Insurance news

Small and medium-sized enterprises (SMEs) are critical drivers of the UK economy, accounting for over 99% of all businesses, employing more than 16 million people, and contributing around half of UK private sector turnover. They are the engine of local job creation, entrepreneurship, and economic resilience. Yet as they navigate rising operational costs, regulatory complexity, and emerging risks, from cyber threats to climate-related disruptions, SMEs rely on trusted insurance advice and protection for resilience in volatile times.

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“I’m honoured to take on this role and build on the strong foundation Lee has created,” said Smaje. “Transportation and logistics is a dynamic, important, and evolving sector, and I look forward to working with our global teams to drive innovation for our clients and deliver outstanding results for them.”

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“The global aviation and space industry is navigating an increasingly complex world of risk, ranging from supply chain disruption and cyber threats, to burgeoning regulation and climate obligations,” George said. “With Marsh’s deep bench of expertise, we are well-placed to support our clients as they plan for the next chapter in aviation and space development.”

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Q2 earnings

Earlier this month, Aspen reported second-quarter and half-year results showing improved performance. For the three months ending June 30, the insurer posted a combined ratio of 85.1%, a 3.6-point improvement from a year earlier, with underwriting income reaching US$100 million. On an adjusted basis, underwriting income totaled $106 million with an adjusted combined ratio of 84.3%.

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Over the past two decades, he has held several high-profile regulatory and oversight roles, including inaugural chair of the Electoral Commission (2001–2008), chief executive of the Charity Commission for England and Wales (2010–2014), chair of the Quality Assurance Agency for Higher Education, chair of CILEX Regulation, director of the Advertising Standards Authority, and senior independent director across a range of organisations.

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Esa’s promotion follows BHSI’s move in May to launch a dedicated UK programs division. The unit is led by Rob Munden, who joined from specialist managing general agent Euna, where he was chief executive. Munden brought 30 years of experience and extensive contacts in the MGA sector, and now oversees the development of program underwriting across property, casualty, marine, executive and professional lines, and accident and health insurance. 

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While some in the financial sector have scaled back climate commitments in recent months, leaders within the insurance industry argue that adaptation is becoming inseparable from profitability. At Marsh, Beverly Adams, head of climate and catastrophe resilience, said many clients had invested heavily in climate adaptation measures – ranging from flood defences to wildfire mitigation – and now want those efforts reflected in their insurance terms. “We’re seeing many of our clients who’ve modelled their risks, built out resilience playbooks, and made real strategic investments in climate adaptation,” she said. “Now they’re asking: where’s the recognition from insurers?” Adams believes the London market is uniquely placed to lead on resilience underwriting, with its history of innovation, ties to government policy, and early adoption of climate disclosure frameworks.

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“The first two weeks are when investigations should identify high-severity, high-complexity risks,” Ellis said. “Those claims need different workflows, involving top adjusters, experienced defense counsel, and tools like jury consultants, mock trials, and focus groups, even before litigation starts.”

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In the final 2025 edition of the Big Question series, experts from across the market delved into the regulatory actions they have been most pleased with and disappointed with, during the last 12 months. This is your chance to hear the views of Carpenters Group, Claims Consortium Group, the LMA, LIIBA, BIBA, OneAdvent, Sedgwick, iCAN, Acies MGU, Konsileo, WTW Networks and ALPS Ltd.

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Net investment income for the quarter was US$44.6 million, compared with US$46 million a year earlier. Net realised and unrealised investment gains reached US$6.7 million, including US$4.5 million in net unrealised gains from a hedge fund portfolio established in late 2024. The annualised operating return on average equity was 2.3%, down from 10% in the prior-year quarter.

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