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“Our rapid growth is a reflection of our strategic drive to scale the business so that we can provide a really strong regional presence for commercial customers across the UK and across a range of industries,” said Attis director Keith Browne (pictured centre alongside fellow directors Neil Beck and Justin Chadwick).

“We are differentiating ourselves quite clearly from other brokers in the market, as a modern and dynamic business helping directors protect their balance sheets from risk with bespoke insurance cover planned properly by people who actually understand clients’ businesses and the sectors they work in.”

The trio are former employees of Henderson Insurance Broking Group, the independent brokerage sold by Henderson to Aon four years ago for £90 million.

The Attis operations currently span Leeds, Manchester, Halifax, Teesside, Lincolnshire, and Leicestershire. In 2022, the company is looking to set up an office in London, while also eyeing further growth through the organic acquisition route.

“As we continue to recruit, creating quality jobs, in Leeds and across the north and Midlands, we are very much aware that we are aiming to be an employer of choice, creating the best brokerage by attracting and retaining the best people,” added Beck (pictured left).

“We’re really proud of what our team have achieved in our first six months and by investing in people and their careers we hope to make the next six months and beyond even more successful.”

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Willis Towers Watson created the world’s first sovereign debt “catastrophe wrapper” for the transaction. The “catastrophe wrapper” provides insurance protection to cover Belize’s loan repayments after hurricane events. The wrapper strengthens sustainability and resilience to climate shocks, which have previously triggered downgrades in credit rating that have exacerbated economic hardship, WTW said.

“Volcanoes, earthquakes, and hurricanes repeatedly disrupt economic development in the Caribbean region, from households and communities to the sovereign level,” said Dr. Simon Young (pictured above), a senior director at Willis Towers Watson’s Climate and Resilience Hub, who led the design of the catastrophe wrapper. “That disruption leads to higher debt and a longer, more painful path to recovery. The parametric wrapper is a game-changer for the financial resilience of island and coastal nations, and will help to unlock the financing of nature-based solutions in achieving global net-zero and biodiversity targets.”

The transaction was marketed and placed by Willis Towers Watson’s alternative risk transfer team. Munich Re provided the best terms and conditions and was awarded 100% of the placement, which covers the first 31 months of the bond term.

As part of Belize’s debt restructuring program, the country purchased its only international bond with US$364 million of capital arranged by TNC and insured by the International Development Finance Corporation. The commitment enabled Belize to restructure about US$553 million of external commercial debt – an amount that represents 30% of Belize’s GDP – and reduce the national debt by 12%.

The Willis Towers Watson placement can be used as a template for integrated creditors and issuers as global development finance institutions consider integrating climate risks into their mainstream sovereign loan programs, WTW said. The parametric wrapper uses objective criteria to trigger the benefits and pays upfront for relief of debt servicing payments in the event of a disaster.

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“Endsleigh is a brand that needs to grow back into its shoes,” she said. “It’s got some great potential, and it’s very well-known – but to people of a certain age. What interested me is the question of how we can make ourselves relevant to students again while still protecting our commercial and B2B markets in education, where we’re very deep, and also in the charity and not for profit space. We’re a tale of two halves but what we’re increasingly seeing is that customers want the same thing.”

There’s no doubt that students want a more high-tech proposition from insurance services but now even more traditional lines are looking for a high-touch, high-tech approach from their brokers. For instance, she said, Endsleigh recently launched a parent portal to help streamline and digitise the administration of policies in a way that benefits schools and parents alike – and the positive reaction to this has shown that the high-touch element of the traditional broking model must now also embrace market expectations around tech.

Being able to adapt to the future is linked to the foundation of the business, which was founded in 1965 by the National Union of Students (NUS), a student lobbying body and charity, in response to the insurance protection gap. The independent and entrepreneurial spirit that went into creating the business has remained intact throughout its journey, which has seen Endsleigh move through a management buyout, ownership by Zurich Insurance and its acquisition by A-Plan in 2018.

