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Howden Tiger taps new MD for MGA reinsurance division in Europe

“We see huge opportunity in Europe for growth in the MGA and fronting space and expect to see premiums in European MGAs rise rapidly from the current position of approximately $10bn of premium,” said Elliott Richardson, vice chair at Howden Tiger. “It is therefore critical that Howden has the talent and local expertise in place to provide European MGAs, cover holders and continental capacity providers with further opportunities to grow profitably. I am confident that we will be the go-to advisor in the European MGA market and Enrico is the perfect person to lead our MGA/program offering in the region.”

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Howden Scotland expands UK footprint with Glasgow acquisition

“As Howden Scotland expands, it is essential that we continue to build on market expertise, and Neilson Laurence & Neil is therefore an ideal partner for us in this regard. I look forward to welcoming Douglas and his team to our Glasgow office, and collectively delivering the best possible solutions to our clients,” Howden Scotland CEO Kenny Hogg said.

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Troubled insurtech Vesttoo seeking ‘quick, private’ asset sale

Troubled insurtech Vesttoo seeking ‘quick, private’ asset sale | Insurance Business UK

It’s pushing back against moves to liquidate

Troubled insurtech Vesttoo seeking ‘quick, private’ asset sale

Insurance News

By Gia Snape

Troubled insurtech Vesttoo is pivoting to an asset sale to “monetise valuable technology,” according to court documents.

A new filing in the Chapter 11 bankruptcy case indicates the Israeli startup’s push to create a reorganisation and trade forward plan has been pulled back and that it is now seeking a “quiet, private sale.”

Explaining the move, Vesttoo’s interim CEO Ami Barlev said creditors calling for liquidation aren’t seeing the value in the firm’s artificial intelligence and machine learning technology. Vesttoo has asked for time to deliver on a “value-maximising” transaction.

Where is the Vesttoo saga now?

Late last month, a committee of Vesttoo creditors sought to take control of court proceedings, pushing for a swift liquidation of the insurtech, which has been embroiled in an international reinsurance letter of credit (LOC) fraud investigation.

According to a Bloomberg report, the committee called Vesttoo “the Madoff of insurance” and said remaining cash should be preserved so it can pursue potential litigation against former corporate insiders and other parties involved in the alleged fraud.

The committee is composed of insurance companies and an insurance underwriter.

Vesttoo countered by accusing the committee of disrupting its restructuring efforts. It also pointed out that the insurtech has valuable technology and a viable business plan that it will pursue in Chapter 11.

What are your thoughts on Vesttoo’s planned asset sale?

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Swiss Re publishes financial results for first nine months

Swiss Re publishes financial results for first nine months | Insurance Business UK

Reinsurance giant makes huge turnaround

Swiss Re publishes financial results for first nine months

Insurance News

By Terry Gangcuangco

Swiss Re has made a huge turnaround, bouncing back from a net loss in the first nine months of 2022 to a net income in the same period this year.

Source of net income/(loss)

9M 2023

9M2022

Property & casualty reinsurance

US$1.5 billion

US$(283 million)

Life & health reinsurance

US$634 million

US$221 million

Corporate solutions

US$492 million

US$356 million

Consolidated group

US$2.5 billion

US$(285 million)

Of the total net profit in the first nine months, US$1 billion came from the third quarter.

“Swiss Re’s performance in the first nine months of 2023 is the result of our continued focus on underwriting quality,” group chief executive Christian Mumenthaler said. “This has enabled us to navigate a heightened risk environment that continues to be characterised by significant loss events for the insurance industry.

“In light of the good performance year to date, we maintain our targets for the full year including a group net income of more than US$3 billion. We continue to focus on our disciplined underwriting strategy that provides a strong base for the future.”

Swiss Re’s full-year 2023 results will be announced in February 2024, while the company’s 160th annual general meeting will take place in April.

What do you think about this story? Share your thoughts in the comments below.

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Jensten finalises One Broker acquisition

Jensten finalises One Broker acquisition | Insurance Business UK

Further deals on the horizon

Jensten finalises One Broker acquisition

Insurance News

By Kenneth Araullo

Jensten Group’s acquisition of East Anglia-based One Broker Group has been finalised following approval from the Financial Conduct Authority.

This acquisition marks the largest one for Jensten to date, offering the company a substantial new regional centre in East Anglia, with operational offices in Norwich and Cambridge. The acquisition brings on board 115 staff members and contributes £60 million in gross written premiums to Jensten’s business portfolio.

With the successful integration of One Broker, Jensten reiterated its commitment to further expansion within East Anglia, both through organic growth and additional acquisitions. The company anticipates announcing further business deals in the region soon.

