Insurance news

After two decades serving in a variety of senior leadership roles with Munich Re, Jill Beggs’ decision to “boomerang” back to the reinsurance roots she had first laid down with Everest Group, Ltd. was simple.

Beggs (pictured) returned to the company in 2021 as the head of North America reinsurance, invigorated by the vision of the senior leadership team regarding people and culture – which she strongly believes is what sets the company apart. In February of this year, her remit was broadened as she stepped into a new role as EVP of Everest Reinsurance and COO of the reinsurance division, a position that includes managing the profitable growth of the division’s worldwide reinsurance portfolio.  

“I’m super excited to partner with our reinsurance colleagues and leaders across the globe to build on the momentum that we have in the business,” she said. “We have a really strong foundation. We are always pursuing better, but a key differentiator is not necessarily what we do, but how we do it, which I think is so special. We’re incredibly collaborative, and we work across regions and continents seamlessly to act on behalf of our clients. Advancing that culture is a top priority for me.”

What challenges are facing today’s reinsurance market?

Beggs spotlighted the two “pervasive challenges” being faced across the reinsurance industry. The first challenge is one being seen across so many global businesses – how to attract and retain top-quality talent. Having the best talent is always going to be a top priority, she said, because success in reinsurance starts with people.

“This is a relationship business; our clients aren’t just buying our services or a contract, they’re looking for true partnerships and you can really feel that,” she said. “The war for talent is a challenge for all of us, especially in a relatively small industry like ours. Another major challenge, I would say, is some of the enormous risks facing our business.

“If you think about increasing weather-driven catastrophes, global economic and geopolitical volatility, and cyber threats, clients need companies not only with capacity but with a breadth of expertise and solutions, not only to meet the needs of today but to evolve with them. The risk landscape is changing every year, almost every month now so clients are looking for companies that can evolve with them and work with them to provide solutions.”

Looking at natural catastrophes, she noted that the industry has faced over $100 billion in average annual losses every year since 2017 which is more than double the average of the previous five years. 2022 brought Hurricane Ian, the most expensive hurricane in Florida’s history, while 2023 was another $100 billion-plus loss year for the global nat CAT market, highlighting that the trend of these costs rising year-on-year is not slowing down.

The role of the reinsurance market in offsetting these challenges

The challenges facing clients are continual, she said, and it’s the role of the reinsurance market to provide solutions to these challenges. Examining some of the ways she and her team are looking to offset these challenges, she looked first at how it’s working to solve the talent crisis, in recognition of the fact that talent is at the root of what sustains the industry.

“I’m proud to say that our colleagues join Everest to develop and grow their careers,” she said. “And we’re proud that we have also retained our best talent even though the labour market has been in turmoil over the past few years. They stay because we’re part of a vibrant, collaborative culture which I think is really differentiated against other cultures that are out there.… and we also invest in our talent.

“We’re developing and expanding our learning, mentorship and awards programmes, at all levels. We do this to equip the next generation with the diverse skills and experiences which are vital for their growth. Our reinsurance associate programme is for early career talent but we have our mentorship programs all the way up the chain and we have development programmes for our highest potential colleagues at the most senior levels within the organisation. So, that development piece really spans the full breadth of the organisation.”

With regards to navigating the wider risk landscape, Beggs noted the company has been structured to meet clients where they are. It is by being nimble, creative and entrepreneurial that Everest can focus on delivering that service, she said, because its flat and heavily interconnected structure means the firm is able to deliver its expertise in a matter of hours, rather than days or weeks.

“We feel we have the right people in the right places, we have local teams who are deeply connected to their markets, and they’re empowered to make decisions,” she said. “That’s a key differentiator for us. We’re able to pivot and respond to those local conditions without the bureaucracy and complexity which sometimes has a tendency to slow some of our competitors.”

Loss adjusting specialist Charles Taylor has announced the dual appointments of Hugh Thacker as global director of aviation and David Boghurst as global managing director of marine.

In addition to these high-profile hirings, the organization has also designated James Godden as global operations director for aviation and marine, tasked with spearheading strategy and fostering operational coherence between these two pivotal transport divisions. Additionally, Godden will oversee client support initiatives to enhance service excellence throughout the company.

Thacker and Boghurst, both of whom have been pivotal in handling complex claims and engaging with high-profile stakeholders in their respective fields, bring extensive experience to their new positions.