The firm has had a varied history, Meckiffe noted, but its core ethos has remained the same, and NUS has remained stakeholders in the business’s success. The advantage of this is that it means Endsleigh has always stayed close to the market. Now, the next stage in the firm’s journey is to refocus on its core competencies – the student piece, the education piece and the charity piece.

Endsleigh is taking a ‘cradle to graduation’ approach to the education market, she said, servicing nurseries, service schools, independent schools, further education institutions and universities. Its work in the charitable sector is a natural extension of that, as the firm identified the link between individuals prevalent in student unions moving on to work in the charity and not for profit space. The firm has found a real foothold in that market, she said, and has gained a strong reputation which it is utilising to go further and deeper into that market.

The name of the game for Endsleigh now, she said, is “focusing on competencies within a 21st-century context.”

“Endsleigh actually used to have on-campus branches up to about 18 years ago and then a decision was made by former owners to close those branches,” Meckiffe said. “When I came on board I asked how we could make ourselves relevant and available to students, again within a 21st-century context, which has led to the development of our My Endsleigh app. The core proposition of that is around safety, security and wellbeing.”

Read more: Changing perceptions of purpose for the insurance profession

As a result of its relationships with universities, she said, the broker has a very high market share of serving the block hall accommodation providers that many students use. This has allowed enhanced accessibility in the rollout of this app, which students can download to get their insurance needs met. It’s in the interests of accommodation providers to make sure that students know they’re insured because they buy the insurance for them – a B2B2C operation.

“It was prior to my time, but there was a big fire at one of the Bolton block halls and the students didn’t actually know they were insured,” she said. “So we thought, ‘we’ve actually got a duty of care to make sure that students know they’re insured’’. An app seemed like a logical place to be, but it goes well beyond insurance.

“It also has a proposition around a 24/7, 365 wellbeing hotline, which really comes into its own for students at the moment. We had an instance recently at a block hall, where a student was on the brink of suicide. And that’s when insurance comes to life, that’s when you realise why you’re doing your job. [Our app] kicked in there with the initial intervention, but also with ongoing counselling as well.”

Looking to the next steps for this proposition, Meckiffe highlighted that since its launch in August, the app has received well over 100,000 downloads and has seen active utilisation. Its roadmap now is to hit one million. Within the charity space next year,the firm will launch its own product – which is a break in tradition for the business.

“The other area we want to go deep on is commercial insurance in universities,” she said. “We have a very high penetration in block halls, student unions but commercial insurance within universities is a bit like insuring a village because you’ve got science labs, you’ve got meeting halls, gyms and everything else. It’s a complex market, but I just think it’s something that Endsleigh should be competing in and so, we’re going to be looking seriously at that.”

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Participants included the likes of Ageas, Sampo Plc, AXA, Covéa, Allianz, and Generali.

“The capital component of the exercise confirmed that the main vulnerabilities for the sector stem from market shocks, and, specifically, from the decoupling of the risk-free rate and risk premia, the so-called double-hit scenario,” said the regulator.

“In the fixed balance sheet approach, where no management actions against the prescribed shocks could be enforced, the aggregate solvency ratio decreased by 92.1 percentage points to 125.7%, bringing nine undertakings under the regulatory threshold of 100%.”

Meanwhile, it was highlighted that, under the constrained balance sheet approach, results improved when participants were allowed to take reactive management actions. What this means, said EIOPA, is that the insurance industry has tools at its disposal to cope with adverse market and economic effects.

As for the liquidity component of the stress test, it was found that participants’ liquidity position appears to be a less significant concern compared to solvency positions, given large holdings of liquid assets. However, it was pointed out that insurers cannot rely solely on cash holdings to cover unexpected outflows.

