General Insurance newsletter Friday 14th March 2025

Insurance News

AI tools transforming the insurance profession - AI tools are reshaping how insurers detect fraud, underwrite and process claims, enhancing productivity, accuracy and improving customer service. However, barriers such as legacy system integration and regulatory uncertainty remain. Our research piece provides some of the latest tools and platforms insurers need to be aware of. (IDEX Consulting news, 'AI tools transforming the insurance profession')
Join the premier network for independent brokers - Are you an independent broker looking for like minded brokers to collaborate with? Brokerbility are the premier community for independent brokers offering expert support, access to exclusive resources, and cutting-edge technology for its small network of members. They are recognised and respected for their ability to help independent brokers partners unlock their growth potential. Learn how they can support you. (IDEX Consulting news, 'Join the premier network for independent brokers')
Faced with a counter offer? Here's what you need to know - Before accepting a counter-offer, consider the reasons behind your initial decision to leave, the potential impact on long-term job satisfaction, and whether the offer truly addresses your needs. Is your employer genuine? And what other benefits can they offer to aid your career progression? It doesn’t all have to be monetary…Research shows many who accept counter-offers remain disengaged. Seek professional advice and take time to evaluate your options thoroughly. (IDEX Consulting news, 'Faced with a counter offer? Here's what you need to know')
How IDEX enabled a broker transform their sale value by over £1m - IDEX Consulting enabled a key player in the insurance market increase their sale value by over £1m and improve profitability by £500k. The broker made a strategic investment in an elite hire, who built a book of business worth £330k. When the broker sought IDEX’s M&A expertise for a sale, the new hire’s contribution helped secure a considerably higher sale price. This successful investment in talent proved pivotal for this broker’s proposition, reputation and growth. (IDEX Consulting news, 'How IDEX enabled a broker transform their sale value by over £1m')
Probitas 1492 posted a £62m UK GAAP pretax profit in 2024, up 17%, with a 77.9% NCOR—its fourth year below 80%. CUO Antony Dodson called it the firm's best result, outperforming Lloyd’s by 12 points over five years. Recent expansions include Canada, Australia, and eight new business classes. (Josh Recamara, 14/3/2025, Insurance Business, 'Probitas sees strong financial results on back of Aviva deal')
A KPMG study found that while insurers have high expectations for AI adoption, they face pressure to show immediate ROI. AI spending is set to rise, with 66% allocating up to 20% of their budgets and 34% investing more. Trust remains a challenge, as 46% have reservations about AI's reliability, but 82% recognize the need for strong governance frameworks. (Josh Recamara, 13/3/2025, Insurance Business, 'AI adoption in insurance accelerating, but ROI pressures loom: KMPG')
Generali reported record 2024 results, with gross written premiums rising 14.9% to €95.2bn and adjusted net profit reaching €3.77bn. The insurer surpassed its “Lifetime Partner 24” targets, driven by growth across all segments despite lower net realised gains. (Kenneth Araullo, 13/3/2025, Insurance Business, 'Generali reports record financial performance')
Global insurance M&A fell to a 16-year low in 2024, with 204 deals, down from 346 in 2023, amid economic uncertainty and regulatory scrutiny, per Clyde & Co. While insurer acquisitions slowed, investment in MGAs grew, contrasting WTW’s report of increased deal activity. (Kenneth Araullo, 12/3/2025, Insurance Business, 'Insurance M&A falls to lowest level since 2009 – Clyde & Co')
As cyber threats rise, cyber insurance is becoming vital for SMBs with limited cybersecurity resources. Coalition’s Cyber Threat Index 2025 highlights ransomware as a key driver of claims, with breaches often stemming from perimeter security flaws and exposed remote management tools. (Josh Recamara, 12/3/2025, Insurance Business, 'Cyber insurance becoming a critical safeguard for SMEs: Report')
Lloyd’s-backed Onda has launched Onda X, a cyber insurance product for mid-market companies in the UK and France. Offering coverage up to £5 million for companies with revenues between £100 million and £1 billion, it simplifies the placement process by eliminating technical questions and form filling. (Josh Recamara, 12/3/2025, Insurance Business, 'Onda introduces new product for mid-market companies')