Oliver Hutchings, the global managing director of marine & aviation, is set to depart the company by the end of June for a senior position at a global brokerage, ensuring a smooth transition before his departure.

“I am extremely excited to be appointed as Global Managing Director of Aviation and would like to thank Oliver for his assistance over the last few months. Charles Taylor’s global team of professionals brings a wealth of experience and an in-depth knowledge across all aspects of aviation,” Thacker said.

“I am thrilled and honored to take on the role of Global Managing Director of Marine at Charles Taylor. Collaborating with our exceptional team of skilled experts is a privilege, allowing me to combine my passion for the sea with my professional remit,” Boghurst said.

Richard Yerbury, CEO of Adjusting, also expressed his appreciation for Hutchings’ contributions, over the past 16 years.

“As Oliver embarks on the next chapter of his career after 16 remarkable years with our firm, I want to express my gratitude for his dedication and invaluable significant contributions to our Marine and Aviation businesses. His leadership and commitment have left a very positive impact on our business and our teams. We wish Oliver every success and fulfilment in his future endeavors,” he said.

What are your thoughts on this story? Please feel free to share your comments below.

Acrisure Re, the reinsurance division of global insurance broker Acrisure, announced on Thursday the passing of Ian Wicks (pictured), its executive vice president. Wicks was 66.

“It is with great sadness that we share the unexpected passing of our dear friend and colleague, Ian Wicks,” the company wrote in its LinkedIn post. It lauded Wicks’ track record in the insurance sector, having served in the industry as a broker for almost 50 years. He was praised for his business acumen and people skills.

“He was a man of the utmost integrity and we are honored to have witnessed his exemplary character in action. He will be remembered for his warm personality and his ability to lighten up any room,” the statement said in conclusion. “Our deepest sympathies go out to Ian’s family and friends, and may his memory be a source of comfort to all who were fortunate enough to have crossed paths with him. Rest in peace, Ian. You will be dearly missed.”

Wicks joined Acrisure Re in 2021, with his appointment to the position of executive vice president, which was described as involving a broad strategic role. He thereafter joined the London-based casualty team. His hiring was described as part of Acrisure Re’s plans to bolster the casualty team as well as expand the company’s footprint in third-party lines.

Prior to joining the reinsurance company, he served at Ed Broking as chair of its non-marine reinsurance unit, specializing in casualty reinsurance. He also previously took on leadership roles at Harman, Wicks & Swayne, Willis Re, and JLT Re.

He started his career in the insurance industry as a reinsurance broker at Fenchurch Reinsurance Brokers Ltd, remaining in the company for almost 10 years.

Have any thoughts about this story? Leave a comment below.

The Association for Cooperative Operations Research and Development (ACORD) has announced the release of its updated Global Reinsurance and Large Commercial (GRLC) ePlacing Implementation Guide, version 1.3.

According to a news release, the update extends the ePlacing Standard to facultative reinsurance, and now the standard supports the electronic placement of reinsurance contracts.

The latest iteration of the guide, v1.3, has been described as being aligned with the GRLC Accounting (EBOT) and Claims (ECOT) Standards, which covers both treaty and facultative reinsurance.

ACORD noted in a statement that this harmonization is the result of years of concerted efforts by subject matter experts within the GRLC and Ruschlikon communities, aimed at adapting ePlacing Standards to meet the evolving needs of the global reinsurance ecosystem.

Looking ahead, ACORD plans to further expand the scope of the GRLC ePlacing Implementation Guide throughout 2024. This will include the establishment of standard JSON/API messages among other technological enhancements, aimed at bolstering the efficiency and responsiveness of reinsurance practices worldwide.

The ACORD GRLC ePlacing Implementation Guide version 1.3 is available for download, offering a comprehensive resource for industry professionals seeking to navigate the updated standards. For more information on the ePlacing Standards and other ACORD initiatives, visit www.acord.org/grlc.

Have any thoughts about this story? Leave a comment below.

With preparations already underway for the British Insurance Brokers’ Association’s (BIBA) flagship conference, attention is already turning to Manchester Central and those crucial dates in the diary of so many across the market – May 15 and 16. Yet the opportunities for the insurance market to get together and share insights, experiences and hard-won advice are ever-growing – as evidenced by the recently announced 2024 West of England Annual Dinner.

How the idea for the annual dinner first came about

The BIBA-hosted event is the first of its kind noted William Hone (pictured), dinner secretary and committee member at BIBA, development executive at Higos Insurance (a Brown and Brown business) and an Insurance Business ‘2023 Rising Star’. Having previously hosted a very popular summer barbecue and an even more popular race day, the team decided it was time to do something a little bigger.