“The stress test has shown that European insurers can maintain their financial health even amid harsh economic conditions,” stated EIOPA chair Petra Hielkema. “I’m pleased that at no point did participants report a post-stress asset position in which insurers’ commitments to policyholders would have been jeopardised.

“Below the surface of these positive results, however, is an often-heavy reliance on transitional measures, which are going to be phased out by 2032. In the months to come, we will turn our attention to the vulnerabilities that were brought to light in the exercise. We will also call on legislators to consider disclosures of individual results to become a legal requirement.”

Of the 44 participants, only eight consented to the release of their individual results.

The goal of the stress test was to give supervisors a valuable insight into the capital and liquidity positions of European insurers under a severe but plausible scenario. EIOPA said it also provides a useful basis for a follow-up dialogue between group supervisors and the participants to address vulnerabilities.

“EIOPA and the national competent authorities will analyse the results further to gain a deeper understanding of the risks and vulnerabilities of the sector,” added the advisory body. “EIOPA will also assess the need for issuing recommendations on relevant concerns identified in the exercise.”

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There are a lot of different elements that go into being a great insurance employer. From incentive programmes, to flexible work options, to employee benefits – all of these factors are critical to the wellbeing and satisfaction of the teams that make a business’s success possible. During the last 18 months, a spotlight has been shone on the need for employers to support their people and, across the UK, certain insurance businesses have stepped up to the mark.

These firms have been recognised by Insurance Business UK (IBUK) in this – the second annual Top Insurance Employers report.

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Earlier this week, MCE chief executive Julian Edwards told Insurance Business: “I received a letter from Kroll saying they want to disclaim all non-motorcycle policies from a midpoint in January and would like us to write to all policyholders on Friday, notifying them of this.”

Edwards had said that he would like serious consideration given to customers.

Read more: MCE Insurance CEO issues request for extension from joint administrators

Now, in a new statement, the motorcycle insurance broker highlighted: “The non-bike portfolio in question is comprised of a great number of policyholders who would be deemed essential workers.

“These include policyholders who work in delivery, healthcare, police, armed forces, transport, social care, NHS, education, and financial services. The commercial vehicle element of the portfolio, in particular, features a huge proportion of delivery drivers.”

In MCE’s view, given the far-reaching social and financial implications, essential worker occupations should be fully considered before deciding to unilaterally disclaim and cancel the non-bike business.

“These occupations should be analysed,” declared the broker, “and a phased plan should then be put in place to support these customers, as well as possible vulnerable customers.”            

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Global reinsurer Swiss Re has announced the reorganisation of its group operations which will see group chief operating officer Anette Bronder leave the company. Swiss Re has also announced the appointment of Pravina Ladva as group chief digital & technology officer and as a member of the group executive committee, effective January 01, 2022.

In a Press release, the reinsurer noted that all technology-related responsibilities will come under the remit of Ladva’s new leadership role. Meanwhile, corporate real estate & services and communications will report to group chief human resources officer Cathy Desquesses. Other functions will report into areas of the company that match up with their mandates.

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The transaction is subject to customary closing conditions including regulatory approvals and is expected to close in H1 2022.

Commenting on the news, David Ross, group CEO of Ardonagh noted that the recommitment of HPS and MDP continues a partnership that has allowed the group to become an international broking powerhouse. He added that continuity of ownership after six years is the “optimum outcome” for Ardonagh as it allows the management team to focus on the execution of its strategy and the preservation of the group’s culture.

“We are also delighted to welcome HPS and MDP co-investors to the group,” he said. “Their global, long-term ambitions are perfectly aligned with our own and those of our other shareholders, securing our goal of being a private enterprise for years to come. Today is a major milestone in Ardonagh’s journey and the achievement belongs to our greatest asset – every one of our people.”

Ardonagh, which was founded in 2017, has grown to become a top 20 global insurance broker, placing $13 billion of premiums across the group and overseeing a global workforce of some 8,000 people across more than 100 locations. As of 30 September 2021, Ardonagh had an LTM (Last Twelve Months) Pro-Forma Income of $1.5 billion and LTM Pro-Forma Adjusted EBITDA of $530 million.

