Insurance news

The recent CrowdStrike event has underscored the risks associated with digital supply chain interconnectedness. The incident not only affected CrowdStrike’s customers but also extended through third-party networks, impacting various unrelated industries.

Despite the disruption, insurers have largely maintained their coverage for clients, reflecting the cyber insurance market’s resilience.

In its latest report, Guy Carpenter has provided estimates and insights into the losses from this event, evaluating its implications for underwriting and catastrophe risk management. While the affected devices represent only a small fraction of Microsoft’s total, the update issue caused significant global operational disruptions.

This included the cancellation or delay of over 7,000 flights and impacts on critical infrastructure sectors like healthcare, retail, financial services, and hospitality. Many insured parties have filed notices of circumstances, and the claims process is still in its early stages.

The event has prompted consideration of accidental event scenarios alongside malicious ones by cyber catastrophe model vendors. The CrowdStrike outage, while non-malicious, highlighted the difference in response and cost between accidental and malicious incidents, such as those involving system failure, which lack costs like forensic expenses and data restoration that are common in malicious cases.

CrowdStrike outage – how did it impact re/insurance?

Guy Carpenter estimates that the non-malicious nature of the outage limited its overall impact. Less than 1% of companies with cyber insurance globally were affected. The rapid deployment of a fix allowed many organizations to address the outage before the typical four- to 12-hour waiting period for business interruption claims expired.

As a result, the estimated insured loss ranges between $300 million and $1 billion. Guy Carpenter’s findings suggest that most insurers will not experience material losses from this event, although variations in policy wordings, industry sector concentration, and system failure coverage uptake could influence outcomes.

In a scenario where the event had been malicious, Guy Carpenter estimates that losses could have reached between $600 million and $2 billion. This potential severity highlights the increased risk for organizations dependent on widely used software and operating systems.

The incident also provided a learning opportunity for both technology providers and their clients. CrowdStrike’s quick response and transparency helped mitigate the disruption, and the company has announced measures to reduce the risk of similar events in the future.

This event serves as a reminder of the need for robust risk management practices in the face of technology-dependent operations.

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Reinsurance Group of America (RGA) has reported a net income of $203 million, or $3.03 per diluted share, for the second quarter.

This is a slight decrease from $205 million, or $3.05 per diluted share, in the same quarter last year. The company’s adjusted operating income for the quarter reached $365 million, or $5.48 per diluted share, compared to $297 million, or $4.40 per diluted share, in the previous year.

The impact of net foreign currency fluctuations was positive at $0.06 per diluted share on net income, while it had a negative effect of $0.06 per diluted share on adjusted operating income.

RGA’s consolidated net premiums totaled $3.9 billion in the second quarter, marking a 17.5% increase over the same period in 2023. This figure includes an adverse net foreign currency effect of $33 million.

When excluding this effect, the increase in net premiums was 18.5%. The quarter’s net premiums were bolstered by a $282 million contribution from a single premium pension risk transfer transaction within the U.S. Financial Solutions segment.

Investment income, excluding spread-based businesses, grew by 10.9% compared to the same quarter last year, driven primarily by the addition of large asset-intensive in-force transactions. The average investment yield rose to 4.65%, up from 4.42% in the prior-year quarter, reflecting higher rates on new investments.

The effective tax rate for the quarter was 24.3% on pre-tax income, slightly higher than the expected range of 23% to 24%, largely due to income earned in non-U.S. jurisdictions. For pre-tax adjusted operating income, the effective tax rate was 25.5%, also above the anticipated range, for similar reasons.

Tony Cheng (pictured above), president and chief executive officer, stated that the company’s performance was strong overall in the second quarter, continuing the momentum from a robust first quarter.

“Our Asia Traditional and Financial Solutions businesses had a very good quarter, and our U.S. Traditional and EMEA Financial Solutions areas also performed well. We had a solid quarter of in-force transactions, with $307 million of capital deployed. Additionally, we continued to see good momentum in organic new business activity,” Cheng said.

Cheng also said that RGA’s balance sheet remains solid, with approximately $1 billion in excess capital at the end of the quarter. He expressed optimism about the company’s future, citing favorable business conditions and RGA’s global leadership position as factors that are expected to contribute to continued strong financial performance.

