experience, joins from EY where he was a Partner advising London Market insurers. He has also held roles at Allianz, Brit Insurance, and Swiss Re. He will lead SiriusPoint's global actuarial pricing team and work on pricing frameworks and portfolio analytics. (Kenneth Araullo, 26/2/2025, Insurance Business, 'James Anderson joins SiriusPoint as global chief pricing actuary')
Beazley appointed Sara Foucher as Head of Commercial Property, Europe. Based in Paris, she will lead Beazley’s commercial property offering across the region. Foucher has 30 years of experience, previously serving as Head of Underwriting GC&C at Generali and holding senior roles at RSA and Swiss Re Corporate Solutions. (Kenneth Araullo, 26/2/2025, Insurance Business, 'Insurance hires: Beazley, M&G')
M&G appointed Chris Hudson as Director of Distribution for its life insurance division. Hudson will oversee the UK distribution strategy, focusing on the intermediated market. He joins from Standard Life UK, where he was Managing Director of retail & intermediary, and has held senior roles at LV=, Aviva, Friends Life, and Aegon. His appointment follows the departure of Rob Hickson, who had been with M&G for 32 years. (Kenneth Araullo, 26/2/2025, Insurance Business, 'Insurance hires: Beazley, M&G')
ARAG has appointed Peter King as London market Account Manager. With 35 years of experience, including roles at AXA, Aviva, and Allianz, King will work with MGAs, brokers, and agencies to develop tailored legal protection solutions. King’s appointment follows the announcement of David Haynes becoming CEO of ARAG UK Holdings and ARAG Legal Expenses Insurance Company, effective April 1, succeeding Tony Buss, who is retiring. Haynes, a founding member of ARAG UK, has been with the company since 2006 and most recently served as Director of ARAG Legal Expenses Insurance Company. (Josh Recamara, 26/2/2025, Insurance Business, 'ARAG appoints London market account manager')
Iris Urban has been appointed Chief Underwriting Officer (CUO) for NewRe's non-life business, effective March 1, 2025. She joins from Munich Re, where she held leadership roles in underwriting and portfolio management for over 20 years, most recently as Senior Executive Underwriting P&C and Head of Property and Casualty Treaty for the German market. (Kenneth Araullo, 25/2/2025, Insurance Business, 'NewRe names Iris Urban as CUO for non-life business')
René Kunz, Head of Agriculture at SCOR P&C, will retire after nearly 20 years with the company. Vikas Mahajan, with over 20 years of international reinsurance experience, will succeed him as Head of Agriculture on May 1, 2025. Mahajan, who joined SCOR in 2019, has held various senior roles, most recently in the Nordics team. Kunz will stay until July to ensure a smooth transition. (Kenneth Araullo, 25/2/2025, Insurance Business, 'SCOR P&C names Vikas Mahajan as new head of agriculture')
Andy Briggs, CEO of Phoenix Group, has been appointed President of the Association of British Insurers (ABI), with his two-year term starting immediately. He succeeds Tim Bailey of Zurich. Briggs has over 30 years of experience in insurance and has previously held leadership roles at Friends Life, Scottish Widows, Prudential, and Aviva. (Roxanne Libatique, 25/2/2025, Insurance Business, 'Phoenix Group CEO takes helm as ABI president')
Brown & Brown has appointed Stephen P. Hearn as Executive Vice President and Chief Operating Officer. Hearn, who joined the board in August 2024, resigned from his board position to become a member of the operating committee. In this role, he will focus on scaling operations, innovation, and talent development. Hearn has extensive experience, including executive roles at The Ardonagh Group and Corant Global, and leadership positions at Willis Group Holdings, Marsh, and Sedgwick Affinity Group. (Kenneth Araullo, 25/2/2025, Insurance Business, 'Brown & Brown names Stephen Hearn as EVP and COO')
Markel appointed Dean Johnson as Senior Underwriter, transport and logistics, in London. He will focus on underwriting policies for ports, terminals, marine trades, and cargo liabilities globally. Johnson joins from Travelers Syndicate Management, where he worked for 14 years, most recently as an Underwriter in Ports and Terminals. (Kenneth Araullo, 25/2/2025, Insurance Business, 'Insurance hires: Markel, Shepherds Friendly, Brace Underwriting, Specialty MGA UK')
Shepherds Friendly appointed Oliver Laird as a Non-Executive Director. Laird has over 20 years of experience in retail, financial services, and manufacturing, with senior roles at Lookers PLC, First Direct Bank, Lloyds Banking Group, and Co-Op Insurance Services. His non-executive roles include Beverley Building Society, Vanquis Bank, and Paysafe. (Kenneth Araullo, 25/2/2025, Insurance Business, 'Insurance hires: Markel, Shepherds Friendly, Brace Underwriting, Specialty MGA UK')
Brace Underwriting appointed Hayley Johnston as an Independent Non-Executive Director, subject to regulatory approval. Johnston is CEO of Lancashire Insurance Company in Bermuda and was previously Chief Underwriting Officer at Lancashire Insurance UK. She has also held underwriting and reinsurance roles at Axis Specialty Europe. (Kenneth Araullo, 25/2/2025, Insurance Business, 'Insurance hires: Markel, Shepherds Friendly, Brace Underwriting, Specialty MGA UK')
Specialty MGA UK expanded its energy team with Senior Underwriters Alex Rowe and Savita Patel. Rowe, specialising in upstream and midstream energy, joins from Travelers with 25+ years of experience. Patel, with expertise in downstream energy, mining, power, and renewables, previously headed energy at Ocean Re and was an Underwriter at Swiss Re. (Kenneth Araullo, 25/2/2025, Insurance Business, 'Insurance hires: Markel, Shepherds Friendly, Brace Underwriting, Specialty MGA UK')
Vista Insurance appointed John Garrard as Head of Schemes and Affinities. He will focus on developing schemes, affinity partnerships, and digital trading strategies. Garrard previously founded Wrapper Insure and was Managing Director at Fish Insurance, bringing expertise in digital transformation, strategic partnerships, and business growth to enhance Vista's approach to schemes and affinity trading. (Josh Recamara, 25/2/2025, Insurance Business, 'Vista Insurance hires John Garrard as head of schemes and affinities')
Munich Re appointed Hanh Nguyen as Head of Treaty P&C underwriting for Southeast Asia and India, effective March 1. She succeeds Joachim Zagrosek, who will lead property and casualty treaty underwriting in Germany. Nguyen, with 19 years of experience in reinsurance, has been with Munich Re since 2006, most recently serving as Deputy Head of Treaty P&C Underwriting for SEA and India. (Kenneth Araullo, 24/2/2025, Insurance Business, 'Munich Re names Hanh Nguyen as new head of treaty P&C underwriting for Asia')
Price Forbes Re appointed Sherman Power as Executive Vice President, alternative risk and capital solutions. Based in Dallas, Power will expand PF Re’s capacity in evolving insurance markets. With nearly 30 years of experience, he previously led Aon Re’s US structured solutions team. (Kenneth Araullo, 24/2/2025, Insurance Business, 'Price Forbes Re appoints Sherman Power to lead alternative risk strategy')
Gallagher appointed Sarah Lyons as CEO of its London-based Specialty division, effective July 1, 2025, subject to regulatory approval. Lyons, currently CEO of Gallagher's Australia and Asia business, will report to Michael Rea and oversee 1,100 employees in the division. She joined Gallagher in 2014 following the OAMPS acquisition. (Kenneth Araullo, 24/2/2025, Insurance Business, 'Gallagher names Sarah Lyons as CEO of London specialty division')