Vahe Dombalagian, managing director and co-head of the MDP financial & transaction services team, said: “We have supported Ardonagh since the formation of the group and in that time, we’ve witnessed tremendous growth and diversification.

“Ardonagh has ample opportunity to continue to build on its platform and increase its reach and profitability, and by increasing our investment today we are reaffirming our commitment to continue supporting those efforts. We are proud to be a key shareholder behind the Ardonagh workforce and look forward to our continued partnership, alongside HPS and our and their new co-investors.”

Scot French, governing partner of HPS also commented on the deal and said that throughout the business’s multi-year relationship with the broking group, it has maintained support for Ardonagh’s vision of building a “best-in-class, global insurance brokerage platform”. He added that HPS is excited to remain a meaningful investor in that journey.

Hamad Al Dhaheri, executive director, private equities department, ADIA, said: “We are pleased to partner with Ardonagh, alongside HPS and MDP, to support its strong management team in executing its global growth strategy. This investment continues to build on our strategy and track record of investing in market-leading businesses across the insurance industry value chain.”

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When he stepped down as chief executive of Tesco Bank in 2018 after a decade in the driving seat, Higgins wasn’t sure he wanted to take on another full-time executive role. But before he knew it, he was embarking on a range of new responsibilities, including becoming chairman of the Edinburgh Festival Fringe Society and chairman of the Fine Arts Society (London and Edinburgh), alongside numerous other titles.

The choice to be busy was almost being made for him, he said, and when he was approached by Kevin Spencer [group CEO of Markerstudy] and the Pollen Street Capital team, he was drawn in by the opportunity to be part of this “extraordinary organisation”.

“When you have the privilege of being able to pick and choose what you do, you start to think quite clearly about your criteria,” he said. “For me, it’s about working with an organisation that is trying to do something decent and worthy, something that has a clear sense of purpose. It’s about an organisation that has good values and what inevitably goes alongside that is good people. And it’s also about having a bit of fun along the way as you work hard and make a contribution. There’s no doubt that Kevin himself embodies all of that but it’s also true for the broader team.”

Higgins noted that Markerstudy, which was built from the ground up by Spencer over the last two decades, is entering into a new and accelerated growth phase, making it a uniquely exciting time to onboard. When a business with the reputation and standing of Markerstudy enter into a new stage, he said, new disciplines need to be introduced but must be done in a way that does not sacrifice any of the core values that made it successful originally.

Rather it’s about making it a much bigger, more publically-visible business, he said, as he has seen from his own experience how, as companies grow, they garner more interest from regulators, customers and the media. Higgins is looking to bring his own substantial experience to ensure Markerstudy is ready to embrace that new attention and to showcase the customer-first service that underpins the long-term success of the insurance business.

“This is a business that looks after customers in a slightly different way,” he said. “We use data in a way that very few others do. We have huge amounts of internal data because we do so many different types of insurance and we can bring all that together, and also access all publically available data. The important thing about using data is to make customers lives easier and better and that’s what we try to do. This is also a business that has many different ways of touching customers, and [we take] an omnichannel approach to that.”

Read more: Markerstudy Broking, Consumer Intelligence team up

Markerstudy prides itself on insuring risks that other insurers don’t, he added, and has built a strong reputation for doing just that. From vans, to commercial vehicles, to taxis, to motorcycles – these are all insurance areas where, throughout his career to date, Higgins has seen that insurers either know to do them successfully or they don’t. Markerstudy has a clear history of success in those markets and he is looking forward to seeing that continue to evolve, as well as further inroads into coverage areas such as pet insurance, which has “huge opportunity” as a market.

