General Insurance newsletter Friday 25th April 2025

Insurance News

Andy Fairchild, CEO for M&A IDEX Consulting announces fresh approach to M&A - IDEX Consulting has appointed Andy Fairchild as CEO for M&A, announcing a fresh approach to mergers and acquisitions. With UK broker deals slowing down, Q1 2025 saw just 19 transactions—the lowest since Q2 2020. Fairchild stresses the importance of adopting a more strategic and sustainable method for deal-making in today’s changing market landscape. (IDEX Consulting news, 'Andy Fairchild, CEO for M&A IDEX Consulting announces fresh approach to M&A')
Expert insights: how businesses can drive value add sustainability - Dr. Rosina Watson, Associate Professor of Sustainability at Cranfield School of Management, shares insights on aligning business practices with sustainability frameworks, avoiding greenwashing, and meeting regulatory demands. She also discusses how sustainability can enhance a company’s competitiveness by attracting talent, clients, and investors. (IDEX Consulting news, 'Expert insights: how businesses can drive value add sustainability')
Propel your career as an Insurance Underwriter - The role of an insurance underwriter involves balancing risk and profitability by assessing factors such as age, health, occupation, and claims history to determine appropriate premiums. Strong analytical skills, attention to detail, and the ability to make informed decisions under pressure are crucial. Effective communication with clients, brokers, and internal teams is also key. Additionally, embracing technology is increasingly vital for improving underwriting accuracy and efficiency. (IDEX Consulting news, 'Propel your career as an Insurance Underwriter')
M&A buy and sell expert insights - IDEX Consulting's recent webinar "M&A Buy and Sell Strategies", highlights that despite looming tax increases, the UK M&A market remains active. Experts advise business owners planning to sell in the next 3–5 years to start exit planning early. Deal timelines are lengthening due to thorough due diligence, impacting pricing. Sellers should focus on financial preparation and consider deal structures to minimize tax. With Capital Gains Tax and BADR rising, early action is crucial. Regulatory changes in data privacy and ESG disclosures will also require proactive measures. (IDEX Consulting news, 'M&A buy and sell expert insights')
Tysers and Specialist Risk Group (SRG) have agreed for Tysers’ credit & political risk re/insurance team, led by John Lentaigne, to join SRG following a strategic review. The transition will occur over time, with both firms ensuring uninterrupted client service during the handover. Existing policies, transactions, and claims are expected to transfer to SRG. Tysers CEO Tom Wilson said the move was made possible by SRG’s commitment to the team’s future. (Josh Recamara, 25/4/2025, Insurance Business, 'Tysers to transition credit & political risk reinsurance team to SRG')
Global commercial insurance rates fell 3% in Q1 2025—the third consecutive quarterly drop—according to Marsh’s Global Insurance Market Index. Increased insurer competition continues to drive declines across all regions and major product lines. The UK and Pacific saw the steepest falls (6% and 8%), while US rates dipped 1%. Buyers are capitalising on the softening market to secure better terms and explore alternative risk transfer options. (Jonalyn Cueto, 24/4/2025, Insurance Business, 'Global commercial insurance rates continue decline in Q1 2025')
The Chartered Insurance Institute of Nigeria (CIIN) is strengthening ties with Nigerian insurance professionals in the UK as part of its global strategy, according to a statement by CIIN President Mrs Yetunde Ilori during her first virtual forum with UK-based members. Ilori called for “stronger collaboration” and outlined plans to engage diaspora expertise in shaping Nigeria’s domestic insurance sector. (Matthew Sellers, 24/4/2025, Insurance Business, 'Nigeria targets UK insurance industry')
Amphitrite Underwriting London has secured an additional $40 million in capacity for its marine war insurance offering, backed by Lloyd’s. The move responds to increased demand driven by rising geopolitical risks and the need for specialised coverage. Led by Ben Jones, Head of the Marine War division since 2020, the expanded coverage offers more flexibility for brokers and clients, covering vessel damage, loss of hire, and drug seizure for clients in conflict-prone regions. (Josh Recamara, 24/4/2025, Insurance Business, 'Amphitrite Underwriting secures $40 million for marine war insurance offering')
Chubb reported Q1 2025 net income of US$1.33 billion and core operating income of US$1.49 billion, down from US$2.14 billion and US$2.16 billion, respectively, in the same period last year. The decline was driven by US$1.64 billion in pre-tax catastrophe losses, primarily from California wildfires, which accounted for US$1.47 billion. P&C underwriting income reached US$441 million, with a combined ratio of 95.7%. Excluding catastrophe losses, current accident year underwriting income rose 12.2% to US$1.83 billion. (Kenneth Araulo, 23/4/2025, Insurance Business, 'Chubb highlights destructive California wildfires in first-quarter earnings')