As a BIBA committee member, he said, he’s entrusted with representing Higos and the wider West of England broking community in discussions around what can be done to support the broking community, whether through events, professional development or general feedback to BIBA about common issues as they arise.

“I saw it as an opportunity to get involved in the broking community more directly and hopefully do some good,” he said. “I’d been attending events for several years, but wanted to get involved myself and I’m really enjoying the experience so far.

“I am honoured to be elected as the Dinner Secretary; my reputation for arranging get togethers precedes me, clearly! In this role I have been responsible for finding and arranging the venue, creating the budget, and locating sponsors. My fellow committee members have been very helpful in these endeavours and we’re all looking forward to a great event.”

What is the long-term goal of BIBA’s West of England committee?

The long-term goal of the committee is to have this become an annual event and a regular occurrence in people’s calendars, he said. Looking across the profession, he highlighted the shared passion those across the market have for the industry they work in, and the pleasure they take from having the opportunity to get together with their friends, colleagues and even competitors.

With that in mind, having the dinner seemed the logical next step in Hone’s events calendar. It has been years since BIBA hosted a dinner in the West of England, and so he was keen to “resurrect” this and bring the region in line with the others which have been arranging these kinds of dinners for many years. It didn’t seem right that the West of England didn’t have such an event, he said, especially considering the large insurance market in Bristol.

Why networking events are so critical to the fabric of the insurance industry

Hone said he believes networking events represent the backbone of so much of the insurance industry. As everyone is so fond of saying, he said, insurance is a people business.

“They’re not wrong,” he added. “Anyone who knows me will attest to the fact that I love a bit of networking and I think it’s things like this that elevate insurance as an industry. So much of it could just be sitting at a desk sending emails to faceless addresses, but I love the fact so many of us put the effort into meeting up and making genuine connections.”

What to expect from the event itself

Looking forward to the night itself, he shared that the events team have arranged for a black-tie dinner in Bristol for October 31. It’s an event that’s aimed at anyone in insurance, he said, whether they are brokers, insurers, solicitors or anyone else in this diverse ecosystem.

“We just want to bring everyone together, get people talking, and most importantly for everyone to have a good time,” he said. “We hope everyone will get something useful out of the evening, be it networking, putting faces to names, or just catching up with old colleagues and friends.”

With the event due to be held at the Bristol Harbour Hotel & Spa, Hone has a clear message for any insurance professional considering getting involved.

“It’ll be a great evening with people from all over the Bristol and South West market,” he said. “If we get the turnout we’re expecting then I can guarantee you’ll meet plenty of interesting people. I’m trying to cultivate a convivial atmosphere around the event. I want people to come along and have a good time first and foremost. If you get that part right, the rest all follows naturally!”

AXA has unveiled its latest initiative to extend climate change education to its individual shareholders as the giant insurer continues to underscore its commitment to responsible corporate conduct in response to environmental challenges.

This new initiative comes after the completion of a climate change training program for 96% of its employees as the firm integrates climate awareness across all levels of its organization.

The Climate School, a training program developed by AXA Climate, offers its shareholders an opportunity to broaden their understanding of climate change impacts and mitigation strategies.

See LinkedIn post here.

This digital micro-learning platform, developed with input from over 120 international scientists, experts, and researchers, touts an extensive catalogue focusing on environmental and sustainable transition topics available today.

“Science at the heart of actions”

With this new program, AXA hopes to enhance understanding of climate change’s effects on both the natural world and the business sector and explore actionable strategies for individuals and companies to minimize these impacts.

The initiative is also part of AXA’s broader strategy to foster extra-financial knowledge crucial for a sustainable and effective business transition. The program also aims to fulfill one of AXA’s targets for continued sustainability in its insurance portfolio.

Ulrike Decoene, group chief communications, brand, and sustainability officer at AXA, emphasized the insurer’s science-based approach to tackling environmental issues.

“AXA has always placed science at the heart of its actions. This training course, which we are now going to open up to our individual shareholders, is one of the ways in which we are demonstrating this. By educating as many people as possible, we are continuing and persevering in our commitment to a more virtuous, low-carbon world,” Decoene said.

Antoine Denoix, chief executive officer of AXA Climate, also highlighted the training’s role in supporting clients through their ecological transitions and adapting to climate change’s effects.

