Markel acquires Marine MGA Meco Group, expanding global marine capabilities
Markel, the insurance division of Markel Group, has agreed to acquire Meco Group, a specialist marine managing general agent
🇬🇧 UK Insurance News
Global insured losses could exceed $300 bn in a peak year – Swiss Re
Swiss Re warned that insured losses could exceed $300bn in a peak year, underscoring the essential role of the reinsurance sector, which holds $500bn in capital
Sapiens acquires AdvantageGo for £43 mn to expand global P&C platform in the UK
Sapiens International Corporation, a global software provider for the insurance industry, has signed a definitive agreement to acquire AdvantageGo
Aegis, a Lloyd’s underwriter, offers terrorism coverage for U.S. businesses
Aegis, a Lloyd’s underwriter, announced it has increased the capacity of its Shield terrorism risk program to $500 mn from $250 mn
PERILS released the Industry Exposure Database 2025
PERILS, the company providing industry-wide catastrophe insurance data, has released the PERILS Industry Exposure Database 2025
UK non-life insurance sector maintains stable outlook – AM Best
AM Best has reaffirmed a stable near-term outlook for the United Kingdom’s non-life insurance sector
Willis expanded CyXS Plus and CyXS Co cyber facility
Willis expanded its CyXS cyber facility, now offering $115mn of capacity through Lloyd’s syndicates and up to $40mn from insurers outside Lloyd’s
Insurtech Peak3 accelerates expansion in the UK & Europe after $35 mn Series A
Insurtech Peak3 is pushing forward with its expansion in the UK and Europe after raising $35 mn in a Series A funding round
Insurtech Kennedys IQ launches neuro-symbolic AI solution for insurance market
Insurtech Kennedys IQ, the technology division of Kennedys Law, launched Kennedys IQ SmartRisk, the first fully explainable neuro-symbolic AI risk analysis solution
Lloyd’s underwriter Chaucer announced “Smart” consortium
Lloyd’s underwriter Chaucer Group announced an international direct and facultative property “Smart” consortium using InsurX’s exchange technology
Lloyd’s Syndicate 1699 increased loss to £950 mn after exiting D&O business
Lloyd’s Syndicate 1699 reported a larger loss in 2024 after exiting directors and officers (D&O) and transactional liability business due to market softening
Lloyd’s reported a 6.5% increase in premiums written, raising to £55.5bn
Lloyd’s of London announces its full year 2024 financial result. 2024 saw the continuation of positive returns, with profit before tax of £9.6bn
IK Partners acquires stake in Seventeen Group to expand UK insurance presence
Private equity firm IK Partners announced that one of its funds will acquire a minority stake in Seventeen Group, a London-based company
Swiss Re published its Annual Report and Sustainability Report
Swiss Re published its Annual Report 2024, Sustainability Report 2024 and the invitation for the upcoming Annual General Meeting of shareholders
EU Insurance markets could benefit from public-private reinsurance for climate risks
EU insurance markets could gain from a proposed public-private reinsurance scheme for climate-related losses
Trump`s “tariffs” could increase P&C insurance claims by $10 bn to $36 bn
Tariffs imposed by the Trump administration could increase claims costs for property and casualty insurance by $10 bn to $36 bn
Convex Group, a specialty re/insurer, launched Lloyd’s Syndicate 1984
Convex Group, an international specialty insurer and reinsurer, has received in-principle approval to launch Lloyd’s Syndicate 1984
Lloyd’s with Accenture & mea Platform launched a Summary of Coverage service
Lloyd’s, partnered with Accenture and mea Platform, has launched a local ‘Summary of Coverage’ service, available for free to all managing agents
Lloyd’s underwriter Aegis London launched a portfolio solutions division
Lloyd’s underwriter Aegis London has launched a portfolio solutions division to follow third-party underwriting expertise within the London market
Lloyd’s appoints Alexander Baugh as new Council Member
Lloyd’s announced changes to its Council, appointing Alexander Baugh as an independent nominated member, subject to regulatory approval
Africa Specialty Risks launched Africa Specialty Risks Mauritius as a Lloyd’s company
Africa Specialty Risks (ASR), a prominent (re)insurance group targeting Africa and the Middle East, has launched Africa Specialty Risks Mauritius as a Lloyd’s service company
UK Supreme Court rejects Allianz appeal in COVID business interruption case
The UK Supreme Court has denied Allianz Insurance plc’s appeal in a COVID-19 business interruption lawsuit filed by the London International Exhibition Centre, also known as ExCel
Lloyd’s CEO John Neal will step down in 2025 to join Aon
Lloyd’s has confirmed that CEO John Neal will step down in 2025 after more than six years leading the world’s largest insurance and reinsurance marketplace
British pension insurance deals totaled £45 bn in 2024, with a similar outlook for 2025
British pension insurance deals totaled approximately £45 bn in 2024, with a similar outlook for 2025, according to LCP. The adviser expects buy-in volumes to remain strong
MGA Optio Group acquired of Den Hartigh Beheer & Exploitatie B.V.