“The acquisition of One Broker highlights the strength of Jensten’s proposition to brokers contemplating a sale where a clear commitment to retaining a regional presence is important. One Broker is one of the outstanding regional assets in the UK broking sector, and we are delighted to welcome Robin Plaster, Sean Clark and the rest of the team to the Jensten family. We look forward to working with the team to achieve further growth in East Anglia,” Jensten CEO Alistair Hardie said.

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AXA finalises Laya Healthcare acquisition

AXA finalises Laya Healthcare acquisition | Insurance Business UK

Deal was first announced earlier this year

AXA finalises Laya Healthcare acquisition

Life & Health

By Kenneth Araullo

AXA has completed the acquisition Laya Healthcare for a consideration of €650 million, contingent to the deal’s unveiling earlier in May.

The French insurer acquired Laya from AIG, with the latter confirming details of the deal back in August. Laya Healthcare is one of the largest private healthcare insurers in Ireland with close to 700,000 policyholders and a 28% market share.

Laya also generates €800 million in premiums per annum and operates as a managing general agent (MGA) with a highly digitalised platform and robust distribution network. It is underwritten by Elips Insurance, a Swiss Re subsidiary. The firm was integrated into AIG back in 2015.

AIG’s sale of Laya is in line with the company’s recent restructure. A few weeks ago, the group laid out its plans to trim its stake in Corebridge Financial, its life and retirement business, by the end of the year. AIG also revealed that it is selling off its Validus Re business to RenaissanceRe.

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ADVA introduces new head of solutions to mark expansion

Throughout his career, Burrows has held several key positions, encompassing the creation, management, and underwriting of a European commercial property portfolio under numerous binders. His influence extends to supporting numerous MGAs in developing product, operational, and regulatory solutions across various jurisdictions, both domestically in the UK and internationally in Europe, the US, Canada, and Asia.

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Beazley names corporate head of strategy

Beazley names corporate head of strategy | Insurance Business UK

She has been with the company since 2017

Beazley names corporate head of strategy

Insurance News

By Kenneth Araullo

Beazley has announced the appointment of Brenna Westinghouse as the new corporate head of strategy, effective Nov. 1. Westinghouse will be succeeding Rachel Turk, who is transitioning to Lloyd’s as its chief underwriting officer.

Having previously spearheaded the professions PI book, Westinghouse has played a vital role in driving Beazley’s expansion and strategic positioning worldwide. In her new capacity, as the corporate head of strategy, she holds a critical position in shaping the company’s strategic priorities. Her responsibilities encompass identifying novel growth opportunities and ensuring Beazley maintains a pioneering stance in innovation.

With over two decades of industry experience, Westinghouse has most recently held the role of focus group leader, professions PI, within Beazley’s specialty risks division based in London. Her tenure at Beazley commenced in 2017 after over 10 years at Marsh, where she occupied several senior positions in its international financial and professional lines practice, spanning London, UK, and Boston, USA.

“Beazley has an ambitious strategic agenda and Brenna’s track record of achievement as a leader of our successful professional PI business, make her ideally placed to take on the role of corporate head of strategy,” Beazley CEO Adrian Cox said.

Cox also expressed gratitude to Turk for her contributions to Beazley’s success.

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Endsleigh inks deal to support 70,000 UK students

Endsleigh inks deal to support 70,000 UK students | Insurance Business UK

It offers round-the-clock counselling services

Endsleigh inks deal to support 70,000 UK students

Insurance News

By Kenneth Araullo

Endsleigh Insurance has inked an agreement with Unite Students, a leading student accommodation provider in the UK, to deliver a 24/7 wellbeing and mental health support program to benefit 70,000 students.

The wellbeing initiative, crafted to complement Unite Students’ existing support services, encompasses Endsleigh’s 24/7 Student Wellbeing Helpline and Digital Therapy. These services offer students unrestricted access to a British Association for Counselling and Psychotherapy-accredited counselling helpline available round the clock.

Additionally, students can access an interpretation service supporting over 240 languages, as well as online resources, including cognitive behavioural therapy.

This collaboration with Endsleigh ensures that students can access support via their mobile devices, providing them with the opportunity to engage in clinician-led therapy through a digital platform precisely when they need it most. This approach bridges the gap before students can secure face-to-face therapy through their university or GP.

According to the Unite Students 2023 Applicant Index, one in three university applicants missed lessons due to mental health issues in the last two years, highlighting the urgency of such support. A quarter of the surveyed applicants planning to start an undergraduate degree in the 2023-24 academic year reported feeling lonely all or most of the time.

“We are thrilled to be providing Unite Students and their residents with our Student Assistance Programme. Students are at a higher risk of mental health issues developing due to loneliness, financial worries, and academic stress. We believe mental health support should be easily accessible to all students as they undergo the challenges and changes that coincide with studying,” Endsleigh CEO Alison Meckiffe said.

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