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At the 2024 MGAA Conference, regulation was under the microscope with the FCA’s Lisa Sturley delivering a market update and Brown & Brown’s J Powell Brown sharing that his biggest surprise on expanding into the UK had been the amount of regulation here versus the United States.

Given the complexity of today’s regulatory landscape, it’s no wonder that regulation so often ranks among the top challenges facing managing general agents (MGAs). But beyond Consumer Duty (which has now welcomed its first anniversary), change in controls, and financial reporting, an area of growing concern is around the regulatory exposure of MGAs operating in the UK without capacity. It’s a worrying practice, according to William Reddie (pictured), partner at HFW, not least because many MGAs do not understand its full regulatory repercussions.

“It’s a fundamental principle of regulation that you can’t carry out activities that are regulated unless you’ve got authorisation to do so, or are exempt or excluded in some way,” he said. “Those exclusions and exemptions are deliberately narrow, they’re not designed to be easy to fall into.”

The challenge facing MGAs today

The starting point is the need to be authorised to carry out regulated activities, which is clear and straightforward when it comes to setting up an insurance company in the UK. Where it becomes more complicated for MGAs is when the insurer is based overseas, as both the insurer and the MGA may not be aware of the need to be authorised in the UK. “The problem is that the UK regulated on the basis of activities,” he said. “So, are you doing an activity in the UK? Also, what constitutes doing an activity here is not as straightforward as just physical location.

“The key point of regulation here is that someone else’s activities, as in someone acting as your agent, can bring you within the scope of regulations. That means an MGA that’s acting as the agent of an overseas insurer can bring the overseas insurer onshore in the UK.”

Despite being a long-established principle, it’s not a well-publicised one for a number of reasons. Firstly, it’s an old point of law, so it’s not often discussed in the market. In addition, the onshore/offshore differentiation is quite a complicated legal concept which brings with it some grey areas regarding which activities are onshore or offshore. These factors, combined with the fact that the regulators aren’t shining too much of a spotlight on the issue, means it’s a risk that’s flying under the radar for some organisations.

What a lot of MGAs don’t understand is the regulatory ramifications of operating in breach of UK regulations. “When you carry on a regulated activity without the right authorisation, that’s a criminal offence,” he said. “It could be the overseas insurer itself that’s liable to sanctions, but also its directors. As well as that, you could aid and abet the criminal offence. For example, the MGA could aid and abed the insurers’ criminal offence of carrying on a regulated activity without authorisation. It’s potentially very serious and it is something that the regulators in principle would be very worried about.”

What can MGAs do to minimise this risk?

Addressing what MGAs can do to mitigate their exposure to this risk, Reddie advised that companies should first check whether their insurer is authorised in the UK. This can be done by searching the Financial Services Register. If they aren’t and they need to be – which is very likely if they’ve granted an MGA a binding authority – then the MGA should look to a fronting solution. “That means speaking to a UK-authorised insurer, who will sit between the overseas capacity and the MGA, entering into the binding authority agreement with the MGA, and then reinsuring its liability to the overseas insurer.”

This ensures that the MGA can achieve the desired outcome of having the overseas insurer take on most, if not all, of the risk without carrying on activities in the UK without authorisation. “You would then make sure, in turn, that the insurer fronting in the UK and the overseas insurer have set up their reinsurance outside the UK so that the reinsurer – as it becomes – isn’t carrying on unregulated activity in the UK. But that’s straightforward to do.”

Understanding the full extent of the risk at hand

For Reddie and his team at HFW, helping to make the MGA market more aware of the issue as it exists and what they do to mitigate it is top of the agenda at the moment. The team gets a lot of questions seeking perimeter advice or guidance, regarding whether UK authorisation is required. This tends to be from intermediaries rather than insurers because it’s usually clear that if an insurer is set up in the UK then they need to be authorised there, while it’s less clear-cut for intermediaries.  

His key recommendation for MGAs is simple – “ask the question”. It’s significantly more efficient and effective to identify the issue as early as possible and make the moves to resolve it than to be unaware of your exposure or to keep quiet about it in the hope nobody will notice it. “It’s always better to solve something with lawyers before the regulators find it. It’s quicker, it’s less expensive, it’s less time pressured and there’s less stress for management.

“Once the regulator becomes involved and starts asking questions, you’ve got a type of scrutiny that you don’t want on your business which can extend into other parts of your business. It’s a lot of unwelcome attention and it’s often under great time pressures.”