The UK-based managing general agent (MGA) Optio Group has finalized its acquisition of Den Hartigh Beheer & Exploitatie B.V.
K2 International opens Lloyd’s of London Box, showcasing key underwriting divisions
K2 Group Holdings Limited (K2 International), a division of K2 Insurance Services, has officially opened its box at Lloyd’s of London. The move strengthens its presence
Lloyd’s considers outsourcing key IT and operational functions
Lloyd’s of London has confirmed it is considering outsourcing certain information technology services and operational functions
Changes to UK Solvency rules will have a positive impact on UK insurers
AM Best reports that upcoming changes to the UK’s solvency regulations, expected to be finalized in November, are likely to positively impact UK insurers
PERILS released final insurance loss estimate for Windstorm Ciarán (Emir) of €2.07 bn
PERILS, a provider of catastrophe insurance data, has released its final industry loss estimate for Windstorm Ciarán (Emir). This storm affected France, the UK, Belgium, and the Netherlands
Lloyd’s of London introduces a Global Disaster Resilience Vehicle
Lloyd’s of London has partnered with the United Nations Capital Development Fund (UNCDF) to introduce a new disaster resilience vehicle
Insurers estimate losses from Greece wildfires and European storms
Aon reports that wildfires in Greece and severe convective storms across Europe could result in hundreds of millions of dollars in losses. Beginning August 12, storms in Switzerland and Austria brought heavy rain
AM Best estimates the property catastrophe bond market ~$45 bn by mid-2024
AM Best estimates the property catastrophe bond market reached approximately $45 bn by mid-2024, marking a $3 bn increase
Global insured losses from natural catastrophes to reach $60 bn in H1 2024
Frequent small to medium events caused global insured losses from natural catastrophes to reach $60 bn in the first half of 2024, according to Swiss Re
Climate & Digitalisation are challenging traditional insurance products
Developments such as climate change and digitalisation are changing risk pools and can challenge the viability of traditional insurance products
Climate Change Boosts Extreme Weather: Time for Insurance to Adapt
Climate change is making severe weather more common worldwide, which greatly affects the electric grid. Insurance funding is crucial for adaptation
Global reinsurer capital in Q1 2024 increased for $695 bn
Aon reports a 4% increase in global reinsurer capital during the first quarter of 2024, reaching a new high of $695 billion
Severe storms & flooding impacted for insured losses in Central Europe
Severe storms and flooding have impacted Central Europe, leading to economic and insured losses in the hundreds of millions of euros
Lloyd’s will open a new office in Miami to enhance business in LatAm
Lloyd’s, a leading global insurance and reinsurance marketplace, will open a new office in Miami to enhance its business in Latin America and the Caribbean
High Court: $10 bn insurance aircraft payouts should be heard in London
London’s High Court has decided that the $10 bn battle between reinsurers and a host of aircraft leasing companies seeking payouts for more than 200 jets stuck
M&A in UK insurance industry rose, in contrast to a EU slowdown
M&A in the UK insurance industry rose in 2023, in contrast to a wider slowdown in deal activity across Europe, the Middle East and Africa
UK Financial Conduct Authority commited to intensify efforts against crypto market
Financial Conduct Authority of the United Kingdom has outlined its commitment to intensify efforts against crypto market abuse within the cryptocurrency
PERILS updated insurance loss for Windstorm Ciarán (Emir) in Europe
PERILS has updated its insurance loss estimate for Windstorm Ciarán (also known as Emir) that impacted parts of Europe on 1-2 November 2023
Aviva will receive an additional £80 mn from sale of Singapore Life
Aviva plc has announced expectations to receive an additional £80 million (approximately SGD 0.1 billion) from the sale of its shares in Singapore Life Holdings Pte Ltd (Singlife)
Insurer AXA UK joined forces with insurtech Synectics Solutions
