Insurance news

In group risk schemes and multinational benefit arrangements, different legal positions across territories raise questions about consistent outcomes for policyholders in similar circumstances. Dunn said insurers may need “clearer, modernised wording to ensure consistent outcomes,” noting that cross-border policies would need to be tailored to each jurisdiction’s legal position. “While a generation ago that may have been boilerplate, recent changes mean an individualised approach is required,” he said.

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What MNK is acquiring

ETU is authorised across eleven non-life classes in Denmark, covering property, general liability, motor, marine hull and liability, cargo, accident, legal expenses and assistance. The carrier is based in Rødekro, Southern Jutland. It transferred its private customer book to Forsia Forsikring in November 2024, a portfolio carrying approximately DKK100 million in annual premiums.

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Why fewer brokers are selling

Buyer appetite has not disappeared. Thirty-two different buyers have acquired UK targets in 2026, and good businesses are still attracting interest. Several newly refinanced domestic consolidators have stepped up, including Jensten Group, JMG Group, and Seventeen, alongside overseas buyers such as Odealim, AUB, DOXA and ANV.

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Most combined ratios still sit above 100%, and the Dali reinsurance renewal is adding upward pressure on pricing. Three consecutive years of strong investment income have allowed clubs to limit general increases while reserves accumulated. Gallagher expects general increases of 2.5% to 5% for 2027-28, with reinsurance rates rising further in the freight, charterers and cargo segment.

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The move marks the London market arrival of a platform assembled by Brian Duperreault, executive chairman of Cedar Trace. Duperreault previously served as chief executive of AIG, Marsh & McLennan, and ACE, now Chubb. Cedar Trace is closely affiliated with Mereo Insurance, the Bermuda-based reinsurer rated A- by AM Best. David Croom-Johnson, who leads Mereo, will serve as executive chairman of the new syndicate. Richard Holden, chief underwriting officer at Cedar Trace, will lead it on an underwriting basis.

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The China Insurance Security Fund, the industry-funded backstop that steps in when insurers are liquidated, gets an expanded remit too, covering not just bankruptcies but broader “major risk” situations requiring a market exit, with a clearer capped-payout structure for policyholders. It’s a similar idea, in spirit, to the policyholder protection schemes and guaranty funds operating in the UK, EU member states and US states — though the mechanics, funding sources and payout caps all differ by jurisdiction.

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Under that plan, Mercer becomes Marsh. Oliver Wyman becomes “Oliver Wyman, a Marsh business,” which is the corporate equivalent of keeping your surname but adding “of the Marsh family” after it at every dinner party. And Guy Carpenter, the reinsurance broking arm, the bit that spends its days working out how insurers themselves get insured, which if you think about it too long starts to resemble one of those Russian dolls where eventually there’s just a tiny wooden man shrugging, becomes Marsh Re.

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Premiums written through MGAs more than doubled between 2020 and 2024, according to Moody’s. Coverholders now account for around 40% of Lloyd’s gross written premium, which grew from approximately £36 billion in 2020 to £58 billion in 2025. Seven of the ten largest London brokers now operate active facility or follow-platform arrangements, with named examples, including Aon Client Treaty, Marsh Fast Track, and WTW Gemini. These are not niche developments. They mark a broad structural shift in how commercial risks are sourced, priced, and placed.

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Lloyd’s has delivered a solid first half: gross written premium up 6.9% to £34.7 billion, an underwriting profit of £1.9 billion, and a combined ratio of 90.8% – better than the 92.5% recorded in the same period of 2025. Profit before tax of £3.5 billion was lower than the £4.2 billion a year earlier, hit by unrealised fixed income losses as yields widened on geopolitical and inflationary pressures. Importantly, those are unrealised losses – they do not affect Lloyd’s claims-paying capacity or solvency position, which remains strong.

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Iran launched missile and drone attacks against US military targets in Jordan, Kuwait, Iraq, and Bahrain on Wednesday after American forces resumed strikes against Iranian territory, the BBC reported. The exchange returns the Strait of Hormuz to active conflict conditions, less than three months after a ceasefire framework appeared to offer a path to normalisation. The strait is the world’s single most critical energy shipping corridor.

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