The following article was written in association with Open GI.

“I’m not a technology person,” said Open GI’s Nick Giddings (pictured). It’s a perhaps unusual position for someone leading the software provider’s relationships with brokers and MGAs, but it’s a perspective that cuts through to user benefits. “What I am is a qualified insurance broker by trade. That means I know what’s important to our customers, what might help them in the future – and that tech should never be used for its own sake, but for theirs.”

Choosing a software provider can be seen as a mandatory or grudge purchase, something all brokers and MGAs need in order to trade. And with evolving tech, from cloud storage to AI, and minute-by-minute data analysis, the market is more complex than ever.

It is Giddings’ mission to make using a Policy Administration System (PAS) provider a positive experience that added value to his customers’ businesses – and ultimately improves their bottom line.

“Our PAS solutions are mission critical to our brokers and MGAs and customers. They provide total client and policy management – whether it is compliance solutions to help with regulatory requirements, financing and client money solutions, or connecting insurers, products and enrichment providers. It does everything,” Giddings explained.

Connectivity

This last point on connectivity is a key differentiator for Mobius – and for Open GI in general. “There’s all sorts of integrations and we pride ourselves on the fact that we have the most comprehensive community of insurers and services in the market,” said Giddings.

That includes lines of business like motor, commercial vehicle and gadget, and enrichment providers like premium finance and data enrichment. Other providers or partners can be linked via API, allowing clients to customise the software and create a seamless customer journey that drives their business objectives.

“We’re interested in helping people do business better, not tying them down to us – or tying them up in difficult admin and integration,” he said. “Our tech is all about making business better and easier.”

Security

That tech includes Mobius, Open GI’s cloud-based PAS, sitting in the software provider’s stable alongside Core.

“We know customers love Core,” added Giddings. “But more are coming on to Mobius, because it’s so incredibly responsive. Updates happen more than once a day, which gives people really precise insight into their products and data, and helps them use it to drive their strategy.”

One of its key strengths is being hosted in the cloud using Microsoft Azure. This means brokers can rest assured that security is top notch and benefit from more regular updates and improvements. Typically these happen every day for cloud-based platforms, without any downtime, compared to every three months for more traditional offerings.

Scalability is another key benefit of a cloud-based PAS. “With other systems you can effectively outgrow the platform you’re on and find that you need to upgrade the hardware,” Giddings explained. “That is absolutely not the case with Mobius. It’s designed to grow with your business.”

Making the switch

Changing to a new PAS is one of the biggest projects a broker can undertake.

Implementing the Mobius platform begins with workshops designed to understand the client’s requirements. “We conduct workshops tailored to the customer’s size and needs, and really get under the skin of their business culture and goals. A dedicated team then manages the implementation with a tailored project plan,” said Giddings. The process includes setting up the system in Azure, conducting training, and providing robust support during a warranty period to ensure a smooth transition.

Once live, Open GI customers work with a customer success manager whose role is to make sure they get the most out of the platform’s capabilities.

“It’s often linked to automation and making sure our customers are doing things in the most efficient way to reduce costs or sell more policies,” Giddings explained. “If you can automate the bread and butter of your business, your experts are freed up to do the bells and whistles – which is exactly where you grow.”

Insight

An example of the efficiencies Mobius can drive is helping brokers trial which communication method leads to better renewal rates. “Where we see a broker with a lower renewal rate than some of our other customers, we work with them to see how changes in how and when they engage with their customer can improve retention,” Giddings detailed.

“For one client, we found that actually texting their policyholder on the day that the policy was due improved their renewal retention by as much as 5%.

“Small but powerful insights like that can make a material difference to our customers’ businesses, and it’s something we really pride ourselves on.”

Welcoming generative AI to the family

Looking forward, Open GI is committed to integrating more advanced technologies into Mobius. One such innovation is a virtual assistant, an advanced generative AI software solution that facilitates communication between users and the Open GI platform. “We’re integrating chat AI with our PAS solutions to help brokers manage interactions more efficiently and do things like summarise policy notes for quick reference, enhancing agent productivity,” Giddings revealed.

In a 2023 Open GI sample study, brokers highlighted that 91% of renewal invites resulted in service centre calls, taking up over 5,000 hours monthly. Diverting these calls to the virtual assistant could save £22,500 per month.