Insurer AXA UK is joining forces with Synectics Solutions, specialises in combating financial crime through innovative technology, including a syndicated fraud database
Moody’s estimates insured losses from Windstorm Ciarán $1–$1.6 bn
Moody’s RMS, the risk modeling and solutions company, estimates that insured losses from Windstorm Ciarán, also known as Emir, will likely fall between $1 bn and $1.6 bn
Insurtech Diesta secured $1.9 mn seed funding round
London-based Insurtech Diesta has concluded its seed funding round, securing an impressive $1.9 mn in capital
European insurance industry faced a year of changes and challenges
The European insurance industry faced a year of changes and challenges, with the top ten insurance companies remaining consistent while a noticeable reshuffling
FSA prolonged the deadline for UK crypto asset marketing & advertising
The FCA introduced in June that it was introducing advertising and marketing restrictions on the crypto sector
Cyber insurtech Cowbell plans to expand in the UK insurance market
Cyber insurtech Cowbell has announced plans to further expand its footprint in the UK market with a new senior appointment and launch of its AI-powered cyber insurance
Rules for fair value to customers will negatively affect to UK life insurance
New rules requiring UK financial services companies to show that their prices represent fair value to customers will negatively affect life sector profitability
Lloyd’s Europe closes branches in Austria, Finland, Poland
Lloyd’s Europe will be closing its branches in Austria, Finland, and Poland following the withdrawal of the freedom of establishment authorisation
Allianz Trade introduced a new standalone fraud insurance product in the UK
Allianz Trade, the trade credit insurer, has introduced a new standalone fraud insurance product to assist businesses
London High Court judge combines claims $10 bn for aircraft owners against insurers
Lessors have not received any insurance payments for planes stranded following sanctions on Russia, and are suing insurers across several jurisdictions, including London
Insurtech Husmus sequred funding from Google and Innovate UK
Insurtech Husmus has raised $151K in funding from Google and British governmental agency Innovate UK
Monzo Premium has a new travel insurance provider Zurich, powered by Qover
Monzo Premium’s worldwide family travel insurance will be provided by Zurich, powered by Qover. Most of the things covered by the insurance will stay the same
Sun Life Financial completed the sale of Sun Life UK to Phoenix Group
Sun Life Financial has completed the sale of SLF of Canada UK Limitedto Phoenix Group Holdings. Headquartered in London
Global InsurTech Market to garner $160 bn by 2030 at 32.7% CAGR
Global insurtech industry was pegged at $16 billion in 2022, and is estimated to generate $160 billion by 2030, growing at a CAGR of 32.7%
Trends at Europe’s largest insurers illustrate an upward movement in insurance pricing
Trends at Europe’s largest insurance companies illustrate an upward movement in commercial insurance pricing which is set to continue, albeit at a slower pace
Global catastrophes economic losses $270 bn, 44% covered by re/insurance
Global catastrophes around the world drove estimated economic losses of USD 270 billion in 2022, of which roughly 44% or USD 120 billion were covered by re/insurance
Dubai International Financial Centre granted an licence to Sukoon’s Syndicate 2880
Dubai International Financial Centre (DIFC) has granted an operating licence to Sukoon’s Syndicate 2880, making it the first syndicate-in-a-box
Lloyd's outlines how insurers are adapting war risk coverage, cyber war exclusions and pricing to geopolitical threats, hybrid warfare and rising exposure accumulation
AI data center insurance faces rising catastrophe, business interruption and power risks as infrastructure spending grows and electricity demand accelerates
Global reinsurance capital reaches $688 bn as InsurTech companies target AI liability, parametric insurance and automated underwriting to drive premium growth
US cyber insurance rates have declined 9.7% since the beginning of 2024. Across markets outside the United States, prices have fallen 24.5%