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Allianz Holdings has appointed Ashish Patel (pictured) as its new chief operating officer.

As COO, Patel will have responsibility for overseeing operations and technology, including the company’s transformation programme, which would help Allianz deliver “the best service and digital experience for customers,” the company said. Also as part of his appointment, Patel will join the Allianz Holdings executive committee.

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It’s Randall & Quilter Investment Holdings no more – the non-life insurance group has completed a name change to R&Q Insurance Holdings.

Approved by shareholders by way of a special resolution, the shift in identity comes nearly eight weeks following the soured deal with Brickell PC Insurance Holdings, which initially intended to acquire the entire issued ordinary share capital of R&Q.

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Andrew Annandale, group chief executive of Argenta Holdings Limited (Argenta) and managing director of Lloyd’s managing agency Argenta Syndicate Management Limited (ASML), is retiring at the end of the year.

Subject to regulatory and Lloyd’s approvals, Annandale will be replaced by ASML deputy MD and chief actuary Nick Moore (pictured). The Corporation of Lloyd’s and Swiss Re alumnus will be taking on the top posts following more than 13 years with Argenta.

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Liverpool Victoria Financial Services Limited (LV=) chief executive Mark Hartigan – whose £511,000 bonus in 2021 drew flak when it was disclosed via the insurer’s annual report earlier this year – is said to be heading for the door.

In an exclusive report over the weekend, Sky News said the embattled CEO is leaving in the autumn, with an announcement likely to be made this week. According to the news outlet, headhunter Russell Reynolds Associates has been tapped to find LV=’s next chief executive.

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Allianz is looking to expand its reach from customers in the global insurance sector and deeper into multinational insurance. Its international corporate insurance carrier, Allianz Global Corporate & Specialty (AGCS), will meet the increasing demand for cross-border coverage from large and medium-sized companies, adjusting to the complexities of the new market with substantial changes to its structure and strategy.

The AGCS multinational set-up will feature a new market-facing team, dedicated investments in data and technology, and expanded customer services. It will also integrate the well-established AGCS captive solutions team led by Brian McNamara to serve customers with a broad range of services from traditional, multi-line global programs to captive fronting and reinsurance and hybrid combinations of traditional and alternative risk transfer.

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Aston Lark Ireland closed its Dublin head office yesterday (July 14) to pay respects to former associate director Barrie Dunphy, who was laid to rest on the same day.

“It is with great sadness and heavy hearts we share the news that our dear friend and colleague Barrie Dunphy recently passed away,” posted the insurance broker on LinkedIn. “Associate director Barrie worked within the wholesale and commercial divisions in Aston Lark, previously Robertson Low, for nearly 20 years and during that time he had a huge impact on the many people he met.

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Cowell brings with her 20 years of experience across senior human resource roles.

“I am simply delighted to be joining Sedgwick’s colleague resources team and to be a part of this remarkable global business,” Cowell said. “I was attracted to Sedgwick as soon as I learned about its purpose-led ethos of ‘caring counts,’ which puts empathy at the heart of everything they do. The company’s strong focus on organisational culture and expansive solutions to help people and businesses really make Sedgwick stand out as an employer and provider of choice.”

Her enthusiasm was backed by Sedgwick’s CEO for the UK, Paul White, who noted that Cowell brings a passion for organisational culture and leadership.

“Vicki is a values-driven leader, and Sedgwick is renowned for being a values-driven business,” he said. “We have an established track record in working with business leaders, and I am excited to partner with Vicki in implementing world-class people strategies in the UK.”

Similarly, Christine Millar, Sedgwick’s international head of colleague resources, noted the importance of bringing in top talent.

“For firms to consistently attract and retain talent in a competitive, post-Brexit global market against a backdrop of rising inflation, focusing on the colleague experience is key,” she said. “Vicki’s wealth of experience will further help us in doing just that.”

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“Even in the face of a challenging economic environment, insurance remains a vibrant, resilient and growing industry – and reaching the $7 trillion mark for global premiums is a major milestone,” said Swiss Re’s group chief economist Jerome Haegeli. “However, these are not easy times, and the insurance industry will need to keep a close eye on inflation. As the world gets more expensive, so do the costs of accidents and natural catastrophes, and this makes claims more expensive.”

The global economy’s sharp decline, coupled with a decades-high inflation, will weigh on total premium growth, Swiss Re warned, resulting in a below-average 1.2% annual average growth in real terms over 2022 and 2023. It will increase claim costs for non-life insurance, with profitability pressure rising most in lines where supply shortages are leading to price increases on top of overall inflation, such as property and motor. High wage and healthcare inflation is also pushing up the cost of claims for casualty and health insurance.

There is a silver lining, however. “As central banks take action to combat inflation, higher interest rates will support insurers’ profitability in the medium term,” Haegeli said.

Rising claim costs will extend rate hardening, in effect restoring underwriting profitability and paving the way for real premium growth in 2023.

Life premiums are forecast to increase by 4.8% in nominal terms in 2022 and reach $3.1 trillion by year-end. Although this equates to a 0.2% contraction in inflation-adjusted terms, they will return to growth in 2023. Heightened risk awareness, demand for protection-type products post pandemic, and a subsiding volume in COVID-19-related claims will support improved profitability in life insurance.

Non-life premiums will rise by 7.1% in nominal terms in 2022 – a 0.8% growth accounting for inflation – reaching $4.1 trillion by year-end. Swiss Re forecast a further 2.2% premium growth in real terms in 2023 based on ongoing rate hardening, with commercial lines going stronger than personal lines.

The US remains the largest insurance market in the world, with $2.7 trillion total premium accounting for just under 40% of total global insurance volume based on 2021 numbers. It is followed by China, with $0.7 trillion in premium, or 10.1% of global insurance volume. Japan comes in third, accounting for 5.9% of global insurance volume.

Rounding out the five largest insurance markets in the world are Europe’s strongest players. The UK accounts for 5.8% of the total global insurance volume and showed strong growth in nominal terms in 2021, its total premium volumes rising by 16.7%. France holds a 4.3% market share in global insurance volume but showed equally impressive growth in total premium volumes, which rose by 24% the same year.

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David Weymouth has been appointed as chairman of the board of both Pension Insurance Corporation Plc (PIC) and PIC parent firm Pension Insurance Corporation Group Limited (PICG).

“I am very excited to have the opportunity to join a growing business with such a clear commitment to focus on and provide high levels of service to the many pensioners that make up PIC’s customer base,” commented Weymouth, who will join the boards on October 01.

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Roderick Graham Butcher has been appointed as the liquidator for insolvent retail insurance broker Eunisure Limited.

Prior to entering liquidation, the FCA-authorised (Financial Conduct Authority) company placed retail life protection business on behalf of policyholders. Products spanned term life insurance, whole of life insurance, critical illness insurance, and income protection insurance.

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