Open GI’s journey from its inception in 1979 to its current position as a leader in the insurance technology space is marked by a relentless focus on innovation and customer success. With Mobius, Open GI not only addresses the current challenges of the insurance industry but also anticipates future demands – ensuring they remain a trusted partner for years to come.

Markerstudy Group (Markerstudy) has revealed its plans to acquire Hughes Insurance, pending regulatory approvals and standard conditions.

This move aims to strengthen Markerstudy’s footprint in Northern Ireland.

Markerstudy Group to acquire Hughes Insurance

Hughes Insurance, with a nearly 50-year history, serves over 85,000 customers in motor, home, van, travel, and commercial insurance.

The company will be integrated into the Markerstudy Distribution division.

Kevin Spencer, chief executive of Markerstudy Group, reaffirmed the group’s commitment to the Northern Ireland market.

“Markerstudy and Hughes Insurance have traded together for many years and worked closely on numerous initiatives. We’re committed to the Northern Ireland market and are looking forward to welcoming their team and supporting their aspirations to deliver growth and innovation to enhance their customer offering,” he said.

Bernie McHugh Sonner, acting CEO of Hughes Insurance, said the deal with Markerstudy will strengthen the company’s capabilities and enhance its ability to provide innovative, competitive, and comprehensive insurance solutions.

“Joining the Markerstudy Group marks a new and exciting chapter for Hughes Insurance and our valued customers. This acquisition will not only strengthen our capabilities but also enhance our ability to provide innovative, competitive, and comprehensive insurance solutions. I look forward to the future with confidence and enthusiasm, knowing that this collaboration will drive growth and innovation for Hughes Insurance,” she said.

Ardonagh Group confirmed the completion of the merger, initially announced in September last year. It noted that a related party will maintain a significant minority equity stake in the new entity.

Ian Donaldson, Atlanta Group founder and CEO of Markerstudy Distribution, expressed his enthusiasm.

“I am hugely energised to start our journey to create a major new player in the UK insurance landscape,” he said. “With the formidable talent and expertise of our colleagues focused toward this new chapter, we look forward to delivering innovative solutions and service for the eight million+ customers now shared across our leading and specialist brands.

“I also want to say a personal thank you to Ardonagh CEO David Ross and all the Ardonagh team. When I first met David back in 2016, we discovered we had a shared vision and dream of what could be achieved with the right people and a lot of hard work. The creation of Atlanta and merger with Markerstudy simply wouldn’t have been possible without their backing, and I’m pleased that they will still be involved as a shareholder.”

BMS Group, an independent insurance and reinsurance broker, has announced the appointment of Hannah Watkins to the role of UK chief growth officer. Effective immediately, Watkins will operate out of the London office, reporting to Ian Gormley, the CEO of BMS Group UK.

In her new role, Watkins will be responsible for leading the firm’s client-first growth strategy, coordinating BMS’s business origination strategies across London. This coordination is vital as it aims to not only bolster the UK market but also support the company’s objectives in the US and other international markets. Watkins will also lead efforts to reinforce the company’s cultural ethos and strengthen relationships with carriers to enhance BMS’s position in the global market.

Watkins has served at BMS for over 12 years, joining the company as the director of risk solutions. Her most recent position was as managing director at BMS Re. Prior to joining BMS, she served as an associate at Jardine Lloyd Thomson Group and Glencairn, each for six years.

“Hannah has been a cornerstone in the development of our growth narrative and a key architect of our client-first culture,” Gormley said. “Her comprehensive experience across specialty insurance, delegated markets, and reinsurance makes her the ideal leader to integrate our operational strengths and drive our growth initiatives.”

“Having been part of BMS for 13 years, I am both honoured and excited to step into this role,
 Watkins said. “Our clients are the core of our business, and I am deeply committed to enhancing our impact on their enterprises, their communities, and the broader market. This role offers me an incredible opportunity to further champion our team’s efforts and spearhead our strategic growth.”

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RenaissanceRe Holdings Ltd. has released its financial results for the second quarter of 2024. The company reported a robust net income available to common shareholders of $495 million, demonstrating a strong financial position. Operating income was $650.8 million available to common shareholders.