It’s a business with real passion behind it, he said, and the test for how that passion translates into success as it steps up a gear will be how the company fares over the next year or so. Ultimately, however, Higgins noted that the attainment of this success really lies with the Markerstudy team.

“It’s all about people,” he said. “Ultimately, all the choices I’ve made in my life have been about people – the good choices, the bad choices, the difficult decision and the good decisions. There’s a really strong team at Markerstudy, and Pollen Street are an incredibly good organisation. I’ve had the opportunity to work with a number of private equity firms and houses over the years and they come in many shapes and forms. Pollen Street are the best [I’ve seen] because they’re very mature in how they choose businesses and people to run businesses.”

Pollen Street trusts its people, he noted and supports them all along the way, it’s never a checkbox exercise. When Higgins was officially welcomed to the team earlier this year, he emphasised that ESG was a “top priority” for Markerstudy and that he was passionate about fostering a deeper understanding of an organisation’s social and governance principles. Whereas even a few years ago, hearing private equity and ESG in the same sentence was an unlikely proposition, he said, Pollen Street had made it an area of focus, and he was looking forward to helping Markerstudy evolve that agenda.

Now, the firm is well set for its next phase and Higgins highlighted how much he had enjoyed his new role and getting to meet all the team. When he’s in the physical office, he said, there’s a palpable air of excitement and anticipation for what the future will hold.

“We’re in the middle of quite important conversations that will unfold over the next few months,” he said. “There are so many things to do, so much to [make happen] but there’s no shortage of energy and no shortage of focus. I think this is a story everyone can watch with great interest as the next months, really the really the next year or so, goes by.”

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Commenting on the acquisition, handl Group CEO Graham Pulford noted that the deal is a significant step towards the group’s ambition to build a leading market presence in the wellness sector, and that it provides an entry point for new multi-service partnerships. Corporate management teams now place more emphasis on the health and wellbeing of their employees, he said, and preventive approaches to this can be a source of competitive advantage.

“We have been exploring this opportunity with Robertson Cooper for some time, and I am thrilled they have agreed to become part of handl Group,” he said. “It is a highly reputable, evidence-led business and a great fit for handl Group. The team will help spearhead our strategy to diversify into the corporate sector, with a new range of services built around a next generation wellbeing platform.”

Pulford added that handl’s aim is to utilise the experience of Robertson Cooper’s founders – Professor Ivan Robertson and Professor Sir Cary Cooper – who will continue to be involved with the business. The addition of this “talented and skilful” team, alongside handl’s commitment to digital transformation, underscores the group’s ambition to combine the best technology with the best people, he said, and provides confidence that handl’s plans to launch a new group wellness division next year remain “firmly on track”.

Ben Moss, MD of Robertson Cooper said he was excited to be leading the business into the next chapter under handl Group’s ownership. He highlighted that, with the support of its founders, the business had evolved with the health and wellbeing market and was ready for a new level of growth, which would be possible with the support of handl Group.

“We share values around technology, innovation, collaboration and a razor-sharp focus on exceptional client experience,” he said. “handl also brings a commitment to invest in its businesses, plus powerful synergies within the group. For those reasons, and more, I’m confident this is the right change at the right time and look forward to a bright future for Robertson Cooper and its clients.”

Meanwhile, Cooper said, on behalf of himself and his fellow founder Robertson, that the business had been a labour of love for both founders over the last 20 years and, during that time, they had seen their colleagues do “remarkable things for fantastic clients”. He added that he and Robertson were very grateful to be involved with the firm and proud of the impact Robertson Cooper has had on the world of work.

“With all that in mind,” he said, “I couldn’t be happier to be handing over the reins to handl Group. I’m confident they understand, respect and will retain what makes Robertson Cooper valued by so many clients, while also bringing new resources and insight to take the business to the next level. And it’s not farewell from Ivan and I; we’ll still be involved and are excited to be part of what comes next.”

The deal completed on December 03, 2021, and the consideration is undisclosed.  

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