Howden has opened a new office at The Avebury in Milton Keynes, relocating its Bedford team as part of its regional expansion. The 30,000 sq ft space supports hybrid working with flexible workstations and collaborative areas, and has earned gold SKA accreditation for its sustainable refurbishment. (Kenneth Araullo, 11/3/2025, Insurance Business, 'Howden relocates Bedford team to new Milton Keynes office')
WTW has announced that Liberty Specialty Markets (LSM) will be an early adopter of Neuron, its digital platform designed to modernize specialty risk placement. Launched in 2023, Neuron aims to improve flexibility, speed, and efficiency in trading risks, supporting portfolio strategies, and streamlining the London Market's digital shift through enhanced connectivity and automation. (Kenneth Araullo, 11/3/2025, Insurance Business, 'WTW's Neuron platform gains early adopter in Liberty Specialty Markets')
Lloyd’s has released a trading update for FY24 ahead of its full results on March 20, covering premium growth, underwriting performance, investment returns, and expected losses from major events. CFO Burkhard Keese emphasized profitability and disciplined growth, while acknowledging the California wildfires’ impact, noting it’s not expected to pose a capital risk to the market. (Kenneth Araullo, 10/3/2025, Insurance Business, 'Lloyd's premium growth outpaces FX headwinds in 2024')
Allianz Trade has introduced standalone business fraud insurance in Ireland to support firms with more than 20 employees in managing employee and third-party fraud risks. Head of business fraud in the UK and Ireland, Vikshay Vijai, will collaborate with Dean O’Brien, country manager for Ireland, and Michael Murtagh, sales manager in Dublin, to expand the fraud portfolio and grow the fraud team in Dublin. The insurance covers losses caused by theft, fraud, embezzlement, and other fraudulent activities by employees and external workers. (Josh Recamara, 10/3/2025, Insurance Business, 'Allianz Trade launches business fraud insurance operations in Ireland')

Mergers and Acquisitions

Zurich Insurance Group has increased its stake in Banco Sabadell to nearly 4%, becoming the bank’s second-largest investor. The move strengthens its position in a key sales partnership as Sabadell resists a hostile takeover bid from BBVA. Zurich and Sabadell have a longstanding joint venture, generating $643 million in insurance revenue last year. (Josh Recamara, 10/3/2025, Insurance Business, 'Zurich Insurance increases stake in Banco Sabadell')
Ardonagh Advisory has acquired Anderson & Co, a Blackpool-based broker specialising in commercial and personal lines. Managing Director Christine McLellan will continue to lead the team as they join Ardonagh’s North division under Stephen Boyd. The deal strengthens Ardonagh’s presence in the North by adding an established brokerage with a strong reputation. (Josh Recamara, 14/3/2025, Insurance Business, 'Ardonagh Advisory acquires Anderson & Co')
IK Partners, through its IK Partnership III Fund, has agreed to acquire a minority stake in Seventeen Group, a UK-based insurance and risk management firm, from the founding shareholders and management. The deal marks IK’s first investment in the UK insurance market, following its European track record. Financial terms were not disclosed. (Josh Recamara, 14/3/2025, Insurance Business, 'IK Partners acquires minority stake in Seventeen Group')