“We provide our training to a wide range of clients to help them ensure the success of their ecological transition and their adaptation to the effects of climate change,” Denoix explained. “By developing the knowledge of AXA’s individual shareholders, we are taking a further crucial step in supporting all our stakeholders, who are key to the success of AXA’s climate ambitions.”

What are your thoughts on this story? Please feel free to share your comments below.

First revealed in December 2023, Ardonagh Advisory has now finalised its acquisition of Westfield Brokers, which operates as Westfield Insurance, to mark an expansion of its commercial brokerage operations.

The Horsham, West Sussex-based Westfield Insurance is known for its portfolio of general insurance products, including fleet, liability, and contractors’ insurance.

Founded in 2009 by Peter Cowan, it has carved a niche for itself in the commercial insurance sector, underpinned by Cowan’s expertise. He will continue at the helm = as it integrates into the Ardonagh Advisory platform, further enhancing its regional footprint in West Sussex.

Richard Tuplin (pictured), CEO of Advisory Insurance Broking Ltd, a subsidiary within the Ardonagh Group, praised the acquisition, pointing to Westfield Insurance as a “dynamic and customer-focused company.”

“As culturally aligned businesses, we know that Westfield Insurance will benefit from the many resources and opportunities available within Ardonagh Advisory, helping them to deliver even more for customers. It’s great to be able to welcome Peter and the team to Advisory and I look forward to achieving great things together,” Tuplin said.

Echoing this sentiment, Cowan expressed his optimism about joining forces with Ardonagh Advisory.

“When looking for a new home for Westfield Insurance, it was hugely important that we found a business that would support us to serve our clients in the best way possible,” Cowan said. “Ardonagh Advisory has so much to offer by way of operational support, which means we will be able to honour our client-centric approach. I’m very pleased to be starting the next exciting chapter in the development of our business with Ardonagh Advisory.”

Earlier this year, Ardonagh Advisory also finalised its first major deal of the year as it closed its acquisition of the specialist distribution business Hoxton Risk Services Ltd (Hoxton Risk Services).

What are your thoughts on this story? Please feel free to share your comments below.

The directors & officers (D&O) insurance market underwent significant changes throughout 2023, with global markets facing a mix of challenges and opportunities.

Gallagher’s latest report analyses these developments, offering insights into the regional dynamics and trends that are shaping the D&O landscape as the industry moves into 2024.

The report elaborates on notable trends, developments, and obstacles encountered throughout 2023, while also forecasting the potential landscape of the D&O insurance sector for the upcoming year.

Among the key themes explored are the fluctuations in pricing, adjustments in capacity, the rise of new risks, and shifts in regulatory frameworks, all of which offer a glimpse into the current state of the D&O market across different territories.

The global D&O insurance scene is also characterized by its regional nuances. For instance, the Australian market is highlighted for its competitive nature, whereas the Middle East is undergoing significant regulatory transformations.

Meanwhile, Canada was singled out for its market stability, and the Nordics are facing an evolution of risks. That said, Gallagher noted that each of these regions contributes to a broader understanding of the forces at play within the D&O industry.

Looking ahead to 2024, the report underscores that the global D&O market will remain subject to the influence of various factors. These include geopolitical tensions, regulatory evolutions, technological advancements, and the emergence of new risks.

For insurers, brokers, and their clients, the ability to adapt through forward-thinking risk management strategies, innovative underwriting practices, and strategic alliances will be crucial. Such approaches are deemed essential to effectively navigate the impending challenges and capitalize on the opportunities that the future holds.

Developments for D&O in the US

In the United States, the public company D&O market has become more favorable for buyers, highlighted by the entrance of over 30 new insurers amid a decrease in IPO activity. This influx has resulted in more competitive pricing and broader terms for insureds.

Expected upticks in transactional activities may influence securities class actions, with regulatory oversight becoming more pronounced. As governmental enforcement intensifies, regulators are implementing new regulations including the SEC’s compulsory climate disclosures and mandates for public companies to disclose significant cybersecurity incidents.

Such regulatory measures are likely to heighten scrutiny and enforcement actions targeting directors and officers of public companies. In response, insurers in the United States and London are developing a product designed to cover investigations into corporate entities.

Gallagher’s report underscores the diverse factors influencing the D&O insurance market across different regions, from pricing dynamics and capacity changes to emerging risks and regulatory developments.

