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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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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 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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Markel has announced the forthcoming retirement of Bryan Sanders, the current president of its Markel Specialty division, alongside leadership appointments to bolster this high-profile exit.

Sanders is set to retire by Dec, 31, 2024. In his place, Alex Martin, the current chief financial officer of Markel, will step into the position of president, Markel Specialty, reporting to Bob Cox, the president of global insurance operations.

Concurrently, Brian Costanzo, who currently serves as the senior vice president and chief accounting officer for Markel Group, will assume the role of chief financial officer of Markel, reporting to Jeremy Noble, Markel president.

As part of this transition, effective Dec. 1, 2023, Sanders will take on the role of chairman, Markel Specialty. With a career spanning over four decades in the insurance industry, he is retiring after making significant contributions to the transformation of the company’s US and Bermuda operations. Sanders has been an integral part of the leadership team, facilitating the company’s ability to meet the evolving needs of its clients.

Alex Martin, who has been with Markel for 17 years and has held various management positions, has experience that includes operations, underwriting, business development, strategy, and finance. He has a history of leading transformation efforts and building high-performing teams while driving operational efficiency and process improvement through technology and data utilisation.

Brian Costanzo has been with Markel for 14 years. He has experience in various leadership roles within finance. He has played a crucial part in driving strategic initiatives related to operational efficiency, actuarial transformation, technology, and data.

Other Markel appointments

Within Markel Specialty, Guenter Kryszon is set to assume the role of chief underwriting officer, bringing with him experience in driving growth and profitability through initiatives such as portfolio optimisation and addressing climate change and environmental, social, and governance concerns. He will lead and direct underwriting strategy and operations across all product lines within Markel Specialty.

Ryan Oosterheert, who has been with Markel since 2019, will become chief operations officer. With over 20 years of industry experience, Oosterheert has expertise in underwriting, product management, strategy, and operations. She has been instrumental in working on various strategic, data, technology, and operational efforts within the organisation.

“We are grateful to Bryan Sanders for his many contributions, including his support for developing an outstanding leadership team at Markel — one that reflects the strength of our people-powered culture. This thoughtful and intentional transition speaks to the depth of talent within Markel. With an exceptional set of leaders across our business, I am extremely optimistic that we will further strengthen our position in the marketplace, as well as execute on our continued transformation as we build the leading global specialty insurer,” Noble said.

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WTW, which sold its treaty reinsurance brokerage operations to Gallagher two years ago, isn’t discounting the possibility of a comeback, it’s been revealed.

When the sale of Willis Re was announced in August 2021, then WTW chief executive John Haley said: “Following the termination of the proposed combination with Aon, we have been taking time to reflect on what we have learned about WTW over the last 16 months and determine how we will move forward as an independent company.

“As part of this, we conducted a review of strategic alternatives for Willis Re, our global reinsurance business. While we highly value Willis Re and our colleagues who contribute to its success, we concluded that divestment was the appropriate path for this business and for WTW.”

Completed towards the end of 2021, the deal with Gallagher featured a two-year non-solicitation agreement, as reported by Insurance Business at the time. Now it appears WTW has not entirely closed its doors on reinsurance broking.

During WTW’s latest earnings call, an analyst cited speculation surrounding a potential re-entry for the broking giant and asked for comment on the matter.

In response, CEO Carl Hess (pictured) said: “Reinsurance is a natural fit with retail broking businesses. Many of our peers operate these businesses; we did so successfully as well. And with our non-compete with AJG (Arthur J. Gallagher & Co.) soon expiring, we are able to add reinsurance to the universe of capital allocations that we consider.

“We’ve remained well connected to the reinsurance markets. We have both a deep understanding of the strategic value of reinsurance brokerage for our business and a healthy appreciation for current market conditions as well.

“I think I’ll look at it this way: I’m not going to comment on any hypotheticals regarding capital allocation decisions or potential M&A (mergers and acquisitions) transactions. When evaluating our opportunity here, we look at it compared to any other opportunity we might have as a business.”

Hess pointed out that any such move will only be pursued if the expected returns and value creation potential are compelling compared to other available options.

“I think I’ll leave it at that,” the chief executive said.

Echoing the top leader’s sentiments, WTW chief financial officer Andrew Krasner told another analyst: “Yes, [reinsurance broking is] an attractive business, but there are other attractive possibilities as well. We want to be judicious on how we approach any such decision.”

In the third quarter of 2023, WTW’s net income amounted to US$139 million.

“In the near term, we expect year-over-year margin expansion for the fourth quarter and the full year as a result of operating leverage and increasing contributions from our expense management initiatives,” Hess noted earlier in the call.

“We’re pleased with our third quarter performance, and our progress gives us confidence in our ability to drive profitable growth and create value over the long term… Our focus on specialisation in our risk & broking segment has been one of the key drivers of our strong organic growth.”

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Dale Underwriting Partners, trading under Dale Managing Agency Limited’s Lloyd’s Syndicate 1729, has announced the appointment of Preben Prebensen as the independent non-executive chair of the group board. This appointment is set to take effect upon the completion of its transaction with CVC and is subject to customary regulatory approvals.

The appointment is a significant step following the recent announcement of Dale’s strategic partnership with CVC, a prominent global private markets manager overseeing €177 billion in assets. In line with this partnership, a new group board will be established, consisting of CVC and Dale’s executive and non-executive directors. This board will operate alongside the existing governance framework and will be dedicated to supporting the business in realising the next phase of its strategic vision.

Prebensen brings a wealth of experience to his new role, with over 40 years in the banking and insurance sectors. He served as the CEO of Close Brothers Group Plc, a FTSE 250 merchant bank, for 11 years. His previous roles include chief investment officer and member of the group executive committee at Catlin Group, and CEO at Wellington Underwriting.

Additionally, he currently holds the position of the independent non-executive chair at RiverStone International and Enra Specialist Finance, as well as senior independent director at The British Land Company plc.

“Having someone of Preben’s calibre joining the Group Board is a real achievement for the business following our strategic partnership announcement with CVC. Preben’s extensive experience within financial services will help with Dale’s exciting plans for growth and continue its mission of delivering superior underwriting results and service to our clients,” said Duncan Dale, chief executive and founder of Dale.

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MS Amlin has announced the promotion of Jamie Cleary (pictured above) to the position of head of crisis management, effective immediately.

Cleary, based in London, will lead the growth and advancement of MS Amlin’s crisis management portfolio, which specialises in offering tailor-made solutions to protect clients from significant incidents that have the potential to disrupt their business operations or harm their reputation.

With over two decades of experience in the London market, Cleary brings a wealth of knowledge to his new role. He spent seven years at Talbot AIG before joining MS Amlin’s crisis management team in 2010, where he played a key role in developing the business’s credit and political risk and political violence accounts. He is recognised as an expert in credit, political risk, war, and terrorism insurance, and serves as a member of the Lloyd’s Trade Credit and Political Risk Panel.

Cleary will be taking on this additional role while retaining his responsibilities as the lead underwriter for credit and political risk. He will report to Neil Walker, deputy chief underwriting officer and head of speciality insurance at MS Amlin.

“In an era of heightened geopolitical risk and uncertainty, our clients are looking for tailored and responsive solutions to the many risk management challenges they face,” Walker said. “I’m thrilled that Jamie will be leading MS Amlin’s crisis management portfolio in his new, expanded role. Throughout his time at MS Amlin, he has fostered our culture of tenacity, entrepreneurship, and innovation. This promotion is testament to MS Amlin’s deep industry expertise and commitment to investing in the development of our internal talent pool.”

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