The firm realized an annualized return on average common equity of 21.4% and an operational return on average common equity of 28.2%. These figures are indicative of RenaissanceRe’s effective capital utilization and its proficiency in generating profitable outcomes from its equity base, the company said.

During the quarter, the company saw gross premiums written surge by 29.2% from the second quarter of 2023, adding up to an increase of $773.9 million. This growth was driven by gains across major segments: property premiums rose by 25%, contributing an additional $350.5 million, while casualty and specialty premiums increased by 33.9%, adding $423.4 million.

The company also reported a combined ratio of 81.1% and an adjusted combined ratio of 78.6%.

RenaissanceRe actively engaged in share repurchases during the quarter. The company repurchased $108.5 million of its common shares and continued its shareholder return strategy into July, buying back an additional $61.2 million of shares.

In addition, the company experienced a surge in fee income, which climbed by 48.3% to $84.1 million, and a substantial rise in net investment income, which increased by 40.4% to $410.8 million.

Kevin J. O’Donnell, president and chief executive officer, attributed the quarterly performance to strong execution across the company’s diversified business lines and strategic asset growth. He specifically noted the ongoing benefits from the acquisition of Validus, which he said continues to deliver substantial growth in premiums and invested assets, contributing positively to the company’s performance in a favourable business environment.

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As the school term begins in South Australia, RAA Insurance urges parents to ensure their children’s laptops, tablets, and other technology items are adequately insured.

Data from RAA Insurance revealed that 37% of its contents insurance policyholders do not have accidental damage cover. This lack of coverage could leave children’s devices unprotected if they are damaged or stolen while at school.

Annually, the insurer processes more than 7,000 claims related to accidental damage.

“Parents spend a lot of money on laptops, tablets, and phones for their kids’ schooling and may not be certain if their insurance policy covers these items if they’re lost, stolen, or damaged while at school,” she said.

She advised parents to contact their insurers to determine if their home and contents insurance extends to children’s valuables outside the home, including during commutes to and from school.

“A quick phone call to your insurer could give you that peace of mind to know you won’t be significantly out of pocket if something goes wrong,” she said. “If you want to check whether school items are covered, you can ask your insurer if your policy already covers them or if you need to take out optional cover such as accidental damage.”

State data from 2018 to 2022 shows 263 child pedestrian injuries or fatalities, with 124 of these incidents occurring during school pick-up and drop-off times. The peak period for these incidents is between 3pm and 4pm, with additional high-risk times from 8am to 9am and 4pm to 6pm.

The RAA also reported 44 road fatalities and 434 serious injuries in South Australia during the first half of 2024.

“Young people walking to school are our most vulnerable road users, and it’s concerning to see 124 children have been injured or have lost their lives at school pick-up or drop-off times between 2018 and 2022,” said Matt Vertudaches, a senior traffic engineer at RAA.

Customer experience is firmly in the insurance spotlight as the first anniversary of the Consumer Duty rules approaches and organisations across the sector take stock of their impact.

Data released earlier this month by the Chartered Insurance Institute (CII) indicates a growing divide between consumer expectations and their experience with insurers, a gap at its widest since the CII launched its Public Trust Index in 2029. The index also noted the ongoing dip in consumer confidence in insurers, with respondents highlighting how insurers could improve in handling claims professionally, fairly and efficiently. This was further cemented by the findings of the consumer advocacy group Which?, raising concerns about how insurance claims are being handled by providers.

Harnessing the power of broker feedback

The challenge at hand is clear – insurers need to put the right foundations in place on which to create improved customer experience strategies. But what do those foundations look like? Drawing on the CII’s research, it seems the answer is to be found in the insurance broking community, given that professional brokers were found to outperform price comparison websites, banks, building societies and insurers when it comes to building customer loyalty and confidence.

No customer experience strategy can afford not to base itself on the feedback of the brokers who have their ear to the ground on how to deliver the best possible outcomes for insureds – so what do brokers have to say?

High-quality products and ease of doing business

Front of mind for the broking community today is the demand for high-quality, accessible insurance products. Brokers want the confidence to know that when they recommend a policy for their clients, they’re working with tested and assured, highly rated products and solutions that will deliver at the point of claim.

