Reinsurance News
UK insurance
UK insurance M&A deal value hits £900m in H1 as total number increases: EY
9th July 2024
As per a new report from EY, the number of publicly disclosed M&A deals in the UK insurance industry increased from 54 in H1 2023 to 94 in H1 2024, while the overall disclosed deal value climbed from £400 million to £900 million. This information comes as part of EY’s latest ... Read the full article
Labour government to have minimal real impacts on earnings & capital for UK re/insurers: Deutsche Bank
5th July 2024
With Labour winning the UK election, a report from Deutsche Bank has observed that the new government will have minimal real impacts on earnings & capital for the country's re/insurers. "Our view about Labour's manifesto policies remains unchanged from our first take - i.e. we expect minimal real impacts on earnings ... Read the full article
Bloomberg reports UK insurance market upheaval with Allianz and AXA rate increases
27th June 2024
The insurance market in the UK is experiencing significant upheaval as Allianz and AXA, two global insurers, implement substantial rate hikes, according to a recent report by Bloomberg Intelligence (BI), a provider of financial analysis and research. Compared to other European markets, the price increases for personal lines in the UK ... Read the full article
Servca launches new office in Northern Ireland
20th June 2024
Servca, an independent, owner-managed Lloyd’s specialty broker, has announced the launch of a new office in Northern Ireland, strategically positioned to leverage the region's pivotal role as a trading hub for both UK and European business. This expansion aims to enhance proximity to clients and partners, reinforcing Servca's commitment to high-touch ... Read the full article
Insurers continue to face capital challenges: Aon
18th June 2024
Aon, a global insurance and reinsurance broking group, has released its latest capital poll, highlighting the capital challenges and growth prospects for insurers. The challenges faced in 2023 significantly reduced the financial buffers that many insurers previously benefitted, leading to a heightened focus on capital management and diverse funding sources. Despite robust ... Read the full article
UK life insurance market sees positive growth amid emerging risks: AM Best
18th June 2024
Credit rating agency AM Best maintains a stable outlook for the UK life insurance segment, highlighting strong growth in pension risk transfers and the positive impact of higher interest rates on investment yields. Pension-related products continue to drive substantial growth in the UK's life insurance segment. These products are projected to ... Read the full article
Intensified regulatory scrutiny on EU life insurers potentially hitting profits: Moody’s
17th June 2024
Moody's, a credit rating agency, has released a report emphasising intensified regulatory scrutiny on European Union life insurers to ensure their products deliver "value for money," potentially impacting profitability and operational strategies, particularly for unit-linked and hybrid products. Since 2018, reports from the European Insurance and Occupational Pensions Authority (EIOPA) have ... Read the full article
Proactive risk management key for 2024: Gallagher
17th June 2024
(Re)insurance broking group Gallagher's new report highlights the necessity for businesses and communities to adopt proactive risk management strategies, in light of global uncertainties in 2024. The year is marked by the potential for civil unrest, terrorism, and political violence due to upcoming elections worldwide. In the UK, environmental activism has caused ... Read the full article
Howden names Paul Hipson as Head of London Broking
17th June 2024
The insurance intermediary group Howden has announced the appointment of Paul Hipson to the newly created role of Head of London Broking for the Corporate & Commercial division within Howden UK & Ireland, effective June 2024. In his new position, Hipson will oversee the existing London Broking team, which primarily assists ... Read the full article
AXIS reports climate change driving energy transition amid rising risks
17th June 2024
AXIS Capital Holdings Limited, a specialty insurance company, has released a new report titled "Navigating Risk in the Energy Transition", based on independent research which examines how various risks, including climate change, economic uncertainty, and investor hesitancy around tech innovation, are impacting the energy sector’s transition. Climate change is a significant ... Read the full article
AM Specialty Insurance Group acquires Pinpoint Insurance Solutions
13th June 2024
AM Specialty Insurance Company (ASIC), an Excess and Surplus (E&S) insurance firm and an accredited reinsurer, has announced the acquisition of Pinpoint Insurance Solutions, a national programme administrator, managing general agency (MGA), and surplus lines brokerage. Brad J. Sickinger, President of Pinpoint US, said: "We are thrilled to join AM Specialty ... Read the full article
CFC enhances fintech insurance coverage
12th June 2024
CFC, an insurance provider known for emerging risks in the cyber insurance market, has announced a significant update to its fintech insurance coverage. This revamped offering, available in the UK, Canada, and Australia, provides a streamlined, comprehensive solution that addresses both professional service and technology risks faced by today's fintech sector. “It’s ... Read the full article
IUA forms committee to oversee digital transition
10th June 2024
The International Underwriting Association (IUA), which represents companies in the London insurance market, has formed a new committee to oversee the adoption of digital services. As part of the Blueprint Two initiative, a unified digital platform for processing premiums and claims is being developed, with the first phase set to launch ... Read the full article
Paul Jones takes charge of Lockton UK’s specialised Parametrics Practice
7th June 2024
Insurance brokerage Lockton has appointed Paul Jones as the leader of Parametric Solutions for the UK & Europe in its Property & Casualty (P&C) Specialties division. Jones commented: “I am thrilled to be joining Lockton to develop its Parametric proposition to clients. It is a really exciting time to come on ... Read the full article
Mel Carvill appointed Chairman of Polo Insurance Managers
6th June 2024
PoloWorks, a collective of Lloyd’s and London Market insurance services businesses, has announced the appointment of Mel Carvill as Chairman of Polo Insurance Managers. Mark Elliott, CEO of Polo Insurance Managers, commented: “We are delighted that Mel has joined PIM as Chairman. He brings a level of seniority and experience which ... Read the full article
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