The Chartered Insurance Institute (CII) has recommended clear accountability frameworks and a sector-wide skills strategy for AI in financial services, in a submission to the Treasury Select Committee. Representing over 120,000 professionals, the CII emphasized that individuals and institutions must remain accountable for AI-driven decisions and outcomes. It called for mandatory validation of AI algorithms, transparency in testing results, and broader education on AI risks. (Kenneth Araullo, 23/4/2025, Insurance Business, 'CII calls for AI regulation')
Apollo and Moonrock have launched an insurance facility for drones, eVTOL aircraft, and aviation innovations, offering up to $100 million in liability coverage and $22.5 million in property damage cover. Managed by Moonrock, with backing from Apollo and others, the facility targets individual drones, fleets, and emerging sectors like eVTOL. This expansion builds on Apollo’s 2024 inclusion of drone product liability, addressing rising demand as drone use grows. (Josh Recamara, 23/4/2025, Insurance Business, 'Apollo and Moonrock further tie-up for drone insurance')

Mergers and Acquisitions

The Ardonagh Group has acquired SRB Assekuranz Broker AG, a Swiss industrial insurance specialist managing €120 million in premiums, according to a company news release. Founded in 1980, SRB will continue under CEO Edoardo Leusciatti and join Ardonagh’s MDS Group platform. The firm, with offices in Switzerland and Liechtenstein, has been part of the Brokerslink network since 2007, where Leusciatti serves on the board. (Jonalyn Cueto, 24/4/2025, Insurance Business, 'Ardonagh acquires SRB Assekuranz')
JMG Group has expanded its UK insurance presence with three acquisitions by its subsidiaries GS Group, Greenwood Moreland, and Lighthouse Risk Services. GS Group acquired W K Insurance, a Scottish commercial broker, bringing on seven staff, including new Managing Director Scott King. Greenwood Moreland acquired UKI Direct, a York-based SME broker, adding £2.5 million in GWP, while Lighthouse acquired TSE Solutions, a Leeds-based risk management firm, strengthening its health and safety capabilities. (Kenneth Araullo, 23/4/2025, Insurance Business, 'JMG Group expands UK presence with trio of acquisitions')
Admiral Group has agreed to sell its US motor insurance operations, including Elephant Insurance, to private investment firm J.C. Flowers & Co., pending regulatory approval. The transaction, expected to close in Q4 2025, is valued at approximately Elephant’s net asset value. Elephant, based in Virginia, provides digital car insurance tools in the US. Costantino Moretti of Admiral said the sale aligns with the company’s focus on its UK and European operations. (Josh Recamara, 23/4/2025, Insurance Business, 'Admiral Group agrees to sell US motor insurance operations')
Alan Boswell Group (ABG) has acquired Andrew Thompson & Associates (AT&A), expanding its presence in Suffolk. AT&A will remain operational, offering clients access to ABG’s broader services. ABG’s Chairman, Alan Boswell, welcomed AT&A’s team, confident they will positively contribute to the group. (Josh Recamara, 22/4/2025, Insurance Business, 'Alan Boswell Group buys Andrew Thompson & Associates')