Closely linked to that is the demand for increased ease of doing business. As to how insurers can meet that demand, Rob Fairs, product and channel management director at RSA, noted that two core components require addressing – reducing friction and creating accessible communication channels. Looking at RSA’s e-trade platform, he noted that the insurer has made significant investments to create meaningful, iterative changes to the platform to create a clear underwriting strategy.

“What that means is driving less friction in our business and enabling brokers to spend more time with their customers actually adding value as opposed to administration,” he said. “In our market, we have over 1.5 million inquiries every year. And therefore, when something refers, as a business, we want to be very targeted about that so that we’re able to win it.

“That leads on to the second part around ease of business, which is when we do have referrals and there’s contact between us and our brokers, we have to be on our game in order to drive outperformance in terms of customer experience. And we recognised the need to do that from our broker feedback.”

There are numerous ways an insurer can look to drive that outperformance – including increasing its number of underwriters, simplifying communication channels and building out individual product teams, backed by underwriting licenses. By increasing these underwriting licenses, you can ensure that when a broker speaks to an underwriter, they have immediate access to expertise and can expect a first-time resolution.

Pricing, data and strong relationships

Particularly amid the current economic environment, pricing remains a significant consideration for brokers – and whether the proposition on offer works as a whole for the insured. 

At the core of getting pricing right is data, as it’s only through the rigorous use of high-quality data that you can ensure you’re delivering the best possible coverage at the best possible price. “As you start to increasingly focus on driving the best possible outcomes for customers, you see that you have to have data at the heart of what you do,” Fairs said. “Data is key to driving successful business models, both for brokers and insurers. And I really feel there’s a market opportunity for us to differentiate ourselves by enhancing the data we use to make data-lead decisions to drive business outcomes.”

Relationships are the heart of how the insurance industry operates, and to keeping those front-and-centre means insurers can’t afford to take a ‘once and done’ approach to seeking out broker feedback. It is only by engaging with brokers, and getting their insights into what’s working and not working in terms of product, pricing and consumer confidence in digital channels, that insurers can put those insights into meaningful action. 

For Tovah Grosscurth, commercial lines digital director responsible for RSA’s SME and eTrade business, talking to brokers on the ground has given her confidence that the market is moving in the right direction.

Brokers are a great source of feedback, because they’re vocal about where they want to see improvements, she said, but also on where they have seen improvements. Genuine collaboration is what’s required to move the dial on customer experience in insurance and also to make sure that companies don’t become too internally focused when they’re looking to deliver a transformation strategy. “It’s about getting the balance right,” she said.

The Clear Group (Clear) has announced its acquisition of Maynard Milton Insurance Services LLP’s (Maynard Milton) book and assets.

Founded over three decades ago, Maynard Milton operates as a £4.9 million gross written premium broker in Southend-on-Sea, Essex. The firm is recognised for its strong position in the local market, particularly in the fleet and property insurance sectors.

The Clear Group acquires Maynard Milton’s book and assets

Post-acquisition, the entire team from Maynard Milton, including partners Martin Maynard and Kevin Milton, will integrate into the Clear Group.

This strategic move aims to bolster the group’s presence in the region, complementing its current operations in Shoeburyness.

Commenting on the deal, Mike Edgeley (pictured), group CEO of the Clear Group, highlighted Maynard Milton’s consistent growth and profitability over the years.

“We are delighted to welcome the Maynard Milton team to Clear. This is a well-run and profitable business which has a track record of delivering year-on-year growth. It’s another example of how Clear is able to invest in regional brokers while adding scale and expertise to our client proposition,” he said.

Kevin Milton, co-founder of Maynard Milton Insurance Services LLP, said the Clear Group aligns with their values, particularly placing clients at the heart of the business.

“Our team has worked hard to build a successful brokerage, so it was important that we found the right home to serve our clients moving forward. In [the] Clear Group, we saw a business which shared our values for placing the client at the heart of its proposition. We are now looking forward to working closely with our new colleagues at Clear to continue to provide our clients with the best possible service and products,” he said.

This acquisition is part of the Clear Group’s broader strategy to expand its footprint and capabilities in the UK insurance market. It follows the group’s acquisition of the book and assets of Rycroft Associates LLP (Rycroft Associates), which includes Inspire Credit Management Limited (Inspire Credit Management).

The deal, announced last month, aims to enhance the Clear Group’s commercial solutions as insolvencies in the UK hit a 30-year high.