As the industry heads into 2024, these insights are expected to prove crucial for stakeholders to navigate the evolving landscape and leverage the emerging opportunities in the D&O market.

What are your thoughts on this story? Please feel free to share your comments below.

Aspen Insurance Holdings has released its financial results for both the three months and 12 months ended Dec. 31.

The company posted improvements in combined ratio and net income, according to a news release.

“We are pleased to report an excellent set of results for 2023,” said Mark Cloutier, Aspen’s executive chairman and group CEO. “Aspen’s continued focus on underwriting discipline and operating excellence resulted in our adjusted combined ratio improving to 89.4%, our net income available to ordinary shareholders increasing to $485 million and an annualized operating return on average equity of 20.2%, all significant improvements over the prior year.”

Aspen’s investment income of $276 million represents a 47% increase over the prior year, Cloutier said. Aspen Capital Markets generated 4136 million in total fee income for the full year 2023. The fee income came from capital sourced across multiple lines in the company’s insurance and reinsurance segments.

“It is pleasing to note the quality of earnings we are now generating, with meaningful contributions from each of our core engines, underwriting, investments and capital markets fees,” Cloutier said. “We believe we have reached a state where we are able to sustain strong ROEs across investment cycles through the very healthy mix in the sources of our earnings.”

Cloutier said the company’s “One Aspen” approach, balance sheet strength and capital markets capabilities give it a “distinct advantage” in the specialty (re)insurance sector. He said Aspen’s scale was “an important source of capacity” to its customers, while still giving the company the ability “to be nimble, decisive, and opportunistic” when responding to market opportunities and changes in trading conditions.

“In a year that saw our sector challenged by climate, geopolitical events, and socioeconomic challenges, this fourth consecutive year of improved results gives us confidence we have the talent, strategy, platforms and brand to continue to perform at the top of our class, delivering strong returns for our shareholders through changing market cycles and across a wide range of industry loss event scenarios,” he said.

Have something to say about this story? Let us know in the comments below.

Bishop Street Underwriters has revealed a new collaborative venture with Topsail Reinsurance.

This partnership sees Topsail Re provide benefits to managing general agents (MGAs) and program administrators within the network. It will offer preferred capacity and access to Topsail Re’s underwriting and administrative proficiency.

Additionally, this initiative is designed to boost the development of new primary, fronting, and reinsurance carrier relationships, facilitating the expansion of existing programs, the introduction of new products and programs, and the acquisition of underwriting teams.

Bishop Street primarily collaborates with entrepreneurs, operators, and underwriters across specialized property and casualty (P&C) markets. Launched last year with leadership from CEO Chad Levine and president Chad Weber, Bishop Street benefits from the backing of RedBird Capital Partners.

Levine, with a history of leadership roles at Aon, including as Aon Affinity’s chief strategy officer, has a track record in growth planning and execution within Aon’s portfolio of North American specialty insurance programs.

Levine expressed enthusiasm about the partnership with Topsail Re, emphasizing the strategic use of capacity to support the growth of platform partners and the significance of preferred capacity for MGAs.

“Topsail Re is the ideal first partner for Bishop Street as we continue working with MGAs in the specialty P&C commercial space and is a clear differentiator in the marketplace,” Levine said.

Meanwhile, Weber brings experience as a former managing director at Guy Carpenter’s North America treaty practice, where he was instrumental in leading reinsurance placements and managing relationships with global insurance carriers and MGAs.

Weber noted the synergy between RedBird’s history of company development within the insurance sector, including Constellation Affiliated Partners, and Bishop Street’s multi-boutique platform model.

“The Topsail Re team recognized the potential of what we are building, and we are excited to work together to capitalize on this specialized segment,” Weber said.

Topsail Re CEO David Johnson and managing director Tom Gubash also expressed the company’s commitment to supporting Bishop Street’s diverse range of partners with necessary underwriting, distribution functions, and capital across specialty lines.

“For Topsail Re, this partnership with Bishop Street and RedBird is in direct response to two key factors: our existing partners consistently requesting strategic growth capital in addition to our risk-capital (reinsurance) capacity solutions, as well as our desire to continually evolve alongside our clients by expanding the breadth of our capabilities and partner-first solutions,” they said.

Following the joint venture’s establishment, Johnson and recently appointed Topsail Re chief strategy officer & executive vice president Christopher Miller will join the Bishop Street board of directors, with Gubash serving as a board observer.

What are your thoughts on this story? Please feel free to share your comments below.