Movers

AXA’s board will propose renewing Thomas Buberl’s mandate as Director and CEO at the 2026 shareholders’ meeting, citing his leadership since 2016 and the group’s strategic shift toward core insurance. Previously CEO of AXA Germany and a member of AXA’s management committee, Buberl welcomed the board’s support and noted the company’s strengthened resilience. (Josh Recamara, 24/4/2025, Insurance Business, 'AXA's board intends to reappoint Buberl as CEO')
Xceedance, a global provider of insurance services, has appointed Gavin Lillywhite as SVP and operating leader for UKI and Europe. With over 30 years in the London, Lloyd’s and Company markets, Lillywhite brings expertise in underwriting, broking, and client management. He will support clients amid a challenging rate environment. (Josh Recamara, 24/4/2025, Insurance Business, 'Insurance moves: Xceedance, Broadstone and Brit Group')
In further news...Xceedance has appointed Subramanian Sankaran as Global Chief Operating Officer to strengthen its operational structure and support global expansion. With over 30 years of experience in global operations across industries including insurance and healthcare, Sankaran has held senior roles at Wipro, Accenture, GE Capital, and Pfizer, managing global teams and client portfolios. This appointment aligns with the company’s long-term growth strategy. (Josh Recamara, 22/4/2025, Insurance Business, 'Xceedance names new global COO')
Broadstone has appointed Lindsay Kenny as SME Business Development Consultant. With over 15 years’ experience in employee benefits and business development, including at Towergate, Kenny will focus on creating tailored solutions to boost engagement for SME clients. Her appointment supports Broadstone’s growth strategy in employee benefits consulting. (Josh Recamara, 24/4/2025, Insurance Business, 'Insurance moves: Xceedance, Broadstone and Brit Group')
Brit Group Holdings has appointed Jonathan Mudd as Active Underwriter for Syndicate 2988. Mudd, with the company since 2003, will retain his role as Managing Director for financial lines and cyber while taking on new responsibilities for the syndicate, which wrote £181 million in premiums in 2024. His appointment follows his previous position as Deputy Active Underwriter (Josh Recamara, 24/4/2025, Insurance Business, 'Insurance moves: Xceedance, Broadstone and Brit Group')
Helix Underwriting Partners Ltd has appointed Kevin Copeland as Chief Financial Officer, a newly created role, effective April 1, 2025. With over 25 years of experience in reinsurance, insurance, and investment, Copeland joins from Our Kettle Inc., where he remains a Senior Advisor and Director. He has also held key roles at James River Group and Bermuda-based re/insurance entities owned by James River, Tokio Marine, and Argo Group. (Josh Recamara, 23/4/2025, Insurance Business, 'Insurance moves: Helix Underwriting, Nexus Underwriting, Polo Managing and Global Aerospace')
Nexus Underwriting, part of the Brown & Brown group, has appointed Ana Ortega Lamaignère as Broker and Partner Manager for Spain in its European trade credit business. With significant experience in banking and broking, including her recent role as Sales Manager at Coface Global Solutions in Spain, Ortega Lamaignère will help strengthen Nexus's presence in the European trade credit market amid growing demand for tailored credit insurance solutions. (Josh Recamara, 23/4/2025, Insurance Business, 'Insurance moves: Helix Underwriting, Nexus Underwriting, Polo Managing and Global Aerospace')
Polo Managing Agency has appointed Gordon Reid as Operational and New Business Manager. With over a decade of experience in the Lloyd’s market, Reid joins from Lloyd’s, where he was Head of Account Management. He also brings experience from Beazley and GlaxoSmithKline. Reid will support Polo’s growth, focusing on operational and new business activities while strengthening relationships with Lloyd’s and clients. (Josh Recamara, 23/4/2025, Insurance Business, 'Insurance moves: Helix Underwriting, Nexus Underwriting, Polo Managing and Global Aerospace')
Global Aerospace has announced the retirement of Michael Bannon, Chief Underwriting Officer for Europe, effective June 30, 2025. With a 40-year career in broking and underwriting, Bannon has been with the company since 2009. Gareth Howell, currently Underwriting Director, will succeed Bannon as Chief Underwriting Officer for Europe, bringing over 23 years of experience in aviation insurance. (Josh Recamara, 23/4/2025, Insurance Business, 'Insurance moves: Helix Underwriting, Nexus Underwriting, Polo Managing and Global Aerospace')
Verve Risk Services has appointed Gordon Steward as Head of Forestry to expand its mid-market MGA operations. Steward will focus on underwriting forestry risks for SMEs across Latin America, Southeast Asia, Australia, New Zealand, and South Africa, developing a specialty portfolio with traditional and parametric solutions. He brings nearly 40 years of experience, having previously served as Managing Director, forestry, at DUAL Group. (Kenneth Araullo, 22/4/2025, Insurance Business, 'Insurance hires: Verve Risk Services, Westfield Specialty, Pen Underwriting')
Westfield Specialty International has appointed Mark Benbow to lead its new fine art and specie team. Based in London, Benbow brings over 35 years of experience, including 13 years at AXIS in its fine art and specie underwriting unit. (Kenneth Araullo, 22/4/2025, Insurance Business, 'Insurance hires: Verve Risk Services, Westfield Specialty, Pen Underwriting')
Pen Underwriting has appointed Lorraine Malcolm as Senior Underwriter for Scotland within its Commercial Risk Managed team, effective April 22. Based in Glasgow, Malcolm brings over 30 years of experience in commercial underwriting, including roles at Allianz, Aviva, and Axa, where she managed complex risks and developed delegated authority schemes. She will support brokers and clients across the UK. (Kenneth Araullo, 22/4/2025, Insurance Business, 'Insurance hires: Verve Risk Services, Westfield Specialty, Pen Underwriting')
Ecclesiastical is expanding its operations in Scotland, doubling its Scottish team and opening a new office in Glasgow to support growth. Alexander Connon has joined as Development Account Manager, working with Gerard Hamilton and Caroline Quinn, with another development underwriter joining in May. The new office, part of Ecclesiastical’s northern region, will enhance in-person engagement with brokers and clients. The company also reported a profit before tax of £82.5 million for 2024, nearly doubling its 2023 results. (Kenneth Araullo, 22/4/2025, Insurance Business, 'Ecclesiastical doubles Scottish team with new Glasgow office')
Andrew Cutler will step down as CEO of Britannia Group at the end of 2025, after leading the company since 2012. Cutler, who joined Britannia in 2006, expanded operations in Europe and Asia and managed Brexit-related regulatory changes. Deputy CEO Mike Hall, with the company since 2008, will succeed him. Cutler plans to pursue non-executive roles after nearly 20 years with Britannia. (Josh Recamara, 22/4/2025, Insurance Business, 'Britannia Group CEO to step down')