Movers

AXA XL has appointed Louise Nevill as CUO – Specialty and Sundeep Khera as Head of Marine and Energy in a restructuring under CUO Mike Gosselin. Nevill, formerly CEO of Marine at Marsh Specialty UK and ex-Head of Marine at JLT, will lead the specialty pillar. Khera, who joined AXA XL in 2013 after senior roles at RSA and Allianz, expands his role. (Josh Recamara, 14/3/2025, Insurance Business, 'Insurance moves: AXA XL, Berkeley Alexander and Compre')
Berkeley Alexander has appointed Grant Robinson as Business Development Manager. Robinson, formerly a Senior Sales Executive at AXA PPP, brings 13 years of experience in sales, business development, and claims. He will work with intermediaries to expand their market reach. (Josh Recamara, 14/3/2025, Insurance Business, 'Insurance moves: AXA XL, Berkeley Alexander and Compre')
John Howard has been appointed Independent Non-Executive Chairman of Compre Group, a Bermuda-based specialty reinsurance firm. With over 30 years in insurance and financial services, Howard was most recently CEO of Truist Insurance Holdings and held leadership roles at Prudential Financial, GE, and Conseco. (Josh Recamara, 14/3/2025, Insurance Business, 'Insurance moves: AXA XL, Berkeley Alexander and Compre')
Winn Group has appointed Mike Wall as Head of Insurance Relationships. With 40 years of experience, including leadership roles at Fresh Insurance and Markerstudy, he will focus on strengthening partnerships and expanding in the MGA sector. (Josh Recamara, 13/3/2025, Insurance Business, 'Insurance moves: Winn Group, Arch Insurance, DWF, AEGIS, Westfield')
Arch Insurance has appointed Carmen Cobeta as Head of Casualty, Spain, and Irene Fernandez Franic as Senior Casualty Underwriter. Based in Madrid, they will drive growth in Spain and Portugal. Cobeta joins from QBE Europe, while Fernandez Franic brings experience from Howden, Aon, Generali, and QBE. (Josh Recamara, 13/3/2025, Insurance Business, 'Insurance moves: Winn Group, Arch Insurance, DWF, AEGIS, Westfield')
AEGIS London has appointed Charity Bare as Chief Risk and Compliance Officer, pending regulatory approval. She brings experience from Brit, Talbot, Nephila, and Canopius and will report to CEO Alex Powell, overseeing risk, exposure management, and compliance. (Josh Recamara, 13/3/2025, Insurance Business, 'Insurance moves: Winn Group, Arch Insurance, DWF, AEGIS, Westfield')
Westfield Specialty International has promoted Jeremy Shallow to Chief Underwriting Officer and Active Underwriter of Syndicate 1200, pending regulatory approval. With 20 years of experience at Aspen and WestLB, he will report to EVP Graham Evans. (Josh Recamara, 13/3/2025, Insurance Business, 'Insurance moves: Winn Group, Arch Insurance, DWF, AEGIS, Westfield')
The MGAA has appointed Alison Cairns as Training and Development Manager. Formerly Underwriting Competency Development Manager at AXA UK, she will lead training initiatives across underwriting, claims, operations, and compliance to support MGA professional growth. (Josh Recamara, 12/3/2025, Insurance Business, 'Key moves: MGAA, Specialist Risk, Marsh Specialty, Everest')
Specialist Risk Group has appointed Richard Morgan as Head of Corporate at SRIS. With previous senior roles at Marsh, Willis, JLT, and Towergate, he will oversee corporate teams in London, Birmingham, and Manchester, focusing on service, growth, and market positioning. (Josh Recamara, 12/3/2025, Insurance Business, 'Key moves: MGAA, Specialist Risk, Marsh Specialty, Everest')
Andrew George has been named President of Marsh Specialty, overseeing its global business, including aviation, climate and sustainability, construction, FINPRO, and PEMA. With Marsh since 1988, George has held leadership roles in energy, power, and credit specialties across multiple regions. He will report to CEO Martin South and join the Marsh Executive Committee. (Josh Recamara, 12/3/2025, Insurance Business, 'Key moves: MGAA, Specialist Risk, Marsh Specialty, Everest')
Giacomo Mariani has joined Everest to lead its insurance business in Italy following the Milan office opening. Previously Deputy Head of Strategic Teams at Aon and Head of Large Brokers at Zurich, Mariani will report to Jose Ramon Morales, Head of southern Europe. (Josh Recamara, 12/3/2025, Insurance Business, 'Key moves: MGAA, Specialist Risk, Marsh Specialty, Everest')
DUAL UK has launched its Climate Risk & Resilience (CR&R) underwriting team, led by Rob Best, who brings four decades of experience from building teams at JLT, Gallagher, and Willis. He is joined by David Sparrow, former CEO of Built Asset Consultancy EC Harris and a former member of the Global Management Committee at Environmental Consultancy Arcadis. The team also includes Simon White (formerly with AIG), Rikke Olesen (formerly at AXA XL), Samantha Walters (formerly at Chubb), and Chris Gwynn (formerly at CLS RS). Together, they bring extensive expertise in environmental, public law, and rights of light underwriting. (Kenneth Araullo, 11/3/2025, Insurance Business, 'DUAL UK launches Climate Risk & Resilience underwriting team')
QBE is expanding its warranty & indemnity (W&I) insurance presence in the Nordics, appointing Samuel Pihl as Transactional Liability Underwriter for the region. Pihl, who joins QBE Nordics in Stockholm on March 10, brings experience from the insurance and legal sectors, having worked on corporate transactions at a leading Swedish law firm. He will leverage QBE’s global expertise to underwrite W&I insurance across the Nordic market. (Kenneth Araullo, 10/3/2025, Insurance Business, 'Nordic M&A growth drives QBE's W&I insurance expansion')
Vincent Harel has been appointed CEO of Verlingue. Harel was previously co-CEO of Marsh McLennan France and Chairman of Mercer France, where he worked since 2003 in roles including third-party administration, insurance advisory, and business development. (Josh Recamara, 10/3/2025, Insurance Business, 'Verlingue names chief executive officer')